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The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
GRANA Y MONTERO S A A SPONSORED ADS 38500P208   3,694,241 7,739,221 SH   SOLE   7,739,221 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   8,226,588 934,100 SH   SOLE   934,100 0 0
ATENTO S A SHS L0427L204   1,165,037 126,497 SH   SOLE   126,497 0 0
ELDORADO GOLD CORP NEW COM 284902509   8,243,865 781,409 SH   SOLE   781,409 0 0
EMX RTY CORP COM 26873J107   4,243,081 1,605,500 SH   SOLE   1,605,500 0 0
GALIANO GOLD INC COM 36352H100   14,678,686 10,683,356 SH   SOLE   10,683,356 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   24,457,235 1,990,011 SH   SOLE   1,990,011 0 0
GREAT PANTHER MNG LTD COM 39115V101   8,554,816 9,738,598 SH   SOLE   9,738,598 0 0
INTEGRA RES CORP COM NEW 45826T301   7,693,213 2,313,000 SH   SOLE   2,313,000 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100   7,647,686 156,940 SH   SOLE   156,940 0 0
MAG SILVER CORP COM 55903Q104   53,851,656 3,312,934 SH   SOLE   3,312,934 0 0
PAN AMERN SILVER CORP COM 697900108   35,784,300 1,113,042 SH   SOLE   1,113,042 0 0
PRETIUM RES INC COM 74139C102   619,530 48,250 SH   SOLE   48,250 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   22,724,897 2,692,819 SH   SOLE   2,692,819 0 0
SILVERCREST METALS INC COM 828363101   8,019,723 946,100 SH   SOLE   946,100 0 0