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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
ALAMOS GOLD INC NEW COM CL A 011532108   11,714,141 1,533,600 SH   SOLE   1,533,600 0 0
ELDORADO GOLD CORP NEW COM 284902509   20,205,465 2,030,700 SH   SOLE   2,030,700 0 0
EMX RTY CORP COM 26873J107   4,739,579 1,605,500 SH   SOLE   1,605,500 0 0
GALIANO GOLD INC COM 36352H100   11,768,842 10,808,156 SH   SOLE   10,808,156 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   14,491,870 1,628,300 SH   SOLE   1,628,300 0 0
GREAT PANTHER MNG LTD COM 39115V101   214,715 341,286 SH   SOLE   341,286 0 0
INTEGRA RES CORP COM NEW 45826T301   10,541,153 3,620,200 SH   SOLE   3,620,200 0 0
KINROSS GOLD CORP COM 496902404   12,858,828 2,028,292 SH   SOLE   2,028,292 0 0
MAG SILVER CORP COM 55903Q104   64,513,057 3,085,775 SH   SOLE   3,085,775 0 0
PAN AMERN SILVER CORP COM 697900108   31,057,019 1,087,050 SH   SOLE   1,087,050 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   27,461,409 3,477,700 SH   SOLE   3,477,700 0 0
SILVERCREST METALS INC COM 828363101   6,579,243 751,100 SH   SOLE   751,100 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   1,847,372 131,673 SH   SOLE   131,673 0 0