The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
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
Estimated average burden
hours per response: 23.8
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   8,433,336 1,095,467 SH   SOLE   1,095,467 0 0
ELDORADO GOLD CORP NEW COM 284902509   22,693,422 2,427,104 SH   SOLE   2,427,104 0 0
EMX RTY CORP COM 26873J107   3,582,174 1,605,500 SH   SOLE   1,605,500 0 0
GALIANO GOLD INC COM 36352H100   7,781,804 10,808,156 SH   SOLE   10,808,156 0 0
GOLD FIELDS LTD SPINSORED ADR 38059T106   7,441,329 677,100 SH   SOLE   677,100 0 0
INTEGRA RES CORP COM NEW 45826T301   7,790,920 3,620,200 SH   SOLE   3,620,200 0 0
KINROSS GOLD CORP COM 496902404   10,561,684 1,818,653 SH   SOLE   1,818,653 0 0
MAG SILVER CORP COM 55903Q104   48,414,367 3,085,775 SH   SOLE   3,085,775 0 0
PAN AMERN SILVER CORP COM 697900108   27,143,639 1,087,050 SH   SOLE   1,087,050 0 0
SILVERCREST METALS INC COM 828363101   6,180,078 781,100 SH   SOLE   781,100 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   1,890,824 131,673 SH   SOLE   131,673 0 0