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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
AGNICO EAGLE MINES LTD COM 008474108   11,267,210 246,224 SH   SOLE   246,224 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   14,012,900 1,997,653 SH   SOLE   1,997,653 0 0
ELDORADO GOLD CORP NEW COM 284902509   20,680,034 3,236,312 SH   SOLE   3,236,312 0 0
EMX RTY CORP COM 26873J107   2,955,826 1,605,500 SH   SOLE   1,605,500 0 0
GALIANO GOLD INC COM 36352H100   4,424,974 11,169,156 SH   SOLE   11,169,156 0 0
INTEGRA RES CORP COM NEW 45826T301   4,911,573 4,789,900 SH   SOLE   4,789,900 0 0
KOSMOS ENERGY LTD COM 500688106   9,230,528 1,491,200 SH   SOLE   1,491,200 0 0
MAG SILVER CORP COM 55903Q104   37,516,293 3,074,139 SH   SOLE   3,074,139 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   9,060,691 898,600 SH   SOLE   898,600 0 0
PAN AMERN SILVER CORP COM 697900108   19,285,452 980,450 SH   SOLE   980,450 0 0
SILVERCREST METALS INC COM 828363101   4,858,437 794,697 SH   SOLE   794,697 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   1,867,123 131,673 SH   SOLE   131,673 0 0