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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   13,829,649 327,484 SH   SOLE   327,484 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   3,243,271 438,000 SH   SOLE   438,000 0 0
ELDORADO GOLD CORP NEW COM 284902509   20,729,626 3,437,749 SH   SOLE   3,437,749 0 0
EMX RTY CORP COM 26873J107   2,972,073 1,605,500 SH   SOLE   1,605,500 0 0
GALIANO GOLD INC COM 36352H100   6,084,981 12,559,583 SH   SOLE   12,559,583 0 0
INTEGRA RES CORP COM NEW 45826T301   2,543,514 4,689,900 SH   SOLE   4,689,900 0 0
KOSMOS ENERGY LTD COM 500688106   15,122,994 2,925,144 SH   SOLE   2,925,144 0 0
MAG SILVER CORP COM 55903Q104   38,580,555 3,085,775 SH   SOLE   3,085,775 0 0
PAN AMERN SILVER CORP COM 697900108   15,569,546 980,450 SH   SOLE   980,450 0 0
SILVERCREST METALS INC COM 828363101   4,074,862 734,697 SH   SOLE   734,697 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   1,685,414 131,673 SH   SOLE   131,673 0 0