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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
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
EMX RTY CORP COM 26873j107 4,767 1,605,500 SH   SOLE   1,605,500 0 0
Galiano Gold Inc COM 36352H100 546 479,300 SH   SOLE   479,300 0 0
MAG SILVER CORP COM 55903Q104 20,278 1,346,332 SH   SOLE   1,346,332 0 0
PAN AMERN SILVER CORP COM 697900108 8,063 268,500 SH   SOLE   268,500 0 0
Kinross Gold Corp COM 496902404 128 19,200 SH   SOLE   19,200 0 0