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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
ALAMOS GOLD INC NEW COM CL A 011532108 349 48,600 SH   SOLE   48,600 0 0
ELDORADO GOLD CORP NEW COM 284902509 231 29,850 SH   SOLE   29,850 0 0
EMX RTY CORP COM 26873J107 4,153 1,605,500 SH   SOLE   1,605,500 0 0
GALIANO GOLD INC COM 36352H100 355 495,356 SH   SOLE   495,356 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 361 44,500 SH   SOLE   44,500 0 0
INTEGRA RES CORP COM NEW 45826T301 119 52,200 SH   SOLE   52,200 0 0
KINROSS GOLD CORP COM 496902404 430 80,250 SH   SOLE   80,250 0 0
MAG SILVER CORP COM 55903Q104 21,661 1,339,175 SH   SOLE   1,339,175 0 0
PAN AMERN SILVER CORP COM 697900108 6,307 271,050 SH   SOLE   271,050 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 157 27,300 SH   SOLE   27,300 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 1,817 131,673 SH   SOLE   131,673 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 1,046 225,000 SH   SOLE   225,000 0 0