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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
AGNICO EAGLE MINES LTD COM 008474108 3,148 51,400 SH   SOLE   51,400 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 504 60,000 SH   SOLE   60,000 0 0
ELDORADO GOLD CORP NEW COM 284902509 7,033 627,369 SH   SOLE   627,369 0 0
EMX RTY CORP COM 26873J107 3,466 1,605,500 SH   SOLE   1,605,500 0 0
GALIANO GOLD INC COM 36352H100 651 1,162,956 SH   SOLE   1,162,956 0 0
INTEGRA RES CORP COM NEW 45826T301 1,221 858,100 SH   SOLE   858,100 0 0
KOSMOS ENERGY LTD COM 500688106 8,028 1,116,600 SH   SOLE   1,116,600 0 0
MAG SILVER CORP COM 55903Q104 22,808 1,409,175 SH   SOLE   1,409,175 0 0
PAN AMERN SILVER CORP COM 697900108 8,142 298,250 SH   SOLE   298,250 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 2,024 131,673 SH   SOLE   131,673 0 0