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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 1,063 23,224 SH   SOLE N/A 23,224 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,124 160,253 SH   SOLE N/A 160,253 0 0
ELDORADO GOLD CORP NEW COM 284902509 4,352 681,012 SH   SOLE N/A 681,012 0 0
EMX RTY CORP COM 26873J107 2,956 1,605,500 SH   SOLE N/A 1,605,500 0 0
GALIANO GOLD INC COM 36352H100 461 1,162,956 SH   SOLE N/A 1,162,956 0 0
INTEGRA RES CORP COM NEW 45826T301 880 858,100 SH   SOLE N/A 858,100 0 0
KOSMOS ENERGY LTD COM 500688106 9,231 1,491,200 SH   SOLE N/A 1,491,200 0 0
MAG SILVER CORP COM 55903Q104 17,055 1,397,539 SH   SOLE N/A 1,397,539 0 0
PAN AMERN SILVER CORP COM 697900108 5,688 289,170 SH   SOLE N/A 289,170 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 1,867 131,673 SH   SOLE N/A 131,673 0 0