The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
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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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 5,584 128,220 SH   SOLE   127,070 0 1,150
ALMADEN MINERALS COM CL B 020283305 4,067 7,024,724 SH   SOLE   6,936,840 0 87,884
ARES CAPITAL COM 04010L103 3,241 188,991 SH   SOLE   180,144 0 8,847
B2GOLD COM 11777Q209 4,623 1,651,200 SH   SOLE   1,651,200 0 0
BARRICK GOLD CORPORATION COM 752344309 4,637 337,978 SH   SOLE   337,978 0 0
COLLECTORS UNIVERSE COM NEW 19421R200 958 54,884 SH   SOLE   54,174 0 710
EMX ROYALTY COM 26873J107 2,745 2,346,428 SH   SOLE   2,289,924 0 56,504
FORTUNA SILVER COM 349915108 6,212 1,854,243 SH   SOLE   1,829,543 0 24,700
FRANCO-NEVADA COM 351858105 17,108 227,799 SH   SOLE   223,257 0 4,542
FREEPORT-MCMORAN INC CL B 35671D857 433 33,600 SH   SOLE   30,700 0 2,900
GLADSTONE CAPITAL COM 376535100 798 88,151 SH   SOLE   85,551 0 2,600
GLADSTONE INVESTMENT COM 376546107 1,551 133,135 SH   SOLE   128,580 0 4,554
GLADSTONE LAND COM 376549101 1,038 83,054 SH   SOLE   79,654 0 3,400
GOLDFIELDS NEW SPONSORED ADR 38059T106 4,518 1,207,900 SH   SOLE   1,204,900 0 3,000
GOLDCORP COM 380956409 222 19,400 SH   SOLE   19,400 0 0
GOLUB CAPITAL COM 38173M102 1,406 78,460 SH   SOLE   74,390 0 4,070
KINROSS GOLD COM NO PAR 496902404 131 38,100 SH   SOLE   38,100 0 0
LOEWS CORPORATION COM 540424108 868 18,119 SH   SOLE   17,159 0 960
MAG SILVER COM 55903Q104 446 41,737 SH   SOLE   40,737 0 1,000
NEWMONT MINING COM 651639106 2,601 72,700 SH   SOLE   72,700 0 0
NEXGEN ENERGY LTD COM 65340P106 83 51,000 SH   SOLE   51,000 0 0
OSISKO GOLD COM 68827L101 13,346 1,187,353 SH   SOLE   1,167,969 0 19,384
PAN AMERICAN SILVER COM 697900108 1,292 97,375 SH   SOLE   95,775 0 1,600
PRETIUM RESOURCES COM 74139C102 5,950 692,602 SH   SOLE   687,652 0 4,950
ROYAL DUTCH SPONS ADR A 780259206 640 10,230 SH   SOLE   9,640 0 590
ROYAL GOLD COM 780287108 10,841 119,120 SH   SOLE   117,570 0 1,550
SEABRIDGE GOLD INC COM 811916105 124 10,000 SH   SOLE   10,000 0 0
SPROTT PHYSICAL SILVER TR UNIT 85207K107 79 14,200 SH   SOLE   14,200 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 783 74,869 SH   SOLE   74,120 0 749
VISTA GOLD COM 927926303 5,281 7,998,076 SH   SOLE   7,903,976 0 94,100
WHEATON PRECIOUS METALS COM 962879102 4,545 190,960 SH   SOLE   189,235 0 1,725