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 6,493 126,740 SH   SOLE   125,590 0 1,150
ALMADEN MINERALS COM CL B 020283305 4,098 6,886,124 SH   SOLE   6,798,240 0 87,884
ARES CAPITAL COM 04010L103 3,219 179,448 SH   SOLE   179,448 0 0
AT&T INC COM 00206R102 503 15,000 SH Put SOLE   15,000 0 0
B2GOLD COM 11777Q209 5,307 336,963 SH   SOLE   336,963 0 0
BARRICK GOLD CORPORATION COM 067901108 4,946 1,632,200 SH   SOLE   1,632,200 0 0
EMX ROYALTY COM 26873J107 2,741 2,246,548 SH   SOLE   2,190,048 0 56,500
FORTUNA SILVER COM 349915108 7,294 2,559,296 SH   SOLE   2,526,096 0 33,200
FORTUNA SILVER COM 349915108 905 317,700 SH Call SOLE   317,700 0 0
FRANCO-NEVADA COM 351858105 18,780 221,221 SH   SOLE   216,679 0 4,542
FREEPORT-MCMORAN INC CL B 35671D857 360 31,000 SH   SOLE   28,100 0 2,900
FS KKR CAPITAL CORP COM 302635107 208 34,900 SH   SOLE   34,900 0 0
GLADSTONE CAPITAL COM 376535100 460 49,201 SH   SOLE   47,501 0 1,700
GLADSTONE INVESTMENT COM 376546107 1,335 118,673 SH   SOLE   115,318 0 3,355
GLADSTONE LAND COM 376549101 1,259 109,474 SH   SOLE   104,674 0 4,800
GOLDFIELDS NEW SPONSORED ADR 38059T106 5,920 1,098,300 SH   SOLE   1,098,300 0 0
GOLUB CAPITAL COM 38173M102 1,468 82,360 SH   SOLE   78,090 0 4,270
KINROSS GOLD COM NO PAR 496902404 118 30,600 SH   SOLE   30,600 0 0
LOEWS CORPORATION COM 540424108 979 17,919 SH   SOLE   16,959 0 960
NEWMONT MINING COM 651639106 3,106 80,962 SH   SOLE   80,962 0 0
NEXGEN ENERGY LTD COM 65340P106 127 82,000 SH   SOLE   75,000 0 7,000
OSISKO GOLD COM 68827L101 12,060 1,156,293 SH   SOLE   1,136,909 0 19,384
PAN AMERICAN SILVER COM 697900108 2,628 203,525 SH   SOLE   199,325 0 4,200
PRETIUM RESOURCES COM 74139C102 6,636 664,232 SH   SOLE   659,282 0 4,950
ROYAL GOLD COM 780287108 11,898 116,300 SH   SOLE   114,525 0 1,775
SEABRIDGE GOLD INC COM 811916105 653 48,300 SH   SOLE   47,300 0 1,000
SPROTT PHYSICAL SILVER TR UNIT 85207K107 131 22,900 SH   SOLE   22,900 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 803 71,086 SH   SOLE   70,337 0 749
TURKCELL ILETISIM HIZMETLERI SPON ADR NEW 900111204 178 32,500 SH   SOLE   32,500 0 0
VISTA GOLD COM 927926303 5,956 7,834,076 SH   SOLE   7,739,976 0 94,100
WHEATON PRECIOUS METALS COM 962879102 4,117 170,460 SH   SOLE   168,735 0 1,725