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
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 8,295 154,398 SH   SOLE   154,398 0 0
ALEXCO RESOURCE CORP COM 01535P106 1,580 645,430 SH   SOLE   645,430 0 0
ALMADEN MINERALS LTD COM CL B 020283305 1,185 1,859,410 SH   SOLE   1,859,410 0 0
ALPS ETF TR SPROTT GL MINE 00162Q643 280 12,713 SH   SOLE   12,713 0 0
AMAZON COM INC COM 023135106 227 120 SH   SOLE   227 0 0
AMERICAS SILVER CORP COM NEW 03063L705 647 212,866 SH   SOLE   212,866 0 0
AMGEN INC COM 031162100 921 5,000 SH   SOLE   5,000 0 0
APPLE INC COM 037833100 7,048 35,610 SH   SOLE   35,610 0 0
ARCOSA INC COM 039653100 3,763 100,000 SH   SOLE   100,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 5,779 210,000 SH   SOLE   210,000 0 0
AURYN RES INC COM 05208W108 619 301,700 SH   SOLE   301,700 0 0
B2GOLD CORP COM 11777Q209 9,731 2,732,156 SH   SOLE   2,732,156 0 0
BARRICK GOLD CORPORATION COM 067901108 11,052 697,727 SH   SOLE   697,727 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 8,589 40,292 SH   SOLE   40,292 0 0
BIOGEN INC COM 09062X103 4,677 20,000 SH   SOLE   20,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 220 14,197 SH   SOLE   14,197 0 0
BUCKLE INC COM 118440106 3,808 220,000 SH   SOLE   220,000 0 0
CAL MAINE FOODS INC COM NEW 128030202 4,352 104,317 SH   SOLE   104,317 0 0
CAMECO CORP COM 13321L108 904 84,211 SH   SOLE   84,211 0 0
CIRRUS LOGIC INC COM 172755100 7,866 180,000 SH   SOLE   180,000 0 0
COEUR MNG INC COM NEW 192108504 4,614 812,793 SH   SOLE   812,793 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 3,314 151,834 SH   SOLE   151,834 0 0
DENISON MINES CORP COM 248356107 14 25,928 SH   SOLE   25,928 0 0
EMX RTY CORP COM 26873J107 6,656 5,454,902 SH   SOLE   5,454,902 0 0
ENCANA CORP COM 292505104 1,725 336,314 SH   SOLE   336,314 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 2,045 759,100 SH   SOLE   759,100 0 0
ENI S P A SPONSORED ADR 26874R108 248 7,523 SH   SOLE   7,523 0 0
ENTREE RES LTD COM 29384J103 123 378,400 SH   SOLE   378,400 0 0
EXXON MOBIL CORP COM 30231G102 4,609 60,150 SH   SOLE   60,150 0 0
FEDERATED INVS INC PA CL B 314211103 4,875 150,000 SH   SOLE   150,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 5,937 589,998 SH   SOLE   589,998 0 0
FORTUNA SILVER MINES INC COM 349915108 9,464 2,624,164 SH   SOLE   2,624,164 0 0
FRANCO NEVADA CORP COM 351858105 9,068 106,835 SH   SOLE   106,835 0 0
FRANKLIN RES INC COM 354613101 9,570 275,000 SH   SOLE   275,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 165 14,200 SH   SOLE   14,200 0 0
FRP HLDGS INC COM 30292L107 3,904 70,000 SH   SOLE   70,000 0 0
GENTEX CORP COM 371901109 9,844 400,000 SH   SOLE   400,000 0 0
GOLD RESOURCE CORP COM 38068T105 1,284 290,200 SH   SOLE   290,200 0 0
GRAN TIERRA ENERGY INC COM 38500T101 26,235 16,500 SH   SOLE   16,500 0 0
GREAT PANTHER MINING LIMITED COM 39115V101 1,343 1,348,115 SH   SOLE   1,348,115 0 0
HALLIBURTON CO COM 406216101 209 9,169 SH   SOLE   9,169 0 0
HECLA MNG CO COM 422704106 1,976 838,325 SH   SOLE   838,325 0 0
HELMERICH & PAYNE INC COM 423452101 10,764 212,648 SH   SOLE   212,648 0 0
IAMGOLD CORP COM 450913108 2,005 498,677 SH   SOLE   498,677 0 0
ICAD INC COM NEW 44934S206 389 61,000 SH   SOLE   61,000 0 0
INDUSTRIAS BACHOCO S A B DE SPON ADR B 456463108 3,569 70,438 SH   SOLE   70,438 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 29 37,672 SH   SOLE   37,672 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 31 56,200 SH   SOLE   56,200 0 0
ISHARES GOLD TRUST ISHARES 464285105 376 27,820 SH   SOLE   27,820 0 0
ISHARES TR 20 YR TR BD ETF 464287432 322 2,426 SH   SOLE   2,426 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 769 9,069 SH   SOLE   9,069 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 9,621 467,729 SH   SOLE   467,729 0 0
KINROSS GOLD CORP COM 496902404 2,336 504,941 SH   SOLE   504,941 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 7,991 152,676 SH   SOLE   152,676 0 0
LAM RESEARCH CORP COM 512807108 9,392 50,000 SH   SOLE   50,000 0 0
MAG SILVER CORP COM 55903Q104 13,772 1,153,854 SH   SOLE   1,153,854 0 0
MARATHON PETE CORP COM 56585A102 367 6,566 SH   SOLE   6,566 0 0
MARCUS & MILLICHAP INC COM 566324109 3,085 100,000 SH   SOLE   100,000 0 0
MAVERIX METALS INC COM NEW 57776F405 949 190,683 SH   SOLE   190,683 0 0
NEW GOLD INC CDA COM 644535106 159 165,239 SH   SOLE   165,239 0 0
NEWMONT GOLDCORP CORPORATION COM 651639106 1,359 35,337 SH   SOLE   35,337 0 0
NEXGEN ENERGY LTD COM 65340P106 2,554 1,361,976 SH   SOLE   1,361,976 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 15 25,000 SH   SOLE   25,000 0 0
NUTRIEN LTD COM 67077M108 403 7,546 SH   SOLE   7,546 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 786 75,298 SH   SOLE   75,298 0 0
PAN AMERICAN SILVER CORP COM 697900108 19,674 1,337,905 SH   SOLE   1,337,905 0 0
PANHANDLE OIL AND GAS INC CL A 698477106 456 34,991 SH   SOLE   34,991 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 80 46,472 SH   SOLE   46,472 0 0
PRETIUM RES INC COM 74139C102 10,665 928,512 SH   SOLE   928,512 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 4,731 50,000 SH   SOLE   50,000 0 0
ROYAL GOLD INC COM 780287108 3,075 30,001 SH   SOLE   30,001 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 15,213 2,746,063 SH   SOLE   2,746,063 0 0
SEABRIDGE GOLD INC COM 811916105 8,858 571,287 SH   SOLE   571,287 0 0
SILVERCORP METALS INC COM 82835P103 2,995 959,867 SH   SOLE   959,867 0 0
SILVERCREST METALS INC COM 828363101 12,424 2,483,389 SH   SOLE   2,483,389 0 0
SMART SAND INC COM 83191H107 1,464 600,000 SH   SOLE   600,000 0 0
SPDR SERIES TRUST SPDR BLOOMBERG 78468R663 499 5,450 SH   SOLE   5,450 0 0
SPROTT FOCUS TR INC COM 85208J109 414 61,420 SH   SOLE   61,420 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 299 22,610 SH   SOLE   22,610 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 1,020 90,070 SH   SOLE   90,070 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 348 30,200 SH   SOLE   30,200 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 682 119,360 SH   SOLE   119,360 0 0
SSR MNG INC COM 784730103 10,295 600,570 SH   SOLE   600,570 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204 576 59,732 SH   SOLE   59,732 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 569 723 SH   SOLE   723 0 0
THOR INDS INC COM 885160101 8,768 150,000 SH   SOLE   150,000 0 0
TRILOGY METALS INC NEW COM 89621C105 668 226,311 SH   SOLE   226,311 0 0
URANIUM ENERGY CORP COM 916896103 1,213 867,177 SH   SOLE   867,177 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 3,835 150,021 SH   SOLE   150,021 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 3,222 30,500 SH   SOLE   30,500 0 0
WESTERN COPPER & GOLD CORP COM 95805V108 253 312,500 SH   SOLE   312,500 0 0
WESTERN DIGITAL CORP COM 958102105 9,035 190,000 SH   SOLE   190,000 0 0
WESTLAKE CHEM CORP COM 960413102 9,377 135,000 SH   SOLE   135,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 30,248 1,009,021 SH   SOLE   1,009,021 0 0
YAMANA GOLD INC COM 98462Y100 75 29,750 SH   SOLE   29,750 0 0