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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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADAM NAT RES FD INC COM 00548F105   611,294 29,732 SH   SOLE   29,732 0 0
AERSALE CORPORATION COM 00810F106   11,279,100 655,000 SH   SOLE   655,000 0 0
AGNICO EAGLE MINES LTD COM 008474108   68,465,870 1,343,258 SH   SOLE   1,343,258 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   53,267,496 4,355,478 SH   SOLE   4,355,478 0 0
ALBEMARLE CORP COM 012653101   205,125 928 SH   SOLE   928 0 0
ALMADEN MINERALS LTD COM CL B 020283305   7,619 40,100 SH   SOLE   40,100 0 0
AMAZON COM INC COM 023135106   253,061 2,450 SH   SOLE   2,450 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   1,119,426 2,332,138 SH   SOLE   2,332,138 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206   25,048,745 1,035,500 SH   SOLE   1,035,500 0 0
APPLE INC COM 037833100   394,111 2,390 SH   SOLE   2,390 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108   9,594,000 300,000 SH   SOLE   300,000 0 0
B2GOLD CORP COM 11777Q209   12,821,611 3,254,216 SH   SOLE   3,254,216 0 0
BARRICK GOLD CORP COM 067901108   5,230,983 281,690 SH   SOLE   281,690 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   9,353,261 30,292 SH   SOLE   30,292 0 0
BERRY CORP COM 08579X101   2,767,620 352,563 SH   SOLE   352,563 0 0
BHP GROUP LTD SPONSORED ADS 088606108   1,718,918 27,108 SH   SOLE   27,108 0 0
BUCKLE INC COM 118440106   9,457,850 265,000 SH   SOLE   265,000 0 0
CAL MAINE FOODS INC COM NEW 128030202   12,178,000 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108   2,912,750 111,301 SH   SOLE   111,301 0 0
CF INDS HLDGS INC COM 125269100   628,570 8,671 SH   SOLE   8,671 0 0
CHEMOURS CO COM 163851108   640,985 21,409 SH   SOLE   21,409 0 0
CHENIERE ENERGY INC COM NEW 16411R208   932,048 5,914 SH   SOLE   5,914 0 0
CIRRUS LOGIC INC COM 172755100   3,281,400 30,000 SH   SOLE   30,000 0 0
CME GROUP INC COM 12572Q105   889,610 4,645 SH   SOLE   4,645 0 0
COEUR MNG INC COM NEW 192108504   1,225,149 307,055 SH   SOLE   307,055 0 0
CONTANGO ORE INC COM 21077F100   10,351,200 363,200 SH   SOLE   363,200 0 0
CORE LABORATORIES N V COM N22717107   294,566 13,359 SH   SOLE   13,359 0 0
CORTEVA INC COM 22052L104   1,559,194 25,853 SH   SOLE   25,853 0 0
DAKOTA GOLD CORP COM 46655E100   4,749,585 1,312,040 SH   SOLE   1,312,040 0 0
DARLING INGREDIENTS INC COM 237266101   375,162 6,424 SH   SOLE   6,424 0 0
DENISON MINES CORP COM 248356107   1,967,651 1,809,680 SH   SOLE   1,809,680 0 0
ELDORADO GOLD CORP NEW COM 284902509   396,187 38,242 SH   SOLE   38,242 0 0
EMX RTY CORP COM 26873J107   6,730,250 3,382,035 SH   SOLE   3,382,035 0 0
ENCORE ENERGY CORP COM NEW 29259W700   50,153 22,094 SH   SOLE   22,094 0 0
ENDEAVOUR SILVER CORP COM 29258Y103   39,964 10,300 SH   SOLE   10,300 0 0
ENERGY FUELS INC COM NEW 292671708   129,339 23,179 SH   SOLE   23,179 0 0
EQUINOX GOLD CORP COM 29446Y502   42,143,279 8,183,161 SH   SOLE   8,183,161 0 0
ERO COPPER CORP COM 296006109   10,633,619 602,746 SH   SOLE   602,746 0 0
EXXON MOBIL CORP COM 30231G102   12,415,376 113,217 SH   SOLE   113,217 0 0
FEDERATED HERMES INC CL B 314211103   12,042,000 300,000 SH   SOLE   300,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   5,546,862 769,286 SH   SOLE   769,286 0 0
FORTUNA SILVER MINES INC COM 349915108   7,623,734 1,995,742 SH   SOLE   1,995,742 0 0
FRANCO NEV CORP COM 351858105   27,235,564 186,808 SH   SOLE   186,808 0 0
FREEPORT-MCMORAN INC CL B 35671D857   222,694 5,444 SH   SOLE   5,444 0 0
FRP HLDGS INC COM 30292L107   7,235,000 125,000 SH   SOLE   125,000 0 0
FURY GOLD MINES LIMITED COM 36117T100   168,743 312,567 SH   SOLE   312,567 0 0
GATOS SILVER INC COM 368036109   17,440,931 2,670,893 SH   SOLE   2,670,893 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   40,484,981 3,039,413 SH   SOLE   3,039,413 0 0
GOLD ROYALTY CORP *W EXP 99/99/999 38071H114   29,605 147,950 SH   SOLE   147,950 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106   291,913 135,145 SH   SOLE   135,145 0 0
GOLDMINING INC COM 38149E101   51,425 42,500 SH   SOLE   42,500 0 0
HECLA MNG CO COM 422704106   16,357,923 2,584,190 SH   SOLE   2,584,190 0 0
HELMERICH & PAYNE INC COM 423452101   10,026,016 280,448 SH   SOLE   280,448 0 0
HUDBAY MINERALS INC COM 443628102   413,209 78,800 SH   SOLE   78,800 0 0
HYCROFT MINING HOLDING CORP COM CL A 44862P109   12,145 28,087 SH   SOLE   28,087 0 0
I-80 GOLD CORP COM 44955L106   52,316,286 21,353,586 SH   SOLE   21,353,586 0 0
INTEGRA RES CORP COM NEW 45826T301   396,969 739,268 SH   SOLE   739,268 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102   15,313,746 25,520,591 SH   SOLE   25,520,591 0 0
INVESCO EXCHANGE TRADED FD T DYNMC OIL GAS 46137V670   414,170 83,000 SH   SOLE   83,000 0 0
ISHARES INC MSCI MEXICO ETF 464286822   559,582 9,400 SH   SOLE   9,400 0 0
ISHARES SILVER TR ISHARES 46428Q109   1,598,015 72,243 SH   SOLE   72,243 0 0
ISHARES TR 20 YR TR BD ETF 464287432   10,551,904 99,200 SH Put SOLE   99,200 0 0
ITERIS INC NEW COM 46564T107   46,900 10,000 SH   SOLE   10,000 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   10,219,843 616,024 SH   SOLE   616,024 0 0
KINROSS GOLD CORP COM 496902404   5,089,527 1,080,579 SH   SOLE   1,080,579 0 0
LAM RESEARCH CORP COM 512807108   265,060 500 SH   SOLE   500 0 0
MAG SILVER CORP COM 55903Q104   55,326,292 4,366,716 SH   SOLE   4,366,716 0 0
MARCUS & MILLICHAP INC COM 566324109   5,619,250 175,000 SH   SOLE   175,000 0 0
MCEWEN MNG INC COM NEW 58039P305   484,836 57,558 SH   SOLE   57,558 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   186,689 33,397 SH   SOLE   33,397 0 0
MP MATERIALS CORP COM CL A 553368101   262,872 9,325 SH   SOLE   9,325 0 0
NEW GOLD INC CDA COM 644535106   14,669,404 13,335,822 SH   SOLE   13,335,822 0 0
NEW PAC METALS CORP COM 64782A107   63,051 23,439 SH   SOLE   23,439 0 0
NEWMONT CORP COM 651639106   7,152,459 145,909 SH   SOLE   145,909 0 0
NEXGEN ENERGY LTD COM 65340P106   3,198,072 833,556 SH   SOLE   833,556 0 0
NOVAGOLD RES INC COM NEW 66987E206   15,529,182 2,496,653 SH   SOLE   2,496,653 0 0
NUCOR CORP COM 670346105   12,110,448 78,400 SH   SOLE   78,400 0 0
NUTRIEN LTD COM 67077M108   1,931,842 26,159 SH   SOLE   26,159 0 0
NVR INC COM 62944T105   200,599 36 SH   SOLE   36 0 0
ORLA MNG LTD NEW COM 68634K106   762,375 160,500 SH   SOLE   160,500 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809   4,270,115 871,452 SH   SOLE   871,452 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   53,338,839 3,371,608 SH   SOLE   3,371,608 0 0
PAN AMERN SILVER CORP COM 697900108   45,140,700 2,480,258 SH   SOLE   2,480,258 0 0
PIMCO ETF TR 25YR+ ZERO U S 72201R882   223,167 2,330 SH   SOLE   2,330 0 0
QUANTA SVCS INC COM 74762E102   504,753 3,029 SH   SOLE   3,029 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102   12,734,304 49,600 SH   SOLE   49,600 0 0
RIO TINTO PLC SPONSORED ADR 767204100   544,067 7,931 SH   SOLE   7,931 0 0
ROYAL GOLD INC COM 780287108   9,814,047 75,661 SH   SOLE   75,661 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   22,157,199 3,813,650 SH   SOLE   3,813,650 0 0
SCHNITZER STEEL INDS INC CL A 806882106   9,868,030 317,300 SH   SOLE   317,300 0 0
SCOTTS MIRACLE-GRO CO CL A 810186106   307,902 4,415 SH   SOLE   4,415 0 0
SEABRIDGE GOLD INC COM 811916105   17,956,923 1,386,635 SH   SOLE   1,386,635 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   12,207,295 1,467,223 SH   SOLE   1,467,223 0 0
SIGMA LITHIUM CORPORATION COM 826599102   507,613 13,525 SH   SOLE   13,525 0 0
SILVERCORP METALS INC COM 82835P103   3,574,920 935,843 SH   SOLE   935,843 0 0
SILVERCREST METALS INC COM 828363101   61,305,582 8,586,216 SH   SOLE   8,586,216 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   3,272,616 144,806 SH   SOLE   144,806 0 0
SKEENA RES LTD NEW COM 83056P715   5,791,786 947,911 SH   SOLE   947,911 0 0
SMART SAND INC COM 83191H107   1,320,000 750,000 SH   SOLE   750,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   1,421,630 17,538 SH   SOLE   17,538 0 0
SPDR GOLD TR GOLD SHS 78463V107   495,610 2,705 SH   SOLE   2,705 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202   561,250 12,500 SH   SOLE   12,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   10,603,201 25,900 SH Put SOLE   25,900 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663   22,711,402 247,347 SH   SOLE   247,347 0 0
SPROTT ESG GOLD ETF UNITS BEN INT 85210H109   11,095,314 282,200 SH   SOLE   282,200 0 0
SPROTT ETF TRUST GOLD MINERS ETF 85210B102   416,342 14,743 SH   SOLE   14,743 0 0
SPROTT FDS TR URANIUM MINERS E 85208P303   361,006 11,508 SH   SOLE   11,508 0 0
SPROTT FOCUS TR INC COM 85208J109   885,472 109,385 SH   SOLE   109,385 0 0
SPROTT INC COM NEW 852066208   2,276,723 62,513 SH   SOLE   62,513 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101   1,095,381 57,926 SH   SOLE   57,926 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   4,558,613 294,865 SH   SOLE   294,865 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104   792,429 64,900 SH   SOLE   64,900 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   3,281,476 393,471 SH   SOLE   393,471 0 0
SSR MINING IN COM 784730103   29,678,994 1,963,210 SH   SOLE   1,963,210 0 0
STEEL DYNAMICS INC COM 858119100   11,826,076 104,600 SH   SOLE   104,600 0 0
TESLA INC COM 88160R101   466,785 2,250 SH   SOLE   2,250 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102   2,733,539 1,607 SH   SOLE   1,607 0 0
THOR INDS INC COM 885160101   8,362,200 105,000 SH   SOLE   105,000 0 0
TRILOGY METALS INC NEW COM 89621C105   541,650 1,016,230 SH   SOLE   1,016,230 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   46,331,540 3,098,268 SH   SOLE   3,098,268 0 0
UR-ENERGY INC COM 91688R108   64,643 60,984 SH   SOLE   60,984 0 0
URANIUM ENERGY CORP COM 916896103   827,735 287,408 SH   SOLE   287,408 0 0
URANIUM RTY CORP COM 91702V101   614,576 298,338 SH   SOLE   298,338 0 0
VALE S A SPONSORED ADS 91912E105   945,232 59,901 SH   SOLE   59,901 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   202,705 6,266 SH   SOLE   6,266 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409   2,767,149 36,300 SH   SOLE   36,300 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108   11,310,000 500,000 SH   SOLE   500,000 0 0
VISTA GOLD CORP COM NEW 927926303   10,294 17,100 SH   SOLE   17,100 0 0
VIZSLA SILVER CORP COM NEW 92859G202   18,760,190 12,342,230 SH   SOLE   12,342,230 0 0
WESTERN COPPER & GOLD CORP COM 95805V108   127,185 69,500 SH   SOLE   69,500 0 0
WESTLAKE CORPORATION COM 960413102   12,177,900 105,000 SH   SOLE   105,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   37,025,825 768,930 SH   SOLE   768,930 0 0
YAMANA GOLD INC COM 98462Y100   1,660,587 283,861 SH   SOLE   283,861 0 0