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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABRDN SILVER ETF TRUST PHYSCL SILVR SHS 003264108   336,154 14,763 SH   SOLE   14,763 0 0
ADAM NAT RES FD INC COM 00548F105   703,840 34,117 SH   SOLE   34,117 0 0
AERSALE CORPORATION COM 00810F106   3,110,275 245,000 SH   SOLE   245,000 0 0
AGNICO EAGLE MINES LTD COM 008474108   76,202,883 1,389,132 SH   SOLE   1,389,132 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   47,306,249 3,511,971 SH   SOLE   3,511,971 0 0
ALMADEN MINERALS LTD COM CL B 020283305   4,655 32,100 SH   SOLE   32,100 0 0
AMAZON COM INC COM 023135106   372,253 2,450 SH   SOLE   2,450 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   3,151 12,464 SH   SOLE   12,464 0 0
APPLE INC COM 037833100   460,147 2,390 SH   SOLE   2,390 0 0
ARIS MNG CORP COM 04040Y109   48,043 14,625 SH   SOLE   14,625 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108   12,812,200 290,000 SH   SOLE   290,000 0 0
BARRICK GOLD CORP COM 067901108   5,121,731 283,125 SH   SOLE   283,125 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   10,803,945 30,292 SH   SOLE   30,292 0 0
BERRY CORP COM 08579X101   2,399,423 341,312 SH   SOLE   341,312 0 0
BHP GROUP LTD SPONSORED ADS 088606108   1,594,560 23,343 SH   SOLE   23,343 0 0
B2GOLD CORP COM 11777Q209   20,169,872 6,382,409 SH   SOLE   6,382,409 0 0
BUCKLE INC COM 118440106   12,592,800 265,000 SH   SOLE   265,000 0 0
CF INDS HLDGS INC COM 125269100   3,798,491 47,780 SH   SOLE   47,780 0 0
CME GROUP INC COM 12572Q105   963,074 4,573 SH   SOLE   4,573 0 0
CAL MAINE FOODS INC COM NEW 128030202   11,764,950 205,000 SH   SOLE   205,000 0 0
CAMECO CORP COM 13321L108   4,288,066 99,491 SH   SOLE   99,491 0 0
CHEMOURS CO COM 163851108   634,459 20,116 SH   SOLE   20,116 0 0
CHENIERE ENERGY INC COM NEW 16411R208   1,012,835 5,933 SH   SOLE   5,933 0 0
CIRRUS LOGIC INC COM 172755100   2,495,700 30,000 SH   SOLE   30,000 0 0
COEUR MNG INC COM NEW 192108504   2,415,676 741,005 SH   SOLE   741,005 0 0
CONTANGO ORE INC COM 21077F100   8,697,038 480,234 SH   SOLE   480,234 0 0
CORTEVA INC COM 22052L104   1,243,859 25,957 SH   SOLE   25,957 0 0
DARLING INGREDIENTS INC COM 237266101   307,513 6,170 SH   SOLE   6,170 0 0
DENISON MINES CORP COM 248356107   2,253,245 1,284,800 SH   SOLE   1,284,800 0 0
EMX RTY CORP COM 26873J107   5,060,357 3,126,847 SH   SOLE   3,126,847 0 0
ELDORADO GOLD CORP NEW COM 284902509   1,165,910 89,816 SH   SOLE   89,816 0 0
ENCORE ENERGY CORP COM NEW 29259W700   77,661 19,761 SH   SOLE   19,761 0 0
ENERGY FUELS INC COM NEW 292671708   417,336 58,044 SH   SOLE   58,044 0 0
EQUINOX GOLD CORP COM 29446Y502   40,396,205 8,294,509 SH   SOLE   8,294,509 0 0
ERO COPPER CORP COM 296006109   5,550,541 351,482 SH   SOLE   351,482 0 0
EXXON MOBIL CORP COM 30231G102   13,666,966 136,697 SH   SOLE   136,697 0 0
FMC CORP COM NEW 302491303   267,206 4,238 SH   SOLE   4,238 0 0
FRP HLDGS INC COM 30292L107   8,488,800 135,000 SH   SOLE   135,000 0 0
FEDERATED HERMES INC CL B 314211103   10,158,000 300,000 SH   SOLE   300,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   4,838,189 787,862 SH   SOLE   787,862 0 0
FORTUNA SILVER MINES INC COM 349915108   9,170,947 2,379,070 SH   SOLE   2,379,070 0 0
FRANCO NEV CORP COM 351858105   21,575,398 194,699 SH   SOLE   194,699 0 0
FREEPORT-MCMORAN INC CL B 35671D857   634,501 14,904 SH   SOLE   14,904 0 0
FURY GOLD MINES LIMITED COM 36117T100   164,979 326,079 SH   SOLE   326,079 0 0
GATOS SILVER INC COM 368036109   22,848,192 3,496,292 SH   SOLE   3,496,292 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   35,065,298 2,424,986 SH   SOLE   2,424,986 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106   176,937 120,365 SH   SOLE   120,365 0 0
GOLD ROYALTY CORP *W EXP 99/99/999 38071H114   2,403 226,700 SH   SOLE   226,700 0 0
GOLDMINING INC COM 38149E101   75,988 78,000 SH   SOLE   78,000 0 0
HECLA MNG CO COM 422704106   12,817,169 2,664,692 SH   SOLE   2,664,692 0 0
HELMERICH & PAYNE INC COM 423452101   10,397,784 287,073 SH   SOLE   287,073 0 0
HUDBAY MINERALS INC COM 443628102   433,860 78,800 SH   SOLE   78,800 0 0
I-80 GOLD CORP COM 44955L106   39,339,182 22,357,597 SH   SOLE   22,357,597 0 0
IAMGOLD CORP COM 450913108   2,783,261 1,100,103 SH   SOLE   1,100,103 0 0
INTEGRA RES CORP COM 45826T509   280,758 266,802 SH   SOLE   266,802 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   249,411 1,942 SH   SOLE   1,942 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102   14,423,904 24,769,853 SH   SOLE   24,769,853 0 0
INVESCO EXCHANGE TRADED FD T OIL & GAS SERVIC 46137Y872   494,903 17,250 SH   SOLE   17,250 0 0
ISHARES TR CORE US AGGBD ET 464287226   377,607 3,805 SH   SOLE   3,805 0 0
ISHARES SILVER TR ISHARES 46428Q109   2,991,200 137,337 SH   SOLE   137,337 0 0
ISHARES TR 0-3 MNTH TREASRY 46436E718   210,868 2,103 SH   SOLE   2,103 0 0
DAKOTA GOLD CORP COM 46655E100   1,148,383 438,314 SH   SOLE   438,314 0 0
DAKOTA GOLD CORP W EXP 03/15/202 46655E118   10,852 10,639 SH   SOLE   10,639 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   7,587,995 612,924 SH   SOLE   612,924 0 0
KINROSS GOLD CORP COM 496902404   10,964,776 1,811,716 SH   SOLE   1,811,716 0 0
LARGO INC COM 517097101   362,232 156,873 SH   SOLE   156,873 0 0
MAG SILVER CORP COM 55903Q104   32,160,452 3,088,870 SH   SOLE   3,088,870 0 0
MARCUS & MILLICHAP INC COM 566324109   7,644,000 175,000 SH   SOLE   175,000 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   88,719 28,805 SH   SOLE   28,805 0 0
NVR INC COM 62944T105   259,017 37 SH   SOLE   37 0 0
NEW PAC METALS CORP COM 64782A107   49,948 26,151 SH   SOLE   26,151 0 0
NEWMONT CORP COM 651639106   11,559,068 279,266 SH   SOLE   279,266 0 0
NEXGEN ENERGY LTD COM 65340P106   5,185,248 740,757 SH   SOLE   740,757 0 0
NOVAGOLD RES INC COM NEW 66987E206   7,925,632 2,119,153 SH   SOLE   2,119,153 0 0
NUCOR CORP COM 670346105   12,704,920 73,000 SH   SOLE   73,000 0 0
NUTRIEN LTD COM 67077M108   1,684,492 29,904 SH   SOLE   29,904 0 0
ORLA MNG LTD NEW COM 68634K106   2,170,136 667,250 SH   SOLE   667,250 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   54,557,651 3,820,710 SH   SOLE   3,820,710 0 0
OSISKO DEVELOPMENT CORP W EXP 05/27/202 68828E239   4,246 15,164 SH   SOLE   15,164 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809   2,660,134 914,949 SH   SOLE   914,949 0 0
PAN AMERN SILVER CORP COM 697900108   49,745,667 3,046,124 SH   SOLE   3,046,124 0 0
PURE STORAGE INC CL A 74624M102   448,425 12,575 SH   SOLE   12,575 0 0
QUANTA SVCS INC COM 74762E102   619,562 2,871 SH   SOLE   2,871 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102   12,222,016 43,700 SH   SOLE   43,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   563,364 7,566 SH   SOLE   7,566 0 0
SHELL PLC SPON ADS 780259305   207,270 3,150 SH   SOLE   3,150 0 0
ROYAL GOLD INC COM 780287108   8,761,541 72,433 SH   SOLE   72,433 0 0
SPDR GOLD TR GOLD SHS 78463V107   478,116 2,501 SH   SOLE   2,501 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663   41,969,268 459,233 SH   SOLE   459,233 0 0
SSR MINING IN COM 784730103   10,807,628 1,005,483 SH   SOLE   1,005,483 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   20,365,157 4,048,355 SH   SOLE   4,048,355 0 0
SCHNITZER STEEL INDS INC CL A 806882106   9,714,536 322,100 SH   SOLE   322,100 0 0
SCOTTS MIRACLE-GRO CO CL A 810186106   279,544 4,385 SH   SOLE   4,385 0 0
SEABRIDGE GOLD INC COM 811916105   19,155,393 1,579,175 SH   SOLE   1,579,175 0 0
SIGMA LITHIUM CORPORATION COM 826599102   379,646 12,025 SH   SOLE   12,025 0 0
SILVERCORP METALS INC COM 82835P103   2,594,908 994,445 SH   SOLE   994,445 0 0
SILVERCREST METALS INC COM 828363101   59,403,538 9,057,078 SH   SOLE   9,057,078 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   6,608,274 281,084 SH   SOLE   281,084 0 0
SKEENA RES LTD NEW COM 83056P715   4,437,983 909,429 SH   SOLE   909,429 0 0
SMART SAND INC COM 83191H107   1,447,500 750,000 SH   SOLE   750,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   976,287 16,212 SH   SOLE   16,212 0 0
SPROTT INC COM NEW 852066208   2,001,930 58,967 SH   SOLE   58,967 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   4,691,449 294,504 SH   SOLE   294,504 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   3,229,179 399,636 SH   SOLE   399,636 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104   857,650 85,000 SH   SOLE   85,000 0 0
SPROTT FOCUS TR INC COM 85208J109   914,838 114,355 SH   SOLE   114,355 0 0
SPROTT FDS TR URANIUM MINERS E 85208P303   633,978 13,134 SH   SOLE   13,134 0 0
SPROTT FDS TR NICKEL MINERS ET 85208P600   212,700 15,000 SH   SOLE   15,000 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101   14,567,078 760,415 SH   SOLE   760,415 0 0
SPROTT ETF TRUST GOLD MINERS ETF 85210B102   373,367 14,943 SH   SOLE   14,943 0 0
STEEL DYNAMICS INC COM 858119100   12,613,080 106,800 SH   SOLE   106,800 0 0
TRX GOLD CORPORATION COM 87283P109   9,113 23,975 SH   SOLE   23,975 0 0
TECK RESOURCES LTD CL B 878742204   291,240 6,890 SH   SOLE   6,890 0 0
TESLA INC COM 88160R101   559,080 2,250 SH   SOLE   2,250 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102   3,157,486 2,008 SH   SOLE   2,008 0 0
THOR INDS INC COM 885160101   7,981,875 67,500 SH   SOLE   67,500 0 0
TRILOGY METALS INC NEW COM 89621C105   656,341 1,526,374 SH   SOLE   1,526,374 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   36,641,318 2,751,363 SH   SOLE   2,751,363 0 0
UR-ENERGY INC COM 91688R108   107,768 69,979 SH   SOLE   69,979 0 0
URANIUM ENERGY CORP COM 916896103   1,860,307 290,673 SH   SOLE   290,673 0 0
URANIUM RTY CORP COM 91702V101   769,859 285,133 SH   SOLE   285,133 0 0
VALE S A SPONSORED ADS 91912E105   1,039,805 65,561 SH   SOLE   65,561 0 0
VANECK MERK GOLD TR GOLD TRUST 921078101   388,980 19,488 SH   SOLE   19,488 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   230,745 7,441 SH   SOLE   7,441 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409   2,808,531 36,300 SH   SOLE   36,300 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108   10,067,400 420,000 SH   SOLE   420,000 0 0
VIZSLA SILVER CORP COM NEW 92859G202   20,207,213 15,950,585 SH   SOLE   15,950,585 0 0
VOX ROYALTY CORP COM 92919F103   83,131 40,355 SH   SOLE   40,355 0 0
WESTERN COPPER & GOLD CORP COM 95805V108   92,435 69,500 SH   SOLE   69,500 0 0
WESTLAKE CORPORATION COM 960413102   12,596,400 90,000 SH   SOLE   90,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   37,536,570 760,697 SH   SOLE   760,697 0 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   2,704,443 144,700 SH   SOLE   144,700 0 0
LIFEZONE METALS LIMITED ORD SHS G5568L109   3,164,000 350,000 SH   SOLE   350,000 0 0
LIFEZONE METALS LIMITED W EXP 07/05/202 G5568L117   412,384 770,811 SH   SOLE   770,811 0 0
METALS ACQUISITION LIMITED ORD SHS G60409110   18,540,000 1,500,000 SH   SOLE   1,500,000 0 0