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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
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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
ABRDN SILVER ETF TRUST PHYSCL SILVR SHS 003264108   351,507 14,763 SH   SOLE   14,763 0 0
ADAM NAT RES FD INC COM 00548F105   786,745 34,117 SH   SOLE   34,117 0 0
AERSALE CORPORATION COM 00810F106   2,656,600 370,000 SH   SOLE   370,000 0 0
AGNICO EAGLE MINES LTD COM 008474108   78,504,265 1,315,968 SH   SOLE   1,315,968 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   44,950,935 3,047,521 SH   SOLE   3,047,521 0 0
ALMADEN MINERALS LTD COM CL B 020283305   4,602 32,870 SH   SOLE   32,870 0 0
AMAZON COM INC COM 023135106   441,931 2,450 SH   SOLE   2,450 0 0
APPLE INC COM 037833100   6,643,135 38,740 SH   SOLE   38,740 0 0
ARIS MNG CORP COM 04040Y109   52,650 14,625 SH   SOLE   14,625 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108   17,257,121 377,040 SH   SOLE   377,040 0 0
BARRICK GOLD CORP COM 067901108   4,651,013 279,508 SH   SOLE   279,508 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   35,584,402 84,620 SH   SOLE   84,620 0 0
BHP GROUP LTD SPONSORED ADS 088606108   1,290,237 22,365 SH   SOLE   22,365 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   786,404 18,715 SH   SOLE   18,715 0 0
B2GOLD CORP COM 11777Q209   7,355,891 2,818,349 SH   SOLE   2,818,349 0 0
BUCKLE INC COM 118440106   10,671,550 265,000 SH   SOLE   265,000 0 0
CF INDS HLDGS INC COM 125269100   13,770,918 165,496 SH   SOLE   165,496 0 0
CME GROUP INC COM 12572Q105   967,944 4,496 SH   SOLE   4,496 0 0
CAL MAINE FOODS INC COM NEW 128030202   11,475,750 195,000 SH   SOLE   195,000 0 0
CAMECO CORP COM 13321L108   3,560,815 82,198 SH   SOLE   82,198 0 0
CHEMOURS CO COM 163851108   495,973 18,887 SH   SOLE   18,887 0 0
CHENIERE ENERGY INC COM NEW 16411R208   928,343 5,756 SH   SOLE   5,756 0 0
CIRRUS LOGIC INC COM 172755100   10,829,520 117,000 SH   SOLE   117,000 0 0
COEUR MNG INC COM NEW 192108504   4,128,448 1,095,079 SH   SOLE   1,095,079 0 0
CONTANGO ORE INC COM 21077F100   11,525,049 580,607 SH   SOLE   580,607 0 0
CORTEVA INC COM 22052L104   1,592,326 27,611 SH   SOLE   27,611 0 0
DARLING INGREDIENTS INC COM 237266101   278,595 5,990 SH   SOLE   5,990 0 0
DENISON MINES CORP COM 248356107   2,425,154 1,240,108 SH   SOLE   1,240,108 0 0
EMX RTY CORP COM 26873J107   5,263,442 3,057,995 SH   SOLE   3,057,995 0 0
ELDORADO GOLD CORP NEW COM 284902509   343,195 24,392 SH   SOLE   24,392 0 0
ENDEAVOUR SILVER CORP COM 29258Y103   1,584,037 657,684 SH   SOLE   657,684 0 0
ENCORE ENERGY CORP COM NEW 29259W700   98,379 22,461 SH   SOLE   22,461 0 0
ENERGY FUELS INC COM NEW 292671708   222,471 35,369 SH   SOLE   35,369 0 0
EQUINOX GOLD CORP COM 29446Y502   50,871,211 8,436,032 SH   SOLE   8,436,032 0 0
ERO COPPER CORP COM 296006109   6,503,169 337,287 SH   SOLE   337,287 0 0
EXXON MOBIL CORP COM 30231G102   28,553,542 245,643 SH   SOLE   245,643 0 0
FMC CORP COM NEW 302491303   258,495 4,058 SH   SOLE   4,058 0 0
FRP HLDGS INC COM 30292L107   8,749,500 142,500 SH   SOLE   142,500 0 0
FEDERATED HERMES INC CL B 314211103   17,060,379 472,325 SH   SOLE   472,325 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   4,573,290 778,672 SH   SOLE   778,672 0 0
FORTUNA SILVER MINES INC COM 349915108   7,487,992 2,012,150 SH   SOLE   2,012,150 0 0
FRANCO NEV CORP COM 351858105   23,773,741 199,501 SH   SOLE   199,501 0 0
FREEPORT-MCMORAN INC CL B 35671D857   714,892 15,204 SH   SOLE   15,204 0 0
FURY GOLD MINES LIMITED COM 36117T100   5,700 13,579 SH   SOLE   13,579 0 0
GATOS SILVER INC COM 368036109   32,701,156 3,899,943 SH   SOLE   3,899,943 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   33,866,198 2,131,290 SH   SOLE   2,131,290 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106   237,215 126,178 SH   SOLE   126,178 0 0
GOLDMINING INC COM 38149E101   68,250 78,000 SH   SOLE   78,000 0 0
GRAYSCALE BITCOIN TR BTC SHS REP COM UT 389637109   1,317,789 20,861 SH   SOLE   20,861 0 0
HECLA MNG CO COM 422704106   12,786,048 2,658,222 SH   SOLE   2,658,222 0 0
HELMERICH & PAYNE INC COM 423452101   23,228,434 552,269 SH   SOLE   552,269 0 0
HUDBAY MINERALS INC COM 443628102   551,746 78,800 SH   SOLE   78,800 0 0
I-80 GOLD CORP COM 44955L106   25,875,653 19,683,630 SH   SOLE   19,683,630 0 0
IAMGOLD CORP COM 450913108   3,446,893 1,035,103 SH   SOLE   1,035,103 0 0
INTEGRA RES CORP COM 45826T509   433,850 611,252 SH   SOLE   611,252 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   242,152 1,762 SH   SOLE   1,762 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102   17,257,932 25,732,537 SH   SOLE   25,732,537 0 0
INVESCO EXCHANGE TRADED FD T OIL & GAS SERVIC 46137Y872   547,860 17,250 SH   SOLE   17,250 0 0
ISHARES TR CORE US AGGBD ET 464287226   374,290 3,822 SH   SOLE   3,822 0 0
ISHARES SILVER TR ISHARES 46428Q109   6,420,573 282,223 SH   SOLE   282,223 0 0
ISHARES TR 0-3 MNTH TREASRY 46436E718   415,429 4,125 SH   SOLE   4,125 0 0
DAKOTA GOLD CORP COM 46655E100   992,807 418,906 SH   SOLE   418,906 0 0
DAKOTA GOLD CORP W EXP 03/15/202 46655E118   8,509 10,639 SH   SOLE   10,639 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   7,389,583 861,257 SH   SOLE   861,257 0 0
KINROSS GOLD CORP COM 496902404   10,884,203 1,774,411 SH   SOLE   1,774,411 0 0
LARGO INC COM 517097101   261,040 158,243 SH   SOLE   158,243 0 0
LITHIUM AMERICAS ARGENTINA C COM SHS 53681K100   534,774 99,216 SH   SOLE   99,216 0 0
MAG SILVER CORP COM 55903Q104   25,000,471 2,366,656 SH   SOLE   2,366,656 0 0
MARCUS & MILLICHAP INC COM 566324109   5,979,750 175,000 SH   SOLE   175,000 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   78,201 25,145 SH   SOLE   25,145 0 0
NVR INC COM 62944T105   275,399 34 SH   SOLE   34 0 0
NEW PAC METALS CORP COM 64782A107   431,637 318,446 SH   SOLE   318,446 0 0
NEWMONT CORP COM 651639106   8,824,419 246,210 SH   SOLE   246,210 0 0
NEXGEN ENERGY LTD COM 65340P106   4,857,729 624,735 SH   SOLE   624,735 0 0
NOVAGOLD RES INC COM NEW 66987E206   6,357,459 2,119,153 SH   SOLE   2,119,153 0 0
NUCOR CORP COM 670346105   31,921,270 161,300 SH   SOLE   161,300 0 0
NUTRIEN LTD COM 67077M108   1,716,793 31,611 SH   SOLE   31,611 0 0
OCCIDENTAL PETE CORP COM 674599105   211,607 3,256 SH   SOLE   3,256 0 0
ORLA MNG LTD NEW COM 68634K106   1,069,604 282,250 SH   SOLE   282,250 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   60,401,949 3,678,684 SH   SOLE   3,678,684 0 0
OSISKO DEVELOPMENT CORP W EXP 05/27/202 68828E239   7,124 12,498 SH   SOLE   12,498 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809   1,942,058 909,951 SH   SOLE   909,951 0 0
PAN AMERN SILVER CORP COM 697900108   43,479,908 2,883,168 SH   SOLE   2,883,168 0 0
PURE STORAGE INC CL A 74624M102   653,774 12,575 SH   SOLE   12,575 0 0
QUANTA SVCS INC COM 74762E102   723,543 2,785 SH   SOLE   2,785 0 0
RELIANCE INC COM 759509102   12,207,595 36,530 SH   SOLE   36,530 0 0
RIO TINTO PLC SPONSORED ADR 767204100   456,761 7,166 SH   SOLE   7,166 0 0
SHELL PLC SPON ADS 780259305   207,824 3,100 SH   SOLE   3,100 0 0
ROYAL GOLD INC COM 780287108   6,928,502 56,880 SH   SOLE   56,880 0 0
SPDR GOLD TR GOLD SHS 78463V107   799,634 3,887 SH   SOLE   3,887 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663   28,211,497 307,315 SH   SOLE   307,315 0 0
SSR MINING IN COM 784730103   58,984 13,225 SH   SOLE   13,225 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   14,738,113 2,807,249 SH   SOLE   2,807,249 0 0
RADIUS RECYCLING INC CL A 806882106   7,059,533 334,100 SH   SOLE   334,100 0 0
SCIENCE APPLICATIONS INTL CO COM 808625107   505,261 3,875 SH   SOLE   3,875 0 0
SCOTTS MIRACLE-GRO CO CL A 810186106   312,308 4,187 SH   SOLE   4,187 0 0
SEABRIDGE GOLD INC COM 811916105   24,659,601 1,630,926 SH   SOLE   1,630,926 0 0
SIGMA LITHIUM CORPORATION COM 826599102   3,792,565 292,584 SH   SOLE   292,584 0 0
SILVERCORP METALS INC COM 82835P103   3,247,313 996,802 SH   SOLE   996,802 0 0
SILVERCREST METALS INC COM 828363101   53,184,916 7,977,424 SH   SOLE   7,977,424 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   7,091,604 286,877 SH   SOLE   286,877 0 0
SKEENA RES LTD NEW COM 83056P715   3,972,762 859,916 SH   SOLE   859,916 0 0
SMART SAND INC COM 83191H107   1,432,500 750,000 SH   SOLE   750,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   545,479 11,096 SH   SOLE   11,096 0 0
SPROTT INC COM NEW 852066208   53,712,379 1,453,257 SH   SOLE   1,453,257 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   32,894,774 1,901,432 SH   SOLE   1,901,432 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   11,526,051 1,390,356 SH   SOLE   1,390,356 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104   820,250 85,000 SH   SOLE   85,000 0 0
SPROTT FOCUS TR INC COM 85208J109   114,154,851 14,203,600 SH   SOLE   14,203,600 0 0
SPROTT FDS TR URANIUM MINERS E 85208P303   627,807 12,737 SH   SOLE   12,737 0 0
SPROTT FDS TR ENERGY TRANSITIN 85208P402   421,049 24,310 SH   SOLE   24,310 0 0
SPROTT FDS TR NICKEL MINERS ET 85208P600   191,400 15,000 SH   SOLE   15,000 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101   26,882,650 1,330,822 SH   SOLE   1,330,822 0 0
SPROTT ETF TRUST GOLD MINERS ETF 85210B102   4,696,845 185,353 SH   SOLE   185,353 0 0
STEEL DYNAMICS INC COM 858119100   13,503,753 91,100 SH   SOLE   91,100 0 0
TRX GOLD CORPORATION COM 87283P109   9,319 23,975 SH   SOLE   23,975 0 0
TECK RESOURCES LTD CL B 878742204   278,800 6,090 SH   SOLE   6,090 0 0
TESLA INC COM 88160R101   395,528 2,250 SH   SOLE   2,250 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102   3,723,872 6,437 SH   SOLE   6,437 0 0
THOR INDS INC COM 885160101   7,040,400 60,000 SH   SOLE   60,000 0 0
TRILOGY METALS INC NEW COM 89621C105   704,084 1,408,168 SH   SOLE   1,408,168 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   36,542,484 2,528,317 SH   SOLE   2,528,317 0 0
UR-ENERGY INC COM 91688R108   87,334 54,584 SH   SOLE   54,584 0 0
URANIUM ENERGY CORP COM 916896103   1,630,962 241,624 SH   SOLE   241,624 0 0
URANIUM RTY CORP COM 91702V101   807,899 338,033 SH   SOLE   338,033 0 0
VALE S A SPONSORED ADS 91912E105   712,214 58,426 SH   SOLE   58,426 0 0
VANECK MERK GOLD TR GOLD TRUST 921078101   418,602 19,488 SH   SOLE   19,488 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   226,431 7,161 SH   SOLE   7,161 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409   2,605,347 33,700 SH   SOLE   33,700 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108   9,525,600 420,000 SH   SOLE   420,000 0 0
VIZSLA SILVER CORP COM NEW 92859G202   21,066,891 16,022,816 SH   SOLE   16,022,816 0 0
VOX ROYALTY CORP COM 92919F103   86,705 42,090 SH   SOLE   42,090 0 0
WESTERN COPPER & GOLD CORP COM 95805V108   106,335 69,500 SH   SOLE   69,500 0 0
WESTLAKE CORPORATION COM 960413102   10,696,000 70,000 SH   SOLE   70,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   32,210,353 683,462 SH   SOLE   683,462 0 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   3,212,340 144,700 SH   SOLE   144,700 0 0
LIFEZONE METALS LIMITED ORD SHS G5568L109   2,684,500 350,000 SH   SOLE   350,000 0 0
LIFEZONE METALS LIMITED W EXP 07/05/202 G5568L117   500,970 770,723 SH   SOLE   770,723 0 0
METALS ACQUISITION LIMITED ORD SHS G60409110   19,275,000 1,500,000 SH   SOLE   1,500,000 0 0