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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC COM 00287Y109   12,264 16,800 SH Put SOLE N/A 16,800 0 0
AIR LEASE CORP CL A 00912X302   10,651,144 270,265 SH   SOLE 1 263,360 0 6,905
AMGEN INC COM 031162100   82,460 3,100 SH Put SOLE N/A 3,100 0 0
AUTOZONE INC COM 053332102   14,010 300 SH Put SOLE N/A 300 0 0
BARRICK GOLD CORP COM 067901108   38,433,083 2,641,449 SH   SOLE 1 2,541,866 0 99,583
CAMECO CORP COM 13321L108   15,571,068 392,812 SH   SOLE 1 384,608 0 8,204
CHIPOTLE MEXICAN GRILL INC COM 169656105   1,800 1,200 SH Put SOLE N/A 1,200 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   68,680,299 18,266,037 SH   SOLE 1 17,799,523 0 466,514
IAMGOLD CORP COM 450913108   38,432,951 17,875,791 SH   SOLE 1 17,419,905 0 455,886
INTERNATIONAL TOWER HILL MIN COM 46050R102   4,944,622 14,047,222 SH   SOLE 1 13,671,048 0 376,174
ISHARES SILVER TR ISHARES 46428Q109   99,038 417,000 SH Call SOLE N/A 417,000 0 0
IVANHOE ELECTRIC INC COM 46578C108   2,427,648 204,004 SH   SOLE 1 200,734 0 3,270
KT CORP SPONSORED ADR 48268K101   133,659,282 10,425,841 SH   SOLE 1 10,061,534 0 364,307
KOREA ELEC PWR CORP SPONSORED ADR 500631106   10,210,942 1,585,550 SH   SOLE 1 1,479,445 0 106,105
ELI LILLY & CO COM 532457108   183,195 2,300 SH Put SOLE N/A 2,300 0 0
LULULEMON ATHLETICA INC COM 550021109   2,938 2,600 SH Put SOLE N/A 2,600 0 0
NEWMONT CORP COM 651639106   13,102,950 354,613 SH   SOLE 1 354,613 0 0
NIKE INC CL B 654106103   98,940 3,400 SH Put SOLE N/A 3,400 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204   10,429,389 32,070,691 SH   SOLE 1 31,731,782 0 338,909
NOVAGOLD RES INC COM NEW 66987E206   39,248,072 10,220,852 SH   SOLE 1 9,939,001 0 281,851
NOVO-NORDISK A S ADR 670100205   112,860 15,600 SH Put SOLE N/A 15,600 0 0
PAYCHEX INC COM 704326107   11,938 12,700 SH Put SOLE N/A 12,700 0 0
PERPETUA RESOURCES CORP COM 714266103   17,116,927 5,250,591 SH   SOLE 1 5,121,810 0 128,781
RANGE RES CORP COM 75281A109   98,021,549 3,024,423 SH   SOLE 1 2,947,161 0 77,262
ROYAL GOLD INC COM 780287108   63,593,953 598,081 SH   SOLE 1 584,355 0 13,726
SANDSTORM GOLD LTD COM NEW 80013R206   11,260,867 2,416,495 SH   SOLE 1 2,352,165 0 64,330
SEABRIDGE GOLD INC COM 811916105   28,784,715 2,728,409 SH   SOLE 1 2,683,373 0 45,036
SKYWEST INC COM 830879102   12,569,502 299,702 SH   SOLE 1 292,089 0 7,613
SOUTHWESTERN ENERGY CO COM 845467109   134,575,186 20,864,370 SH   SOLE 1 20,331,989 0 532,381
ULTA BEAUTY INC COM 90384S303   5,820 600 SH Put SOLE N/A 600 0 0
VISTA GOLD CORP COM NEW 927926303   1,471,271 3,421,561 SH   SOLE 1 3,421,561 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   104,302,142 2,572,186 SH   SOLE 1 2,517,634 0 54,552
ZOETIS INC CL A 98978V103   12,240 2,400 SH Put SOLE N/A 2,400 0 0
AERCAP HOLDINGS NV SHS N00985106   3,275,573 52,267 SH   SOLE 1 52,267 0 0