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
ABBVIE INC COM 00287Y109   672 16,800 SH Put SOLE N/A 16,800 0 0
AIR LEASE CORP CL A 00912X302   11,301,362 269,465 SH   SOLE 1 262,560 0 6,905
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   27,190,663 350,802 SH   SOLE 1 342,256 0 8,546
AMGEN INC COM 031162100   70,835 3,100 SH Put SOLE N/A 3,100 0 0
BARRICK GOLD CORP COM 067901108   48,995,861 2,708,450 SH   SOLE 1 2,608,867 0 99,583
CHIPOTLE MEXICAN GRILL INC COM 169656105   420 1,200 SH Put SOLE N/A 1,200 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106   7,383,915 778,894 SH   SOLE 1 756,132 0 22,762
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   99,797,969 16,227,312 SH   SOLE 1 15,817,876 0 409,436
IRSA INVERSIONES Y REP S A SPON GDS ECH 10 450047303   249,314 28,990 SH   SOLE 1 28,143 0 847
INTERNATIONAL TOWER HILL MIN COM 46050R102   8,217,625 14,047,222 SH   SOLE 1 13,671,048 0 376,174
ISHARES SILVER TR ISHARES 46428Q109   163,573 338,100 SH Call SOLE N/A 338,100 0 0
IVANHOE ELECTRIC INC COM 46578C108   741,434 73,555 SH   SOLE 1 73,555 0 0
KT CORP SPONSORED ADR 48268K101   137,849,000 10,256,622 SH   SOLE 1 9,892,650 0 363,972
KOREA ELEC PWR CORP SPONSORED ADR 500631106   10,759,674 1,484,093 SH   SOLE 1 1,377,988 0 106,105
ELI LILLY & CO COM 532457108   167,530 2,300 SH Put SOLE N/A 2,300 0 0
LULULEMON ATHLETICA INC COM 550021109   26 2,600 SH Put SOLE N/A 2,600 0 0
NEWMONT CORP COM 651639106   34,571,163 835,254 SH   SOLE 1 829,406 0 5,848
NIKE INC CL B 654106103   57,358 3,400 SH Put SOLE N/A 3,400 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204   10,368,454 32,070,691 SH   SOLE 1 31,731,782 0 338,909
NOVAGOLD RES INC COM NEW 66987E206   40,863,969 10,926,195 SH   SOLE 1 10,645,926 0 280,269
NOVO-NORDISK A S ADR 670100205   62,409 15,600 SH Put SOLE N/A 15,600 0 0
PAYCHEX INC COM 704326107   3,175 12,700 SH Put SOLE N/A 12,700 0 0
PERPETUA RESOURCES CORP COM 714266103   16,644,373 5,250,591 SH   SOLE 1 5,121,810 0 128,781
RANGE RES CORP COM 75281A109   94,562,408 3,106,518 SH   SOLE 1 3,024,774 0 81,744
ROYAL GOLD INC COM 780287108   81,251,614 671,723 SH   SOLE 1 657,997 0 13,726
SANDSTORM GOLD LTD COM NEW 80013R206   12,172,706 2,420,021 SH   SOLE 1 2,355,691 0 64,330
SEABRIDGE GOLD INC COM 811916105   38,686,258 3,189,304 SH   SOLE 1 3,131,202 0 58,102
SKYWEST INC COM 830879102   15,582,692 298,519 SH   SOLE 1 290,906 0 7,613
SOUTHWESTERN ENERGY CO COM 845467109   137,598,319 21,007,377 SH   SOLE 1 20,450,530 0 556,847
ULTA BEAUTY INC COM 90384S303   48 600 SH Put SOLE N/A 600 0 0
VISTA GOLD CORP COM NEW 927926303   1,546,203 3,421,561 SH   SOLE 1 3,421,561 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   124,885,411 2,531,119 SH   SOLE 1 2,476,567 0 54,552
ZOETIS INC CL A 98978V103   5,160 2,400 SH Put SOLE N/A 2,400 0 0
AERCAP HOLDINGS NV SHS N00985106   3,884,483 52,267 SH   SOLE 1 52,267 0 0