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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
CANADIAN NAT RES LTD COM 136385101   12,966,255 233,500 SH   SOLE   233,500 0 0
EOG RES INC COM 26875P101   11,721,560 90,500 SH   SOLE   90,500 0 0
FERGUSON PLC NEW SHS G3421J106   24,713,949 194,644 SH   SOLE   194,644 0 0
FRANCO NEV CORP COM 351858105   18,042,656 132,200 SH   SOLE   132,200 0 0
FRONTLINE LTD SHS NEW G3682E192   9,190,830 757,070 SH   SOLE   757,070 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   3,090,000 375,000 SH   SOLE   375,000 0 0
ROYAL GOLD INC COM 780287108   21,034,905 186,612 SH   SOLE   186,612 0 0
SEABRIDGE GOLD INC COM 811916105   7,422,200 590,000 SH   SOLE   590,000 0 0
APPLE INC COM 037833100   2,598,600 20,000 SH Put SOLE   20,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   164,444,900 430,000 SH Put SOLE   430,000 0 0