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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMAZON COM INC COM 023135106 50 1,500 SH Put SOLE 1,500 0 0
AUTOZONE INC COM 053332102 6 500 SH Put SOLE 500 0 0
BARRICK GOLD CORP COM 067901108 52,633 3,637,394 SH   SOLE 2,928,536 0 708,858
CAMECO CORP COM 13321L108 80,162 8,684,897 SH   SOLE 7,145,057 0 1,539,840
CLOUD PEAK ENERGY INC COM 18911Q102 16,666 3,745,137 SH   SOLE 3,328,249 0 416,888
DIANA SHIPPING INC COM Y2066G104 19,237 4,726,332 SH   SOLE 3,631,541 0 1,094,791
DIEBOLD NXDF INC COM 253651103 25,259 1,544,862 SH   SOLE 1,228,711 0 316,151
GOLDCORP INC NEW COM 380956409 16,136 1,263,580 SH   SOLE 981,568 0 282,012
HOME DEPOT INC COM 437076102 32 4,600 SH Put SOLE 4,600 0 0
KINROSS GOLD CORP COM NO PAR 496902404 37,828 8,756,365 SH   SOLE 7,039,325 0 1,717,040
KROGER CO COM 501044101 12,864 468,637 SH   SOLE 357,355 0 111,282
KT CORP SPONSORED ADR 48268K101 36,825 2,359,078 SH   SOLE 2,004,091 0 354,987
NEW GOLD INC CDA COM 644535106 33,136 10,071,864 SH   SOLE 8,065,661 0 2,006,203
NIKE INC CL B 654106103 83 9,700 SH Put SOLE 9,700 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 5,467 3,088,909 SH   SOLE 3,088,909 0 0
NOVAGOLD RES INC COM NEW 66987E206 11,729 2,984,381 SH   SOLE 2,571,016 0 413,365
PANDORA MEDIA INC COM 698354107 28,551 5,923,505 SH   SOLE 4,711,004 0 1,212,501
ROYAL GOLD INC COM 780287108 26,142 318,331 SH   SOLE 260,369 0 57,962
SANDSTORM GOLD LTD COM NEW 80013R206 1,351 270,766 SH   SOLE 250,466 0 20,300
SHERWIN WILLIAMS CO COM 824348106 5 2,400 SH Put SOLE 2,400 0 0
STARBUCKS CORP COM 855244109 26 5,400 SH Put SOLE 5,400 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 21,024 5,376,985 SH   SOLE 4,161,961 0 1,215,024
TURQUOISE HILL RES LTD COM 900435108 41,680 12,151,886 SH   SOLE 9,783,080 0 2,368,806
WHEATON PRECIOUS METALS CORP COM 962879102 66,001 2,982,364 SH   SOLE 2,396,428 0 585,936
YANDEX N V SHS CLASS A N97284108 5,755 175,766 SH   SOLE 110,174 0 65,592