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
ABBVIE INC COM 00287Y109 152 4,300 SH Put SOLE   4,300 0 0
APPLE INC COM 037833100 26 5,100 SH Put SOLE   5,100 0 0
AUTOZONE INC COM 053332102 15 1,600 SH Put SOLE   1,600 0 0
BRASILAGRO BRAZILIAN AGRIC R SPONSORED ADR 10554B104 43 11,325 SH   SOLE   11,325 0 0
CAMECO CORP COM 13321L108 111,540 9,460,590 SH   SOLE   8,057,826 0 1,402,764
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 330 35,223 SH   SOLE   35,223 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 498 4,742,078 SH   SOLE   4,359,770 0 382,308
DOMINOS PIZZA INC COM 25754A201 78 4,000 SH Put SOLE   4,000 0 0
GENERAL ELECTRIC CO COM 369604103 20,876 2,089,691 SH   SOLE   1,796,373 0 293,318
GOLDCORP INC NEW COM 380956409 135 11,793 SH   SOLE   11,793 0 0
HOME DEPOT INC COM 437076102 17 4,200 SH Put SOLE   4,200 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 4,162 7,829,912 SH   SOLE   6,473,097 0 1,356,815
ISHARES TR MSCI EMG MKT ETF 464287234 1,283 733,400 SH Put SOLE   733,400 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 15 135,600 SH Call SOLE   135,600 0 0
KT CORP SPONSORED ADR 48268K101 82,929 6,666,321 SH   SOLE   5,800,950 0 865,371
KINROSS GOLD CORP COM 496902404 236 68,492 SH   SOLE   68,492 0 0
NEW GOLD INC CDA COM 644535106 32,594 37,855,424 SH   SOLE   32,802,516 0 5,052,908
NIKE INC CL B 654106103 38 7,400 SH Put SOLE   7,400 0 0
NIKE INC CL B 654106103 14 9,700 SH Put SOLE   9,700 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 4,763 7,872,413 SH   SOLE   6,394,548 0 1,477,865
NOVAGOLD RES INC COM NEW 66987E206 18,522 4,441,671 SH   SOLE   3,645,864 0 795,807
RANGE RES CORP COM 75281A109 100,881 8,975,210 SH   SOLE   7,564,390 0 1,410,820
ROYAL GOLD INC COM 780287108 2,820 31,014 SH   SOLE   31,014 0 0
SSR MNG INC COM 784730103 230 18,180 SH   SOLE   18,180 0 0
STARBUCKS CORP COM 855244109 47 18,600 SH Put SOLE   18,600 0 0
TIFFANY & CO NEW COM 886547108 56 2,500 SH Put SOLE   2,500 0 0
TURQUOISE HILL RES LTD COM 900435108 80,706 48,617,821 SH   SOLE   41,960,477 0 6,657,344
Wheaton Precious Metals Corp COM 962879102 71,400 2,997,468 SH   SOLE   2,585,462 0 412,006
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 19,710 6,358,172 SH   SOLE   4,992,987 0 1,365,185
DIANA SHIPPING INC COM Y2066G104 18,739 6,644,968 SH   SOLE   5,563,104 0 1,081,864