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
AUTOZONE INC COM 053332102 48 700 SH Put SOLE   700 0 0
BRASILAGRO BRAZILIAN AGRIC R SPONSORED ADR 10554B104 54 11,325 SH   SOLE   11,325 0 0
CAMECO CORP COM 13321L108 102,228 11,486,276 SH   SOLE   10,209,169 0 1,277,107
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 320 34,378 SH   SOLE   34,378 0 0
GENERAL ELECTRIC CO COM 369604103 2,229 199,764 SH   SOLE   184,462 0 15,302
HOME DEPOT INC COM 437076102 0 4,200 SH Put SOLE   4,200 0 0
HOME DEPOT INC COM 437076102 33 1,500 SH Put SOLE   1,500 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 4,204 7,787,871 SH   SOLE   6,473,097 0 1,314,774
ISHARES TR MSCI EMG MKT ETF 464287234 315 850,500 SH Put SOLE   850,500 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1 92,600 SH Call SOLE   92,600 0 0
KT CORP SPONSORED ADR 48268K101 88,240 7,606,876 SH   SOLE   6,836,855 0 770,021
KINROSS GOLD CORP COM 496902404 82 17,218 SH   SOLE   17,218 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 24,969 2,110,691 SH   SOLE   1,894,143 0 216,548
NEW GOLD INC CDA COM 644535106 38,392 43,627,115 SH   SOLE   39,898,845 0 3,728,270
NIKE INC CL B 654106103 61 7,900 SH Put SOLE   7,900 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 7,839 18,314,510 SH   SOLE   16,368,778 0 1,945,732
NOVAGOLD RES INC COM NEW 66987E206 32,671 3,646,271 SH   SOLE   3,447,119 0 199,152
RANGE RES CORP COM 75281A109 57,458 11,846,959 SH   SOLE   10,627,071 0 1,219,888
RESTAURANT BRANDS INTL INC COM 76131D103 114 8,600 SH Put SOLE   8,600 0 0
ROYAL GOLD INC COM 780287108 3,212 26,278 SH   SOLE   26,278 0 0
SOUTHWESTERN ENERGY CO COM 845467109 48,141 19,892,782 SH   SOLE   18,033,220 0 1,859,562
STARBUCKS CORP COM 855244109 13 18,600 SH Put SOLE   18,600 0 0
STARBUCKS CORP COM 855244109 27 3,000 SH Put SOLE   3,000 0 0
TIFFANY & CO NEW COM 886547108 1 2,500 SH Put SOLE   2,500 0 0
TURQUOISE HILL RES LTD COM 900435108 59,067 80,232,805 SH   SOLE   73,158,168 0 7,074,637
Wheaton Precious Metals Corp COM 962879102 55,900 1,878,996 SH   SOLE   1,727,648 0 151,348
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 18,258 4,187,698 SH   SOLE   3,982,365 0 205,333
DIANA SHIPPING INC COM Y2066G104 13,688 4,401,127 SH   SOLE   3,825,305 0 575,822