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 PUT 053332102 201 700 SH Put SOLE   700 0 0
BRASILAGRO BRAZILIAN AGRIC R SPONSORED ADR 10554B104 35 11,325 SH   SOLE   11,325 0 0
CAMECO CORP COM 13321L108 86,911 11,375,768 SH   SOLE   10,749,838 0 625,930
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 551 119,456 SH   SOLE   119,456 0 0
EMBRAER S.A. SPONSORED ADS 29082A107 5,613 758,526 SH   SOLE   752,075 0 6,451
GENERAL ELECTRIC CO COM 369604103 21,339 2,687,477 SH   SOLE   2,687,477 0 0
HOME DEPOT INC PUT 437076102 72 1,500 SH Put SOLE   1,500 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 2,908 7,772,775 SH   SOLE   6,473,097 0 1,299,678
ISHARES TR PUT 464287234 2,279 414,400 SH Put SOLE   414,400 0 0
ISHARES TR MSCI EAFE ETF 464287465 42,026 786,117 SH   SOLE   0 0 786,117
ISHARES SILVER TRUST CALL 46428Q109 200 205,800 SH Call SOLE   205,800 0 0
KT CORP SPONSORED ADR 48268K101 63,826 8,203,920 SH   SOLE   7,843,259 0 360,661
KOREA ELECTRIC PWR SPONSORED ADR 500631106 16,206 2,146,533 SH   SOLE   2,008,979 0 137,554
NEW GOLD INC CDA COM 644535106 21,920 42,930,043 SH   SOLE   39,979,147 0 2,950,896
NIKE INC PUT 654106103 122 6,600 SH Put SOLE   6,600 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 6,874 17,853,724 SH   SOLE   16,368,778 0 1,484,946
NOVAGOLD RES INC COM NEW 66987E206 21,235 2,877,395 SH   SOLE   2,712,350 0 165,045
RANGE RES CORP COM 75281A109 28,410 12,460,634 SH   SOLE   11,634,712 0 825,922
RESTAURANT BRANDS INTL INC PUT 76131D103 239 7,000 SH Put SOLE   7,000 0 0
ROYAL GOLD INC COM 780287108 2,613 29,787 SH   SOLE   29,787 0 0
SOUTHWESTERN ENERGY CO COM 845467109 46,985 27,801,608 SH   SOLE   26,727,929 0 1,073,679
STARBUCKS CORP PUT 855244109 50 9,300 SH Put SOLE   9,300 0 0
STARBUCKS CORP PUT 855244109 74 3,000 SH Put SOLE   3,000 0 0
TURQUOISE HILL RES LTD COM 900435108 31,190 81,691,662 SH   SOLE   76,244,633 0 5,447,029
Wheaton Precious Metals Corp COM 962879102 48,443 1,759,650 SH   SOLE   1,688,510 0 71,140
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 11,983 3,675,911 SH   SOLE   3,479,090 0 196,821
DIANA SHIPPING INC COM Y2066G104 7,234 4,887,717 SH   SOLE   4,587,785 0 299,932