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

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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
CAMECO CORP COM 13321L108 104,431 10,188,363 SH   SOLE 1 10,188,363 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 49,296 11,821,561 SH   SOLE 1 11,821,561 0 0
NEW GOLD INC CDA COM 644535106 25,669 19,014,025 SH   SOLE 1 19,014,025 0 0
NOVAGOLD RES INC COM NEW 66987E206 59,338 6,463,807 SH   SOLE 1 6,463,807 0 0
SIBANYE STILLWATER SPONSORED ADR 82575P107 106,919 12,360,532 SH   SOLE 1 12,360,532 0 0
VEON LTD SPONSORED ADR 91822M106 95,606 53,114,362 SH   SOLE 1 53,114,362 0 0
RANGE RES CORP COM 75281A109 40,063 7,115,947 SH   SOLE 1 7,115,947 0 0
SCHLUMBERGER LTD COM 806857108 128,561 6,942,076 SH   SOLE 1 6,942,076 0 0