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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC COM 00287Y109   37,296 16,800 SH Put SOLE N/A 16,800 0 0
AIR LEASE CORP CL A 00912X302   10,795,963 274,218 SH   SOLE 1 267,313 0 6,905
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   2,033,382 19,900 SH   SOLE 1 19,900 0 0
AUTOZONE INC COM 053332102   15,180 600 SH Put SOLE N/A 600 0 0
CAMECO CORP COM 13321L108   54,800,556 2,094,022 SH   SOLE 1 2,053,802 0 40,220
CHIPOTLE MEXICAN GRILL INC COM 169656105   37,440 1,200 SH Put SOLE N/A 1,200 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   71,583,048 17,459,280 SH   SOLE 1 17,058,232 0 401,048
IAMGOLD CORP COM 450913108   49,759,137 18,361,305 SH   SOLE 1 17,893,297 0 468,008
INTERNATIONAL TOWER HILL MIN COM 46050R102   8,429,738 14,047,222 SH   SOLE 1 13,671,048 0 376,174
ISHARES SILVER TR ISHARES 46428Q109   364,521 488,700 SH Call SOLE N/A 488,700 0 0
IVANHOE ELECTRIC INC COM 46578C108   14,305,021 1,177,368 SH   SOLE 1 1,159,163 0 18,205
KT CORP SPONSORED ADR 48268K101   121,418,242 10,707,076 SH   SOLE 1 10,346,115 0 360,961
KOREA ELEC PWR CORP SPONSORED ADR 500631106   11,525,897 1,660,792 SH   SOLE 1 1,554,687 0 106,105
LULULEMON ATHLETICA INC COM 550021109   22,880 2,600 SH Put SOLE N/A 2,600 0 0
NIKE INC CL B 654106103   66,199 11,900 SH Put SOLE N/A 11,900 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204   7,658,481 32,070,691 SH   SOLE 1 31,731,782 0 338,909
NOVAGOLD RES INC COM NEW 66987E206   54,988,289 8,840,561 SH   SOLE 1 8,676,358 0 164,203
PAYCHEX INC COM 704326107   52,070 12,700 SH Put SOLE N/A 12,700 0 0
PERPETUA RESOURCES CORP COM 714266103   23,365,130 5,250,591 SH   SOLE 1 5,121,810 0 128,781
RANGE RES CORP COM 75281A109   93,568,618 3,534,893 SH   SOLE 1 3,442,115 0 92,778
ROYAL GOLD INC COM 780287108   78,193,209 602,831 SH   SOLE 1 589,105 0 13,726
SABRE CORP COM 78573M104   14,573,696 3,397,132 SH   SOLE 1 3,353,338 0 43,794
SABRE CORP 6.50% CONV PFD A 78573M203   5,937,690 94,700 PRN   SOLE 1 92,600 0 2,100
SANDSTORM GOLD LTD COM NEW 80013R206   7,704,292 1,326,040 SH   SOLE 1 1,293,013 0 33,027
SEABRIDGE GOLD INC COM 811916105   35,143,917 2,713,816 SH   SOLE 1 2,668,780 0 45,036
SKYWEST INC COM 830879102   56,714,252 2,558,153 SH   SOLE 1 2,491,108 0 67,045
SOUTHWESTERN ENERGY CO COM 845467109   105,125,070 21,025,014 SH   SOLE 1 20,497,452 0 527,562
ULTA BEAUTY INC COM 90384S303   3,480 600 SH Put SOLE N/A 600 0 0
VEON LTD SPONSORED ADS 91822M502   4,288,972 243,415 SH   SOLE 1 243,415 0 0
VISTA GOLD CORP COM NEW 927926303   1,755,649 2,916,361 SH   SOLE 1 2,916,361 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   123,944,432 2,573,597 SH   SOLE 1 2,519,045 0 54,552
ZOETIS INC CL A 98978V103   30,100 7,000 SH Put SOLE N/A 7,000 0 0
AERCAP HOLDINGS NV SHS N00985106   2,938,973 52,267 SH   SOLE 1 52,267 0 0