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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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
AGNICO EAGLE MINES LTD COM 008474108   28,740,617 575,215 SH   SOLE   0 0 0
ALCOA CORP COM 013872106   10,484,318 309,044 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   67,695,566 812,140 SH   SOLE   0 0 0
AMAZON COM INC COM 023135106   102,874,025 789,580 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103   142,640,477 44,930,005 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   424,680 1,199,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206   25,728,707 1,219,659 SH   SOLE   0 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108   964,325 17,000 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107   1,560,216 152,142 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209   12,469,215 3,497,676 SH   SOLE   0 0 0
BANK AMERICA CORP COM 060505104   17,403,048 606,490 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108   61,799,746 3,651,390 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   19,044,923 55,856 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104   1,094,145 31,000 SH   SOLE   0 0 0
BURFORD CAP LTD ORD SHS G17977110   243,377 20,000 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102   43,260,622 7,215,750 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735   232,812 2,782 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100   3,460,930 22,000 SH   SOLE   0 0 0
THE CIGNA GROUP COM 125523100   106,820,708 373,920 SH   SOLE   0 0 0
COTY INC COM CL A 222070203   65,582,709 5,338,556 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898   377,074 35,850 SH   SOLE   0 0 0
DOW INC COM 260557103   850,589 15,972 SH   SOLE   0 0 0
DRIL-QUIP INC COM 262037104   465,800 20,000 SH   SOLE   0 0 0
DUPONT DE NEMOURS INC COM 26614N102   2,856,200 40,000 SH   SOLE   0 0 0
ERICSSON ADR B SEK 10 294821608   1,361,250 250,000 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102   28,839,055 268,962 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103   8,425,925 235,000 SH   SOLE   0 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   2,991,465 27,000 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108   6,879,833 2,118,940 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100   15,834,608 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301   35,582,157 323,902 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100   35,771,907 927,822 SH   SOLE   0 0 0
GODADDY INC CL A 380237107   29,659,129 394,746 SH   SOLE   0 0 0
GOLD RESOURCE CORP COM 38068T105   544,343 870,879 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101   2,103,201 2,301,996 SH   SOLE   0 0 0
GRIFOLS S A SP ADR REP B NVT 398438408   10,908,422 1,192,250 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301   1,058,716 953,831 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   59,370,550 1,939,914 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   954,740 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100   2,045,567 14,070 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404   101,956,426 21,396,871 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108   17,424,949 635,020 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104   10,634,139 85,950 SH   SOLE   0 0 0
MARKEL GROUP INC COM 570535104   1,798,141 1,300 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106   1,383,855 3,000 SH   SOLE   0 0 0
META PLATFORMS INC CL A 30303M102   53,322,991 185,870 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106   84,493,103 1,980,849 SH   SOLE   0 0 0
NOBLE CORP PLC ORD SHS A G65431127   13,538,827 327,700 SH   SOLE   0 0 0
NOV INC COM 62955J103   10,486,878 653,630 SH   SOLE   0 0 0
NOW INC COM 67011P100   1,035,500 100,000 SH   SOLE   0 0 0
PAN AMERN SILVER CORP COM 697900108   17,579,184 1,205,292 SH   SOLE   0 0 0
PFIZER INC COM 717081103   43,021,250 1,173,049 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109   4,099,830 42,000 SH   SOLE   0 0 0
PIONEER NAT RES CO COM 723787107   41,903,040 202,328 SH   SOLE   0 0 0
PNC FINL SVCS GROUP INC COM 693475105   20,130,652 159,870 SH   SOLE   0 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203   132,320,974 1,196,077 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103   522,400 160,000 SH   SOLE   0 0 0
SKEENA RES LTD NEW COM 83056P715   8,595,986 1,782,970 SH   SOLE   0 0 0
SOUTHWEST AIRLS CO COM 844741108   724,100 20,000 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   483,179 2,710 SH   SOLE   0 0 0
SSR MINING IN COM 784730103   8,954,409 631,259 SH   SOLE   0 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204   273,193 15,439 SH   SOLE   0 0 0
SUNCOR ENERGY INC NEW COM 867224107   17,314,216 590,500 SH   SOLE   0 0 0
SYNCHRONY FINANCIAL COM 87165B103   7,556,937 290,943 SH   SOLE   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   127,454,288 1,263,241 SH   SOLE   0 0 0
TECK RESOURCES LTD CL B 878742204   5,450,040 129,470 SH   SOLE   0 0 0
TENARIS S A SPONSORED ADR 88031M109   4,324,058 144,400 SH   SOLE   0 0 0
US BANCORP DEL COM NEW 902973304   297,225 9,000 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101   938,850 22,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   10,595,797 245,116 SH   SOLE   0 0 0