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
CANADIAN NAT RES LTD COM 136385101   14,606,896 259,632 SH   SOLE   259,632 0 0
EOG RES INC COM 26875P101   10,822,019 94,565 SH   SOLE   94,565 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   7,315,665 5,700 SH   SOLE   5,700 0 0
FERGUSON PLC NEW SHS G3421J106   4,820,608 30,644 SH   SOLE   30,644 0 0
FRANCO NEV CORP COM 351858105   17,263,869 121,065 SH   SOLE   121,065 0 0
FRONTLINE LTD SHS NEW G3682E192   9,867,468 679,110 SH   SOLE   679,110 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131   1,371,924 97,785 SH   SOLE   97,785 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   3,378,149 433,652 SH   SOLE   433,652 0 0
ROYAL GOLD INC COM 780287108   15,235,897 132,740 SH   SOLE   132,740 0 0
SEABRIDGE GOLD INC COM 811916105   7,423,788 616,082 SH   SOLE   616,082 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   1,266,895 71,576 SH   SOLE   71,576 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   3,376,390 78,121 SH   SOLE   78,121 0 0
XP INC CL A G98239109   5,865,000 250,000 SH   SOLE   250,000 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202   41,382,000 900,000 SH Put SOLE   900,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   48,760,800 110,000 SH Put SOLE   110,000 0 0