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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
ABRDN SILVER ETF TRUST PHYSCL SILVR SHS 003264108   322,572 14,763 SH   SOLE   14,763 0 0
ADAM NAT RES FD INC COM 00548F105   644,727 30,967 SH   SOLE   30,967 0 0
AERSALE CORPORATION COM 00810F106   6,982,500 475,000 SH   SOLE   475,000 0 0
AGNICO EAGLE MINES LTD COM 008474108   67,811,587 1,357,268 SH   SOLE   1,357,268 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   50,534,494 4,239,471 SH   SOLE   4,239,471 0 0
ALMADEN MINERALS LTD COM CL B 020283305   4,424 34,325 SH   SOLE   34,325 0 0
AMAZON COM INC COM 023135106   319,382 2,450 SH   SOLE   2,450 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   824,756 2,348,690 SH   SOLE   2,348,690 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206   19,287,192 914,500 SH   SOLE   914,500 0 0
APPLE INC COM 037833100   463,588 2,390 SH   SOLE   2,390 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108   11,793,000 300,000 SH   SOLE   300,000 0 0
BARRICK GOLD CORP COM 067901108   4,639,446 274,037 SH   SOLE   274,037 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   10,329,572 30,292 SH   SOLE   30,292 0 0
BERRY CORP COM 08579X101   2,442,964 355,082 SH   SOLE   355,082 0 0
BHP GROUP LTD SPONSORED ADS 088606108   1,622,308 27,188 SH   SOLE   27,188 0 0
B2GOLD CORP COM 11777Q209   12,975,562 3,635,112 SH   SOLE   3,635,112 0 0
BUCKLE INC COM 118440106   9,169,000 265,000 SH   SOLE   265,000 0 0
CF INDS HLDGS INC COM 125269100   2,300,395 33,137 SH   SOLE   33,137 0 0
CME GROUP INC COM 12572Q105   826,579 4,461 SH   SOLE   4,461 0 0
CAL MAINE FOODS INC COM NEW 128030202   9,000,000 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108   3,320,980 106,000 SH   SOLE   106,000 0 0
CHEMOURS CO COM 163851108   756,208 20,499 SH   SOLE   20,499 0 0
CHENIERE ENERGY INC COM NEW 16411R208   880,341 5,778 SH   SOLE   5,778 0 0
CIRRUS LOGIC INC COM 172755100   2,430,300 30,000 SH   SOLE   30,000 0 0
COEUR MNG INC COM NEW 192108504   886,256 312,062 SH   SOLE   312,062 0 0
CONTANGO ORE INC COM 21077F100   12,330,790 563,200 SH   SOLE   563,200 0 0
CORTEVA INC COM 22052L104   1,431,411 24,981 SH   SOLE   24,981 0 0
DARLING INGREDIENTS INC COM 237266101   404,939 6,348 SH   SOLE   6,348 0 0
DENISON MINES CORP COM 248356107   2,260,536 1,803,550 SH   SOLE   1,803,550 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880   3,633,000 300,000 SH   SOLE   300,000 0 0
EMX RTY CORP COM 26873J107   6,582,225 3,793,099 SH   SOLE   3,793,099 0 0
ELDORADO GOLD CORP NEW COM 284902509   915,730 90,519 SH   SOLE   90,519 0 0
ENDEAVOUR SILVER CORP COM 29258Y103   29,767 10,300 SH   SOLE   10,300 0 0
ENCORE ENERGY CORP COM NEW 29259W700   53,247 130,926 SH   SOLE   130,926 0 0
ENERGY FUELS INC COM NEW 292671708   194,869 31,229 SH   SOLE   31,229 0 0
EQUINOX GOLD CORP COM 29446Y502   37,319,836 8,143,276 SH   SOLE   8,143,276 0 0
ERO COPPER CORP COM 296006109   10,725,786 530,183 SH   SOLE   530,183 0 0
EXXON MOBIL CORP COM 30231G102   13,315,409 124,153 SH   SOLE   124,153 0 0
FMC CORP COM NEW 302491303   586,599 5,622 SH   SOLE   5,622 0 0
FRP HLDGS INC COM 30292L107   7,196,250 125,000 SH   SOLE   125,000 0 0
FEDERATED HERMES INC CL B 314211103   10,217,250 285,000 SH   SOLE   285,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   4,444,814 785,967 SH   SOLE   785,967 0 0
FORTUNA SILVER MINES INC COM 349915108   6,105,106 1,878,225 SH   SOLE   1,878,225 0 0
FRANCO NEV CORP COM 351858105   26,916,358 188,760 SH   SOLE   188,760 0 0
FREEPORT-MCMORAN INC CL B 35671D857   232,140 5,804 SH   SOLE   5,804 0 0
FURY GOLD MINES LIMITED COM 36117T100   135,497 326,079 SH   SOLE   326,079 0 0
GATOS SILVER INC COM 368036109   11,804,004 3,124,164 SH   SOLE   3,124,164 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   36,811,311 2,661,700 SH   SOLE   2,661,700 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106   216,586 122,365 SH   SOLE   122,365 0 0
GOLD ROYALTY CORP *W EXP 99/99/999 38071H114   33,111 183,950 SH   SOLE   183,950 0 0
GOLDMINING INC COM 38149E101   38,297 42,500 SH   SOLE   42,500 0 0
HECLA MNG CO COM 422704106   13,556,190 2,632,270 SH   SOLE   2,632,270 0 0
HELMERICH & PAYNE INC COM 423452101   10,637,588 300,073 SH   SOLE   300,073 0 0
HUDBAY MINERALS INC COM 443628102   377,899 78,800 SH   SOLE   78,800 0 0
HYCROFT MINING HOLDING CORP COM CL A 44862P109   4,294 14,542 SH   SOLE   14,542 0 0
I-80 GOLD CORP COM 44955L106   51,205,538 22,702,606 SH   SOLE   22,702,606 0 0
IAMGOLD CORP COM 450913108   340,322 129,400 SH   SOLE   129,400 0 0
INTEGRA RES CORP COM 45826T509   324,909 294,879 SH   SOLE   294,879 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102   10,310,351 24,769,853 SH   SOLE   24,769,853 0 0
INVESCO QQQ TR UNIT SER 1 46090E103   2,401,230 6,500 SH Put SOLE   6,500 0 0
ISHARES TR 20 YR TR BD ETF 464287432   1,029,400 10,000 SH Call SOLE   10,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432   9,789,594 95,100 SH Put SOLE   95,100 0 0
ISHARES SILVER TR ISHARES 46428Q109   1,642,372 78,620 SH   SOLE   78,620 0 0
DAKOTA GOLD CORP COM 46655E100   1,628,499 557,705 SH   SOLE   557,705 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   10,016,104 613,356 SH   SOLE   613,356 0 0
KINROSS GOLD CORP COM 496902404   5,674,974 1,189,722 SH   SOLE   1,189,722 0 0
MAG SILVER CORP COM 55903Q104   36,603,656 3,285,983 SH   SOLE   3,285,983 0 0
MARCUS & MILLICHAP INC COM 566324109   5,514,250 175,000 SH   SOLE   175,000 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   182,375 42,022 SH   SOLE   42,022 0 0
NVR INC COM 62944T105   228,622 36 SH   SOLE   36 0 0
NEW GOLD INC CDA COM 644535106   11,163,137 10,336,238 SH   SOLE   10,336,238 0 0
NEW PAC METALS CORP COM 64782A107   90,453 41,492 SH   SOLE   41,492 0 0
NEWMONT CORP COM 651639106   6,727,738 157,706 SH   SOLE   157,706 0 0
NEXGEN ENERGY LTD COM 65340P106   3,592,003 761,376 SH   SOLE   761,376 0 0
NOVAGOLD RES INC COM NEW 66987E206   9,879,850 2,476,153 SH   SOLE   2,476,153 0 0
NUCOR CORP COM 670346105   12,856,032 78,400 SH   SOLE   78,400 0 0
NUTRIEN LTD COM 67077M108   1,603,857 27,161 SH   SOLE   27,161 0 0
ORLA MNG LTD NEW COM 68634K106   10,073,994 3,913,800 SH   SOLE   3,913,800 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   51,795,888 3,369,046 SH   SOLE   3,369,046 0 0
OSISKO DEVELOPMENT CORP *W EXP 12/01/202 68828E114   11,078 293,399 SH   SOLE   293,399 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809   4,020,322 879,784 SH   SOLE   879,784 0 0
PAN AMERN SILVER CORP COM 697900108   37,273,337 2,556,748 SH   SOLE   2,556,748 0 0
PIMCO ETF TR 25YR+ ZERO U S 72201R882   214,430 2,330 SH   SOLE   2,330 0 0
QUANTA SVCS INC COM 74762E102   580,903 2,957 SH   SOLE   2,957 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102   13,063,479 48,100 SH   SOLE   48,100 0 0
RIO TINTO PLC SPONSORED ADR 767204100   581,008 9,101 SH   SOLE   9,101 0 0
ROYAL BK CDA COM 780087102   3,236,682 322,386 SH   SOLE   322,386 0 0
ROYAL GOLD INC COM 780287108   8,653,342 75,391 SH   SOLE   75,391 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   15,027,192 33,900 SH Put SOLE   33,900 0 0
SPDR GOLD TR GOLD SHS 78463V107   474,198 2,660 SH   SOLE   2,660 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663   25,813,357 281,130 SH   SOLE   281,130 0 0
SSR MINING IN COM 784730103   26,007,508 1,833,333 SH   SOLE   1,833,333 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   19,727,286 3,852,045 SH   SOLE   3,852,045 0 0
SCHNITZER STEEL INDS INC CL A 806882106   9,665,777 322,300 SH   SOLE   322,300 0 0
SCOTTS MIRACLE-GRO CO CL A 810186106   264,803 4,224 SH   SOLE   4,224 0 0
SEABRIDGE GOLD INC COM 811916105   19,280,385 1,600,011 SH   SOLE   1,600,011 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   4,773,712 765,018 SH   SOLE   765,018 0 0
SIGMA LITHIUM CORPORATION COM 826599102   483,833 12,025 SH   SOLE   12,025 0 0
SILVERCORP METALS INC COM 82835P103   2,720,220 956,727 SH   SOLE   956,727 0 0
SILVERCREST METALS INC COM 828363101   50,545,186 8,625,304 SH   SOLE   8,625,304 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   4,036,780 153,665 SH   SOLE   153,665 0 0
SKEENA RES LTD NEW COM 83056P715   4,555,330 943,135 SH   SOLE   943,135 0 0
SMART SAND INC COM 83191H107   1,230,000 750,000 SH   SOLE   750,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   1,194,381 16,447 SH   SOLE   16,447 0 0
SPROTT INC COM NEW 852066208   1,971,475 60,848 SH   SOLE   60,848 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   4,422,512 296,415 SH   SOLE   296,415 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   3,088,467 396,461 SH   SOLE   396,461 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104   709,357 64,900 SH   SOLE   64,900 0 0
SPROTT FOCUS TR INC COM 85208J109   882,118 110,958 SH   SOLE   110,958 0 0
SPROTT FDS TR URANIUM MINERS E 85208P303   397,167 11,831 SH   SOLE   11,831 0 0
SPROTT FDS TR ENERGY TRANSITIN 85208P402   2,056,268 266,100 SH   SOLE   266,100 0 0
SPROTT FDS TR NICKEL MINERS ET 85208P600   322,350 15,000 SH   SOLE   15,000 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101   16,386,831 908,389 SH   SOLE   908,389 0 0
SPROTT ETF TRUST GOLD MINERS ETF 85210B102   408,791 15,798 SH   SOLE   15,798 0 0
SPROTT ESG GOLD ETF UNITS BEN INT 85210H109   10,801,205 283,700 SH   SOLE   283,700 0 0
STEEL DYNAMICS INC COM 858119100   11,982,300 110,000 SH   SOLE   110,000 0 0
TECK RESOURCES LTD CL B 878742204   332,169 7,890 SH   SOLE   7,890 0 0
TESLA INC COM 88160R101   588,983 2,250 SH   SOLE   2,250 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102   2,481,603 1,885 SH   SOLE   1,885 0 0
THOR INDS INC COM 885160101   7,762,500 75,000 SH   SOLE   75,000 0 0
TRILOGY METALS INC NEW COM 89621C105   917,328 1,545,626 SH   SOLE   1,545,626 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   43,825,172 3,182,688 SH   SOLE   3,182,688 0 0
UR-ENERGY INC COM 91688R108   74,113 70,584 SH   SOLE   70,584 0 0
URANIUM ENERGY CORP COM 916896103   992,562 291,930 SH   SOLE   291,930 0 0
URANIUM RTY CORP COM 91702V101   725,543 721,537 SH   SOLE   721,537 0 0
VALE S A SPONSORED ADS 91912E105   903,443 67,321 SH   SOLE   67,321 0 0
VANECK MERK GOLD TR GOLD TRUST 921078101   362,477 19,488 SH   SOLE   19,488 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   259,277 8,611 SH   SOLE   8,611 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409   2,746,458 36,300 SH   SOLE   36,300 0 0
VISTA GOLD CORP COM NEW 927926303   7,850 15,100 SH   SOLE   15,100 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108   12,348,000 420,000 SH   SOLE   420,000 0 0
VIZSLA SILVER CORP COM NEW 92859G202   18,350,402 15,074,007 SH   SOLE   15,074,007 0 0
WESTERN COPPER & GOLD CORP COM 95805V108   106,335 69,500 SH   SOLE   69,500 0 0
WESTLAKE CORPORATION COM 960413102   11,947,000 100,000 SH   SOLE   100,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   32,976,533 762,879 SH   SOLE   762,879 0 0