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
Estimated average burden
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108 38,611 484,911 SH   SOLE   484,911 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 56,777 6,444,792 SH   SOLE   6,444,792 0 0
ALMADEN MINERALS LTD COM CL B 020283305 864 1,028,850 SH   SOLE   1,028,850 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 1,787 795,358 SH   SOLE   666,900 0 0
APPLE INC COM 037833100 283 2,440 SH   SOLE   2,440 0 0
ARCOSA INC COM 039653100 4,850 110,000 SH   SOLE   110,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 10,137 260,000 SH   SOLE   260,000 0 0
ATLAS CORP SHS Y0436Q109 240 26,806 SH   SOLE   26,806 0 0
AURYN RES INC COM 05208W108 177 90,000 SH   SOLE   90,000 0 0
B2GOLD CORP COM 11777Q209 56,106 8,605,933 SH   SOLE   8,605,933 0 0
BARCLAYS BANK PLC IPTH SR B S&P 06746P621 305 12,250 SH   SOLE   12,250 0 0
BARRICK GOLD CORP COM 067901108 61,153 2,175,486 SH   SOLE   2,175,486 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 9,644 45,292 SH   SOLE   45,292 0 0
BIOGEN INC COM 09062X103 9,078 32,000 SH   SOLE   32,000 0 0
BUCKLE INC COM 118440106 6,525 320,000 SH   SOLE   320,000 0 0
CAL MAINE FOODS INC COM NEW 128030202 6,139 160,000 SH   SOLE   160,000 0 0
CAMECO CORP COM 13321L108 473 46,877 SH   SOLE   46,877 0 0
CIRRUS LOGIC INC COM 172755100 3,710 55,000 SH   SOLE   55,000 0 0
CME GROUP INC COM 12572Q105 361 2,158 SH   SOLE   2,158 0 0
COEUR MNG INC COM NEW 192108504 15,826 2,144,452 SH   SOLE   2,144,452 0 0
CORTEVA INC COM 22052L104 445 15,443 SH   SOLE   15,443 0 0
CORVUS GOLD INC COM 221013105 68,957 23,441,459 SH   SOLE   23,441,459 0 0
DENISON MINES CORP COM 248356107 387 920,619 SH   SOLE   920,619 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 5,494 289,000 SH   SOLE   289,000 0 0
ELDORADO GOLD CORP NEW COM 284902509 1,974 201,230 SH   SOLE   201,230 0 0
EMX RTY CORP COM 26873J107 6,083 2,312,812 SH   SOLE   2,312,812 0 0
EQUINOX GOLD CORP COM 29446Y502 5,013 477,671 SH   SOLE   477,671 0 0
EXCELLON RES INC COM 30069C801 806 278,143 SH   SOLE   278,143 0 0
EXXON MOBIL CORP COM 30231G102 1,109 32,317 SH   SOLE   32,317 0 0
FEDERATED HERMES INC CL B 314211103 7,959 370,000 SH   SOLE   370,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 7,308 768,837 SH   SOLE   768,837 0 0
FORTUNA SILVER MINES INC COM 349915108 10,930 1,718,771 SH   SOLE   1,718,771 0 0
FRANCO NEV CORP COM 351858105 47,317 338,810 SH   SOLE   338,810 0 0
FRANKLIN RESOURCES INC COM 354613101 7,326 360,000 SH   SOLE   360,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 200 12,819 SH   SOLE   12,819 0 0
FRP HLDGS INC COM 30292L107 4,167 100,000 SH   SOLE   100,000 0 0
GENTEX CORP COM 371901109 1,545 60,000 SH   SOLE   60,000 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 52,509 4,272,463 SH   SOLE   4,272,463 0 0
GOLD STD VENTURES CORP COM 380738104 2,368 3,003,500 SH   SOLE   3,003,500 0 0
GOLDEN STAR RES LTD CDA COM 38119T807 747 173,300 SH   SOLE   173,300 0 0
GRAFTECH INTL LTD COM 384313508 200 29,234 SH   SOLE   29,234 0 0
GREAT PANTHER MNG LTD COM 39115V101 77 88,167 SH   SOLE   88,167 0 0
HECLA MNG CO COM 422704106 4,592 903,975 SH   SOLE   903,975 0 0
HELMERICH & PAYNE INC COM 423452101 7,684 524,510 SH   SOLE   524,510 0 0
INDUSTRIAS BACHOCO S A B DE SPON ADR B 456463108 2,681 70,000 SH   SOLE   70,000 0 0
INTEGRA RES CORP COM NEW 45826T301 10,878 3,061,590 SH   SOLE   3,061,590 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 38,176 29,295,862 SH   SOLE   29,295,862 0 0
INVESCO DB MULTI-SECTOR COMM AGRICULTURE FD 46140H106 203 13,750 SH   SOLE   13,750 0 0
ISHARES GOLD TRUST ISHARES 464285105 527 29,270 SH   SOLE   29,270 0 0
ISHARES SILVER TR ISHARES 46428Q109 473 21,867 SH   SOLE   21,867 0 0
ISHARES TR 3 7 YR TREAS BD 464288661 360 2,692 SH   SOLE   2,692 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 372 4,303 SH   SOLE   4,303 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107 9,083 625,529 SH   SOLE   625,529 0 0
KINROSS GOLD CORP COM 496902404 60,355 6,842,836 SH   SOLE   6,842,836 0 0
MAG SILVER CORP COM 55903Q104 84,360 5,188,891 SH   SOLE   5,188,891 0 0
MARCUS & MILLICHAP INC COM 566324109 3,027 110,000 SH   SOLE   110,000 0 0
MAVERIX METALS INC COM NEW 57776F405 31,154 6,254,301 SH   SOLE   500,000 0 0
MCEWEN MNG INC COM 58039P107 1,235 1,234,350 SH   SOLE   1,234,350 0 0
NEWMONT CORP COM 651639106 54,145 853,355 SH   SOLE   853,355 0 0
NEXGEN ENERGY LTD COM 65340P106 2,111 1,217,234 SH   SOLE   1,217,234 0 0
NOVAGOLD RES INC COM NEW 66987E206 72,999 6,264,720 SH   SOLE   6,264,720 0 0
NUTRIEN LTD COM 67077M108 903 23,012 SH   SOLE   23,012 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 52,386 4,698,099 SH   SOLE   4,698,099 0 0
PARAMOUNT GOLD NEV CORP COM 69924M109 101 1,062,915 SH   SOLE   1,062,915 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 425 211,080 SH   SOLE   211,080 0 0
PRETIUM RES INC COM 74139C102 28,040 2,191,480 SH   SOLE   2,191,480 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 8,163 80,000 SH   SOLE   80,000 0 0
ROYAL GOLD INC COM 780287108 32,645 271,654 SH   SOLE   271,654 0 0
SANDERSON FARMS INC COM 800013104 7,078 60,000 SH   SOLE   60,000 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 23,236 2,753,068 SH   SOLE   2,753,068 0 0
SEABRIDGE GOLD INC COM 811916105 7,799 415,190 SH   SOLE   415,190 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 20,544 1,844,209 SH   SOLE   1,844,209 0 0
SILVERCORP METALS INC COM 82835P103 3,638 504,167 SH   SOLE   504,167 0 0
SILVERCREST METALS INC COM 828363101 65,186 7,688,934 SH   SOLE   7,688,934 0 0
SMART SAND INC COM 83191H107 1,310 1,000,000 SH   SOLE   1,000,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 262 8,088 SH   SOLE   8,088 0 0
SOLARIS OILFIELD INFRSTR INC COM CL A 83418M103 112 17,728 SH   SOLE   17,728 0 0
SPDR SER TR SPDR BLOOMBERG 78468R663 19,556 213,680 SH   SOLE   213,680 0 0
SPROTT FOCUS TR INC COM 85208J109 222 37,383 SH   SOLE   37,383 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,358 74,064 SH   SOLE   74,064 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 1,450 96,321 SH   SOLE   96,321 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 1,171 141,558 SH   SOLE   141,558 0 0
SSR MNG INC COM 784730103 34,135 1,829,419 SH   SOLE   1,829,419 0 0
TECK RESOURCES LTD CL B 878742204 719 51,657 SH   SOLE   51,657 0 0
THOR INDS INC COM 885160101 1,905 20,000 SH   SOLE   20,000 0 0
TRILOGY METALS INC NEW COM 89621C105 1,013 565,756 SH   SOLE   565,756 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 235 5,996 SH   SOLE   5,996 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 4,027 48,600 SH   SOLE   48,600 0 0
WESTERN COPPER & GOLD CORP COM 95805V108 1,145 943,000 SH   SOLE   943,000 0 0
WESTERN DIGITAL CORP. COM 958102105 8,772 240,000 SH   SOLE   240,000 0 0
WESTLAKE CHEM CORP COM 960413102 9,799 155,000 SH   SOLE   155,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 64,066 1,305,683 SH   SOLE   1,305,683 0 0
YAMANA GOLD INC COM 98462Y100 435 76,600 SH   SOLE   76,600 0 0