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
ADAM NAT RES FD INC COM 00548F105 221 15,028 SH   SOLE   15,028 0 0
AERSALE CORPORATION COM 00810F106 18,374 1,495,000 SH   SOLE   1,495,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 37,065 641,008 SH   SOLE   641,008 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 49,459 6,332,427 SH   SOLE   6,332,427 0 0
ALEXCO RESOURCE CORP COM 01535P106 185 73,494 SH   SOLE   73,494 0 0
ALMADEN MINERALS LTD COM CL B 020283305 84 158,075 SH   SOLE   158,075 0 0
AMAZON COM INC COM 023135106 371 120 SH   SOLE   120 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 1,523 671,400 SH   SOLE   671,400 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 11,060 503,695 SH   SOLE   503,695 0 0
APPLE INC COM 037833100 298 2,440 SH   SOLE   2,440 0 0
ARCOSA INC COM 039653100 3,255 50,000 SH   SOLE   50,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 11,999 230,000 SH   SOLE   230,000 0 0
ATLAS CORP SHARES Y0436Q109 472 34,553 SH   SOLE   34,553 0 0
B2GOLD CORP COM 11777Q209 37,365 8,669,748 SH   SOLE   8,669,748 0 0
BARRICK GOLD CORP COM 067901108 39,156 1,977,573 SH   SOLE   1,977,573 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 12,848 50,292 SH   SOLE   50,292 0 0
BERRY CORP COM 08579X101 2,437 442,369 SH   SOLE   442,369 0 0
BIOGEN INC COM 09062X103 11,190 40,000 SH   SOLE   40,000 0 0
BRIGHAM MINERALS INC CL A COM 10918L103 259 17,680 SH   SOLE   17,680 0 0
BUCKLE INC COM 118440106 12,177 310,000 SH   SOLE   310,000 0 0
CAL MAINE FOODS INC COM NEW 128030202 10,181 265,000 SH   SOLE   265,000 0 0
CAMECO CORP COM 13321L108 1,192 71,775 SH   SOLE   71,775 0 0
CF INDS HLDGS INC COM 125269100 392 8,638 SH   SOLE   8,638 0 0
CHEMOURS CO COM 163851108 400 14,349 SH   SOLE   14,349 0 0
CHENIERE ENERGY INC COM NEW 16411R208 318 4,411 SH   SOLE   4,411 0 0
CME GROUP INC COM 12572Q105 601 2,941 SH   SOLE   2,941 0 0
COEUR MNG INC COM NEW 192108504 10,765 1,192,156 SH   SOLE   1,192,156 0 0
CORE LABORATORIES N V COM N22717107 332 11,531 SH   SOLE   11,531 0 0
CORTEVA INC COM 22052L104 937 20,088 SH   SOLE   20,088 0 0
CORVUS GOLD INC COM 221013105 41,619 23,321,881 SH   SOLE   23,321,881 0 0
DENISON MINES CORP COM 248356107 4,028 3,888,362 SH   SOLE   3,888,362 0 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 344 28,000 SH   SOLE   28,000 0 0
DIREXION SHS ETF TR 20YR TRES BULL 25459W540 313 14,200 SH   SOLE   14,200 0 0
ELDORADO GOLD CORP NEW COM 284902509 4,144 383,384 SH   SOLE   383,384 0 0
EMX RTY CORP COM 26873J107 8,092 2,733,848 SH   SOLE   2,733,848 0 0
ENERGY FUELS INC COM NEW 292671708 145 25,609 SH   SOLE   25,609 0 0
EQUINOX GOLD CORP COM 29446Y502 5,600 728,372 SH   SOLE   728,372 0 0
FEDERATED HERMES INC CL B 314211103 12,051 385,000 SH   SOLE   385,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 9,517 610,032 SH   SOLE   610,032 0 0
FORTUNA SILVER MINES INC COM 349915108 9,381 1,446,608 SH   SOLE   1,446,608 0 0
FRANCO NEV CORP COM 351858105 40,157 320,384 SH   SOLE   320,384 0 0
FRANKLIN RESOURCES INC COM 354613101 8,140 275,000 SH   SOLE   275,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 631 19,163 SH   SOLE   19,163 0 0
FRP HLDGS INC COM 30292L107 5,414 110,000 SH   SOLE   110,000 0 0
FURY GOLD MINES LIMITED COM 36117T100 101 81,141 SH   SOLE   81,141 0 0
GALIANO GOLD INC COM 36352H100 33 29,100 SH   SOLE   29,100 0 0
GATOS SILVER INC COM 368036109 16,878 1,692,884 SH   SOLE   1,692,884 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 44,533 4,692,608 SH   SOLE   4,692,608 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106 2,351 522,400 SH   SOLE   522,400 0 0
GOLD ROYALTY CORP *W EXP 99/99/999 38071H114 365 347,500 SH   SOLE   347,500 0 0
GOLD STD VENTURES CORP COM 380738104 1,792 3,001,000 SH   SOLE   3,001,000 0 0
GOLDEN STAR RES LTD CDA COM 38119T807 5,021 1,701,234 SH   SOLE   1,701,234 0 0
GOLDMINING INC COM 38149E101 134 81,200 SH   SOLE   81,200 0 0
GRAFTECH INTL LTD COM 384313508 470 38,457 SH   SOLE   38,457 0 0
HECLA MNG CO COM 422704106 14,110 2,479,725 SH   SOLE   2,479,725 0 0
HELMERICH & PAYNE INC COM 423452101 11,407 423,117 SH   SOLE   423,117 0 0
HYCROFT MINING HOLDING CORP COM CL A 44862P109 1,504 429,686 SH   SOLE   429,686 0 0
INDUSTRIAS BACHOCO SAB SPON ADR B 456463108 2,980 75,000 SH   SOLE   75,000 0 0
INGREDION INC COM 457187102 244 2,708 SH   SOLE   2,708 0 0
INTEGRA RES CORP COM NEW 45826T301 10,707 3,953,003 SH   SOLE   3,953,003 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 30,771 28,667,530 SH   SOLE   28,667,530 0 0
INVESCO CURRENCYSHARES EURO EURO SHS 46138K103 135,678 1,234,900 SH Put SOLE   1,234,900 0 0
INVESCO EXCHANGE TRADED FD T DYNMC OIL GAS 46137V670 445 132,500 SH   SOLE   132,500 0 0
ISHARES GOLD TR ISHARES 464285105 476 29,270 SH   SOLE   29,270 0 0
ISHARES SILVER TR ISHARES 46428Q109 1,221 53,800 SH Call SOLE   53,800 0 0
ISHARES SILVER TR ISHARES 46428Q109 1,124 49,503 SH   SOLE   49,503 0 0
ISHARES TR JPMORGAN USD EMG 464288281 56,378 517,800 SH Put SOLE   517,800 0 0
ISHARES TR 3 7 YR TREAS BD 464288661 350 2,692 SH   SOLE   2,692 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 372 4,308 SH   SOLE   4,308 0 0
ISHARES TR US HOME CONS ETF 464288752 882 13,000 SH   SOLE   13,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 5,635 41,600 SH Put SOLE   41,600 0 0
ISHARES TR IBOXX HI YD ETF 464288513 15,832 181,600 SH Put SOLE   181,600 0 0
ITERIS INC NEW COM 46564T107 62 10,000 SH   SOLE   10,000 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107 12,877 637,167 SH   SOLE   637,167 0 0
KINROSS GOLD CORP COM 496902404 51,322 7,695,696 SH   SOLE   7,695,696 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 51,053 1,510,898 SH   SOLE   1,510,898 0 0
MAG SILVER CORP COM 55903Q104 74,568 4,959,255 SH   SOLE   4,959,255 0 0
MARCUS & MILLICHAP INC COM 566324109 3,370 100,000 SH   SOLE   100,000 0 0
MAVERIX METALS INC COM NEW 57776F405 27,832 5,289,674 SH   SOLE   5,289,674 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 247 27,824 SH   SOLE   27,824 0 0
NEW GOLD INC CDA COM 644535106 4,252 2,753,657 SH   SOLE   2,753,657 0 0
NEWMONT CORP COM 651639106 46,496 771,463 SH   SOLE   771,463 0 0
NEXGEN ENERGY LTD COM 65340P106 3,603 998,266 SH   SOLE   998,266 0 0
NOVAGOLD RES INC COM NEW 66987E206 25,673 2,930,753 SH   SOLE   2,930,753 0 0
NUTRIEN LTD COM 67077M108 1,303 24,186 SH   SOLE   24,186 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 53,580 4,862,663 SH   SOLE   4,862,663 0 0
PAN AMERN SILVER CORP COM 697900108 91,793 3,057,158 SH   SOLE   3,057,158 0 0
PARAMOUNT GOLD NEV CORP COM 69924M109 300 300,000 SH   SOLE   300,000 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 800 208,880 SH   SOLE   208,880 0 0
PRETIUM RES INC COM 74139C102 45,239 4,357,950 SH   SOLE   4,357,950 0 0
PROSHARES TR PSHS ULT SEMICDT 74347R669 683 5,700 SH   SOLE   5,700 0 0
PROSHARES TR MSCI EMRG ETF 74347X302 716 7,100 SH   SOLE   7,100 0 0
PROSHARES TR ULT FTSE CHIN 50 74347X880 611 8,500 SH   SOLE   8,500 0 0
PROSHARES TR II VIX SH TRM FUTRS 74347W171 150 16,000 SH   SOLE   16,000 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 9,137 60,000 SH   SOLE   60,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 215 2,771 SH   SOLE   2,771 0 0
ROYAL GOLD INC COM 780287108 10,346 96,135 SH   SOLE   96,135 0 0
SANDERSON FARMS INC COM 800013104 7,789 50,000 SH   SOLE   50,000 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 21,763 3,200,105 SH   SOLE   3,200,105 0 0
SCHLUMBERGER LTD COM 806857108 324 11,906 SH   SOLE   11,906 0 0
SEABRIDGE GOLD INC COM 811916105 25,535 1,579,163 SH   SOLE   1,579,163 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 60,209 3,371,160 SH   SOLE   3,371,160 0 0
SILVERCORP METALS INC COM 82835P103 3,380 685,966 SH   SOLE   685,966 0 0
SILVERCREST METALS INC COM 828363101 55,129 6,802,334 SH   SOLE   6,802,334 0 0
SMART SAND INC COM 83191H107 2,277 900,000 SH   SOLE   900,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 367 6,911 SH   SOLE   6,911 0 0
SOLARIS OILFIELD INFRASTRUCT COM CL A 83418M103 320 26,067 SH   SOLE   26,067 0 0
SPDR GOLD TR GOLD SHS 78463V107 395 2,470 SH   SOLE   2,470 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 20,173 50,900 SH Put SOLE   50,900 0 0
SPDR SER TR SPDR BLOOMBERG 78468R663 16,452 179,801 SH   SOLE   179,801 0 0
SPROTT ETF TRUST GOLD MINERS ETF 85210B102 223 8,309 SH   SOLE   8,309 0 0
SPROTT FOCUS TR INC COM 85208J109 468 60,032 SH   SOLE   60,032 0 0
SPROTT INC COM NEW 852066208 3,198 84,155 SH   SOLE   84,155 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,148 66,089 SH   SOLE   66,089 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 3,199 238,577 SH   SOLE   238,577 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 1,238 65,295 SH   SOLE   65,295 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 3,040 346,284 SH   SOLE   346,284 0 0
SSR MNG INC COM 784730103 32,590 2,279,165 SH   SOLE   2,279,165 0 0
TESLA INC COM 88160R101 351 525 SH   SOLE   525 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102 1,849 1,163 SH   SOLE   1,163 0 0
THOR INDS INC COM 885160101 8,084 60,000 SH   SOLE   60,000 0 0
TRILOGY METALS INC NEW COM 89621C105 2,643 1,234,947 SH   SOLE   1,234,947 0 0
UNITED STS COMMODITY INDEX F COMM IDX FND 911717106 535 15,000 SH   SOLE   15,000 0 0
UR-ENERGY INC COM 91688R108 26 23,522 SH   SOLE   23,522 0 0
URANIUM ENERGY CORP COM 916896103 1,353 498,489 SH   SOLE   498,489 0 0
URANIUM ENERGY CORP COM 916896103 43 15,000 SH Put SOLE   15,000 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 635 14,100 SH Put SOLE   14,100 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 504 15,500 SH Put SOLE   15,500 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 545 16,780 SH   SOLE   16,780 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 542 21,000 SH   SOLE   21,000 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 3,770 45,700 SH   SOLE   45,700 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108 3,371 140,000 SH   SOLE   140,000 0 0
WESTERN DIGITAL CORP. COM 958102105 11,348 170,000 SH   SOLE   170,000 0 0
WESTLAKE CHEM CORP COM 960413102 10,211 115,000 SH   SOLE   115,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 55,580 1,454,566 SH   SOLE   1,454,566 0 0
YAMANA GOLD INC COM 98462Y100 3,555 819,152 SH   SOLE   819,152 0 0