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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
Estimated average burden
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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
ADAM NAT RES FD INC COM 00548F105   648,162 29,732 SH   SOLE   29,732 0 0
AERSALE CORPORATION COM 00810F106   10,624,100 655,000 SH   SOLE   655,000 0 0
AGNICO EAGLE MINES LTD COM 008474108   69,778,559 1,343,632 SH   SOLE   1,343,632 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   51,274,179 5,071,630 SH   SOLE   5,071,630 0 0
ALBEMARLE CORP COM 012653101   201,246 928 SH   SOLE   928 0 0
ALMADEN MINERALS LTD COM CL B 020283305   9,796 40,100 SH   SOLE   40,100 0 0
AMAZON COM INC COM 023135106   201,600 2,400 SH   SOLE   2,400 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   1,755,170 3,089,466 SH   SOLE   3,089,466 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206   20,109,410 1,035,500 SH   SOLE   1,035,500 0 0
APPLE INC COM 037833100   310,533 2,390 SH   SOLE   2,390 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108   9,058,500 305,000 SH   SOLE   305,000 0 0
ATLAS CORP SHARES Y0436Q109   657,319 42,850 SH   SOLE   42,850 0 0
B2GOLD CORP COM 11777Q209   8,415,822 2,357,373 SH   SOLE   2,357,373 0 0
BARRICK GOLD CORP COM 067901108   5,711,611 332,457 SH   SOLE   332,457 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   9,357,199 30,292 SH   SOLE   30,292 0 0
BERRY CORP COM 08579X101   2,792,912 349,114 SH   SOLE   349,114 0 0
BHP GROUP LTD SPONSORED ADS 088606108   1,497,453 24,133 SH   SOLE   24,133 0 0
BUCKLE INC COM 118440106   12,017,750 265,000 SH   SOLE   265,000 0 0
CAL MAINE FOODS INC COM NEW 128030202   10,073,250 185,000 SH   SOLE   185,000 0 0
CAMECO CORP COM 13321L108   2,537,498 111,932 SH   SOLE   111,932 0 0
CF INDS HLDGS INC COM 125269100   784,769 9,211 SH   SOLE   9,211 0 0
CHEMOURS CO COM 163851108   671,956 21,945 SH   SOLE   21,945 0 0
CHENIERE ENERGY INC COM NEW 16411R208   867,369 5,784 SH   SOLE   5,784 0 0
CIRRUS LOGIC INC COM 172755100   3,351,600 45,000 SH   SOLE   45,000 0 0
CME GROUP INC COM 12572Q105   793,547 4,719 SH   SOLE   4,719 0 0
COEUR MNG INC COM NEW 192108504   1,287,811 383,277 SH   SOLE   383,277 0 0
CONTANGO ORE INC COM 21077F100   8,324,676 363,200 SH   SOLE   363,200 0 0
CORE LABORATORIES N V COM N22717107   276,199 13,626 SH   SOLE   13,626 0 0
CORTEVA INC COM 22052L104   1,562,431 26,581 SH   SOLE   26,581 0 0
DAKOTA GOLD CORP COM 46655E100   4,152,609 1,361,511 SH   SOLE   1,361,511 0 0
DARLING INGREDIENTS INC COM 237266101   414,033 6,615 SH   SOLE   6,615 0 0
DENISON MINES CORP COM 248356107   3,549,954 3,103,680 SH   SOLE   3,103,680 0 0
ELDORADO GOLD CORP NEW COM 284902509   314,461 37,615 SH   SOLE   37,615 0 0
EMX RTY CORP COM 26873J107   7,131,122 3,783,148 SH   SOLE   3,783,148 0 0
ENERGY FUELS INC COM NEW 292671708   124,684 20,078 SH   SOLE   20,078 0 0
EQUINOX GOLD CORP COM 29446Y502   23,345,707 7,135,283 SH   SOLE   7,135,283 0 0
ERO COPPER CORP COM 296006109   9,767,880 710,378 SH   SOLE   710,378 0 0
EXXON MOBIL CORP COM 30231G102   10,788,443 97,810 SH   SOLE   97,810 0 0
FEDERATED HERMES INC CL B 314211103   11,800,750 325,000 SH   SOLE   325,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   6,406,253 769,532 SH   SOLE   769,532 0 0
FORTUNA SILVER MINES INC COM 349915108   8,203,087 2,185,288 SH   SOLE   2,185,288 0 0
FRANCO NEV CORP COM 351858105   26,932,272 197,483 SH   SOLE   197,483 0 0
FREEPORT-MCMORAN INC CL B 35671D857   742,707 19,544 SH   SOLE   19,544 0 0
FRP HLDGS INC COM 30292L107   6,463,200 120,000 SH   SOLE   120,000 0 0
FURY GOLD MINES LIMITED COM 36117T100   11,123 26,067 SH   SOLE   26,067 0 0
GATOS SILVER INC COM 368036109   8,401,682 2,054,201 SH   SOLE   2,054,201 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   34,283,143 3,312,381 SH   SOLE   3,312,381 0 0
GOLD ROYALTY CORP *W EXP 99/99/999 38071H114   22,839 126,885 SH   SOLE   126,885 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106   310,170 133,120 SH   SOLE   133,120 0 0
GOLDMINING INC COM 38149E101   48,025 42,500 SH   SOLE   42,500 0 0
GRAFTECH INTL LTD COM 384313508   93,758 19,697 SH   SOLE   19,697 0 0
HECLA MNG CO COM 422704106   14,374,135 2,585,276 SH   SOLE   2,585,276 0 0
HELMERICH & PAYNE INC COM 423452101   11,672,050 235,466 SH   SOLE   235,466 0 0
HUDBAY MINERALS INC COM 443628102   397,790 78,800 SH   SOLE   78,800 0 0
I-80 GOLD CORP COM 44955L106   60,671,231 21,699,982 SH   SOLE   21,699,982 0 0
ICAD INC COM NEW 44934S206   24,705 13,500 SH   SOLE   13,500 0 0
INHIBIKASE THERAPEUTICS INC COM 45719W106   5,000 10,000 SH   SOLE   10,000 0 0
INTEGRA RES CORP COM NEW 45826T301   751,835 1,192,073 SH   SOLE   1,192,073 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102   11,261,681 26,284,382 SH   SOLE   26,284,382 0 0
ISHARES INC MSCI MEXICO ETF 464286822   464,830 9,400 SH   SOLE   9,400 0 0
ISHARES SILVER TR ISHARES 46428Q109   1,584,229 71,945 SH   SOLE   71,945 0 0
ISHARES SILVER TR ISHARES 46428Q109   1,255,140 57,000 SH Call SOLE   57,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432   337,508 3,390 SH   SOLE   3,390 0 0
ISHARES TR 20 YR TR BD ETF 464287432   8,004,624 80,400 SH Put SOLE   80,400 0 0
ITERIS INC NEW COM 46564T107   31,100 10,000 SH   SOLE   10,000 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   9,713,703 617,527 SH   SOLE   617,527 0 0
KINROSS GOLD CORP COM 496902404   7,153,463 1,749,013 SH   SOLE   1,749,013 0 0
KINROSS GOLD CORP COM 496902404   912,275 224,000 SH Call SOLE   224,000 0 0
LAM RESEARCH CORP COM 512807108   210,150 500 SH   SOLE   500 0 0
MAG SILVER CORP COM 55903Q104   81,160,029 5,195,576 SH   SOLE   5,195,576 0 0
MARCUS & MILLICHAP INC COM 566324109   5,512,000 160,000 SH   SOLE   160,000 0 0
MAVERIX METALS INC COM NEW 57776F405   24,685,990 5,288,916 SH   SOLE   5,288,916 0 0
MCEWEN MNG INC COM NEW 58039P305   337,290 57,558 SH   SOLE   57,558 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   152,951 31,151 SH   SOLE   31,151 0 0
MP MATERIALS CORP COM CL A 553368101   226,411 9,325 SH   SOLE   9,325 0 0
NEW GOLD INC CDA COM 644535106   13,363,481 13,636,205 SH   SOLE   13,636,205 0 0
NEW PAC METALS CORP COM 64782A107   49,853 22,157 SH   SOLE   22,157 0 0
NEWMONT CORP COM 651639106   6,987,960 148,050 SH   SOLE   148,050 0 0
NEXGEN ENERGY LTD COM 65340P106   3,627,534 820,481 SH   SOLE   820,481 0 0
NOVAGOLD RES INC COM NEW 66987E206   15,916,685 2,661,653 SH   SOLE   2,661,653 0 0
NUCOR CORP COM 670346105   11,717,909 88,900 SH   SOLE   88,900 0 0
NUTRIEN LTD COM 67077M108   1,917,476 26,256 SH   SOLE   26,256 0 0
ORLA MNG LTD NEW COM 68634K106   638,320 158,000 SH   SOLE   158,000 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809   4,461,628 1,047,785 SH   SOLE   1,047,785 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   41,875,912 3,475,927 SH   SOLE   3,475,927 0 0
PAN AMERN SILVER CORP COM 697900108   43,115,604 2,640,185 SH   SOLE   2,640,185 0 0
PAN AMERN SILVER CORP COM 697900108   48,916 3,000 SH Call SOLE   3,000 0 0
PIMCO ETF TR 25YR+ ZERO U S 72201R882   203,456 2,330 SH   SOLE   2,330 0 0
QUANTA SVCS INC COM 74762E102   446,880 3,136 SH   SOLE   3,136 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102   12,065,424 59,600 SH   SOLE   59,600 0 0
RIO TINTO PLC SPONSORED ADR 767204100   415,879 5,841 SH   SOLE   5,841 0 0
ROYAL GOLD INC COM 780287108   11,681,982 103,637 SH   SOLE   103,637 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   20,310,868 3,861,210 SH   SOLE   3,861,210 0 0
SCHLUMBERGER LTD COM STK 806857108   206,783 3,868 SH   SOLE   3,868 0 0
SCHNITZER STEEL INDS INC CL A 806882106   8,499,245 277,300 SH   SOLE   277,300 0 0
SCOTTS MIRACLE-GRO CO CL A 810186106   219,189 4,511 SH   SOLE   4,511 0 0
SEABRIDGE GOLD INC COM 811916105   17,911,672 1,423,896 SH   SOLE   1,423,896 0 0
SHELL PLC SPON ADS 780259305   202,173 3,550 SH   SOLE   3,550 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   26,287,166 2,465,963 SH   SOLE   2,465,963 0 0
SIGMA LITHIUM CORPORATION COM 826599102   422,128 15,025 SH   SOLE   15,025 0 0
SILVERCORP METALS INC COM 82835P103   2,746,018 934,274 SH   SOLE   934,274 0 0
SILVERCREST METALS INC COM 828363101   50,313,807 8,410,734 SH   SOLE   8,410,734 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   1,578,037 54,698 SH   SOLE   54,698 0 0
SKEENA RES LTD NEW COM 83056P715   5,245,275 985,924 SH   SOLE   985,924 0 0
SMART SAND INC COM 83191H107   1,342,500 750,000 SH   SOLE   750,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   1,332,609 16,691 SH   SOLE   16,691 0 0
SPDR GOLD TR GOLD SHS 78463V107   509,768 3,005 SH   SOLE   3,005 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202   483,750 12,500 SH   SOLE   12,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   104,786 274 SH   SOLE   274 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   8,834,133 23,100 SH Put SOLE   23,100 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663   14,236,848 155,645 SH   SOLE   155,645 0 0
SPROTT ESG GOLD ETF UNITS BEN INT 85210H109   10,278,542 282,201 SH   SOLE   282,201 0 0
SPROTT ETF TRUST GOLD MINERS ETF 85210B102   347,457 14,033 SH   SOLE   14,033 0 0
SPROTT FDS TR URANIUM MINERS E 85208P303   384,244 12,106 SH   SOLE   12,106 0 0
SPROTT FOCUS TR INC COM 85208J109   858,712 107,743 SH   SOLE   107,743 0 0
SPROTT INC COM NEW 852066208   2,150,218 64,513 SH   SOLE   64,513 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101   1,149,618 64,117 SH   SOLE   64,117 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   3,809,750 270,195 SH   SOLE   270,195 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104   886,011 65,100 SH   SOLE   65,100 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   3,383,534 410,626 SH   SOLE   410,626 0 0
SSR MNG INC COM 784730103   45,435,302 2,904,029 SH   SOLE   2,904,029 0 0
STEEL DYNAMICS INC COM 858119100   11,772,850 120,500 SH   SOLE   120,500 0 0
TESLA INC COM 88160R101   277,155 2,250 SH   SOLE   2,250 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102   3,828,128 1,633 SH   SOLE   1,633 0 0
THOR INDS INC COM 885160101   10,191,150 135,000 SH   SOLE   135,000 0 0
TRILOGY METALS INC NEW COM 89621C105   593,671 1,079,401 SH   SOLE   1,079,401 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   1,915,870 138,735 SH   SOLE   138,735 0 0
UR-ENERGY INC COM 91688R108   16,536 14,379 SH   SOLE   14,379 0 0
URANIUM ENERGY CORP COM 916896103   1,788,610 460,982 SH   SOLE   460,982 0 0
URANIUM RTY CORP COM 91702V101   1,280,594 540,338 SH   SOLE   540,338 0 0
VALE S A SPONSORED ADS 91912E105   1,006,809 59,329 SH   SOLE   59,329 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   427,349 14,911 SH   SOLE   14,911 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409   3,368,512 44,800 SH   SOLE   44,800 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108   10,353,600 480,000 SH   SOLE   480,000 0 0
VISTA GOLD CORP COM NEW 927926303   4,951 10,000 SH   SOLE   10,000 0 0
VIZSLA SILVER CORP COM NEW 92859G202   13,006,967 11,356,422 SH   SOLE   11,356,422 0 0
WESTERN COPPER & GOLD CORP COM 95805V108   123,710 69,500 SH   SOLE   69,500 0 0
WESTLAKE CORPORATION COM 960413102   10,766,700 105,000 SH   SOLE   105,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   30,716,847 786,143 SH   SOLE   786,143 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   58,544 1,500 SH Call SOLE   1,500 0 0
YAMANA GOLD INC COM 98462Y100   2,469,478 444,951 SH   SOLE   444,951 0 0