The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| AUTOZONE INC | COM | 053332102 | 37 | 900 | SH | Put | SOLE | N/A | 900 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 | 163,008 | 9,813,830 | SH | SOLE | 1 | 9,571,344 | 0 | 242,486 | |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 | 16,527 | 1,651,097 | SH | SOLE | 1 | 1,612,424 | 0 | 38,673 | |
| IAMGOLD CORP | COM | 450913108 | 10,083 | 3,383,506 | SH | SOLE | 1 | 3,289,757 | 0 | 93,749 | |
| INTERNATIONAL TOWER HILL MIN | COM | 46050R102 | 11,583 | 10,825,477 | SH | SOLE | 1 | 10,461,724 | 0 | 363,753 | |
| ISHARES SILVER TR | ISHARES | 46428Q109 | 208 | 431,900 | SH | Call | SOLE | N/A | 431,900 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 | 84,958 | 6,829,391 | SH | SOLE | 1 | 6,557,894 | 0 | 271,497 | |
| KOREA ELECTRIC PWR | SPONSORED ADR | 500631106 | 16,837 | 1,641,029 | SH | SOLE | 1 | 1,535,007 | 0 | 106,022 | |
| NEW GOLD INC CDA | COM | 644535106 | 17,615 | 11,438,464 | SH | SOLE | 1 | 11,120,125 | 0 | 318,339 | |
| NIKE INC | CL B | 654106103 | 49 | 6,900 | SH | Put | SOLE | N/A | 6,900 | 0 | 0 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 | 16,979 | 26,781,401 | SH | SOLE | 1 | 26,442,492 | 0 | 338,909 | |
| NOVAGOLD RES INC | COM NEW | 66987E206 | 36,416 | 4,157,115 | SH | SOLE | 1 | 4,061,179 | 0 | 95,936 | |
| RANGE RES CORP | COM | 75281A109 | 83,312 | 8,065,008 | SH | SOLE | 1 | 7,844,530 | 0 | 220,478 | |
| ROYAL GOLD INC | COM | 780287108 | 24,579 | 228,388 | SH | SOLE | 1 | 223,070 | 0 | 5,318 | |
| SEABRIDGE GOLD INC | COM | 811916105 | 32,128 | 1,986,896 | SH | SOLE | 1 | 1,942,950 | 0 | 43,946 | |
| SOUTHWESTERN ENERGY CO | COM | 845467109 | 95,278 | 20,489,823 | SH | SOLE | 1 | 19,945,686 | 0 | 544,137 | |
| SPROTT INC | COM NEW | 852066208 | 53,878 | 1,418,266 | SH | SOLE | 1 | 1,378,081 | 0 | 40,185 | |
| TURQUOISE HILL RES LTD | COM | 900435207 | 142,565 | 8,860,499 | SH | SOLE | 1 | 8,638,372 | 0 | 222,127 | |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 | 63,555 | 1,663,305 | SH | SOLE | 1 | 1,624,637 | 0 | 38,668 | |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L173 | 10,984 | 1,159,909 | SH | SOLE | 1 | 1,124,721 | 0 | 35,188 | |
| AERCAP HOLDINGS NV | SHS | N00985106 | 839 | 14,284 | SH | SOLE | 1 | 14,284 | 0 | 0 | |
| DIANA SHIPPING INC | COM | Y2066G104 | 7,119 | 2,380,927 | SH | SOLE | 1 | 2,314,611 | 0 | 66,316 | |