| 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 |
| BARRICK GOLD CORP | COM | 067901108 | 39,931 | 1,998,118 | SH | | SOLE | | 1,243,792 | 0 | 754,326 |
| KINROSS GOLD CORP | COM | 496902404 | 13,113 | 1,388,343 | SH | | SOLE | | 509,900 | 0 | 878,443 |
| PAN AMERICAN SILVER CORP | COM | 697900108 | 28,753 | 1,371,738 | SH | | SOLE | | 988,455 | 0 | 383,283 |
| BCE INC | COM NEW | 05534B760 | 2,563 | 73,411 | SH | | SOLE | | 10,000 | 0 | 63,411 |
| TAIWAN SEMICONDUCTOR-SP ADR | SPONSORED ADS | 874039100 | 577 | 3,310 | SH | | SOLE | | 0 | 0 | 3,310 |
| WIPRO LTD-ADR | SPON ADR 1 SH | 97651M109 | 83 | 12,359 | SH | | SOLE | | 0 | 0 | 12,359 |
| SAP SE-SPONSORED ADR | SPON ADR | 803054204 | 399 | 1,743 | SH | | SOLE | | 0 | 0 | 1,743 |
| GSK PLC-SPON ADR | SPONSORED ADR | 37733W204 | 8,875 | 217,886 | SH | | SOLE | | 110,760 | 0 | 107,126 |
| SK TELECOM CO LTD-SPON ADR | SPONSORED ADR | 78440P306 | 1,780 | 74,817 | SH | | SOLE | | 50,000 | 0 | 24,817 |
| VALE SA-SP ADR | SPONSORED ADS | 91912E105 | 759 | 64,725 | SH | | SOLE | | 40,000 | 0 | 24,725 |
| AMBEV SA-ADR | SPONSORED ADR | 02319V103 | 8,133 | 3,281,846 | SH | | SOLE | | 1,450,656 | 0 | 1,831,190 |
| CEMEX SAB-SPONS ADR PART CER | SPON ADR NEW | 151290889 | 70 | 11,183 | SH | | SOLE | | 0 | 0 | 11,183 |
| ITAU UNIBANCO H-SPON PRF ADR | SPON ADR REP PFD | 465562106 | 1,155 | 173,328 | SH | | SOLE | | 150,000 | 0 | 23,328 |
| NEWMONT CORP | COM | 651639106 | 19,210 | 356,136 | SH | | SOLE | | 125,000 | 0 | 231,136 |
| NOVO-NORDISK A/S-SPONS ADR | ADR | 670100205 | 11,144 | 94,210 | SH | | SOLE | | 20,000 | 0 | 74,210 |
| ROYAL GOLD INC | COM | 780287108 | 16,734 | 119,266 | SH | | SOLE | | 94,800 | 0 | 24,466 |
| BANCO BRADESCO-ADR | SP ADR PFD NEW | 059460303 | 1,556 | 583,957 | SH | | SOLE | | 550,000 | 0 | 33,957 |
| INFOSYS LTD-SP ADR | SPONSORED ADR | 456788108 | 1,502 | 67,326 | SH | | SOLE | | 55,000 | 0 | 12,326 |
| BP PLC-SPONS ADR | SPONSORED ADR | 055622104 | 11,910 | 375,889 | SH | | SOLE | | 160,000 | 0 | 215,889 |
| UNILEVER PLC-SPONSORED ADR | SPON ADR NEW | 904767704 | 16,590 | 255,844 | SH | | SOLE | | 85,000 | 0 | 170,844 |
| BRITISH AMERICAN TOB-SP ADR | SPONSORED ADR | 110448107 | 24,508 | 669,101 | SH | | SOLE | | 350,000 | 0 | 319,101 |
| DIAGEO PLC-SPONSORED ADR | SPON ADR NEW | 25243Q205 | 1,233 | 8,803 | SH | | SOLE | | 0 | 0 | 8,803 |
| NETEASE INC-ADR | SPONSORED ADS | 64110W102 | 1,215 | 12,964 | SH | | SOLE | | 10,000 | 0 | 2,964 |
| BANK OF NOVA SCOTIA | COM | 064149107 | 12,954 | 237,530 | SH | | SOLE | | 107,000 | 0 | 130,530 |
| VODAFONE GROUP PLC-SP ADR | SPONSORED ADR | 92857W308 | 498 | 49,580 | SH | | SOLE | | 0 | 0 | 49,580 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 | 251 | 41,211 | SH | | SOLE | | 0 | 0 | 41,211 |
| TOTALENERGIES SE -SPON ADR | SPONSORED ADS | 89151E109 | 11,277 | 172,917 | SH | | SOLE | | 40,000 | 0 | 132,917 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | 47,831 | 592,867 | SH | | SOLE | | 371,440 | 0 | 221,427 |
| ALGONQUIN POWER & UTILITIES | COM | 015857105 | 1,938 | 354,781 | SH | | SOLE | | 350,000 | 0 | 4,781 |
| ISHARES INTERNATIONAL TREASU | INTL TREA BD ETF | 464288117 | 2,049 | 48,555 | SH | | SOLE | | 0 | 0 | 48,555 |
| METALLA ROYALTY & STREAMING | COM NEW | 59124U605 | 14,038 | 4,550,960 | SH | | SOLE | | 3,867,581 | 0 | 683,379 |
| PHILIP MORRIS INTERNATIONAL | COM | 718172109 | 11,721 | 96,527 | SH | | SOLE | | 30,000 | 0 | 66,527 |
| KT CORP-SP ADR | SPONSORED ADR | 48268K101 | 189 | 11,961 | SH | | SOLE | | 0 | 0 | 11,961 |
| GOLD FIELDS LTD-SPONS ADR | SPONSORED ADR | 38059T106 | 213 | 13,696 | SH | | SOLE | | 0 | 0 | 13,696 |
| FORTUNA MINING CORP | COM NEW | 349942102 | 19,990 | 4,314,683 | SH | | SOLE | | 3,624,980 | 0 | 689,703 |
| IAMGOLD CORP | COM | 450913108 | 10,075 | 1,924,836 | SH | | SOLE | | 1,600,000 | 0 | 324,836 |
| NOVARTIS AG-SPONSORED ADR | SPONSORED ADR | 66987V109 | 11,156 | 97,224 | SH | | SOLE | | 40,000 | 0 | 57,224 |
| EQUINOR ASA-SPON ADR | SPONSORED ADR | 29446M102 | 7,203 | 280,713 | SH | | SOLE | | 55,000 | 0 | 225,713 |
| VANECK GOLD MINERS ETF | GOLD MINERS ETF | 92189F106 | 471 | 11,710 | SH | | SOLE | | 0 | 0 | 11,710 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 | 18,699 | 306,405 | SH | | SOLE | | 245,200 | 0 | 61,205 |
| SPROTT PHYSICAL GOLD TRUST | UNIT | 85207H104 | 856 | 43,608 | SH | | SOLE | | 0 | 0 | 43,608 |
| EQUINOX GOLD CORP | COM | 29446Y502 | 16,812 | 2,759,990 | SH | | SOLE | | 2,553,099 | 0 | 206,891 |
| FRANCO-NEVADA CORP | COM | 351858105 | 27,700 | 223,179 | SH | | SOLE | | 130,366 | 0 | 92,813 |
| SPDR BLOOMBERG INT TREASURY | BLOOMBERG INTL T | 78464A516 | 1,323 | 56,107 | SH | | SOLE | | 0 | 0 | 56,107 |
| B2GOLD CORP | COM | 11777Q209 | 17,386 | 5,631,472 | SH | | SOLE | | 4,590,229 | 0 | 1,041,243 |
| SPROTT PHYSICAL SILVER TRUST | TR UNIT | 85207K107 | 2,407 | 231,698 | SH | | SOLE | | 0 | 0 | 231,698 |
| VANECK MERK GOLD ETF | GOLD TRUST | 921078101 | 10,560 | 414,919 | SH | | SOLE | | 0 | 0 | 414,919 |
| WISDOMTREE FLOATING RATE TRE | FLOATING RAT TREA | 97717Y527 | 551 | 10,976 | SH | | SOLE | | 0 | 0 | 10,976 |
| OSISKO GOLD ROYALTIES LTD | COM | 68827L101 | 21,437 | 1,158,745 | SH | | SOLE | | 959,009 | 0 | 199,736 |
| FIRST TRUST EMERGING MARKETS | EME MRK BD ETF | 33739P202 | 3,405 | 116,432 | SH | | SOLE | | 0 | 0 | 116,432 |
| ALAMOS GOLD INC-CLASS A | COM CL A | 011532108 | 246 | 12,335 | SH | | SOLE | | 0 | 0 | 12,335 |
| YUM CHINA HOLDINGS INC | COM | 98850P109 | 1,650 | 36,517 | SH | | SOLE | | 28,500 | 0 | 8,017 |
| SILVERCREST METALS INC | COM | 828363101 | 4,526 | 488,458 | SH | | SOLE | | 434,644 | 0 | 53,814 |
| NUTRIEN LTD | COM | 67077M108 | 5,326 | 110,118 | SH | | SOLE | | 45,000 | 0 | 65,118 |
| TELEFONICA BRASIL-ADR | NEW ADR | 87936R205 | 129 | 12,234 | SH | | SOLE | | 0 | 0 | 12,234 |
| I-80 GOLD CORP | COM | 44955L106 | 11,267 | 9,764,079 | SH | | SOLE | | 8,838,229 | 0 | 925,850 |
| DAKOTA GOLD CORP | COM | 46655E100 | 923 | 389,320 | SH | | SOLE | | 205,140 | 0 | 184,180 |
| TRIPLE FLAG PRECIOUS MET | COM | 89679M104 | 2,618 | 161,813 | SH | | SOLE | | 161,537 | 0 | 276 |
| IVANHOE ELECTRIC INC / US | COM | 46578C108 | 1,411 | 165,472 | SH | | SOLE | | 140,300 | 0 | 25,172 |
| SHELL PLC-ADR | SPON ADS | 780259305 | 11,935 | 179,259 | SH | | SOLE | | 35,000 | 0 | 144,259 |
| HALEON PLC-ADR | SPON ADS | 405552100 | 1,032 | 96,917 | SH | | SOLE | | 0 | 0 | 96,917 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 | 3,143 | 117,978 | SH | | SOLE | | 115,000 | 0 | 2,978 |
| MERCADOLIBRE INC | COM | 58733R102 | 604 | 293 | SH | | SOLE | | 250 | 0 | 43 |
| EMX ROYALTY CORP | COM | 26873J107 | 185 | 1,784,546 | SH | | SOLE | | 1,784,546 | 0 | 0 |
| WESTERN COPPER AND GOLD CORP | COM | 95805V108 | 828 | 695,500 | SH | | SOLE | | 695,500 | 0 | 0 |
| SPROTT PHYSICAL GOLD AND SIL | TR UNIT | 85208R101 | 8,329 | 335,719 | SH | | SOLE | | 0 | 0 | 335,719 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 | 109 | 27,520 | SH | | SOLE | | 0 | 0 | 27,520 |
| ENBRIDGE INC | COM | 29250N105 | 417 | 10,140 | SH | | SOLE | | 0 | 0 | 10,140 |
| ENERGY TRANSFER LP | COM UT LTD PTN | 29273V100 | 212 | 13,210 | SH | | SOLE | | 0 | 0 | 13,210 |
| JANUS HENDERSON AAA CLO ETF | HENDRSON AAA CL | 47103U845 | 556 | 10,985 | SH | | SOLE | | 0 | 0 | 10,985 |
| OMEGA HEALTHCARE INVESTORS | COM | 681936100 | 236 | 5,800 | SH | | SOLE | | 0 | 0 | 5,800 |
| SPDR ICE PREFERRED SECURITIE | ICE PFD SEC ETF | 78464A292 | 566 | 15,965 | SH | | SOLE | | 0 | 0 | 15,965 |
| RIO TINTO PLC-SPON ADR | SPONSORED ADR | 767204100 | 347 | 4,879 | SH | | SOLE | | 0 | 0 | 4,879 |
| ISHARES BROAD USD HIGH YIELD | BROAD USD HIGH | 46435U853 | 557 | 14,875 | SH | | SOLE | | 0 | 0 | 14,875 |
| VANGUARD EMERG MKTS GOV BND | EM MK GOV BD ETF | 921946885 | 581 | 8,785 | SH | | SOLE | | 0 | 0 | 8,785 |
