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 COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 12-31-2021
Check here if Amendment X Amendment Number: 1
This Amendment (Check only one.): X is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: FOUNDATION RESOURCE MANAGEMENT INC
Address: 401 W CAPITOL AVE
SUITE 503
LITTLE ROCK , AR72201
Form 13F File Number: 028-10317

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Lauren Sanders
Title: Portfolio Accounting Manager
Phone: 501-534-2685
Signature, Place, and Date of Signing:
Lauren Sanders Little Rock , AR 01-21-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 51
Form 13F Information Table Value Total: 514,209
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

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
Expires: July 31, 2015
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
ABBVIE INC COM 00287y109 5,511 40,701 SH SOLE 40,701 0 0
AGNICO EAGLE MINES LTD COM 008474108 7,137 134,297 SH SOLE 134,067 0 230
APACHE CORP COM 03743Q108 3,226 119,953 SH SOLE 119,953 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 844 35,085 SH SOLE 35,085 0 0
BARRICK GOLD CORP COM 067901108 12,111 637,416 SH SOLE 636,683 0 733
BERKSHIRE HATHAWAY CL B COM 084670702 34,734 116,168 SH SOLE 116,001 0 167
BERKSHIRE HATHAWAY HLD A COM 084670108 451 1 SH SOLE 1 0 0
CADENCE NTNL BANK GATESVILLE T COM 12740c103 781 26,213 SH SOLE 26,213 0 0
CAMECO CORP COM 13321l108 18,019 826,196 SH SOLE 824,261 0 1,935
CENOVUS ENERGY, INC. COM 15135U109 3,907 318,150 SH SOLE 317,963 0 187
CHEVRON COM 166764100 27,195 231,744 SH SOLE 231,611 0 133
CHUBB LTD INC COM H1467J104 297 1,537 SH SOLE 1,537 0 0
CISCO SYSTEMS COM 17275R102 9,312 146,953 SH SOLE 146,786 0 167
CONOCOPHILLIPS COM 20825c104 23,315 323,012 SH SOLE 322,609 0 403
CORNING COM 219350105 3,760 100,993 SH SOLE 100,720 0 273
DEVON ENERGY COM 25179m103 2,969 67,391 SH SOLE 67,391 0 0
EASTMAN CHEMICAL COM 277432100 363 3,000 SH SOLE 3,000 0 0
EXXON MOBIL COM 30231G102 25,949 424,071 SH SOLE 423,258 0 813
FEDERATED HERMES, INC COM 314211103 14,313 380,869 SH SOLE 380,117 0 752
FRANKLIN RES INC COM 354613101 15,545 464,165 SH SOLE 463,565 0 600
FREEPORT-MCMORAN INC. COM 35671d857 9,855 236,162 SH SOLE 236,162 0 0
GILEAD SCIENCES INC COM 375558103 11,811 162,662 SH SOLE 162,462 0 200
GLATFELTER CORP COM 377320106 6,895 400,875 SH SOLE 400,114 0 761
GRAFTECH INTERNATIONAL LTD COM 384313508 6,886 582,072 SH SOLE 580,935 0 1,137
HP INC COM 40434L105 12,135 322,140 SH SOLE 321,540 0 600
IMPERIAL OIL LTD COM 453038408 387 10,725 SH SOLE 10,725 0 0
INTEL CORP. COM 458140100 13,911 270,124 SH SOLE 269,607 0 517
INTERNATIONAL BUSINESS MACHINE COM 459200101 204 1,524 SH SOLE 1,524 0 0
KRAFT HEINZ COMPANY COM 500754106 11,022 307,013 SH SOLE 306,613 0 400
LOEWS COM 540424108 7,677 132,915 SH SOLE 132,915 0 0
LUMEN TECHNOLOGIES COM 550241103 27,795 2,214,703 SH SOLE 2,210,456 0 4,247
MARATHON PETROLEUM CORP COM 56585a102 341 5,334 SH SOLE 5,334 0 0
MERCK AND CO. INC. COM 58933Y105 16,525 215,614 SH SOLE 215,187 0 427
MOSAIC COM 61945c103 25,769 655,857 SH SOLE 654,924 0 933
NEWMONT GOLDCORP COM 651639106 37,956 612,004 SH SOLE 611,324 0 680
ORGANON & CO COM 68622v106 646 21,228 SH SOLE 21,186 0 42
OVINTIV INC COM 69047q102 2,708 80,343 SH SOLE 80,039 0 304
PEMBINA PIPELINE CORP COM 706327103 1,303 42,950 SH SOLE 42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 7,241 716,920 SH SOLE 715,853 0 1,067
PFIZER COM 717081103 23,652 400,546 SH SOLE 399,746 0 800
PHILLIPS 66 COM 718546104 4,852 66,967 SH SOLE 66,967 0 0
PRECISION DRILLING CORP COM 74022d407 479 13,522 SH SOLE 13,432 0 90
SAN JUAN BASIN ROYALTY TRUST COM 798241105 98 16,125 SH SOLE 16,125 0 0
SANOFI COM 80105n105 12,050 240,525 SH SOLE 240,125 0 400
TECK RESOURCES LTD CL B COM 878742204 32,524 1,128,528 SH SOLE 1,127,395 0 1,133
TEJON RANCH CO COM 879080109 7,927 415,486 SH SOLE 414,699 0 787
THE TRAVELERS COS., INC. COM 89417e109 383 2,448 SH SOLE 2,448 0 0
TRANSOCEAN, LTD COM H8817H100 593 214,721 SH SOLE 214,454 0 267
TSAKOS ENERGY NAVIGATION LTD COM g9108l173 2,036 281,174 SH SOLE 281,174 0 0
VIACOMCBS INC COM 92556h206 18,247 604,615 SH SOLE 603,427 0 1,188
WAL-MART STORES COM 931142103 563 3,890 SH SOLE 3,890 0 0