The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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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 |
| ABBVIE INC | COM | 00287Y109 | 105,340 | 4,600 | SH | Put | SOLE | N/A | 4,600 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 | 18,028,123 | 277,612 | SH | SOLE | 1 | 271,523 | 0 | 6,089 | |
| AMGEN INC | COM | 031162100 | 75,096 | 4,200 | SH | Put | SOLE | N/A | 4,200 | 0 | 0 |
| APPLE INC | COM | 037833100 | 112,500 | 5,000 | SH | Put | SOLE | N/A | 5,000 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 | 222,600 | 400 | SH | Put | SOLE | N/A | 400 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 | 22,844,195 | 560,044 | SH | SOLE | 1 | 550,506 | 0 | 9,538 | |
| CENTENE CORP DEL | COM | 15135B101 | 82,410,050 | 2,517,106 | SH | SOLE | 1 | 2,468,852 | 0 | 48,254 | |
| EXPAND ENERGY CORPORATION | COM | 165167735 | 89,320,521 | 813,632 | SH | SOLE | 1 | 798,293 | 0 | 15,339 | |
| COMCAST CORP NEW | CL A | 20030N101 | 18,638,905 | 649,213 | SH | SOLE | 1 | 636,823 | 0 | 12,390 | |
| CONCENTRIX CORP | COM | 20602D101 | 44,523,092 | 1,627,306 | SH | SOLE | 1 | 1,596,152 | 0 | 31,154 | |
| CRESUD S A C I F Y A | SPONSORED ADR | 226406106 | 56,165,709 | 4,415,543 | SH | SOLE | 1 | 4,319,787 | 0 | 95,756 | |
| FRANKLIN RESOURCES INC | COM | 354613101 | 83,203,505 | 3,522,587 | SH | SOLE | 1 | 3,457,737 | 0 | 64,850 | |
| HUMANA INC | COM | 444859102 | 19,659,825 | 113,385 | SH | SOLE | 1 | 111,144 | 0 | 2,241 | |
| IRSA INVERSIONES Y REP S A | SPON GDS ECH 10 | 450047303 | 1,383,736 | 85,363 | SH | SOLE | 1 | 83,438 | 0 | 1,925 | |
| INTERNATIONAL TOWER HILL MIN | COM | 46050R102 | 40,595,994 | 17,650,432 | SH | SOLE | 1 | 17,271,211 | 0 | 379,221 | |
| IVANHOE ELECTRIC INC | COM | 46578C108 | 21,088,889 | 1,784,170 | SH | SOLE | 1 | 1,750,071 | 0 | 34,099 | |
| KT CORP | SPONSORED ADR | 48268K101 | 114,155,227 | 5,321,922 | SH | SOLE | 1 | 5,192,017 | 0 | 129,905 | |
| KOREA ELEC PWR CORP | SPONSORED ADR | 500631106 | 2,951,745 | 207,140 | SH | SOLE | 1 | 147,976 | 0 | 59,164 | |
| MOLINA HEALTHCARE INC | COM | 60855R100 | 38,915,735 | 291,941 | SH | SOLE | 1 | 286,369 | 0 | 5,572 | |
| NEWMONT CORP | COM | 651639106 | 82,378 | 761 | SH | SOLE | 1 | 761 | 0 | 0 | |
| NICE LTD | SPONSORED ADR | 653656108 | 27,669,526 | 250,948 | SH | SOLE | 1 | 246,842 | 0 | 4,106 | |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 | 45,718,184 | 32,655,846 | SH | SOLE | 1 | 32,039,090 | 0 | 616,756 | |
| NOVAGOLD RESOURCES INC | COM NEW | 66987E206 | 58,475,326 | 6,511,729 | SH | SOLE | 1 | 6,248,180 | 0 | 263,549 | |
| NUTRIEN LTD | COM | 67077M108 | 107,438,439 | 1,423,780 | SH | SOLE | 1 | 1,398,891 | 0 | 24,889 | |
| PLATINUM GROUP METALS LTD | COM | 72765Q882 | 634,885 | 358,692 | SH | SOLE | 1 | 358,692 | 0 | 0 | |
| RANGE RES CORP | COM | 75281A109 | 189,241,580 | 4,188,614 | SH | SOLE | 1 | 4,108,795 | 0 | 79,819 | |
| RAYONIER INC | COM | 754907103 | 45,085,692 | 2,186,503 | SH | SOLE | 1 | 2,144,567 | 0 | 41,936 | |
| ROYAL GOLD INC | COM | 780287108 | 21,926,604 | 86,159 | SH | SOLE | 1 | 84,652 | 0 | 1,507 | |
| SEABRIDGE GOLD INC | COM | 811916105 | 207,813,337 | 7,332,863 | SH | SOLE | 1 | 7,254,488 | 0 | 78,375 | |
| VISTA GOLD CORP | COM NEW | 927926303 | 27,149,940 | 13,852,010 | SH | SOLE | 1 | 13,632,349 | 0 | 219,661 | |
| WEYERHAEUSER CO | COM NEW | 962166104 | 46,529,158 | 1,904,591 | SH | SOLE | 1 | 1,868,064 | 0 | 36,527 | |