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
AMBEV SA-ADR SPONSORED ADR 02319V103 7,676 2,300,241 SH SOLE 750,656 0 1,549,585
ACCENTURE PLC-CL A SHS CL A G1151C101 7,530 105,716 SH SOLE 55,000 0 50,716
AGNICO EAGLE MINES LTD COM 008474108 58,953 445,665 SH SOLE 299,940 0 145,725
FIRST MAJESTIC SILVER CORP COM 32076V103 620 58,333 SH SOLE 10,000 0 48,333
ALGONQUIN POWER & UTILITIES COM 015857105 4,220 703,450 SH SOLE 700,000 0 3,450
AVINO SILVER & GOLD MINES COM 053906103 311 10,000 SH SOLE 0 0 10,000
ASML HOLDING NV-NY REG SHS N Y REGISTRY SHS N07059210 5,738 2,725 SH SOLE 2,500 0 225
GRUPO AEROPORTUARIO SUR-ADR SPON ADR SER B 40051E202 390 3,005 SH SOLE 0 0 3,005
ANGLOGOLD ASHANTI PLC COM SHS G0378L100 22,943 273,286 SH SOLE 246,868 0 26,418
BARRICK MINING CORP COM 06849F108 56,610 1,499,768 SH SOLE 1,015,892 0 483,876
BCE INC COM NEW 05534B760 4,591 207,076 SH SOLE 150,000 0 57,076
BHP GROUP LTD-SPON ADR SPONSORED ADS 088606108 5,060 60,907 SH SOLE 0 0 60,907
BANK OF NOVA SCOTIA COM 064149107 13,943 169,506 SH SOLE 62,000 0 107,506
BP PLC-SPONS ADR SPONSORED ADR 055622104 14,794 359,263 SH SOLE 160,000 0 199,263
B2GOLD CORP COM 11777Q209 30,825 8,148,760 SH SOLE 6,816,229 0 1,332,531
BRITISH AMERICAN TOB-SP ADR SPONSORED ADR 110448107 39,678 649,046 SH SOLE 350,000 0 299,046
COEUR MINING INC COM NEW 192108504 393 19,145 SH SOLE 0 0 19,145
SPROTT PHYSICAL GOLD AND SIL TR UNIT 85208R101 13,209 255,698 SH SOLE 0 0 255,698
DAKOTA GOLD CORP COM 46655E100 15,543 3,539,571 SH SOLE 2,924,658 0 614,913
DIAGEO PLC-SPONSORED ADR SPON ADR NEW 25243Q205 608 7,195 SH SOLE 0 0 7,195
ENDEAVOUR SILVER CORP COM 29258Y103 296 32,520 SH SOLE 0 0 32,520
ENBRIDGE INC COM 29250N105 636 11,965 SH SOLE 0 0 11,965
EQUINOR ASA-SPON ADR SPONSORED ADR 29446M102 11,189 310,826 SH SOLE 110,000 0 200,826
EQUINOX GOLD CORP COM 29446Y502 24,846 2,504,533 SH SOLE 2,251,487 0 253,046
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 279 13,865 SH SOLE 0 0 13,865
FRANCO-NEVADA CORP COM 351858105 53,664 249,158 SH SOLE 155,506 0 93,652
BLACKROCK FLTNG RT INC STRAT COM 09255X100 358 31,965 SH SOLE 0 0 31,965
FORTUNA MINING CORP COM NEW 349942102 38,438 4,496,366 SH SOLE 3,584,980 0 911,386
VANECK GOLD MINERS ETF GOLD MINERS ETF 92189F106 337 11,655 SH SOLE 0 0 11,655
VANECK JUNIOR GOLD MINERS JUNIOR GOLD MINE 92189F791 18 3,035 SH SOLE 0 0 3,035
GRAB HOLDINGS LTD - CL A CLASS A ORD G4124C109 2,829 653,429 SH SOLE 625,000 0 28,429
GSK PLC-SPON ADR SPONSORED ADR 37733W204 6,586 206,634 SH SOLE 110,760 0 95,874
HALEON PLC-ADR SPON ADS 405552100 1,340 86,513 SH SOLE 0 0 86,513
IAMGOLD CORP COM 450913108 20,697 1,276,626 SH SOLE 1,231,377 0 45,249
INTL BUSINESS MACHINES CORP COM 459200101 5,532 921 SH SOLE 0 0 921
IVANHOE ELECTRIC INC / US COM 46578C108 4,030 418,938 SH SOLE 244,503 0 174,435
INFOSYS LTD-SP ADR SPONSORED ADR 456788108 903 68,229 SH SOLE 55,000 0 13,229
JANUS HENDERSON AAA CLO ETF HENDRSON AAA CL 47103U845 1,146 9,996 SH SOLE 0 0 9,996
KINROSS GOLD CORP COM 496902404 12,006 762,026 SH SOLE 430,000 0 332,026
JSC KASPI.KZ ADR SPONSORED ADS 48581R205 6,428 108,521 SH SOLE 65,000 0 43,521
METALLA ROYALTY & STREAMING COM NEW 59124U605 42,930 5,842,386 SH SOLE 4,472,031 0 1,370,355
NEWMONT CORP COM 651639106 16,023 298,622 SH SOLE 143,749 0 154,873
NUTRIEN LTD COM 67077M108 3,144 102,302 SH SOLE 45,000 0 57,302
NU HOLDINGS LTD/CAYMAN ISL-A ORD SHS CL A G6683N103 2,483 231,126 SH SOLE 135,000 0 96,126
NOVO-NORDISK A/S-SPONS ADR ADR 670100205 18,171 594,135 SH SOLE 360,000 0 234,135
NOVARTIS AG-SPONSORED ADR SPONSORED ADR 66987V109 4,888 41,457 SH SOLE 20,000 0 21,457
OMEGA HEALTHCARE INVESTORS COM 681936100 11,583 5,800 SH SOLE 0 0 5,800
OR ROYALTIES INC COM SHS 68390D106 31,609 1,029,143 SH SOLE 860,385 0 168,758
ORLA MINING LTD COM 68634K106 8,924 977,099 SH SOLE 717,123 0 259,976
PAN AMERICAN SILVER CORP COM 697900108 47,676 1,237,376 SH SOLE 872,455 0 364,921
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 622 46,655 SH SOLE 0 0 46,655
PHILIP MORRIS INTERNATIONAL COM 718172109 3,771 45,877 SH SOLE 16,500 0 29,377
SS SPDR ICE PREF SEC ETF ICE PFD SEC ETF 78464A292 154 19,030 SH SOLE 0 0 19,030
SPROTT PHYSICAL SILVER TRUST TR UNIT 85207K107 4,809 284,621 SH SOLE 0 0 284,621
ROYAL GOLD INC COM 780287108 32,530 165,540 SH SOLE 122,680 0 42,860
RIO TINTO PLC-SPON ADR SPONSORED ADR 767204100 415 47,146 SH SOLE 0 0 47,146
SHELL PLC-ADR SPON ADS 780259305 4,328 159,744 SH SOLE 35,000 0 124,744
SK TELECOM CO LTD-SPON ADR SPONSORED ADR 78440P306 7,001 223,223 SH SOLE 200,000 0 23,223
SANOFI-ADR SPONSORED ADR 80105N105 142 45,868 SH SOLE 0 0 45,868
TRIPLE FLAG PRECIOUS MET COM 89679M104 24,095 516,687 SH SOLE 425,693 0 90,994
TELKOM INDONESIA PERSERO-ADR SPONSORED ADR 715684106 1,642 380,208 SH SOLE 100,000 0 280,208
TAIWAN SEMICONDUCTOR-SP ADR SPONSORED ADS 874039100 825 2,873 SH SOLE 0 0 2,873
TOTALENERGIES SE ACT F92124100 6,294 175,795 SH SOLE 60,000 0 115,795
UNILEVER PLC-SPONSORED ADR SPON ADR NEW 904767803 2,452 65,892 SH SOLE 35,555 0 30,337
GLOBAL X URANIUM ETF GLOBAL X URANIUM 37954Y871 99 6,780 SH SOLE 0 0 6,780
ISHARES BROAD USD HIGH YIELD BROAD USD HIGH 46435U853 68 16,210 SH SOLE 0 0 16,210
VALE SA-SP ADR SPONSORED ADS 91912E105 5,894 499,617 SH SOLE 250,000 0 249,617
VANGUARD EMERG MKTS GOV BND EM MK GOV BD ETF 921946885 102 10,300 SH SOLE 0 0 10,300
VIZSLA SILVER CORP COM NEW 92859G608 22 23,885 SH SOLE 0 0 23,885
WHEATON PRECIOUS METALS CORP COM 962879102 31,193 294,401 SH SOLE 226,200 0 68,201
WESTERN COPPER AND GOLD CORP COM 95805V108 11,880 2,567,670 SH SOLE 1,800,000 0 767,670
WIPRO LTD-ADR SPON ADR 1 SH 97651M109 91 38,895 SH SOLE 0 0 38,895
ELEMENTAL ROYALTY CORP COM NEW 28620K106 19,446 1,096,976 SH SOLE 854,462 0 242,514
FMC CORP COM NEW 302491303 1,831 159,184 SH SOLE 150,000 0 9,184
HECLA MINING CO COM 422704106 212 8,698 SH SOLE 0 0 8,698
CEMEX SAB-SPONS ADR PART CER SPON ADR NEW 151290889 167 13,436 SH SOLE 0 0 13,436
ITAU UNIBANCO H-SPON PRF ADR SPON ADR REP PFD 465562106 3,475 424,486 SH SOLE 400,000 0 24,486
UNITED MICROELECTRON-SP ADR SPON ADR NEW 910873405 500 17,814 SH SOLE 0 0 17,814
BANCO BRADESCO-ADR SP ADR PFD NEW 059460303 3,850 1,101,780 SH SOLE 1,000,000 0 101,780
VODAFONE GROUP PLC-SP ADR SPONSORED ADR 92857W308 207 15,545 SH SOLE 0 0 15,545
SPDR GOLD SHARES GOLD SHS 78463V107 590 1,310 SH SOLE 0 0 1,310
CIA DE MINAS BUENAVENTUR-ADR SPONSORED ADR 204448104 546 14,987 SH SOLE 0 0 14,987
ISHARES INTERNATIONAL TREASU INTL TREA BD ETF 464288117 1,891 45,658 SH SOLE 0 0 45,658
GOLD FIELDS LTD-SPONS ADR SPONSORED ADR 38059T106 2,372 66,105 SH SOLE 40,000 0 26,105
ISHARES SILVER TRUST ISHARES 46428Q109 1,319 5,615 SH SOLE 0 0 5,615
ISHARES GOLD TRUST ISHARES NEW 464285204 255 3,373 SH SOLE 0 0 3,373
STATE STREET SPDR BLOOMBERG BLOOMBERG INTL T 78464A516 1,195 54,586 SH SOLE 0 0 54,586
VANECK MERK GOLD ETF GOLD TRUST 921078101 14,551 376,497 SH SOLE 0 0 376,497
WISDOMTREE FLOATING RATE TRE FLOATING RAT TREA 97717Y527 1,534 30,471 SH SOLE 0 0 30,471
FIRST TRUST EMERGING MARKETS EME MRK BD ETF 33739P202 3,217 109,054 SH SOLE 0 0 109,054
ALAMOS GOLD INC-CLASS A COM CL A 011532108 287 9,461 SH SOLE 0 0 9,461
DOW INC COM 260557103 133 4,876 SH SOLE 0 0 4,876
TELEFONICA BRASIL-ADR NEW ADR 87936R205 144 10,539 SH SOLE 0 0 10,539
I-80 GOLD CORP COM 44955L106 22 66,672 SH SOLE 50,000 0 16,672
MERCADOLIBRE INC COM 58733R102 515 302 SH SOLE 250 0 52
MAYFAIR GOLD CORP COM NEW 57808L305 230 93,600 SH SOLE 93,600 0 0