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 | 33,580 | 4,600 | SH | Put | SOLE | N/A | 4,600 | 0 | 0 |
| AMGEN INC | COM | 031162100 | 38,010 | 4,200 | SH | Put | SOLE | N/A | 4,200 | 0 | 0 |
| APPLE INC | COM | 037833100 | 34,000 | 5,000 | SH | Put | SOLE | N/A | 5,000 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 | 260,800 | 400 | SH | Put | SOLE | N/A | 400 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 | 4,938,679 | 134,459 | SH | SOLE | 1 | 134,459 | 0 | 0 | |
| CENTENE CORP DEL | COM | 15135B101 | 41,512,700 | 646,716 | SH | SOLE | 1 | 637,646 | 0 | 9,070 | |
| EXPAND ENERGY CORPORATION | COM | 165167735 | 157,167,150 | 1,723,513 | SH | SOLE | 1 | 1,705,333 | 0 | 18,180 | |
| COMCAST CORP NEW | CL A | 20030N101 | 31,378,362 | 1,278,141 | SH | SOLE | 1 | 1,259,474 | 0 | 18,667 | |
| CONCENTRIX CORP | COM | 20602D101 | 71,153,038 | 3,175,766 | SH | SOLE | 1 | 3,139,157 | 0 | 36,609 | |
| CRESUD S A C I F Y A | SPONSORED ADR | 226406106 | 53,445,289 | 4,767,644 | SH | SOLE | 1 | 4,671,836 | 0 | 95,808 | |
| EPAM SYS INC | COM | 29414B104 | 31,962,894 | 402,809 | SH | SOLE | 1 | 399,522 | 0 | 3,287 | |
| FRANKLIN RESOURCES INC | COM | 354613101 | 43,935,397 | 1,320,571 | SH | SOLE | 1 | 1,301,881 | 0 | 18,690 | |
| IRSA INVERSIONES Y REP S A | SPON GDS ECH 10 | 450047303 | 1,317,958 | 85,360 | SH | SOLE | 1 | 83,436 | 0 | 1,924 | |
| INTERNATIONAL TOWER HILL MIN | COM | 46050R102 | 37,347,391 | 18,767,533 | SH | SOLE | 1 | 18,383,745 | 0 | 383,788 | |
| IVANHOE ELECTRIC INC | COM | 46578C108 | 9,936,452 | 1,033,970 | SH | SOLE | 1 | 1,014,426 | 0 | 19,544 | |
| KT CORP | SPONSORED ADR | 48268K101 | 156,279,249 | 9,043,938 | SH | SOLE | 1 | 8,878,206 | 0 | 165,732 | |
| KOREA ELEC PWR CORP | SPONSORED ADR | 500631106 | 2,506,394 | 207,140 | SH | SOLE | 1 | 147,976 | 0 | 59,164 | |
| MOSAIC CO | COM | 61945C103 | 23,713,623 | 1,119,095 | SH | SOLE | 1 | 1,100,341 | 0 | 18,754 | |
| NEWMONT CORP | COM | 651639106 | 4,700,635 | 50,328 | SH | SOLE | 1 | 50,328 | 0 | 0 | |
| NICE LTD | SPONSORED ADR | 653656108 | 51,149,731 | 563,013 | SH | SOLE | 1 | 555,627 | 0 | 7,386 | |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 | 61,782,513 | 32,178,392 | SH | SOLE | 1 | 31,887,772 | 0 | 290,620 | |
| NOVAGOLD RESOURCES INC | COM NEW | 66987E206 | 41,181,502 | 6,898,074 | SH | SOLE | 1 | 6,634,525 | 0 | 263,549 | |
| NUTRIEN LTD | COM | 67077M108 | 137,572,882 | 2,185,431 | SH | SOLE | 1 | 2,159,334 | 0 | 26,097 | |
| PLATINUM GROUP METALS LTD | COM | 72765Q882 | 549,592 | 407,105 | SH | SOLE | 1 | 407,105 | 0 | 0 | |
| RANGE RES CORP | COM | 75281A109 | 244,559,246 | 6,575,941 | SH | SOLE | 1 | 6,490,626 | 0 | 85,315 | |
| RAYONIER INC | COM | 754907103 | 69,555,765 | 3,268,598 | SH | SOLE | 1 | 3,224,086 | 0 | 44,512 | |
| ROYAL GOLD INC | COM | 780287108 | 42,912,757 | 214,983 | SH | SOLE | 1 | 211,876 | 0 | 3,107 | |
| SEABRIDGE GOLD INC | COM | 811927102 | 194,465,494 | 7,554,992 | SH | SOLE | 1 | 7,508,676 | 0 | 46,316 | |
| VISTA GOLD CORP | COM NEW | 927926303 | 26,834,236 | 14,049,338 | SH | SOLE | 1 | 13,829,677 | 0 | 219,661 | |
| WEYERHAEUSER CO | COM NEW | 962166104 | 89,976,742 | 3,758,427 | SH | SOLE | 1 | 3,706,954 | 0 | 51,473 | |