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
ABIVAX SA SPONSORED ADS 00370M103 371,413,077 2,787,131 SH SOLE 2,787,131 0 0
AGNICO EAGLE MINES LTD COM 008474108 22,664,958 146,103 SH SOLE 146,103 0 0
ALLIED GOLD CORP COM NEW 01921D204 274,975,084 11,563,292 SH SOLE 11,563,292 0 0
COLLECTIVE MINING LTD COM 19425C100 130,524,510 10,655,062 SH SOLE 10,655,062 0 0
CORPORACION AMER ARPTS S A COM L1995B107 342,305,003 13,594,321 SH SOLE 13,594,321 0 0
ELDORADO GOLD CORP NEW COM 284902509 347,590,242 11,180,130 SH SOLE 11,180,130 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 15,163,899 607,528 SH SOLE 607,528 0 0
FLUTTER ENTMT PLC SHS G3643J108 159,911,376 1,565,150 SH SOLE 1,565,150 0 0
HIGHLANDER SILVER CORP COM 43087N204 37,324,708 8,009,594 SH SOLE 8,009,594 0 0
IRSA INVERSIONES Y REP S A SPON GDS ECH 10 450047303 75,752,068 4,906,222 SH SOLE 4,906,222 0 0
MGM RESORTS INTERNATIONAL COM 552953101 96,811,903 2,024,930 SH SOLE 2,024,930 0 0
NEW PAC METALS CORP COM 64782A107 74,122,276 18,438,377 SH SOLE 18,438,377 0 0
PEOPLE INC COM NEW 44891N208 260,920,277 5,652,519 SH SOLE 5,652,519 0 0
QIAGEN NV ORD SHARES N72482156 120,629,561 3,085,155 SH SOLE 3,085,155 0 0
SILVERCORP METALS INC COM 82835P103 176,117,134 17,437,340 SH SOLE 17,437,340 0 0
SKEENA RES LTD NEW COM 83056P715 448,497,581 16,822,865 SH SOLE 16,822,865 0 0
SOLARIS RES INC COM NEW 83419D201 158,843,897 18,955,119 SH SOLE 18,955,119 0 0
SUPER GROUP SGHC LIMITED ORD SHS G8588X103 233,920,642 17,263,516 SH SOLE 17,263,516 0 0