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
AGNICO EAGLE MINES LTD COM 008474108 11,066 71,647 SH SOLE 68,607 0 3,040
ANGLOGOLD ASHANTI PLC COM SHS G0378L100 2,875 35,600 SH SOLE 35,480 0 120
ARES CAPITAL CORP COM 04010L103 2,009 108,192 SH SOLE 100,955 0 7,237
B2GOLD CORP COM 11777Q209 23,302 6,230,593 SH SOLE 6,205,093 0 25,500
BARRICK MNG CORP COM SHS 06849F108 1,329 36,275 SH SOLE 35,075 0 1,200
CONAGRA BRANDS INC COM 205887102 489 36,500 SH SOLE 32,100 0 4,400
DAKOTA GOLD CORP COM 46655E108 2,120 498,784 SH SOLE 487,884 0 10,900
DIAGEO PLC SPON ADR NEW 25243Q205 832 10,350 SH SOLE 9,410 0 940
DORCHESTER MINERALS L P COM UNIT 25820R105 687 27,050 SH SOLE 24,650 0 2,400
ELEMENTAL RTY CORP COM NEW 28620K106 4,256 244,743 SH SOLE 241,327 0 3,416
EQUINOX GOLD CORP COM 29446Y502 1,632 167,363 SH SOLE 163,713 0 3,650
FORTUNA MNG CORP COM NEW 349942102 8,454 1,000,419 SH SOLE 951,519 0 48,900
FRANCO NEV CORP COM 351858105 15,890 76,485 SH SOLE 72,924 0 3,561
GLADSTONE LD CORP COM 376549101 1,189 139,170 SH SOLE 124,450 0 14,720
GOLUB CAP BDC INC COM 38173M102 473 36,300 SH SOLE 29,700 0 6,600
I-80 GOLD CORP COM 44955L106 70 49,000 SH SOLE 49,000 0 0
IVANHOE ELECTRIC INC COM 46578C108 341 35,438 SH SOLE 33,538 0 1,900
METALLA RTY & STREAMING LTD COM NEW 59124U605 19,577 2,569,178 SH SOLE 2,482,488 0 86,690
OR ROYALTIES INC COM SHS 68390D106 6,732 213,026 SH SOLE 200,188 0 12,838
ORLA MNG LTD NEW COM 68634K106 1,047 107,095 SH SOLE 107,095 0 0
PAN AMERN SILVER CORP COM 697900108 6,198 138,837 SH SOLE 133,857 0 4,980
ROYAL GOLD INC COM 780287108 4,756 23,780 SH SOLE 22,445 0 1,335
TRIPLE FLAG PRECIOUS METAL COM 89679M104 7,816 261,158 SH SOLE 251,029 0 10,129
WESTERN COPPER & GOLD CORP COM 95805V108 987 439,200 SH SOLE 430,700 0 8,500
WHEATON PRECIOUS METALS CORP COM 962879102 4,004 35,579 SH SOLE 33,289 0 2,290
SPROTT ASSET MANAGEMENT LP PHYSICAL SILVER UNIT 85207K107 1,420 75,000 SH SOLE 75,000 0 0