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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
B2GOLD CORP COM 11777Q209 22,562,375 6,020,795 SH SOLE 6,020,795 0 0
GALIANO GOLD INC COM 36352H100 17,468,131 9,357,961 SH SOLE 9,357,961 0 0
GRAN TIERRA ENERGY INC COM 38500T200 39,884,194 6,381,471 SH SOLE 6,381,471 0 0
I-80 GOLD CORP *W EXP 11/16/202 44955L155 4,760,000 5,600,000 SH SOLE 5,600,000 0 0
INTEGRA RES CORP COM 45826T509 5,350,257 2,411,264 SH SOLE 2,411,264 0 0
KOSMOS ENERGY LTD COM 500688106 43,630,650 20,678,033 SH SOLE 20,678,033 0 0
NEW PAC METALS CORP COM 64782A107 1,899,280 470,560 SH SOLE 470,560 0 0
PRECISION DRILLING CORP COM NEW 74022D407 5,003,200 65,211 SH SOLE 65,211 0 0
SPROTT ASSET MANAGEMENT LP PHYSICAL SILVER 85207K107 10,387,935 550,500 SH SOLE 550,500 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109 21,606,955 338,667 SH SOLE 338,667 0 0
VIZSLA SILVER CORP COM NEW 92859G608 7,388,260 2,250,800 SH SOLE 2,250,800 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 32,474,674 714,200 SH SOLE 714,200 0 0