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
Abeona Therapeutics COM NEW 00289Y206 3,000,482 485,515 SH SOLE 485,515 0 0
Abivax SA Spons SPONS ADS 00370M103 4,664,100 35,000 SH SOLE 35,000 0 0
Aldeyra Therapeutics Inc COM 01438T106 11,662,849 5,475,516 SH SOLE 5,475,516 0 0
Altimmune Inc COM NEW 02155H200 486,400 160,000 SH SOLE 160,000 0 0
Biohaven Pharmactl Hldg Co COM G11196105 15 2,328,602 SH SOLE 2,326,602 0 0
MeiraGTX Holdings COM G59665102 16,887,500 1,250,000 SH SOLE 1,250,000 0 0
Booz Allen Hamilton HLDG COR CL A 099502106 5,693,740 13,000 SH SOLE 13,000 0 0
Entera Bio Ltd SHS M40527109 10,410,925 5,881,879 SH SOLE 5,881,879 0 0
Orgenesis, Inc. COM 68619K105 20,823 50,623 SH SOLE 50,623 0 0
Ocular Therapeutix Inc. COM 67576A100 11,296,928 1,150,400 SH SOLE 1,150,400 0 0
Nuvation Bio Inc COM CL A 67080N101 9,079,996 1,598,591 SH SOLE 1,598,591 0 0
Elicio Therapeutics Inc COM 28657F103 4,738,751 1,211,957 SH SOLE 1,211,957 0 0
Pharming Group NV SPON ADS 71716E105 56,823 4,091 SH SOLE 4,091 0 0
Philip Morris Intl. Inc COM 718172109 1,809,100 10,000 SH SOLE 10,000 0 0
SEABRIDGE GOLD INC COM 811916105 8,159,657 317,003 SH SOLE 317,003 0 0
SSR Mining In COM 784730103 6,928,600 245,000 SH SOLE 245,000 0 0
Triple Flag Precious Metals COM 89679M104 3,446,550 115,000 SH SOLE 115,000 0 0
Versamet Royalties Corp COM NEW 92528V200 820,668 66,621 SH SOLE 66,621 0 0
Sprott Physical silver Trust Physical Silver 85207K107 4,192,159 222,160 SH SOLE 222,160 0 0
Sprott physical gold Trust Physical Gold Tr 85207H104 11,677,449 387,055 SH SOLE 387,055 0 0
iSHares US Aerospace & Defense US AER DEF ETF 464288760 1,854,513 7,650 SH SOLE 7,650 0 0
Northrop Grumman Corp COM 666807102 1,102,656 2,165 SH SOLE 2,165 0 0
Agnico Eagle Mines Ltd COM 008474108 8,183,107 52,750 SH SOLE 52,750 0 0
Alamos Gold Inc COM CL New 011532108 1,517,000 50,000 SH SOLE 50,000 0 0
Amrize LTD SHS H2927K103 489,027 9,175 SH SOLE 9,175 0 0
Centerra Gold Inc COM 152006102 5,693,740 359,000 SH SOLE 359,000 0 0
Elemental RTY Corp COM NEW 28620K106 873,000 50,000 SH SOLE 50,000 0 0
Gold RTY Corp COM 38071H106 2,760,000 1,000,000 SH SOLE 1,000,000 0 0
Franco Nev Corp COM 351858105 6,670,080 32,000 SH SOLE 32,000 0 0
Kinross Gold Corp COM 496902404 7,558,400 320,000 SH SOLE 320,000 0 0
New Pac Metals Corp COM 64782A107 1,949,700 485,000 SH SOLE 485,000 0 0
OR Royalties COM SHS 68390D106 7,116,750 225,000 SH SOLE 225,000 0 0
Royal Gold Inc. COM 780287108 10,529,427 52,750 SH SOLE 52,750 0 0
Wheaton Precious Metals Corp COM 962879102 1,404,000 12,500 SH SOLE 12,500 0 0
Coeur Mining Inc COM NEW 192108504 1,568,874 96,132 SH SOLE 96,132 0 0
Dakota Gold Corp COM 46655E100 523,643 122,921 SH SOLE 122,921 0 0
Pan American Silver COM 697900108 4,480,567 100,035 SH SOLE 100,035 0 0