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
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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
ABIVAX SA SPONSORED ADS 00370M103 418,151,162 4,222,896 SH SOLE 4,222,896 0 0
ALLIED GOLD CORP COM NEW 01921D204 437,143,283 20,935,981 SH SOLE 20,935,981 0 0
COLLECTIVE MINING LTD COM 19425C100 120,235,549 9,807,141 SH SOLE 9,807,141 0 0
CORPORACION AMER ARPTS S A COM L1995B107 365,502,535 14,367,238 SH SOLE 14,367,238 0 0
ELDORADO GOLD CORP NEW COM 284902509 164,173,860 4,265,364 SH SOLE 4,265,364 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 12,679,109 607,528 SH SOLE 607,528 0 0
FLUTTER ENTMT PLC SHS G3643J108 160,059,742 2,147,300 SH SOLE 2,147,300 0 0
HIGHLANDER SILVER CORP COM 43087N204 35,276,431 6,757,937 SH SOLE 6,757,937 0 0
IRSA INVERSIONES Y REP S A SPON GDS ECH 10 450047303 75,884,073 5,451,442 SH SOLE 5,451,442 0 0
JUMIA TECHNOLOGIES AG SPONSORED ADS 48138M105 6,023,550 905,797 SH SOLE 905,797 0 0
NEW PAC METALS CORP COM 64782A107 131,959,649 21,012,683 SH SOLE 21,012,683 0 0
PEOPLE INC COM NEW 44891N208 329,691,888 7,857,290 SH SOLE 7,857,290 0 0
QIAGEN NV ORD SHARES N72482156 100,283,392 2,291,668 SH SOLE 2,291,668 0 0
SILVERCORP METALS INC COM 82835P103 242,297,902 22,708,332 SH SOLE 22,708,332 0 0
SKEENA RES LTD NEW COM 83056P715 474,345,718 15,955,120 SH SOLE 15,955,120 0 0
SOLARIS RES INC COM NEW 83419D201 134,994,225 19,395,722 SH SOLE 19,395,722 0 0
SUPER GROUP SGHC LIMITED ORD SHS G8588X103 294,326,532 25,931,853 SH SOLE 25,931,853 0 0
TIM S A SPONSORED ADR 88706T108 14,455,430 809,828 SH SOLE 809,828 0 0
VISTA GOLD CORP COM NEW 927926303 991,893 366,012 SH SOLE 366,012 0 0