Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PHYS	Sprott physical gold Trust	387,055	$13.72M	7.6%	$35.44	—	Physical Gold Tr	85207H104
PSLV	Sprott Physical silver Trust	222,160	$5.418M	3.0%	$24.39	—	Physical Silver	85207K107
GROY	Gold RTY Corp	1,000,000	$3.58M	2.0%	$4.52	0.0%	COM	38071H106
ELE	Elemental RTY Corp	50,000	$943K	0.5%	$20.22	0.0%	COM NEW	28620K106
VMET	Versamet Royalties Corp	66,621	$634K	0.4%	$9.51	—	COM NEW	92528V200
AMRZ	Amrize LTD	9,175	$514K	0.3%	$57.11	0.0%	SHS	H2927K103
PHAR	Pharming Group NV	4,057	$67,508	0.0%	$16.64	—	SPON ADS	71716E105
OR	OR Royalties	225,000	$8,555	0.0%	$41.88	0.0%	COM SHS	68390D106

Increased Positions (3)

FNV Franco Nev Corp 4.4%

Value $7.906M (+52.6%) Shares 32,000 (+28.0%) Est. Cost $138.36 Unrealized +77.6%

TFPM Triple Flag Precious Metals 2.2%

Value $3.992M (+104.4%) Shares 115,000 (+95.6%) Est. Cost $31.00 Unrealized +17.4%

ABEO Abeona Therapeutics 1.2%

Value $2.175M (+74.9%) Shares 485,515 (+105.8%) Est. Cost $5.19 Unrealized -0.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FNV	Franco Nev Corp	32,000 (+28.0%)	$7.906M (+52.6%)	4.4%	$138.36	+77.6%	COM	351858105
TFPM	Triple Flag Precious Metals	115,000 (+95.6%)	$3.992M (+104.4%)	2.2%	$31.00	+17.4%	COM	89679M104
ABEO	Abeona Therapeutics	485,515 (+105.8%)	$2.175M (+74.9%)	1.2%	$5.19	-0.4%	COM NEW	00289Y206

Exited Positions (4)

— Avadel Pharmaceuticals Plc 7.2%

Value $12.93M Shares 600,000 Est. Cost $15.45 Unrealized —

GLD SPDR Gold Trust 7.0%

Value $12.68M Shares 32,000 Est. Cost $205.72 Unrealized —

SLV iShares Silver Trust 2.9%

Value $5.154M Shares 80,000 Est. Cost $24.98 Unrealized —

— Applied Therapeutics Inc 0.3%

Value $605K Shares 6,050,000 Est. Cost $3.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Avadel Pharmaceuticals Plc	600,000	$12.93M	7.2%	$15.45	—	—	05337M104
GLD	SPDR Gold Trust	32,000	$12.68M	7.0%	$205.72	—	—	78463V107
SLV	iShares Silver Trust	80,000	$5.154M	2.9%	$24.98	—	—	46428Q109
—	Applied Therapeutics Inc	6,050,000	$605K	0.3%	$3.42	—	—	03828A101

Decreased Positions (3)

ALT Altimmune Inc 0.3%

Value $493K (-87.8%) Shares 160,000 (-85.7%) Est. Cost $7.72 Unrealized -39.6%

KGC Kinross Gold Corp 5.4%

Value $9.766M (-15.4%) Shares 320,000 (-22.0%) Est. Cost $4.90 Unrealized +589.2%

CGAU Centerra Gold Inc 3.5%

Value $6.387M (-10.6%) Shares 359,000 (-27.8%) Est. Cost $6.81 Unrealized +158.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALT	Altimmune Inc	160,000 (-85.7%)	$493K (-87.8%)	0.3%	$7.72	-39.6%	COM NEW	02155H200
KGC	Kinross Gold Corp	320,000 (-22.0%)	$9.766M (-15.4%)	5.4%	$4.90	+589.2%	COM	496902404
CGAU	Centerra Gold Inc	359,000 (-27.8%)	$6.387M (-10.6%)	3.5%	$6.81	+158.5%	COM	152006102

Unchanged Positions (23)

ALDX Aldeyra Therapeutics Inc 5.1%

Value $9.254M Shares 5,475,516 Est. Cost $5.34 Unrealized -7.2%

NUVB Nuvation Bio Inc 3.6%

Value $6.429M Shares 1,498,591 Est. Cost $3.51 Unrealized +76.0%

— Biohaven Pharmactl Hldg Co 10.9%

Value $19.7M Shares 2,328,602 Est. Cost $18.79 Unrealized —

ENTX Entera Bio Ltd 3.6%

Value $6.47M Shares 5,881,879 Est. Cost $2.26 Unrealized -33.5%

OCUL Ocular Therapeutix Inc. 2.8%

Value $5.085M Shares 600,400 Est. Cost $6.48 Unrealized +51.7%

SSRM SSR Mining In 4.0%

Value $7.203M Shares 245,000 Est. Cost $22.26 Unrealized +14.4%

AEM Agnico Eagle Mines Ltd 5.9%

Value $10.71M Shares 52,750 Est. Cost $47.02 Unrealized +338.1%

ELTX Elicio Therapeutics Inc 3.7%

Value $6.744M Shares 630,915 Est. Cost $7.75 Unrealized +8.8%

RGLD Royal Gold Inc. 7.5%

Value $13.42M Shares 52,750 Est. Cost $185.66 Unrealized +45.4%

MGTX MeiraGTX Holdings 6.0%

Value $10.82M Shares 1,250,000 Est. Cost $4.32 Unrealized +76.1%

SA SEABRIDGE GOLD INC 5.0%

Value $8.984M Shares 317,003 Est. Cost $13.62 Unrealized +139.9%

NEWP New Pac Metals Corp 1.1%

Value $2.008M Shares 485,000 Est. Cost $1.89 Unrealized +105.5%

AGI Alamos Gold Inc 1.2%

Value $2.221M Shares 50,000 Est. Cost $14.56 Unrealized +192.1%

PAAS Pan American Silver 3.0%

Value $5.465M Shares 100,035 Est. Cost $32.15 Unrealized +81.6%

NOC Northrop Grumman Corp 0.8%

Value $1.477M Shares 2,165 Est. Cost $442.02 Unrealized +52.4%

WPM Wheaton Precious Metals Corp 0.9%

Value $1.638M Shares 12,500 Est. Cost $42.73 Unrealized +227.3%

CDE Coeur Mining Inc 1.0%

Value $1.804M Shares 96,132 Est. Cost $6.17 Unrealized +261.8%

BAH Booz Allen Hamilton HLDG COR 0.6%

Value $1.014M Shares 13,000 Est. Cost $76.36 Unrealized +13.9%

DC Dakota Gold Corp 0.3%

Value $621K Shares 122,921 Est. Cost $4.20 Unrealized +46.8%

PM Philip Morris Intl. Inc 0.9%

Value $1.653M Shares 10,000 Est. Cost $83.71 Unrealized +110.1%

CRDL Cardiol Therapeutics Inc 0.1%

Value $135K Shares 100,000 Est. Cost $2.12 Unrealized -52.5%

ITA iSHares US Aerospace & Defense 0.9%

Value $1.673M Shares 7,650 Est. Cost $126.60 Unrealized —

— Orgenesis, Inc. 0.0%

Value $30,373 Shares 50,623 Est. Cost $6.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALDX	Aldeyra Therapeutics Inc	5,475,516	$9.254M	5.1%	$5.34	-7.2%	COM	01438T106
NUVB	Nuvation Bio Inc	1,498,591	$6.429M	3.6%	$3.51	+76.0%	COM CL A	67080N101
—	Biohaven Pharmactl Hldg Co	2,328,602	$19.7M	10.9%	$18.79	—	COM	G11196105
ENTX	Entera Bio Ltd	5,881,879	$6.47M	3.6%	$2.26	-33.5%	SHS	M40527109
OCUL	Ocular Therapeutix Inc.	600,400	$5.085M	2.8%	$6.48	+51.7%	COM	67576A100
SSRM	SSR Mining In	245,000	$7.203M	4.0%	$22.26	+14.4%	COM	784730103
AEM	Agnico Eagle Mines Ltd	52,750	$10.71M	5.9%	$47.02	+338.1%	COM	008474108
ELTX	Elicio Therapeutics Inc	630,915	$6.744M	3.7%	$7.75	+8.8%	COM	28657F103
RGLD	Royal Gold Inc.	52,750	$13.42M	7.5%	$185.66	+45.4%	COM	780287108
MGTX	MeiraGTX Holdings	1,250,000	$10.82M	6.0%	$4.32	+76.1%	COM	G59665102
SA	SEABRIDGE GOLD INC	317,003	$8.984M	5.0%	$13.62	+139.9%	COM	811916105
NEWP	New Pac Metals Corp	485,000	$2.008M	1.1%	$1.89	+105.5%	COM	64782A107
AGI	Alamos Gold Inc	50,000	$2.221M	1.2%	$14.56	+192.1%	COM CL New	011532108
PAAS	Pan American Silver	100,035	$5.465M	3.0%	$32.15	+81.6%	COM	697900108
NOC	Northrop Grumman Corp	2,165	$1.477M	0.8%	$442.02	+52.4%	COM	666807102
WPM	Wheaton Precious Metals Corp	12,500	$1.638M	0.9%	$42.73	+227.3%	COM	962879102
CDE	Coeur Mining Inc	96,132	$1.804M	1.0%	$6.17	+261.8%	COM NEW	192108504
BAH	Booz Allen Hamilton HLDG COR	13,000	$1.014M	0.6%	$76.36	+13.9%	CL A	099502106
DC	Dakota Gold Corp	122,921	$621K	0.3%	$4.20	+46.8%	COM	46655E100
PM	Philip Morris Intl. Inc	10,000	$1.653M	0.9%	$83.71	+110.1%	COM	718172109
CRDL	Cardiol Therapeutics Inc	100,000	$135K	0.1%	$2.12	-52.5%	COM Cal A	14161Y200
ITA	iSHares US Aerospace & Defense	7,650	$1.673M	0.9%	$126.60	—	US AER DEF ETF	464288760
—	Orgenesis, Inc.	50,623	$30,373	0.0%	$6.08	—	COM	68619K105