Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Biohaven Pharmactl Hldg Co	2,352,520 (+1.0%)	$35.01M (+77.7%)	16.3%	$18.75	—	COM	G11196105
OCUL	Ocular Therapeutix Inc.	1,150,400 (+91.6%)	$11.3M (+122.1%)	5.3%	$8.08	—	COM	67576A100
NUVB	Nuvation Bio Inc	1,598,591 (+6.7%)	$9.08M (+41.2%)	4.2%	$3.65	—	COM CL A	67080N101
ELTX	Elicio Therapeutics Inc	1,211,957 (+92.1%)	$4.739M (-29.7%)	2.2%	$5.91	—	COM	28657F103

Exited Positions (1)

CRDL Cardiol Therapeutics Inc 0.1%

Value $135K Shares 100,000 Est. Cost $2.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRDL	Cardiol Therapeutics Inc	100,000	$135K	0.1%	$2.12	—	—	14161Y200

Unchanged Positions (32)

OR OR Royalties 3.3%

Value $7.117M Shares 225,000 Est. Cost $41.88 Unrealized —

MGTX MeiraGTX Holdings 7.9%

Value $16.89M Shares 1,250,000 Est. Cost $4.32 Unrealized —

BAH Booz Allen Hamilton HLDG COR 2.7%

Value $5.694M Shares 13,000 Est. Cost $76.36 Unrealized —

ENTX Entera Bio Ltd 4.9%

Value $10.41M Shares 5,881,879 Est. Cost $2.26 Unrealized —

RGLD Royal Gold Inc. 4.9%

Value $10.53M Shares 52,750 Est. Cost $185.66 Unrealized —

AEM Agnico Eagle Mines Ltd 3.8%

Value $8.183M Shares 52,750 Est. Cost $47.02 Unrealized —

ALDX Aldeyra Therapeutics Inc 5.4%

Value $11.66M Shares 5,475,516 Est. Cost $5.34 Unrealized —

KGC Kinross Gold Corp 3.5%

Value $7.558M Shares 320,000 Est. Cost $4.90 Unrealized —

PHYS Sprott physical gold Trust 5.4%

Value $11.68M Shares 387,055 Est. Cost $35.44 Unrealized —

FNV Franco Nev Corp 3.1%

Value $6.67M Shares 32,000 Est. Cost $138.36 Unrealized —

PSLV Sprott Physical silver Trust 2.0%

Value $4.192M Shares 222,160 Est. Cost $24.39 Unrealized —

PAAS Pan American Silver 2.1%

Value $4.481M Shares 100,035 Est. Cost $32.15 Unrealized —

ABEO Abeona Therapeutics 1.4%

Value $3M Shares 485,515 Est. Cost $5.19 Unrealized —

SA SEABRIDGE GOLD INC 3.8%

Value $8.16M Shares 317,003 Est. Cost $13.62 Unrealized —

GROY Gold RTY Corp 1.3%

Value $2.76M Shares 1,000,000 Est. Cost $4.52 Unrealized —

AGI Alamos Gold Inc 0.7%

Value $1.517M Shares 50,000 Est. Cost $14.56 Unrealized —

CGAU Centerra Gold Inc 2.7%

Value $5.694M Shares 359,000 Est. Cost $6.81 Unrealized —

TFPM Triple Flag Precious Metals 1.6%

Value $3.447M Shares 115,000 Est. Cost $31.00 Unrealized —

NOC Northrop Grumman Corp 0.5%

Value $1.103M Shares 2,165 Est. Cost $442.02 Unrealized —

SSRM SSR Mining In 3.2%

Value $6.929M Shares 245,000 Est. Cost $22.26 Unrealized —

CDE Coeur Mining Inc 0.7%

Value $1.569M Shares 96,132 Est. Cost $6.17 Unrealized —

WPM Wheaton Precious Metals Corp 0.7%

Value $1.404M Shares 12,500 Est. Cost $42.73 Unrealized —

VMET Versamet Royalties Corp 0.4%

Value $821K Shares 66,621 Est. Cost $9.51 Unrealized —

ITA iSHares US Aerospace & Defense 0.9%

Value $1.855M Shares 7,650 Est. Cost $126.60 Unrealized —

PM Philip Morris Intl. Inc 0.8%

Value $1.809M Shares 10,000 Est. Cost $83.71 Unrealized —

DC Dakota Gold Corp 0.2%

Value $524K Shares 122,921 Est. Cost $4.20 Unrealized —

ELE Elemental RTY Corp 0.4%

Value $873K Shares 50,000 Est. Cost $20.22 Unrealized —

NEWP New Pac Metals Corp 0.9%

Value $1.95M Shares 485,000 Est. Cost $1.89 Unrealized —

AMRZ Amrize LTD 0.2%

Value $489K Shares 9,175 Est. Cost $57.11 Unrealized —

PHAR Pharming Group NV 0.0%

Value $56,823 Shares 4,091 Est. Cost $16.64 Unrealized —

— Orgenesis, Inc. 0.0%

Value $20,823 Shares 50,623 Est. Cost $6.08 Unrealized —

ALT Altimmune Inc 0.2%

Value $486K Shares 160,000 Est. Cost $7.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OR	OR Royalties	225,000	$7.117M	3.3%	$41.88	—	COM SHS	68390D106
MGTX	MeiraGTX Holdings	1,250,000	$16.89M	7.9%	$4.32	—	COM	G59665102
BAH	Booz Allen Hamilton HLDG COR	13,000	$5.694M	2.7%	$76.36	—	CL A	099502106
ENTX	Entera Bio Ltd	5,881,879	$10.41M	4.9%	$2.26	—	SHS	M40527109
RGLD	Royal Gold Inc.	52,750	$10.53M	4.9%	$185.66	—	COM	780287108
AEM	Agnico Eagle Mines Ltd	52,750	$8.183M	3.8%	$47.02	—	COM	008474108
ALDX	Aldeyra Therapeutics Inc	5,475,516	$11.66M	5.4%	$5.34	—	COM	01438T106
KGC	Kinross Gold Corp	320,000	$7.558M	3.5%	$4.90	—	COM	496902404
PHYS	Sprott physical gold Trust	387,055	$11.68M	5.4%	$35.44	—	Physical Gold Tr	85207H104
FNV	Franco Nev Corp	32,000	$6.67M	3.1%	$138.36	—	COM	351858105
PSLV	Sprott Physical silver Trust	222,160	$4.192M	2.0%	$24.39	—	Physical Silver	85207K107
PAAS	Pan American Silver	100,035	$4.481M	2.1%	$32.15	—	COM	697900108
ABEO	Abeona Therapeutics	485,515	$3M	1.4%	$5.19	—	COM NEW	00289Y206
SA	SEABRIDGE GOLD INC	317,003	$8.16M	3.8%	$13.62	—	COM	811916105
GROY	Gold RTY Corp	1,000,000	$2.76M	1.3%	$4.52	—	COM	38071H106
AGI	Alamos Gold Inc	50,000	$1.517M	0.7%	$14.56	—	COM CL New	011532108
CGAU	Centerra Gold Inc	359,000	$5.694M	2.7%	$6.81	—	COM	152006102
TFPM	Triple Flag Precious Metals	115,000	$3.447M	1.6%	$31.00	—	COM	89679M104
NOC	Northrop Grumman Corp	2,165	$1.103M	0.5%	$442.02	—	COM	666807102
SSRM	SSR Mining In	245,000	$6.929M	3.2%	$22.26	—	COM	784730103
CDE	Coeur Mining Inc	96,132	$1.569M	0.7%	$6.17	—	COM NEW	192108504
WPM	Wheaton Precious Metals Corp	12,500	$1.404M	0.7%	$42.73	—	COM	962879102
VMET	Versamet Royalties Corp	66,621	$821K	0.4%	$9.51	—	COM NEW	92528V200
ITA	iSHares US Aerospace & Defense	7,650	$1.855M	0.9%	$126.60	—	US AER DEF ETF	464288760
PM	Philip Morris Intl. Inc	10,000	$1.809M	0.8%	$83.71	—	COM	718172109
DC	Dakota Gold Corp	122,921	$524K	0.2%	$4.20	—	COM	46655E100
ELE	Elemental RTY Corp	50,000	$873K	0.4%	$20.22	—	COM NEW	28620K106
NEWP	New Pac Metals Corp	485,000	$1.95M	0.9%	$1.89	—	COM	64782A107
AMRZ	Amrize LTD	9,175	$489K	0.2%	$57.11	—	SHS	H2927K103
PHAR	Pharming Group NV	4,091	$56,823	0.0%	$16.64	—	SPON ADS	71716E105
—	Orgenesis, Inc.	50,623	$20,823	0.0%	$6.08	—	COM	68619K105
ALT	Altimmune Inc	160,000	$486K	0.2%	$7.72	—	COM NEW	02155H200