GLOBAL STRATEGIC MANAGEMENT INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TFPM	TRIPLE FLAG PRECIOUS METAL	323,309	$11	8.9%	$31.28	0.0%	COM	89679M104
FSM	FORTUNA MNG CORP	941,349	$9	7.7%	$9.00	0.0%	COM NEW	349942102
OR	OR ROYALTIES INC. COM SHS	225,992	$8	6.7%	$35.04	0.0%	COM SHS	68390D106
B	BARRICK MNG CORP	125,305	$5	4.6%	$37.42	0.0%	COM SHS	06849F108
ELE	ELEMENTAL RTY CORP	281,197	$5	4.0%	$15.55	0.0%	COM NEW	28620K106
—	DAKOTA GOLD CORP	542,720	$3	2.6%	$0.01	—	COM	46644E100
PSLV	SPROTT ASSET MANAGEMENT LP PHYSICAL SILVER	75,500	$2	1.5%	$0.02	—	UNIT	85207K107
ORLA	ORLA MNG LTD	96,700	$1	1.1%	$12.14	0.0%	NEW COM	68634K106
IE	IVANHOE ELECTRIC INC	61,638	$1	0.8%	$14.31	0.0%	COM	46578C108
WRN	WESTERN COPPER & GOLD CORP	325,400	$1	0.7%	$2.31	0.0%	COM	95805V108
DMLP	DORCHESTER MINERALS LP	29,050	$1	0.5%	$0.02	—	COM UNIT	25820R105
ERO	ERO COPPER CORP	18,608	$1	0.4%	$23.29	0.0%	COM	296006109
PTON	PELOTON INTERACTIVE INC CL A	79,200	$0	0.4%	$7.04	0.0%	COM	70614W100
CAG	CONAGRA BRANDS INC	26,500	$0	0.4%	$17.64	0.0%	COM	205887102
SEG	SEAPORT ENTMT GROUP INC	17,300	$0	0.3%	$22.41	0.0%	COMMON STOCK	812215200

Increased Positions (6)

MTA METALLA RTY & STREAMING LTD 13.5%

Value ($000) $16 (-99.8%) Shares 2,082,799 (+157.0%) Est. Cost $6.60 Unrealized +9.0%

PAAS PAN AMERN SILVER CORP 6.7%

Value ($000) $8 (-99.8%) Shares 153,984 (+38.0%) Est. Cost $22.42 Unrealized +86.7%

AEM AGNICO EAGLE MINES LTD 9.9%

Value ($000) $12 (-99.5%) Shares 69,890 (+100.4%) Est. Cost $103.87 Unrealized +61.6%

BTG B2GOLD CORP 2.0%

Value ($000) $2 (-99.8%) Shares 528,964 (+140.5%) Est. Cost $3.98 Unrealized +17.2%

EQX EQUINOX GOLD CORP 1.6%

Value ($000) $2 (-99.8%) Shares 136,678 (+22.6%) Est. Cost $9.65 Unrealized +30.8%

LAND GLADSTONE LD CORP 1.2%

Value ($000) $1 (-99.8%) Shares 155,220 (+239.2%) Est. Cost $3.43 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MTA	METALLA RTY & STREAMING LTD	2,082,799 (+157.0%)	$16 (-99.8%)	13.5%	$6.60	+9.0%	COM NEW	59124U605
PAAS	PAN AMERN SILVER CORP	153,984 (+38.0%)	$8 (-99.8%)	6.7%	$22.42	+86.7%	COM	697900108
AEM	AGNICO EAGLE MINES LTD	69,890 (+100.4%)	$12 (-99.5%)	9.9%	$103.87	+61.6%	COM	008474108
BTG	B2GOLD CORP	528,964 (+140.5%)	$2 (-99.8%)	2.0%	$3.98	+17.2%	COM	11777Q209
EQX	EQUINOX GOLD CORP	136,678 (+22.6%)	$2 (-99.8%)	1.6%	$9.65	+30.8%	COM	29446Y502
LAND	GLADSTONE LD CORP	155,220 (+239.2%)	$1 (-99.8%)	1.2%	$3.43	—	COM	376549101

Exited Positions (24)

— OSISKO GOLD ROYALTIES LTD 6193.8%

Value ($000) $7,428 Shares 585,769 Est. Cost $8.76 Unrealized —

— FORTUNA SILVER MINES INC 6012.9%

Value ($000) $7,211 Shares 876,129 Est. Cost $3.25 Unrealized —

EMX EMX RTY CORP 5629.3%

Value ($000) $6,751 Shares 2,045,908 Est. Cost $1.20 Unrealized —

— BARRICK GOLD CORPORATION 2574.1%

Value ($000) $3,087 Shares 135,562 Est. Cost $14.94 Unrealized —

VGZ VISTA GOLD CORP 2348.1%

Value ($000) $2,816 Shares 2,632,066 Est. Cost $0.61 Unrealized +214.3%

— PRETIUM RES INC 1257.4%

Value ($000) $1,508 Shares 131,435 Est. Cost $8.12 Unrealized —

— BARCLAYS BANK PLC IPTH 1040.6%

Value ($000) $1,248 Shares 75,000 Est. Cost $22.08 Unrealized —

— BARRICK GOLD CORPORATION 1012.3%

Value ($000) $1,214 Shares 53,300 Est. Cost $14.94 Unrealized —

— SPROTT PHYSICAL SILVER TR 948.1%

Value ($000) $1,137 Shares 75,471 Est. Cost $6.59 Unrealized —

L LOEWS CORP 654.6%

Value ($000) $785 Shares 17,435 Est. Cost $46.14 Unrealized +123.7%

— GLADSTONE CAPITAL CORP 647.1%

Value ($000) $776 Shares 87,678 Est. Cost $6.19 Unrealized —

GFI GOLD FIELDS LTD 637.9%

Value ($000) $765 Shares 33,600 Est. Cost $4.77 Unrealized —

— SANDSTORM GOLD LTD 506.1%

Value ($000) $607 Shares 84,800 Est. Cost $5.79 Unrealized —

MUFG MITSUBISHI UFJ FINL GROUP IN 499.5%

Value ($000) $599 Shares 135,500 Est. Cost $4.42 Unrealized —

PHYS SPROTT PHYSICAL GOLD 479.5%

Value ($000) $575 Shares 61,700 Est. Cost $11.44 Unrealized —

— GLAXOSMITHKLINE PLC 416.9%

Value ($000) $500 Shares 13,590 Est. Cost $36.79 Unrealized —

PAAS PAN AMERN SILVER CORP 264.3%

Value ($000) $317 Shares 9,200 Est. Cost $22.42 Unrealized +86.7%

CVX CHEVRON CORP 264.3%

Value ($000) $317 Shares 3,760 Est. Cost $65.02 Unrealized +132.9%

EOG EOG RES INC 228.5%

Value ($000) $274 Shares 5,490 Est. Cost $34.85 Unrealized +207.6%

GFI GOLD FIELDS LTD 193.5%

Value ($000) $232 Shares 25,100 Est. Cost $4.77 Unrealized —

GLD SPDR GOLD TR GOLD 180.9%

Value ($000) $217 Shares 1,219 Est. Cost $178.01 Unrealized —

— MAVERIX METALS INC 159.3%

Value ($000) $191 Shares 34,800 Est. Cost $5.17 Unrealized —

KGC KINROSS GOLD CORP 86.7%

Value ($000) $104 Shares 14,200 Est. Cost $7.97 Unrealized +225.9%

— FORTUNA SILVER MINES INC 14.2%

Value ($000) $17 Shares 2,100 Est. Cost $3.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	OSISKO GOLD ROYALTIES LTD	585,769	$7,428	6193.8%	$8.76	—	—	68827L101
—	FORTUNA SILVER MINES INC	876,129	$7,211	6012.9%	$3.25	—	—	349915108
EMX	EMX RTY CORP	2,045,908	$6,751	5629.3%	$1.20	—	—	26873J107
—	BARRICK GOLD CORPORATION	135,562	$3,087	2574.1%	$14.94	—	—	067901108
VGZ	VISTA GOLD CORP	2,632,066	$2,816	2348.1%	$0.61	+214.3%	—	927926303
—	PRETIUM RES INC	131,435	$1,508	1257.4%	$8.12	—	—	74139C102
—	BARCLAYS BANK PLC IPTH	75,000	$1,248	1040.6%	$22.08	—	—	06746P621
—	BARRICK GOLD CORPORATION	53,300	$1,214	1012.3%	$14.94	—	CALL	067901108
—	SPROTT PHYSICAL SILVER TR	75,471	$1,137	948.1%	$6.59	—	—	85207k107
L	LOEWS CORP	17,435	$785	654.6%	$46.14	+123.7%	—	540424108
—	GLADSTONE CAPITAL CORP	87,678	$776	647.1%	$6.19	—	—	376535100
GFI	GOLD FIELDS LTD	33,600	$765	637.9%	$4.77	—	CALL	38059T106
—	SANDSTORM GOLD LTD	84,800	$607	506.1%	$5.79	—	—	80013R206
MUFG	MITSUBISHI UFJ FINL GROUP IN	135,500	$599	499.5%	$4.42	—	—	606822104
PHYS	SPROTT PHYSICAL GOLD	61,700	$575	479.5%	$11.44	—	—	85207H104
—	GLAXOSMITHKLINE PLC	13,590	$500	416.9%	$36.79	—	—	37733W105
PAAS	PAN AMERN SILVER CORP	9,200	$317	264.3%	$22.42	+86.7%	CALL	697900108
CVX	CHEVRON CORP	3,760	$317	264.3%	$65.02	+132.9%	—	166764100
EOG	EOG RES INC	5,490	$274	228.5%	$34.85	+207.6%	—	26875P101
GFI	GOLD FIELDS LTD	25,100	$232	193.5%	$4.77	—	—	38059T106
GLD	SPDR GOLD TR GOLD	1,219	$217	180.9%	$178.01	—	—	78463V107
—	MAVERIX METALS INC	34,800	$191	159.3%	$5.17	—	—	57776F405
KGC	KINROSS GOLD CORP	14,200	$104	86.7%	$7.97	+225.9%	—	496902404
—	FORTUNA SILVER MINES INC	2,100	$17	14.2%	$3.25	—	CALL	349915108

Decreased Positions (6)

FNV FRANCO NEV CORP 13.6%

Value ($000) $16 (-99.9%) Shares 78,651 (-31.0%) Est. Cost $62.48 Unrealized +224.6%

RGLD ROYAL GOLD INC 4.4%

Value ($000) $5 (-99.9%) Shares 23,941 (-47.9%) Est. Cost $76.98 Unrealized +157.7%

ARCC ARES CAPITAL CORP 1.8%

Value ($000) $2 (-99.9%) Shares 109,241 (-36.3%) Est. Cost $8.73 Unrealized +126.8%

WPM WHEATON PRECIOUS METALS CORP 3.9%

Value ($000) $5 (-99.8%) Shares 39,369 (-35.8%) Est. Cost $18.45 Unrealized +480.4%

GAIN GLADSTONE INVT CORP 0.5%

Value ($000) $1 (-100.0%) Shares 39,032 (-74.1%) Est. Cost $5.13 Unrealized +164.5%

GBDC GOLUB CAP BDC INC 0.3%

Value ($000) $0 (-99.9%) Shares 29,900 (-27.2%) Est. Cost $9.11 Unrealized +48.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FNV	FRANCO NEV CORP	78,651 (-31.0%)	$16 (-99.9%)	13.6%	$62.48	+224.6%	COM	351858105
RGLD	ROYAL GOLD INC	23,941 (-47.9%)	$5 (-99.9%)	4.4%	$76.98	+157.7%	COM	780287108
ARCC	ARES CAPITAL CORP	109,241 (-36.3%)	$2 (-99.9%)	1.8%	$8.73	+126.8%	COM	04010L103
WPM	WHEATON PRECIOUS METALS CORP	39,369 (-35.8%)	$5 (-99.8%)	3.9%	$18.45	+480.4%	COM	962879102
GAIN	GLADSTONE INVT CORP	39,032 (-74.1%)	$1 (-100.0%)	0.5%	$5.13	+164.5%	COM	376546107
GBDC	GOLUB CAP BDC INC	29,900 (-27.2%)	$0 (-99.9%)	0.3%	$9.11	+48.7%	COM	38173M102