SPROTT INC. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELE	ELEMENTAL RTY CORP	1,875,676	$31,830	1.1%	$15.55	0.0%	COM NEW	28620K106
SLB	SLB LIMITED	104,461	$4,009	0.1%	$36.06	0.0%	COM STK	806857108
GNTX	GENTEX CORP	120,000	$2,792	0.1%	$24.11	0.0%	COM	371901109
HRB	BLOCK H & R INC	50,000	$2,179	0.1%	$46.41	0.0%	COM	093671105
TEN	TSAKOS ENERGY NAVIGATION LTD	55,000	$1,233	0.0%	$23.41	0.0%	SHS	G9108L173
—	IAMGOLD CORP	60,000	$1,140	0.0%	—	—	CALL	450913908
INSW	INTERNATIONAL SEAWAYS INC	21,182	$1,028	0.0%	$48.84	0.0%	COM	Y41053102
NVDA	NVIDIA CORPORATION	4,410	$822	0.0%	$186.13	0.0%	COM	67066G104
CVE	CENOVUS ENERGY INC	38,441	$650	0.0%	$17.37	0.0%	COM	15135U109
TGB	TASEKO MINES LTD	89,690	$508	0.0%	$4.70	0.0%	COM	876511106
HAFN	HAFNIA LTD	95,000	$506	0.0%	$5.96	0.0%	SHS	Y2990R101
SBLK	STAR BULK CARRIERS CORP	22,784	$438	0.0%	$18.67	0.0%	SHS PAR	Y8162K204
RRC	RANGE RES CORP	11,820	$417	0.0%	$37.25	0.0%	COM	75281A109
AMR	ALPHA METALLURGICAL RESOUR I	1,906	$381	0.0%	$172.83	0.0%	COM	020764106
OXY	OCCIDENTAL PETE CORP	9,065	$373	0.0%	$41.55	0.0%	COM	674599105
DEC	DIVERSIFIED ENERGY CO	25,000	$362	0.0%	$13.84	0.0%	COMMON STOCK	25520W107
AGQ	PROSHARES TR II	2,120	$329	0.0%	$155.12	—	ULTRA SILVER NEW	74347W353
LRCX	LAM RESEARCH CORP	1,800	$308	0.0%	$155.36	0.0%	COM NEW	512807306
GOOG	ALPHABET INC	960	$301	0.0%	$286.33	0.0%	CAP STK CL C	02079K107
ELMD	ELECTROMED INC	10,000	$291	0.0%	$26.21	0.0%	COM	285409108
INGR	INGREDION INC	2,473	$273	0.0%	$112.78	0.0%	COM	457187102
NIKL	SPROTT FDS TR	17,020	$268	0.0%	$15.73	—	NICKEL MINERS ET	85208P600
COP	CONOCOPHILLIPS	2,712	$254	0.0%	$90.02	0.0%	COM	20825C104
REI	RING ENERGY INC	285,000	$248	0.0%	$0.95	0.0%	COM	76680V108
ANGX	ANGEL STUDIOS INC	52,691	$246	0.0%	$5.93	0.0%	CL A COM	034948109
SCCO	SOUTHERN COPPER CORP	1,468	$211	0.0%	$132.76	0.0%	COM	84265V105
WRN	WESTERN COPPER & GOLD CORP	36,330	$97	0.0%	$2.31	0.0%	COM	95805V108
—	PLATINUM GROUP METALS LTD	20,000	$55	0.0%	—	—	CALL	72765Q902
GANX	GAIN THERAPEUTICS INC	12,000	$39	0.0%	$2.67	0.0%	COM	36269B105
—	LARGO INC	15,000	$19	0.0%	—	—	CALL	517097901
—	STRIVE INC	15,000	$11	0.0%	$0.74	—	CL A COM	862945102

Increased Positions (82)

B BARRICK MNG CORP 3.5%

Value ($000) $104,116 (+408.3%) Shares 2,389,369 (+282.9%) Est. Cost $33.93 Unrealized +10.3%

RGLD ROYAL GOLD INC 1.1%

Value ($000) $33,798 (+205.5%) Shares 152,045 (+175.6%) Est. Cost $171.36 Unrealized +15.8%

PSLV SPROTT ASSET MANAGEMENT LP 1.7%

Value ($000) $51,767 (+68.5%) Shares 2,188,883 (+11.9%) Est. Cost $10.53 Unrealized —

ODV OSISKO DEVELOPMENT CORP 0.5%

Value ($000) $15,482 (+1702.7%) Shares 4,560,007 (+1699.9%) Est. Cost $3.48 Unrealized -1.2%

NFGC NEW FOUND GOLD CORP 0.8%

Value ($000) $23,685 (+148.2%) Shares 7,997,610 (+99.1%) Est. Cost $1.94 Unrealized +26.5%

— VANECK ETF TRUST 0.8%

Value ($000) $24,187 (+70.8%) Shares 188,400 (+23.4%) Est. Cost — Unrealized —

— INVESCO QQQ TR 0.7%

Value ($000) $21,453 (+73.2%) Shares 34,900 (+71.1%) Est. Cost — Unrealized —

CEF SPROTT ASSET MANAGEMENT LP 1.1%

Value ($000) $32,056 (+31.6%) Shares 699,916 (+5.4%) Est. Cost $20.28 Unrealized —

— SPROTT FOCUS TR INC 4.5%

Value ($000) $134,112 (+6.1%) Shares 15,450,730 (+1.5%) Est. Cost $8.01 Unrealized —

ERO ERO COPPER CORP 0.8%

Value ($000) $22,819 (+45.6%) Shares 806,451 (+4.1%) Est. Cost $13.80 Unrealized +68.7%

MTA METALLA RTY & STREAMING LTD 0.4%

Value ($000) $11,013 (+134.9%) Shares 1,415,520 (+91.8%) Est. Cost $5.18 Unrealized +38.8%

CCJ CAMECO CORP 0.6%

Value ($000) $17,814 (+54.9%) Shares 194,706 (+41.9%) Est. Cost $49.59 Unrealized +81.4%

— ISHARES SILVER TR 0.2%

Value ($000) $6,856 (+1114.4%) Shares 90,000 (+592.3%) Est. Cost — Unrealized —

NUE NUCOR CORP 1.1%

Value ($000) $32,911 (+22.4%) Shares 201,774 (+1.6%) Est. Cost $143.39 Unrealized +4.5%

— SELECT SECTOR SPDR TR 0.2%

Value ($000) $6,636 (+416.7%) Shares 124,500 (+408.2%) Est. Cost — Unrealized —

— ISHARES TR 1.0%

Value ($000) $28,963 (+19.4%) Shares 303,600 (+22.1%) Est. Cost — Unrealized —

VNOM VIPER ENERGY INC 0.4%

Value ($000) $12,191 (+51.6%) Shares 315,590 (+50.0%) Est. Cost $38.02 Unrealized -0.4%

BIL SPDR SERIES TRUST 2.6%

Value ($000) $75,932 (+5.6%) Shares 830,949 (+6.0%) Est. Cost $91.66 Unrealized —

METL SPROTT FDS TR 0.4%

Value ($000) $11,518 (+43.9%) Shares 455,790 (+25.4%) Est. Cost $22.68 Unrealized —

USAS AMERICAS GOLD AND SILVER COR 0.3%

Value ($000) $8,405 (+59.9%) Shares 1,643,896 (+16.7%) Est. Cost $2.88 Unrealized +56.0%

STLD STEEL DYNAMICS INC 0.5%

Value ($000) $15,452 (+23.1%) Shares 91,191 (+1.3%) Est. Cost $80.13 Unrealized +97.6%

XOM EXXON MOBIL CORP 1.0%

Value ($000) $29,510 (+10.5%) Shares 245,225 (+3.6%) Est. Cost $93.06 Unrealized +24.1%

CF CF INDS HLDGS INC 0.6%

Value ($000) $18,275 (-9.2%) Shares 236,295 (+5.3%) Est. Cost $75.03 Unrealized +9.2%

RS RELIANCE INC 0.5%

Value ($000) $13,657 (+14.2%) Shares 47,279 (+11.0%) Est. Cost $148.42 Unrealized +89.3%

SQM SOCIEDAD QUIMICA Y MINERA DE 0.1%

Value ($000) $2,951 (+128.3%) Shares 42,894 (+42.6%) Est. Cost $51.74 Unrealized —

DC DAKOTA GOLD CORP 0.2%

Value ($000) $6,411 (+29.6%) Shares 1,128,675 (+3.8%) Est. Cost $2.55 Unrealized +88.7%

SIVR ABRDN SILVER ETF TRUST 0.1%

Value ($000) $3,061 (+89.9%) Shares 45,258 (+24.9%) Est. Cost $38.31 Unrealized —

ALB ALBEMARLE CORP 0.1%

Value ($000) $1,676 (+359.8%) Shares 11,852 (+163.6%) Est. Cost $94.32 Unrealized +20.1%

FCX FREEPORT-MCMORAN INC 0.1%

Value ($000) $2,215 (+75.9%) Shares 43,619 (+35.8%) Est. Cost $41.35 Unrealized +4.7%

LNG CHENIERE ENERGY INC 0.1%

Value ($000) $2,360 (+67.5%) Shares 12,142 (+102.5%) Est. Cost $160.10 Unrealized +31.2%

VCSH VANGUARD SCOTTSDALE FDS 0.2%

Value ($000) $5,214 (+21.5%) Shares 65,400 (+21.8%) Est. Cost $92.51 Unrealized —

COPX GLOBAL X FDS 0.1%

Value ($000) $2,323 (+65.8%) Shares 32,365 (+38.1%) Est. Cost $57.43 Unrealized —

HBM HUDBAY MINERALS INC 0.1%

Value ($000) $1,687 (+112.3%) Shares 84,913 (+61.9%) Est. Cost $11.03 Unrealized +53.4%

SPPP SPROTT ASSET MANAGEMENT LP 0.1%

Value ($000) $2,747 (+42.4%) Shares 163,117 (+14.8%) Est. Cost $13.68 Unrealized —

ASM AVINO SILVER & GOLD MINES LT 0.1%

Value ($000) $2,147 (+59.5%) Shares 345,660 (+34.9%) Est. Cost $2.17 Unrealized +147.7%

SILJ AMPLIFY ETF TR 0.1%

Value ($000) $2,972 (+36.5%) Shares 107,392 (+13.9%) Est. Cost $16.25 Unrealized —

GDX VANECK ETF TRUST 0.2%

Value ($000) $5,699 (+15.7%) Shares 66,444 (+3.1%) Est. Cost $39.80 Unrealized —

NXE NEXGEN ENERGY LTD 0.2%

Value ($000) $4,614 (+17.8%) Shares 501,402 (+14.6%) Est. Cost $2.67 Unrealized +231.2%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.1%

Value ($000) $2,423 (-21.2%) Shares 35,438 (+3.5%) Est. Cost $67.89 Unrealized —

TPL TEXAS PACIFIC LAND CORPORATI 0.3%

Value ($000) $9,743 (+6.6%) Shares 33,921 (+246.6%) Est. Cost $284.69 Unrealized +7.1%

DNN DENISON MINES CORP 0.1%

Value ($000) $2,916 (+26.1%) Shares 1,096,261 (+30.4%) Est. Cost $1.41 Unrealized +93.5%

DVN DEVON ENERGY CORP NEW 0.0%

Value ($000) $712 (+217.3%) Shares 19,439 (+203.7%) Est. Cost $34.63 Unrealized +0.3%

CALM CAL MAINE FOODS INC 0.7%

Value ($000) $19,419 (-2.4%) Shares 244,050 (+15.4%) Est. Cost $63.38 Unrealized +36.7%

— AMPLIFY ETF TR 0.0%

Value ($000) $776 (+149.7%) Shares 23,500 (+67.9%) Est. Cost — Unrealized —

CTVA CORTEVA INC 0.1%

Value ($000) $2,401 (+21.7%) Shares 35,814 (+22.8%) Est. Cost $43.22 Unrealized +49.3%

HCC WARRIOR MET COAL INC 0.0%

Value ($000) $708 (+114.7%) Shares 8,026 (+55.0%) Est. Cost $63.54 Unrealized +18.3%

MP MP MATERIALS CORP 0.1%

Value ($000) $3,016 (-10.4%) Shares 59,703 (+19.0%) Est. Cost $24.76 Unrealized +156.1%

WLK WESTLAKE CORPORATION 0.3%

Value ($000) $10,352 (+3.3%) Shares 140,000 (+7.7%) Est. Cost $75.06 Unrealized -5.7%

AMZN AMAZON COM INC 0.0%

Value ($000) $844 (+63.5%) Shares 3,655 (+55.5%) Est. Cost $160.45 Unrealized +42.6%

SLVR SPROTT FDS TR 0.0%

Value ($000) $704 (+77.3%) Shares 12,622 (+40.9%) Est. Cost $47.66 Unrealized —

SA SEABRIDGE GOLD INC 0.0%

Value ($000) $1,353 (+26.9%) Shares 45,715 (+3.6%) Est. Cost $16.75 Unrealized +57.0%

UEC URANIUM ENERGY CORP 0.3%

Value ($000) $7,613 (-3.3%) Shares 651,839 (+10.4%) Est. Cost $6.51 Unrealized +101.5%

CME CME GROUP INC 0.1%

Value ($000) $1,510 (+18.6%) Shares 5,531 (+17.4%) Est. Cost $183.64 Unrealized +47.4%

OUNZ VANECK MERK GOLD ETF 0.1%

Value ($000) $1,849 (+14.7%) Shares 44,583 (+2.8%) Est. Cost $27.17 Unrealized —

KMI KINDER MORGAN INC DEL 0.0%

Value ($000) $419 (+105.9%) Shares 15,233 (+112.1%) Est. Cost $26.94 Unrealized -0.1%

LB LANDBRIDGE COMPANY LLC 0.1%

Value ($000) $4,174 (+5.2%) Shares 85,193 (+14.6%) Est. Cost $44.71 Unrealized +30.1%

NTR NUTRIEN LTD 0.1%

Value ($000) $3,375 (+6.4%) Shares 54,682 (+1.2%) Est. Cost $44.10 Unrealized +33.5%

LITP SPROTT FDS TR 0.0%

Value ($000) $539 (+55.2%) Shares 44,740 (+16.3%) Est. Cost $8.48 Unrealized —

COPP SPROTT FDS TR 0.0%

Value ($000) $391 (+85.6%) Shares 11,242 (+50.9%) Est. Cost $30.49 Unrealized —

— ADAM NAT RES FD INC 0.0%

Value ($000) $1,468 (+12.5%) Shares 67,520 (+11.4%) Est. Cost $21.28 Unrealized —

NVR NVR INC 0.0%

Value ($000) $503 (+42.3%) Shares 69 (+56.8%) Est. Cost $7104.58 Unrealized +5.2%

CNR CORE NATURAL RESOURCES INC 0.0%

Value ($000) $354 (+65.5%) Shares 4,000 (+56.1%) Est. Cost $78.50 Unrealized +8.5%

ORLA ORLA MNG LTD NEW 0.0%

Value ($000) $617 (+26.9%) Shares 45,822 (+1.8%) Est. Cost $4.59 Unrealized +164.7%

CVX CHEVRON CORP NEW 0.0%

Value ($000) $645 (+20.7%) Shares 4,232 (+23.0%) Est. Cost $146.94 Unrealized +3.0%

TSLA TESLA INC 0.0%

Value ($000) $876 (+14.3%) Shares 1,947 (+13.1%) Est. Cost $294.21 Unrealized +50.7%

IE IVANHOE ELECTRIC INC 0.0%

Value ($000) $241 (+77.7%) Shares 15,108 (+39.5%) Est. Cost $11.14 Unrealized +28.5%

BAM BROOKFIELD ASSET MANAGMT LTD 0.1%

Value ($000) $1,798 (+6.2%) Shares 34,312 (+15.5%) Est. Cost $43.68 Unrealized +22.4%

RIO RIO TINTO PLC 0.0%

Value ($000) $369 (+26.5%) Shares 4,607 (+4.3%) Est. Cost $65.54 Unrealized —

PWR QUANTA SVCS INC 0.0%

Value ($000) $1,288 (+5.6%) Shares 3,051 (+3.7%) Est. Cost $142.17 Unrealized +209.0%

GAU GALIANO GOLD INC 0.0%

Value ($000) $194 (+47.9%) Shares 76,662 (+28.1%) Est. Cost $1.66 Unrealized +49.4%

BTC GRAYSCALE BITCOIN MINI TR ET 0.0%

Value ($000) $213 (-21.7%) Shares 5,500 (+2.3%) Est. Cost $41.80 Unrealized —

IFF INTERNATIONAL FLAVORS&FRAGRA 0.0%

Value ($000) $425 (+15.2%) Shares 6,305 (+5.2%) Est. Cost $76.79 Unrealized -16.1%

MUX MCEWEN INC 0.0%

Value ($000) $228 (+32.2%) Shares 12,309 (+22.2%) Est. Cost $10.77 Unrealized +72.7%

EXP EAGLE MATLS INC 0.0%

Value ($000) $533 (-8.0%) Shares 2,578 (+3.7%) Est. Cost $240.47 Unrealized -8.3%

SSO PROSHARES TR 0.0%

Value ($000) $1,413 (+3.3%) Shares 24,400 (+100.0%) Est. Cost $74.05 Unrealized —

OIH VANECK ETF TRUST 0.0%

Value ($000) $327 (+15.6%) Shares 1,150 (+5.5%) Est. Cost $271.94 Unrealized —

TRX TRX GOLD CORPORATION 0.0%

Value ($000) $88 (+99.1%) Shares 95,721 (+34.9%) Est. Cost $0.47 Unrealized +59.1%

TQQQ PROSHARES TR 0.1%

Value ($000) $1,624 (+2.0%) Shares 30,800 (+100.0%) Est. Cost $62.60 Unrealized —

NG NOVAGOLD RES INC 0.0%

Value ($000) $116 (+19.4%) Shares 12,430 (+12.7%) Est. Cost $9.67 Unrealized -4.1%

ICE INTERCONTINENTAL EXCHANGE IN 0.0%

Value ($000) $726 (-2.5%) Shares 4,481 (+1.4%) Est. Cost $134.26 Unrealized +16.3%

LAC LITHIUM AMERS CORP NEW 0.0%

Value ($000) $70 (-9.3%) Shares 16,087 (+18.7%) Est. Cost $3.57 Unrealized +61.6%

XLE SELECT SECTOR SPDR TR 0.0%

Value ($000) $969 (-0.3%) Shares 21,680 (+99.2%) Est. Cost $65.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
B	BARRICK MNG CORP	2,389,369 (+282.9%)	$104,116 (+408.3%)	3.5%	$33.93	+10.3%	COM SHS	06849F108
RGLD	ROYAL GOLD INC	152,045 (+175.6%)	$33,798 (+205.5%)	1.1%	$171.36	+15.8%	COM	780287108
PSLV	SPROTT ASSET MANAGEMENT LP	2,188,883 (+11.9%)	$51,767 (+68.5%)	1.7%	$10.53	—	PHYSICAL SILVER	85207K107
ODV	OSISKO DEVELOPMENT CORP	4,560,007 (+1699.9%)	$15,482 (+1702.7%)	0.5%	$3.48	-1.2%	COM NEW	68828E809
NFGC	NEW FOUND GOLD CORP	7,997,610 (+99.1%)	$23,685 (+148.2%)	0.8%	$1.94	+26.5%	COM	64440N103
—	VANECK ETF TRUST	188,400 (+23.4%)	$24,187 (+70.8%)	0.8%	—	—	PUT	92189F951
—	INVESCO QQQ TR	34,900 (+71.1%)	$21,453 (+73.2%)	0.7%	—	—	PUT	46090E953
CEF	SPROTT ASSET MANAGEMENT LP	699,916 (+5.4%)	$32,056 (+31.6%)	1.1%	$20.28	—	PHYSICAL GOLD AN	85208R101
—	SPROTT FOCUS TR INC	15,450,730 (+1.5%)	$134,112 (+6.1%)	4.5%	$8.01	—	COM	85208J109
ERO	ERO COPPER CORP	806,451 (+4.1%)	$22,819 (+45.6%)	0.8%	$13.80	+68.7%	COM	296006109
MTA	METALLA RTY & STREAMING LTD	1,415,520 (+91.8%)	$11,013 (+134.9%)	0.4%	$5.18	+38.8%	COM NEW	59124U605
CCJ	CAMECO CORP	194,706 (+41.9%)	$17,814 (+54.9%)	0.6%	$49.59	+81.4%	COM	13321L108
—	ISHARES SILVER TR	90,000 (+592.3%)	$6,856 (+1114.4%)	0.2%	—	—	CALL	46428Q909
NUE	NUCOR CORP	201,774 (+1.6%)	$32,911 (+22.4%)	1.1%	$143.39	+4.5%	COM	670346105
—	SELECT SECTOR SPDR TR	124,500 (+408.2%)	$6,636 (+416.7%)	0.2%	—	—	PUT	81369Y955
—	ISHARES TR	303,600 (+22.1%)	$28,963 (+19.4%)	1.0%	—	—	CALL	464287900
VNOM	VIPER ENERGY INC	315,590 (+50.0%)	$12,191 (+51.6%)	0.4%	$38.02	-0.4%	CL A	64361Q101
BIL	SPDR SERIES TRUST	830,949 (+6.0%)	$75,932 (+5.6%)	2.6%	$91.66	—	STATE STREET SPD	78468R663
METL	SPROTT FDS TR	455,790 (+25.4%)	$11,518 (+43.9%)	0.4%	$22.68	—	ACTIVE METALS	85208P857
USAS	AMERICAS GOLD AND SILVER COR	1,643,896 (+16.7%)	$8,405 (+59.9%)	0.3%	$2.88	+56.0%	COM NEW	03062D803
STLD	STEEL DYNAMICS INC	91,191 (+1.3%)	$15,452 (+23.1%)	0.5%	$80.13	+97.6%	COM	858119100
XOM	EXXON MOBIL CORP	245,225 (+3.6%)	$29,510 (+10.5%)	1.0%	$93.06	+24.1%	COM	30231G102
CF	CF INDS HLDGS INC	236,295 (+5.3%)	$18,275 (-9.2%)	0.6%	$75.03	+9.2%	COM	125269100
RS	RELIANCE INC	47,279 (+11.0%)	$13,657 (+14.2%)	0.5%	$148.42	+89.3%	COM	759509102
SQM	SOCIEDAD QUIMICA Y MINERA DE	42,894 (+42.6%)	$2,951 (+128.3%)	0.1%	$51.74	—	SPON ADR SER B	833635105
DC	DAKOTA GOLD CORP	1,128,675 (+3.8%)	$6,411 (+29.6%)	0.2%	$2.55	+88.7%	COM	46655E100
SIVR	ABRDN SILVER ETF TRUST	45,258 (+24.9%)	$3,061 (+89.9%)	0.1%	$38.31	—	PHYSCL SILVR SHS	003264108
ALB	ALBEMARLE CORP	11,852 (+163.6%)	$1,676 (+359.8%)	0.1%	$94.32	+20.1%	COM	012653101
FCX	FREEPORT-MCMORAN INC	43,619 (+35.8%)	$2,215 (+75.9%)	0.1%	$41.35	+4.7%	CL B	35671D857
LNG	CHENIERE ENERGY INC	12,142 (+102.5%)	$2,360 (+67.5%)	0.1%	$160.10	+31.2%	COM NEW	16411R208
VCSH	VANGUARD SCOTTSDALE FDS	65,400 (+21.8%)	$5,214 (+21.5%)	0.2%	$92.51	—	SHRT TRM CORP BD	92206C409
COPX	GLOBAL X FDS	32,365 (+38.1%)	$2,323 (+65.8%)	0.1%	$57.43	—	GLOBAL X COPPER	37954Y830
HBM	HUDBAY MINERALS INC	84,913 (+61.9%)	$1,687 (+112.3%)	0.1%	$11.03	+53.4%	COM	443628102
SPPP	SPROTT ASSET MANAGEMENT LP	163,117 (+14.8%)	$2,747 (+42.4%)	0.1%	$13.68	—	PHYSICAL PLATINU	85207Q104
ASM	AVINO SILVER & GOLD MINES LT	345,660 (+34.9%)	$2,147 (+59.5%)	0.1%	$2.17	+147.7%	COM	053906103
SILJ	AMPLIFY ETF TR	107,392 (+13.9%)	$2,972 (+36.5%)	0.1%	$16.25	—	AMPLIFY JUNIOR S	032108649
GDX	VANECK ETF TRUST	66,444 (+3.1%)	$5,699 (+15.7%)	0.2%	$39.80	—	GOLD MINERS ETF	92189F106
NXE	NEXGEN ENERGY LTD	501,402 (+14.6%)	$4,614 (+17.8%)	0.2%	$2.67	+231.2%	COM	65340P106
GBTC	GRAYSCALE BITCOIN TRUST ETF	35,438 (+3.5%)	$2,423 (-21.2%)	0.1%	$67.89	—	SHS REP COM UT	389637109
TPL	TEXAS PACIFIC LAND CORPORATI	33,921 (+246.6%)	$9,743 (+6.6%)	0.3%	$284.69	+7.1%	COM	88262P102
DNN	DENISON MINES CORP	1,096,261 (+30.4%)	$2,916 (+26.1%)	0.1%	$1.41	+93.5%	COM	248356107
DVN	DEVON ENERGY CORP NEW	19,439 (+203.7%)	$712 (+217.3%)	0.0%	$34.63	+0.3%	COM	25179M103
CALM	CAL MAINE FOODS INC	244,050 (+15.4%)	$19,419 (-2.4%)	0.7%	$63.38	+36.7%	COM NEW	128030202
—	AMPLIFY ETF TR	23,500 (+67.9%)	$776 (+149.7%)	0.0%	—	—	PUT	032108959
CTVA	CORTEVA INC	35,814 (+22.8%)	$2,401 (+21.7%)	0.1%	$43.22	+49.3%	COM	22052L104
HCC	WARRIOR MET COAL INC	8,026 (+55.0%)	$708 (+114.7%)	0.0%	$63.54	+18.3%	COM	93627C101
MP	MP MATERIALS CORP	59,703 (+19.0%)	$3,016 (-10.4%)	0.1%	$24.76	+156.1%	COM CL A	553368101
WLK	WESTLAKE CORPORATION	140,000 (+7.7%)	$10,352 (+3.3%)	0.3%	$75.06	-5.7%	COM	960413102
AMZN	AMAZON COM INC	3,655 (+55.5%)	$844 (+63.5%)	0.0%	$160.45	+42.6%	COM	023135106
SLVR	SPROTT FDS TR	12,622 (+40.9%)	$704 (+77.3%)	0.0%	$47.66	—	SILVER MINERS	85208P873
SA	SEABRIDGE GOLD INC	45,715 (+3.6%)	$1,353 (+26.9%)	0.0%	$16.75	+57.0%	COM	811916105
UEC	URANIUM ENERGY CORP	651,839 (+10.4%)	$7,613 (-3.3%)	0.3%	$6.51	+101.5%	COM	916896103
CME	CME GROUP INC	5,531 (+17.4%)	$1,510 (+18.6%)	0.1%	$183.64	+47.4%	COM	12572Q105
OUNZ	VANECK MERK GOLD ETF	44,583 (+2.8%)	$1,849 (+14.7%)	0.1%	$27.17	—	GOLD SHS	921078101
KMI	KINDER MORGAN INC DEL	15,233 (+112.1%)	$419 (+105.9%)	0.0%	$26.94	-0.1%	COM	49456B101
LB	LANDBRIDGE COMPANY LLC	85,193 (+14.6%)	$4,174 (+5.2%)	0.1%	$44.71	+30.1%	CL A	514952100
NTR	NUTRIEN LTD	54,682 (+1.2%)	$3,375 (+6.4%)	0.1%	$44.10	+33.5%	COM	67077M108
LITP	SPROTT FDS TR	44,740 (+16.3%)	$539 (+55.2%)	0.0%	$8.48	—	LITHIUM MINERS	85208P709
COPP	SPROTT FDS TR	11,242 (+50.9%)	$391 (+85.6%)	0.0%	$30.49	—	COPPER MINER ETF	85208P881
—	ADAM NAT RES FD INC	67,520 (+11.4%)	$1,468 (+12.5%)	0.0%	$21.28	—	COM	00548F105
NVR	NVR INC	69 (+56.8%)	$503 (+42.3%)	0.0%	$7104.58	+5.2%	COM	62944T105
CNR	CORE NATURAL RESOURCES INC	4,000 (+56.1%)	$354 (+65.5%)	0.0%	$78.50	+8.5%	COM SHS	218937100
ORLA	ORLA MNG LTD NEW	45,822 (+1.8%)	$617 (+26.9%)	0.0%	$4.59	+164.7%	COM	68634K106
CVX	CHEVRON CORP NEW	4,232 (+23.0%)	$645 (+20.7%)	0.0%	$146.94	+3.0%	COM	166764100
TSLA	TESLA INC	1,947 (+13.1%)	$876 (+14.3%)	0.0%	$294.21	+50.7%	COM	88160R101
IE	IVANHOE ELECTRIC INC	15,108 (+39.5%)	$241 (+77.7%)	0.0%	$11.14	+28.5%	COM	46578C108
BAM	BROOKFIELD ASSET MANAGMT LTD	34,312 (+15.5%)	$1,798 (+6.2%)	0.1%	$43.68	+22.4%	CL A LMT VTG SHS	113004105
RIO	RIO TINTO PLC	4,607 (+4.3%)	$369 (+26.5%)	0.0%	$65.54	—	SPONSORED ADR	767204100
PWR	QUANTA SVCS INC	3,051 (+3.7%)	$1,288 (+5.6%)	0.0%	$142.17	+209.0%	COM	74762E102
GAU	GALIANO GOLD INC	76,662 (+28.1%)	$194 (+47.9%)	0.0%	$1.66	+49.4%	COM	36352H100
BTC	GRAYSCALE BITCOIN MINI TR ET	5,500 (+2.3%)	$213 (-21.7%)	0.0%	$41.80	—	SHS NEW	389930207
IFF	INTERNATIONAL FLAVORS&FRAGRA	6,305 (+5.2%)	$425 (+15.2%)	0.0%	$76.79	-16.1%	COM	459506101
MUX	MCEWEN INC	12,309 (+22.2%)	$228 (+32.2%)	0.0%	$10.77	+72.7%	COM NEW	58039P305
EXP	EAGLE MATLS INC	2,578 (+3.7%)	$533 (-8.0%)	0.0%	$240.47	-8.3%	COM	26969P108
SSO	PROSHARES TR	24,400 (+100.0%)	$1,413 (+3.3%)	0.0%	$74.05	—	PSHS ULT S&P 500	74347R107
OIH	VANECK ETF TRUST	1,150 (+5.5%)	$327 (+15.6%)	0.0%	$271.94	—	OIL SERVICES ETF	92189H607
TRX	TRX GOLD CORPORATION	95,721 (+34.9%)	$88 (+99.1%)	0.0%	$0.47	+59.1%	COM	87283P109
TQQQ	PROSHARES TR	30,800 (+100.0%)	$1,624 (+2.0%)	0.1%	$62.60	—	ULTRAPRO QQQ	74347X831
NG	NOVAGOLD RES INC	12,430 (+12.7%)	$116 (+19.4%)	0.0%	$9.67	-4.1%	COM NEW	66987E206
ICE	INTERCONTINENTAL EXCHANGE IN	4,481 (+1.4%)	$726 (-2.5%)	0.0%	$134.26	+16.3%	COM	45866F104
LAC	LITHIUM AMERS CORP NEW	16,087 (+18.7%)	$70 (-9.3%)	0.0%	$3.57	+61.6%	COM SHS	53681J103
XLE	SELECT SECTOR SPDR TR	21,680 (+99.2%)	$969 (-0.3%)	0.0%	$65.28	—	STATE STREET ENE	81369Y506

Exited Positions (24)

EMX EMX RTY CORP 1.0%

Value ($000) $28,324 Shares 5,499,899 Est. Cost $2.31 Unrealized —

— SANDSTORM GOLD LTD 0.6%

Value ($000) $19,076 Shares 1,523,166 Est. Cost $5.88 Unrealized —

— ISHARES TR 0.2%

Value ($000) $5,374 Shares 58,500 Est. Cost — Unrealized —

— SPDR GOLD TR 0.1%

Value ($000) $3,700 Shares 10,000 Est. Cost — Unrealized —

SGML SIGMA LITHIUM CORPORATION 0.1%

Value ($000) $1,832 Shares 286,170 Est. Cost $17.21 Unrealized -49.9%

— ISHARES TR 0.0%

Value ($000) $1,378 Shares 15,000 Est. Cost — Unrealized —

— ISHARES TR 0.0%

Value ($000) $1,203 Shares 10,000 Est. Cost — Unrealized —

BTU PEABODY ENERGY CORP 0.0%

Value ($000) $796 Shares 30,006 Est. Cost $17.75 Unrealized +65.4%

SU SUNCOR ENERGY INC NEW 0.0%

Value ($000) $785 Shares 18,779 Est. Cost $36.94 Unrealized +14.4%

— BARCLAYS BANK PLC 0.0%

Value ($000) $720 Shares 21,000 Est. Cost — Unrealized —

LPG DORIAN LPG LTD 0.0%

Value ($000) $652 Shares 21,883 Est. Cost $22.37 Unrealized +17.2%

NE NOBLE CORP PLC 0.0%

Value ($000) $584 Shares 20,635 Est. Cost $22.94 Unrealized +27.5%

CNQ CANADIAN NAT RES LTD 0.0%

Value ($000) $581 Shares 18,194 Est. Cost $31.32 Unrealized +3.5%

PBR PETROLEO BRASILEIRO SA PETRO 0.0%

Value ($000) $558 Shares 44,055 Est. Cost $12.51 Unrealized —

SETM SPROTT FDS TR 0.0%

Value ($000) $313 Shares 12,455 Est. Cost $17.51 Unrealized —

FMC FMC CORP 0.0%

Value ($000) $280 Shares 8,331 Est. Cost $69.36 Unrealized -72.7%

DAR DARLING INGREDIENTS INC 0.0%

Value ($000) $210 Shares 6,818 Est. Cost $62.98 Unrealized -46.2%

USAU U S GOLD CORP 0.0%

Value ($000) $195 Shares 11,860 Est. Cost $11.02 Unrealized +55.1%

— HECLA MNG CO 0.0%

Value ($000) $182 Shares 15,000 Est. Cost — Unrealized —

MSOS ADVISORSHARES TR 0.0%

Value ($000) $129 Shares 26,920 Est. Cost $4.79 Unrealized —

— TEUCRIUM COMMODITY TR 0.0%

Value ($000) $105 Shares 25,580 Est. Cost $4.11 Unrealized —

VFF VILLAGE FARMS INTL INC 0.0%

Value ($000) $94 Shares 30,000 Est. Cost $2.17 Unrealized +60.4%

SABR SABRE CORP 0.0%

Value ($000) $27 Shares 15,000 Est. Cost $3.67 Unrealized -53.0%

ASPSZ ALTISOURCE PORTFOLIO SOLUTIO 0.0%

Value ($000) $9 Shares 16,100 Est. Cost $0.51 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EMX	EMX RTY CORP	5,499,899	$28,324	1.0%	$2.31	—	—	26873J107
—	SANDSTORM GOLD LTD	1,523,166	$19,076	0.6%	$5.88	—	—	80013R206
—	ISHARES TR	58,500	$5,374	0.2%	—	—	CALL	464287902
—	SPDR GOLD TR	10,000	$3,700	0.1%	—	—	PUT	78463V957
SGML	SIGMA LITHIUM CORPORATION	286,170	$1,832	0.1%	$17.21	-49.9%	—	826599102
—	ISHARES TR	15,000	$1,378	0.0%	—	—	PUT	464287952
—	ISHARES TR	10,000	$1,203	0.0%	—	—	CALL	464288901
BTU	PEABODY ENERGY CORP	30,006	$796	0.0%	$17.75	+65.4%	—	704551100
SU	SUNCOR ENERGY INC NEW	18,779	$785	0.0%	$36.94	+14.4%	—	867224107
—	BARCLAYS BANK PLC	21,000	$720	0.0%	—	—	CALL	06748M906
LPG	DORIAN LPG LTD	21,883	$652	0.0%	$22.37	+17.2%	—	Y2106R110
NE	NOBLE CORP PLC	20,635	$584	0.0%	$22.94	+27.5%	—	G65431127
CNQ	CANADIAN NAT RES LTD	18,194	$581	0.0%	$31.32	+3.5%	—	136385101
PBR	PETROLEO BRASILEIRO SA PETRO	44,055	$558	0.0%	$12.51	—	—	71654V408
SETM	SPROTT FDS TR	12,455	$313	0.0%	$17.51	—	—	85208P402
FMC	FMC CORP	8,331	$280	0.0%	$69.36	-72.7%	—	302491303
DAR	DARLING INGREDIENTS INC	6,818	$210	0.0%	$62.98	-46.2%	—	237266101
USAU	U S GOLD CORP	11,860	$195	0.0%	$11.02	+55.1%	—	90291C201
—	HECLA MNG CO	15,000	$182	0.0%	—	—	CALL	422704906
MSOS	ADVISORSHARES TR	26,920	$129	0.0%	$4.79	—	—	00768Y453
—	TEUCRIUM COMMODITY TR	25,580	$105	0.0%	$4.11	—	—	88166A508
VFF	VILLAGE FARMS INTL INC	30,000	$94	0.0%	$2.17	+60.4%	—	92707Y108
SABR	SABRE CORP	15,000	$27	0.0%	$3.67	-53.0%	—	78573M104
ASPSZ	ALTISOURCE PORTFOLIO SOLUTIO	16,100	$9	0.0%	$0.51	—	—	L0175J120

Decreased Positions (70)

— SPDR S&P 500 ETF TR 2.6%

Value ($000) $78,114 (-37.3%) Shares 113,600 (-39.0%) Est. Cost — Unrealized —

CDE COEUR MNG INC 4.5%

Value ($000) $133,375 (-22.8%) Shares 7,480,370 (-18.8%) Est. Cost $6.18 Unrealized +181.5%

OR OR ROYALTIES INC 2.9%

Value ($000) $84,809 (-26.0%) Shares 2,394,407 (-16.3%) Est. Cost $24.09 Unrealized +45.4%

AEM AGNICO EAGLE MINES LTD 4.1%

Value ($000) $121,781 (-16.5%) Shares 718,019 (-17.1%) Est. Cost $49.20 Unrealized +241.2%

WPM WHEATON PRECIOUS METALS CORP 3.5%

Value ($000) $105,145 (-18.4%) Shares 893,905 (-22.4%) Est. Cost $44.93 Unrealized +138.3%

EQX EQUINOX GOLD CORP 4.7%

Value ($000) $139,765 (+17.0%) Shares 9,946,732 (-6.7%) Est. Cost $6.82 Unrealized +85.1%

IAG IAMGOLD CORP 3.8%

Value ($000) $113,833 (+20.4%) Shares 6,902,659 (-5.6%) Est. Cost $4.59 Unrealized +206.7%

BVN COMPANIA DE MINAS BUENAVENTU 0.2%

Value ($000) $7,348 (-71.4%) Shares 264,021 (-75.0%) Est. Cost $24.33 Unrealized —

PAAS PAN AMERN SILVER CORP 1.4%

Value ($000) $40,469 (-30.0%) Shares 781,084 (-47.7%) Est. Cost $19.83 Unrealized +111.1%

NGD NEW GOLD INC CDA 0.5%

Value ($000) $13,609 (-55.3%) Shares 1,562,483 (-63.2%) Est. Cost $4.92 Unrealized +53.1%

VZLA VIZSLA SILVER CORP 3.8%

Value ($000) $113,449 (+15.0%) Shares 20,712,812 (-9.4%) Est. Cost $1.72 Unrealized +173.4%

AG FIRST MAJESTIC SILVER CORP 0.3%

Value ($000) $10,325 (-58.7%) Shares 619,628 (-69.6%) Est. Cost $7.38 Unrealized +88.3%

EXK ENDEAVOUR SILVER CORP 0.8%

Value ($000) $23,157 (-35.0%) Shares 2,463,260 (-45.8%) Est. Cost $4.32 Unrealized +96.2%

AGI ALAMOS GOLD INC NEW 1.5%

Value ($000) $43,754 (-20.0%) Shares 1,134,107 (-27.7%) Est. Cost $5.65 Unrealized +516.6%

IAUX I-80 GOLD CORP 1.7%

Value ($000) $51,733 (+26.6%) Shares 35,136,999 (-17.9%) Est. Cost $1.35 Unrealized -15.9%

EGO ELDORADO GOLD CORP NEW 2.1%

Value ($000) $62,996 (+13.8%) Shares 1,753,781 (-8.4%) Est. Cost $17.83 Unrealized +67.9%

SVM SILVERCORP METALS INC 0.1%

Value ($000) $2,132 (-74.0%) Shares 255,683 (-80.3%) Est. Cost $4.81 Unrealized +50.9%

PHYS SPROTT ASSET MANAGEMENT LP 2.5%

Value ($000) $73,022 (+8.8%) Shares 2,211,413 (-2.4%) Est. Cost $19.01 Unrealized —

HP HELMERICH & PAYNE INC 0.9%

Value ($000) $26,885 (+25.6%) Shares 937,408 (-3.3%) Est. Cost $31.52 Unrealized -15.7%

SSRM SSR MINING IN 1.2%

Value ($000) $36,245 (-12.1%) Shares 1,653,527 (-2.1%) Est. Cost $10.71 Unrealized +107.9%

FNV FRANCO NEV CORP 1.7%

Value ($000) $49,264 (-8.1%) Shares 237,666 (-1.2%) Est. Cost $124.69 Unrealized +62.6%

DVS DOLLY VARDEN SILVER CORP 0.1%

Value ($000) $2,354 (-63.6%) Shares 535,250 (-58.5%) Est. Cost $2.92 Unrealized +50.1%

HL HECLA MNG CO 0.2%

Value ($000) $4,599 (-41.9%) Shares 239,641 (-63.3%) Est. Cost $4.75 Unrealized +221.7%

NEM NEWMONT CORP 0.6%

Value ($000) $16,527 (-16.3%) Shares 165,515 (-29.3%) Est. Cost $53.43 Unrealized +68.8%

SLSR SOLARIS RES INC 0.7%

Value ($000) $20,316 (+17.6%) Shares 2,548,169 (-6.0%) Est. Cost $3.34 Unrealized +107.9%

NEWP NEW PAC METALS CORP 0.0%

Value ($000) $823 (-76.5%) Shares 234,361 (-81.9%) Est. Cost $1.56 Unrealized +75.1%

TFPM TRIPLE FLAG PRECIOUS METAL 1.2%

Value ($000) $36,420 (+7.6%) Shares 1,096,258 (-5.2%) Est. Cost $17.64 Unrealized +77.3%

GDXJ VANECK ETF TRUST 0.0%

Value ($000) $585 (-80.4%) Shares 5,138 (-82.9%) Est. Cost $84.25 Unrealized —

BTG B2GOLD CORP 0.1%

Value ($000) $2,127 (-50.6%) Shares 471,520 (-45.7%) Est. Cost $2.92 Unrealized +59.5%

SLV ISHARES SILVER TR 0.2%

Value ($000) $4,537 (-27.1%) Shares 70,424 (-52.1%) Est. Cost $22.25 Unrealized —

KGC KINROSS GOLD CORP 2.1%

Value ($000) $61,646 (+2.6%) Shares 2,189,104 (-9.5%) Est. Cost $6.57 Unrealized +295.4%

— ASA GOLD AND PRECIOUS MTLS L 0.5%

Value ($000) $14,033 (+9.4%) Shares 235,183 (-16.1%) Est. Cost $24.47 Unrealized —

LGO LARGO INC 0.0%

Value ($000) $633 (-64.0%) Shares 675,737 (-42.5%) Est. Cost $2.00 Unrealized -40.6%

SKE SKEENA RES LTD NEW 0.9%

Value ($000) $25,499 (+4.0%) Shares 1,074,396 (-19.3%) Est. Cost $10.56 Unrealized +86.7%

PPLT ABRDN PLATINUM ETF TRUST 0.2%

Value ($000) $6,753 (+13.1%) Shares 36,223 (-13.3%) Est. Cost $113.95 Unrealized —

AU ANGLOGOLD ASHANTI PLC 1.9%

Value ($000) $54,937 (+1.4%) Shares 644,193 (-16.4%) Est. Cost $35.85 Unrealized +116.2%

CNL COLLECTIVE MINING LTD 0.0%

Value ($000) $308 (-64.3%) Shares 21,100 (-64.6%) Est. Cost $2.97 Unrealized +309.5%

— ENDEAVOUR SILVER CORP 0.0%

Value ($000) $123 (-81.4%) Shares 11,000 (-87.1%) Est. Cost — Unrealized —

EU ENCORE ENERGY CORP 0.0%

Value ($000) $360 (-57.0%) Shares 145,047 (-44.3%) Est. Cost $3.57 Unrealized -19.9%

LZM LIFEZONE METALS LIMITED 0.0%

Value ($000) $370 (-53.2%) Shares 86,586 (-39.9%) Est. Cost $8.47 Unrealized -46.7%

EWZ ISHARES INC 0.0%

Value ($000) $297 (-57.4%) Shares 9,350 (-58.4%) Est. Cost $28.85 Unrealized —

SGDJ SPROTT ETF TRUST 0.1%

Value ($000) $2,981 (+14.5%) Shares 35,432 (-2.3%) Est. Cost $40.86 Unrealized —

HYMC HYCROFT MINING HOLDING CORP 0.2%

Value ($000) $4,724 (-6.7%) Shares 198,724 (-75.7%) Est. Cost $3.39 Unrealized +226.3%

UUUU ENERGY FUELS INC 0.0%

Value ($000) $1,139 (-22.0%) Shares 78,331 (-17.6%) Est. Cost $5.57 Unrealized +204.8%

KW KENNEDY-WILSON HOLDINGS INC 0.2%

Value ($000) $6,776 (-4.3%) Shares 700,700 (-17.6%) Est. Cost $16.28 Unrealized -44.9%

ETHE GRAYSCALE ETHEREUM TRUST ETF 0.0%

Value ($000) $502 (-30.9%) Shares 20,605 (-2.9%) Est. Cost $24.58 Unrealized —

URNM SPROTT FDS TR 0.0%

Value ($000) $1,378 (-13.9%) Shares 25,099 (-5.2%) Est. Cost $40.89 Unrealized —

ITRG INTEGRA RES CORP 0.1%

Value ($000) $2,021 (+12.0%) Shares 504,016 (-17.6%) Est. Cost $1.14 Unrealized +196.2%

SGDM SPROTT ETF TRUST 0.1%

Value ($000) $2,598 (+6.3%) Shares 37,310 (-5.4%) Est. Cost $40.23 Unrealized —

TMQ TRILOGY METALS INC NEW 0.0%

Value ($000) $584 (+27.9%) Shares 135,566 (-37.7%) Est. Cost $1.30 Unrealized +261.1%

SGOV ISHARES TR 0.0%

Value ($000) $486 (-20.3%) Shares 4,842 (-20.0%) Est. Cost $100.42 Unrealized —

URG UR-ENERGY INC 0.0%

Value ($000) $221 (-34.7%) Shares 158,938 (-16.0%) Est. Cost $1.15 Unrealized +29.0%

VALE VALE S A 0.0%

Value ($000) $978 (-10.4%) Shares 75,084 (-25.3%) Est. Cost $13.93 Unrealized —

GLD SPDR GOLD TR 0.1%

Value ($000) $1,536 (+7.9%) Shares 3,877 (-3.2%) Est. Cost $199.88 Unrealized —

VGZ VISTA GOLD CORP 0.0%

Value ($000) $582 (-14.9%) Shares 295,582 (-7.9%) Est. Cost $0.95 Unrealized +102.0%

ARMN ARIS MNG CORP 0.0%

Value ($000) $343 (-21.3%) Shares 21,134 (-52.5%) Est. Cost $5.66 Unrealized +117.3%

SIL GLOBAL X FDS 0.2%

Value ($000) $5,621 (+1.6%) Shares 67,297 (-12.9%) Est. Cost $36.36 Unrealized —

ISOU ISOENERGY LTD 0.0%

Value ($000) $606 (-12.2%) Shares 66,444 (-3.5%) Est. Cost $6.60 Unrealized +36.7%

GFI GOLD FIELDS LTD 0.1%

Value ($000) $3,402 (+2.3%) Shares 77,919 (-1.7%) Est. Cost $25.98 Unrealized —

JOBY JOBY AVIATION INC 0.0%

Value ($000) $253 (-20.3%) Shares 19,155 (-2.5%) Est. Cost $6.71 Unrealized +128.8%

AAPL APPLE INC 0.0%

Value ($000) $1,253 (+4.5%) Shares 4,610 (-2.1%) Est. Cost $185.24 Unrealized +44.9%

BHP BHP GROUP LTD 0.0%

Value ($000) $877 (+6.0%) Shares 14,521 (-2.1%) Est. Cost $58.77 Unrealized —

TMC TMC THE METALS COMPANY INC 0.0%

Value ($000) $68 (-29.7%) Shares 11,035 (-27.4%) Est. Cost $1.68 Unrealized +318.0%

FSM FORTUNA MNG CORP 0.1%

Value ($000) $2,708 (-0.9%) Shares 276,085 (-9.5%) Est. Cost $5.00 Unrealized +80.2%

DC/WS DAKOTA GOLD CORP 0.0%

Value ($000) $64 (-21.3%) Shares 17,609 (-47.1%) Est. Cost $0.70 Unrealized —

FURY FURY GOLD MINES LIMITED 0.0%

Value ($000) $28 (-31.4%) Shares 47,746 (-24.1%) Est. Cost $0.42 Unrealized +46.7%

AGG ISHARES TR 0.0%

Value ($000) $506 (-1.4%) Shares 5,062 (-1.0%) Est. Cost $98.91 Unrealized —

LUCD LUCID DIAGNOSTICS INC 0.0%

Value ($000) $22 (-13.7%) Shares 20,000 (-20.0%) Est. Cost $1.09 Unrealized +2.4%

GROY GOLD ROYALTY CORP 0.0%

Value ($000) $1,390 (-0.1%) Shares 344,140 (-4.5%) Est. Cost $2.30 Unrealized +66.4%

GLDG GOLDMINING INC 0.0%

Value ($000) $446 (-0.2%) Shares 357,104 (-1.8%) Est. Cost $0.98 Unrealized +43.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	113,600 (-39.0%)	$78,114 (-37.3%)	2.6%	—	—	PUT	78462F953
CDE	COEUR MNG INC	7,480,370 (-18.8%)	$133,375 (-22.8%)	4.5%	$6.18	+181.5%	COM NEW	192108504
OR	OR ROYALTIES INC	2,394,407 (-16.3%)	$84,809 (-26.0%)	2.9%	$24.09	+45.4%	COM SHS	68390D106
AEM	AGNICO EAGLE MINES LTD	718,019 (-17.1%)	$121,781 (-16.5%)	4.1%	$49.20	+241.2%	COM	008474108
WPM	WHEATON PRECIOUS METALS CORP	893,905 (-22.4%)	$105,145 (-18.4%)	3.5%	$44.93	+138.3%	COM	962879102
EQX	EQUINOX GOLD CORP	9,946,732 (-6.7%)	$139,765 (+17.0%)	4.7%	$6.82	+85.1%	COM	29446Y502
IAG	IAMGOLD CORP	6,902,659 (-5.6%)	$113,833 (+20.4%)	3.8%	$4.59	+206.7%	COM	450913108
BVN	COMPANIA DE MINAS BUENAVENTU	264,021 (-75.0%)	$7,348 (-71.4%)	0.2%	$24.33	—	SPONSORED ADR	204448104
PAAS	PAN AMERN SILVER CORP	781,084 (-47.7%)	$40,469 (-30.0%)	1.4%	$19.83	+111.1%	COM	697900108
NGD	NEW GOLD INC CDA	1,562,483 (-63.2%)	$13,609 (-55.3%)	0.5%	$4.92	+53.1%	COM	644535106
VZLA	VIZSLA SILVER CORP	20,712,812 (-9.4%)	$113,449 (+15.0%)	3.8%	$1.72	+173.4%	COM NEW	92859G608
AG	FIRST MAJESTIC SILVER CORP	619,628 (-69.6%)	$10,325 (-58.7%)	0.3%	$7.38	+88.3%	COM	32076V103
EXK	ENDEAVOUR SILVER CORP	2,463,260 (-45.8%)	$23,157 (-35.0%)	0.8%	$4.32	+96.2%	COM	29258Y103
AGI	ALAMOS GOLD INC NEW	1,134,107 (-27.7%)	$43,754 (-20.0%)	1.5%	$5.65	+516.6%	COM CL A	011532108
IAUX	I-80 GOLD CORP	35,136,999 (-17.9%)	$51,733 (+26.6%)	1.7%	$1.35	-15.9%	COM	44955L106
EGO	ELDORADO GOLD CORP NEW	1,753,781 (-8.4%)	$62,996 (+13.8%)	2.1%	$17.83	+67.9%	COM	284902509
SVM	SILVERCORP METALS INC	255,683 (-80.3%)	$2,132 (-74.0%)	0.1%	$4.81	+50.9%	COM	82835P103
PHYS	SPROTT ASSET MANAGEMENT LP	2,211,413 (-2.4%)	$73,022 (+8.8%)	2.5%	$19.01	—	PHYSICAL GOLD TR	85207H104
HP	HELMERICH & PAYNE INC	937,408 (-3.3%)	$26,885 (+25.6%)	0.9%	$31.52	-15.7%	COM	423452101
SSRM	SSR MINING IN	1,653,527 (-2.1%)	$36,245 (-12.1%)	1.2%	$10.71	+107.9%	COM	784730103
FNV	FRANCO NEV CORP	237,666 (-1.2%)	$49,264 (-8.1%)	1.7%	$124.69	+62.6%	COM	351858105
DVS	DOLLY VARDEN SILVER CORP	535,250 (-58.5%)	$2,354 (-63.6%)	0.1%	$2.92	+50.1%	COM NO PAR	256827783
HL	HECLA MNG CO	239,641 (-63.3%)	$4,599 (-41.9%)	0.2%	$4.75	+221.7%	COM	422704106
NEM	NEWMONT CORP	165,515 (-29.3%)	$16,527 (-16.3%)	0.6%	$53.43	+68.8%	COM	651639106
SLSR	SOLARIS RES INC	2,548,169 (-6.0%)	$20,316 (+17.6%)	0.7%	$3.34	+107.9%	COM NEW	83419D201
NEWP	NEW PAC METALS CORP	234,361 (-81.9%)	$823 (-76.5%)	0.0%	$1.56	+75.1%	COM	64782A107
TFPM	TRIPLE FLAG PRECIOUS METAL	1,096,258 (-5.2%)	$36,420 (+7.6%)	1.2%	$17.64	+77.3%	COM	89679M104
GDXJ	VANECK ETF TRUST	5,138 (-82.9%)	$585 (-80.4%)	0.0%	$84.25	—	JUNIOR GOLD MINE	92189F791
BTG	B2GOLD CORP	471,520 (-45.7%)	$2,127 (-50.6%)	0.1%	$2.92	+59.5%	COM	11777Q209
SLV	ISHARES SILVER TR	70,424 (-52.1%)	$4,537 (-27.1%)	0.2%	$22.25	—	ISHARES	46428Q109
KGC	KINROSS GOLD CORP	2,189,104 (-9.5%)	$61,646 (+2.6%)	2.1%	$6.57	+295.4%	COM	496902404
—	ASA GOLD AND PRECIOUS MTLS L	235,183 (-16.1%)	$14,033 (+9.4%)	0.5%	$24.47	—	SHS	G3156P103
LGO	LARGO INC	675,737 (-42.5%)	$633 (-64.0%)	0.0%	$2.00	-40.6%	COM	517097101
SKE	SKEENA RES LTD NEW	1,074,396 (-19.3%)	$25,499 (+4.0%)	0.9%	$10.56	+86.7%	COM	83056P715
PPLT	ABRDN PLATINUM ETF TRUST	36,223 (-13.3%)	$6,753 (+13.1%)	0.2%	$113.95	—	PHYSCL PLATM SHS	003260106
AU	ANGLOGOLD ASHANTI PLC	644,193 (-16.4%)	$54,937 (+1.4%)	1.9%	$35.85	+116.2%	COM SHS	G0378L100
CNL	COLLECTIVE MINING LTD	21,100 (-64.6%)	$308 (-64.3%)	0.0%	$2.97	+309.5%	COM	19425C100
—	ENDEAVOUR SILVER CORP	11,000 (-87.1%)	$123 (-81.4%)	0.0%	—	—	CALL	29258Y903
EU	ENCORE ENERGY CORP	145,047 (-44.3%)	$360 (-57.0%)	0.0%	$3.57	-19.9%	COM NEW	29259W700
LZM	LIFEZONE METALS LIMITED	86,586 (-39.9%)	$370 (-53.2%)	0.0%	$8.47	-46.7%	ORD SHS	G5568L109
EWZ	ISHARES INC	9,350 (-58.4%)	$297 (-57.4%)	0.0%	$28.85	—	MSCI BRAZIL ETF	464286400
SGDJ	SPROTT ETF TRUST	35,432 (-2.3%)	$2,981 (+14.5%)	0.1%	$40.86	—	JR GOLD MINERS E	85210B201
HYMC	HYCROFT MINING HOLDING CORP	198,724 (-75.7%)	$4,724 (-6.7%)	0.2%	$3.39	+226.3%	CL A NEW	44862P208
UUUU	ENERGY FUELS INC	78,331 (-17.6%)	$1,139 (-22.0%)	0.0%	$5.57	+204.8%	COM NEW	292671708
KW	KENNEDY-WILSON HOLDINGS INC	700,700 (-17.6%)	$6,776 (-4.3%)	0.2%	$16.28	-44.9%	COM	489398107
ETHE	GRAYSCALE ETHEREUM TRUST ETF	20,605 (-2.9%)	$502 (-30.9%)	0.0%	$24.58	—	SHS	389638107
URNM	SPROTT FDS TR	25,099 (-5.2%)	$1,378 (-13.9%)	0.0%	$40.89	—	URANIUM MINERS E	85208P303
ITRG	INTEGRA RES CORP	504,016 (-17.6%)	$2,021 (+12.0%)	0.1%	$1.14	+196.2%	COM	45826T509
SGDM	SPROTT ETF TRUST	37,310 (-5.4%)	$2,598 (+6.3%)	0.1%	$40.23	—	GOLD MINERS ETF	85210B102
TMQ	TRILOGY METALS INC NEW	135,566 (-37.7%)	$584 (+27.9%)	0.0%	$1.30	+261.1%	COM	89621C105
SGOV	ISHARES TR	4,842 (-20.0%)	$486 (-20.3%)	0.0%	$100.42	—	0-3 MNTH TREASRY	46436E718
URG	UR-ENERGY INC	158,938 (-16.0%)	$221 (-34.7%)	0.0%	$1.15	+29.0%	COM	91688R108
VALE	VALE S A	75,084 (-25.3%)	$978 (-10.4%)	0.0%	$13.93	—	SPONSORED ADS	91912E105
GLD	SPDR GOLD TR	3,877 (-3.2%)	$1,536 (+7.9%)	0.1%	$199.88	—	GOLD SHS	78463V107
VGZ	VISTA GOLD CORP	295,582 (-7.9%)	$582 (-14.9%)	0.0%	$0.95	+102.0%	COM NEW	927926303
ARMN	ARIS MNG CORP	21,134 (-52.5%)	$343 (-21.3%)	0.0%	$5.66	+117.3%	COM	04040Y109
SIL	GLOBAL X FDS	67,297 (-12.9%)	$5,621 (+1.6%)	0.2%	$36.36	—	GLOBAL X SILVER	37954Y848
ISOU	ISOENERGY LTD	66,444 (-3.5%)	$606 (-12.2%)	0.0%	$6.60	+36.7%	COM NEW	46500E867
GFI	GOLD FIELDS LTD	77,919 (-1.7%)	$3,402 (+2.3%)	0.1%	$25.98	—	SPONSORED ADR	38059T106
JOBY	JOBY AVIATION INC	19,155 (-2.5%)	$253 (-20.3%)	0.0%	$6.71	+128.8%	COMMON STOCK	G65163100
AAPL	APPLE INC	4,610 (-2.1%)	$1,253 (+4.5%)	0.0%	$185.24	+44.9%	COM	037833100
BHP	BHP GROUP LTD	14,521 (-2.1%)	$877 (+6.0%)	0.0%	$58.77	—	SPONSORED ADS	088606108
TMC	TMC THE METALS COMPANY INC	11,035 (-27.4%)	$68 (-29.7%)	0.0%	$1.68	+318.0%	COM	87261Y106
FSM	FORTUNA MNG CORP	276,085 (-9.5%)	$2,708 (-0.9%)	0.1%	$5.00	+80.2%	COM NEW	349942102
DC/WS	DAKOTA GOLD CORP	17,609 (-47.1%)	$64 (-21.3%)	0.0%	$0.70	—	*W EXP 03/15/202	46655E118
FURY	FURY GOLD MINES LIMITED	47,746 (-24.1%)	$28 (-31.4%)	0.0%	$0.42	+46.7%	COM	36117T100
AGG	ISHARES TR	5,062 (-1.0%)	$506 (-1.4%)	0.0%	$98.91	—	CORE US AGGBD ET	464287226
LUCD	LUCID DIAGNOSTICS INC	20,000 (-20.0%)	$22 (-13.7%)	0.0%	$1.09	+2.4%	COM	54948X109
GROY	GOLD ROYALTY CORP	344,140 (-4.5%)	$1,390 (-0.1%)	0.0%	$2.30	+66.4%	COMMON SHARES	38071H106
GLDG	GOLDMINING INC	357,104 (-1.8%)	$446 (-0.2%)	0.0%	$0.98	+43.0%	COM	38149E101

Unchanged Positions (38)

SII SPROTT INC 5.5%

Value ($000) $162,659 Shares 1,661,137 Est. Cost $36.26 Unrealized +144.6%

PPTA PERPETUA RESOURCES CORP 1.9%

Value ($000) $56,883 Shares 2,349,558 Est. Cost $7.99 Unrealized +207.8%

IAUX/WS I-80 GOLD CORP 0.4%

Value ($000) $10,396 Shares 11,300,000 Est. Cost $0.45 Unrealized —

THM INTERNATIONAL TOWER HILL MIN 1.2%

Value ($000) $36,514 Shares 19,790,315 Est. Cost $0.51 Unrealized +267.3%

SND SMART SAND INC 0.1%

Value ($000) $3,000 Shares 750,000 Est. Cost $1.69 Unrealized +67.4%

UROY URANIUM RTY CORP 0.2%

Value ($000) $5,734 Shares 1,619,644 Est. Cost $2.28 Unrealized +71.3%

GBUG SPROTT FDS TR 0.3%

Value ($000) $8,008 Shares 183,295 Est. Cost $21.74 Unrealized —

BKE BUCKLE INC 0.4%

Value ($000) $11,752 Shares 220,000 Est. Cost $12.54 Unrealized +317.2%

APAM ARTISAN PARTNERS ASSET MGMT 0.5%

Value ($000) $14,752 Shares 362,095 Est. Cost $24.35 Unrealized +67.1%

— BARRICK MNG CORP 0.1%

Value ($000) $2,410 Shares 51,000 Est. Cost — Unrealized —

CRUS CIRRUS LOGIC INC 0.4%

Value ($000) $11,239 Shares 94,840 Est. Cost $82.91 Unrealized +48.5%

FRPH FRP HLDGS INC 0.2%

Value ($000) $6,480 Shares 284,340 Est. Cost $26.95 Unrealized -12.3%

MMI MARCUS & MILLICHAP INC 0.2%

Value ($000) $4,639 Shares 170,000 Est. Cost $30.98 Unrealized -6.6%

VSH VISHAY INTERTECHNOLOGY INC 0.1%

Value ($000) $4,347 Shares 300,000 Est. Cost $18.51 Unrealized -18.5%

— EQUINOX GOLD CORP 0.0%

Value ($000) $785 Shares 53,000 Est. Cost — Unrealized —

ALAB ASTERA LABS INC 0.0%

Value ($000) $965 Shares 5,800 Est. Cost $164.44 Unrealized +1.7%

LZM/WS LIFEZONE METALS LIMITED 0.0%

Value ($000) $285 Shares 693,408 Est. Cost $1.06 Unrealized —

THO THOR INDS INC 0.3%

Value ($000) $9,754 Shares 95,000 Est. Cost $90.77 Unrealized +13.8%

PLTM GRANITESHARES PLATINUM TR 0.0%

Value ($000) $409 Shares 20,750 Est. Cost $11.00 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.4%

Value ($000) $13,125 Shares 26,112 Est. Cost $318.96 Unrealized +56.0%

IREN IREN LIMITED 0.0%

Value ($000) $227 Shares 6,010 Est. Cost $24.29 Unrealized +112.4%

FHI FEDERATED HERMES INC 0.9%

Value ($000) $26,367 Shares 506,385 Est. Cost $26.10 Unrealized +92.8%

AM ANTERO MIDSTREAM CORP 0.0%

Value ($000) $294 Shares 16,500 Est. Cost $14.21 Unrealized +24.9%

CACI CACI INTL INC 0.0%

Value ($000) $313 Shares 588 Est. Cost $471.16 Unrealized +19.9%

ODVWZ OSISKO DEVELOPMENT CORP 0.0%

Value ($000) $22 Shares 120,087 Est. Cost $0.16 Unrealized —

PTEN PATTERSON-UTI ENERGY INC 0.0%

Value ($000) $61 Shares 10,000 Est. Cost $5.75 Unrealized +3.8%

DGXX DIGI PWR X INC 0.0%

Value ($000) $77 Shares 30,000 Est. Cost $1.57 Unrealized +139.2%

CRGY CRESCENT ENERGY COMPANY 0.0%

Value ($000) $94 Shares 11,250 Est. Cost $8.47 Unrealized +2.9%

SPY SPDR S&P 500 ETF TR 0.0%

Value ($000) $240 Shares 352 Est. Cost $617.85 Unrealized —

ASPSW ALTISOURCE PORTFOLIO SOLUTIO 0.0%

Value ($000) $7 Shares 16,100 Est. Cost $0.50 Unrealized —

MRVI MARAVAI LIFESCIENCES HLDGS I 0.0%

Value ($000) $33 Shares 10,000 Est. Cost $2.55 Unrealized +31.9%

EWJ ISHARES INC 0.0%

Value ($000) $534 Shares 6,620 Est. Cost $71.54 Unrealized —

FUFUW BITFUFU INC 0.0%

Value ($000) $3 Shares 15,000 Est. Cost $0.55 Unrealized —

— NVIDIA CORPORATION 0.0%

Value ($000) $358 Shares 2,000 Est. Cost — Unrealized —

OKE ONEOK INC NEW 0.0%

Value ($000) $250 Shares 3,400 Est. Cost $96.84 Unrealized -27.2%

CRGOW FREIGHTOS LTD 0.0%

Value ($000) $1 Shares 10,000 Est. Cost $0.25 Unrealized —

LCTX LINEAGE CELL THERAPEUTICS IN 0.0%

Value ($000) $17 Shares 10,000 Est. Cost $0.59 Unrealized +191.6%

XPL SOLITARIO RESOURCES CORP 0.0%

Value ($000) $23 Shares 33,333 Est. Cost $0.64 Unrealized +3.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SII	SPROTT INC	1,661,137	$162,659	5.5%	$36.26	+144.6%	COM NEW	852066208
PPTA	PERPETUA RESOURCES CORP	2,349,558	$56,883	1.9%	$7.99	+207.8%	COM	714266103
IAUX/WS	I-80 GOLD CORP	11,300,000	$10,396	0.4%	$0.45	—	*W EXP 11/16/202	44955L155
THM	INTERNATIONAL TOWER HILL MIN	19,790,315	$36,514	1.2%	$0.51	+267.3%	COM	46050R102
SND	SMART SAND INC	750,000	$3,000	0.1%	$1.69	+67.4%	COM	83191H107
UROY	URANIUM RTY CORP	1,619,644	$5,734	0.2%	$2.28	+71.3%	COM	91702V101
GBUG	SPROTT FDS TR	183,295	$8,008	0.3%	$21.74	—	ACTIVE GOLD & SI	85208P865
BKE	BUCKLE INC	220,000	$11,752	0.4%	$12.54	+317.2%	COM	118440106
APAM	ARTISAN PARTNERS ASSET MGMT	362,095	$14,752	0.5%	$24.35	+67.1%	CL A	04316A108
—	BARRICK MNG CORP	51,000	$2,410	0.1%	—	—	CALL	06849F908
CRUS	CIRRUS LOGIC INC	94,840	$11,239	0.4%	$82.91	+48.5%	COM	172755100
FRPH	FRP HLDGS INC	284,340	$6,480	0.2%	$26.95	-12.3%	COM	30292L107
MMI	MARCUS & MILLICHAP INC	170,000	$4,639	0.2%	$30.98	-6.6%	COM	566324109
VSH	VISHAY INTERTECHNOLOGY INC	300,000	$4,347	0.1%	$18.51	-18.5%	COM	928298108
—	EQUINOX GOLD CORP	53,000	$785	0.0%	—	—	CALL	29446Y902
ALAB	ASTERA LABS INC	5,800	$965	0.0%	$164.44	+1.7%	COM	04626A103
LZM/WS	LIFEZONE METALS LIMITED	693,408	$285	0.0%	$1.06	—	*W EXP 07/05/202	G5568L117
THO	THOR INDS INC	95,000	$9,754	0.3%	$90.77	+13.8%	COM	885160101
PLTM	GRANITESHARES PLATINUM TR	20,750	$409	0.0%	$11.00	—	SHS BEN INT	38748T103
BRK/B	BERKSHIRE HATHAWAY INC DEL	26,112	$13,125	0.4%	$318.96	+56.0%	CL B NEW	084670702
IREN	IREN LIMITED	6,010	$227	0.0%	$24.29	+112.4%	ORDINARY SHARES	Q4982L109
FHI	FEDERATED HERMES INC	506,385	$26,367	0.9%	$26.10	+92.8%	CL B	314211103
AM	ANTERO MIDSTREAM CORP	16,500	$294	0.0%	$14.21	+24.9%	COM	03676B102
CACI	CACI INTL INC	588	$313	0.0%	$471.16	+19.9%	CL A	127190304
ODVWZ	OSISKO DEVELOPMENT CORP	120,087	$22	0.0%	$0.16	—	*W EXP 05/27/202	68828E239
PTEN	PATTERSON-UTI ENERGY INC	10,000	$61	0.0%	$5.75	+3.8%	COM	703481101
DGXX	DIGI PWR X INC	30,000	$77	0.0%	$1.57	+139.2%	COM SUB VTG	25380B102
CRGY	CRESCENT ENERGY COMPANY	11,250	$94	0.0%	$8.47	+2.9%	CL A COM	44952J104
SPY	SPDR S&P 500 ETF TR	352	$240	0.0%	$617.85	—	TR UNIT	78462F103
ASPSW	ALTISOURCE PORTFOLIO SOLUTIO	16,100	$7	0.0%	$0.50	—	*W EXP 04/30/203	L0175J112
MRVI	MARAVAI LIFESCIENCES HLDGS I	10,000	$33	0.0%	$2.55	+31.9%	COM CL A	56600D107
EWJ	ISHARES INC	6,620	$534	0.0%	$71.54	—	MSCI JAPAN ETF	46434G822
FUFUW	BITFUFU INC	15,000	$3	0.0%	$0.55	—	*W EXP 03/01/202	G1152A120
—	NVIDIA CORPORATION	2,000	$358	0.0%	—	—	PUT	67066G954
OKE	ONEOK INC NEW	3,400	$250	0.0%	$96.84	-27.2%	COM	682680103
CRGOW	FREIGHTOS LTD	10,000	$1	0.0%	$0.25	—	*W EXP 99/99/999	G51405119
LCTX	LINEAGE CELL THERAPEUTICS IN	10,000	$17	0.0%	$0.59	+191.6%	COM	53566P109
XPL	SOLITARIO RESOURCES CORP	33,333	$23	0.0%	$0.64	+3.6%	COM	8342EP107