Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
DC	DAKOTA GOLD CORP	502,184	$3.058M	2.3%	$6.09	$5.50	+10.7%	COM	46655E100
SA	SEABRIDGE GOLD INC	37,500	$1.065M	0.8%	$28.40	$28.40	—	COM	811927102
ARIS	ARIS MINING CORPORATION COM	56,600	$987K	0.7%	$17.44	$17.27	+0.8%	COM	04040Y109
URNM	SPROTT FDS TR URANI MINER ETF	18,180	$864K	0.7%	$47.52	$52.73	-10.0%	UNIT	85208P303
ITUB	ITAU UNIBANCO HLDG S A SPON ADR	52,400	$449K	0.3%	$8.57	$8.07	+5.7%	REP PFD	465562106
AG	FIRST MAJESTIC SILVER CORP COM	19,700	$349K	0.3%	$17.72	$18.42	-4.0%	COM	32076V103
BBD	BANCO BRADESCO S A SP ADR PFD NEW	62,500	$221K	0.2%	$3.54	$3.43	+2.6%	PFD NEW	059460303

Increased Positions (11)

MTA METALLA RTY & STREAMING LTD 19.0%

Value $25.14M (+28.4%) Shares 2,666,083 (+3.8%) Share Price $9.43 Est. Cost/Share $6.85 Unrealized @ Report Date +37.6%

AEM AGNICO EAGLE MINES LTD COM 10.9%

Value $14.41M (+30.2%) Shares 78,550 (+9.6%) Share Price $183.42 Est. Cost/Share $113.83 Unrealized @ Report Date +61.0%

FSM FORTUNA MNG CORP 8.9%

Value $11.75M (+39.0%) Shares 1,046,319 (+4.6%) Share Price $11.23 Est. Cost/Share $9.14 Unrealized @ Report Date +23.0%

RGLD ROYAL GOLD INC 5.3%

Value $6.981M (+46.8%) Shares 29,545 (+24.2%) Share Price $236.28 Est. Cost/Share $114.89 Unrealized @ Report Date +105.4%

EQX EQUINOX GOLD CORP 2.9%

Value $3.836M (+135.0%) Shares 345,308 (+106.3%) Share Price $11.11 Est. Cost/Share $11.02 Unrealized @ Report Date +0.8%

OR OR ROYALTIES INC 5.9%

Value $7.832M (+16.3%) Shares 227,946 (+7.0%) Share Price $34.36 Est. Cost/Share $34.92 Unrealized @ Report Date -1.7%

PAAS PAN AMERN SILVER CORP 5.2%

Value $6.862M (+10.7%) Shares 150,947 (+8.7%) Share Price $45.46 Est. Cost/Share $24.45 Unrealized @ Report Date +86.1%

DMLP DORCHESTER MINERALS L P 1.0%

Value $1.324M (+92.7%) Shares 47,250 (+74.7%) Share Price $28.02 Est. Cost/Share $26.52 Unrealized @ Report Date —

WRN WESTERN COPPER & GOLD CORP 0.9%

Value $1.161M (+17.6%) Shares 524,500 (+19.4%) Share Price $2.21 Est. Cost/Share $2.49 Unrealized @ Report Date -11.1%

LAND GLADSTONE LD CORP 1.0%

Value $1.346M (+13.2%) Shares 142,110 (+2.1%) Share Price $9.47 Est. Cost/Share $9.70 Unrealized @ Report Date —

DEO DIAGEO PLC SPON ADR 0.7%

Value $904K (+8.7%) Shares 10,550 (+1.9%) Share Price $85.69 Est. Cost/Share $87.16 Unrealized @ Report Date -1.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MTA	METALLA RTY & STREAMING LTD	2,666,083 (+3.8%)	$25.14M (+28.4%)	19.0%	$9.43	$6.85	+37.6%	COM NEW	59124U605
AEM	AGNICO EAGLE MINES LTD COM	78,550 (+9.6%)	$14.41M (+30.2%)	10.9%	$183.42	$113.83	+61.0%	COM	008474108
FSM	FORTUNA MNG CORP	1,046,319 (+4.6%)	$11.75M (+39.0%)	8.9%	$11.23	$9.14	+23.0%	COM NEW	349942102
RGLD	ROYAL GOLD INC	29,545 (+24.2%)	$6.981M (+46.8%)	5.3%	$236.28	$114.89	+105.4%	COM	780287108
EQX	EQUINOX GOLD CORP	345,308 (+106.3%)	$3.836M (+135.0%)	2.9%	$11.11	$11.02	+0.8%	COM	29446Y502
OR	OR ROYALTIES INC	227,946 (+7.0%)	$7.832M (+16.3%)	5.9%	$34.36	$34.92	-1.7%	COM SHS	68390D106
PAAS	PAN AMERN SILVER CORP	150,947 (+8.7%)	$6.862M (+10.7%)	5.2%	$45.46	$24.45	+86.1%	COM	697900108
DMLP	DORCHESTER MINERALS L P	47,250 (+74.7%)	$1.324M (+92.7%)	1.0%	$28.02	$26.52	—	COM UNIT	25820R105
WRN	WESTERN COPPER & GOLD CORP	524,500 (+19.4%)	$1.161M (+17.6%)	0.9%	$2.21	$2.49	-11.1%	COM	95805V108
LAND	GLADSTONE LD CORP	142,110 (+2.1%)	$1.346M (+13.2%)	1.0%	$9.47	$9.70	—	COM	376549101
DEO	DIAGEO PLC SPON ADR	10,550 (+1.9%)	$904K (+8.7%)	0.7%	$85.69	$87.16	-1.8%	NEW	25243Q205

Exited Positions (4)

— DAKOTA GOLD CORP 1.6%

Value $2.12M Shares 498,784 Share Price $4.25 Est. Cost/Share $4.99 Unrealized @ Report Date —

B BARRICK MNG CORP 1.0%

Value $1.329M Shares 36,275 Share Price $36.64 * Est. Cost/Share $37.42 Unrealized @ Report Date +8.7%

ORLA ORLA MNG LTD 0.8%

Value $1.047M Shares 107,095 Share Price $9.78 * Est. Cost/Share $12.45 Unrealized @ Report Date -24.2%

CAG CONAGRA BRANDS INC 0.4%

Value $489K Shares 36,500 Share Price $13.40 Est. Cost/Share $17.62 Unrealized @ Report Date -23.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	DAKOTA GOLD CORP	498,784	$2.12M	1.6%	$4.25	$4.99	—	—	46655E108
B	BARRICK MNG CORP	36,275	$1.329M	1.0%	$36.64 *	$37.42	+8.7%	—	06849F108
ORLA	ORLA MNG LTD	107,095	$1.047M	0.8%	$9.78 *	$12.45	-24.2%	—	68634K106
CAG	CONAGRA BRANDS INC	36,500	$489K	0.4%	$13.40	$17.62	-23.7%	—	205887102

Decreased Positions (6)

BTG B2GOLD CORP 2.1%

Value $2.813M (-87.9%) Shares 536,864 (-91.4%) Share Price $5.24 Est. Cost/Share $4.54 Unrealized @ Report Date +15.1%

AU ANGLOGOLD ASHANTI PLC COM SHS 1.0%

Value $1.275M (-55.7%) Shares 13,540 (-62.0%) Share Price $94.17 Est. Cost/Share $94.96 Unrealized @ Report Date -1.1%

TFPM TRIPLE FLAG PRECIOUS METAL 5.7%

Value $7.493M (-4.1%) Shares 243,435 (-6.8%) Share Price $30.78 Est. Cost/Share $31.28 Unrealized @ Report Date -1.5%

GBDC GOLUB CAP BDC INC 0.3%

Value $395K (-16.5%) Shares 31,300 (-13.8%) Share Price $12.62 Est. Cost/Share $10.63 Unrealized @ Report Date +18.8%

ARCC ARES CAPITAL CORP COM 1.5%

Value $1.982M (-1.3%) Shares 103,562 (-4.3%) Share Price $19.14 Est. Cost/Share $9.20 Unrealized @ Report Date +107.7%

IAUX I-80 GOLD CORP 0.0%

Value $50,000 (-28.6%) Shares 30,000 (-38.8%) Share Price $1.67 Est. Cost/Share $1.71 Unrealized @ Report Date -2.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BTG	B2GOLD CORP	536,864 (-91.4%)	$2.813M (-87.9%)	2.1%	$5.24	$4.54	+15.1%	COM	11777Q209
AU	ANGLOGOLD ASHANTI PLC COM SHS	13,540 (-62.0%)	$1.275M (-55.7%)	1.0%	$94.17	$94.96	-1.1%	COM SHS	G0378L100
TFPM	TRIPLE FLAG PRECIOUS METAL	243,435 (-6.8%)	$7.493M (-4.1%)	5.7%	$30.78	$31.28	-1.5%	COM	89679M104
GBDC	GOLUB CAP BDC INC	31,300 (-13.8%)	$395K (-16.5%)	0.3%	$12.62	$10.63	+18.8%	COM	38173M102
ARCC	ARES CAPITAL CORP COM	103,562 (-4.3%)	$1.982M (-1.3%)	1.5%	$19.14	$9.20	+107.7%	COM	04010L103
IAUX	I-80 GOLD CORP	30,000 (-38.8%)	$50,000 (-28.6%)	0.0%	$1.67	$1.71	-2.8%	COMM	44955L106

Unchanged Positions (5)

FNV FRANCO NEV CORP 13.9%

Value $18.35M Shares 76,915 Share Price $238.63 Est. Cost/Share $62.48 Unrealized @ Report Date +281.1%

WPM WHEATON PRECIOUS METALS CORP 3.6%

Value $4.734M Shares 35,409 Share Price $133.69 Est. Cost/Share $18.45 Unrealized @ Report Date +624.9%

ELE ELEMENTAL RTY CORP 3.6%

Value $4.701M Shares 245,057 Share Price $19.18 Est. Cost/Share $15.55 Unrealized @ Report Date +22.8%

PSLV SPROTT ASSET MANAGEMENT LP PHYSICAL SILVER 1.1%

Value $1.466M Shares 75,700 Share Price $19.37 Est. Cost/Share $23.77 Unrealized @ Report Date —

IE IVANHOE ELECTRIC INC 0.3%

Value $355K Shares 35,438 Share Price $10.02 Est. Cost/Share $14.31 Unrealized @ Report Date -30.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
FNV	FRANCO NEV CORP	76,915	$18.35M	13.9%	$238.63	$62.48	+281.1%	COM	351858105
WPM	WHEATON PRECIOUS METALS CORP	35,409	$4.734M	3.6%	$133.69	$18.45	+624.9%	COM	962879102
ELE	ELEMENTAL RTY CORP	245,057	$4.701M	3.6%	$19.18	$15.55	+22.8%	COM NEW	28620K106
PSLV	SPROTT ASSET MANAGEMENT LP PHYSICAL SILVER	75,700	$1.466M	1.1%	$19.37	$23.77	—	UNIT	85207K107
IE	IVANHOE ELECTRIC INC	35,438	$355K	0.3%	$10.02	$14.31	-30.7%	COM	46578C108