Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CDE	COEUR MNG INC	1,420,000	$26.65M	9.3%	$22.32	0.0%	CALL	192108504
SPY	STATE STR SPDR S&P 500 ETF T	40,000	$26.01M	9.1%	—	—	PUT	78462F103
BTG	B2GOLD CORP	4,700,000	$21.29M	7.4%	—	—	CALL	11777Q209
USAR	USA RARE EARTH INC	1,100,000	$16.65M	5.8%	—	—	PUT	91733P107
SSRM	SSR MINING IN	442,540	$13.01M	4.5%	$25.47	0.0%	COM	784730103
HL	HECLA MINING COMPANY	500,000	$9.315M	3.2%	—	—	CALL	422704106
SSRM	SSR MINING IN	250,000	$7.35M	2.6%	$25.47	0.0%	CALL	784730103
VZLA	VIZSLA SILVER CORP	1,875,000	$6.188M	2.2%	$4.70	+9.3%	CALL	92859G608
GROY	GOLD ROYALTY CORP	1,348,303	$4.827M	1.7%	$4.52	0.0%	COMMON SHARES	38071H106
IAG	IAMGOLD CORP	250,000	$4.705M	1.6%	$14.09	+40.4%	CALL	450913108
ALM	ALMONTY INDS INC	250,000	$3.62M	1.3%	—	—	PUT	020398707
NIKL	SPROTT FDS TR	175,000	$2.802M	1.0%	$16.01	—	NICKEL MINERS ET	85208P600
AU	ANGLOGOLD ASHANTI PLC	15,000	$1.46M	0.5%	$103.62	0.0%	COM SHS	G0378L100
NEM	NEWMONT CORP	9,100	$985K	0.3%	$118.12	0.0%	COM	651639106
CDE	COEUR MNG INC	50,000	$939K	0.3%	$22.32	0.0%	COM NEW	192108504
LZM	LIFEZONE METALS LIMITED	136,754	$459K	0.2%	$5.05	0.0%	ORD SHS	G5568L109
LZM/WS	LIFEZONE METALS LIMITED	939,578	$385K	0.1%	$0.41	—	*W EXP 07/05/202	G5568L117

Increased Positions (2)

NEXM NEXMETALS MINING CORP. 0.7%

Value $1.997M (-31.6%) Shares 815,206 (+9.1%) Est. Cost $4.23 Unrealized -9.1%

AEC ANFIELD ENERGY INC 0.3%

Value $984K (+104.7%) Shares 176,272 (+88.2%) Est. Cost $7.13 Unrealized +0.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NEXM	NEXMETALS MINING CORP.	815,206 (+9.1%)	$1.997M (-31.6%)	0.7%	$4.23	-9.1%	COM NEW	65346E204
AEC	ANFIELD ENERGY INC	176,272 (+88.2%)	$984K (+104.7%)	0.3%	$7.13	+0.8%	COM NEW	03464C205

Exited Positions (9)

UEC URANIUM ENERGY CORP 5.7%

Value $16.24M Shares 1,390,000 Est. Cost — Unrealized —

EU ENCORE ENERGY CORP 5.1%

Value $14.76M Shares 5,950,100 Est. Cost — Unrealized —

EGO ELDORADO GOLD CORP NEW 5.0%

Value $14.46M Shares 402,584 Est. Cost $29.93 Unrealized +42.5%

B BARRICK MNG CORP 4.2%

Value $11.98M Shares 275,000 Est. Cost $37.42 Unrealized +29.1%

VZLA VIZSLA SILVER CORP 1.5%

Value $4.248M Shares 775,430 Est. Cost $4.70 Unrealized +9.3%

SLSR SOLARIS RES INC 1.5%

Value $4.166M Shares 519,952 Est. Cost $6.93 Unrealized +35.6%

MTA METALLA RTY & STREAMING LTD 1.2%

Value $3.55M Shares 456,339 Est. Cost $7.19 Unrealized +11.8%

EQX EQUINOX GOLD CORP 1.2%

Value $3.37M Shares 240,000 Est. Cost — Unrealized —

VOXR VOX ROYALTY CORP 1.1%

Value $3.091M Shares 652,114 Est. Cost $4.52 Unrealized +15.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UEC	URANIUM ENERGY CORP	1,390,000	$16.24M	5.7%	—	—	CALL	916896103
EU	ENCORE ENERGY CORP	5,950,100	$14.76M	5.1%	—	—	CALL	29259W700
EGO	ELDORADO GOLD CORP NEW	402,584	$14.46M	5.0%	$29.93	+42.5%	—	284902509
B	BARRICK MNG CORP	275,000	$11.98M	4.2%	$37.42	+29.1%	—	06849F108
VZLA	VIZSLA SILVER CORP	775,430	$4.248M	1.5%	$4.70	+9.3%	—	92859G608
SLSR	SOLARIS RES INC	519,952	$4.166M	1.5%	$6.93	+35.6%	—	83419D201
MTA	METALLA RTY & STREAMING LTD	456,339	$3.55M	1.2%	$7.19	+11.8%	—	59124U605
EQX	EQUINOX GOLD CORP	240,000	$3.37M	1.2%	—	—	CALL	29446Y502
VOXR	VOX ROYALTY CORP	652,114	$3.091M	1.1%	$4.52	+15.2%	—	92919F103

Decreased Positions (12)

SLV ISHARES SILVER TR 4.7%

Value $13.63M (-90.8%) Shares 200,000 (-91.3%) Est. Cost — Unrealized —

HYMC HYCROFT MINING HOLDING CORP 2.5%

Value $7.044M (-65.9%) Shares 200,100 (-77.0%) Est. Cost — Unrealized —

ELE ELEMENTAL RTY CORP 7.2%

Value $20.67M (-28.5%) Shares 1,097,208 (-35.8%) Est. Cost $15.55 Unrealized +30.1%

IAG IAMGOLD CORP 5.6%

Value $16.12M (-20.7%) Shares 856,612 (-30.5%) Est. Cost $14.09 Unrealized +40.4%

NXE NEXGEN ENERGY LTD 1.8%

Value $5.245M (-36.8%) Shares 452,138 (-49.9%) Est. Cost $8.83 Unrealized +34.7%

DNN DENISON MINES CORP 0.6%

Value $1.765M (-61.5%) Shares 500,000 (-71.0%) Est. Cost $2.72 Unrealized +38.6%

RGLD ROYAL GOLD INC 10.7%

Value $30.62M (-6.1%) Shares 120,332 (-18.0%) Est. Cost $198.37 Unrealized +36.1%

HCC WARRIOR MET COAL INC 2.4%

Value $6.795M (-22.1%) Shares 72,944 (-26.3%) Est. Cost $75.18 Unrealized +22.3%

OR OR ROYALTIES INC. 2.1%

Value $5.905M (-14.8%) Shares 155,316 (-20.6%) Est. Cost $35.04 Unrealized +19.5%

CGAU CENTERRA GOLD INC 3.4%

Value $9.706M (+11.3%) Shares 545,600 (-9.9%) Est. Cost $12.52 Unrealized +40.6%

WPM WHEATON PRECIOUS METALS CORP 2.7%

Value $7.872M (-6.4%) Shares 60,090 (-16.1%) Est. Cost $107.08 Unrealized +30.6%

AEM AGNICO EAGLE MINES LTD 2.0%

Value $5.645M (+9.5%) Shares 27,810 (-8.5%) Est. Cost $167.85 Unrealized +22.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	200,000 (-91.3%)	$13.63M (-90.8%)	4.7%	—	—	PUT	46428Q109
HYMC	HYCROFT MINING HOLDING CORP	200,100 (-77.0%)	$7.044M (-65.9%)	2.5%	—	—	PUT	44862P208
ELE	ELEMENTAL RTY CORP	1,097,208 (-35.8%)	$20.67M (-28.5%)	7.2%	$15.55	+30.1%	COM NEW	28620K106
IAG	IAMGOLD CORP	856,612 (-30.5%)	$16.12M (-20.7%)	5.6%	$14.09	+40.4%	COM	450913108
NXE	NEXGEN ENERGY LTD	452,138 (-49.9%)	$5.245M (-36.8%)	1.8%	$8.83	+34.7%	COM	65340P106
DNN	DENISON MINES CORP	500,000 (-71.0%)	$1.765M (-61.5%)	0.6%	$2.72	+38.6%	COM	248356107
RGLD	ROYAL GOLD INC	120,332 (-18.0%)	$30.62M (-6.1%)	10.7%	$198.37	+36.1%	COM	780287108
HCC	WARRIOR MET COAL INC	72,944 (-26.3%)	$6.795M (-22.1%)	2.4%	$75.18	+22.3%	COM	93627C101
OR	OR ROYALTIES INC.	155,316 (-20.6%)	$5.905M (-14.8%)	2.1%	$35.04	+19.5%	COM SHS	68390D106
CGAU	CENTERRA GOLD INC	545,600 (-9.9%)	$9.706M (+11.3%)	3.4%	$12.52	+40.6%	COM	152006102
WPM	WHEATON PRECIOUS METALS CORP	60,090 (-16.1%)	$7.872M (-6.4%)	2.7%	$107.08	+30.6%	COM	962879102
AEM	AGNICO EAGLE MINES LTD	27,810 (-8.5%)	$5.645M (+9.5%)	2.0%	$167.85	+22.7%	COM	008474108

Unchanged Positions (1)

PPTA PERPETUA RESOURCES CORP 2.2%

Value $6.439M Shares 229,000 Est. Cost $24.60 Unrealized +23.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PPTA	PERPETUA RESOURCES CORP	229,000	$6.439M	2.2%	$24.60	+23.1%	COM	714266103