# EDGAR Filing Document

**Accession Number:** 0001512920
**File Stem:** 0001512920-26-000002
**Filing Date:** 2026-2
**Character Count:** 25957
**Document Hash:** 1b499993f4ec8af53a06b893f5535a12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001512920-26-000002.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001512920-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPROTT INC.
- **CENTRAL INDEX KEY:** 0001512920
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14703
- **FILM NUMBER:** 26625340

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, SOUTH TOWER
- **STREET 2:** 200 BAY STREET, SUITE 2600
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1
- **BUSINESS PHONE:** 416-943-4065

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, SOUTH TOWER
- **STREET 2:** 200 BAY STREET, SUITE 2600
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SPROTT INC.<br>**Address:** Royal Bank Plaza South Tower<br>200 Bay Street Suite 2600<br>Toronto, A6 M5J 2J1

**Form 13F File Number:** 028-14703

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Thomas W. Ulrich<br>**Title:** Chief Compliance Officer<br>**Phone:** 203-656-2401

**Signature, Place, and Date of Signing:**

Thomas W. Ulrich  Darien, CT  02-12-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 221

**Form 13F Information Table Value Total:** $2962233915

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABRDN PLATINUM ETF TRUST | PHYSCL PLATM SHS | 003260106 |  | 6753054 | 36223 | SH |  | SOLE |  | 36223 | 0 | 0 |
| ABRDN SILVER ETF TRUST | PHYSCL SILVR SHS | 003264108 |  | 3061251 | 45258 | SH |  | SOLE |  | 45258 | 0 | 0 |
| ADAM NAT RES FD INC | COM | 00548F105 |  | 1467895 | 67520 | SH |  | SOLE |  | 67520 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 121780687 | 718019 | SH |  | SOLE |  | 718019 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 43753845 | 1134107 | SH |  | SOLE |  | 1134107 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 1676347 | 11852 | SH |  | SOLE |  | 11852 | 0 | 0 |
| ALPHA METALLURGICAL RESOUR I | COM | 020764106 |  | 380971 | 1906 | SH |  | SOLE |  | 1906 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 301248 | 960 | SH |  | SOLE |  | 960 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 843647 | 3655 | SH |  | SOLE |  | 3655 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 |  | 8404605 | 1643896 | SH |  | SOLE |  | 1643896 | 0 | 0 |
| AMPLIFY ETF TR | AMPLIFY JUNIOR S | 032108649 |  | 2971537 | 107392 | SH |  | SOLE |  | 107392 | 0 | 0 |
| AMPLIFY ETF TR | PUT | 032108959 |  | 775970 | 23500 | SH | Put | SOLE |  | 23500 | 0 | 0 |
| ANGEL STUDIOS INC | CL A COM | 034948109 |  | 246067 | 52691 | SH |  | SOLE |  | 52691 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 293535 | 16500 | SH |  | SOLE |  | 16500 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1253275 | 4610 | SH |  | SOLE |  | 4610 | 0 | 0 |
| ARIS MNG CORP | COM | 04040Y109 |  | 343005 | 21134 | SH |  | SOLE |  | 21134 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 14751750 | 362095 | SH |  | SOLE |  | 362095 | 0 | 0 |
| ASTERA LABS INC | COM | 04626A103 |  | 964888 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| AVINO SILVER  GOLD MINES LT | COM | 053906103 |  | 2146549 | 345660 | SH |  | SOLE |  | 345660 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 104115882 | 2389369 | SH |  | SOLE |  | 2389369 | 0 | 0 |
| BARRICK MNG CORP | CALL | 06849F908 |  | 2410260 | 51000 | SH | Call | SOLE |  | 51000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 13125197 | 26112 | SH |  | SOLE |  | 26112 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 876608 | 14521 | SH |  | SOLE |  | 14521 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 2179000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 1797606 | 34312 | SH |  | SOLE |  | 34312 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 2126555 | 471520 | SH |  | SOLE |  | 471520 | 0 | 0 |
| BUCKLE INC | COM | 118440106 |  | 11752400 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 18275036 | 236295 | SH |  | SOLE |  | 236295 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 1510405 | 5531 | SH |  | SOLE |  | 5531 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 313292 | 588 | SH |  | SOLE |  | 588 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 19419059 | 244050 | SH |  | SOLE |  | 244050 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 17813666 | 194706 | SH |  | SOLE |  | 194706 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 650422 | 38441 | SH |  | SOLE |  | 38441 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 2360283 | 12142 | SH |  | SOLE |  | 12142 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 644962 | 4232 | SH |  | SOLE |  | 4232 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 11238540 | 94840 | SH |  | SOLE |  | 94840 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 133374997 | 7480370 | SH |  | SOLE |  | 7480370 | 0 | 0 |
| COLLECTIVE MINING LTD | COM | 19425C100 |  | 307849 | 21100 | SH |  | SOLE |  | 21100 | 0 | 0 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 |  | 7347704 | 264021 | SH |  | SOLE |  | 264021 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 253870 | 2712 | SH |  | SOLE |  | 2712 | 0 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 354040 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 2400612 | 35814 | SH |  | SOLE |  | 35814 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 2916054 | 1096261 | SH |  | SOLE |  | 1096261 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 712051 | 19439 | SH |  | SOLE |  | 19439 | 0 | 0 |
| DIGI PWR X INC | COM SUB VTG | 25380B102 |  | 76500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| DIVERSIFIED ENERGY CO | COMMON STOCK | 25520W107 |  | 362000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| DOLLY VARDEN SILVER CORP | COM NO PAR | 256827783 |  | 2353817 | 535250 | SH |  | SOLE |  | 535250 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 532821 | 2578 | SH |  | SOLE |  | 2578 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 62995814 | 1753781 | SH |  | SOLE |  | 1753781 | 0 | 0 |
| ELECTROMED INC | COM | 285409108 |  | 291200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ELEMENTAL RTY CORP | COM NEW | 28620K106 |  | 31830146 | 1875676 | SH |  | SOLE |  | 1875676 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 23157327 | 2463260 | SH |  | SOLE |  | 2463260 | 0 | 0 |
| ENDEAVOUR SILVER CORP | CALL | 29258Y903 |  | 123420 | 11000 | SH | Call | SOLE |  | 11000 | 0 | 0 |
| ENCORE ENERGY CORP | COM NEW | 29259W700 |  | 359717 | 145047 | SH |  | SOLE |  | 145047 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 1138933 | 78331 | SH |  | SOLE |  | 78331 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 139764737 | 9946732 | SH |  | SOLE |  | 9946732 | 0 | 0 |
| EQUINOX GOLD CORP | CALL | 29446Y902 |  | 784665 | 53000 | SH | Call | SOLE |  | 53000 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 22819195 | 806451 | SH |  | SOLE |  | 806451 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 29510338 | 245225 | SH |  | SOLE |  | 245225 | 0 | 0 |
| FRP HLDGS INC | COM | 30292L107 |  | 6480109 | 284340 | SH |  | SOLE |  | 284340 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 26367467 | 506385 | SH |  | SOLE |  | 506385 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 10324580 | 619628 | SH |  | SOLE |  | 619628 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 2708394 | 276085 | SH |  | SOLE |  | 276085 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 49264477 | 237666 | SH |  | SOLE |  | 237666 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 2215433 | 43619 | SH |  | SOLE |  | 43619 | 0 | 0 |
| FURY GOLD MINES LIMITED | COM | 36117T100 |  | 28192 | 47746 | SH |  | SOLE |  | 47746 | 0 | 0 |
| GAIN THERAPEUTICS INC | COM | 36269B105 |  | 38640 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| GALIANO GOLD INC | COM | 36352H100 |  | 193955 | 76662 | SH |  | SOLE |  | 76662 | 0 | 0 |
| GENTEX CORP | COM | 371901109 |  | 2792400 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 2323483 | 32365 | SH |  | SOLE |  | 32365 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X SILVER | 37954Y848 |  | 5620645 | 67297 | SH |  | SOLE |  | 67297 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 3401944 | 77919 | SH |  | SOLE |  | 77919 | 0 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 1390326 | 344140 | SH |  | SOLE |  | 344140 | 0 | 0 |
| GOLDMINING INC | COM | 38149E101 |  | 446380 | 357104 | SH |  | SOLE |  | 357104 | 0 | 0 |
| GRANITESHARES PLATINUM TR | SHS BEN INT | 38748T103 |  | 409398 | 20750 | SH |  | SOLE |  | 20750 | 0 | 0 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 2422542 | 35438 | SH |  | SOLE |  | 35438 | 0 | 0 |
| GRAYSCALE ETHEREUM TRUST ETF | SHS | 389638107 |  | 502144 | 20605 | SH |  | SOLE |  | 20605 | 0 | 0 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 213015 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| HECLA MNG CO | COM | 422704106 |  | 4598715 | 239641 | SH |  | SOLE |  | 239641 | 0 | 0 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 26884861 | 937408 | SH |  | SOLE |  | 937408 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 1686516 | 84913 | SH |  | SOLE |  | 84913 | 0 | 0 |
| HYCROFT MINING HOLDING CORP | CL A NEW | 44862P208 |  | 4723669 | 198724 | SH |  | SOLE |  | 198724 | 0 | 0 |
| CRESCENT ENERGY COMPANY | CL A COM | 44952J104 |  | 94388 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| I-80 GOLD CORP | COM | 44955L106 |  | 51733239 | 35136999 | SH |  | SOLE |  | 35136999 | 0 | 0 |
| I-80 GOLD CORP | *W EXP 11/16/202 | 44955L155 |  | 10396000 | 11300000 | SH |  | SOLE |  | 11300000 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 113832910 | 6902659 | SH |  | SOLE |  | 6902659 | 0 | 0 |
| IAMGOLD CORP | CALL | 450913908 |  | 1139700 | 60000 | SH | Call | SOLE |  | 60000 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 272673 | 2473 | SH |  | SOLE |  | 2473 | 0 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 2021104 | 504016 | SH |  | SOLE |  | 504016 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 725743 | 4481 | SH |  | SOLE |  | 4481 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 424894 | 6305 | SH |  | SOLE |  | 6305 | 0 | 0 |
| INTERNATIONAL TOWER HILL MIN | COM | 46050R102 |  | 36514296 | 19790315 | SH |  | SOLE |  | 19790315 | 0 | 0 |
| INVESCO QQQ TR | PUT | 46090E953 |  | 21453379 | 34900 | SH | Put | SOLE |  | 34900 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 297050 | 9350 | SH |  | SOLE |  | 9350 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 505592 | 5062 | SH |  | SOLE |  | 5062 | 0 | 0 |
| ISHARES TR | CALL | 464287900 |  | 28963440 | 303600 | SH | Call | SOLE |  | 303600 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 4536714 | 70424 | SH |  | SOLE |  | 70424 | 0 | 0 |
| ISHARES SILVER TR | CALL | 46428Q909 |  | 6856200 | 90000 | SH | Call | SOLE |  | 90000 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 534499 | 6620 | SH |  | SOLE |  | 6620 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 486040 | 4842 | SH |  | SOLE |  | 4842 | 0 | 0 |
| ISOENERGY LTD | COM NEW | 46500E867 |  | 605742 | 66444 | SH |  | SOLE |  | 66444 | 0 | 0 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 241426 | 15108 | SH |  | SOLE |  | 15108 | 0 | 0 |
| DAKOTA GOLD CORP | COM | 46655E100 |  | 6410874 | 1128675 | SH |  | SOLE |  | 1128675 | 0 | 0 |
| DAKOTA GOLD CORP | *W EXP 03/15/202 | 46655E118 |  | 63921 | 17609 | SH |  | SOLE |  | 17609 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 6775769 | 700700 | SH |  | SOLE |  | 700700 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 418755 | 15233 | SH |  | SOLE |  | 15233 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 61646151 | 2189104 | SH |  | SOLE |  | 2189104 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 308124 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| LANDBRIDGE COMPANY LLC | CL A | 514952100 |  | 4173605 | 85193 | SH |  | SOLE |  | 85193 | 0 | 0 |
| LARGO INC | COM | 517097101 |  | 633301 | 675737 | SH |  | SOLE |  | 675737 | 0 | 0 |
| LARGO INC | CALL | 517097901 |  | 18825 | 15000 | SH | Call | SOLE |  | 15000 | 0 | 0 |
| LINEAGE CELL THERAPEUTICS IN | COM | 53566P109 |  | 16700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| LITHIUM AMERS CORP NEW | COM SHS | 53681J103 |  | 70139 | 16087 | SH |  | SOLE |  | 16087 | 0 | 0 |
| LUCID DIAGNOSTICS INC | COM | 54948X109 |  | 21800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 3016196 | 59703 | SH |  | SOLE |  | 59703 | 0 | 0 |
| MARAVAI LIFESCIENCES HLDGS I | COM CL A | 56600D107 |  | 32500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MARCUS  MILLICHAP INC | COM | 566324109 |  | 4639300 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| MCEWEN INC | COM NEW | 58039P305 |  | 227840 | 12309 | SH |  | SOLE |  | 12309 | 0 | 0 |
| METALLA RTY  STREAMING LTD | COM NEW | 59124U605 |  | 11012920 | 1415520 | SH |  | SOLE |  | 1415520 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 503201 | 69 | SH |  | SOLE |  | 69 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 12191257 | 315590 | SH |  | SOLE |  | 315590 | 0 | 0 |
| NEW FOUND GOLD CORP | COM | 64440N103 |  | 23685071 | 7997610 | SH |  | SOLE |  | 7997610 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 13609227 | 1562483 | SH |  | SOLE |  | 1562483 | 0 | 0 |
| NEW PAC METALS CORP | COM | 64782A107 |  | 822607 | 234361 | SH |  | SOLE |  | 234361 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 16526662 | 165515 | SH |  | SOLE |  | 165515 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 4614010 | 501402 | SH |  | SOLE |  | 501402 | 0 | 0 |
| NOVAGOLD RES INC | COM NEW | 66987E206 |  | 115848 | 12430 | SH |  | SOLE |  | 12430 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 32911357 | 201774 | SH |  | SOLE |  | 201774 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 822465 | 4410 | SH |  | SOLE |  | 4410 | 0 | 0 |
| NVIDIA CORPORATION | PUT | 67066G954 |  | 358210 | 2000 | SH | Put | SOLE |  | 2000 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 3374973 | 54682 | SH |  | SOLE |  | 54682 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 372753 | 9065 | SH |  | SOLE |  | 9065 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 249900 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| OR ROYALTIES INC | COM SHS | 68390D106 |  | 84809299 | 2394407 | SH |  | SOLE |  | 2394407 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 617222 | 45822 | SH |  | SOLE |  | 45822 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | *W EXP 05/27/202 | 68828E239 |  | 21616 | 120087 | SH |  | SOLE |  | 120087 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 15482102 | 4560007 | SH |  | SOLE |  | 4560007 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 40469042 | 781084 | SH |  | SOLE |  | 781084 | 0 | 0 |
| PATTERSON-UTI ENERGY INC | COM | 703481101 |  | 61100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 56882799 | 2349558 | SH |  | SOLE |  | 2349558 | 0 | 0 |
| PLATINUM GROUP METALS LTD | CALL | 72765Q902 |  | 55140 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| PROSHARES TR | PSHS ULT S 500 | 74347R107 |  | 1413248 | 24400 | SH |  | SOLE |  | 24400 | 0 | 0 |
| PROSHARES TR II | ULTRA SILVER NEW | 74347W353 |  | 328854 | 2120 | SH |  | SOLE |  | 2120 | 0 | 0 |
| PROSHARES TR | ULTRAPRO QQQ | 74347X831 |  | 1623776 | 30800 | SH |  | SOLE |  | 30800 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 1287705 | 3051 | SH |  | SOLE |  | 3051 | 0 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 416773 | 11820 | SH |  | SOLE |  | 11820 | 0 | 0 |
| RELIANCE INC | COM | 759509102 |  | 13657485 | 47279 | SH |  | SOLE |  | 47279 | 0 | 0 |
| RING ENERGY INC | COM | 76680V108 |  | 247950 | 285000 | SH |  | SOLE |  | 285000 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 368698 | 4607 | SH |  | SOLE |  | 4607 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 33798107 | 152045 | SH |  | SOLE |  | 152045 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 240036 | 352 | SH |  | SOLE |  | 352 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 78113916 | 113600 | SH | Put | SOLE |  | 113600 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1536494 | 3877 | SH |  | SOLE |  | 3877 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 75932078 | 830949 | SH |  | SOLE |  | 830949 | 0 | 0 |
| SSR MINING IN | COM | 784730103 |  | 36245312 | 1653527 | SH |  | SOLE |  | 1653527 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 4009213 | 104461 | SH |  | SOLE |  | 104461 | 0 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 1352707 | 45715 | SH |  | SOLE |  | 45715 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 969313 | 21680 | SH |  | SOLE |  | 21680 | 0 | 0 |
| SELECT SECTOR SPDR TR | PUT | 81369Y955 |  | 6636473 | 124500 | SH | Put | SOLE |  | 124500 | 0 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 2132497 | 255683 | SH |  | SOLE |  | 255683 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 25499064 | 1074396 | SH |  | SOLE |  | 1074396 | 0 | 0 |
| SMART SAND INC | COM | 83191H107 |  | 3000000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 2951107 | 42894 | SH |  | SOLE |  | 42894 | 0 | 0 |
| SOLARIS RES INC | COM NEW | 83419D201 |  | 20315943 | 2548169 | SH |  | SOLE |  | 2548169 | 0 | 0 |
| SOLITARIO RESOURCES CORP | COM | 8342EP107 |  | 23226 | 33333 | SH |  | SOLE |  | 33333 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 210614 | 1468 | SH |  | SOLE |  | 1468 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 162658536 | 1661137 | SH |  | SOLE |  | 1661137 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 73022462 | 2211413 | SH |  | SOLE |  | 2211413 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 51767083 | 2188883 | SH |  | SOLE |  | 2188883 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL PLATINU | 85207Q104 |  | 2746890 | 163117 | SH |  | SOLE |  | 163117 | 0 | 0 |
| SPROTT FOCUS TR INC | COM | 85208J109 |  | 134112336 | 15450730 | SH |  | SOLE |  | 15450730 | 0 | 0 |
| SPROTT FDS TR | URANIUM MINERS E | 85208P303 |  | 1377678 | 25099 | SH |  | SOLE |  | 25099 | 0 | 0 |
| SPROTT FDS TR | NICKEL MINERS ET | 85208P600 |  | 267725 | 17020 | SH |  | SOLE |  | 17020 | 0 | 0 |
| SPROTT FDS TR | LITHIUM MINERS | 85208P709 |  | 539113 | 44740 | SH |  | SOLE |  | 44740 | 0 | 0 |
| SPROTT FDS TR | ACTIVE METALS | 85208P857 |  | 11518358 | 455790 | SH |  | SOLE |  | 455790 | 0 | 0 |
| SPROTT FDS TR | ACTIVE GOLD  SI | 85208P865 |  | 8008137 | 183295 | SH |  | SOLE |  | 183295 | 0 | 0 |
| SPROTT FDS TR | SILVER MINERS | 85208P873 |  | 704311 | 12622 | SH |  | SOLE |  | 12622 | 0 | 0 |
| SPROTT FDS TR | COPPER MINER ETF | 85208P881 |  | 391334 | 11242 | SH |  | SOLE |  | 11242 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 85208R101 |  | 32056153 | 699916 | SH |  | SOLE |  | 699916 | 0 | 0 |
| SPROTT ETF TRUST | GOLD MINERS ETF | 85210B102 |  | 2597895 | 37310 | SH |  | SOLE |  | 37310 | 0 | 0 |
| SPROTT ETF TRUST | JR GOLD MINERS E | 85210B201 |  | 2980894 | 35432 | SH |  | SOLE |  | 35432 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 15452315 | 91191 | SH |  | SOLE |  | 91191 | 0 | 0 |
| STRIVE INC | CL A COM | 862945102 |  | 11070 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| TMC THE METALS COMPANY INC | COM | 87261Y106 |  | 68086 | 11035 | SH |  | SOLE |  | 11035 | 0 | 0 |
| TRX GOLD CORPORATION | COM | 87283P109 |  | 88149 | 95721 | SH |  | SOLE |  | 95721 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 507946 | 89690 | SH |  | SOLE |  | 89690 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 875605 | 1947 | SH |  | SOLE |  | 1947 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 9742811 | 33921 | SH |  | SOLE |  | 33921 | 0 | 0 |
| THOR INDS INC | COM | 885160101 |  | 9753650 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| TRILOGY METALS INC NEW | COM | 89621C105 |  | 584289 | 135566 | SH |  | SOLE |  | 135566 | 0 | 0 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 36419877 | 1096258 | SH |  | SOLE |  | 1096258 | 0 | 0 |
| UR-ENERGY INC | COM | 91688R108 |  | 220924 | 158938 | SH |  | SOLE |  | 158938 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 7613480 | 651839 | SH |  | SOLE |  | 651839 | 0 | 0 |
| URANIUM RTY CORP | COM | 91702V101 |  | 5733540 | 1619644 | SH |  | SOLE |  | 1619644 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 978349 | 75084 | SH |  | SOLE |  | 75084 | 0 | 0 |
| VANECK MERK GOLD ETF | GOLD SHS | 921078101 |  | 1849303 | 44583 | SH |  | SOLE |  | 44583 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 5698902 | 66444 | SH |  | SOLE |  | 66444 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 584602 | 5138 | SH |  | SOLE |  | 5138 | 0 | 0 |
| VANECK ETF TRUST | PUT | 92189F951 |  | 24186792 | 188400 | SH | Put | SOLE |  | 188400 | 0 | 0 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 327486 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 5214342 | 65400 | SH |  | SOLE |  | 65400 | 0 | 0 |
| VISTA GOLD CORP | COM NEW | 927926303 |  | 582297 | 295582 | SH |  | SOLE |  | 295582 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC | COM | 928298108 |  | 4347000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 113449310 | 20712812 | SH |  | SOLE |  | 20712812 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 707652 | 8026 | SH |  | SOLE |  | 8026 | 0 | 0 |
| WESTERN COPPER  GOLD CORP | COM | 95805V108 |  | 97001 | 36330 | SH |  | SOLE |  | 36330 | 0 | 0 |
| WESTLAKE CORPORATION | COM | 960413102 |  | 10351600 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 105144631 | 893905 | SH |  | SOLE |  | 893905 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 54936779 | 644193 | SH |  | SOLE |  | 644193 | 0 | 0 |
| BITFUFU INC | *W EXP 03/01/202 | G1152A120 |  | 3000 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| ASA GOLD AND PRECIOUS MTLS L | SHS | G3156P103 |  | 14033370 | 235183 | SH |  | SOLE |  | 235183 | 0 | 0 |
| FREIGHTOS LTD | *W EXP 99/99/999 | G51405119 |  | 1497 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| LIFEZONE METALS LIMITED | ORD SHS | G5568L109 |  | 369722 | 86586 | SH |  | SOLE |  | 86586 | 0 | 0 |
| LIFEZONE METALS LIMITED | *W EXP 07/05/202 | G5568L117 |  | 284852 | 693408 | SH |  | SOLE |  | 693408 | 0 | 0 |
| JOBY AVIATION INC | COMMON STOCK | G65163100 |  | 252846 | 19155 | SH |  | SOLE |  | 19155 | 0 | 0 |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L173 |  | 1233100 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| ALTISOURCE PORTFOLIO SOLUTIO | *W EXP 04/30/203 | L0175J112 |  | 6603 | 16100 | SH |  | SOLE |  | 16100 | 0 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 226998 | 6010 | SH |  | SOLE |  | 6010 | 0 | 0 |
| HAFNIA LTD | SHS | Y2990R101 |  | 506350 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 1028386 | 21182 | SH |  | SOLE |  | 21182 | 0 | 0 |
| STAR BULK CARRIERS CORP | SHS PAR | Y8162K204 |  | 437908 | 22784 | SH |  | SOLE |  | 22784 | 0 | 0 |

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