# EDGAR Filing Document

**Accession Number:** 0001358828
**File Stem:** 0001358828-25-000005
**Filing Date:** 2025-11
**Character Count:** 19683
**Document Hash:** 8f5a3abacf3e324a81b1440fe55cc316
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001358828-25-000005.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001358828-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Financial Sense Advisors, Inc.
- **CENTRAL INDEX KEY:** 0001358828

**ORGANIZATION NAME:**
- **EIN:** 330086182
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11894
- **FILM NUMBER:** 251487704

**BUSINESS ADDRESS:**
- **STREET 1:** 10920 VIA FRONTERA
- **STREET 2:** SUITE 500
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92127
- **BUSINESS PHONE:** 858-487-3939

**MAIL ADDRESS:**
- **STREET 1:** 10920 VIA FRONTERA
- **STREET 2:** SUITE 500
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANCIAL SENSE ADVISORS, INC
- **DATE OF NAME CHANGE:** 20171027

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Puplava Financial Services, Inc.
- **DATE OF NAME CHANGE:** 20070206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Puplava Financial Services
- **DATE OF NAME CHANGE:** 20060410

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Financial Sense Advisors Inc.<br>**Address:** 10920 VIA FRONTERA<br>SUITE 500<br>SAN DIEGO, CA 92127

**Form 13F File Number:** 028-11894

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:** James J. Puplava<br>**Title:** President<br>**Phone:** 858-487-3939

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

/s/ James J. Puplava  San Diego, CA  11-14-2025<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:** 158

**Form 13F Information Table Value Total:** $586712218

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 1093714 | 4724 | SH |  | SOLE |  | 0 | 0 | 4724 |
| ABRDN PALLADIUM ETF TRUST | PHYSICAL PALLADM | 003262102 |  | 2540283 | 22250 | SH |  | SOLE |  | 0 | 0 | 22250 |
| ABRDN PLATINUM ETF TRUST | PHYSCL PLATM SHS | 003260106 |  | 755121 | 5285 | SH |  | SOLE |  | 0 | 0 | 5285 |
| AEROVIRONMENT INC | COM | 008073108 |  | 881692 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 5898020 | 34991 | SH |  | SOLE |  | 0 | 0 | 34991 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 16561705 | 437215 | SH |  | SOLE |  | 0 | 0 | 437215 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1080602 | 6046 | SH |  | SOLE |  | 0 | 0 | 6046 |
| ALMONTY INDS INC | COM NEW | 020398707 |  | 482400 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 245569 | 1008 | SH |  | SOLE |  | 0 | 0 | 1008 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 4170887 | 88875 | SH |  | SOLE |  | 0 | 0 | 88875 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 6062699 | 91776 | SH |  | SOLE |  | 0 | 0 | 91776 |
| AMGEN INC | COM | 031162100 |  | 3253167 | 11528 | SH |  | SOLE |  | 0 | 0 | 11528 |
| APPLE INC | COM | 037833100 |  | 2292238 | 9002 | SH |  | SOLE |  | 0 | 0 | 9002 |
| ARK ETF TR | AUTNMUS TECHNLGY | 00214Q203 |  | 2310966 | 20715 | SH |  | SOLE |  | 0 | 0 | 20715 |
| AT INC | COM | 00206R102 |  | 782018 | 27692 | SH |  | SOLE |  | 0 | 0 | 27692 |
| B2GOLD CORP | COM | 11777Q209 |  | 767250 | 155000 | SH |  | SOLE |  | 0 | 0 | 155000 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 586151 | 12031 | SH |  | SOLE |  | 0 | 0 | 12031 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 7962297 | 242975 | SH |  | SOLE |  | 0 | 0 | 242975 |
| BEST BUY INC | COM | 086516101 |  | 358061 | 4735 | SH |  | SOLE |  | 0 | 0 | 4735 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 879512 | 15776 | SH |  | SOLE |  | 0 | 0 | 15776 |
| BLACKROCK ETF TRUST | DISCIPLINED VOLA | 09290C715 |  | 501925 | 20077 | SH |  | SOLE |  | 0 | 0 | 20077 |
| BLACKROCK ETF TRUST | DYNAMIC EQTY ACT | 09290C723 |  | 843861 | 33341 | SH |  | SOLE |  | 0 | 0 | 33341 |
| BLOCK INC | NOTE 5/0 | 852234AJ2 |  | 10826650 | 11150000 | SH |  | SOLE |  | 0 | 0 | 11150000 |
| BLOCK INC | CL A | 852234103 |  | 274771 | 3802 | SH |  | SOLE |  | 0 | 0 | 3802 |
| BP PLC | SPONSORED ADR | 055622104 |  | 19802956 | 574665 | SH |  | SOLE |  | 0 | 0 | 574665 |
| BROADCOM INC | COM | 11135F101 |  | 908903 | 2755 | SH |  | SOLE |  | 0 | 0 | 2755 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 2895164 | 15703 | SH |  | SOLE |  | 0 | 0 | 15703 |
| CAMECO CORP | COM | 13321L108 |  | 399266 | 4761 | SH |  | SOLE |  | 0 | 0 | 4761 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 3116096 | 13261 | SH |  | SOLE |  | 0 | 0 | 13261 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3208653 | 20662 | SH |  | SOLE |  | 0 | 0 | 20662 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1726338 | 18251 | SH |  | SOLE |  | 0 | 0 | 18251 |
| DANAHER CORPORATION | COM | 235851102 |  | 361479 | 1823 | SH |  | SOLE |  | 0 | 0 | 1823 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 637257 | 4495 | SH |  | SOLE |  | 0 | 0 | 4495 |
| DENISON MINES CORP | COM | 248356107 |  | 37912 | 13786 | SH |  | SOLE |  | 0 | 0 | 13786 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 1393011 | 39732 | SH |  | SOLE |  | 0 | 0 | 39732 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 9641500 | 275000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| DIANA SHIPPING INC | COM | Y2066G104 |  | 84000 | 50000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| DIANA SHIPPING INC | COM | Y2066G104 |  | 168000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| DISNEY WALT CO | COM | 254687106 |  | 684870 | 5981 | SH |  | SOLE |  | 0 | 0 | 5981 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 365681 | 5978 | SH |  | SOLE |  | 0 | 0 | 5978 |
| ELI LILLY  CO | COM | 532457108 |  | 1216222 | 1594 | SH |  | SOLE |  | 0 | 0 | 1594 |
| EQT CORP | COM | 26884L109 |  | 1184345 | 21759 | SH |  | SOLE |  | 0 | 0 | 21759 |
| EXCHANGE TRADED CONCEPTS TRU | RANGE NUCLEAR RE | 301505475 |  | 2097931 | 32256 | SH |  | SOLE |  | 0 | 0 | 32256 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 5131188 | 45509 | SH |  | SOLE |  | 0 | 0 | 45509 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 952188 | 9540 | SH |  | SOLE |  | 0 | 0 | 9540 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 919065 | 74782 | SH |  | SOLE |  | 0 | 0 | 74782 |
| FIRST SOLAR INC | COM | 336433107 |  | 6910529 | 31336 | SH |  | SOLE |  | 0 | 0 | 31336 |
| FIRST TR EXCHANGE-TRADED FD | NAT GAS ETF | 33733E807 |  | 12606214 | 536663 | SH |  | SOLE |  | 0 | 0 | 536663 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 8117561 | 206975 | SH |  | SOLE |  | 0 | 0 | 206975 |
| GE VERNOVA INC | COM | 36828A101 |  | 366458 | 596 | SH |  | SOLE |  | 0 | 0 | 596 |
| GLOBAL X FDS | DAX GERMANY ETF | 37954Y491 |  | 1717841 | 38387 | SH |  | SOLE |  | 0 | 0 | 38387 |
| GLOBAL X FDS | DEFENSE TECH ETF | 37960A529 |  | 4684345 | 66691 | SH |  | SOLE |  | 0 | 0 | 66691 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 392498 | 6562 | SH |  | SOLE |  | 0 | 0 | 6562 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 477177 | 10010 | SH |  | SOLE |  | 0 | 0 | 10010 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 238905 | 300 | SH |  | SOLE |  | 0 | 0 | 300 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 8471014 | 245181 | SH |  | SOLE |  | 0 | 0 | 245181 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 18533509 | 272953 | SH |  | SOLE |  | 0 | 0 | 272953 |
| INTEL CORP | COM | 458140100 |  | 1330090 | 39645 | SH |  | SOLE |  | 0 | 0 | 39645 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 954212 | 3382 | SH |  | SOLE |  | 0 | 0 | 3382 |
| INVESCO LTD | SHS | G491BT108 |  | 3586555 | 156345 | SH |  | SOLE |  | 0 | 0 | 156345 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1039241 | 1731 | SH |  | SOLE |  | 0 | 0 | 1731 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 34518554 | 531055 | SH |  | SOLE |  | 0 | 0 | 531055 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 5164706 | 70973 | SH |  | SOLE |  | 0 | 0 | 70973 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 5055504 | 119318 | SH |  | SOLE |  | 0 | 0 | 119318 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 11828971 | 273186 | SH |  | SOLE |  | 0 | 0 | 273186 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 238834 | 2319 | SH |  | SOLE |  | 0 | 0 | 2319 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 222903 | 2553 | SH |  | SOLE |  | 0 | 0 | 2553 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 220573 | 3238 | SH |  | SOLE |  | 0 | 0 | 3238 |
| ISHARES TR | CORE S ETF | 464287200 |  | 273744 | 409 | SH |  | SOLE |  | 0 | 0 | 409 |
| ISHARES TR | CORE TOTAL USD | 46434V613 |  | 231075 | 4947 | SH |  | SOLE |  | 0 | 0 | 4947 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 374063 | 3731 | SH |  | SOLE |  | 0 | 0 | 3731 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 218617 | 3223 | SH |  | SOLE |  | 0 | 0 | 3223 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 36140695 | 707462 | SH |  | SOLE |  | 0 | 0 | 707462 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 1524999 | 13681 | SH |  | SOLE |  | 0 | 0 | 13681 |
| ISHARES TR | MBS ETF | 464288588 |  | 324367 | 3409 | SH |  | SOLE |  | 0 | 0 | 3409 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 799735 | 8406 | SH |  | SOLE |  | 0 | 0 | 8406 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 716359 | 6727 | SH |  | SOLE |  | 0 | 0 | 6727 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 2042725 | 4361 | SH |  | SOLE |  | 0 | 0 | 4361 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 356242 | 1113 | SH |  | SOLE |  | 0 | 0 | 1113 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 603733 | 4239 | SH |  | SOLE |  | 0 | 0 | 4239 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 206712 | 1480 | SH |  | SOLE |  | 0 | 0 | 1480 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 1818109 | 43278 | SH |  | SOLE |  | 0 | 0 | 43278 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 2228515 | 24390 | SH |  | SOLE |  | 0 | 0 | 24390 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 346769 | 1208 | SH |  | SOLE |  | 0 | 0 | 1208 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 822138 | 8632 | SH |  | SOLE |  | 0 | 0 | 8632 |
| MERCK  CO INC | COM | 58933Y105 |  | 4026710 | 47977 | SH |  | SOLE |  | 0 | 0 | 47977 |
| MICROSOFT CORP | COM | 594918104 |  | 5249415 | 10135 | SH |  | SOLE |  | 0 | 0 | 10135 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 1542610 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| NEWELL BRANDS INC | COM | 651229106 |  | 1357745 | 259112 | SH |  | SOLE |  | 0 | 0 | 259112 |
| NEWELL BRANDS INC | COM | 651229106 |  | 471600 | 90000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 16784961 | 199086 | SH |  | SOLE |  | 0 | 0 | 199086 |
| NEXTERA ENERGY INC | UNIT 11/01/2027 | 65339F119 |  | 20478085 | 435426 | SH |  | SOLE |  | 0 | 0 | 435426 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 4469754 | 59210 | SH |  | SOLE |  | 0 | 0 | 59210 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 424200 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 1414000 | 50000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 1027403 | 3420 | SH |  | SOLE |  | 0 | 0 | 3420 |
| NOUVEAU MONDE GRAPHITE INC | COM NEW | 66979W842 |  | 256066 | 90164 | SH |  | SOLE |  | 0 | 0 | 90164 |
| NUTRIEN LTD | COM | 67077M108 |  | 3525242 | 60045 | SH |  | SOLE |  | 0 | 0 | 60045 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1148786 | 6157 | SH |  | SOLE |  | 0 | 0 | 6157 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 7000368 | 38375 | SH |  | SOLE |  | 0 | 0 | 38375 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 27018240 | 697605 | SH |  | SOLE |  | 0 | 0 | 697605 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 228541 | 3408 | SH |  | SOLE |  | 0 | 0 | 3408 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 |  | 456250 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 202300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| PFIZER INC | COM | 717081103 |  | 1179859 | 46305 | SH |  | SOLE |  | 0 | 0 | 46305 |
| QUALCOMM INC | COM | 747525103 |  | 683344 | 4108 | SH |  | SOLE |  | 0 | 0 | 4108 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 825125 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| RTX CORPORATION | COM | 75513E101 |  | 2857275 | 17076 | SH |  | SOLE |  | 0 | 0 | 17076 |
| SALESFORCE INC | COM | 79466L302 |  | 637357 | 2689 | SH |  | SOLE |  | 0 | 0 | 2689 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 843994 | 139734 | SH |  | SOLE |  | 0 | 0 | 139734 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 765809 | 23999 | SH |  | SOLE |  | 0 | 0 | 23999 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 3501451 | 39192 | SH |  | SOLE |  | 0 | 0 | 39192 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 317564 | 5895 | SH |  | SOLE |  | 0 | 0 | 5895 |
| SELECT SECTOR SPDR TR | INDL | 81369Y704 |  | 1553827 | 10075 | SH |  | SOLE |  | 0 | 0 | 10075 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 4550001 | 52173 | SH |  | SOLE |  | 0 | 0 | 52173 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 2608370 | 9254 | SH |  | SOLE |  | 0 | 0 | 9254 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 469175 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 637140 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 812249 | 2285 | SH |  | SOLE |  | 0 | 0 | 2285 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 689354 | 1035 | SH |  | SOLE |  | 0 | 0 | 1035 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 29978100 | 45000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| SPDR SERIES TRUST | OILGAS EQUIP | 78468R549 |  | 558308 | 7717 | SH |  | SOLE |  | 0 | 0 | 7717 |
| SPDR SERIES TRUST | PORTFOLI S | 78464A805 |  | 2854326 | 35392 | SH |  | SOLE |  | 0 | 0 | 35392 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 |  | 1057600 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| SPINNAKER ETF SERIES | SELECT STOXX EUR | 84858T772 |  | 2181428 | 46443 | SH |  | SOLE |  | 0 | 0 | 46443 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 1079264 | 36437 | SH |  | SOLE |  | 0 | 0 | 36437 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 5008395 | 319006 | SH |  | SOLE |  | 0 | 0 | 319006 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 85208R101 |  | 1840628 | 50167 | SH |  | SOLE |  | 0 | 0 | 50167 |
| SSGA ACTIVE TR | SPDR SSGA FXD | 78470P507 |  | 211020 | 8099 | SH |  | SOLE |  | 0 | 0 | 8099 |
| TARGET CORP | COM | 87612E106 |  | 4142701 | 46184 | SH |  | SOLE |  | 0 | 0 | 46184 |
| TERADYNE INC | COM | 880770102 |  | 1028360 | 7471 | SH |  | SOLE |  | 0 | 0 | 7471 |
| TESLA INC | COM | 88160R101 |  | 26046658 | 58569 | SH |  | SOLE |  | 0 | 0 | 58569 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 16222701 | 803104 | SH |  | SOLE |  | 0 | 0 | 803104 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 546180 | 585 | SH |  | SOLE |  | 0 | 0 | 585 |
| THEMES ETF TR | TRANSATLANTIC DE | 882927767 |  | 410970 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 257616 | 82569 | SH |  | SOLE |  | 0 | 0 | 82569 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE CR | 89834G752 |  | 564926 | 18935 | SH |  | SOLE |  | 0 | 0 | 18935 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE EQ | 89834G737 |  | 642334 | 18099 | SH |  | SOLE |  | 0 | 0 | 18099 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE MN | 89834G745 |  | 267767 | 10651 | SH |  | SOLE |  | 0 | 0 | 10651 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE US | 89834G729 |  | 1499400 | 36768 | SH |  | SOLE |  | 0 | 0 | 36768 |
| TRX GOLD CORPORATION | COM | 87283P109 |  | 123834 | 198483 | SH |  | SOLE |  | 0 | 0 | 198483 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 942004 | 2728 | SH |  | SOLE |  | 0 | 0 | 2728 |
| USA RARE EARTH INC | COM | 91733P107 |  | 790740 | 46000 | SH |  | SOLE |  | 0 | 0 | 46000 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 1411262 | 129950 | SH |  | SOLE |  | 0 | 0 | 129950 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 3258000 | 300000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 340520 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 1247568 | 4800 | SH |  | SOLE |  | 0 | 0 | 4800 |
| VANECK ETF TRUST | RARE EARTH AND S | 92189H805 |  | 8965079 | 136206 | SH |  | SOLE |  | 0 | 0 | 136206 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 36399026 | 59438 | SH |  | SOLE |  | 0 | 0 | 59438 |
| VIASAT INC | COM | 92552V100 |  | 322300 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| VISTRA CORP | COM | 92840M102 |  | 565874 | 2888 | SH |  | SOLE |  | 0 | 0 | 2888 |
| VOLATILITY SHS TR | 2X BITCOIN STRAT | 92864M301 |  | 1635876 | 29700 | SH |  | SOLE |  | 0 | 0 | 29700 |
| WALMART INC | COM | 931142103 |  | 387379 | 3759 | SH |  | SOLE |  | 0 | 0 | 3759 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 6294326 | 56280 | SH |  | SOLE |  | 0 | 0 | 56280 |
| WHIRLPOOL CORP | COM | 963320106 |  | 2689299 | 34215 | SH |  | SOLE |  | 0 | 0 | 34215 |
| WISDOMTREE TR | US HIGH DIVIDEND | 97717W208 |  | 222532 | 2209 | SH |  | SOLE |  | 0 | 0 | 2209 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 435960 | 8672 | SH |  | SOLE |  | 0 | 0 | 8672 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 219412 | 2870 | SH |  | SOLE |  | 0 | 0 | 2870 |

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