# EDGAR Filing Document

**Accession Number:** 0001512920
**File Stem:** 0000919574-23-001195
**Filing Date:** 2023-2
**Character Count:** 17776
**Document Hash:** 2e212de25d8fa8cd8ddcca44a9b83445
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-23-001195.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000919574-23-001195

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14703
- **FILM NUMBER:** 23620550

**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:** 12-31-2022

**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:**

/s/ Thomas W. Ulrich  Darien, CT  02-13-2023<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:** 141

**Form 13F Information Table Value Total:** $1141133522

      (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 |
| ADAM NAT RES FD INC | COM | 00548F105 |  | 648162 | 29732 | SH |  | SOLE |  | 29732 | 0 | 0 |
| AERSALE CORPORATION | COM | 00810F106 |  | 10624100 | 655000 | SH |  | SOLE |  | 655000 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 69778559 | 1343632 | SH |  | SOLE |  | 1343632 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 51274179 | 5071630 | SH |  | SOLE |  | 5071630 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 201246 | 928 | SH |  | SOLE |  | 928 | 0 | 0 |
| ALMADEN MINERALS LTD | COM CL B | 020283305 |  | 9796 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 201600 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM | 03062D100 |  | 1755170 | 3089466 | SH |  | SOLE |  | 3089466 | 0 | 0 |
| ANGLOGOLD ASHANTI LIMITED | SPONSORED ADR | 035128206 |  | 20109410 | 1035500 | SH |  | SOLE |  | 1035500 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 310533 | 2390 | SH |  | SOLE |  | 2390 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 9058500 | 305000 | SH |  | SOLE |  | 305000 | 0 | 0 |
| ATLAS CORP | SHARES | Y0436Q109 |  | 657319 | 42850 | SH |  | SOLE |  | 42850 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 8415822 | 2357373 | SH |  | SOLE |  | 2357373 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 5711611 | 332457 | SH |  | SOLE |  | 332457 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 9357199 | 30292 | SH |  | SOLE |  | 30292 | 0 | 0 |
| BERRY CORP | COM | 08579X101 |  | 2792912 | 349114 | SH |  | SOLE |  | 349114 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 1497453 | 24133 | SH |  | SOLE |  | 24133 | 0 | 0 |
| BUCKLE INC | COM | 118440106 |  | 12017750 | 265000 | SH |  | SOLE |  | 265000 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 10073250 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2537498 | 111932 | SH |  | SOLE |  | 111932 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 784769 | 9211 | SH |  | SOLE |  | 9211 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 671956 | 21945 | SH |  | SOLE |  | 21945 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 867369 | 5784 | SH |  | SOLE |  | 5784 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 3351600 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 793547 | 4719 | SH |  | SOLE |  | 4719 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 1287811 | 383277 | SH |  | SOLE |  | 383277 | 0 | 0 |
| CONTANGO ORE INC | COM | 21077F100 |  | 8324676 | 363200 | SH |  | SOLE |  | 363200 | 0 | 0 |
| CORE LABORATORIES N V | COM | N22717107 |  | 276199 | 13626 | SH |  | SOLE |  | 13626 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 1562431 | 26581 | SH |  | SOLE |  | 26581 | 0 | 0 |
| DAKOTA GOLD CORP | COM | 46655E100 |  | 4152609 | 1361511 | SH |  | SOLE |  | 1361511 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 414033 | 6615 | SH |  | SOLE |  | 6615 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 3549954 | 3103680 | SH |  | SOLE |  | 3103680 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 314461 | 37615 | SH |  | SOLE |  | 37615 | 0 | 0 |
| EMX RTY CORP | COM | 26873J107 |  | 7131122 | 3783148 | SH |  | SOLE |  | 3783148 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 124684 | 20078 | SH |  | SOLE |  | 20078 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 23345707 | 7135283 | SH |  | SOLE |  | 7135283 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 9767880 | 710378 | SH |  | SOLE |  | 710378 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10788443 | 97810 | SH |  | SOLE |  | 97810 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 11800750 | 325000 | SH |  | SOLE |  | 325000 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 6406253 | 769532 | SH |  | SOLE |  | 769532 | 0 | 0 |
| FORTUNA SILVER MINES INC | COM | 349915108 |  | 8203087 | 2185288 | SH |  | SOLE |  | 2185288 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 26932272 | 197483 | SH |  | SOLE |  | 197483 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 742707 | 19544 | SH |  | SOLE |  | 19544 | 0 | 0 |
| FRP HLDGS INC | COM | 30292L107 |  | 6463200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| FURY GOLD MINES LIMITED | COM | 36117T100 |  | 11123 | 26067 | SH |  | SOLE |  | 26067 | 0 | 0 |
| GATOS SILVER INC | COM | 368036109 |  | 8401682 | 2054201 | SH |  | SOLE |  | 2054201 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 34283143 | 3312381 | SH |  | SOLE |  | 3312381 | 0 | 0 |
| GOLD ROYALTY CORP | *W EXP 99/99/999 | 38071H114 |  | 22839 | 126885 | SH |  | SOLE |  | 126885 | 0 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 310170 | 133120 | SH |  | SOLE |  | 133120 | 0 | 0 |
| GOLDMINING INC | COM | 38149E101 |  | 48025 | 42500 | SH |  | SOLE |  | 42500 | 0 | 0 |
| GRAFTECH INTL LTD | COM | 384313508 |  | 93758 | 19697 | SH |  | SOLE |  | 19697 | 0 | 0 |
| HECLA MNG CO | COM | 422704106 |  | 14374135 | 2585276 | SH |  | SOLE |  | 2585276 | 0 | 0 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 11672050 | 235466 | SH |  | SOLE |  | 235466 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 397790 | 78800 | SH |  | SOLE |  | 78800 | 0 | 0 |
| I-80 GOLD CORP | COM | 44955L106 |  | 60671231 | 21699982 | SH |  | SOLE |  | 21699982 | 0 | 0 |
| ICAD INC | COM NEW | 44934S206 |  | 24705 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| INHIBIKASE THERAPEUTICS INC | COM | 45719W106 |  | 5000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| INTEGRA RES CORP | COM NEW | 45826T301 |  | 751835 | 1192073 | SH |  | SOLE |  | 1192073 | 0 | 0 |
| INTERNATIONAL TOWER HILL MIN | COM | 46050R102 |  | 11261681 | 26284382 | SH |  | SOLE |  | 26284382 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 |  | 464830 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 1584229 | 71945 | SH |  | SOLE |  | 71945 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 1255140 | 57000 | SH | Call | SOLE |  | 57000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 337508 | 3390 | SH |  | SOLE |  | 3390 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 8004624 | 80400 | SH | Put | SOLE |  | 80400 | 0 | 0 |
| ITERIS INC NEW | COM | 46564T107 |  | 31100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 9713703 | 617527 | SH |  | SOLE |  | 617527 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 7153463 | 1749013 | SH |  | SOLE |  | 1749013 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 912275 | 224000 | SH | Call | SOLE |  | 224000 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 210150 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MAG SILVER CORP | COM | 55903Q104 |  | 81160029 | 5195576 | SH |  | SOLE |  | 5195576 | 0 | 0 |
| MARCUS  MILLICHAP INC | COM | 566324109 |  | 5512000 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| MAVERIX METALS INC | COM NEW | 57776F405 |  | 24685990 | 5288916 | SH |  | SOLE |  | 5288916 | 0 | 0 |
| MCEWEN MNG INC | COM NEW | 58039P305 |  | 337290 | 57558 | SH |  | SOLE |  | 57558 | 0 | 0 |
| METALLA RTY  STREAMING LTD | COM NEW | 59124U605 |  | 152951 | 31151 | SH |  | SOLE |  | 31151 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 226411 | 9325 | SH |  | SOLE |  | 9325 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 13363481 | 13636205 | SH |  | SOLE |  | 13636205 | 0 | 0 |
| NEW PAC METALS CORP | COM | 64782A107 |  | 49853 | 22157 | SH |  | SOLE |  | 22157 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 6987960 | 148050 | SH |  | SOLE |  | 148050 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 3627534 | 820481 | SH |  | SOLE |  | 820481 | 0 | 0 |
| NOVAGOLD RES INC | COM NEW | 66987E206 |  | 15916685 | 2661653 | SH |  | SOLE |  | 2661653 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 11717909 | 88900 | SH |  | SOLE |  | 88900 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 1917476 | 26256 | SH |  | SOLE |  | 26256 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 638320 | 158000 | SH |  | SOLE |  | 158000 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 4461628 | 1047785 | SH |  | SOLE |  | 1047785 | 0 | 0 |
| OSISKO GOLD ROYALTIES LTD | COM | 68827L101 |  | 41875912 | 3475927 | SH |  | SOLE |  | 3475927 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 43115604 | 2640185 | SH |  | SOLE |  | 2640185 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 48916 | 3000 | SH | Call | SOLE |  | 3000 | 0 | 0 |
| PIMCO ETF TR | 25YR+ ZERO U S | 72201R882 |  | 203456 | 2330 | SH |  | SOLE |  | 2330 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 446880 | 3136 | SH |  | SOLE |  | 3136 | 0 | 0 |
| RELIANCE STEEL  ALUMINUM CO | COM | 759509102 |  | 12065424 | 59600 | SH |  | SOLE |  | 59600 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 415879 | 5841 | SH |  | SOLE |  | 5841 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 11681982 | 103637 | SH |  | SOLE |  | 103637 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 20310868 | 3861210 | SH |  | SOLE |  | 3861210 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 206783 | 3868 | SH |  | SOLE |  | 3868 | 0 | 0 |
| SCHNITZER STEEL INDS INC | CL A | 806882106 |  | 8499245 | 277300 | SH |  | SOLE |  | 277300 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 219189 | 4511 | SH |  | SOLE |  | 4511 | 0 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 17911672 | 1423896 | SH |  | SOLE |  | 1423896 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 202173 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 26287166 | 2465963 | SH |  | SOLE |  | 2465963 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 422128 | 15025 | SH |  | SOLE |  | 15025 | 0 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 2746018 | 934274 | SH |  | SOLE |  | 934274 | 0 | 0 |
| SILVERCREST METALS INC | COM | 828363101 |  | 50313807 | 8410734 | SH |  | SOLE |  | 8410734 | 0 | 0 |
| SITIO ROYALTIES CORP | CLASS A COM | 82983N108 |  | 1578037 | 54698 | SH |  | SOLE |  | 54698 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 5245275 | 985924 | SH |  | SOLE |  | 985924 | 0 | 0 |
| SMART SAND INC | COM | 83191H107 |  | 1342500 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 1332609 | 16691 | SH |  | SOLE |  | 16691 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 509768 | 3005 | SH |  | SOLE |  | 3005 | 0 | 0 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 483750 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 104786 | 274 | SH |  | SOLE |  | 274 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 8834133 | 23100 | SH | Put | SOLE |  | 23100 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 14236848 | 155645 | SH |  | SOLE |  | 155645 | 0 | 0 |
| SPROTT ESG GOLD ETF | UNITS BEN INT | 85210H109 |  | 10278542 | 282201 | SH |  | SOLE |  | 282201 | 0 | 0 |
| SPROTT ETF TRUST | GOLD MINERS ETF | 85210B102 |  | 347457 | 14033 | SH |  | SOLE |  | 14033 | 0 | 0 |
| SPROTT FDS TR | URANIUM MINERS E | 85208P303 |  | 384244 | 12106 | SH |  | SOLE |  | 12106 | 0 | 0 |
| SPROTT FOCUS TR INC | COM | 85208J109 |  | 858712 | 107743 | SH |  | SOLE |  | 107743 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 2150218 | 64513 | SH |  | SOLE |  | 64513 | 0 | 0 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 1149618 | 64117 | SH |  | SOLE |  | 64117 | 0 | 0 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 3809750 | 270195 | SH |  | SOLE |  | 270195 | 0 | 0 |
| SPROTT PHYSICAL PLAT PALLAD | UNIT | 85207Q104 |  | 886011 | 65100 | SH |  | SOLE |  | 65100 | 0 | 0 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 3383534 | 410626 | SH |  | SOLE |  | 410626 | 0 | 0 |
| SSR MNG INC | COM | 784730103 |  | 45435302 | 2904029 | SH |  | SOLE |  | 2904029 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 11772850 | 120500 | SH |  | SOLE |  | 120500 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 277155 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 3828128 | 1633 | SH |  | SOLE |  | 1633 | 0 | 0 |
| THOR INDS INC | COM | 885160101 |  | 10191150 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| TRILOGY METALS INC NEW | COM | 89621C105 |  | 593671 | 1079401 | SH |  | SOLE |  | 1079401 | 0 | 0 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 1915870 | 138735 | SH |  | SOLE |  | 138735 | 0 | 0 |
| UR-ENERGY INC | COM | 91688R108 |  | 16536 | 14379 | SH |  | SOLE |  | 14379 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 1788610 | 460982 | SH |  | SOLE |  | 460982 | 0 | 0 |
| URANIUM RTY CORP | COM | 91702V101 |  | 1280594 | 540338 | SH |  | SOLE |  | 540338 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 1006809 | 59329 | SH |  | SOLE |  | 59329 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 427349 | 14911 | SH |  | SOLE |  | 14911 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 3368512 | 44800 | SH |  | SOLE |  | 44800 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC | COM | 928298108 |  | 10353600 | 480000 | SH |  | SOLE |  | 480000 | 0 | 0 |
| VISTA GOLD CORP | COM NEW | 927926303 |  | 4951 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G202 |  | 13006967 | 11356422 | SH |  | SOLE |  | 11356422 | 0 | 0 |
| WESTERN COPPER  GOLD CORP | COM | 95805V108 |  | 123710 | 69500 | SH |  | SOLE |  | 69500 | 0 | 0 |
| WESTLAKE CORPORATION | COM | 960413102 |  | 10766700 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 30716847 | 786143 | SH |  | SOLE |  | 786143 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 58544 | 1500 | SH | Call | SOLE |  | 1500 | 0 | 0 |
| YAMANA GOLD INC | COM | 98462Y100 |  | 2469478 | 444951 | SH |  | SOLE |  | 444951 | 0 | 0 |

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