<SEC-DOCUMENT>0001512920-17-000006.txt : 20170508
<SEC-HEADER>0001512920-17-000006.hdr.sgml : 20170508
<ACCEPTANCE-DATETIME>20170508164115
ACCESSION NUMBER:		0001512920-17-000006
CONFORMED SUBMISSION TYPE:	13F-HR
CONFIRMING COPY:	
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170508
DATE AS OF CHANGE:		20170508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPROTT INC.
		CENTRAL INDEX KEY:			0001512920
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6

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

	BUSINESS ADDRESS:	
		STREET 1:		ROYAL BANK PLAZA, SOUTH TOWER
		STREET 2:		200 BAY STREET, SUITE 2700
		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 2700
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
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<TYPE>13F-HR
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        <fileNumber>28-14703</fileNumber>
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      <periodOfReport>03-31-2017</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2017</reportCalendarOrQuarter>
      <filingManager>
        <name>Sprott Inc.</name>
        <address>
          <ns1:street1>Royal Bank Plaza, South Tower</ns1:street1>
          <ns1:street2>200 Bay Street, Suite 2700</ns1:street2>
          <ns1:city>Toronto</ns1:city>
          <ns1:stateOrCountry>A6</ns1:stateOrCountry>
          <ns1:zipCode>M5J 2J1</ns1:zipCode>
        </address>
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      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-14703</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Kirstin McTaggart</name>
      <title>Chief Compliance Officer</title>
      <phone>416-943-4065</phone>
      <signature>Kirstin McTaggart</signature>
      <city>Toronto</city>
      <stateOrCountry>A6</stateOrCountry>
      <signatureDate>05-08-2017</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>176</tableEntryTotal>
      <tableValueTotal>2389147</tableValueTotal>
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<nameOfIssuer>CENTURY CMNTYS INC</nameOfIssuer>
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<cusip>156504300</cusip>
<value>5217</value>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>CHICOS FAS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>168615102</cusip>
<value>1846</value>
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<sshPrnamt>130000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CIRRUS LOGIC INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>172755100</cusip>
<value>5796</value>
<shrsOrPrnAmt>
<sshPrnamt>95500</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>95500</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CISCO SYS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>17275R102</cusip>
<value>1388</value>
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<sshPrnamt>41075</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>41075</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>192108504</cusip>
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<sshPrnamt>1487192</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<None>0</None>
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<infoTable>
<nameOfIssuer>COMCAST CORP</nameOfIssuer>
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<value>19907</value>
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<sshPrnamt>529576</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>529576</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>COMPANIA DE MINAS BUENAVENTU SPON ADR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>204448104</cusip>
<value>11702</value>
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<sshPrnamt>971927</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>971927</Sole>
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<infoTable>
<nameOfIssuer>CRESCENT PT ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>22576C101</cusip>
<value>662</value>
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<sshPrnamt>61140</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>61140</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CROWN CASTLE INTL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>22822V101</cusip>
<value>1240</value>
<shrsOrPrnAmt>
<sshPrnamt>13130</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>13130</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DANAHER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>235851102</cusip>
<value>8904</value>
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<sshPrnamt>104100</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>104100</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>248356107</cusip>
<value>28</value>
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<sshPrnamt>44936</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>44936</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION DAILY JR GOLD MINERS INDEX BEAR 3X</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>25490K141</cusip>
<value>297</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION DAILY GOLD MINERS INDEX BEAR 1X</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>25490K174</cusip>
<value>341</value>
<shrsOrPrnAmt>
<sshPrnamt>13000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>13000</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>DISCOVER FINL SVCS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>254709108</cusip>
<value>34249</value>
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<sshPrnamt>500785</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>500785</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DISCOVER FINL SVCS</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>254709958</cusip>
<value>20517</value>
<shrsOrPrnAmt>
<sshPrnamt>300000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>300000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>254687106</cusip>
<value>754</value>
<shrsOrPrnAmt>
<sshPrnamt>6650</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>6650</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DOMINION DIAMOND CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>257287102</cusip>
<value>918</value>
<shrsOrPrnAmt>
<sshPrnamt>72685</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>72685</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DRDGOLD LIMITED SPON ADR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26152H301</cusip>
<value>49</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>10000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902103</cusip>
<value>63</value>
<shrsOrPrnAmt>
<sshPrnamt>18553</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>18553</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29250N105</cusip>
<value>29767</value>
<shrsOrPrnAmt>
<sshPrnamt>711442</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>711442</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENDEAVOUR SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>1592</value>
<shrsOrPrnAmt>
<sshPrnamt>500759</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>500759</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENERGY FUELS INC W EXP 09/20/2021</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>292671179</cusip>
<value>356</value>
<shrsOrPrnAmt>
<sshPrnamt>277778</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>277778</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENERGY FUELS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>292671708</cusip>
<value>98</value>
<shrsOrPrnAmt>
<sshPrnamt>45000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>45000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENTERPRISE PRODS PARTNERS LP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>293792107</cusip>
<value>334</value>
<shrsOrPrnAmt>
<sshPrnamt>12097</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>12097</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EURASIAN MINERALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29843R100</cusip>
<value>8119</value>
<shrsOrPrnAmt>
<sshPrnamt>8637003</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8637003</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>30231G102</cusip>
<value>5749</value>
<shrsOrPrnAmt>
<sshPrnamt>70100</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>70100</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FAIRMOUNT SANTROL HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>30555Q108</cusip>
<value>18046</value>
<shrsOrPrnAmt>
<sshPrnamt>2462000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2462000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FEDERATED INVS INC PA CL B</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>314211103</cusip>
<value>5400</value>
<shrsOrPrnAmt>
<sshPrnamt>205000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>205000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FEDEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>31428X106</cusip>
<value>1337</value>
<shrsOrPrnAmt>
<sshPrnamt>6850</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>6850</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FERROGLOBE PLC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>G33856108</cusip>
<value>7938</value>
<shrsOrPrnAmt>
<sshPrnamt>768410</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>768410</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FIRST MAJESTIC SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>32076V103</cusip>
<value>4507</value>
<shrsOrPrnAmt>
<sshPrnamt>554991</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>554991</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FISERV INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>337738108</cusip>
<value>37280</value>
<shrsOrPrnAmt>
<sshPrnamt>323300</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>323300</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA SILVER MINES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>5300</value>
<shrsOrPrnAmt>
<sshPrnamt>1019300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1019300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEVADA CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>7661</value>
<shrsOrPrnAmt>
<sshPrnamt>116949</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>116949</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANKLIN RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>354613101</cusip>
<value>12368</value>
<shrsOrPrnAmt>
<sshPrnamt>293500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>293500</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FREEPORT-MCMORAN INC CL B</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>35671D857</cusip>
<value>197</value>
<shrsOrPrnAmt>
<sshPrnamt>14777</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>14777</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRP HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>30292L107</cusip>
<value>3600</value>
<shrsOrPrnAmt>
<sshPrnamt>90000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>90000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GAMESTOP CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>36467W109</cusip>
<value>10035</value>
<shrsOrPrnAmt>
<sshPrnamt>445000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>445000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GARMIN LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>H2906T109</cusip>
<value>4498</value>
<shrsOrPrnAmt>
<sshPrnamt>88000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>88000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>369604103</cusip>
<value>26170</value>
<shrsOrPrnAmt>
<sshPrnamt>878200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>878200</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENTEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>371901109</cusip>
<value>8447</value>
<shrsOrPrnAmt>
<sshPrnamt>396000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>396000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GGP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>36174X101</cusip>
<value>370</value>
<shrsOrPrnAmt>
<sshPrnamt>15955</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>15955</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLADSTONE INVT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>376546107</cusip>
<value>154</value>
<shrsOrPrnAmt>
<sshPrnamt>17000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>17000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD STD VENTURES CORP</nameOfIssuer>
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<nameOfIssuer>GREAT PANTHER SILVER LTD</nameOfIssuer>
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<nameOfIssuer>GROUPE CGI INC CL A</nameOfIssuer>
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<nameOfIssuer>HECLA MNG CO</nameOfIssuer>
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<nameOfIssuer>HELMERICH &amp; PAYNE INC</nameOfIssuer>
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<nameOfIssuer>HI-CRUSH PARTNERS LP</nameOfIssuer>
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<infoTable>
<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
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<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
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<nameOfIssuer>HUDSON PAC PPTYS INC</nameOfIssuer>
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<nameOfIssuer>INDUSTRIAS BACHOCO SAB SPON ADR</nameOfIssuer>
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<nameOfIssuer>INTERCONTINENTAL EXCHANGE INC</nameOfIssuer>
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<nameOfIssuer>ISHARES MSCI EURO FL ETF</nameOfIssuer>
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<nameOfIssuer>ISHARES 20 YR TR BD ETF</nameOfIssuer>
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<nameOfIssuer>ISHARES IBOXX HI YD ETF</nameOfIssuer>
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<cusip>464288513</cusip>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>ISHARES U.S. REAL ESTATE</nameOfIssuer>
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<cusip>464287959</cusip>
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<sshPrnamt>600000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
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<infoTable>
<nameOfIssuer>KEANE GROUP INC</nameOfIssuer>
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<cusip>48669A108</cusip>
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<sshPrnamt>950000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>KENNEDY-WILSON HLDGS INC</nameOfIssuer>
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<cusip>489398107</cusip>
<value>11281</value>
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<infoTable>
<nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>496902904</cusip>
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<sshPrnamt>1300000</sshPrnamt>
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<infoTable>
<nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
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<cusip>496902404</cusip>
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<infoTable>
<nameOfIssuer>KLONDEX MNS LTD</nameOfIssuer>
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<cusip>498696103</cusip>
<value>125</value>
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<sshPrnamt>32241</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
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<cusip>512807108</cusip>
<value>4108</value>
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<sshPrnamt>32000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>MACQUARIE INFRASTRUCTURE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>55608B105</cusip>
<value>2478</value>
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<sshPrnamt>30750</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>55903Q104</cusip>
<value>13006</value>
<shrsOrPrnAmt>
<sshPrnamt>990581</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>MANULIFE FINL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>56501R106</cusip>
<value>14428</value>
<shrsOrPrnAmt>
<sshPrnamt>813295</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>MARCUS &amp; MILLICHAP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>566324109</cusip>
<value>2212</value>
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<sshPrnamt>90000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>MASTERCARD INCORPORATED CL A</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>57636Q104</cusip>
<value>2171</value>
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<sshPrnamt>19300</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>MCEWEN MNG INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>58039P107</cusip>
<value>3196</value>
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<sshPrnamt>1051165</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>G5960L103</cusip>
<value>846</value>
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<sshPrnamt>10500</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>MKS INSTRUMENT INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>55306N104</cusip>
<value>11000</value>
<shrsOrPrnAmt>
<sshPrnamt>160000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>160000</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>MOUNTAIN PROV DIAMONDS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>62426E402</cusip>
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<sshPrnamt>444556</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>NEVSUN RES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>64156L101</cusip>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>4796</value>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>644535906</cusip>
<value>2845</value>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>NEW MEDIA INVT GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>64704V106</cusip>
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<sshPrnamt>50000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
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<value>17570</value>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>65339F101</cusip>
<value>342</value>
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<sshPrnamt>2665</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>NORTH AMERN ENERGY PARTNERS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>656844107</cusip>
<value>91</value>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<nameOfIssuer>NORTHERN DYNASTY MINERALS</nameOfIssuer>
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<cusip>66510M204</cusip>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>666807102</cusip>
<value>21953</value>
<shrsOrPrnAmt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>OASIS PETE INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>674215108</cusip>
<value>4991</value>
<shrsOrPrnAmt>
<sshPrnamt>350000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>678</value>
<shrsOrPrnAmt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>61126</Sole>
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<infoTable>
<nameOfIssuer>PAN AMERICAN SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>697900108</cusip>
<value>13367</value>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<nameOfIssuer>PARSLEY ENERGY INC CL A</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>701877102</cusip>
<value>13817</value>
<shrsOrPrnAmt>
<sshPrnamt>425000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>425000</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>PEMBINA PIPELINE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>706327103</cusip>
<value>468</value>
<shrsOrPrnAmt>
<sshPrnamt>14757</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>14757</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>PEPSICO INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>713448108</cusip>
<value>9530</value>
<shrsOrPrnAmt>
<sshPrnamt>85200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>85200</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>PLATINUM GROUP METALS LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>72765Q601</cusip>
<value>480</value>
<shrsOrPrnAmt>
<sshPrnamt>292489</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>292489</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>POTASH CORP SASK INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>73755L107</cusip>
<value>525</value>
<shrsOrPrnAmt>
<sshPrnamt>30730</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>30730</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>POWERSHS DB AGRICULTURE FD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>73936B408</cusip>
<value>633</value>
<shrsOrPrnAmt>
<sshPrnamt>32000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>32000</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>PRETIUM RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>74139C102</cusip>
<value>20649</value>
<shrsOrPrnAmt>
<sshPrnamt>1928007</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1928007</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>74340W103</cusip>
<value>306</value>
<shrsOrPrnAmt>
<sshPrnamt>5900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5900</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>QTS RLTY TR INC CL A</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>74736A103</cusip>
<value>737</value>
<shrsOrPrnAmt>
<sshPrnamt>15125</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>15125</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>RANDGOLD RES LTD ADR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>752344309</cusip>
<value>4931</value>
<shrsOrPrnAmt>
<sshPrnamt>56491</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>56491</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>RAYTHEON CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>755111507</cusip>
<value>1513</value>
<shrsOrPrnAmt>
<sshPrnamt>9920</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>9920</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>RICHMONT MINES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>76547T106</cusip>
<value>8872</value>
<shrsOrPrnAmt>
<sshPrnamt>1249647</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1249647</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>2137</value>
<shrsOrPrnAmt>
<sshPrnamt>30507</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>30507</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SANDERSON FARMS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>800013104</cusip>
<value>12584</value>
<shrsOrPrnAmt>
<sshPrnamt>121190</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>121190</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>80013R206</cusip>
<value>174</value>
<shrsOrPrnAmt>
<sshPrnamt>40727</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>40727</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>811916105</cusip>
<value>4251</value>
<shrsOrPrnAmt>
<sshPrnamt>386489</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>386489</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>FINANCIAL SELECT SECTOR SPDR</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>81369Y955</cusip>
<value>142380</value>
<shrsOrPrnAmt>
<sshPrnamt>6000000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>6000000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UTILITIES SELECT SECTOR SPDR</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>81369Y956</cusip>
<value>35917</value>
<shrsOrPrnAmt>
<sshPrnamt>700000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>700000</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>CONSUMER STAPLES SELECT SECTOR SPDR</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>81369Y958</cusip>
<value>109160</value>
<shrsOrPrnAmt>
<sshPrnamt>2000000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2000000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVER STD RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82823L106</cusip>
<value>6631</value>
<shrsOrPrnAmt>
<sshPrnamt>624989</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>624989</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SILVER WHEATON CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828336107</cusip>
<value>12509</value>
<shrsOrPrnAmt>
<sshPrnamt>600240</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>600240</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SIMON PPTY GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828806109</cusip>
<value>378</value>
<shrsOrPrnAmt>
<sshPrnamt>2195</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2195</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78440X101</cusip>
<value>357</value>
<shrsOrPrnAmt>
<sshPrnamt>3345</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>3345</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SMART SAND INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>83191H107</cusip>
<value>10562</value>
<shrsOrPrnAmt>
<sshPrnamt>650000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>650000</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SPDR GOLD SHS</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>78463V907</cusip>
<value>5520</value>
<shrsOrPrnAmt>
<sshPrnamt>46500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>46500</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPDR EURO STOXX</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>78463X902</cusip>
<value>763350</value>
<shrsOrPrnAmt>
<sshPrnamt>21000000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>21000000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPDR S&amp;P 500 ETF</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>78462F953</cusip>
<value>135550</value>
<shrsOrPrnAmt>
<sshPrnamt>575000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>575000</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SPDR S&amp;P 500 ETF</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78462F103</cusip>
<value>3230</value>
<shrsOrPrnAmt>
<sshPrnamt>13700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>13700</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>SPDR BLOOMBERG BRCLYS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78464A417</cusip>
<value>1389</value>
<shrsOrPrnAmt>
<sshPrnamt>37600</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>37600</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SPROTT PHYSICAL GOLD TRUST</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>85207H104</cusip>
<value>1364</value>
<shrsOrPrnAmt>
<sshPrnamt>133423</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>133423</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SPROTT PHYSICAL PLAT PALLAD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>85207Q104</cusip>
<value>797</value>
<shrsOrPrnAmt>
<sshPrnamt>102900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>102900</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPROTT PHYSICAL SILVER TRUST</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>85207K107</cusip>
<value>952</value>
<shrsOrPrnAmt>
<sshPrnamt>137997</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>137997</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>SRC ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78470V108</cusip>
<value>7596</value>
<shrsOrPrnAmt>
<sshPrnamt>900000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>900000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SUNCOR ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>867224107</cusip>
<value>21822</value>
<shrsOrPrnAmt>
<sshPrnamt>709672</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>709672</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SYNTEL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>87162H103</cusip>
<value>5386</value>
<shrsOrPrnAmt>
<sshPrnamt>320000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>320000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TAHOE RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>873868103</cusip>
<value>4505</value>
<shrsOrPrnAmt>
<sshPrnamt>561001</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>561001</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>THOR INDS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>885160101</cusip>
<value>2980</value>
<shrsOrPrnAmt>
<sshPrnamt>31000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>31000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TIMMINS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88741P103</cusip>
<value>13</value>
<shrsOrPrnAmt>
<sshPrnamt>34315</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>34315</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRANSCANADA CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>89353D107</cusip>
<value>34364</value>
<shrsOrPrnAmt>
<sshPrnamt>744617</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>744617</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>U S SILICA HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>90346E103</cusip>
<value>14397</value>
<shrsOrPrnAmt>
<sshPrnamt>300000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>300000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNIT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>909218109</cusip>
<value>4711</value>
<shrsOrPrnAmt>
<sshPrnamt>195000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>195000</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91324P102</cusip>
<value>22742</value>
<shrsOrPrnAmt>
<sshPrnamt>138660</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>138660</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>URANIUM ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>916896103</cusip>
<value>295</value>
<shrsOrPrnAmt>
<sshPrnamt>207886</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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