<SEC-DOCUMENT>0001437749-22-020462.txt : 20220815
<SEC-HEADER>0001437749-22-020462.hdr.sgml : 20220815
<ACCEPTANCE-DATETIME>20220815123233
ACCESSION NUMBER:		0001437749-22-020462
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220815
DATE AS OF CHANGE:		20220815
EFFECTIVENESS DATE:		20220815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S GLOBAL INVESTORS INC
		CENTRAL INDEX KEY:			0000754811
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				741598370
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-02220
		FILM NUMBER:		221164078

	BUSINESS ADDRESS:	
		STREET 1:		7900 CALLAGHAN RD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229
		BUSINESS PHONE:		2103081234

	MAIL ADDRESS:	
		STREET 1:		7900 CALLAGHAN ROAD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED SERVICES ADVISORS INC /TX/
		DATE OF NAME CHANGE:	19950321
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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        <credentials>
          <cik>0000754811</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>06-30-2022</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>06-30-2022</reportCalendarOrQuarter>
      <filingManager>
        <name>U S GLOBAL INVESTORS INC</name>
        <address>
          <com:street1>7900 CALLAGHAN ROAD</com:street1>
          <com:city>SAN ANTONIO</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>78229</com:zipCode>
        </address>
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      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-02220</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>Lisa Callicotte</name>
      <title>CFO</title>
      <phone>210-308-1294</phone>
      <signature>/s/ Lisa Callicotte</signature>
      <city>San Antonio</city>
      <stateOrCountry>TX</stateOrCountry>
      <signatureDate>08-15-2022</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>163</tableEntryTotal>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
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<nameOfIssuer>ABERDEEN STD PALLADIUM ETF T</nameOfIssuer>
<titleOfClass>PHYSCL PALLADM</titleOfClass>
<cusip>003262102</cusip>
<value>36</value>
<shrsOrPrnAmt>
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<sshPrnamtType>SH</sshPrnamtType>
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<votingAuthority>
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<Shared>200</Shared>
<None>0</None>
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<nameOfIssuer>ABERDEEN STD PLATINUM ETF TR</nameOfIssuer>
<titleOfClass>PHYSCL PLATM SHS</titleOfClass>
<cusip>003260106</cusip>
<value>96</value>
<shrsOrPrnAmt>
<sshPrnamt>1155</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<votingAuthority>
<Sole>0</Sole>
<Shared>1155</Shared>
<None>0</None>
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<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008474108</cusip>
<value>1602</value>
<shrsOrPrnAmt>
<sshPrnamt>35000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>35000</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>ALCOA CORP</nameOfIssuer>
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<cusip>013872106</cusip>
<value>228</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALIBABA GROUP HLDG LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>01609W102</cusip>
<value>72</value>
<shrsOrPrnAmt>
<sshPrnamt>630</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>630</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALIBABA GROUP HLDG LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>01609W102</cusip>
<value>98</value>
<shrsOrPrnAmt>
<sshPrnamt>80</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>80</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>025816109</cusip>
<value>1456</value>
<shrsOrPrnAmt>
<sshPrnamt>10500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>10500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>12</value>
<shrsOrPrnAmt>
<sshPrnamt>71</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>71</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>98</value>
<shrsOrPrnAmt>
<sshPrnamt>2887</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2887</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>4</value>
<shrsOrPrnAmt>
<sshPrnamt>24</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>24</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>6</value>
<shrsOrPrnAmt>
<sshPrnamt>35</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>35</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>37</value>
<shrsOrPrnAmt>
<sshPrnamt>1102</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1102</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>54</value>
<shrsOrPrnAmt>
<sshPrnamt>1575</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1575</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BLACK STONE MINERALS L P</nameOfIssuer>
<titleOfClass>COM UNIT</titleOfClass>
<cusip>09225M101</cusip>
<value>958</value>
<shrsOrPrnAmt>
<sshPrnamt>70000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>70000</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>BLOOM ENERGY CORP</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>093712107</cusip>
<value>495</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>30000</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>BP PLC-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>055622104</cusip>
<value>26</value>
<shrsOrPrnAmt>
<sshPrnamt>200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>200</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>CALEDONIA MNG CORP PLC</nameOfIssuer>
<titleOfClass>SHS NEW</titleOfClass>
<cusip>G1757E113</cusip>
<value>274</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
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<nameOfIssuer>CANADIAN SOLAR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>136635109</cusip>
<value>311</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
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<nameOfIssuer>CF INDS HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>125269100</cusip>
<value>429</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>16411R208</cusip>
<value>998</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>7500</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>20825C104</cusip>
<value>898</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>COTY INC-CL A</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>222070203</cusip>
<value>969</value>
<shrsOrPrnAmt>
<sshPrnamt>121000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>121000</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>DAQO NEW ENERGY CORP</nameOfIssuer>
<titleOfClass>SPNSRD ADS NEW</titleOfClass>
<cusip>23703Q203</cusip>
<value>227</value>
<shrsOrPrnAmt>
<sshPrnamt>3175</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3175</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>DIREXION DAILY E</nameOfIssuer>
<titleOfClass>DAILY ENERGY BEA</titleOfClass>
<cusip>25460G179</cusip>
<value>5</value>
<shrsOrPrnAmt>
<sshPrnamt>100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>100</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>DIREXION DAILY F</nameOfIssuer>
<titleOfClass>DL FTSE BULL 3X</titleOfClass>
<cusip>25460G195</cusip>
<value>44</value>
<shrsOrPrnAmt>
<sshPrnamt>450</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>450</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>DIREXION DAILY F</nameOfIssuer>
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<cusip>25460G195</cusip>
<value>22</value>
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<sshPrnamt>20</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>20</Shared>
<None>0</None>
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<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>25</value>
<shrsOrPrnAmt>
<sshPrnamt>75</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>75</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>DIREXION DAILY G</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>25</value>
<shrsOrPrnAmt>
<sshPrnamt>75</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>75</Shared>
<None>0</None>
</votingAuthority>
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<nameOfIssuer>DIREXION DAILY G</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>90</value>
<shrsOrPrnAmt>
<sshPrnamt>270</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>270</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>DIREXION DAILY S</nameOfIssuer>
<titleOfClass>DLY S&amp;P OIL GAS</titleOfClass>
<cusip>25460G328</cusip>
<value>7</value>
<shrsOrPrnAmt>
<sshPrnamt>300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>HYDROGEN ETF ADDED</titleOfClass>
<cusip>25460G617</cusip>
<value>35</value>
<shrsOrPrnAmt>
<sshPrnamt>2400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD CORP NEW</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902509</cusip>
<value>799</value>
<shrsOrPrnAmt>
<sshPrnamt>125000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>125000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EOG RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26875P101</cusip>
<value>1325</value>
<shrsOrPrnAmt>
<sshPrnamt>12000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>12000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EQUINOR ASA</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>29446M102</cusip>
<value>1738</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>50000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>30231G102</cusip>
<value>25</value>
<shrsOrPrnAmt>
<sshPrnamt>100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FERRARI N V</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>N3167Y103</cusip>
<value>446</value>
<shrsOrPrnAmt>
<sshPrnamt>2429</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2429</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>395</value>
<shrsOrPrnAmt>
<sshPrnamt>3000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>2632</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>MSCI GREECE ETF</titleOfClass>
<cusip>37954Y319</cusip>
<value>119</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X LITHIUM &amp; BATTRY</nameOfIssuer>
<titleOfClass>BTRY ETF</titleOfClass>
<cusip>37954Y855</cusip>
<value>22</value>
<shrsOrPrnAmt>
<sshPrnamt>300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>406216101</cusip>
<value>627</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARLEY-DAVIDSON</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>412822108</cusip>
<value>728</value>
<shrsOrPrnAmt>
<sshPrnamt>23000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>23000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD MINING CO LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>1565</value>
<shrsOrPrnAmt>
<sshPrnamt>500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>500000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HECLA MINING CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>28</value>
<shrsOrPrnAmt>
<sshPrnamt>630</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>630</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HECLA MINING CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>30</value>
<shrsOrPrnAmt>
<sshPrnamt>682</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>682</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HECLA MINING CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>57</value>
<shrsOrPrnAmt>
<sshPrnamt>1286</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1286</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HSBC HOLDING-ADR</nameOfIssuer>
<titleOfClass>SPON ADR NEW</titleOfClass>
<cusip>404280406</cusip>
<value>41</value>
<shrsOrPrnAmt>
<sshPrnamt>200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>242</value>
<shrsOrPrnAmt>
<sshPrnamt>150000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>150000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INVESCO CHINA TE</nameOfIssuer>
<titleOfClass>CHINA TECHNLGY</titleOfClass>
<cusip>46138E800</cusip>
<value>33</value>
<shrsOrPrnAmt>
<sshPrnamt>45</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>45</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INVESCO CHINA TE</nameOfIssuer>
<titleOfClass>CHINA TECHNLGY</titleOfClass>
<cusip>46138E800</cusip>
<value>116</value>
<shrsOrPrnAmt>
<sshPrnamt>250</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>250</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INVESCO EXCH TRADED FD TR II</nameOfIssuer>
<titleOfClass>SOLAR ETF</titleOfClass>
<cusip>46138G706</cusip>
<value>14</value>
<shrsOrPrnAmt>
<sshPrnamt>200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ISHARES TR</nameOfIssuer>
<titleOfClass>SHRT NAT MUN ETF</titleOfClass>
<cusip>464288158</cusip>
<value>1622</value>
<shrsOrPrnAmt>
<sshPrnamt>15500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>15500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IVANHOE ELECTRIC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>39</value>
<shrsOrPrnAmt>
<sshPrnamt>4497</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>4497</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KIMBELL RTY PARTNERS LP</nameOfIssuer>
<titleOfClass>UNIT</titleOfClass>
<cusip>49435R102</cusip>
<value>862</value>
<shrsOrPrnAmt>
<sshPrnamt>55000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>55000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KRANESH CHINA A</nameOfIssuer>
<titleOfClass>MSCI CH</titleOfClass>
<cusip>500767405</cusip>
<value>58</value>
<shrsOrPrnAmt>
<sshPrnamt>1500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAUDER ESTEE COS INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>518439104</cusip>
<value>671</value>
<shrsOrPrnAmt>
<sshPrnamt>2634</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2634</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LINDE PLC</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G5494J103</cusip>
<value>575</value>
<shrsOrPrnAmt>
<sshPrnamt>2000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LOUISIANA PAC CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>546347105</cusip>
<value>262</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARRIOTT INTL INC NEW</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>571903202</cusip>
<value>1265</value>
<shrsOrPrnAmt>
<sshPrnamt>9300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>9300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>METALLA RTY &amp; STREAMING LTD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>59124U605</cusip>
<value>242</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>50000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MOSAIC CO NEW</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>61945C103</cusip>
<value>472</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MP MATERIALS CORP</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>553368101</cusip>
<value>241</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>7500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NATURA &amp;CO H-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>63884N108</cusip>
<value>313</value>
<shrsOrPrnAmt>
<sshPrnamt>60000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>60000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>41</value>
<shrsOrPrnAmt>
<sshPrnamt>420</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>420</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>51</value>
<shrsOrPrnAmt>
<sshPrnamt>525</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>525</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>257</value>
<shrsOrPrnAmt>
<sshPrnamt>2625</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2625</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>1492</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NIO INC</nameOfIssuer>
<titleOfClass>SPON ADS</titleOfClass>
<cusip>62914V106</cusip>
<value>565</value>
<shrsOrPrnAmt>
<sshPrnamt>26000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>26000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NIU TECHNOLO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>65481N100</cusip>
<value>28</value>
<shrsOrPrnAmt>
<sshPrnamt>3200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OCCIDENTAL PETE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>674599105</cusip>
<value>1472</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PARAMOUNT GOLD NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>69924M109</cusip>
<value>75</value>
<shrsOrPrnAmt>
<sshPrnamt>170000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>170000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>718546104</cusip>
<value>533</value>
<shrsOrPrnAmt>
<sshPrnamt>6500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>6500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PIEDMONT LITHIUM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>72016P105</cusip>
<value>455</value>
<shrsOrPrnAmt>
<sshPrnamt>12500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>12500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>POTLATCHDELTIC CORPORATION</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>737630103</cusip>
<value>442</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RANGE RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75281A109</cusip>
<value>743</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>30000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RAYONIER INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>754907103</cusip>
<value>561</value>
<shrsOrPrnAmt>
<sshPrnamt>15000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>15000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL CARIBBEAN GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>V7780T103</cusip>
<value>1002</value>
<shrsOrPrnAmt>
<sshPrnamt>28700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>28700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>352</value>
<shrsOrPrnAmt>
<sshPrnamt>3300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>1869</value>
<shrsOrPrnAmt>
<sshPrnamt>17500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>17500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SABINE ROYALTY TR</nameOfIssuer>
<titleOfClass>UNIT BEN INT</titleOfClass>
<cusip>785688102</cusip>
<value>1522</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>806857108</cusip>
<value>429</value>
<shrsOrPrnAmt>
<sshPrnamt>12000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>12000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>811916105</cusip>
<value>497</value>
<shrsOrPrnAmt>
<sshPrnamt>40000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>40000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SIBANYE STILLWATER LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>82575P107</cusip>
<value>299</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>30000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCORP METALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>496</value>
<shrsOrPrnAmt>
<sshPrnamt>200000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>200000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SSR MNG INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>784730103</cusip>
<value>1670</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>100000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>855244109</cusip>
<value>2024</value>
<shrsOrPrnAmt>
<sshPrnamt>26500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>26500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEMPUR SEALY INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88023U101</cusip>
<value>748</value>
<shrsOrPrnAmt>
<sshPrnamt>35000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>35000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TESLA INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88160R101</cusip>
<value>2663</value>
<shrsOrPrnAmt>
<sshPrnamt>3955</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3955</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TMC THE METALS C</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>87261Y106</cusip>
<value>103</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>100000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TOTAL SE</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>89151E109</cusip>
<value>1053</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TOTALENERGIES SE-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>89151E109</cusip>
<value>22</value>
<shrsOrPrnAmt>
<sshPrnamt>100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91913Y100</cusip>
<value>797</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>7500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
<titleOfClass>RUSSIA ETF</titleOfClass>
<cusip>92189F403</cusip>
<value>1</value>
<shrsOrPrnAmt>
<sshPrnamt>1000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
<titleOfClass>VANECK SHRT MUNI</titleOfClass>
<cusip>92189F528</cusip>
<value>1659</value>
<shrsOrPrnAmt>
<sshPrnamt>97000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>97000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
<titleOfClass>GOLD MINERS ETF</titleOfClass>
<cusip>92189F106</cusip>
<value>159</value>
<shrsOrPrnAmt>
<sshPrnamt>5824</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5824</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
<titleOfClass>GOLD MINERS ETF</titleOfClass>
<cusip>92189F106</cusip>
<value>239</value>
<shrsOrPrnAmt>
<sshPrnamt>8722</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>8722</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANGUARD SCOTTSDALE FDS</nameOfIssuer>
<titleOfClass>SHORT TERM TREAS</titleOfClass>
<cusip>92206C102</cusip>
<value>1766</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>30000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIPER ENERGY PARTNERS LP</nameOfIssuer>
<titleOfClass>COM UNT RP INT</titleOfClass>
<cusip>92763M105</cusip>
<value>534</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>432</value>
<shrsOrPrnAmt>
<sshPrnamt>12000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>12000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>2702</value>
<shrsOrPrnAmt>
<sshPrnamt>75000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>75000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WILLIAMS-SONOMA INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>969904101</cusip>
<value>754</value>
<shrsOrPrnAmt>
<sshPrnamt>6800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>6800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>YAMANA GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>98462Y100</cusip>
<value>2279</value>
<shrsOrPrnAmt>
<sshPrnamt>490000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>490000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AIR TRANSPORT SE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>00922R105</cusip>
<value>52414</value>
<shrsOrPrnAmt>
<sshPrnamt>1824348</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1824348</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALASKA AIR GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>011659109</cusip>
<value>72075</value>
<shrsOrPrnAmt>
<sshPrnamt>1799631</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1799631</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALLEGIANT TRAVEL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01748X102</cusip>
<value>67400</value>
<shrsOrPrnAmt>
<sshPrnamt>595985</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>595985</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAN AIRLINE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>02376R102</cusip>
<value>226524</value>
<shrsOrPrnAmt>
<sshPrnamt>17864691</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>17864691</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AZUL SA-ADR</nameOfIssuer>
<titleOfClass>SPONSR ADR PFD</titleOfClass>
<cusip>05501U106</cusip>
<value>9842</value>
<shrsOrPrnAmt>
<sshPrnamt>1386157</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1386157</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BOEING CO/THE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>097023105</cusip>
<value>57461</value>
<shrsOrPrnAmt>
<sshPrnamt>420282</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>420282</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BOOKING HOLDINGS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>09857L108</cusip>
<value>45126</value>
<shrsOrPrnAmt>
<sshPrnamt>25801</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>25801</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CONTROLADORA-ADR</nameOfIssuer>
<titleOfClass>SPON ADR RP 10</titleOfClass>
<cusip>21240E105</cusip>
<value>9944</value>
<shrsOrPrnAmt>
<sshPrnamt>968296</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>968296</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COPA HOLDIN-CL A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>P31076105</cusip>
<value>26892</value>
<shrsOrPrnAmt>
<sshPrnamt>424367</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>424367</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DELTA AIR LI</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>247361702</cusip>
<value>217857</value>
<shrsOrPrnAmt>
<sshPrnamt>7520099</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>7520099</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMBRAER SA-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>29082A107</cusip>
<value>11687</value>
<shrsOrPrnAmt>
<sshPrnamt>1331051</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1331051</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDIA GROUP IN</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>30212P303</cusip>
<value>42972</value>
<shrsOrPrnAmt>
<sshPrnamt>453146</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>453146</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDITORS INTL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>302130109</cusip>
<value>248</value>
<shrsOrPrnAmt>
<sshPrnamt>2542</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2542</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FEDEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>31428X106</cusip>
<value>284</value>
<shrsOrPrnAmt>
<sshPrnamt>1253</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1253</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>8451</value>
<shrsOrPrnAmt>
<sshPrnamt>64229</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>64229</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRONTIER GROUP H</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>35909R108</cusip>
<value>80880</value>
<shrsOrPrnAmt>
<sshPrnamt>8631772</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>8631772</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL DYNAMICS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>369550108</cusip>
<value>55224</value>
<shrsOrPrnAmt>
<sshPrnamt>249601</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>249601</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOL-ADR</nameOfIssuer>
<titleOfClass>SPON ADR PFD NEW</titleOfClass>
<cusip>38045R206</cusip>
<value>9481</value>
<shrsOrPrnAmt>
<sshPrnamt>2780278</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2780278</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLDEN OCEAN GRO</nameOfIssuer>
<titleOfClass>SHS NEW</titleOfClass>
<cusip>G39637205</cusip>
<value>139</value>
<shrsOrPrnAmt>
<sshPrnamt>11903</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>11903</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>2623</value>
<shrsOrPrnAmt>
<sshPrnamt>838082</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>838082</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HAWAIIAN HOLDING</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>419879101</cusip>
<value>72343</value>
<shrsOrPrnAmt>
<sshPrnamt>5055405</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5055405</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>2039</value>
<shrsOrPrnAmt>
<sshPrnamt>1266429</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1266429</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JETBLUE AIRWAYS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>477143101</cusip>
<value>70309</value>
<shrsOrPrnAmt>
<sshPrnamt>8400096</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>8400096</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MATSON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>57686G105</cusip>
<value>284</value>
<shrsOrPrnAmt>
<sshPrnamt>3900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAVERIX METALS I</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>57776F405</cusip>
<value>3619</value>
<shrsOrPrnAmt>
<sshPrnamt>831934</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>831934</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MOOG INC-CLASS A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>615394202</cusip>
<value>54600</value>
<shrsOrPrnAmt>
<sshPrnamt>687749</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>687749</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>3215</value>
<shrsOrPrnAmt>
<sshPrnamt>318365</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>318365</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PITNEY BOWES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>724479100</cusip>
<value>207</value>
<shrsOrPrnAmt>
<sshPrnamt>57178</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>57178</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>8598</value>
<shrsOrPrnAmt>
<sshPrnamt>80522</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>80522</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RYANAIR HLDG-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>783513203</cusip>
<value>23328</value>
<shrsOrPrnAmt>
<sshPrnamt>346889</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>346889</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SIBANYE-STI-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>82575P107</cusip>
<value>3006</value>
<shrsOrPrnAmt>
<sshPrnamt>301487</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>301487</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCORP METAL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>2408</value>
<shrsOrPrnAmt>
<sshPrnamt>970999</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>970999</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKYWEST INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>830879102</cusip>
<value>70252</value>
<shrsOrPrnAmt>
<sshPrnamt>3305988</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3305988</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SOUTHWEST AIR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>844741108</cusip>
<value>241572</value>
<shrsOrPrnAmt>
<sshPrnamt>6688043</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>6688043</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPIRIT AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>848577102</cusip>
<value>94584</value>
<shrsOrPrnAmt>
<sshPrnamt>3967445</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>3967445</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>STAR BULK CARRIE</nameOfIssuer>
<titleOfClass>SHS PAR</titleOfClass>
<cusip>Y8162K204</cusip>
<value>141</value>
<shrsOrPrnAmt>
<sshPrnamt>5636</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5636</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEXTRON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>883203101</cusip>
<value>52334</value>
<shrsOrPrnAmt>
<sshPrnamt>856950</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>856950</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIP.COM GRO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>89677Q107</cusip>
<value>34289</value>
<shrsOrPrnAmt>
<sshPrnamt>1249130</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1249130</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>896945201</cusip>
<value>42169</value>
<shrsOrPrnAmt>
<sshPrnamt>2369021</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>2369021</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>910047109</cusip>
<value>229245</value>
<shrsOrPrnAmt>
<sshPrnamt>6472182</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>6472182</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED PARCEL-B</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>911312106</cusip>
<value>268</value>
<shrsOrPrnAmt>
<sshPrnamt>1469</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1469</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>7994</value>
<shrsOrPrnAmt>
<sshPrnamt>221862</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>221862</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZIM INTEGRATED S</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>M9T951109</cusip>
<value>310</value>
<shrsOrPrnAmt>
<sshPrnamt>6569</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>6569</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZTO EXPRESS -ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS A</titleOfClass>
<cusip>98980A105</cusip>
<value>274</value>
<shrsOrPrnAmt>
<sshPrnamt>9995</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>9995</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BURCON NUTRASCIE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>120831102</cusip>
<value>297</value>
<shrsOrPrnAmt>
<sshPrnamt>750000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>750000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELECTRA BATTERY</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>28474P201</cusip>
<value>238</value>
<shrsOrPrnAmt>
<sshPrnamt>83333</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>83333</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26873J107</cusip>
<value>2302</value>
<shrsOrPrnAmt>
<sshPrnamt>1250000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1250000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>1422</value>
<shrsOrPrnAmt>
<sshPrnamt>500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>500000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>I-80 GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>44955L106</cusip>
<value>1803</value>
<shrsOrPrnAmt>
<sshPrnamt>1000000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>1000000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LITHIUM AMERICAS</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>53680Q207</cusip>
<value>302</value>
<shrsOrPrnAmt>
<sshPrnamt>15000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>15000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAVERIX METALS I</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>57776F405</cusip>
<value>2601</value>
<shrsOrPrnAmt>
<sshPrnamt>600000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>600000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>METALLA ROYALTY</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>59124U605</cusip>
<value>604</value>
<shrsOrPrnAmt>
<sshPrnamt>125000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>125000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>METALLA ROYALTY</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>59124U605</cusip>
<value>1450</value>
<shrsOrPrnAmt>
<sshPrnamt>300000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>300000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NOMAD ROYALTY CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>65532M606</cusip>
<value>317</value>
<shrsOrPrnAmt>
<sshPrnamt>45000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>45000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NOMAD ROYALTY CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>65532M606</cusip>
<value>1302</value>
<shrsOrPrnAmt>
<sshPrnamt>185000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>185000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NOMAD ROYALTY CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>65532M606</cusip>
<value>352</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>50000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>67077M108</cusip>
<value>398</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PLATINUM GROUP M</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>72765Q882</cusip>
<value>131</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>100000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKEENA RESOURCES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>83056P715</cusip>
<value>528</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>100000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G202</cusip>
<value>793</value>
<shrsOrPrnAmt>
<sshPrnamt>750000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>750000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WEST FRASER TIMB</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>952845105</cusip>
<value>307</value>
<shrsOrPrnAmt>
<sshPrnamt>4000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<otherManager>NONE</otherManager>
<votingAuthority>
<Sole>0</Sole>
<Shared>4000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
