The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AEMETIS INC COM 00770K202 633 1,151,373 SH   SOLE   1,151,373 0 0
AFFILIATED MANAGERS GROUP COM 008252108 966 4,705 SH   SOLE   4,705 0 0
AGNICO EAGLE MINES LTD COM 008474108 6,406 138,726 SH   SOLE   138,726 0 0
ALEXCO RESOURCE CORP COM 01535P106 534 335,900 SH   SOLE   335,900 0 0
ALGONQUIN PWR UTILS CORP COM 015857105 463 41,450 SH   SOLE   41,450 0 0
ALMADEN MINERALS LTD CL B COM 020283305 1,444 1,402,100 SH   SOLE   1,402,100 0 0
ALPHABET INC CL C COM 02079K107 1,568 1,498 SH   SOLE   1,498 0 0
AMERICAN TOWER CORP COM 03027X100 774 5,425 SH   SOLE   5,425 0 0
AMERICAS SILVER CORP COM 03063L705 724 200,000 SH   SOLE   200,000 0 0
APPLE INC COM 037833100 298 1,760 SH   SOLE   1,760 0 0
APTIV PLC COM G6095L109 272 3,210 SH   SOLE   3,210 0 0
AVINO SILVER & GOLD MINES LTD COM 053906103 82 61,126 SH   SOLE   61,126 0 0
B2GOLD CORP COM 11777Q209 8,999 2,902,767 SH   SOLE   2,902,767 0 0
BANK AMER CORP COM 060505104 17,920 607,050 SH   SOLE   607,050 0 0
BAYTEX ENERGY CORP COM 07317Q105 2,490 830,000 SH   SOLE   830,000 0 0
BERKSHIRE HATHAWAY INC CL B COM 084670702 1,177 5,937 SH   SOLE   5,937 0 0
BROADCOM LTD COM Y09827109 303 1,180 SH   SOLE   1,180 0 0
BROOKFIELD ASSET MGMT INC CL A COM 112585104 2,113 48,540 SH   SOLE   48,540 0 0
BROOKFIELD INFRAST PARTNERS LP COM G16252101 22,179 494,955 SH   SOLE   494,955 0 0
BROOKFIELD PPTY PARTNERS LP COM G16249107 18,163 819,610 SH   SOLE   819,610 0 0
C&J ENERGY SVCS INC COM 12674R100 13,723 410,000 SH   SOLE   410,000 0 0
CALLON PETE CO COM 13123X102 1,118 92,000 SH   SOLE   92,000 0 0
CANADIAN NAT RES LTD COM 136385101 539 15,100 SH   SOLE   15,100 0 0
CARRIZO OIL & GAS INC COM 144577103 1,021 48,000 SH   SOLE   48,000 0 0
CATCHMARK TIMBER TR INC CL A COM 14912Y202 394 30,025 SH   SOLE   30,025 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 21,343 219,100 SH   SOLE   219,100 0 0
CITIGROUP INC COM 172967424 16,355 219,800 SH   SOLE   219,800 0 0
CITY OFFICE REIT INC COM 178587101 471 36,175 SH   SOLE   36,175 0 0
COEUR MNG INC COM 192108504 4,517 602,300 SH   SOLE   602,300 0 0
COMCAST CORP COM 20030N101 11,066 276,300 SH   SOLE   276,300 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR COM 204448104 2,724 193,495 SH   SOLE   193,495 0 0
CONTINENTAL RESOURCES INC COM 212015101 10,250 193,500 SH   SOLE   193,500 0 0
CRESCENT PT ENERGY CORP COM 22576C101 8,313 1,091,000 SH   SOLE   1,091,000 0 0
CSX CORP COM 126408103 484 8,800 SH   SOLE   8,800 0 0
DANAHER CORP COM 235851102 4,613 49,700 SH   SOLE   49,700 0 0
DENISON MINES CORP COM 248356107 1,128 2,050,000 SH   SOLE   2,050,000 0 0
DEVON ENERGY CORP COM 25179M103 10,143 245,000 SH   SOLE   245,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109 258 2,040 SH   SOLE   2,040 0 0
DOWDUPONT INC COM 26078J100 264 3,700 SH   SOLE   3,700 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 2,443 1,022,261 SH   SOLE   1,022,261 0 0
ENERPLUS CORP COM 292766102 9,300 950,000 SH   SOLE   950,000 0 0
ENSCO PLC COM G3157S106 591 100,000 SH   SOLE   100,000 0 0
EQUINIX INC COM 29444U700 775 1,710 SH   SOLE   1,710 0 0
FEDEX CORP COM 31428X106 943 3,779 SH   SOLE   3,779 0 0
FERROGLOBE PLC COM G33856108 3,468 214,092 SH   SOLE   214,092 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 1,762 261,400 SH   SOLE   261,400 0 0
FISERV INC COM 337738108 27,550 210,100 SH   SOLE   210,100 0 0
FORTIS INC COM 349553107 362 9,875 SH   SOLE   9,875 0 0
FORTUNA SILVER MINES INC COM 349915108 2,516 481,900 SH   SOLE   481,900 0 0
GAZIT GLOBE LTD COM M4793C102 537 51,025 SH   SOLE   51,025 0 0
GGP INC COM 36174X101 355 15,198 SH   SOLE   15,198 0 0
GOLD STD VENTURES CORP COM 380738104 1,220 697,273 SH   SOLE   697,273 0 0
GREAT PANTHER SILVER LTD COM 39115V101 1,014 786,200 SH   SOLE   786,200 0 0
GROUPE CGI INC CL A COM 39945C109 27,689 509,650 SH   SOLE   509,650 0 0
HALLIBURTON CO COM 406216101 4,887 100,000 SH   SOLE   100,000 0 0
HECLA MNG CO COM 422704106 3,531 889,300 SH   SOLE   889,300 0 0
HOME DEPOT INC COM 437076102 13,259 69,959 SH   SOLE   69,959 0 0
HONEYWELL INTL INC COM 438516106 268 1,750 SH   SOLE   1,750 0 0
HUDSON PAC PPTYS INC COM 444097109 434 12,670 SH   SOLE   12,670 0 0
IAMGOLD CORP COM 450913108 1,365 234,200 SH   SOLE   234,200 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104 19,329 273,935 SH   SOLE   273,935 0 0
INTERXION HOLDING N.V COM N47279109 1,899 32,219 SH   SOLE   32,219 0 0
ISHARES IBOXX $ INVESTMENT GRADE CALL 464287902 48,624 400,000 SH   SOLE   400,000 0 0
ISHARES IBOXX $ INVESTMENT GRADE PUT 464287952 48,624 400,000 SH   SOLE   400,000 0 0
JPMORGAN CHASE & CO COM 46625H100 1,337 12,505 SH   SOLE   12,505 0 0
KEANE GROUP INC COM 48669A108 18,060 950,000 SH   SOLE   950,000 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 12,256 797,936 SH   SOLE   797,936 0 0
MAG SILVER CORP COM 55903Q104 11,288 913,231 SH   SOLE   913,231 0 0
MANULIFE FINL CORP COM 56501R106 17,825 854,500 SH   SOLE   854,500 0 0
MASTERCARD INCORPORATED CL A COM 57636Q104 1,561 10,311 SH   SOLE   10,311 0 0
MICROSOFT CORP COM 594918104 1,276 14,915 SH   SOLE   14,915 0 0
NEW GOLD INC CALL 644535906 2,794 849,300 SH   SOLE   849,300 0 0
NEXGEN ENERGY LTD COM 65340P106 1,088 425,000 SH   SOLE   425,000 0 0
NEXTERA ENERGY INC COM 65339F101 324 2,075 SH   SOLE   2,075 0 0
NORTHROP GRUMMAN CORP COM 666807102 24,234 78,960 SH   SOLE   78,960 0 0
OPEN TEXT CORP COM 683715106 713 20,000 SH   SOLE   20,000 0 0
OUTFRONT MEDIA INC COM 69007J106 234 10,100 SH   SOLE   10,100 0 0
PAN AMERICAN SILVER CORP COM 697900108 11,985 770,260 SH   SOLE   770,260 0 0
PEMBINA PIPELINE CORP COM 706327103 417 11,525 SH   SOLE   11,525 0 0
PRECISION DRILLING CORP COM 74022D308 5,267 1,744,200 SH   SOLE   1,744,200 0 0
PRETIUM RES INC COM 74139C102 15,887 1,392,382 SH   SOLE   1,392,382 0 0
PROLOGIS INC COM 74340W103 226 3,500 SH   SOLE   3,500 0 0
QUANTA SVCS INC COM 74762E102 661 16,900 SH   SOLE   16,900 0 0
RANDGOLD RES LTD ADR COM 752344309 8,692 87,900 SH   SOLE   87,900 0 0
RANGE RES CORP COM 75281A109 699 41,000 SH   SOLE   41,000 0 0
RAYTHEON CO COM 755111507 1,546 8,229 SH   SOLE   8,229 0 0
RING ENERGY INC COM 76680V108 1,119 80,500 SH   SOLE   80,500 0 0
S&P GLOBAL INC COM 78409V104 329 1,940 SH   SOLE   1,940 0 0
SCHLUMBERGER LTD COM 806857108 573 8,500 SH   SOLE   8,500 0 0
ENERGY SELECT SECTOR SPDR CALL 81369Y906 7,226 100,000 SH   SOLE   100,000 0 0
SILVERCORP METALS INC COM 82835P103 2,473 944,067 SH   SOLE   944,067 0 0
SL GREEN RLTY CORP COM 78440X101 512 5,070 SH   SOLE   5,070 0 0
SPDR GOLD TRUST CALL 78463V907 123,230 996,600 SH   SOLE   996,600 0 0
SPDR EURO STOXX 50 PUT 78463X952 81,420 2,000,000 SH   SOLE   2,000,000 0 0
SPDR S&P 500 ETF CALL 78462F903 240,174 900,000 SH   SOLE   900,000 0 0
SSR MNG INC COM 784730103 3,055 347,500 SH   SOLE   347,500 0 0
STARS GROUP INC COM 85570W100 466 20,000 SH   SOLE   20,000 0 0
SUNCOR ENERGY INC COM 867224107 24,140 657,408 SH   SOLE   657,408 0 0
TAHOE RES INC COM 873868103 2,700 563,700 SH   SOLE   563,700 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 285 1,500 SH   SOLE   1,500 0 0
TRANSCANADA CORP COM 89353D107 12,342 253,750 SH   SOLE   253,750 0 0
TRANSOCEAN LTD COM H8817H100 651 61,000 SH   SOLE   61,000 0 0
U S SILICA HLDGS INC COM 90346E103 423 13,000 SH   SOLE   13,000 0 0
UBS GROUP AG COM H42097107 743 40,400 SH   SOLE   40,400 0 0
UNION PAC CORP COM 907818108 5,793 43,200 SH   SOLE   43,200 0 0
UNION PAC CORP PUT 907818958 5,753 42,900 SH   SOLE   42,900 0 0
UNITEDHEALTH GROUP INC COM 91324P102 27,748 125,862 SH   SOLE   125,862 0 0
VANECK VECTORS JR GOLD MINERS CALL 92189F901 69,362 2,032,300 SH   SOLE   2,032,300 0 0
VANECK VECTORS GOLD MINERS CALL 92189F906 29,824 1,283,300 SH   SOLE   1,283,300 0 0
VISA INC CL A COM 92826C839 1,582 13,877 SH   SOLE   13,877 0 0
WABCO HLDGS INC COM 92927K102 679 4,730 SH   SOLE   4,730 0 0
WASTE CONNECTIONS INC COM 94106B101 1,593 22,452 SH   SOLE   22,452 0 0
WEATHERFORD INTL PLC COM G48833100 5,004 1,200,000 SH   SOLE   1,200,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 11,937 539,400 SH   SOLE   539,400 0 0
WHITING PETE CORP COM 966387409 2,714 102,500 SH   SOLE   102,500 0 0
WILLIAMS COS INC COM 969457100 348 11,400 SH   SOLE   11,400 0 0
WISDOMTREE EUROPE HEDGED EQUITY CALL 97717X901 92,380 1,450,000 SH   SOLE   1,450,000 0 0
WPX ENERGY INC COM 98212B103 9,849 700,000 SH   SOLE   700,000 0 0
XYLEM INC COM 98419M100 308 4,516 SH   SOLE   4,516 0 0