#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SEABRIDGE GOLD INC	SA	6,979,611	$206.5M	16.49%
2	RANGE RES CORP	RRC	5,238,903	$184.7M	14.75%
3	KT CORP	KT	5,768,752	$109.4M	8.74%
4	NUTRIEN LTD	NTR	1,753,659	$108.2M	8.64%
5	CENTENE CORP DEL	CNC	2,025,052	$83.3M	6.66%
6	FRANKLIN RESOURCES INC	BEN	3,369,165	$80.5M	6.43%
7	NOVAGOLD RES INC	66987E206	8,429,379	$78.6M	6.27%
8	EXPAND ENERGY CORPORATION	EXE	681,579	$75.2M	6.01%
9	CRESUD S A C I F Y A	CRESY	4,246,881	$53.6M	4.28%
10	SLB LIMITED	SLB	1,306,620	$50.1M	4.01%
11	ROYAL GOLD INC	RGLD	209,678	$46.6M	3.72%
12	NORTHERN DYNASTY MINERALS LT	66510M204	21,661,178	$42.7M	3.41%
13	INTERNATIONAL TOWER HILL MIN	46050R102	14,448,418	$26.9M	2.15%
14	BARRICK MNG CORP	06849F108	590,051	$25.7M	2.05%
15	MOLINA HEALTHCARE INC	MOH	125,534	$21.8M	1.74%
16	COMCAST CORP NEW	CCZ	649,213	$19.4M	1.55%
17	AIR LEASE CORP	AIIR	285,013	$18.3M	1.46%
18	IVANHOE ELECTRIC INC	IE	428,752	$6.9M	0.55%
19	VISTA GOLD CORP	VGZ	2,466,589	$4.9M	0.39%
20	KOREA ELEC PWR CORP	500631106	268,151	$4.4M	0.35%