Merk Investments LLC Activity Q4 2019-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
	Sell	ORLA MNG LTD NEW	$21,910,546	-24.3%	6,200,000	-10.1%	24.75%	+7.7%
	New	ANGLOGOLD ASHANTI PLC	$5,135,000	–	325,000	–	5.80%	–
	Sell	INTEGRA RES CORP	$3,196,333	-26.3%	3,937,472	-0.0%	3.61%	+4.9%
USAS	Sell	AMERICAS GOLD AND SILVER COR	$1,033,338	-94.9%	2,897,930	-37.0%	1.17%	-92.7%
SCHP	Buy	SCHWAB STRATEGIC TRus tips etf	$754,371	-2.8%	14,941	+0.9%	0.85%	+38.3%
OUNZ	Buy	VANECK MERK GOLD TRgold trust	$400,181	+48.1%	22,369	+54.0%	0.45%	+111.2%
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-325,000	–	-5.44%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	ORLA MNG LTD NEW	$28,959,426	–	6,900,000	–	22.97%	–
USAS	New	AMERICAS GOLD AND SILVER COR	$20,166,700	–	4,601,400	–	16.00%	–
AGI	New	ALAMOS GOLD INC NEW	$11,920,000	–	1,000,000	–	9.45%	–
SSRM	New	SSR MINING IN	$11,346,472	–	800,000	–	9.00%	–
GOLD	New	BARRICK GOLD CORP	$11,004,500	–	650,000	–	8.73%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$8,298,000	–	600,000	–	6.58%	–
AEM	New	AGNICO EAGLE MINES LTD	$8,246,700	–	165,000	–	6.54%	–
BTG	New	B2GOLD CORP	$7,140,000	–	2,000,000	–	5.66%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$6,854,250	–	325,000	–	5.44%	–
	New	INTEGRA RES CORP	$4,339,051	–	3,937,473	–	3.44%	–
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$3,381,000	–	273,043	–	2.68%	–
	New	SKEENA RES LTD NEW	$3,381,000	–	700,000	–	2.68%	–
SCHP	New	SCHWAB STRATEGIC TRus tips etf	$776,174	–	14,804	–	0.62%	–
OUNZ	New	VANECK MERK GOLD TRgold trust	$270,165	–	14,525	–	0.21%	–

Q4 2022

			Value		Shares		↓ Weighting
DBO	Exit	INVESCO DB MULTI-SECTOR COMMoil fd	$0	–	-13,009	–	-0.19%	–
SCHP	Exit	SCHWAB STRATEGIC TRus tips etf	$0	–	-29,042	–	-1.48%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-3,230,000	–	-1.72%	–
USAS	Exit	AMERICAS GOLD AND SILVER COR	$0	–	-4,601,400	–	-1.87%	–
SBSW	Exit	SIBANYE STILLWATER LTDsponsored adr	$0	–	-273,043	–	-2.50%	–
	Exit	SKEENA RES LTD NEW	$0	–	-700,000	–	-3.22%	–
OUNZ	Exit	VANECK MERK GOLD TRgold trust	$0	–	-309,904	–	-4.92%	–
BTG	Exit	B2GOLD CORP	$0	–	-2,000,000	–	-6.33%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-1,000,000	–	-7.96%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-600,000	–	-8.16%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-200,000	–	-8.31%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-1,200,000	–	-8.75%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-650,000	–	-9.91%	–
SSRM	Exit	SSR MNG INC	$0	–	-800,000	–	-11.57%	–
	Exit	ORLA MNG LTD NEW	$0	–	-7,200,000	–	-23.12%	–

Q3 2022

			Value		Shares		↓ Weighting
	Sell	ORLA MNG LTD NEW	$23,507,000	+4.8%	7,200,000	-12.2%	23.12%	+357.4%
AU	Sell	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$8,292,000	-19.9%	600,000	-14.3%	8.16%	+249.4%
OUNZ	Sell	VANECK MERK GOLD TRgold trust	$4,999,000	-23.8%	309,904	-17.2%	4.92%	+232.2%
SCHP	Buy	SCHWAB STRATEGIC TRus tips etf	$1,504,000	+2.3%	29,042	+10.2%	1.48%	+346.8%
DBO	Sell	INVESCO DB MULTI-SECTOR COMMoil fd	$197,000	-27.6%	13,009	-12.9%	0.19%	+218.0%
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-2,229	–	-0.05%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-4,500	–	-0.06%	–

Q2 2022

			Value		Shares		↓ Weighting
AEM	New	AGNICO EAGLE MINES LTD	$91,520,000	–	200,000	–	20.63%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$91,200,000	–	1,000,000	–	20.56%	–
AGI	New	ALAMOS GOLD INC NEW	$84,240,000	–	1,200,000	–	18.99%	–
BTG	New	B2GOLD CORP	$67,800,000	–	2,000,000	–	15.28%	–
ITRG	New	INTEGRA RES CORP	$32,786,000	–	3,230,000	–	7.39%	–
	New	ORLA MNG LTD NEW	$22,423,000	–	8,200,000	–	5.06%	–
SSRM	New	SSR MNG INC	$13,361,000	–	800,000	–	3.01%	–
GOLD	New	BARRICK GOLD CORP	$11,498,000	–	650,000	–	2.59%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$10,353,000	–	700,000	–	2.33%	–
OUNZ	New	VANECK MERK GOLD TRgold trust	$6,563,000	–	374,410	–	1.48%	–
	New	SKEENA RES LTD NEW	$3,703,000	–	700,000	–	0.84%	–
USAS	New	AMERICAS GOLD AND SILVER COR	$3,184,000	–	4,601,400	–	0.72%	–
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$2,722,000	–	273,043	–	0.61%	–
SCHP	New	SCHWAB STRATEGIC TRus tips etf	$1,470,000	–	26,353	–	0.33%	–
DBO	New	INVESCO DB MULTI-SECTOR COMMoil fd	$272,000	–	14,930	–	0.06%	–
EWY	New	ISHARES INCmsci sth kor etf	$262,000	–	4,500	–	0.06%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$203,000	–	2,229	–	0.05%	–

Q4 2021

			Value		Shares		↓ Weighting
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-4,500	–	-0.28%	–
SBSW	Exit	SIBANYE STILLWATER LTDsponsored adr	$0	–	-273,043	–	-2.55%	–
USAS	Exit	AMERICAS GOLD AND SILVER COR	$0	–	-4,601,400	–	-2.78%	–
GSS	Exit	GOLDEN STAR RES LTD CDA	$0	–	-1,850,000	–	-3.33%	–
BTG	Exit	B2GOLD CORP	$0	–	-2,000,000	–	-5.18%	–
OUNZ	Exit	VANECK MERK GOLD TRgold trust	$0	–	-414,726	–	-5.37%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-3,230,000	–	-5.60%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-1,200,000	–	-6.54%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-200,000	–	-7.85%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-1,500,000	–	-9.22%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-700,000	–	-9.57%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-800,000	–	-9.69%	–
SSRM	Exit	SSR MNG INC	$0	–	-1,050,000	–	-11.56%	–
	Exit	ORLA MNG LTD NEW	$0	–	-8,200,000	–	-20.49%	–

Q3 2021

			Value		Shares		↓ Weighting
SSRM	Buy	SSR MNG INC	$15,272,000	+144.4%	1,050,000	+162.0%	11.56%	+183.3%
AEM	Sell	AGNICO EAGLE MINES LTD	$10,370,000	-23.8%	200,000	-11.1%	7.85%	-11.6%
ITRG	Buy	INTEGRA RES CORP	$7,390,000	-13.6%	3,230,000	+10.6%	5.60%	+0.2%
OUNZ	Buy	VANECK MERK GOLD TRgold trust	$7,088,000	+1.9%	414,726	+2.7%	5.37%	+18.1%
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-4,400	–	-0.24%	–
ASHR	Exit	DBX ETF TRxtrack hrvst csi	$0	–	-12,100	–	-0.32%	–
KOR	Exit	CORVUS GOLD INC	$0	–	-2,000,000	–	-3.59%	–

Q2 2021

			Value		Shares		↓ Weighting
	New	ORLA MNG LTD NEW	$33,868,000	–	8,200,000	–	22.13%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$14,864,000	–	800,000	–	9.71%	–
GOLD	New	BARRICK GOLD CORP	$14,476,000	–	700,000	–	9.46%	–
AEM	New	AGNICO EAGLE MINES LTD	$13,601,000	–	225,000	–	8.89%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$13,350,000	–	1,500,000	–	8.72%	–
AGI	New	ALAMOS GOLD INC NEW	$9,180,000	–	1,200,000	–	6.00%	–
ITRG	New	INTEGRA RES CORP	$8,550,000	–	2,920,000	–	5.59%	–
BTG	New	B2GOLD CORP	$8,420,000	–	2,000,000	–	5.50%	–
USAS	New	AMERICAS GOLD AND SILVER COR	$6,963,000	–	4,601,400	–	4.55%	–
OUNZ	New	VANECK MERK GOLD TRgold trust	$6,953,000	–	403,798	–	4.54%	–
SSRM	New	SSR MNG INC	$6,248,000	–	400,800	–	4.08%	–
KOR	New	CORVUS GOLD INC	$5,501,000	–	2,000,000	–	3.59%	–
GSS	New	GOLDEN STAR RES LTD CDA	$5,235,000	–	1,850,000	–	3.42%	–
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$4,568,000	–	273,043	–	2.98%	–
ASHR	New	DBX ETF TRxtrack hrvst csi	$491,000	–	12,100	–	0.32%	–
EWY	New	ISHARES INCmsci sth kor etf	$419,000	–	4,500	–	0.27%	–
MCHI	New	ISHARES TRmsci china etf	$363,000	–	4,400	–	0.24%	–

Q4 2020

			Value		Shares		↓ Weighting
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-4,500	–	-0.18%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-4,400	–	-0.20%	–
ASHR	Exit	DBX ETF TRxtrack hrvst csi	$0	–	-12,100	–	-0.25%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-240,001	–	-0.48%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-250,000	–	-1.27%	–
KOR	Exit	CORVUS GOLD INC	$0	–	-2,000,000	–	-3.52%	–
GSS	Exit	GOLDEN STAR RES LTD CDA	$0	–	-1,850,000	–	-4.79%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-670,423	–	-4.95%	–
OUNZ	Exit	VANECK MERK GOLD TRgold trust	$0	–	-512,862	–	-5.67%	–
USAS	Exit	AMERICAS GOLD AND SILVER COR	$0	–	-3,696,400	–	-5.84%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-1,600,000	–	-8.47%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-3,000,000	–	-8.61%	–
BTG	Exit	B2GOLD CORP	$0	–	-2,500,000	–	-9.80%	–
SSRM	Exit	SSR MNG INC	$0	–	-1,249,000	–	-13.97%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-850,000	–	-14.30%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-370,000	–	-17.70%	–

Q3 2020

			Value		Shares		↓ Weighting
AEM	Sell	AGNICO EAGLE MINES LTD	$29,456,000	+15.0%	370,000	-7.5%	17.70%	-3.6%
SSRM	Buy	SSR MNG INC	$23,240,000	+82.4%	1,249,000	+108.2%	13.97%	+53.0%
MMX	Buy	MAVERIX METALS INC	$14,322,000	+114.9%	3,000,000	+100.0%	8.61%	+80.3%
USAS	Buy	AMERICAS GOLD AND SILVER COR	$9,713,000	+22.7%	3,696,400	+87.2%	5.84%	+2.9%
OUNZ	Buy	VANECK MERK GOLD TRgold trust	$9,432,000	+8.1%	512,862	+2.2%	5.67%	-9.3%
KOR	New	CORVUS GOLD INC	$5,854,000	–	2,000,000	–	3.52%	–
ITRG	New	INTEGRA RES CORP	$796,000	–	240,001	–	0.48%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-393,200	–	-0.19%	–
MAG	Exit	MAG SILVER CORP	$0	–	-325,000	–	-3.28%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-150,000	–	-4.41%	–

Q2 2020

			Value		Shares		↓ Weighting
AEM	New	AGNICO EAGLE MINES LTD	$25,624,000	–	400,000	–	18.36%	–
GOLD	New	BARRICK GOLD CORPORATION	$22,798,000	–	850,000	–	16.34%	–
AGI	New	ALAMOS GOLD INC NEW	$15,008,000	–	1,600,000	–	10.75%	–
BTG	New	B2GOLD CORP	$14,225,000	–	2,500,000	–	10.19%	–
SSRM	New	SSR MNG INC	$12,744,000	–	600,000	–	9.13%	–
OUNZ	New	VANECK MERK GOLD TRUSTgold trust	$8,722,000	–	501,833	–	6.25%	–
USAS	New	AMERICAS GOLD AND SILVER COR	$7,918,000	–	1,975,000	–	5.67%	–
MMX	New	MAVERIX METALS INC	$6,663,000	–	1,500,000	–	4.77%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$6,302,000	–	670,423	–	4.52%	–
KL	New	KIRKLAND LAKE GOLD LTD	$6,156,000	–	150,000	–	4.41%	–
GSS	New	GOLDEN STAR RES LTD CDA	$5,365,000	–	1,850,000	–	3.84%	–
MAG	New	MAG SILVER CORP	$4,583,000	–	325,000	–	3.28%	–
SILV	New	SILVERCREST METALS INC	$2,285,000	–	250,000	–	1.64%	–
ASHR	New	DBX ETF TRxtrack hrvst csi	$359,000	–	12,100	–	0.26%	–
MCHI	New	ISHARES TRmsci china etf	$288,000	–	4,400	–	0.21%	–
PAAS	New	PAN AMERN SILVER CORP	$270,000	–	393,200	–	0.19%	–
EWY	New	ISHARES INCmsci sth kor etf	$257,000	–	4,500	–	0.18%	–

Merk Investments LLC is a registered-investment adviser.

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