ARMOR ADVISORS, L.L.C. Activity Q4 2019-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$100,457,800	+106.0%	235,000	+113.6%	44.31%	+75.2%
FEZ	Sell	SPDR INDEX SHS FDSput	$25,626,100	-38.1%	610,000	-32.2%	11.30%	-47.3%
FNV	Sell	FRANCO NEV CORP	$15,138,700	-12.3%	113,407	-6.3%	6.68%	-25.4%
CNQ	Sell	CANADIAN NAT RES LTD	$13,759,642	-5.8%	212,767	-18.1%	6.07%	-19.9%
RGLD	Sell	ROYAL GOLD INC	$13,321,235	-12.6%	125,282	-5.6%	5.88%	-25.7%
EOG	Sell	EOG RES INC	$11,086,430	+2.4%	87,460	-7.5%	4.89%	-12.9%
FRO	Sell	FRONTLINE LTD	$11,032,198	+11.8%	587,444	-13.5%	4.87%	-4.9%
	New	CRH PLCord	$9,851,400	–	180,000	–	4.34%	–
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$7,590,550	+3.8%	5,500	-3.5%	3.35%	-11.8%
SA	Sell	SEABRIDGE GOLD INC	$6,088,574	-18.0%	577,116	-6.3%	2.68%	-30.3%
FERG	Sell	FERGUSON PLC NEW	$4,382,139	-9.1%	26,644	-13.1%	1.93%	-22.7%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$2,967,408	-12.1%	73,179	-6.3%	1.31%	-25.3%
PSLV	Sell	SPROTT PHYSICAL SILVER TRtr unit	$2,401,723	-28.9%	316,850	-26.9%	1.06%	-39.6%
SBLK	Buy	STAR BULK CARRIERS CORP	$1,649,905	+30.2%	85,576	+19.6%	0.73%	+10.8%
XP	Exit	XP INCcl a	$0	–	-250,000	–	-3.04%	–

Q2 2023

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$48,760,800	–	110,000	–	25.30%	–
FEZ	New	SPDR INDEX SHS FDSput	$41,382,000	–	900,000	–	21.47%	–
FNV	New	FRANCO NEV CORP	$17,263,869	–	121,065	–	8.96%	–
RGLD	New	ROYAL GOLD INC	$15,235,897	–	132,740	–	7.90%	–
CNQ	New	CANADIAN NAT RES LTD	$14,606,896	–	259,632	–	7.58%	–
EOG	New	EOG RES INC	$10,822,019	–	94,565	–	5.61%	–
FRO	New	FRONTLINE LTD	$9,867,468	–	679,110	–	5.12%	–
SA	New	SEABRIDGE GOLD INC	$7,423,788	–	616,082	–	3.85%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$7,315,665	–	5,700	–	3.80%	–
XP	New	XP INCcl a	$5,865,000	–	250,000	–	3.04%	–
FERG	New	FERGUSON PLC NEW	$4,820,608	–	30,644	–	2.50%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$3,378,149	–	433,652	–	1.75%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$3,376,390	–	78,121	–	1.75%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$1,371,924	–	97,785	–	0.71%	–
SBLK	New	STAR BULK CARRIERS CORP	$1,266,895	–	71,576	–	0.66%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	SWVL HOLDINGS CORP*w exp 03/31/202	$0	–	-1,117,050	–	-0.01%	–
AMZN	Exit	AMAZON COM INCput	$0	–	-20,000	–	-0.34%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-397,803	–	-0.72%	–
EURN	Exit	EURONAV NV	$0	–	-522,162	–	-1.22%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-200,000	–	-1.42%	–
EOG	Exit	EOG RES INC	$0	–	-88,000	–	-1.50%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-96,000	–	-1.74%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-161,001	–	-2.30%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-127,000	–	-2.33%	–
FERG	Exit	FERGUSON PLC NEW	$0	–	-200,933	–	-3.14%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,570,000	–	-85.28%	–

Q3 2022

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$560,773,000	–	1,570,000	–	85.28%	–
FERG	Buy	FERGUSON PLC NEW	$20,682,000	-0.6%	200,933	+6.9%	3.14%	-72.4%
FANG	Buy	DIAMONDBACK ENERGY INC	$15,298,000	+4.4%	127,000	+5.0%	2.33%	-71.0%
RGLD	Buy	ROYAL GOLD INC	$15,105,000	-9.3%	161,001	+3.2%	2.30%	-74.8%
FNV	Buy	FRANCO NEV CORP	$11,470,000	+6.6%	96,000	+17.4%	1.74%	-70.4%
EOG	New	EOG RES INC	$9,832,000	–	88,000	–	1.50%	–
CNQ	New	CANADIAN NAT RES LTD	$9,314,000	–	200,000	–	1.42%	–
EURN	Sell	EURONAV NV	$8,036,000	+9.1%	522,162	-15.4%	1.22%	-69.7%
SA	Buy	SEABRIDGE GOLD INC	$4,722,000	+17.5%	397,803	+23.1%	0.72%	-67.3%
AMZN	New	AMAZON COM INCput	$2,260,000	–	20,000	–	0.34%	–
	New	SWVL HOLDINGS CORP*w exp 03/31/202	$34,000	–	1,117,050	–	0.01%	–
GMBTW	Exit	PIVOTAL HOLDINGS CORP*w exp 01/19/202	$0	–	-3,074,358	–	-0.76%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-104,439	–	-9.21%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-10,036	–	-12.01%	–
AAPL	Exit	APPLE INCput	$0	–	-500,000	–	-37.40%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE INCput	$68,360,000	–	500,000	–	37.40%	–
GOOG	New	ALPHABET INCcap stk cl c	$21,953,000	–	10,036	–	12.01%	–
FERG	New	FERGUSON PLC NEW	$20,811,000	–	187,976	–	11.38%	–
FB	New	META PLATFORMS INCcl a	$16,841,000	–	104,439	–	9.21%	–
RGLD	New	ROYAL GOLD INC	$16,658,000	–	156,001	–	9.11%	–
FANG	New	DIAMONDBACK ENERGY INC	$14,659,000	–	121,000	–	8.02%	–
FNV	New	FRANCO NEV CORP	$10,756,000	–	81,742	–	5.88%	–
EURN	New	EURONAV NV	$7,363,000	–	617,162	–	4.03%	–
SA	New	SEABRIDGE GOLD INC	$4,018,000	–	323,231	–	2.20%	–
GMBTW	New	PIVOTAL HOLDINGS CORP*w exp 01/19/202	$1,383,000	–	3,074,358	–	0.76%	–

Q4 2021

			Value		Shares		↓ Weighting
KURIW	Exit	ALKURI GLOBAL ACQUISITION CO*w exp 02/09/202	$0	–	-843,949	–	-0.20%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-151,288	–	-0.40%	–
GMBTW	Exit	QUEENS GAMBIT GROWTH CAPITAL*w exp 01/19/202	$0	–	-2,890,869	–	-0.41%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-14,354	–	-0.69%	–
SIL	Exit	GLOBAL X FDScall	$0	–	-155,000	–	-0.92%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-68,162	–	-1.11%	–
EURN	Exit	EURONAV NV	$0	–	-732,162	–	-1.22%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-1,268,495	–	-1.66%	–
YNDX	Exit	YANDEX N V	$0	–	-165,649	–	-2.24%	–
BABA	Exit	ALIBABA GROUP HLDG LTDcall	$0	–	-90,000	–	-2.26%	–
SLV	Exit	ISHARES SILVER TRcall	$0	–	-900,200	–	-3.14%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-213,145	–	-4.71%	–
GDX	Exit	VANECK ETF TRUSTcall	$0	–	-1,004,700	–	-5.03%	–
IWM	Exit	ISHARES TRput	$0	–	-200,000	–	-7.44%	–
IWO	Exit	ISHARES TRput	$0	–	-160,000	–	-7.98%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-138,822	–	-8.01%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-110,000	–	-8.02%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-29,303	–	-13.28%	–
ARKK	Exit	ARK ETF TRput	$0	–	-800,000	–	-15.03%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-267,000	–	-16.25%	–

Q3 2021

			Value		Shares		↓ Weighting
QQQ	Buy	INVESCO QQQ TRput	$95,575,000	+58.6%	267,000	+57.1%	16.25%	-2.3%
ARKK	New	ARK ETF TRput	$88,424,000	–	800,000	–	15.03%	–
GOOG	Sell	ALPHABET INCcap stk cl c	$78,102,000	-2.6%	29,303	-8.4%	13.28%	-40.0%
SPY	New	SPDR S&P 500 ETF TRput	$47,205,000	–	110,000	–	8.02%	–
FB	Sell	FACEBOOK INCcl a	$47,115,000	-10.6%	138,822	-8.4%	8.01%	-45.0%
IWO	New	ISHARES TRput	$46,974,000	–	160,000	–	7.98%	–
IWM	New	ISHARES TRput	$43,750,000	–	200,000	–	7.44%	–
FNV	Sell	FRANCO NEV CORP	$27,690,000	-15.7%	213,145	-5.9%	4.71%	-48.1%
BABA	New	ALIBABA GROUP HLDG LTDcall	$13,325,000	–	90,000	–	2.26%	–
YNDX	Sell	YANDEX N V	$13,201,000	-17.3%	165,649	-26.6%	2.24%	-49.1%
PSLV	Sell	SPROTT PHYSICAL SILVER TRtr unit	$9,742,000	-22.1%	1,268,495	-5.9%	1.66%	-52.0%
EURN	Sell	EURONAV NV	$7,146,000	-1.4%	732,162	-5.9%	1.22%	-39.3%
RGLD	Sell	ROYAL GOLD INC	$6,509,000	-21.2%	68,162	-5.9%	1.11%	-51.5%
MSFT	Sell	MICROSOFT CORP	$4,047,000	-4.7%	14,354	-8.5%	0.69%	-41.3%
GMBTW	New	QUEENS GAMBIT GROWTH CAPITAL*w exp 01/19/202	$2,428,000	–	2,890,869	–	0.41%	–
SA	Sell	SEABRIDGE GOLD INC	$2,337,000	-17.2%	151,288	-5.9%	0.40%	-49.0%
DASH	Exit	DOORDASH INCput	$0	–	-50,000	–	-2.46%	–
MRNA	Exit	MODERNA INC	$0	–	-52,857	–	-3.43%	–

Q2 2021

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$80,182,000	–	31,992	–	22.14%	–
QQQ	New	INVESCO QQQ TRput	$60,253,000	–	170,000	–	16.64%	–
FB	New	FACEBOOK INCcl a	$52,712,000	–	151,599	–	14.55%	–
GDX	New	VANECK VECTORS ETF TRcall	$34,140,000	–	1,004,700	–	9.43%	–
FNV	New	FRANCO NEV CORP	$32,855,000	–	226,478	–	9.07%	–
SLV	New	ISHARES SILVER TRUSTcall	$21,803,000	–	900,200	–	6.02%	–
YNDX	New	YANDEX N V	$15,965,000	–	225,649	–	4.41%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$12,508,000	–	1,347,840	–	3.45%	–
MRNA	New	MODERNA INC	$12,420,000	–	52,857	–	3.43%	–
DASH	New	DOORDASH INCput	$8,917,000	–	50,000	–	2.46%	–
RGLD	New	ROYAL GOLD INC	$8,264,000	–	72,426	–	2.28%	–
EURN	New	EURONAV NV	$7,251,000	–	777,960	–	2.00%	–
SIL	New	GLOBAL X FDScall	$6,619,000	–	155,000	–	1.83%	–
MSFT	New	MICROSOFT CORP	$4,247,000	–	15,679	–	1.17%	–
SA	New	SEABRIDGE GOLD INC	$2,821,000	–	160,753	–	0.78%	–
KURIW	New	ALKURI GLOBAL ACQUISITION CO*w exp 02/09/202	$1,232,000	–	843,949	–	0.34%	–

Q4 2020

			Value		Shares		↓ Weighting
GDXJ	Exit	VANECK VECTORS ETF TRjr gold miners e	$0	–	-70,841	–	-1.24%	–
GDX	Exit	VANECK VECTORS ETF TRcall	$0	–	-160,000	–	-1.97%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-176,554	–	-2.18%	–
EURN	Exit	EURONAV NV	$0	–	-795,341	–	-2.21%	–
XOP	Exit	SPDR SER TRcall	$0	–	-188,075	–	-2.49%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-5,210	–	-2.81%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-44,569	–	-2.95%	–
HHR	Exit	HEADHUNTER GROUP PLCsponsored ads	$0	–	-689,987	–	-5.32%	–
YNDX	Exit	YANDEX N V	$0	–	-277,090	–	-5.69%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-107,463	–	-8.86%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-208,686	–	-9.17%	–
SLV	Exit	ISHARES SILVER TRUSTcall	$0	–	-1,829,200	–	-12.46%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-26,996	–	-12.49%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-120,000	–	-12.65%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-200,000	–	-17.50%	–

Q3 2020

			Value		Shares		↓ Weighting
QQQ	New	INVESCO QQQ TRput	$55,568,000	–	200,000	–	17.50%	–
SPY	New	SPDR S&P 500 ETF TRput	$40,187,000	–	120,000	–	12.65%	–
GOOG	Sell	ALPHABET INCcap stk cl c	$39,673,000	-3.3%	26,996	-7.0%	12.49%	-36.9%
SLV	Buy	ISHARES SILVER TRUSTcall	$39,584,000	+83.2%	1,829,200	+44.0%	12.46%	+19.6%
FNV	Sell	FRANCO NEV CORP	$29,128,000	-24.2%	208,686	-24.2%	9.17%	-50.5%
FB	Buy	FACEBOOK INCcl a	$28,145,000	+90.7%	107,463	+65.3%	8.86%	+24.4%
YNDX	Sell	YANDEX N V	$18,080,000	+7.0%	277,090	-18.0%	5.69%	-30.2%
MSFT	Sell	MICROSOFT CORP	$9,374,000	-20.6%	44,569	-23.2%	2.95%	-48.2%
BKNG	Sell	BOOKING HOLDINGS INC	$8,913,000	-41.8%	5,210	-45.8%	2.81%	-62.0%
XOP	Buy	SPDR SER TRcall	$7,912,000	+1.1%	188,075	+25.4%	2.49%	-34.0%
EURN	Sell	EURONAV NV	$7,023,000	-14.6%	795,341	-21.2%	2.21%	-44.3%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$6,914,000	-2.4%	176,554	-8.6%	2.18%	-36.3%
GDX	New	VANECK VECTORS ETF TRcall	$6,266,000	–	160,000	–	1.97%	–
GDXJ	New	VANECK VECTORS ETF TRjr gold miners e	$3,922,000	–	70,841	–	1.24%	–
GDXJ	Exit	VANECK VECTORS ETF TRcall	$0	–	-163,700	–	-3.92%	–

Q2 2020

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$41,039,000	–	29,031	–	19.80%	–
FNV	New	FRANCO NEV CORP	$38,430,000	–	275,210	–	18.54%	–
SLV	New	ISHARES SILVER TRcall	$21,603,000	–	1,270,000	–	10.42%	–
YNDX	New	YANDEX N V	$16,903,000	–	337,916	–	8.16%	–
HHR	New	HEADHUNTER GROUP PLCsponsored ads	$16,132,000	–	689,987	–	7.78%	–
BKNG	New	BOOKING HOLDINGS INC	$15,318,000	–	9,620	–	7.39%	–
FB	New	FACEBOOK INCcl a	$14,760,000	–	65,000	–	7.12%	–
MSFT	New	MICROSOFT CORP	$11,809,000	–	58,026	–	5.70%	–
EURN	New	EURONAV NV ANTWERPEN	$8,228,000	–	1,009,541	–	3.97%	–
GDXJ	New	VANECK VECTORS ETF TRcall	$8,116,000	–	163,700	–	3.92%	–
XOP	New	SPDR SER TRcall	$7,827,000	–	150,000	–	3.78%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$7,083,000	–	193,116	–	3.42%	–

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