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        <name>Schlumberger NV</name>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
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      <invstOrSec>
        <name>Valero Energy Corp</name>
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        <name>Iluka Resources Ltd</name>
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        <name>GoldMoney Inc</name>
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        <name>Orsu Metals Corp.</name>
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        <name>Champion Iron Ltd</name>
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        <name>Vestas Wind Systems A/S</name>
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        <name>Rockwell Diamonds Inc</name>
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        <name>GRAN COLOMBIA GOLD CORP</name>
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        <name>Mosaic Co/The</name>
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        <title>The Mosaic Co.</title>
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        <name>Wheaton Precious Metals Corp</name>
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        <name>TOTAL SE</name>
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        <name>Piedmont Lithium Ltd</name>
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        <name>Libero Copper &amp; Gold Corp</name>
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        <name>Rayonier Inc</name>
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        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
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        <name>Filo Mining Corp</name>
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        <name>Africa Energy Corp</name>
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        <name>Galway Metals Inc</name>
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        <name>Very Good Food Co Inc/The</name>
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        <title>The Very Good Food Co., Inc.</title>
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        <name>Impala Platinum Holdings Ltd</name>
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        <name>Pacific Green Energy Corp.</name>
        <lei>6X064LF7Y6B4DKF2GZ26</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Gran Colombia Gold Corp</name>
        <lei>5493001GJ5TILX6L1F82</lei>
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          <isin value="CA38501D8089"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brixton Metals Corp</name>
        <lei>254900N5DFREO3U52485</lei>
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        <cusip>N/A</cusip>
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          <isin value="CA11120Q3026"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Halliburton Co</name>
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          <isin value="US4062161017"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Talon Metals Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Global X Uranium ETF</name>
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          <isin value="US37954Y8710"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Revival Gold Inc</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Siemens Gamesa Renewable Energ</name>
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          <isin value="ES0143416115"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LUK FOOK HOLD</name>
        <lei>529900U7PECBLERIIX44</lei>
        <title>Luk Fook Holdings International, Ltd.</title>
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          <isin value="BMG5695X1258"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nano One Materials Corp</name>
        <lei>549300WY1QJ560JAB909</lei>
        <title>Nano One Materials Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA63010A1030"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chalice Mining Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Global X Lithium &amp; Battery Tec</name>
        <lei>5493004G7TKT5SOCWN15</lei>
        <title>Global X Lithium &amp; Battery Tech ETF</title>
        <cusip>37954Y855</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Norbord Inc</name>
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        <title>Norbord, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CALDAS GOLD CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chakana Copper Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CALDAS GOLD CORP</name>
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        <name>Plug Power Inc</name>
        <lei>549300JPDKRSJ8JSM954</lei>
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        <name>Severstal PAO</name>
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        <title>Severstal PAO</title>
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        <name>Centaurus Metals Ltd</name>
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        <name>GoviEx Uranium Inc</name>
        <lei>5299001I7FX6JUNIPU44</lei>
        <title>GoviEx Uranium, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Revival Gold Inc</name>
        <lei>529900X2G2T7XSIDUH63</lei>
        <title>Revival Gold, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Oil Fund LP</name>
        <lei>ZR7XWIN3GSRDDWZ9V446</lei>
        <title>U.S. Oil Fund LP</title>
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        <name>Western Atlas Resources Inc</name>
        <lei>5493004W43GXYETF2896</lei>
        <title>Western Atlas Resources, Inc.</title>
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        <name>Polarx, Ltd.</name>
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      <invstOrSec>
        <name>Niocan Inc</name>
        <lei>N/A</lei>
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        <name>Novolipetskiy Metallurgicheski</name>
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        <title>Novolipetskiy Metallurgicheskiy Kombinat PAO</title>
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        <name>Cordoba Minerals Corp</name>
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        <name>Defense Metals Corp</name>
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        <name>Consolidated Growth Holdings L</name>
        <lei>N/A</lei>
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        <name>Red Pine Exploration Inc</name>
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        <name>Direxion Daily Junior Gold Min</name>
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        <title>Direxion Daily Junior Gold Miners Index Bull 2X Shares</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Josemaria Resources Inc</name>
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      <invstOrSec>
        <name>Standard Lithium Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Clean Air Metals Inc</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Impala Platinum Holdings Ltd</name>
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        <title>Impala Platinum Holdings, Ltd.</title>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Barclays Bank PLC</name>
        <lei>N/A</lei>
        <title>iPath Bloomberg Coffee Subindex Total Return ETN</title>
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        <name>Canfor Pulp Products Inc</name>
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        <name>Newmont Corp</name>
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        <name>NGX Energy International Corp.</name>
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        <name>International Paper Co</name>
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        <title>International Paper Co.</title>
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        <name>Air Liquide SA</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>Air Liquide SA</title>
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        <name>Else Nutrition Holdings Inc</name>
        <lei>254900WJBWPIWBJAA645</lei>
        <title>Else Nutrition Holdings, Inc.</title>
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        <name>Walter Energy, Inc.</name>
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        <name>CopperBank Resources Corp</name>
        <lei>529900BNJJ4FLFL93V78</lei>
        <title>CopperBank Resources Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>Infrastructure Ventures, Inc.</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Infrastructure Ventures, Inc.</title>
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      <invstOrSec>
        <name>Ballard Power Systems Inc</name>
        <lei>549300OHZ8BMF53YYS26</lei>
        <title>Ballard Power Systems, Inc.</title>
        <cusip>058586108</cusip>
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          <isin value="CA0585861085"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234000.00000000</valUSD>
        <pctVal>0.366715793089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global X Copper Miners ETF</name>
        <lei>549300L5RUQZ388WGS57</lei>
        <title>Global X Copper Miners ETF</title>
        <cusip>37954Y830</cusip>
        <identifiers>
          <isin value="US37954Y8306"/>
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        <balance>1500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45540.00000000</valUSD>
        <pctVal>0.071368535116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smurfit Kappa Group PLC</name>
        <lei>635400CPLP8H5ITDVT56</lei>
        <title>Smurfit Kappa Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B1RR8406"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73126100"/>
        <valUSD>703298.88000000</valUSD>
        <pctVal>1.102182934009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Interfor Corp</name>
        <lei>549300P4G5UZ3AMJE056</lei>
        <title>Interfor Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA45868C1095"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27289999"/>
        <valUSD>466847.36000000</valUSD>
        <pctVal>0.731625213137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mondi PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1CRLC47"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73126100"/>
        <valUSD>585796.86000000</valUSD>
        <pctVal>0.918038291044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Salazar Resources Ltd</name>
        <lei>254900WASDCCMF1KIX08</lei>
        <title>Salazar Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA7940071045"/>
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        <balance>3000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27289999"/>
        <valUSD>883808.63000000</valUSD>
        <pctVal>1.385070866196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CF Industries Holdings Inc</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings, Inc.</title>
        <cusip>125269100</cusip>
        <identifiers>
          <isin value="US1252691001"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>387100.00000000</valUSD>
        <pctVal>0.606648220106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mene Inc</name>
        <lei>N/A</lei>
        <title>Mene, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA58680T1012"/>
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        <balance>750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290001"/>
        <valUSD>394767.85000000</valUSD>
        <pctVal>0.618664979483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PotlatchDeltic Corp</name>
        <lei>54930084YA8UJOTXDM59</lei>
        <title>PotlatchDeltic Corp.</title>
        <cusip>737630103</cusip>
        <identifiers>
          <isin value="US7376301039"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500200.00000000</valUSD>
        <pctVal>0.783894186766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlantica Sustainable Infrastr</name>
        <lei>549300ITBBGKJ651R879</lei>
        <title>Atlantica Sustainable Infrastructure PLC</title>
        <cusip>G0751N103</cusip>
        <identifiers>
          <isin value="GB00BLP5YB54"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1139400.00000000</valUSD>
        <pctVal>1.785623823275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sandstorm Gold Ltd</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold, Ltd.</title>
        <cusip>80013R206</cusip>
        <identifiers>
          <isin value="CA80013R2063"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>645300.00000000</valUSD>
        <pctVal>1.011289321712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Road Minerals Ltd</name>
        <lei>54930033JDODZL6J2G22</lei>
        <title>Royal Road Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BWH5YF45"/>
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        <balance>5500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
        <valUSD>1469086.34000000</valUSD>
        <pctVal>2.302295565343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Burcon NutraScience Corp</name>
        <lei>391200FXBJCM5THDSO98</lei>
        <title>Burcon NutraScience Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA1208311029"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
        <valUSD>1351245.19000000</valUSD>
        <pctVal>2.117619450895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>Anglo American PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1XZS820"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73126100"/>
        <valUSD>660445.01000000</valUSD>
        <pctVal>1.035023998437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27289998"/>
        <valUSD>289496.43000000</valUSD>
        <pctVal>0.453687662068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barksdale Resources Corp.</name>
        <lei>549300JSC30UXM5OSU40</lei>
        <title>Barksdale Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA06766T1075"/>
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        <balance>1100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290001"/>
        <valUSD>466650.95000000</valUSD>
        <pctVal>0.731317406945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mako Mining Corp</name>
        <lei>N/A</lei>
        <title>Mako Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA56089A1030"/>
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        <balance>1250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290001"/>
        <valUSD>392803.83000000</valUSD>
        <pctVal>0.615587042936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Canada Nickel Co Inc</name>
        <lei>98450085D4996CQE9B17</lei>
        <title>Canada Nickel Co., Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA13515Q1037"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
        <valUSD>381019.72000000</valUSD>
        <pctVal>0.597119439327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Boralex Inc</name>
        <lei>5493004UT7HNQU2SVR90</lei>
        <title>Boralex, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA09950M3003"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290001"/>
        <valUSD>742242.12000000</valUSD>
        <pctVal>1.163213280770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>POSCO</name>
        <lei>988400E5HRVX81AYLM04</lei>
        <title>POSCO</title>
        <cusip>693483109</cusip>
        <identifiers>
          <isin value="US6934831099"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>311550.00000000</valUSD>
        <pctVal>0.488249168107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Mines Ltd</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA46579R1047"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
        <valUSD>2694634.30000000</valUSD>
        <pctVal>4.222927155603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Linde PLC</name>
        <lei>8945002PAZHZLBGKGF02</lei>
        <title>Linde PLC</title>
        <cusip>G5494J103</cusip>
        <identifiers>
          <isin value="IE00BZ12WP82"/>
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        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>527020.00000000</valUSD>
        <pctVal>0.825925458436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maverix Metals Inc</name>
        <lei>549300CPYYBEBU8HQN80</lei>
        <title>Maverix Metals, Inc.</title>
        <cusip>57776F405</cusip>
        <identifiers>
          <isin value="CA57776F4050"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>382200.00000000</valUSD>
        <pctVal>0.598969128713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Australian Strategic Materials</name>
        <lei>N/A</lei>
        <title>Australian Strategic Materials, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000094153"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.29710100"/>
        <valUSD>743035.78000000</valUSD>
        <pctVal>1.164457074173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Surge Copper Corp</name>
        <lei>984500J6AKQA82F40848</lei>
        <title>Surge Copper Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Metalla Royalty &amp; Streaming Lt</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd</name>
        <lei>378900EF3BA9A5F42A59</lei>
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          <isin value="US0351282068"/>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Teucrium Corn Fund</name>
        <lei>N/A</lei>
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          <isin value="US88166A1025"/>
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        <balance>15000.00000000</balance>
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      <invstOrSec>
        <name>Sterling Group Ventures Inc</name>
        <lei>N/A</lei>
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          <isin value="US85932R1041"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>First Cobalt Corp</name>
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          <isin value="CA3197021064"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LUKOIL PJSC</name>
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        <curCd>USD</curCd>
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        <invCountry>RU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Cobalt Corp</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>ConocoPhillips</name>
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        <title>ConocoPhillips</title>
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          <isin value="US20825C1045"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Louisiana-Pacific Corp</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>Louisiana-Pacific Corp.</title>
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          <isin value="US5463471053"/>
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        <balance>10000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VR Resources, Ltd.</name>
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          <isin value="CA91831M1059"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Exelon Corp</name>
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        <title>Exelon Corp.</title>
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          <isin value="US30161N1019"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dundee Precious Metals Inc</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United States Gasoline Fund LP</name>
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        <title>U.S. Gasoline Fund LP</title>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>Nano One Materials Corp</name>
        <lei>N/A</lei>
        <title>Nano One Materials Corp.</title>
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        <fairValLevel>3</fairValLevel>
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        <name>Luminex Res Corp</name>
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        <name>InZinc Mining Ltd</name>
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        <name>Resolute Forest Products Inc</name>
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        <name>NanoXplore Inc</name>
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        <name>Caribbean Resources Corp.</name>
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        <name>Abaxx Technologies Inc</name>
        <lei>5299002EIVMNJ21B5K89</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Barrick Gold Corp.</name>
        <lei>N/A</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>20S99NPK9</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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                <issueTitle>Barrick Gold Corp</issueTitle>
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                  <cusip value="067901108"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>17.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-01-25</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>223420.25000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Infrastructure Ventures, Inc.</name>
        <lei>N/A</lei>
        <title>Infrastructure Ventures, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="155611"/>
        </identifiers>
        <balance>4700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148990.00000000</valUSD>
        <pctVal>0.233491393215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP Group Ltd</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group, Ltd.</title>
        <cusip>088606108</cusip>
        <identifiers>
          <isin value="US0886061086"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>326700.00000000</valUSD>
        <pctVal>0.511991664967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Desert Mountain Energy Corp</name>
        <lei>875500ICD6M7IQNXNF62</lei>
        <title>Desert Mountain Energy Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA25043D1078"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
        <valUSD>471364.60000000</valUSD>
        <pctVal>0.738704457792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nutrien Ltd</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA67077M1086"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27289999"/>
        <valUSD>481106.14000000</valUSD>
        <pctVal>0.753971024318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deterra Royalties Ltd</name>
        <lei>N/A</lei>
        <title>Deterra Royalties, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000107484"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.29710101"/>
        <valUSD>462569.99000000</valUSD>
        <pctVal>0.724921883514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Caldas Gold Corp</name>
        <lei>N/A</lei>
        <title>Caldas Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA12878L1076"/>
        </identifiers>
        <balance>158889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290001"/>
        <valUSD>303323.33000000</valUSD>
        <pctVal>0.475356647536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regulus Resources Inc</name>
        <lei>529900VQYPDBLVK5DL14</lei>
        <title>Regulus Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA75915M1077"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290001"/>
        <valUSD>168120.04000000</valUSD>
        <pctVal>0.263471255567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nubian Resources Ltd</name>
        <lei>254900P740G3691PD419</lei>
        <title>Nubian Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA67021Q1063"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27289995"/>
        <valUSD>104093.02000000</valUSD>
        <pctVal>0.163130574292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Solar Inc</name>
        <lei>5493001XSC6TKMBVOM15</lei>
        <title>Canadian Solar, Inc.</title>
        <cusip>136635109</cusip>
        <identifiers>
          <isin value="CA1366351098"/>
        </identifiers>
        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1793400.00000000</valUSD>
        <pctVal>2.810547450115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-03-01</ncom:dateSigned>
      <ncom:nameOfApplicant>US Global Investors Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Karen Shaw</ncom:signature>
      <ncom:signerName>Karen Shaw</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
