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        <name>Maverix Metals Inc</name>
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        <name>Mene Inc</name>
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        <name>Hecla Mining Co</name>
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        <name>Yamana Gold Inc</name>
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        <name>IAMGOLD Corp</name>
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        <name>Leo Lithium Ltd</name>
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      <invstOrSec>
        <name>Signal Gold Inc</name>
        <lei>529900PSO7V74TAUXV95</lei>
        <title>Signal Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA82664T1012"/>
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        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
        <valUSD>564665.00000000</valUSD>
        <pctVal>0.564602785685</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>Harmony Gold Mining Co Ltd</name>
        <lei>378900986D05F0C29811</lei>
        <title>Harmony Gold Mining Co., Ltd.</title>
        <cusip>413216300</cusip>
        <identifiers>
          <isin value="US4132163001"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1215000.00000000</valUSD>
        <pctVal>1.214866132321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DDH1 Ltd</name>
        <lei>N/A</lei>
        <title>DDH1, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000134454"/>
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        <balance>5000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335500"/>
        <valUSD>2380572.55000000</valUSD>
        <pctVal>2.380310260517</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>Caledonia Mining Corp PLC</name>
        <lei>21380093ZBI4BFM75Y51</lei>
        <title>Caledonia Mining Corp. PLC</title>
        <cusip>G1757E113</cusip>
        <identifiers>
          <isin value="JE00BF0XVB15"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245500.00000000</valUSD>
        <pctVal>0.245472951016</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>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>3500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38134999"/>
        <valUSD>494081.88000000</valUSD>
        <pctVal>0.494027442473</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>Aris Mining Corp</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Aris Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04040Y1097"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
        <valUSD>1342889.20000000</valUSD>
        <pctVal>1.342741241597</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>Wesdome Gold Mines Ltd</name>
        <lei>529900DCBALMLHZPLR10</lei>
        <title>Wesdome Gold Mines, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA95083R1001"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
        <valUSD>1690375.36000000</valUSD>
        <pctVal>1.690189115864</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>Northern Star Resources Ltd</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NST8"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335502"/>
        <valUSD>500729.26000000</valUSD>
        <pctVal>0.500674090071</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>
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      <invstOrSec>
        <name>Eldorado Gold Corp</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>753750.00000000</valUSD>
        <pctVal>0.753666952458</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="585423628"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>3838092.000000000</valUSD>
        <pctVal>3.837669122250</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
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            <amtCurSold>4033800.00000000</amtCurSold>
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            <amtCurPur>6000000.00000000</amtCurPur>
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            <settlementDt>2022-10-04</settlementDt>
            <unrealizedAppr>-195708.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centamin PLC</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>Centamin PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B5TT1872"/>
        </identifiers>
        <balance>3275000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.89561600"/>
        <valUSD>3285443.54000000</valUSD>
        <pctVal>3.285081552593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Argonaut Gold Inc</name>
        <lei>54930043XCKI4E8EQR38</lei>
        <title>Argonaut Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04016A1012"/>
        </identifiers>
        <balance>1175000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135001"/>
        <valUSD>357259.20000000</valUSD>
        <pctVal>0.357219837481</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>Pantoro Ltd</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PNR8"/>
        </identifiers>
        <balance>9000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335500"/>
        <valUSD>933409.88000000</valUSD>
        <pctVal>0.933307037684</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>i-80 Gold Corp</name>
        <lei>549300LFFIWIGUEXPK11</lei>
        <title>i-80 Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA44955L1067"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
        <valUSD>1766387.95000000</valUSD>
        <pctVal>1.766193330860</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>Petropavlovsk PLC</name>
        <lei>213800ZZOU5P76L8XB92</lei>
        <title>Petropavlovsk PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0031544546"/>
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        <balance>4886855.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.83333333"/>
        <valUSD>0.06000000</valUSD>
        <pctVal>0.000000059993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alkane Resources Ltd</name>
        <lei>529900R65IIVLPW4ZS42</lei>
        <title>Alkane Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000ALK9"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335502"/>
        <valUSD>434823.18000000</valUSD>
        <pctVal>0.434775271547</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Superior Gold Inc</name>
        <lei>52990002R7D8X4WC1Z35</lei>
        <title>Superior Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA86816U1066"/>
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        <balance>3500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
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        <pctVal>0.962720136616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Imdex Ltd</name>
        <lei>529900H31NX5KRKXB865</lei>
        <title>Imdex, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000IMD5"/>
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        <balance>725000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335499"/>
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        <pctVal>0.822258544262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OceanaGold Corp</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA6752221037"/>
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        <balance>1175000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
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        <pctVal>1.913677719364</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>Sibanye Stillwater Ltd</name>
        <lei>378900F238434B74D281</lei>
        <title>Sibanye Stillwater, Ltd.</title>
        <cusip>82575P107</cusip>
        <identifiers>
          <isin value="US82575P1075"/>
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        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2143600.00000000</valUSD>
        <pctVal>2.143363819954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aya Gold &amp; Silver Inc</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA05466C1095"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
        <valUSD>5798675.21000000</valUSD>
        <pctVal>5.798036316840</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>Orexplore Technologies Ltd</name>
        <lei>N/A</lei>
        <title>Orexplore Technologies, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000196727"/>
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        <balance>1007351.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.56335510"/>
        <valUSD>45461.61000000</valUSD>
        <pctVal>0.045456601078</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="585423976"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>7676184.00000000</valUSD>
        <pctVal>7.675338244500</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
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        <name>Empress Royalty Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>B2Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>K92 Mining Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Black Cat Syndicate Ltd</name>
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        <name>Barrick Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ARIS MINING CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Silver Lake Resources Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santacruz Silver Mining Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lucara Diamond Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sandstorm Gold Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alamos Gold Inc</name>
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          <isin value="CA0115321089"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Fortuna Silver Mines Inc</name>
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        <name>Sandstorm Gold Ltd</name>
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        <name>Vox Royalty Corp</name>
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        <name>Capital Ltd</name>
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        <name>Bonterra Resources Inc</name>
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        <name>AngloGold Ashanti Ltd</name>
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        <name>Torex Gold Resources Inc</name>
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        <name>Newmont Corp</name>
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      <invstOrSec>
        <name>GoGold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Emerald Resources NL</name>
        <lei>N/A</lei>
        <title>Emerald Resources NL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000EMR4"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335500"/>
        <valUSD>1379068.73000000</valUSD>
        <pctVal>1.378916785366</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="585423975"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>36196044.00000000</valUSD>
        <pctVal>36.19205595030</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
              <counterpartyLei>5493006KMX1VFTPYPW14</counterpartyLei>
            </counterparties>
            <amtCurSold>36528346.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>50000000.00000000</amtCurPur>
            <curPur>CAD</curPur>
            <settlementDt>2022-10-04</settlementDt>
            <unrealizedAppr>-332302.00000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrick Gold Corp</name>
        <lei>N/A</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>70F99AUF1</cusip>
        <identifiers>
          <ticker value="GOLD 1 C18"/>
        </identifiers>
        <balance>71.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4473.00000000</valUSD>
        <pctVal>0.004472507168</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>The Options Clearing Corporation</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Barrick Gold Corp</issuerName>
                <issueTitle>Barrick Gold Corp</issueTitle>
                <identifiers>
                  <cusip value="067901108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>18.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-13544.76000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARIS MINING CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Aris Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04040Y1337"/>
        </identifiers>
        <balance>1274000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38134997"/>
        <valUSD>198291.53000000</valUSD>
        <pctVal>0.198269682405</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>The Depository Trust &amp; Clearing Corporation</counterpartyName>
              <counterpartyLei>MLDY5N6PZ58ZE60QU102</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aris Mining Corp</issuerName>
                <issueTitle>Aris Mining Corp</issueTitle>
                <identifiers>
                  <isin value="CA04040Y1097"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>2.75000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2025-07-29</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>198291.53000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chrysos Corp Ltd</name>
        <lei>N/A</lei>
        <title>Chrysos Corp., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000218190"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335499"/>
        <valUSD>486864.79000000</valUSD>
        <pctVal>0.486811147646</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>SSR Mining Inc</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining, Inc.</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1471000.00000000</valUSD>
        <pctVal>1.470837926456</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>Firefinch Ltd</name>
        <lei>52990065EGEF8FEI8S51</lei>
        <title>Firefinch, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000114522"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335501"/>
        <valUSD>639649.98000000</valUSD>
        <pctVal>0.639579503903</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>Silver X Mining Corp</name>
        <lei>894500TOVTJDJJ6WSU81</lei>
        <title>Silver X Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8283411079"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
        <valUSD>1274115.90000000</valUSD>
        <pctVal>1.273975518981</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>Franco-Nevada Corp</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>597400.00000000</valUSD>
        <pctVal>0.597334178970</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>Magna Gold Corp</name>
        <lei>N/A</lei>
        <title>Magna Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA55921P1045"/>
        </identifiers>
        <balance>1040000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135004"/>
        <valUSD>139284.03000000</valUSD>
        <pctVal>0.139268683802</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 Gold Inc</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold, Inc.</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
        </identifiers>
        <balance>22500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2110950.00000000</valUSD>
        <pctVal>2.110717417303</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>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1050750.00000000</valUSD>
        <pctVal>1.050634229248</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>Mandalay Resources Corp</name>
        <lei>N/A</lei>
        <title>Mandalay Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA5625682045"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135001"/>
        <valUSD>316719.15000000</valUSD>
        <pctVal>0.316684254150</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>2023-02-17</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>
  <documents>XXXX</documents>
</edgarSubmission>
