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      <invstOrSec>
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      <invstOrSec>
        <name>NGEx Minerals Ltd</name>
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      <invstOrSec>
        <name>NOVO RESOURCES CORP</name>
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      <invstOrSec>
        <name>Imperial Mining Group Ltd</name>
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      <invstOrSec>
        <name>Orexplore Technologies Ltd</name>
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        <name>Desert Gold Ventures Inc</name>
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        <name>Cordoba Minerals Corp</name>
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        <name>Strikepoint Gold Inc</name>
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        <name>E79 Resources Corp</name>
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        <name>Fremont Gold Ltd</name>
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        <name>Big Sky Energy Corp</name>
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        <name>Cassiar Gold Corp</name>
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        <name>Moneta Gold Inc</name>
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        <name>Adamera Minerals Corp</name>
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        <name>Gold Mountain Mining Corp</name>
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        <name>TDG Gold Corp</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Dolly Varden Silver Corp.</name>
        <lei>2549007A2MNBXFD0FU11</lei>
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        <cusip>N/A</cusip>
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          <isin value="CA2568272058"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kootenay Silver Inc</name>
        <lei>529900HM3U0AXDDZPG82</lei>
        <title>Kootenay Silver, Inc.</title>
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          <isin value="CA5005837037"/>
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        <balance>1000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aris Mining Corp</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Aris Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA04040Y1097"/>
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        <balance>212500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamos Gold Inc</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc.</title>
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          <isin value="CA0115321089"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Primary Identifier" value="585835094"/>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>K92 Mining Inc</name>
        <lei>254900EA8H0X9FEVZU11</lei>
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          <isin value="CA4991131083"/>
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        <balance>800000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIS MINING CORP</name>
        <lei>N/A</lei>
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          <isin value="CA04041BAA67"/>
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        <balance>1021525.49000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-26</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>G2 Goldfields Inc</name>
        <lei>N/A</lei>
        <title>G2 Goldfields, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA36256R1055"/>
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        <balance>500000.00000000</balance>
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        <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>Metallic Minerals Corp</name>
        <lei>254900CS1IQU1MD3P979</lei>
        <title>Metallic Minerals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA59126M1068"/>
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        <balance>1000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <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>NV Gold Corp</name>
        <lei>254900RF45UMS76CCO73</lei>
        <title>NV Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA67090W2085"/>
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        <balance>1000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <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>Angus Gold Inc</name>
        <lei>N/A</lei>
        <title>Angus Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA03521T1003"/>
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        <balance>250000.00000000</balance>
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        <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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      <invstOrSec>
        <name>Southern Gold Ltd</name>
        <lei>5493004KBBQB6QU18T56</lei>
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          <isin value="AU000000SAU3"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Skeena Resources Ltd</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources, Ltd.</title>
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          <isin value="CA83056P7157"/>
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        <balance>100000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silver Viper Minerals Corp.</name>
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        <title>Silver Viper Minerals Corp.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Base Carbon Inc</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>St Anthony Gold Corp</name>
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        <fairValLevel>3</fairValLevel>
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        <name>FireFox Gold Corp</name>
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      <invstOrSec>
        <name>Arizona Sonoran Copper Co Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Stillwater Critical Minerals C</name>
        <lei>254900QTFL63EEGGYZ88</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Western Exploration &amp; Development, Ltd.</name>
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        <balance>600000.00000000</balance>
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        <fairValLevel>3</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern Gold Ltd</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Montage Gold Corp</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Olive Resource Capital, Inc.</name>
        <lei>549300W74OU2A0EPT602</lei>
        <title>Olive Resource Capital, Inc.</title>
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          <isin value="CA6807671004"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Xali Gold Corp</name>
        <lei>549300OVANI3JC4BIG07</lei>
        <title>Xali Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA98387F1036"/>
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        <balance>4875000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Roscan Gold Corp</name>
        <lei>529900PPYSZDZGPLMU18</lei>
        <title>Roscan Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA77683B1076"/>
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        <balance>1500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RTG Mining Inc</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
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          <isin value="AU000000RTG4"/>
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        <balance>3000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Minaurum Gold Inc</name>
        <lei>5299007YUI5DADC64V51</lei>
        <title>Minaurum Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA60252Q1019"/>
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        <balance>1000000.00000000</balance>
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        <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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      <invstOrSec>
        <name>Revival Gold Inc</name>
        <lei>529900X2G2T7XSIDUH63</lei>
        <title>Revival Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA76151P1018"/>
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        <balance>1750000.00000000</balance>
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        <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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      <invstOrSec>
        <name>Barsele Minerals Corp.</name>
        <lei>2549005410S0DTXUQ121</lei>
        <title>Barsele Minerals Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA0688921083"/>
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        <balance>7500000.00000000</balance>
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        <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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      <invstOrSec>
        <name>ValOre Metals Corp</name>
        <lei>254900DVTARZGEZTGF13</lei>
        <title>ValOre Metals Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA92025V1094"/>
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        <balance>1000000.00000000</balance>
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        <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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      <invstOrSec>
        <name>Cassiar Gold Corp</name>
        <lei>N/A</lei>
        <title>Cassiar Gold Corp.</title>
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        <balance>99000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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                <issuerName>Cassiar Gold Corp</issuerName>
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            <shareNo>1.00000000</shareNo>
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      <invstOrSec>
        <name>Meridian Mining UK Societas</name>
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        <title>Meridian Mining UK Societas</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Angold Resources Ltd</name>
        <lei>21380046J5AXII8DUO10</lei>
        <title>Angold Resources, Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Centamin PLC</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>Centamin PLC</title>
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        <invCountry>JE</invCountry>
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      <invstOrSec>
        <name>Sandstorm Gold Ltd</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold, Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Corona Minerals, Ltd.</name>
        <lei>N/A</lei>
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        <name>Kore Mining Ltd</name>
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      <invstOrSec>
        <name>Caribbean Resources Corp.</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Gold79 Mines Ltd</name>
        <lei>2549005S8H6WG1F3AJ62</lei>
        <title>Gold79 Mines, Ltd.</title>
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        <balance>5250000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Royal Road Minerals Ltd</name>
        <lei>54930033JDODZL6J2G22</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nexoptic Technology Corp</name>
        <lei>529900HHVXUHPWU53I46</lei>
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          <isin value="CA65341P1053"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TriStar Gold, Inc.</name>
        <lei>5299008HX5259QFD0E46</lei>
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          <isin value="CA89678B1094"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Luminex Res Corp</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="CA55028V1031"/>
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        <balance>150000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amilot Capital Inc</name>
        <lei>N/A</lei>
        <title>Amilot Capital, Inc.</title>
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          <isin value="CA03154A1057"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Western Exploration Inc</name>
        <lei>N/A</lei>
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          <isin value="CA95816A1012"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>McEwen Mining Inc</name>
        <lei>5493000FX50GEWAF3U70</lei>
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          <isin value="US58039P3055"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Maple Gold Mines Ltd</name>
        <lei>529900614R460CGCLU46</lei>
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          <isin value="CA5651271077"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kore Mining Ltd</name>
        <lei>5299003I9MGGVTITOY37</lei>
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          <isin value="CA50067K1003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanu Gold Corp</name>
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          <isin value="CA80302D1087"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gold Terra Resource Corp</name>
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          <isin value="CA38076F1053"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Silver Exploration Co</name>
        <lei>529900VY7ZZW0FTRGM33</lei>
        <title>Southern Silver Exploration Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8438142033"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aya Gold &amp; Silver Inc</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bellevue Gold Ltd</name>
        <lei>N/A</lei>
        <title>Bellevue Gold, Ltd.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Silver Tiger Metals Inc</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>Silver Tiger Metals, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Scottie Resources Corp</name>
        <lei>549300ZRO5OWUZN7NZ11</lei>
        <title>Scottie Resources Corp.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>HighGold Mining Inc</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Hecla Mining Co</name>
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      <invstOrSec>
        <name>Seafield Resources, Ltd.</name>
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      <invstOrSec>
        <name>Asante Gold Corp</name>
        <lei>529900F9PV1G9S5YD446</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>Erdene Resource Development Co</name>
        <lei>529900T4O899O2ZM8216</lei>
        <title>Erdene Resource Development Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Canex Metals, Inc.</name>
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        <title>Canex Metals, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Clean Air Metals Inc</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA18452Y1007"/>
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        <balance>2200000.00000000</balance>
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        <pctVal>0.444427429284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <name>Reyna Silver Corp</name>
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        <name>Trillium Gold Mines Inc</name>
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        <name>Sirios Resources Inc</name>
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        <name>Barksdale Resources Corp.</name>
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          <isin value="CA06766T1075"/>
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      <invstOrSec>
        <name>Orsu Metals Corp.</name>
        <lei>N/A</lei>
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          <ticker value="OSU CN"/>
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        <name>Allegiant Gold Ltd</name>
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        <name>Visionary Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rockcliff Metals Corp</name>
        <lei>549300MMJ829UVZNXT80</lei>
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          <isin value="CA77289R2090"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Black Dragon Gold Corp</name>
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        <title>Black Dragon Gold Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Northern Superior Resources In</name>
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          <isin value="CA6658043089"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Polarx, Ltd.</name>
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        <name>NOMAD ROYALTY CO LTD</name>
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        <name>E2 Metals Ltd</name>
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        <name>Goldshore Resources Inc</name>
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        <name>Cabral Gold Inc</name>
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        <name>N/A</name>
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        <name>Mene Inc</name>
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      <invstOrSec>
        <name>Reunion Gold Corp</name>
        <lei>529900LHARW89HNB2C60</lei>
        <title>Reunion Gold Corp.</title>
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        <name>Vector Resources Ltd</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Musgrave Minerals Ltd</name>
        <lei>5299001RYHV722EQ4I17</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aurion Resources Ltd</name>
        <lei>529900TLK415XYT5YM22</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arizona Metals Corp</name>
        <lei>N/A</lei>
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          <isin value="CA0405181029"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Magna Gold Corp</name>
        <lei>N/A</lei>
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          <isin value="CA55921P1045"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gossan Resources Ltd</name>
        <lei>549300ICT0SQ86XQCV41</lei>
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          <isin value="CA3834151068"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Radisson Mining Resources, Inc.</name>
        <lei>2549002XQYEDHG3FTL96</lei>
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          <isin value="CA76125W5054"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chesser Resources Ltd</name>
        <lei>N/A</lei>
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          <isin value="AU000000CHZ1"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Paramount Gold Nevada Corp</name>
        <lei>5493000CWEBEVDLIW256</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Orex Minerals, Inc.</name>
        <lei>254900KY6RXZB3WHZC13</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kesselrun Resources, Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Gold Bull Resources Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Desert Gold Ventures Inc</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Thesis Gold Inc</name>
        <lei>5493007OLZPQQLR07728</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>InZinc Mining Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Signature Resources Ltd</name>
        <lei>2549001KDYST60X3OE03</lei>
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        <name>Tokens.com Corp</name>
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        <title>Tokens.com Corp.</title>
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        <fairValLevel>3</fairValLevel>
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        <name>Brixton Metals Corp</name>
        <lei>254900N5DFREO3U52485</lei>
        <title>Brixton Metals Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Omai Gold Mines Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Newmont Corp</name>
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        <title>Newmont Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ValOre Metals Corp</name>
        <lei>N/A</lei>
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        <name>Radius Gold Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Imdex Ltd</name>
        <lei>529900H31NX5KRKXB865</lei>
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        <name>St Anthony Gold Corp</name>
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        <name>Black Cat Syndicate Ltd</name>
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        <name>Southern Silver Exploration Co</name>
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        <fairValLevel>3</fairValLevel>
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                <issuerName>Southern Silver Exploration Co</issuerName>
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      <invstOrSec>
        <name>Taurus Gold, Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>VR Resources, Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Millennial Precious Metals Cor</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FireFox Gold Corp</name>
        <lei>529900BM27ENL7HM8D66</lei>
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          <isin value="CA31816R1091"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>North Stawell Minerals Ltd</name>
        <lei>N/A</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mammoth Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Waraba Gold Ltd</name>
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        <name>Ivanhoe Mines Ltd</name>
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        <name>Lion One Metals Ltd</name>
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        <name>Indochine Mining Ltd</name>
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        <name>Kaizen Discovery Inc</name>
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        <name>Karus Gold Corp.</name>
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        <name>Auteco Minerals Ltd</name>
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        <name>Loncor Gold Inc</name>
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        <name>Platinum Group Metals Ltd</name>
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        <name>Amex Exploration Inc</name>
        <lei>549300B1S86E4WXYUW33</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Heliostar Metals Ltd</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals, Ltd.</title>
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      <invstOrSec>
        <name>Kootenay Resources Inc</name>
        <lei>N/A</lei>
        <title>Kootenay Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="KOOTENAYR"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Max Resource Corp</name>
        <lei>254900XET56T3KS7G591</lei>
        <title>Max Resource Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA57772U3073"/>
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        <balance>2050000.00000000</balance>
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        <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>Minaurum Gold Inc</name>
        <lei>N/A</lei>
        <title>Minaurum Gold, Inc.</title>
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          <other otherDesc="Primary Identifier" value="CA60252Q1"/>
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        <balance>500000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.00000000"/>
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        <pctVal>0.000000019244</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>The Depository Trust &amp; Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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              <otherRefInst>
                <issuerName>Minaurum Gold Inc</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <unrealizedAppr>0.01000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Felix Gold Ltd</name>
        <lei>N/A</lei>
        <title>Felix Gold, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000194433"/>
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        <balance>1500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARIS MINING CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Aris Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04040Y1337"/>
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        <balance>520000.00000000</balance>
        <units>NC</units>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>The Depository Trust &amp; Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aris Mining Corp</issuerName>
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                  <isin value="CA04040Y1097"/>
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            <shareNo>1.00000000</shareNo>
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            <unrealizedAppr>80935.32000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petaquilla Minerals, Ltd.</name>
        <lei>N/A</lei>
        <title>Petaquilla Minerals, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="US61532UAA07"/>
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        <balance>2660000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Contact Gold Corp</name>
        <lei>549300303GAUE1SKGB19</lei>
        <title>Contact Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA21074F1036"/>
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        <balance>5000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135001"/>
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        <pctVal>0.243808146578</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>Vizsla Silver Corp</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA92859G2027"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
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        <pctVal>2.201239271197</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>Cartier Resources Inc</name>
        <lei>529900UC5WFH8T7VID35</lei>
        <title>Cartier Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA1467721082"/>
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        <balance>750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135015"/>
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        <pctVal>0.088815815752</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>Ascot Resources Ltd</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04364G1063"/>
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        <balance>6412.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38134694"/>
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        <pctVal>0.003483928615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nubian Resources Ltd</name>
        <lei>254900P740G3691PD419</lei>
        <title>Nubian Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA67021Q1063"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135003"/>
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        <pctVal>0.066176495828</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>CopperBank Resources Corp.</name>
        <lei>N/A</lei>
        <title>CopperBank Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="316K4B"/>
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        <balance>43500.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38135051"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vizsla Copper Corp</name>
        <lei>984500DA5BBD7543CZ84</lei>
        <title>Vizsla Copper Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA92858X1078"/>
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        <balance>166666.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38135066"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chakana Copper Corp.</name>
        <lei>549300265UHKA4LQUT66</lei>
        <title>Chakana Copper Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA15748D1069"/>
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        <balance>1416506.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38134995"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Denarius Metals Corp</name>
        <lei>98450061D87403BCD962</lei>
        <title>Denarius Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA2482331089"/>
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        <balance>750000.00000000</balance>
        <units>NS</units>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freegold Ventures Ltd</name>
        <lei>5493007YVOKHJP7J0X86</lei>
        <title>Freegold Ventures, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA3564552048"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GFG Resources Inc</name>
        <lei>529900J244O3CHY15G77</lei>
        <title>GFG Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA36165F1018"/>
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        <balance>5000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sun Summit Minerals Corp</name>
        <lei>N/A</lei>
        <title>Sun Summit Minerals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA86687V1004"/>
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        <balance>1250000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Summa Silver Corp</name>
        <lei>984500F11B6A5F46A744</lei>
        <title>Summa Silver Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA86565E1051"/>
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        <balance>800000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Red Pine Exploration Inc</name>
        <lei>529900U8LGGUG3E2NC68</lei>
        <title>Red Pine Exploration, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA75686Y7028"/>
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        <balance>500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Argent Minerals Ltd</name>
        <lei>N/A</lei>
        <title>Argent Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000ARD1"/>
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        <balance>20000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alpha Exploration Ltd</name>
        <lei>254900LWGXN18OTF7397</lei>
        <title>Alpha Exploration, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG3198S1074"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38134997"/>
        <valUSD>131755.17000000</valUSD>
        <pctVal>0.253560479369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Age Metals Inc</name>
        <lei>54930045Q4VKFAP8GW50</lei>
        <title>New Age Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA64157G1019"/>
        </identifiers>
        <balance>143518.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38134906"/>
        <valUSD>7013.05000000</valUSD>
        <pctVal>0.013496489889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</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="585834846"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>18098022.00000000</valUSD>
        <pctVal>34.82932118686</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>25000000.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>19050812.00000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2022-10-04</settlementDt>
            <unrealizedAppr>952790.00000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kenorland Minerals Ltd</name>
        <lei>2549002HI5ATMIG9UD65</lei>
        <title>Kenorland Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA48978L1004"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135001"/>
        <valUSD>126687.66000000</valUSD>
        <pctVal>0.243808146578</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>Capitan Mining Inc</name>
        <lei>N/A</lei>
        <title>Capitan Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA1407031097"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135004"/>
        <valUSD>108589.42000000</valUSD>
        <pctVal>0.208978405854</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>Kesselrun Resources Ltd</name>
        <lei>5299007D0DU3WNT8A817</lei>
        <title>Kesselrun Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA4925371052"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135004"/>
        <valUSD>108589.42000000</valUSD>
        <pctVal>0.208978405854</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>Integra Resources Corp</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T301</cusip>
        <identifiers>
          <isin value="CA45826T3010"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>119452.05000000</valUSD>
        <pctVal>0.229883343930</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>Westhaven Gold Corp</name>
        <lei>2549006LQ1TAHZLTOF64</lei>
        <title>Westhaven Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA9603501060"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135000"/>
        <valUSD>282332.50000000</valUSD>
        <pctVal>0.543343870616</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>De Grey Mining Ltd</name>
        <lei>529900MOX6JOKGFAYY28</lei>
        <title>De Grey Mining, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DEG6"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56335501"/>
        <valUSD>165184.01000000</valUSD>
        <pctVal>0.317893686902</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>Awale Resources Ltd</name>
        <lei>N/A</lei>
        <title>Awale Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA05455R2081"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135003"/>
        <valUSD>113113.98000000</valUSD>
        <pctVal>0.217685841035</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>Abaxx Technologies Inc</name>
        <lei>5299002EIVMNJ21B5K89</lei>
        <title>Abaxx Technologies, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA00258V1004"/>
        </identifiers>
        <balance>8039.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38134986"/>
        <valUSD>12512.29000000</valUSD>
        <pctVal>0.024079679381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</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>
