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        <name>Global X US Infrastructure Dev</name>
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        <name>iShares Silver Trust</name>
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        <name>Global X Lithium &amp; Battery Tec</name>
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        <name>Lucara Diamond Corp</name>
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      <invstOrSec>
        <name>Legacy Lithium Corp</name>
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        <name>Standard Lithium Ltd</name>
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        <name>NG Energy International Corp</name>
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        <name>Northern Graphite Corp</name>
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        <name>Filo Corp</name>
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        <name>Winsome Resources Ltd</name>
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        <name>Meridian Mining UK Societas</name>
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        <name>GoviEx Uranium Inc</name>
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        <name>K92 Mining Inc</name>
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        <name>KraneShares Global Carbon Stra</name>
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        <title>KraneShares Global Carbon Strategy ETF</title>
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        <name>Revival Gold Inc</name>
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        <name>Coeur Mining Inc</name>
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        <name>Western Atlas Resources Inc</name>
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        <name>Electra Battery Materials Corp</name>
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        <name>Defense Metals Corp</name>
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        <name>Consolidated Growth Holdings L</name>
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        <name>Centrica PLC</name>
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        <name>Trigon Metals Inc</name>
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        <name>Direxion Daily Junior Gold Min</name>
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        <title>Direxion Daily Junior Gold Miners Index Bull 2X Shares</title>
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        <name>iShares Global Clean Energy ET</name>
        <lei>549300WONOCNDW382894</lei>
        <title>iShares Global Clean Energy ETF</title>
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        <name>SOURCE ROCK ROYALTIES LTD</name>
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        <name>Freehold Royalties Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>New Stratus Energy Inc</name>
        <lei>549300XBOLDOJKNWCO54</lei>
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          <isin value="CA6488301079"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ARIS MINING CORP</name>
        <lei>N/A</lei>
        <title>Aris Gold Corp.</title>
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          <isin value="CA04041BAA67"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APA Corp</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp.</title>
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          <isin value="US03743Q1085"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Breakwave Dry Bulk Shipping ET</name>
        <lei>5493004TQH04FOW4AB32</lei>
        <title>Breakwave Dry Bulk Shipping ETF</title>
        <cusip>26923H200</cusip>
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          <isin value="US26923H2004"/>
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        <balance>300.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Surge Battery Metals Inc</name>
        <lei>894500N1AJXSEU6P3J12</lei>
        <title>Surge Battery Metals, Inc.</title>
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          <isin value="CA86882X1096"/>
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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>
        <lei>N/A</lei>
        <title>Anglogold Ashanti PLC</title>
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          <ticker value="AU 1 C19"/>
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        <units>NC</units>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>The Options Clearing Corporation</counterpartyName>
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                <issuerName>Anglogold Ashanti Plc</issuerName>
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      <invstOrSec>
        <name>Nova Minerals Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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                <issuerName>Nova Minerals Ltd</issuerName>
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            <unrealizedAppr>0.00</unrealizedAppr>
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      <invstOrSec>
        <name>Marathon Petroleum Corp</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp.</title>
        <cusip>56585A102</cusip>
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          <isin value="US56585A1025"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Horizonte Minerals PLC</name>
        <lei>213800OEYYR39UNYQY91</lei>
        <title>Horizonte Minerals PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMXLQJ47"/>
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        <balance>100000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montage Gold Corp</name>
        <lei>N/A</lei>
        <title>Montage Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA61178L1013"/>
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        <balance>750000.00000000</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>Permian Resources Corp</name>
        <lei>529900NXUJPOKU7OJ511</lei>
        <title>Permian Resources Corp.</title>
        <cusip>71424F105</cusip>
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          <isin value="US71424F1057"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>iShares U.S. Real Estate ETF</name>
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        <title>iShares U.S. Real Estate ETF</title>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NG ENERGY INTERNATIONAL</name>
        <lei>5493008ZYYAQDL3KMH86</lei>
        <title>NG Energy International Corp.</title>
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        <invCountry>CA</invCountry>
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        <name>CF Industries Holdings Inc</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings, Inc.</title>
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      <invstOrSec>
        <name>Mene Inc</name>
        <lei>N/A</lei>
        <title>Mene, Inc.</title>
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        <invCountry>CA</invCountry>
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        <name>Atlantica Sustainable Infrastr</name>
        <lei>549300ITBBGKJ651R879</lei>
        <title>Atlantica Sustainable Infrastructure PLC</title>
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          <isin value="GB00BLP5YB54"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Royal Road Minerals Ltd</name>
        <lei>54930033JDODZL6J2G22</lei>
        <title>Royal Road Minerals, Ltd.</title>
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        <invCountry>JE</invCountry>
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        <name>Teucrium Wheat Fund</name>
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        <title>Teucrium Wheat Fund</title>
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        <name>Ivanhoe Electric Inc / US</name>
        <lei>N/A</lei>
        <title>Ivanhoe Electric, Inc./US</title>
        <cusip>46578C108</cusip>
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        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, 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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          <isCashCollateral>N</isCashCollateral>
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        <name>Leo Lithium Ltd</name>
        <lei>984500LD0A57A68EZ677</lei>
        <title>Leo Lithium, Ltd.</title>
        <cusip>N/A</cusip>
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        <balance>700000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Contango Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Contango Holdings PLC</name>
        <lei>N/A</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>3</fairValLevel>
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            <currencyInfo convRatio="10.41666500" curCd="GBP"/>
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      <invstOrSec>
        <name>Abaxx Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barksdale Resources Corp.</name>
        <lei>549300JSC30UXM5OSU40</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NG Energy International Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>New Gold Inc</name>
        <lei>5493005G0GNCHP0H6L96</lei>
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          <isin value="CA6445351068"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iris Metals Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Group 6 Metals Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Group 6 Metals Ltd</issuerName>
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      <invstOrSec>
        <name>Zinc8 Energy Solutions Inc</name>
        <lei>8945003T171I6P7NUB54</lei>
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          <isin value="CA98959U3064"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd</name>
        <lei>5299006XZISURYIA4G32</lei>
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          <isin value="CA46579R1047"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Grayscale Bitcoin Trust BTC</name>
        <lei>549300XZGUJEF0EHBE41</lei>
        <title>Grayscale Bitcoin Trust BTC</title>
        <cusip>389637109</cusip>
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          <isin value="US3896371099"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Vizsla Silver Corp</name>
        <lei>549300ADJF7HWIEDL366</lei>
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        <name>Firefinch Ltd</name>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>Chord Energy Corp</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>Chord Energy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Horizonte Minerals PLC</name>
        <lei>213800OEYYR39UNYQY91</lei>
        <title>Horizonte Minerals PLC</title>
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          <isin value="GB00BMXLQJ47"/>
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        <invCountry>GB</invCountry>
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        <name>Ur-Energy Inc</name>
        <lei>5493004ZEMNWEC7T6X93</lei>
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        <name>Sigma Lithium Corp</name>
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        <name>Wide Open Agriculture Ltd</name>
        <lei>875500ZPHJC0Y2OKR195</lei>
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      <invstOrSec>
        <name>Iris Metals Ltd</name>
        <lei>N/A</lei>
        <title>Iris Metals, Ltd.</title>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Sterling Group Ventures Inc</name>
        <lei>N/A</lei>
        <title>Sterling Group Ventures, Inc.</title>
        <cusip>85932R104</cusip>
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        <balance>500000.00000000</balance>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Contango Holdings PLC</name>
        <lei>N/A</lei>
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          <ticker value="TW/ LN"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
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          <isin value="US20825C1045"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Desert Mountain Energy Corp</name>
        <lei>N/A</lei>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>The Depository Trust &amp; Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>N/A</issuerName>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VR Resources, Ltd.</name>
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          <isin value="CA91831M1059"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marathon Oil Corp</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
        <title>Marathon Oil Corp.</title>
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          <isin value="US5658491064"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kimbell Royalty Partners LP</name>
        <lei>5493007FC11POVYRB841</lei>
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          <isin value="US49435R1023"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>InZinc Mining Ltd</name>
        <lei>529900SQMNKF5EXPGG60</lei>
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          <isin value="CA46187R1082"/>
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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>Vox Royalty Corp</name>
        <lei>N/A</lei>
        <title>Vox Royalty Corp.</title>
        <cusip>92919F103</cusip>
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          <isin value="CA92919F1036"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <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>IberAmerican Lithium Corp</name>
        <lei>8945008CEJYMFF9E3003</lei>
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        <cusip>N/A</cusip>
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          <isin value="CA45074U1093"/>
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        <balance>1000000.00000000</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>Sovereign Metals Ltd</name>
        <lei>213800NSPXSASTENFQ34</lei>
        <title>Sovereign Metals, Ltd.</title>
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          <isin value="AU000000SVM6"/>
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        <balance>600000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Range Resources Corp</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Trigon Metals Inc</name>
        <lei>529900JILOD1M98SPC87</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Volt Lithium Corp</name>
        <lei>549300SDR8MSPG2LCS66</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Viper Energy Inc</name>
        <lei>5299009LINL232255G03</lei>
        <title>Viper Energy, Inc.</title>
        <cusip>927959106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lithium Royalty Corp</name>
        <lei>549300PNTZ1SGOX9FY92</lei>
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          <isin value="CA53680W1059"/>
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      <invstOrSec>
        <name>Infrastructure Ventures, Inc.</name>
        <lei>N/A</lei>
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        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp.</title>
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        <name>Select Water Solutions Inc</name>
        <lei>54930094OK8LA3QDW486</lei>
        <title>Select Water Solutions, Inc.</title>
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        <name>Cordoba Minerals Corp</name>
        <lei>529900JMZSEJCKFG2443</lei>
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        <name>Deterra Royalties Ltd</name>
        <lei>N/A</lei>
        <title>Deterra Royalties, Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>LNG Energy Group Corp</name>
        <lei>89450035H05LMD3W5Q76</lei>
        <title>LNG Energy Group Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Source Rock Royalties Ltd</name>
        <lei>N/A</lei>
        <title>Source Rock Royalties, Ltd.</title>
        <cusip>N/A</cusip>
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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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nubian Resources Ltd</name>
        <lei>254900P740G3691PD419</lei>
        <title>Nubian Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA67021Q1063"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32504954"/>
        <valUSD>9905.29000000</valUSD>
        <pctVal>0.021815673177</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>Sprott Physical Uranium Trust</name>
        <lei>N/A</lei>
        <title>Sprott Physical Uranium Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA85210A1049"/>
        </identifiers>
        <balance>500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32504982"/>
        <valUSD>10663.75000000</valUSD>
        <pctVal>0.023486125580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NGX Ltd</name>
        <lei>984500088497B6DNA543</lei>
        <title>NGX, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000273088"/>
        </identifiers>
        <balance>109090.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.46745901"/>
        <valUSD>10794.08000000</valUSD>
        <pctVal>0.023773167825</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>Denison Mines Corp</name>
        <lei>529900JWGSW17LJK6586</lei>
        <title>Denison Mines Corp.</title>
        <cusip>248356107</cusip>
        <identifiers>
          <isin value="CA2483561072"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>265500.00000000</valUSD>
        <pctVal>0.584744235517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Solar Inc</name>
        <lei>5493001XSC6TKMBVOM15</lei>
        <title>Canadian Solar, Inc.</title>
        <cusip>136635109</cusip>
        <identifiers>
          <isin value="CA1366351098"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262300.00000000</valUSD>
        <pctVal>0.577696470720</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>Daqo New Energy Corp</name>
        <lei>529900711JBZ5O7VA827</lei>
        <title>Daqo New Energy Corp.</title>
        <cusip>23703Q203</cusip>
        <identifiers>
          <isin value="US23703Q2030"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>399000.00000000</valUSD>
        <pctVal>0.878768173150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELECTRA BATTERY MATERIALS CO</name>
        <lei>5493009ZPOP6FTZAUU15</lei>
        <title>Electra Battery Materials Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA28474P1514"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.00000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</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>Electra Battery Materials Corp</issuerName>
                <issueTitle>Electra Battery Materials Corp</issueTitle>
                <identifiers>
                  <isin value="CA28474P2017"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>1.74000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2025-08-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VanEck Rare Earth/Strategic Me</name>
        <lei>549300CC0W53Y8C5LO70</lei>
        <title>VanEck Rare Earth/Strategic Metals ETF</title>
        <cusip>92189H805</cusip>
        <identifiers>
          <isin value="US92189H8051"/>
        </identifiers>
        <balance>400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24620.00000000</valUSD>
        <pctVal>0.054223740408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde PLC</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde PLC</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
        </identifiers>
        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821420.00000000</valUSD>
        <pctVal>1.809117174910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-02-29</ncom:dateSigned>
      <ncom:nameOfApplicant>US Global Investors Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Karen Shaw</ncom:signature>
      <ncom:signerName>Karen Shaw</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
