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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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      <invstOrSec>
        <name>MAG Silver Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Abaxx Technologies Inc</name>
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        <name>Caribbean Resources Corp.</name>
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        <name>Americas Gold &amp; Silver Corp</name>
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        <name>Hecla Mining Co</name>
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        <name>New Gold Inc</name>
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        <name>Agnico Eagle Mines Ltd</name>
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      </invstOrSec>
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        <name>Culico Metals Inc</name>
        <lei>2549005B5ATUIJJB6L88</lei>
        <title>Culico Metals, Inc.</title>
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          <isin value="CA22989Q1019"/>
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        <balance>180000.00000000</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>Leo Lithium Ltd</name>
        <lei>984500LD0A57A68EZ677</lei>
        <title>Leo Lithium, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000221251"/>
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        <balance>3500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pan African Resources PLC</name>
        <lei>213800EAXURCXMX6RL85</lei>
        <title>Pan African Resources PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB0004300496"/>
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        <balance>1250000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Harmony Gold Mining Co Ltd</name>
        <lei>378900986D05F0C29811</lei>
        <title>Harmony Gold Mining Co., Ltd.</title>
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          <isin value="US4132163001"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="NEM 1 C45"/>
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        <balance>250.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>277500.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>The Options Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Newmont Corp</issuerName>
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      <invstOrSec>
        <name>Ramelius Resources Ltd</name>
        <lei>254900E44AIGW7KKNR98</lei>
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          <isin value="AU000000RMS4"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</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="585434977"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>St Barbara Ltd</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St Barbara, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000SBM8"/>
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        <balance>3831691.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pantoro Ltd</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PNR8"/>
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        <balance>11000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anglogold Ashanti Plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti PLC</title>
        <cusip>G0378L100</cusip>
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          <isin value="GB00BRXH2664"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2227200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petropavlovsk PLC</name>
        <lei>213800ZZOU5P76L8XB92</lei>
        <title>Petropavlovsk PLC</title>
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          <isin value="GB0031544546"/>
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        <balance>4886855.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osisko Gold Royalties Ltd</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties, Ltd.</title>
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          <isin value="CA68827L1013"/>
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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>OceanaGold Corp</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
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          <isin value="CA6752221037"/>
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        <balance>327000.00000000</balance>
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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>Luca Mining Corp</name>
        <lei>N/A</lei>
        <title>Luca Mining Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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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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        <name>Orexplore Technologies Ltd</name>
        <lei>N/A</lei>
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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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      <invstOrSec>
        <name>St Barbara Ltd</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St Barbara, Ltd.</title>
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          <isin value="AU0000360448"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Empress Royalty Corp</name>
        <lei>254900BKH28GZ49I9F93</lei>
        <title>Empress Royalty Corp.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
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          <isin value="CA11777Q2099"/>
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        <balance>425000.00000000</balance>
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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>K92 Mining Inc</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA4991131083"/>
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        <balance>1500000.00000000</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>Black Cat Syndicate Ltd</name>
        <lei>N/A</lei>
        <title>Black Cat Syndicate, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BC88"/>
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        <balance>4294104.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coeur Mining Inc</name>
        <lei>5493003AVK173D48DR70</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Vox Royalty Corp</name>
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          <isin value="CA92919F1036"/>
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        <fairValLevel>1</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santacruz Silver Mining Ltd</name>
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          <isin value="CA80280U1066"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Dundee Precious Metals Inc</name>
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          <isin value="CA2652692096"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sandstorm Gold Ltd</name>
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          <isin value="CA80013R2063"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endeavour Silver Corp</name>
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          <isin value="CA29258Y1034"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alamos Gold Inc</name>
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          <isin value="CA0115321089"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Andean Precious Metals Corp</name>
        <lei>N/A</lei>
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          <isin value="CA03349X1015"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Genesis Minerals Ltd</name>
        <lei>894500AK5BVRCNP0FP48</lei>
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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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        <name>Impala Platinum Holdings Ltd</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Calibre Mining Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Osisko Gold Royalties Ltd</name>
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        <name>Torex Gold Resources Inc</name>
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        <name>Emerald Resources NL</name>
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        <name>Endeavour Mining PLC</name>
        <lei>529900NI5MXQ91GHXR07</lei>
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      <invstOrSec>
        <name>Catalyst Metals Ltd</name>
        <lei>N/A</lei>
        <title>Catalyst Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CYL6"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60038400"/>
        <valUSD>5468836.85000000</valUSD>
        <pctVal>4.025044609719</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>T-Rex 2X Inverse MSTR Daily Ta</name>
        <lei>254900FIJG81260G5N49</lei>
        <title>T-Rex 2X Inverse MSTR Daily Target ETF</title>
        <cusip>26923N413</cusip>
        <identifiers>
          <isin value="US26923N4135"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>350750.00000000</valUSD>
        <pctVal>0.258150761410</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>Barrick Gold Corp</name>
        <lei>N/A</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>400991L60</cusip>
        <identifiers>
          <ticker value="GOLD 1 C18"/>
        </identifiers>
        <balance>665.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>289275.00000000</valUSD>
        <pctVal>0.212905378494</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>The Options Clearing Corporation</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Barrick Gold Corp</issuerName>
                <issueTitle>Barrick Gold Corp</issueTitle>
                <identifiers>
                  <cusip value="067901108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>18.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-01-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>31779.10000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Gold Inc</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold, Inc.</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1308080.00000000</valUSD>
        <pctVal>0.962742260830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evolution Mining Ltd</name>
        <lei>254900BCFW5QO5LW8F27</lei>
        <title>Evolution Mining, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000EVN4"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60038400"/>
        <valUSD>2237194.01000000</valUSD>
        <pctVal>1.646566891247</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>Mandalay Resources Corp</name>
        <lei>N/A</lei>
        <title>Mandalay Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA5625682045"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
        <valUSD>739376.67000000</valUSD>
        <pctVal>0.544178618189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-27</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>
