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        <name>Shell PLC</name>
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        <name>Torex Gold Resources Inc</name>
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        <name>BluMetric Environmental Inc</name>
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      <invstOrSec>
        <name>EnviroGold Global Ltd</name>
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          <isin value="CA29408C1005"/>
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        <fairValLevel>3</fairValLevel>
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        <name>Corteva Inc</name>
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        <name>Schlumberger NV</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Torq Resources Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>E3 Lithium Ltd</name>
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        <name>Arizona Metals Corp</name>
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      <invstOrSec>
        <name>Orsu Metals Corp.</name>
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        <name>Caribbean Resources Corp</name>
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      <invstOrSec>
        <name>Encore Energy Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Volt Lithium Corp</name>
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        <name>Atex Resources Inc</name>
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        <name>TotalEnergies SE</name>
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        <name>NexGen Energy Ltd</name>
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        <name>Boise Cascade Co</name>
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        <title>Boise Cascade Co.</title>
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        <name>Weyerhaeuser Co</name>
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        <title>Weyerhaeuser Co.</title>
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        <name>Nio Strategic Metals Inc</name>
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        <name>Imperial Oil Ltd</name>
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        <title>Imperial Oil, Ltd.</title>
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        <name>Osisko Gold Royalties Ltd</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties, Ltd.</title>
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        <name>Base Carbon Inc</name>
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        <name>T-Rex 2X Inverse MSTR Daily Ta</name>
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        <name>Brixton Metals Corp</name>
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        <name>ARIS MINING CORP</name>
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        <name>Lithium Ion Energy Ltd</name>
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        <name>Legacy Lithium Corp</name>
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        <name>Halliburton Co</name>
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        <name>Lotus Resources Ltd</name>
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        <name>Arizona Sonoran Copper Co Inc</name>
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        <name>Revival Gold Inc</name>
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        <name>Standard Lithium Ltd</name>
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        <name>Meridian Mining UK Societas</name>
        <lei>984500EB404A37FD8886</lei>
        <title>Meridian Mining UK Societas</title>
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      </invstOrSec>
      <invstOrSec>
        <name>GoviEx Uranium Inc</name>
        <lei>5299001I7FX6JUNIPU44</lei>
        <title>GoviEx Uranium, Inc.</title>
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          <isin value="CA3837981057"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <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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        <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>Peninsula Energy Ltd</name>
        <lei>213800XBLFMYEQENEZ77</lei>
        <title>Peninsula Energy, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PEN6"/>
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        <balance>95000.00000000</balance>
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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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          <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>1600000.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Defense Metals Corp</name>
        <lei>54930072WL7JZREIPD69</lei>
        <title>Defense Metals Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA2446331035"/>
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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>Consolidated Growth Holdings L</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="VGG7762V1076"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alliance Resource Partners LP</name>
        <lei>529900T4Q5UPWOUFG783</lei>
        <title>Alliance Resource Partners LP</title>
        <cusip>01877R108</cusip>
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          <isin value="US01877R1086"/>
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        <balance>14000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Endeavour Silver Corp</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>Endeavour Silver Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA29258Y1034"/>
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        <balance>80000.00000000</balance>
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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>Magna Mining Inc</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA55925F1027"/>
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        <balance>250000.00000000</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>Juno Corp</name>
        <lei>N/A</lei>
        <title>Juno Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="JUNOCORP"/>
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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>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wolfden Resources Corp</name>
        <lei>529900E4PMQNSC4DMV56</lei>
        <title>Wolfden Resources Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA9777501086"/>
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        <balance>1825000.00000000</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>Impala Platinum Holdings Ltd</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings, Ltd.</title>
        <cusip>452553308</cusip>
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          <isin value="US4525533083"/>
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        <balance>8840.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60996.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EOG Resources Inc</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc.</title>
        <cusip>26875P101</cusip>
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          <isin value="US26875P1012"/>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>320600.00000000</valUSD>
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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>NG Energy International Corp.</name>
        <lei>N/A</lei>
        <title>NG Energy International Corp.</title>
        <cusip>N/A</cusip>
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          <ticker value="GASX CN"/>
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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>Franco-Nevada Corp</name>
        <lei>98450064C1B5D3E94864</lei>
        <title>Franco-Nevada Corp.</title>
        <cusip>351858105</cusip>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>393900.00000000</valUSD>
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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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        <name>International Paper Co</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>International Paper Co.</title>
        <cusip>460146103</cusip>
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        <balance>7500.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Core Assets Corp</name>
        <lei>5299004BAG8BMFEGDW02</lei>
        <title>Core Assets Corp.</title>
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          <isin value="CA21871U1057"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>Antero Resources Corp</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>Antero Resources Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>LNG Energy Group</name>
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        <name>Barksdale Resources Corp.</name>
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        <name>Kutcho Copper Corp</name>
        <lei>984500686CF49F91B703</lei>
        <title>Kutcho Copper Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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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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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>N/A</name>
              <title>N/A</title>
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            <currencyInfo convRatio="10.41666500" curCd="GBP"/>
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        <securityLending>
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      <invstOrSec>
        <name>Abaxx Technologies Inc</name>
        <lei>5299002EIVMNJ21B5K89</lei>
        <title>Abaxx Technologies, 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>Barksdale Resources Corp.</name>
        <lei>549300JSC30UXM5OSU40</lei>
        <title>Barksdale Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA06766T1075"/>
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        <balance>1955000.00000000</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>NG Energy International Corp</name>
        <lei>N/A</lei>
        <title>NG Energy International Corp.</title>
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          <other otherDesc="Primary Identifier" value="BMH5B75WT"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</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>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>N/A</issuerName>
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                  <other otherDesc="Primary Identifier" value="BMH5B75"/>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>2084.71000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Gold Inc</name>
        <lei>5493005G0GNCHP0H6L96</lei>
        <title>New Gold, Inc.</title>
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          <isin value="CA6445351068"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CME Group Inc</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
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          <isin value="US12572Q1058"/>
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        <balance>461.00000000</balance>
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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>Ivanhoe Mines Ltd</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines, Ltd.</title>
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          <isin value="CA46579R1047"/>
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        <balance>25000.00000000</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>CanAlaska Uranium Ltd</name>
        <lei>254900J7UJWY3AWJ8D78</lei>
        <title>CanAlaska Uranium, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA13709C1005"/>
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        <balance>90000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.43905004"/>
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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>Vizsla Royalties Corp</name>
        <lei>N/A</lei>
        <title>Vizsla Royalties Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA92859L2012"/>
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        <balance>191715.33000000</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>Steel Dynamics Inc</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>Steel Dynamics, Inc.</title>
        <cusip>858119100</cusip>
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          <isin value="US8581191009"/>
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        <balance>1500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187620.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Torq Resources Inc</name>
        <lei>N/A</lei>
        <title>Torq Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BF1WN11WT"/>
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        <balance>1000000.00000000</balance>
        <units>NC</units>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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                <issuerName>Torq Resources Inc</issuerName>
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      <invstOrSec>
        <name>Exxon Mobil Corp</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Firefinch Ltd</name>
        <lei>52990065EGEF8FEI8S51</lei>
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        <balance>1000000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Glencore PLC</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>Glencore PLC</title>
        <cusip>N/A</cusip>
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          <isin value="JE00B4T3BW64"/>
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        <balance>20000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alcoa Corp</name>
        <lei>549300T12EZ1F6PWWU29</lei>
        <title>Alcoa Corp.</title>
        <cusip>013872106</cusip>
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          <isin value="US0138721065"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sigma Lithium Corp</name>
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        <cusip>826599102</cusip>
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        <balance>10000.00000000</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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        <name>Iris Metals Ltd</name>
        <lei>N/A</lei>
        <title>Iris Metals, Ltd.</title>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Sterling Group Ventures Inc</name>
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        <title>Sterling Group Ventures, Inc.</title>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Contango Holdings PLC</name>
        <lei>N/A</lei>
        <title>Contango Holdings PLC</title>
        <cusip>N/A</cusip>
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        <invCountry>GB</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>Devon Energy Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aya Gold &amp; Silver Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Electra Battery Materials Corp</name>
        <lei>5493009ZPOP6FTZAUU15</lei>
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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>PrairieSky Royalty Ltd</name>
        <lei>529900AXG582AP7CV733</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>InZinc Mining Ltd</name>
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          <isin value="CA46187R1082"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vox Royalty Corp</name>
        <lei>N/A</lei>
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          <isin value="CA92919F1036"/>
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        <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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          <isin value="CA45074U1093"/>
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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>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>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nutrien Ltd</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien, Ltd.</title>
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          <isin value="CA67077M1086"/>
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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>Perpetua Resources Corp</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp.</title>
        <cusip>714266103</cusip>
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          <isin value="CA7142661031"/>
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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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        <name>N/A</name>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
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      <invstOrSec>
        <name>Range Resources Corp</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp.</title>
        <cusip>75281A109</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Volt Lithium Corp</name>
        <lei>549300SDR8MSPG2LCS66</lei>
        <title>Volt Lithium Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Viper Energy Inc</name>
        <lei>5299009LINL232255G03</lei>
        <title>Viper Energy, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Lithium Royalty Corp</name>
        <lei>549300PNTZ1SGOX9FY92</lei>
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        <name>Trigon Metals Inc</name>
        <lei>N/A</lei>
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        <name>Infrastructure Ventures, Inc.</name>
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        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
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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>Larvotto Resources Ltd</name>
        <lei>98450066A2D7C0380238</lei>
        <title>Larvotto Resources, Ltd.</title>
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        <invCountry>AU</invCountry>
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        <name>Nuclear Fuels Inc</name>
        <lei>N/A</lei>
        <title>Nuclear Fuels, Inc.</title>
        <cusip>N/A</cusip>
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        <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>NGEx Minerals Ltd</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEX Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA65343P1036"/>
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        <balance>20000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.43905003"/>
        <valUSD>181369.65000000</valUSD>
        <pctVal>0.498487195768</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>BHP Group Ltd</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group, Ltd.</title>
        <cusip>088606108</cusip>
        <identifiers>
          <isin value="US0886061086"/>
        </identifiers>
        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169890.00000000</valUSD>
        <pctVal>0.466935838984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Black Cat Syndicate Ltd</name>
        <lei>N/A</lei>
        <title>Black Cat Syndicate, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BC88"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60038400"/>
        <valUSD>486497.24000000</valUSD>
        <pctVal>1.337118117153</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>Select Water Solutions Inc</name>
        <lei>54930094OK8LA3QDW486</lei>
        <title>Select Water Solutions, Inc.</title>
        <cusip>81617J301</cusip>
        <identifiers>
          <isin value="US81617J3014"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>157500.00000000</valUSD>
        <pctVal>0.432882421802</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>Cordoba Minerals Corp</name>
        <lei>529900JMZSEJCKFG2443</lei>
        <title>Cordoba Minerals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA21852Q6022"/>
        </identifiers>
        <balance>58823.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43905016"/>
        <valUSD>22890.71000000</valUSD>
        <pctVal>0.062914196708</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>LNG Energy Group Corp</name>
        <lei>89450035H05LMD3W5Q76</lei>
        <title>LNG Energy Group Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA53951J1066"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43904990"/>
        <valUSD>49685.56000000</valUSD>
        <pctVal>0.136558765342</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>Vizsla Silver Corp</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA92859G6085"/>
        </identifiers>
        <balance>312499.67000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43905001"/>
        <valUSD>714446.27000000</valUSD>
        <pctVal>1.963626867337</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>United States Steel Corp</name>
        <lei>JNLUVFYJT1OZSIQ24U47</lei>
        <title>United States Steel Corp.</title>
        <cusip>912909108</cusip>
        <identifiers>
          <isin value="US9129091081"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211300.00000000</valUSD>
        <pctVal>0.580749560171</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>NGX Ltd</name>
        <lei>984500088497B6DNA543</lei>
        <title>NGX, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000273088"/>
        </identifiers>
        <balance>90.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.59974906"/>
        <valUSD>7.97000000</valUSD>
        <pctVal>0.000021905224</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>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65000.00000000</valUSD>
        <pctVal>0.178649888363</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>Baker Hughes Co</name>
        <lei>N/A</lei>
        <title>Baker Hughes Co.</title>
        <cusip>05722G100</cusip>
        <identifiers>
          <isin value="US05722G1004"/>
        </identifiers>
        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>153825.00000000</valUSD>
        <pctVal>0.422781831960</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>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="1.43905003"/>
        <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>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Primary Identifier" value="BLC9HR7"/>
                </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>Linde PLC</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde PLC</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
        </identifiers>
        <balance>800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>372512.00000000</valUSD>
        <pctVal>1.023834264829</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>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>
