Karus Mining, Inc.

NPORT-P false 0000101507 XXXXXXXX S000004784 C000012995 U.S. GLOBAL INVESTORS FUNDS 811-01800 0000101507 254900I1ONHL0TVFXN37 THREE CANAL PLAZA, SUITE 600 PORTLAND 04101 207-347-2000 USGI WORLD PRECIOUS MINERALS FUND S000004784 254900VHFCA926PWYI69 2025-12-31 2025-03-31 N 45271436.63 173571.97 45097864.66 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2241451.42000000 N Karus Mining Inc N/A Karus Mining, Inc. N/A 37500.00000000 NS 13102.39000000 0.029053238105 Long EC CORP CA N 3 N N N Viva Gold Corp 549300CWOCMDUYBF9W35 Viva Gold Corp. N/A 500000.00000000 NS 46905.94000000 0.104009226054 Long EC CORP CA N 1 N N N Compass Gold Corp N/A Compass Gold Corp. N/A 2000000.00000000 NS 253639.55000000 0.562420309502 Long EC CORP CA N 1 N N N Nano One Materials Corp 549300WY1QJ560JAB909 Nano One Materials Corp. N/A 2700000.00000000 NS 1238316.95000000 2.745843864972 Long EC CORP CA N 1 N N N Sua Holdings Limited N/A Sua Holdings Limited N/A 500000.00000000 NS 729.65000000 0.001617925827 Long EC CORP CA N 3 N N N Medallion Metals Ltd N/A Medallion Metals, Ltd. N/A 1000000.00000000 NS 159308.02000000 0.353249585542 Long EC CORP AU N 2 N N N Sterling Metals Corp 529900B3US2MNJRY1524 Sterling Metals Corp. N/A 100000.00000000 NS 21541.99000000 0.047767206191 Long EC CORP CA N 1 N N N Osisko Gold Royalties Ltd 549300TJZTXZMPQ6K004 Osisko Gold Royalties, Ltd. 68827L101 20000.00000000 NS USD 422400.00000000 0.936629712259 Long EC CORP CA N 1 N N N Orexplore Technologies Ltd N/A Orexplore Technologies, Ltd. N/A 267284.00000000 NS 0.00000000 0.000000 Long EC CORP AU N 3 N N N First Nordic Metals Corp 2549005410S0DTXUQ121 First Nordic Metals Corp. N/A 3500000.00000000 NS 1155276.05000000 2.561708982697 Long EC CORP CA N 1 N N N Collective Mining Ltd 98450055FE5CF6E9J694 Collective Mining, Ltd. N/A 50000.00000000 NS 436051.56000000 0.966900679860 Long EC CORP CA N 1 N N N Orosur Mining Inc N/A Orosur Mining, Inc. N/A 375000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Orosur Mining Inc Orosur Mining Inc 1.00000000 0.45000000 CAD 2027-03-27 XXXX 0.00000000 N N N Cordoba Minerals Corp 529900JMZSEJCKFG2443 Cordoba Minerals Corp. N/A 58823.00000000 NS 22890.71000000 0.050757857766 Long EC CORP CA N 1 N N N Freegold Ventures Ltd N/A Freegold Ventures, Ltd. N/A 150000.00000000 NC 36482.40000000 0.080896069636 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Freegold Ventures Ltd Freegold Ventures Ltd 1.00000000 0.52000000 CAD 2049-12-31 XXXX 36482.40000000 N N N Big Sky Energy Corp N/A Big Sky Energy Corp. 089544100 2000000.00000000 NS USD 0.02000000 0.000000044347 Long EC CORP US N 3 N N N T-Rex 2X Inverse MSTR Daily Ta 254900FIJG81260G5N49 T-Rex 2X Inverse MSTR Daily Target ETF 26923N413 5500.00000000 NS USD 77165.00000000 0.171105662278 Long EC RF US N 1 N N N Westhaven Gold Corp N/A Westhaven Gold Corp. BMW1DF0W2 350000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Westhaven Gold Corp Westhaven Gold Corp 1.00000000 0.22000000 CAD 2026-10-17 XXXX 0.00000000 N N N Carolina Rush Corp N/A Carolina Rush Corp. N/A 1000000.00000000 NS 48643.20000000 0.107861426182 Long EC CORP CA N 1 N N N Kootenay Silver Inc 529900HM3U0AXDDZPG82 Kootenay Silver, Inc. N/A 400000.00000000 NS 266842.71000000 0.591696994994 Long EC CORP CA N 1 N N N Dolly Varden Silver Corp. 2549007A2MNBXFD0FU11 Dolly Varden Silver Corp. N/A 1600000.00000000 NS 1156318.40000000 2.564020289469 Long EC CORP CA N 1 N N N Westward Gold Inc 984500504C45AE75E922 Westward Gold, Inc. N/A 3000000.00000000 NS 198047.32000000 0.439150104984 Long EC CORP CA N 1 N N N Meridian Mining UK Societas 984500EB404A37FD8886 Meridian Mining UK Societas N/A 300000.00000000 NS 131336.65000000 0.291225872865 Long EC CORP NL N 1 N N N K92 Mining Inc 254900EA8H0X9FEVZU11 K92 Mining, Inc. N/A 429400.00000000 NS 3703036.03000000 8.211111674394 Long EC CORP CA N 1 N N N GR Silver Mining Ltd 254900K448VPXRKTBM08 GR Silver Mining, Ltd. N/A 1000000.00000000 NS 107709.95000000 0.238836030956 Long EC CORP CA N 1 N N N ARIS MINING CORP N/A Aris Gold Corp. 04041BAA6 600552.00000000 PA USD 1014932.88000000 2.250512053401 Long DBT CORP CA N 2 2027-08-26 Fixed 7.50000000 N N N N N N G2 Goldfields Inc N/A G2 Goldfields, Inc. N/A 940000.00000000 NS 2103332.06000000 4.663928272119 Long EC CORP CA N 1 N N N Metallic Minerals Corp 254900CS1IQU1MD3P979 Metallic Minerals Corp. N/A 750000.00000000 NS 122476.63000000 0.271579665519 Long EC CORP CA N 1 N N N Angus Gold Inc N/A Angus Gold, Inc. N/A 350000.00000000 NS 116743.69000000 0.258867445011 Long EC CORP CA N 1 N N N Osisko Development Corp 984500A8CC57F67DJ124 Osisko Development Corp. N/A 100000.00000000 NS 148709.22000000 0.329747807620 Long EC CORP CA N 1 N N N Highlander Silver Corp 875500NW47V6ALTUO315 Highlander Silver Corp. N/A 10000.00000000 NS 13620.10000000 0.030201208200 Long EC CORP CA N 1 N N N N/A N/A Forward Currency Contract N/A 1.00000000 NC N/A 312435.00000000 0.692793333687 N/A DFE N/A N 2 BROWN BROTHERS HARRIMAN & CO 5493006KMX1VFTPYPW14 500000.00000000 AUD 310300.00000000 USD 2025-04-04 -2135.00000000 N N N Stillwater Critical Minerals C 254900QTFL63EEGGYZ88 Stillwater Critical Minerals Corp. N/A 500000.00000000 NS 60804.00000000 0.134826782727 Long EC CORP CA N 1 N N N Montage Gold Corp 9845004C6BCE77ACA795 Montage Gold Corp. N/A 400000.00000000 NS 906153.37000000 2.009304380222 Long EC CORP CA N 1 N N N Olive Resource Capital, Inc. 549300W74OU2A0EPT602 Olive Resource Capital, Inc. N/A 4000000.00000000 NS 76439.32000000 0.169496539528 Long EC CORP CA N 1 N N N Xali Gold Corp 549300OVANI3JC4BIG07 Xali Gold Corp. N/A 4875000.00000000 NS 152444.32000000 0.338030017938 Long EC CORP CA Y 1 N N N TDG Gold Corp N/A TDG Gold Corp. 87190J113 115000.00000000 NC 3596.12000000 0.007974036081 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased TDG Gold Corp TDG Gold Corp 1.00000000 0.42000000 CAD 2026-07-06 XXXX 3596.12000000 N N N Roscan Gold Corp 529900PPYSZDZGPLMU18 Roscan Gold Corp. N/A 1500000.00000000 NS 62541.26000000 0.138678982855 Long EC CORP CA N 1 N N N RTG Mining Inc N/A RTG Mining, Inc. N/A 3000000.00000000 NS 48365.27000000 0.107245144231 Long EC CORP VG N 2 N N N Minaurum Gold Inc 5299007YUI5DADC64V51 Minaurum Gold, Inc. N/A 1250000.00000000 NS 147666.86000000 0.327436478674 Long EC CORP CA N 1 N N N Revival Gold Inc 529900X2G2T7XSIDUH63 Revival Gold, Inc. N/A 1700000.00000000 NS 425280.57000000 0.943017087851 Long EC CORP CA N 1 N N N N/A N/A Newmont Corp. 43899QK13 85.00000000 NC USD 94350.00000000 0.209211679336 N/A DE CORP US N 1 The Options Clearing Corporation 549300CII6SLYGKNHA04 Call Purchased Newmont Corp Newmont Corp 100.00000000 45.00000000 USD 2027-01-19 XXXX 5661.61000000 N N N AuMega Metals Ltd 529900XG89DFWV81PF22 AuMega Metals, Ltd. N/A 1500000.00000000 NS 46905.94000000 0.104009226054 Long EC CORP AU N 1 N N N Solitario Resources Corp N/A Solitario Resources Corp. 8342EP107 300000.00000000 NS USD 180000.00000000 0.399131979655 Long EC CORP US N 1 N N N Atex Resources Inc N/A Atex Resources, Inc. N/A 100000.00000000 NS 154268.44000000 0.342074821420 Long EC CORP CA N 1 N N N Juno Corp N/A Juno Corp. N/A 200000.00000000 NS 347451.44000000 0.770438783786 Long EC CORP CA Y 3 N N N Revival Gold Inc N/A Revival Gold, Inc. BF5RGT1W3 50000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Revival Gold Inc Revival Gold Inc 1.00000000 0.45000000 CAD 2027-05-30 XXXX 0.00000000 N N N Kootenay Silver Inc N/A Kootenay Silver, Inc. N/A 64000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Kootenay Silver Inc Kootenay Silver Inc 1.00000000 1.68000000 CAD 2026-04-25 XXXX 0.00000000 N N N Sterling Metals Corp N/A Sterling Metals Corp. N/A 1000000.00000000 NC 0.01000000 0.000000022173 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased N/A N/A 1.00000000 2.50000000 CAD 2025-04-17 XXXX 0.01000000 N N N Kinross Gold Corp 549300UEBMAQDN0K0R06 Kinross Gold Corp. 496902404 15000.00000000 NS USD 189150.00000000 0.419421188621 Long EC CORP CA N 1 N N N Kootenay Silver Inc N/A Kootenay Silver, Inc. BR1YVC8W2 1250000.00000000 NC 0.01000000 0.000000022173 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Kootenay Silver Inc Kootenay Silver Inc 1.00000000 1.40000000 CAD 2026-05-24 XXXX 0.01000000 N N N N/A N/A Forward Currency Contract N/A 1.00000000 NC N/A 12440586.00000000 27.58575399033 N/A DFE N/A N 2 BROWN BROTHERS HARRIMAN & CO 5493006KMX1VFTPYPW14 17900000.00000000 CAD 12412755.00000000 USD 2025-04-03 -27830.00000000 N N N Royal Road Minerals Ltd 54930033JDODZL6J2G22 Royal Road Minerals, Ltd. N/A 1500000.00000000 NS 119870.75000000 0.265801387501 Long EC CORP JE N 1 N N N Nexoptic Technology Corp 529900HHVXUHPWU53I46 Nexoptic Technology Corp. N/A 12083.00000000 NS 83.97000000 0.000186195068 Long EC CORP CA Y 3 N N N TriStar Gold, Inc. 5299008HX5259QFD0E46 TriStar Gold, Inc. N/A 30100000.00000000 NS 3451235.19000000 7.652768520237 Long EC CORP CA N 1 N N N New Age Metals Inc 54930045Q4VKFAP8GW50 New Age Metals, Inc. N/A 35880.00000000 NS 3490.64000000 0.007740144741 Long EC CORP CA Y 1 N N N Maple Gold Mines Ltd 529900614R460CGCLU46 Maple Gold Mines, Ltd. N/A 1000000.00000000 NS 38219.66000000 0.084748269764 Long EC CORP CA N 1 N N N McFarlane Lake Mining Ltd N/A McFarlane Lake Mining, Ltd. N/A 2500000.00000000 NC 0.02000000 0.000000044347 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased McFarlane Lake Mining Ltd McFarlane Lake Mining Ltd 1.00000000 0.07000000 CAD 2025-05-01 XXXX -29304.60000000 N N N Scottie Resources Corp 549300ZRO5OWUZN7NZ11 Scottie Resources Corp. N/A 541666.00000000 NS 353820.95000000 0.784562534540 Long EC CORP CA N 1 N N N Sanu Gold Corp 984500BE5C9D66BEFC43 Sanu Gold Corp. N/A 2700000.00000000 NS 600396.09000000 1.331318222107 Long EC CORP CA N 3 N N N Silver Viper Minerals Corp 2549002690B71OC9TE07 Silver Viper Minerals Corp. N/A 300000.00000000 NS 63583.61000000 0.140990289627 Long EC CORP CA N 1 N N N Gold Terra Resource Corp 2549008SATATZ2JWM022 Gold Terra Resource Corp. N/A 3500000.00000000 NS 158090.41000000 0.350549657266 Long EC CORP CA N 1 N N N Southern Silver Exploration Co 529900VY7ZZW0FTRGM33 Southern Silver Exploration Corp. N/A 750000.00000000 NS 112053.09000000 0.248466509101 Long EC CORP CA N 1 N N N Aya Gold & Silver Inc 549300BWX8KJOTUL4M51 Aya Gold & Silver, Inc. N/A 65833.00000000 NS 508712.66000000 1.128019394787 Long EC CORP CA N 1 N N N Spartan Resources Ltd/Australi 98450001BN8677ED6066 Spartan Resources, Ltd./Australia N/A 175000.00000000 NS 208358.26000000 0.462013582174 Long EC CORP AU N 2 N N N Probe Gold Inc 549300KN4JVFBY70QS60 Probe Gold, Inc. N/A 325000.00000000 NS 440394.70000000 0.976531158005 Long EC CORP CA N 1 N N N Western Exploration Inc N/A Western Exploration, Inc. N/A 350000.00000000 NS 199437.13000000 0.442231869521 Long EC CORP CA N 1 N N N West Point Gold Corp 2549005S8H6WG1F3AJ62 West Point Gold Corp. N/A 950000.00000000 NS 300371.77000000 0.666044328849 Long EC CORP CA N 1 N N N Lahontan Gold Corp N/A Lahontan Gold Corp. N/A 3000000.00000000 NS 104235.43000000 0.231131630701 Long EC CORP CA N 1 N N N Borealis Mining Co Ltd N/A Borealis Mining Co., Ltd. N/A 93000.00000000 NS 39421.84000000 0.087413983560 Long EC CORP CA N 1 N N N Cassiar Gold Corp N/A Cassiar Gold Corp. BMDLN71W2 125000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased N/A N/A 1.00000000 0.70000000 CAD 2025-05-04 XXXX 0.00000000 N N N Seabridge Gold Inc 9845003FEO1A66376A92 Seabridge Gold, Inc. 811916105 20000.00000000 NS USD 233400.00000000 0.517541133620 Long EC CORP CA N 1 N N N Asante Gold Corp 529900F9PV1G9S5YD446 Asante Gold Corp. N/A 347000.00000000 NS 286946.25000000 0.636274582318 Long EC CORP CA N 3 N N N Erdene Resource Development Co 529900T4O899O2ZM8216 Erdene Resource Development Corp. N/A 400000.00000000 NS 211250.48000000 0.468426790475 Long EC CORP CA N 1 N N N Silver Viper Minerals Corp N/A Silver Viper Minerals Corp. N/A 500000.00000000 NC 0.01000000 0.000000022173 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Silver Viper Minerals Corp Silver Viper Minerals Corp 1.00000000 1.50000000 CAD 2027-04-12 XXXX 0.01000000 N N N Canex Metals, Inc. N/A Canex Metals, Inc. N/A 3250000.00000000 NS 124213.89000000 0.275431865647 Long EC CORP CA N 1 N N N Barksdale Resources Corp. N/A Barksdale Resources Corp. N/A 147500.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Barksdale Resources Corp Barksdale Resources Corp 1.00000000 0.60000000 CAD 2027-01-09 XXXX 0.00000000 N N N N/A N/A Forward Currency Contract N/A 1.00000000 NC N/A 6220293.00000000 13.79287699516 N/A DFE N/A N 2 BROWN BROTHERS HARRIMAN & CO 5493006KMX1VFTPYPW14 6278058.00000000 USD 8950000.00000000 CAD 2025-04-03 -57766.00000000 N N N Barrick Gold Corp N/A Barrick Gold Corp. 400991L60 225.00000000 NC USD 97875.00000000 0.217028013937 N/A DE CORP US N 1 The Options Clearing Corporation 549300CII6SLYGKNHA04 Call Purchased Barrick Gold Corp Barrick Gold Corp 100.00000000 18.00000000 USD 2027-01-19 XXXX 10708.50000000 N N N Barksdale Resources Corp. 549300JSC30UXM5OSU40 Barksdale Resources Corp. N/A 3570000.00000000 NS 285292.38000000 0.632607291167 Long EC CORP CA N 1 N N N Orsu Metals Corp. N/A Orsu Metals Corp. N/A 186922.00000000 NS 0.00000000 0.000000 Long EC CORP VG Y 3 N N N Orex Minerals Inc 254900KY6RXZB3WHZC13 Orex Minerals, Inc. N/A 700000.00000000 NS 76613.04000000 0.169881746236 Long EC CORP CA N 1 N N N Allegiant Gold Ltd N/A Allegiant Gold, Ltd. N/A 500000.00000000 NS 46905.94000000 0.104009226054 Long EC CORP CA N 1 N N N Callinex Mines Inc N/A Callinex Mines, Inc. N/A 50000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Callinex Mines Inc Callinex Mines Inc 1.00000000 2.00000000 CAD 2026-07-24 XXXX 0.00000000 N N N Vizsla Silver Corp 549300ADJF7HWIEDL366 Vizsla Silver Corp. N/A 862500.00000000 NS 1971873.81000000 4.372432763427 Long EC CORP CA N 1 N N N C3 Metals Inc N/A C3 Metals, Inc. N/A 115384.00000000 NS 52117.44000000 0.115565205565 Long EC CORP CA N 1 N N N Newcore Gold Ltd N/A Newcore Gold, Ltd. BMFBJN7W2 200000.00000000 NC 22236.89000000 0.049308077372 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Newcore Gold Ltd Newcore Gold Ltd 1.00000000 0.40000000 CAD 2025-09-26 XXXX 22236.89000000 N N N Adamera Minerals Corp 529900JJSQXUJKI78P19 Adamera Minerals Corp. N/A 1058954.00000000 NS 62548.97000000 0.138696079008 Long EC CORP CA N 1 N N N Orosur Mining Inc 213800CRYQM3M8G1OI19 Orosur Mining, Inc. N/A 1250000.00000000 NS 191098.29000000 0.423741326647 Long EC CORP CA N 1 N N N Caribbean Resources Corp N/A Caribbean Resources Corp. N/A 505453.00000000 NS 0.01000000 0.000000022173 Long EC CORP CA N 3 N N N Goldshore Resources Inc 98450058F667FEA56331 Goldshore Resources, Inc. N/A 2000000.00000000 NS 451686.88000000 1.001570436661 Long EC CORP CA N 1 N N N Tolu Minerals Ltd N/A Tolu Minerals, Ltd. N/A 2042000.00000000 NS 1162827.53000000 2.578453633596 Long EC CORP PG N 2 N N N Mene Inc N/A Mene, Inc. N/A 2115000.00000000 NS 205760.74000000 0.456253841620 Long EC CORP CA N 1 N N N Founders Metals Inc 984500F8843F89AC8H21 Founders Metals, Inc. N/A 350000.00000000 NS 1408220.70000000 3.122588421019 Long EC CORP CA N 1 N N N Aurion Resources Ltd 529900TLK415XYT5YM22 Aurion Resources, Ltd. N/A 400000.00000000 NS 197352.42000000 0.437609233802 Long EC CORP CA N 1 N N N Dryden Gold Corp N/A Dryden Gold Corp. N/A 1000000.00000000 NS 76439.32000000 0.169496539528 Long EC CORP CA N 1 N N N Western Exploration Inc N/A Western Exploration, Inc. N/A 50000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Western Exploration Inc Western Exploration Inc 1.00000000 2.15000000 CAD 2049-12-31 XXXX 0.00000000 N N N STLLR Gold Inc 254900DJACV32N4WRJ73 STLLR Gold, Inc. N/A 92000.00000000 NS 68406.24000000 0.151683988844 Long EC CORP CA N 1 N N N Arizona Metals Corp N/A Arizona Metals Corp. N/A 300000.00000000 NS 293943.92000000 0.651791214985 Long EC CORP CA N 1 N N N Renegade Gold Inc 98450082J1BD5CC59438 Renegade Gold, Inc. N/A 650000.00000000 NS 63236.16000000 0.140219854036 Long EC CORP CA N 1 N N N Southern Cross Gold Consolidat 2549004SP30Z0UWKH476 Southern Cross Gold Consolidated, Ltd. N/A 157756.00000000 NS 487831.69000000 1.081717934269 Long EC CORP CA N 1 N N N Gossan Resources Ltd 549300ICT0SQ86XQCV41 Gossan Resources, Ltd. N/A 1250000.00000000 NS 21715.72000000 0.048152435073 Long EC CORP CA N 1 N N N Belo Sun Mining Corp 529900ULB9RX8NM2PN76 Belo Sun Mining Corp. N/A 250000.00000000 NS 31270.63000000 0.069339491427 Long EC CORP CA N 1 N N N Denarius Metals Corp N/A Denarius Metals Corp. N/A 75000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased N/A N/A 1.00000000 0.60000000 CAD 2026-03-02 XXXX 0.00000000 N N N Radisson Mining Resources, Inc. 2549002XQYEDHG3FTL96 Radisson Mining Resources, Inc. N/A 8000000.00000000 NS 1778951.39000000 3.944646611124 Long EC CORP CA N 1 N N N Paramount Gold Nevada Corp 5493000CWEBEVDLIW256 Paramount Gold Nevada Corp. 69924M109 170000.00000000 NS USD 62900.00000000 0.139474452890 Long EC CORP US N 1 N N N Storm Exploration Inc 529900MLZUAM4ZY9KN74 Storm Exploration, Inc. N/A 537500.00000000 NS 13072.86000000 0.028987758286 Long EC CORP CA N 1 N N N InZinc Mining Ltd 529900SQMNKF5EXPGG60 InZinc Mining, Ltd. N/A 2000000.00000000 NS 38219.66000000 0.084748269764 Long EC CORP CA N 1 N N N Endeavour Silver Corp 549300IF2E29780PPV02 Endeavour Silver Corp. N/A 52500.00000000 NS 224001.95000000 0.496701898612 Long EC CORP CA N 1 N N N Brixton Metals Corp 254900N5DFREO3U52485 Brixton Metals Corp. N/A 2500000.00000000 NS 112921.72000000 0.250392609165 Long EC CORP CA N 1 N N N Omai Gold Mines Corp 254900GOHPZOKN6K3C88 Omai Gold Mines Corp. N/A 4750000.00000000 NS 1452347.03000000 3.220434140173 Long EC CORP CA N 1 N N N Larvotto Resources Ltd 98450066A2D7C0380238 Larvotto Resources, Ltd. N/A 500000.00000000 NS 300392.91000000 0.666091204682 Long EC CORP AU N 2 N N N African Gold Ltd 984500E8DA1DE9A0D939 African Gold, Ltd. N/A 750000.00000000 NS 45452.22000000 0.100785747490 Long EC CORP AU N 2 N N N Radius Gold Inc N/A Radius Gold, Inc. N/A 125000.00000000 NS 12595.11000000 0.027928395490 Long EC CORP CA Y 1 N N N Capitan Silver Corp N/A Capitan Silver Corp. N/A 1000000.00000000 NS 305757.27000000 0.677986135940 Long EC CORP CA N 1 N N N Radisson Mining Resources Inc. N/A Radisson Mining Resources, Inc. N/A 375000.00000000 NC 13029.43000000 0.028891456609 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Radisson Mining Resources Inc Radisson Mining Resources Inc 1.00000000 0.27000000 CAD 2025-11-17 XXXX 13029.43000000 N N N Black Cat Syndicate Ltd N/A Black Cat Syndicate, Ltd. N/A 2500000.00000000 NS 1520303.88000000 3.371121651683 Long EC CORP AU N 2 N N N Southern Silver Exploration Co N/A Southern Silver Exploration Corp. N/A 875000.00000000 NC 0.01000000 0.000000022173 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Southern Silver Exploration Co Southern Silver Exploration Corp 1.00000000 0.35000000 CAD 2025-08-14 XXXX -62611.49000000 N N N Taurus Gold, Ltd. N/A Taurus Gold, Ltd. N/A 2448381.00000000 NS USD 0.02000000 0.000000044347 Long EC CORP US Y 3 N N N Rua Gold Inc 894500I7AQ4P4EDAPF81 Rua Gold, Inc. N/A 250000.00000000 NS 105972.69000000 0.234983830828 Long EC CORP CA N 1 N N N NV Gold Corp 254900RF45UMS76CCO73 NV Gold Corp. N/A 100000.00000000 NS 13203.15000000 0.029276663317 Long EC CORP CA N 1 N N N Miata Metals Corp 984500ELQ9T8H1497788 Miata Metals Corp. N/A 350000.00000000 NS 286994.89000000 0.636382436649 Long EC CORP CA N 1 N N N Visionary Metals Corp 5299001W337801DZC196 Visionary Metals Corp. N/A 1500000.00000000 NS 57329.49000000 0.127122404646 Long EC CORP CA N 1 N N N Mammoth Resources Corp. N/A Mammoth Resources Corp. N/A 5500000.00000000 NS 76439.32000000 0.169496539528 Long EC CORP CA N 1 N N N Waraba Gold Ltd 549300HN92O436MPI730 Waraba Gold, Ltd. N/A 8200000.00000000 NS 56982.04000000 0.126351969055 Long EC CORP CA N 3 N N N Ivanhoe Mines Ltd 5299006XZISURYIA4G32 Ivanhoe Mines, Ltd. N/A 10000.00000000 NS 84917.13000000 0.188295234464 Long EC CORP CA N 1 N N N Newcore Gold Ltd 894500A52BE2PYANBI95 Newcore Gold, Ltd. N/A 400000.00000000 NS 155658.25000000 0.345156585957 Long EC CORP CA N 1 N N N Dryden Gold Corp N/A Dryden Gold Corp. N/A 500000.00000000 NC 0.01000000 0.000000022173 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Dryden Gold Corp Dryden Gold Corp 1.00000000 0.18000000 CAD 2026-10-02 XXXX 0.01000000 N N N Torex Gold Resources Inc 549300QL07027186GQ85 Torex Gold Resources, Inc. N/A 10000.00000000 NS 276918.80000000 0.614039715821 Long EC CORP CA N 1 N N N Summit Gold Ltd N/A Summit Gold, Ltd. N/A 10000.00000000 NS 0.00000000 0.000000 Long EC CORP AU N 3 N N N N/A N/A Forward Currency Contract N/A 1.00000000 NC N/A 156218.00000000 0.346397775543 N/A DFE N/A N 2 BROWN BROTHERS HARRIMAN & CO 5493006KMX1VFTPYPW14 158785.00000000 USD 250000.00000000 AUD 2025-04-04 -2567.00000000 N N N Loncor Gold Inc 984500A3C7E387C68B41 Loncor Gold, Inc. 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N/A 400000.00000000 NS 95201.70000000 0.211100238820 Long EC CORP CA N 1 N N N ARIS MINING CORP 5493001GJ5TILX6L1F82 Aris Mining Corp. N/A 645000.00000000 NC 264445.29000000 0.586380956157 N/A DE CORP CA N 1 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased N/A N/A 1.00000000 2.75000000 CAD 2025-07-29 XXXX 239804.43000000 N N N Vizsla Royalties Corp N/A Vizsla Royalties Corp. N/A 229115.00000000 NS 318425.35000000 0.706076335100 Long EC CORP CA N 1 N N N Cartier Resources Inc 529900UC5WFH8T7VID35 Cartier Resources, Inc. N/A 750000.00000000 NS 59935.37000000 0.132900682663 Long EC CORP CA N 1 N N N Ascot Resources Ltd 98450093855CEDA61B27 Ascot Resources, Ltd. N/A 6412.00000000 NS 490.13000000 0.001086814206 Long EC CORP CA Y 1 N N N Provenance Gold Corp N/A Provenance Gold Corp. N/A 192500.00000000 NS 24078.39000000 0.053391419264 Long EC CORP CA N 1 N N N CopperBank Resources Corp. N/A Faraday Copper Corp. N/A 43500.00000000 NS 25391.75000000 0.056303663580 Long EC CORP CA Y 3 N N N Minaurum Gold Inc N/A Minaurum Gold, Inc. B3K42Y0W2 250000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Minaurum Gold Inc Minaurum Gold Inc 1.00000000 0.34000000 CAD 2026-05-02 XXXX 0.00000000 N N N Agnico Eagle Mines Ltd 254900BFJ2DOHPMEXN45 Agnico Eagle Mines, Ltd. 008474108 2500.00000000 NS USD 271025.00000000 0.600970804368 Long EC CORP CA N 1 N N N Freegold Ventures Ltd 5493007YVOKHJP7J0X86 Freegold Ventures, Ltd. N/A 200000.00000000 NS 120913.10000000 0.268112694274 Long EC CORP CA N 1 N N N STLLR Gold Inc N/A STLLR Gold, Inc. BRK39Q6W2 21000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased STLLR Gold Inc STLLR Gold Inc 1.00000000 2.19000000 CAD 2027-12-31 XXXX 0.00000000 N N N Spartan Resources Ltd/Australi 98450001BN8677ED6066 Spartan Resources, Ltd./Australia N/A 87500.00000000 NS 104179.13000000 0.231006791087 Long EC CORP AU N 2 N N N McFarlane Lake Mining Ltd N/A McFarlane Lake Mining, Ltd. N/A 2500000.00000000 NS 86862.86000000 0.192609695946 Long EC CORP CA N 3 N N N GFG Resources Inc 529900J244O3CHY15G77 GFG Resources, Inc. N/A 4000000.00000000 NS 555922.31000000 1.232702067362 Long EC CORP CA N 1 N N N Kootenay Resources Inc N/A Kootenay Resources, Inc. N/A 40000.00000000 NS 1876.24000000 0.004160374363 Long EC CORP CA N 1 N N N Meeka Metals Ltd 529900KOA7NX3J2DL230 Meeka Metals, Ltd. N/A 2000000.00000000 NS 195506.83000000 0.433516822745 Long EC CORP AU N 2 N N N Alpha Exploration Ltd 254900LWGXN18OTF7397 Alpha Exploration, Ltd. N/A 500000.00000000 NS 243216.01000000 0.539307153085 Long EC CORP VG N 1 N N N Hayasa Metals Inc 529900CM5C70RNWV5S64 Hayasa Metals, Inc. N/A 400000.00000000 NS 20152.18000000 0.044685441654 Long EC CORP CA N 1 N N N Kenorland Minerals Ltd 2549002HI5ATMIG9UD65 Kenorland Minerals, Ltd. N/A 200000.00000000 NS 182064.56000000 0.403709934766 Long EC CORP CA N 1 N N N Troilus Gold Corp 529900ROF3ICFG84XJ17 Troilus Gold Corp. N/A 1000000.00000000 NS 316180.81000000 0.701099292358 Long EC CORP CA N 1 N N N Kesselrun Resources Ltd 5299007D0DU3WNT8A817 Kesselrun Resources, Ltd. N/A 5000000.00000000 NS 112921.72000000 0.250392609165 Long EC CORP CA N 1 N N N Westhaven Gold Corp 2549006LQ1TAHZLTOF64 Westhaven Gold Corp. N/A 1000000.00000000 NS 93811.89000000 0.208018474283 Long EC CORP CA N 1 N N N Awale Resources Ltd N/A Awale Resources, Ltd. N/A 925000.00000000 NS 311750.81000000 0.691276210859 Long EC CORP CA N 1 N N N 2025-05-27 US Global Investors Funds /s/ Karen Shaw Karen Shaw Treasurer XXXX