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      </invstOrSec>
      <invstOrSec>
        <name>Contango Silver &amp; Gold Inc</name>
        <lei>254900PFYX4KDRISX581</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Industrias Penoles SAB de CV</name>
        <lei>549300WA2HB7776CB324</lei>
        <title>Industrias Penoles SAB de CV</title>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp</title>
        <cusip>254677107</cusip>
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          <isin value="CA2546771072"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DPM Metals Inc</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DPM Metals Inc</title>
        <cusip>26139R109</cusip>
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          <isin value="CA26139R1091"/>
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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>DRDGOLD Ltd</name>
        <lei>529900Z0P3GRRN23MG34</lei>
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        <cusip>26152H301</cusip>
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          <isin value="US26152H3012"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eldorado Gold Corp</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp</title>
        <cusip>284902509</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endeavour Silver Corp</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>Endeavour Silver Corp</title>
        <cusip>29258Y103</cusip>
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          <isin value="CA29258Y1034"/>
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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>Equinox Gold Corp</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp</title>
        <cusip>29446Y502</cusip>
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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>First Majestic Silver Corp</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>First Majestic Silver Corp</title>
        <cusip>32076V103</cusip>
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          <isin value="CA32076V1031"/>
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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>Fortuna Mining Corp</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>Fortuna Mining Corp</title>
        <cusip>349942102</cusip>
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          <isin value="CA3499421020"/>
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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>Founders Metals Inc</name>
        <lei>984500F8843F89AC8H21</lei>
        <title>Founders Metals Inc</title>
        <cusip>350590105</cusip>
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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>Future Mineral Resources Inc</name>
        <lei>529900XNJXY9TXU14539</lei>
        <title>Future Mineral Resources Inc</title>
        <cusip>361155104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>G2 Goldfields Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>G Mining Ventures Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Galiano Gold Inc</name>
        <lei>529900V13XJFM0VPGC86</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>GoGold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
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        <name>Gold Royalty Corp</name>
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        <name>GoldMining Inc</name>
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        <name>Harmony Gold Mining Co Ltd</name>
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        <name>Hecla Mining Co</name>
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        <name>Hycroft Mining Holding Corp</name>
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        <name>i-80 Gold Corp</name>
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        <name>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp</title>
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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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        <name>Integra Resources Corp</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp</title>
        <cusip>45826T509</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Dakota Gold Corp</name>
        <lei>N/A</lei>
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        <cusip>46655E100</cusip>
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          <isin value="US46655E1001"/>
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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>
      <invstOrSec>
        <name>K92 Mining Inc</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining Inc</title>
        <cusip>499113108</cusip>
        <identifiers>
          <isin value="CA4991131083"/>
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        <balance>4775389.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Luca Mining Corp</name>
        <lei>875500QZ1JRZS7VYL982</lei>
        <title>Luca Mining Corp</title>
        <cusip>54929M106</cusip>
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          <isin value="CA54929M1068"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Lundin Gold Inc</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold Inc</title>
        <cusip>550371108</cusip>
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          <isin value="CA5503711080"/>
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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>
      <invstOrSec>
        <name>LunR Royalties Corp</name>
        <lei>529900Q168TQRO7FZ844</lei>
        <title>LunR Royalties Corp</title>
        <cusip>550428106</cusip>
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          <isin value="CA5504281067"/>
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        <balance>539423.00000000</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>
      <invstOrSec>
        <name>McEwen Inc</name>
        <lei>5493000FX50GEWAF3U70</lei>
        <title>McEwen Inc</title>
        <cusip>58039P305</cusip>
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          <isin value="US58039P3055"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metalla Royalty &amp; Streaming Ltd</name>
        <lei>549300RPR0O774QEKV20</lei>
        <title>Metalla Royalty &amp; Streaming Ltd</title>
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          <isin value="CA59124U6051"/>
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        <curCd>USD</curCd>
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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>Alkane Resources Ltd</name>
        <lei>529900R65IIVLPW4ZS42</lei>
        <title>Alkane Resources Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000ALK9"/>
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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>Emerald Resources NL</name>
        <lei>529900V79JFYUE9ZQB09</lei>
        <title>Emerald Resources NL</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000EMR4"/>
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        <balance>11394858.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montage Gold Corp</name>
        <lei>9845004C6BCE77ACA795</lei>
        <title>Montage Gold Corp</title>
        <cusip>61178L101</cusip>
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          <isin value="CA61178L1013"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pantoro Gold Ltd</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Gold Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000PNR8"/>
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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>St Barbara Ltd</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St Barbara Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000SBM8"/>
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        <balance>24176866.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Resolute Mining Ltd</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd</title>
        <cusip>000000000</cusip>
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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>New Found Gold Corp</name>
        <lei>98450056568BF2A90783</lei>
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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>Idaho Strategic Resources Inc</name>
        <lei>N/A</lei>
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        <cusip>645827205</cusip>
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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>Regis Resources Ltd</name>
        <lei>213800XH9YUXBLYBD749</lei>
        <title>Regis Resources Ltd</title>
        <cusip>000000000</cusip>
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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>Kingsgate Consolidated Ltd</name>
        <lei>529900B1W7D8DLEC7178</lei>
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        <cusip>000000000</cusip>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ramelius Resources Ltd</name>
        <lei>254900E44AIGW7KKNR98</lei>
        <title>Ramelius Resources Ltd</title>
        <cusip>000000000</cusip>
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        <invCountry>AU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J Resources Asia Pasific Tbk PT</name>
        <lei>25490003Y3RLRY1SBK15</lei>
        <title>J Resources Asia Pasific Tbk PT</title>
        <cusip>000000000</cusip>
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        <invCountry>ID</invCountry>
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      <invstOrSec>
        <name>NorthX Nickel Corp</name>
        <lei>9845003C01098TB36407</lei>
        <title>NorthX Nickel Corp</title>
        <cusip>66860Q102</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Novagold Resources Inc</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>Novagold Resources 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>OceanaGold Corp</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp</title>
        <cusip>675222400</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OR Royalties Inc</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OR Royalties Inc</title>
        <cusip>68390D106</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Orla Mining Ltd</name>
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      <invstOrSec>
        <name>Osisko Development Corp</name>
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        <name>Perpetua Resources Corp</name>
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        <name>SSR Mining Inc</name>
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        <name>Seabridge Gold Inc</name>
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        <name>Silvercorp Metals Inc</name>
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        <name>Skeena Resources Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Snowline Gold Corp</name>
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        <name>Southern Cross Gold Consolidated Ltd</name>
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        <name>Torex Gold Resources Inc</name>
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        <name>Triple Flag Precious Metals Corp</name>
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        <name>US Gold Corp</name>
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        <name>Victoria Gold Corp/Vancouver</name>
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        <name>Aurelia Metals Ltd</name>
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        <name>Perseus Mining Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>TR Anadolu Metal Madencilik Isletmeleri AS</name>
        <lei>789000DVKGVEC9701443</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TREKOZA00014"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Catalyst Metals Ltd</name>
        <lei>9845002GB72C3J4A3E64</lei>
        <title>Catalyst Metals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000CYL6"/>
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        <balance>5866601.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Hochschild Mining PLC</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B1FW5029"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Zhaojin Mining Industry Co Ltd</name>
        <lei>3003007KU2DRDX06PN04</lei>
        <title>Zhaojin Mining Industry Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="CNE1000004R6"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Genesis Minerals Ltd</name>
        <lei>894500AK5BVRCNP0FP48</lei>
        <title>Genesis Minerals Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000GMD9"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Turk Altin Isletmeleri AS</name>
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          <isin value="TREKOAL00014"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Predictive Discovery Ltd</name>
        <lei>529900NL3JLEV0OIIW58</lei>
        <title>Predictive Discovery Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000PDI8"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bumi Resources Minerals Tbk PT</name>
        <lei>529900KOJVEVTZ5IRE24</lei>
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          <isin value="ID1000117609"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNMC Goldmine Holdings Ltd</name>
        <lei>N/A</lei>
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          <isin value="SG2D72974892"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West African Resources Ltd</name>
        <lei>529900XLO8GMJNTUL013</lei>
        <title>West African Resources Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000WAF6"/>
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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>Antipa Minerals Ltd</name>
        <lei>N/A</lei>
        <title>Antipa Minerals Ltd</title>
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          <isin value="AU000000AZY0"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capricorn Metals Ltd</name>
        <lei>529900CRG304NUYMOV23</lei>
        <title>Capricorn Metals Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000CMM9"/>
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        <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>Tongguan Gold Group Ltd</name>
        <lei>9845000815X6E7NE0854</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Black Cat Syndicate 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>2</fairValLevel>
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      <invstOrSec>
        <name>Dateline Resources Ltd</name>
        <lei>984500BVA6B137844721</lei>
        <title>Dateline Resources Ltd</title>
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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>GT Gold Holdings Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ora Banda Mining Ltd</name>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Endeavour Mining PLC</name>
        <lei>529900NI5MXQ91GHXR07</lei>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Australian Strategic Materials Ltd</name>
        <lei>529900Q6OL8ZSIFGTI23</lei>
        <title>Australian Strategic Materials Ltd</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Archi Indonesia Tbk PT</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Meeka Metals Ltd</name>
        <lei>529900KOA7NX3J2DL230</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>Andean Silver Ltd</name>
        <lei>529900L4ISGTAPAUNP20</lei>
        <title>Andean Silver Ltd</title>
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        <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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        <name>Vault Minerals Ltd</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Vault Minerals Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU0000355588"/>
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        <balance>19900911.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greatland Resources Ltd</name>
        <lei>213800KQI75ZGE53GX44</lei>
        <title>Greatland Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000397705"/>
        </identifiers>
        <balance>11124397.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44341800"/>
        <valUSD>89212990.73000000</valUSD>
        <pctVal>1.260374591001</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>Chifeng Jilong Gold Mining Group Ltd</name>
        <lei>300300PUFBCIZ7STN538</lei>
        <title>Chifeng Jilong Gold Mining Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100006T51"/>
        </identifiers>
        <balance>5023400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>14903339.88000000</valUSD>
        <pctVal>0.210549951886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1673117.27285000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wanguo Gold Group Ltd</name>
        <lei>984500A4815DA9DE4623</lei>
        <title>Wanguo Gold Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG9430L1150"/>
        </identifiers>
        <balance>35274500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>35479443.45000000</valUSD>
        <pctVal>0.501243021462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2212782.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merdeka Gold Resources Tbk PT</name>
        <lei>9845009EA964BCACAK10</lei>
        <title>Merdeka Gold Resources Tbk PT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ID1000211600"/>
        </identifiers>
        <balance>136268500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880.00000000"/>
        <valUSD>42890519.52000000</valUSD>
        <pctVal>0.605944499287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westgold Resources Ltd</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
        <title>Westgold Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000WGX6"/>
        </identifiers>
        <balance>15587236.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44341800"/>
        <valUSD>51744755.84000000</valUSD>
        <pctVal>0.731034515765</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>State Street Global Advisors</name>
        <lei>5493008BJIBKQ5KTIF74</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
        <cusip>857492706</cusip>
        <identifiers>
          <isin value="US8574927062"/>
        </identifiers>
        <balance>74299065.80000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74299065.80000000</valUSD>
        <pctVal>1.049675096678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="74299065.80000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aura Minerals Inc</name>
        <lei>549300YIRI8PSDM2FV20</lei>
        <title>Aura Minerals Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VGG069731120"/>
        </identifiers>
        <balance>963847.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60674168.65000000</valUSD>
        <pctVal>0.857186603328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3473392.15000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Caledonia Mining Corp PLC</name>
        <lei>21380093ZBI4BFM75Y51</lei>
        <title>Caledonia Mining Corp PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00BF0XVB15"/>
        </identifiers>
        <balance>371676.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7099011.60000000</valUSD>
        <pctVal>0.100292723835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1421269.20000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>



    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>VanEck ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>James Parker</ncom:signature>
      <ncom:signerName>James Parker</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
