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      <invstOrSec>
        <name>Maverix Metals Inc</name>
        <lei>549300CPYYBEBU8HQN80</lei>
        <title>Maverix Metals Inc</title>
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          <isin value="CA57776F4050"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Silver Mines Ltd</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>Silver Mines Ltd</title>
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          <isin value="AU000000SVL8"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>5493008BJIBKQ5KTIF74</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
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          <isin value="US8574927062"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evolution Mining Ltd</name>
        <lei>254900BCFW5QO5LW8F27</lei>
        <title>Evolution Mining Ltd</title>
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          <isin value="AU000000EVN4"/>
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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>GCM Mining Corp</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>GCM Mining Corp</title>
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          <isin value="CA36168L1058"/>
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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>Alkane Resources Ltd</name>
        <lei>529900R65IIVLPW4ZS42</lei>
        <title>Alkane 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>Aura Minerals Inc</name>
        <lei>549300YIRI8PSDM2FV20</lei>
        <title>Aura Minerals Inc</title>
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          <isin value="BRAURABDR001"/>
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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prime Mining Corp</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp</title>
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          <isin value="CA74167M1059"/>
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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>McEwen Mining Inc</name>
        <lei>5493000FX50GEWAF3U70</lei>
        <title>McEwen Mining Inc</title>
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          <isin value="US58039P1075"/>
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        <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>Firefinch Ltd</name>
        <lei>52990065EGEF8FEI8S51</lei>
        <title>Firefinch 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>West African Resources Ltd</name>
        <lei>529900XLO8GMJNTUL013</lei>
        <title>West African 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>Fortuna Silver Mines Inc</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>Fortuna Silver Mines 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>Kinross Gold Corp</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SSR Mining Inc</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>K92 Mining Inc</name>
        <lei>254900EA8H0X9FEVZU11</lei>
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      <invstOrSec>
        <name>Centamin PLC</name>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
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        <name>Orla Mining Ltd</name>
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        <name>Bumi Resources Minerals Tbk PT</name>
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      <invstOrSec>
        <name>OceanaGold Corp</name>
        <lei>549300CBMSE8I9N3E232</lei>
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        <name>Novagold Resources Inc</name>
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        <name>Silvercorp Metals Inc</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>Silvercorp Metals Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hochschild Mining PLC</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining PLC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gold Road Resources Ltd</name>
        <lei>213800HJWH96TDEMNY83</lei>
        <title>Gold Road Resources Ltd</title>
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      <invstOrSec>
        <name>UNTRADE.REALGOLD MINING</name>
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      <invstOrSec>
        <name>Endeavour Silver Corp</name>
        <lei>549300IF2E29780PPV02</lei>
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      <invstOrSec>
        <name>Wesdome Gold Mines Ltd</name>
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      <invstOrSec>
        <name>Victoria Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cia de Minas Buenaventura SAA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Americas Gold &amp; Silver Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gold Resource Corp</name>
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      <invstOrSec>
        <name>Westgold Resources Ltd</name>
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      <invstOrSec>
        <name>New Found Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Coeur Mining Inc</name>
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        <name>Harmony Gold Mining Co Ltd</name>
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        <name>Ramelius Resources Ltd</name>
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        <name>Liberty Gold Corp</name>
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        <name>Arizona Metals Corp</name>
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        <name>Dakota Gold Corp</name>
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        <name>Aurelia Metals Ltd</name>
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        <name>Dundee Precious Metals Inc</name>
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        <name>Calibre Mining Corp</name>
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        <name>Alamos Gold Inc</name>
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        <name>Seabridge Gold Inc</name>
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        <name>Alexco Resource Corp</name>
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        <name>Perseus Mining Ltd</name>
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        <name>Eldorado Gold Corp</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Red 5 Ltd</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Red 5 Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000RED3"/>
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        <balance>77854902.00000000</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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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osisko Mining Inc</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining Inc</title>
        <cusip>688281104</cusip>
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          <isin value="CA6882811046"/>
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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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          <loanByFundCondition isLoanByFund="Y" loanVal="30458.85540000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Great Panther Mining Ltd</name>
        <lei>549300PO9D74E3VD7K26</lei>
        <title>Great Panther Mining Ltd</title>
        <cusip>39115V101</cusip>
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          <isin value="CA39115V1013"/>
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        <balance>20504237.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2530222.85000000</valUSD>
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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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          <loanByFundCondition isLoanByFund="Y" loanVal="32602.28000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Regis Resources Ltd</name>
        <lei>213800XH9YUXBLYBD749</lei>
        <title>Regis Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000RRL8"/>
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        <balance>28972138.00000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="6299475.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>De Grey Mining Ltd</name>
        <lei>529900MOX6JOKGFAYY28</lei>
        <title>De Grey Mining Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000DEG6"/>
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        <balance>46548620.00000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="69993.87633000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>St Barbara Ltd</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St Barbara Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000SBM8"/>
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        <balance>30915695.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>i-80 Gold Corp</name>
        <lei>549300LFFIWIGUEXPK11</lei>
        <title>i-80 Gold Corp</title>
        <cusip>44955L106</cusip>
        <identifiers>
          <isin value="CA44955L1067"/>
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        <balance>5953889.00000000</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>
      <invstOrSec>
        <name>Wallbridge Mining Co Ltd</name>
        <lei>529900673NYHGC8RMA88</lei>
        <title>Wallbridge Mining Co Ltd</title>
        <cusip>932397102</cusip>
        <identifiers>
          <isin value="CA9323971023"/>
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        <balance>29582989.00000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="1567430.83211200"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Lundin Gold Inc</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold Inc</title>
        <cusip>550371108</cusip>
        <identifiers>
          <isin value="CA5503711080"/>
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        <balance>3999244.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1080541.64473200"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Dacian Gold Ltd</name>
        <lei>213800ENTL8AJ6YPZX87</lei>
        <title>Dacian Gold Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000DCN6"/>
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        <balance>38487409.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.45422800"/>
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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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          <loanByFundCondition isLoanByFund="Y" loanVal="392175.00000000"/>
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      <invstOrSec>
        <name>Aya Gold &amp; Silver Inc</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver Inc</title>
        <cusip>05466C109</cusip>
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          <isin value="CA05466C1095"/>
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        <balance>4130873.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="37123.91640000"/>
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      <invstOrSec>
        <name>Bellevue Gold Ltd</name>
        <lei>N/A</lei>
        <title>Bellevue Gold Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000019374"/>
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        <balance>32575358.00000000</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>
        <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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        <balance>10486047.00000000</balance>
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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>Osisko Gold Royalties Ltd</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties Ltd</title>
        <cusip>68827L101</cusip>
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          <isin value="CA68827L1013"/>
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        <balance>4850103.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Gold Inc</name>
        <lei>5493005G0GNCHP0H6L96</lei>
        <title>New Gold Inc</title>
        <cusip>644535106</cusip>
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        <balance>25851507.00000000</balance>
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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>Fresnillo PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>Fresnillo PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B2QPKJ12"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hecla Mining Co</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>Hecla Mining Co</title>
        <cusip>422704106</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gatos Silver Inc</name>
        <lei>N/A</lei>
        <title>Gatos Silver Inc</title>
        <cusip>368036109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New Pacific Metals Corp</name>
        <lei>549300TC0CSHP59S8103</lei>
        <title>New Pacific Metals Corp</title>
        <cusip>64782A107</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>Torex Gold Resources Inc</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources Inc</title>
        <cusip>891054603</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kingsgate Consolidated Ltd</name>
        <lei>529900B1W7D8DLEC7178</lei>
        <title>Kingsgate Consolidated 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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      <invstOrSec>
        <name>Greatland Gold PLC</name>
        <lei>213800KMN7LDF4VRPQ10</lei>
        <title>Greatland Gold PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B15XDH89"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Koza Altin Isletmeleri AS</name>
        <lei>N/A</lei>
        <title>Koza Altin Isletmeleri AS</title>
        <cusip>000000000</cusip>
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          <isin value="TREKOAL00014"/>
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        <payoffProfile>Long</payoffProfile>
        <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>
        <name>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
        </identifiers>
        <balance>36449014.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>123562157.46000000</valUSD>
        <pctVal>3.702293855552</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>Equinox Gold Corp</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
        </identifiers>
        <balance>12239773.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54344592.12000000</valUSD>
        <pctVal>1.628327423414</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="5235648.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>9205615.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181074447.05000000</valUSD>
        <pctVal>5.425535022143</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1032655.33000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capricorn Metals Ltd</name>
        <lei>529900CRG304NUYMOV23</lei>
        <title>Capricorn Metals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000CMM9"/>
        </identifiers>
        <balance>13721500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.45422800"/>
        <valUSD>29612251.71000000</valUSD>
        <pctVal>0.887272121243</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>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
        </identifiers>
        <balance>17916680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28845854.80000000</valUSD>
        <pctVal>0.864308564851</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>First Majestic Silver Corp</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>First Majestic Silver Corp</title>
        <cusip>32076V103</cusip>
        <identifiers>
          <isin value="CA32076V1031"/>
        </identifiers>
        <balance>10089313.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72441267.34000000</valUSD>
        <pctVal>2.170558239468</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="29489696.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SilverCrest Metals Inc</name>
        <lei>549300M4CUMXUHSXYQ10</lei>
        <title>SilverCrest Metals Inc</title>
        <cusip>828363101</cusip>
        <identifiers>
          <isin value="CA8283631015"/>
        </identifiers>
        <balance>5530207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33789564.77000000</valUSD>
        <pctVal>1.012436983955</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="16316034.02000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sabina Gold &amp; Silver Corp</name>
        <lei>529900MU3GT5P0ZH7V65</lei>
        <title>Sabina Gold &amp; Silver Corp</title>
        <cusip>785246109</cusip>
        <identifiers>
          <isin value="CA7852461093"/>
        </identifiers>
        <balance>19459736.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28995000"/>
        <valUSD>15990790.46000000</valUSD>
        <pctVal>0.479132175113</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="899345.95096500"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novo Resources Corp</name>
        <lei>N/A</lei>
        <title>Novo Resources Corp</title>
        <cusip>67010B102</cusip>
        <identifiers>
          <isin value="CA67010B1022"/>
        </identifiers>
        <balance>9798889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28995000"/>
        <valUSD>3342386.26000000</valUSD>
        <pctVal>0.100147944707</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="215782.34687800"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Skeena Resources Ltd</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd</title>
        <cusip>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
        </identifiers>
        <balance>2069435.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28995000"/>
        <valUSD>10909072.44000000</valUSD>
        <pctVal>0.326868619767</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="192937.70520000"/>
        </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>424011.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4642920.45000000</valUSD>
        <pctVal>0.139115860447</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="41610.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sandstorm Gold Ltd</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold Ltd</title>
        <cusip>80013R206</cusip>
        <identifiers>
          <isin value="CA80013R2063"/>
        </identifiers>
        <balance>8405935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50015313.25000000</valUSD>
        <pctVal>1.498609207992</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>Galiano Gold Inc</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>Galiano Gold Inc</title>
        <cusip>36352H100</cusip>
        <identifiers>
          <isin value="CA36352H1001"/>
        </identifiers>
        <balance>6011340.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2416558.68000000</valUSD>
        <pctVal>0.072407365948</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="6472.20000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Artemis Gold Inc</name>
        <lei>N/A</lei>
        <title>Artemis Gold Inc</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
        </identifiers>
        <balance>5012452.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28995000"/>
        <valUSD>21294032.30000000</valUSD>
        <pctVal>0.638033250348</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="49759.48285100"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silver Lake Resources Ltd</name>
        <lei>254900Z1BWS584OIKJ61</lei>
        <title>Silver Lake Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000SLR6"/>
        </identifiers>
        <balance>38416352.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.45422800"/>
        <valUSD>31812839.80000000</valUSD>
        <pctVal>0.953208358775</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="107764.04823100"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Argonaut Gold Inc</name>
        <lei>54930043XCKI4E8EQR38</lei>
        <title>Argonaut Gold Inc</title>
        <cusip>04016A101</cusip>
        <identifiers>
          <isin value="CA04016A1012"/>
        </identifiers>
        <balance>11257211.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28995000"/>
        <valUSD>3927086.28000000</valUSD>
        <pctVal>0.117667315815</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="3703756.29976500"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Karora Resources Inc</name>
        <lei>549300S6PWY0YYVHMC70</lei>
        <title>Karora Resources Inc</title>
        <cusip>48575L206</cusip>
        <identifiers>
          <isin value="CA48575L2066"/>
        </identifiers>
        <balance>6035088.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28995000"/>
        <valUSD>15532766.51000000</valUSD>
        <pctVal>0.465408400046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <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>2022-07-27</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>
