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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Laurentian Mountain Resources</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Geopacific Resources Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>South Pacific Metals Corp</name>
        <lei>9845009036F7F4558753</lei>
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          <isin value="CA83914U1049"/>
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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>Predictive Discovery Ltd</name>
        <lei>N/A</lei>
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          <isin value="AU000000PDI8"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silver Mountain Resources Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Silver Mountain Resources Inc</issuerName>
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      <invstOrSec>
        <name>Integra Resources Corp</name>
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          <isin value="CA45826T5098"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Red Pine Exploration Inc</name>
        <lei>529900U8LGGUG3E2NC68</lei>
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          <isin value="CA75686Y7028"/>
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        <balance>18945090.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gorilla Gold Mines Ltd</name>
        <lei>N/A</lei>
        <title>Gorilla Gold Mines, Ltd.</title>
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          <isin value="AU0000389389"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamos Gold Inc</name>
        <lei>549300TDOX73YGYXE959</lei>
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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>Agnico Eagle Mines Ltd</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines, Ltd.</title>
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          <isin value="CA0084741085"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>Discovery Silver Corp</name>
        <lei>N/A</lei>
        <title>Discovery Silver Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BND9899U"/>
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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>Americas Gold &amp; Silver Corp</name>
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        <title>Americas Gold &amp; Silver Corp.</title>
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          <isin value="CA03062D1006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wolfram Ltd</name>
        <lei>N/A</lei>
        <title>Wolfram, Ltd.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Sable Resources Ltd</name>
        <lei>3912006PLR1HF7YCRK43</lei>
        <title>Sable Resources, Ltd.</title>
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        <balance>26160000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Pacific Mining Corp</name>
        <lei>5493007S3WLRTQ5XL220</lei>
        <title>American Pacific Mining Corp. 144A</title>
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          <isin value="CA0287912004"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Endeavour Mining PLC</name>
        <lei>529900NI5MXQ91GHXR07</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Robex Resources Inc</name>
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        <name>Prime Mining Corp</name>
        <lei>5493006KEVX2PYRAXX06</lei>
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      <invstOrSec>
        <name>GoGold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</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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      <invstOrSec>
        <name>Bunker Hill Mining Corp</name>
        <lei>N/A</lei>
        <title>Bunker Hill Mining Corp.</title>
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        <balance>1250000.00000000</balance>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Bellavista Resources Ltd</name>
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        <name>Liberty Gold Corp</name>
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        <name>Laurentian Mountain Resources</name>
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        <name>i-80 Gold Corp</name>
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              <title>i-80 Gold Corp</title>
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        <name>Desert Gold Ventures Inc</name>
        <lei>549300MQKAYD1XTYMJ96</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lithium Africa Resources Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>G Mining Ventures Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Integra Resources Corp</name>
        <lei>N/A</lei>
        <title>Integra Resources Corp.</title>
        <cusip>BRK42Y8U2</cusip>
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          <ticker value="ITR CN"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fuerte Metals Corp</name>
        <lei>N/A</lei>
        <title>Fuerte Metals Corp.</title>
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          <isin value="CA35958L1013"/>
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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>SUA Holdings Ltd</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Bendito Resources Inc</name>
        <lei>N/A</lei>
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          <other otherDesc="Primary Identifier" value="BENTEMPCV"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Bendito Resources Inc</title>
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          <currencyInfos>
            <currencyInfo convRatio="0.88" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>Lahontan Gold Corp</name>
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          <other otherDesc="Primary Identifier" value="BLPP0T5W3"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Silver Tiger Metals Inc</name>
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          <isin value="CA82831T1093"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lithium Africa Resources Corp</name>
        <lei>N/A</lei>
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          <other otherDesc="Primary Identifier" value="LITAF01"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Newcore Gold Ltd</name>
        <lei>894500A52BE2PYANBI95</lei>
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          <isin value="CA65118M1032"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FireFly Metals Ltd</name>
        <lei>N/A</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pan Global Resources Inc</name>
        <lei>54930008OSFWQ6KCRG64</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <name>Federated Hermes U.S. Treasury Cash Reserves - Institutional Shares</name>
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          <ticker value="UTIXX"/>
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        <name>Bunker Hill Mining Corp</name>
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        <name>Ridgeline Minerals Corp</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>San Cristobal Mining Inc</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Magna Mining Inc</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
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              <title>Magna Mining Inc</title>
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      <invstOrSec>
        <name>Robex Resources Inc</name>
        <lei>N/A</lei>
        <title>Robex Resources, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Midas Minerals Ltd</name>
        <lei>N/A</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atex Resources Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Bendito Resources Inc</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Americas Gold &amp; Silver Corp</name>
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          <isin value="CA03062D1006"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Newcore Gold Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
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          <isin value="CA2546771072"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Westgold Resources Ltd</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
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          <isin value="AU000000WGX6"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Robex Resources Inc</name>
        <lei>529900UBILRW1I57HF58</lei>
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          <isin value="CA76125Y6001"/>
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        <balance>8900000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cygnus Metals Ltd</name>
        <lei>N/A</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Culico Metals Inc</name>
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          <isin value="CA22989Q1019"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Westhaven Gold Corp</name>
        <lei>2549006LQ1TAHZLTOF64</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Probe Gold Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Barton Gold Holdings Ltd</name>
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        <name>Integra Resources Corp</name>
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        <name>Emerita Resources Corp</name>
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        <name>Bellevue Gold Ltd</name>
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        <name>Andean Precious Metals Corp</name>
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        <name>Pan American Silver Corp</name>
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        <name>Evolve Strategic Element Royalties Ltd</name>
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        <name>Lithium Africa Resources Corp</name>
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      <invstOrSec>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Guanajuato Silver Co Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atex Resources Inc</name>
        <lei>N/A</lei>
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          <isin value="CA04681A1057"/>
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      <invstOrSec>
        <name>Lotus Gold Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Emerald Resources NL</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Orla Mining Ltd</name>
        <lei>529900DU63EUQ1UZKL30</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bellavista Resources Ltd</name>
        <lei>N/A</lei>
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          <other otherDesc="Primary Identifier" value="BNNFYB1U2"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Anglogold Ashanti Plc</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lahontan Gold Corp</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Calibre Mining Corp</name>
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      <invstOrSec>
        <name>Max Resource Corp</name>
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        <name>Talisker Resources Ltd</name>
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        <name>Thesis Gold Inc</name>
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        <name>South Pacific Metals Corp</name>
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      <invstOrSec>
        <name>B2Gold Corp</name>
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      <invstOrSec>
        <name>Orla Mining Ltd</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Orla Mining Ltd</name>
              <title>Orla Mining Ltd</title>
              <curCd>CAD</curCd>
              <identifiers>
                <cusip value="68634K106"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="0.66" curCd="CAD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prime Mining Corp</name>
        <lei>N/A</lei>
        <title>Prime Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BKTTMM3WT"/>
        </identifiers>
        <balance>920000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>321783.80000000</valUSD>
        <pctVal>0.048521445763</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>The Depository Trust &amp; Clearing Corporation</counterpartyName>
              <counterpartyLei>MLDY5N6PZ58ZE60QU102</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Prime Mining Corp</issuerName>
                <issueTitle>Prime Mining Corp</issueTitle>
                <identifiers>
                  <isin value="CA74167M1059"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>1.10000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2025-06-10</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>301193.70000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huntsman Exploration Inc</name>
        <lei>5299007I4RDS7RZ1TA02</lei>
        <title>Huntsman Exploration, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA44702L2012"/>
        </identifiers>
        <balance>617500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>47245.60000000</valUSD>
        <pctVal>0.007124115067</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>G2 Goldfields Inc</name>
        <lei>N/A</lei>
        <title>G2 Goldfields, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA36256R1055"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>6732976.28000000</valUSD>
        <pctVal>1.015258516433</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>Gold Fields Ltd</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields, Ltd. ADR</title>
        <cusip>38059T106</cusip>
        <identifiers>
          <isin value="US38059T1060"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11500000.00000000</valUSD>
        <pctVal>1.734073083498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lotus Gold Corp</name>
        <lei>N/A</lei>
        <title>Lotus Gold Corp. 144A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="LOTTEMP"/>
        </identifiers>
        <balance>5912500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>2154151.64000000</valUSD>
        <pctVal>0.324822293625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lithium Africa Resources Corp</name>
        <lei>N/A</lei>
        <title>Lithium Africa Resources Corp. 144A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="LITAF02"/>
        </identifiers>
        <balance>61100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>1246620.76000000</valUSD>
        <pctVal>0.187976652630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silver Mountain Resources Inc</name>
        <lei>N/A</lei>
        <title>Silver Mountain Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8280425072"/>
        </identifiers>
        <balance>866666.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>347335.81000000</valUSD>
        <pctVal>0.052374406874</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>San Cristobal Mining Inc</name>
        <lei>N/A</lei>
        <title>San Cristobal Mining, Inc. 144A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="SANCRIST"/>
        </identifiers>
        <balance>2583332.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30999984.00000000</valUSD>
        <pctVal>4.674455464633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FireFly Metals Ltd</name>
        <lei>N/A</lei>
        <title>FireFly Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
        </identifiers>
        <balance>7258781.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55135000"/>
        <valUSD>5100120.08000000</valUSD>
        <pctVal>0.769041822029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cygnus Gold Ltd</name>
        <lei>N/A</lei>
        <title>Cygnus Gold, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFDB769U5"/>
        </identifiers>
        <balance>2806674.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55135000"/>
        <valUSD>155589.62000000</valUSD>
        <pctVal>0.023461197575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thesis Gold Inc</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8839301097"/>
        </identifiers>
        <balance>13198758.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>10867924.76000000</valUSD>
        <pctVal>1.638763113026</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>Angel Wing Metals Inc</name>
        <lei>N/A</lei>
        <title>Angel Wing Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA03464G2062"/>
        </identifiers>
        <balance>4650000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>101650.45000000</valUSD>
        <pctVal>0.015327766023</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>Lotus Gold Corp</name>
        <lei>N/A</lei>
        <title>Lotus Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="LOTTEMPW2"/>
        </identifiers>
        <balance>506250.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>0.01000000</valUSD>
        <pctVal>0.000000001507</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>The Depository Trust &amp; Clearing Corporation</counterpartyName>
              <counterpartyLei>MLDY5N6PZ58ZE60QU102</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Lotus Gold Corp</issuerName>
                <issueTitle>Lotus Gold Corp. 144A</issueTitle>
                <identifiers>
                  <other otherDesc="Sedol" value="LOTTEMP"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>0.75000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2025-12-08</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3719.82000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Integra Resources Corp</name>
        <lei>N/A</lei>
        <title>Integra Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BRK42Y8W2"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>220424.82000000</valUSD>
        <pctVal>0.033237630199</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>The Depository Trust &amp; Clearing Corporation</counterpartyName>
              <counterpartyLei>MLDY5N6PZ58ZE60QU102</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Primary Identifier" value="BRK42Y8"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>1.20000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2027-03-13</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>191869.29000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-28</ncom:dateSigned>
      <ncom:nameOfApplicant>ASA Gold &amp; Precious Metals Ltd</ncom:nameOfApplicant>
      <ncom:signature>/s/ Karen Shaw</ncom:signature>
      <ncom:signerName>Karen Shaw</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
