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        <name>ENDEAVOUR SILVER CORP.</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>ENDEAVOUR SILVER CORP COMMON STOCK</title>
        <cusip>29258Y103</cusip>
        <identifiers>
          <isin value="CA29258Y1034"/>
        </identifiers>
        <balance>5321842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21021275.90000000</valUSD>
        <pctVal>1.774647987152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1255632"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Triple Flag Precious Metals Corp.</name>
        <lei>254900R7NJ1TEYIM4E61</lei>
        <title>TRIPLE FLAG PRECIOUS MET COMMON STOCK</title>
        <cusip>89679M104</cusip>
        <identifiers>
          <isin value="CA89679M1041"/>
        </identifiers>
        <balance>1354558.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>21736528.86000000</valUSD>
        <pctVal>1.835030726611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRESNILLO PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>FRESNILLO PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
        </identifiers>
        <balance>3825375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80480000"/>
        <valUSD>33082268.89000000</valUSD>
        <pctVal>2.792855304090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COEUR MINING, INC.</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC COMMON STOCK</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
        </identifiers>
        <balance>8545990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56403534.00000000</valUSD>
        <pctVal>4.761671867945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guanajuato Silver Company Ltd</name>
        <lei>549300C1VGZKX7N1GH74</lei>
        <title>GUANAJUATO SILVER CO LTD COMMON STOCK</title>
        <cusip>40066W106</cusip>
        <identifiers>
          <isin value="CA40066W1068"/>
        </identifiers>
        <balance>8136748.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>1123666.22000000</valUSD>
        <pctVal>0.094861606167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILVERCREST METALS INC.</name>
        <lei>549300M4CUMXUHSXYQ10</lei>
        <title>SILVERCREST METALS INC COMMON STOCK</title>
        <cusip>828363101</cusip>
        <identifiers>
          <isin value="CA8283631015"/>
        </identifiers>
        <balance>3155830.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>33187150.63000000</valUSD>
        <pctVal>2.801709579618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dolly Varden Silver Corp</name>
        <lei>2549007A2MNBXFD0FU11</lei>
        <title>DOLLY VARDEN SILVER LTD COMMON STOCK</title>
        <cusip>256827205</cusip>
        <identifiers>
          <isin value="CA2568272058"/>
        </identifiers>
        <balance>3699313.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>2579876.49000000</valUSD>
        <pctVal>0.217797085289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="15588.63"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSR MINING INC.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COMMON STOCK</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
        </identifiers>
        <balance>4343812.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34880810.36000000</valUSD>
        <pctVal>2.944690902211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP COMMON STOCK</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>7344011.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>170454495.31000000</valUSD>
        <pctVal>14.39002696324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REDEVANCES AURIFERES OSISKO LTEE</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OSISKO GOLD ROYALTIES LTD COMMON STOCK</title>
        <cusip>68827L101</cusip>
        <identifiers>
          <isin value="CA68827L1013"/>
        </identifiers>
        <balance>2939800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>54563662.35000000</valUSD>
        <pctVal>4.606347113358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>DISCOVERY SILVER CORP COMMON STOCK</title>
        <cusip>254677107</cusip>
        <identifiers>
          <isin value="CA2546771072"/>
        </identifiers>
        <balance>6413484.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>6819793.10000000</valUSD>
        <pctVal>0.575737274715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="530862.91"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aftermath Silver Ltd</name>
        <lei>529900FSCUB83APG5666</lei>
        <title>AFTERMATH SILVER LTD COMMON STOCK</title>
        <cusip>00831V205</cusip>
        <identifiers>
          <isin value="CA00831V2057"/>
        </identifiers>
        <balance>3707624.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>1408039.50000000</valUSD>
        <pctVal>0.118868829674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="31696.65"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Resource Corp</name>
        <lei>5299006MQBYLDAOI2D32</lei>
        <title>GOLD RESOURCE CORP COMMON STOCK</title>
        <cusip>38068T105</cusip>
        <identifiers>
          <isin value="US38068T1051"/>
        </identifiers>
        <balance>1887742.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>653536.28000000</valUSD>
        <pctVal>0.055172523749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adriatic Metals PLC</name>
        <lei>549300OHAH2GL1DP0L61</lei>
        <title>ADRIATIC METALS PLC-CDI DEPOSITARY RECEIPT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000004772"/>
        </identifiers>
        <balance>5855939.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60321000"/>
        <valUSD>15194956.52000000</valUSD>
        <pctVal>1.282781270335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="9213558.46"/>
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      </invstOrSec>
      <invstOrSec>
        <name>McEwen Mining Inc.</name>
        <lei>5493000FX50GEWAF3U70</lei>
        <title>MCEWEN MINING INC COMMON STOCK</title>
        <cusip>58039P305</cusip>
        <identifiers>
          <isin value="US58039P3055"/>
        </identifiers>
        <balance>950489.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7832029.36000000</valUSD>
        <pctVal>0.661191794692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</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 COMMON STOCK</title>
        <cusip>32076V103</cusip>
        <identifiers>
          <isin value="CA32076V1031"/>
        </identifiers>
        <balance>6366565.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>36399211.60000000</valUSD>
        <pctVal>3.072876637324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="9197479.81"/>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST MAJESTIC SILVER CORP.</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>FIRST MAJESTIC SILVER CORP COMMON STOCK</title>
        <cusip>32076V103</cusip>
        <identifiers>
          <isin value="CA32076V1031"/>
        </identifiers>
        <balance>89250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>508725.00000000</valUSD>
        <pctVal>0.042947335906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HOCHSCHILD MINING PLC</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>HOCHSCHILD MINING PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FW5029"/>
        </identifiers>
        <balance>6698220.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80480000"/>
        <valUSD>14648194.83000000</valUSD>
        <pctVal>1.236622819382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KOREA ZINC INC</name>
        <lei>988400D0HSQUB1I1VO41</lei>
        <title>KOREA ZINC CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7010130003"/>
        </identifiers>
        <balance>173842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1453.00000000"/>
        <valUSD>98586240.88000000</valUSD>
        <pctVal>8.322799946628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GoGold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GOGOLD RESOURCES INC COMMON STOCK</title>
        <cusip>38045Y102</cusip>
        <identifiers>
          <isin value="CA38045Y1025"/>
        </identifiers>
        <balance>6417766.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>6824346.38000000</valUSD>
        <pctVal>0.576121669517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>AbraSilver Resource Corp</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>ABRASILVER RESOURCE CORP COMMON STOCK</title>
        <cusip>00379L304</cusip>
        <identifiers>
          <isin value="CA00379L3048"/>
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        <balance>2565542.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>5190428.49000000</valUSD>
        <pctVal>0.438183843647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="572499.22"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Aya Or &amp; Argent Inc.</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>AYA GOLD &amp; SILVER INC COMMON STOCK</title>
        <cusip>05466C109</cusip>
        <identifiers>
          <isin value="CA05466C1095"/>
        </identifiers>
        <balance>2476755.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>19974796.06000000</valUSD>
        <pctVal>1.686302572226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12251483.29"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prime Mining Corp</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>PRIME MINING CORP COMMON STOCK</title>
        <cusip>74167M105</cusip>
        <identifiers>
          <isin value="CA74167M1059"/>
        </identifiers>
        <balance>2335306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>2902503.57000000</valUSD>
        <pctVal>0.245033752599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Silver Corp</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>VIZSLA SILVER CORP COMMON STOCK</title>
        <cusip>92859G608</cusip>
        <identifiers>
          <isin value="CA92859G6085"/>
        </identifiers>
        <balance>4980443.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>10213648.00000000</valUSD>
        <pctVal>0.862251651655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Pacific Metals Corp</name>
        <lei>549300TC0CSHP59S8103</lei>
        <title>NEW PACIFIC METALS CORP COMMON STOCK</title>
        <cusip>64782A107</cusip>
        <identifiers>
          <isin value="CA64782A1075"/>
        </identifiers>
        <balance>1949406.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>2409416.01000000</valUSD>
        <pctVal>0.203406553089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="94075"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTUNA MINING CORP.</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>FORTUNA MINING CORP COMMON STOCK</title>
        <cusip>349942102</cusip>
        <identifiers>
          <isin value="CA3499421020"/>
        </identifiers>
        <balance>6727840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>34190852.68000000</valUSD>
        <pctVal>2.886443628646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYCROFT MINING HOLDING CORPORATION</name>
        <lei>N/A</lei>
        <title>HYCROFT MINING HOLDING CORP COMMON STOCK</title>
        <cusip>44862P208</cusip>
        <identifiers>
          <isin value="US44862P2083"/>
        </identifiers>
        <balance>376470.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>873410.40000000</valUSD>
        <pctVal>0.073734630366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="117334"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILVERCORP METALS INC.</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>SILVERCORP METALS INC COMMON STOCK</title>
        <cusip>82835P103</cusip>
        <identifiers>
          <isin value="CA82835P1036"/>
        </identifiers>
        <balance>4521101.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>14204045.95000000</valUSD>
        <pctVal>1.199127097446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silver Mines Ltd</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>SILVER MINES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SVL8"/>
        </identifiers>
        <balance>29523374.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60321000"/>
        <valUSD>1417967.58000000</valUSD>
        <pctVal>0.119706973242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="651267.75"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>WHEATON PRECIOUS METALS CORP COMMON STOCK</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
        </identifiers>
        <balance>4394011.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>274493867.17000000</valUSD>
        <pctVal>23.17318849608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12654676.32"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAG Silver Corp</name>
        <lei>254900LGL904N7F3EL14</lei>
        <title>MAG SILVER CORP COMMON STOCK</title>
        <cusip>55903Q104</cusip>
        <identifiers>
          <isin value="CA55903Q1046"/>
        </identifiers>
        <balance>2017340.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.44825000"/>
        <valUSD>31814980.56000000</valUSD>
        <pctVal>2.685868901615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNYREPOS</name>
        <lei>N/A</lei>
        <title>BNYREPOS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="BNYREPOS"/>
        </identifiers>
        <balance>33434876</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33434876</valUSD>
        <pctVal>2.822622930993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="BNYREPOS"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.35</repurchaseRt>
          <maturityDt>N/A</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>33434876</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>33434876</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="33434876" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
