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        <name>ENDEAVOUR SILVER CORP.</name>
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        <title>ENDEAVOUR SILVER CORP COMMON STOCK</title>
        <cusip>29258Y103</cusip>
        <identifiers>
          <isin value="CA29258Y1034"/>
        </identifiers>
        <balance>6059860.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22057890.40000000</valUSD>
        <pctVal>1.392136450333</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="238266"/>
        </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>1542262.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>31943904.89000000</valUSD>
        <pctVal>2.016071054707</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>4355307.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74867000"/>
        <valUSD>58290269.60000000</valUSD>
        <pctVal>3.678865364654</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>Dolly Varden Silver Corp</name>
        <lei>2549007A2MNBXFD0FU11</lei>
        <title>DOLLY VARDEN SILVER LTD COMMON STOCK</title>
        <cusip>256827783</cusip>
        <identifiers>
          <isin value="CA2568277834"/>
        </identifiers>
        <balance>1055805.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>2797543.11000000</valUSD>
        <pctVal>0.176560934168</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>COEUR MINING, INC.</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC COMMON STOCK</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
        </identifiers>
        <balance>15486459.00080000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85949847.45000000</valUSD>
        <pctVal>5.424540305800</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>9330280.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>1114527.04000000</valUSD>
        <pctVal>0.070340984070</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>SSR MINING INC.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COMMON STOCK</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
        </identifiers>
        <balance>4945792.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52623226.88000000</valUSD>
        <pctVal>3.321202116128</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>8355016.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210379302.88000000</valUSD>
        <pctVal>13.27763855127</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="1511146"/>
        </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>3346966.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>80057740.27000000</valUSD>
        <pctVal>5.052672596522</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>7325934.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>14638078.51000000</valUSD>
        <pctVal>0.923850934385</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>Aftermath Silver Ltd</name>
        <lei>529900FSCUB83APG5666</lei>
        <title>AFTERMATH SILVER LTD COMMON STOCK</title>
        <cusip>00831V205</cusip>
        <identifiers>
          <isin value="CA00831V2057"/>
        </identifiers>
        <balance>4254146.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>1432113.15000000</valUSD>
        <pctVal>0.090384750352</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="2554.54"/>
        </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>2164558.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1356528.50000000</valUSD>
        <pctVal>0.085614387256</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>6668375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56287000"/>
        <valUSD>18133685.94000000</valUSD>
        <pctVal>1.144468701139</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="5018593.05"/>
        </securityLending>
      </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>1084631.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8460121.80000000</valUSD>
        <pctVal>0.533942445014</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="1188447.84"/>
        </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>7337976.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>45739501.46000000</valUSD>
        <pctVal>2.886750548118</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="7427508.67"/>
        </securityLending>
      </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>7627260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74867000"/>
        <valUSD>28749819.97000000</valUSD>
        <pctVal>1.814483234568</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>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>197858.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1421.50000000"/>
        <valUSD>111073291.59000000</valUSD>
        <pctVal>7.010152606476</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>
        </securityLending>
      </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>7325476.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>9386876.51000000</valUSD>
        <pctVal>0.592432581147</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>AbraSilver Resource Corp</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>ABRASILVER RESOURCE CORP COMMON STOCK</title>
        <cusip>00379L304</cusip>
        <identifiers>
          <isin value="CA00379L3048"/>
        </identifiers>
        <balance>2929100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>6722107.44000000</valUSD>
        <pctVal>0.424251395785</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="4370.56"/>
        </securityLending>
      </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>2819931.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>19353468.38000000</valUSD>
        <pctVal>1.221452654065</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>Prime Mining Corp</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>PRIME MINING CORP COMMON STOCK</title>
        <cusip>74167M105</cusip>
        <identifiers>
          <isin value="CA74167M1059"/>
        </identifiers>
        <balance>2667106.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>2819065.20000000</valUSD>
        <pctVal>0.177919254725</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>5672009.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>11908221.31000000</valUSD>
        <pctVal>0.751561851276</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>2225274.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>2642039.64000000</valUSD>
        <pctVal>0.166746666130</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="117032.11"/>
        </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>7660198.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>47692538.04000000</valUSD>
        <pctVal>3.010012263656</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>434772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1499963.40000000</valUSD>
        <pctVal>0.094666973379</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="89420"/>
        </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>5148203.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>19194415.01000000</valUSD>
        <pctVal>1.211414341701</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>33780368.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56287000"/>
        <valUSD>2377574.90000000</valUSD>
        <pctVal>0.150055541199</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="954168.69"/>
        </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>4998619.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>417484658.88000000</valUSD>
        <pctVal>26.34864896607</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="10752462"/>
        </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>2297000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>35603250.56000000</valUSD>
        <pctVal>2.247022809349</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="124038.63"/>
        </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>30109712</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30109712</valUSD>
        <pctVal>1.900309903808</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>4.36</repurchaseRt>
          <maturityDt>N/A</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>30109712</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>30109712</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="30109712" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</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>
</edgarSubmission>
