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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Uranium Royalty Corp</name>
        <lei>5493005KEPCD7QSX6305</lei>
        <title>URANIUM ROYALTY CORP COMMON STOCK</title>
        <cusip>91702V101</cusip>
        <identifiers>
          <isin value="CA91702V1013"/>
        </identifiers>
        <balance>5914331.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>24712203.12000000</valUSD>
        <pctVal>2.928175951825</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>Skyharbour Resources Ltd</name>
        <lei>549300DKX8CM6RVJBT88</lei>
        <title>SKYHARBOUR RESOURCES LTD COMMON STOCK</title>
        <cusip>830816609</cusip>
        <identifiers>
          <isin value="CA8308166096"/>
        </identifiers>
        <balance>4311874.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>1714262.35000000</valUSD>
        <pctVal>0.203124819103</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>Fission Uranium Corp</name>
        <lei>529900CBYH3A7AK6P676</lei>
        <title>FISSION URANIUM CORP COMMON STOCK</title>
        <cusip>33812R109</cusip>
        <identifiers>
          <isin value="CA33812R1091"/>
        </identifiers>
        <balance>26689327.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>17476640.69000000</valUSD>
        <pctVal>2.070826252870</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>CanAlaska Uranium Ltd</name>
        <lei>254900J7UJWY3AWJ8D78</lei>
        <title>CANALASKA URANIUM LTD COMMON STOCK</title>
        <cusip>13708P201</cusip>
        <identifiers>
          <isin value="CA13708P2017"/>
        </identifiers>
        <balance>4527519.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>1799995.86000000</valUSD>
        <pctVal>0.213283476387</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>Mega Uranium Ltd</name>
        <lei>529900ETMWH20UOMS233</lei>
        <title>MEGA URANIUM LTD COMMON STOCK</title>
        <cusip>58516W104</cusip>
        <identifiers>
          <isin value="CA58516W1041"/>
        </identifiers>
        <balance>14351580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>3020678.67000000</valUSD>
        <pctVal>0.357923516439</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>PALADIN ENERGY LTD</name>
        <lei>549300M44UTJAP8J6B37</lei>
        <title>PALADIN ENERGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PDN8"/>
        </identifiers>
        <balance>60219672.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41034000"/>
        <valUSD>40350263.09000000</valUSD>
        <pctVal>4.781146766083</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goviex Uranium Inc</name>
        <lei>5299001I7FX6JUNIPU44</lei>
        <title>GOVIEX URANIUM INC COMMON STOCK</title>
        <cusip>383798105</cusip>
        <identifiers>
          <isin value="CA3837981057"/>
        </identifiers>
        <balance>21981851.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>6682976.22000000</valUSD>
        <pctVal>0.791873155096</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>Joint stock company National atomic company Kazatomprom</name>
        <lei>5493008JG5TXJP2JSY44</lei>
        <title>NAC KAZATOMPROM JSC-GDR DEPOSITARY RECEIPT</title>
        <cusip>63253R201</cusip>
        <identifiers>
          <isin value="US63253R2013"/>
        </identifiers>
        <balance>3552754.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145130000.90000000</valUSD>
        <pctVal>17.19661239672</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>Sprott Physical Uranium Trust</name>
        <lei>N/A</lei>
        <title>SPROTT PHYSICAL URANIUM TRUS MUTUAL FUND</title>
        <cusip>85210A104</cusip>
        <identifiers>
          <isin value="CA85210A1049"/>
        </identifiers>
        <balance>6063563.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>68349798.08000000</valUSD>
        <pctVal>8.098842263401</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>Deep Yellow Ltd</name>
        <lei>529900FL7FGTGTVII319</lei>
        <title>DEEP YELLOW LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DYL4"/>
        </identifiers>
        <balance>13722094.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41034000"/>
        <valUSD>9535042.70000000</valUSD>
        <pctVal>1.129817628893</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Atomic Corp</name>
        <lei>529900EY4VQEZUOEO166</lei>
        <title>GLOBAL ATOMIC CORP COMMON STOCK</title>
        <cusip>37957M106</cusip>
        <identifiers>
          <isin value="CA37957M1068"/>
        </identifiers>
        <balance>6689138.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>20545060.59000000</valUSD>
        <pctVal>2.434406679821</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>PENINSULA ENERGY LIMITED</name>
        <lei>213800XBLFMYEQENEZ77</lei>
        <title>PENINSULA ENERGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PEN6"/>
        </identifiers>
        <balance>41095387.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41034000"/>
        <valUSD>7138966.36000000</valUSD>
        <pctVal>0.845903925066</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CORPORATION CAMECO</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>CAMECO CORP COMMON STOCK</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
        </identifiers>
        <balance>5936088.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>137598519.84000000</valUSD>
        <pctVal>16.30419897594</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>Toro Energy Ltd</name>
        <lei>529900SPF8GDHU0H9831</lei>
        <title>TORO ENERGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000TOE6"/>
        </identifiers>
        <balance>160803088.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41034000"/>
        <valUSD>3078465.75000000</valUSD>
        <pctVal>0.364770770695</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXGEN ENERGY LTD.</name>
        <lei>529900N0IXNXB3IP7F06</lei>
        <title>NEXGEN ENERGY LTD COMMON STOCK</title>
        <cusip>65340P106</cusip>
        <identifiers>
          <isin value="CA65340P1062"/>
        </identifiers>
        <balance>7746108.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36251785.44000000</valUSD>
        <pctVal>4.295513670744</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>Consolidated Uranium Inc</name>
        <lei>894500ST0EVGEDVWCU45</lei>
        <title>CONSOLIDATED URANIUM INC COMMON STOCK</title>
        <cusip>21024C101</cusip>
        <identifiers>
          <isin value="CA21024C1014"/>
        </identifiers>
        <balance>1717310.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>3574382.37000000</valUSD>
        <pctVal>0.423532472909</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>DENISON MINES CORP.</name>
        <lei>529900JWGSW17LJK6586</lei>
        <title>DENISON MINES CORP COMMON STOCK</title>
        <cusip>248356107</cusip>
        <identifiers>
          <isin value="CA2483561072"/>
        </identifiers>
        <balance>25791252.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41008090.68000000</valUSD>
        <pctVal>4.859093476060</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>Vimy Resources Ltd</name>
        <lei>N/A</lei>
        <title>VIMY RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000VMY4"/>
        </identifiers>
        <balance>43123825.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41034000"/>
        <valUSD>7797109.48000000</valUSD>
        <pctVal>0.923888022537</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANNERMAN ENERGY LTD</name>
        <lei>529900D04RI02L5UK707</lei>
        <title>BANNERMAN ENERGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BMN9"/>
        </identifiers>
        <balance>49710341.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41034000"/>
        <valUSD>10574118.51000000</valUSD>
        <pctVal>1.252938857065</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CGN Mining Co Ltd</name>
        <lei>529900LQYG057CZAZT41</lei>
        <title>CGN MINING CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2029E1052"/>
        </identifiers>
        <balance>243065000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79585000"/>
        <valUSD>27749103.69000000</valUSD>
        <pctVal>3.288021618923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>URANIUM ENERGY CORP.</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>URANIUM ENERGY CORP COMMON STOCK</title>
        <cusip>916896103</cusip>
        <identifiers>
          <isin value="US9168961038"/>
        </identifiers>
        <balance>9623712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37724951.04000000</valUSD>
        <pctVal>4.470070672482</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>Energy Fuels Inc.</name>
        <lei>529900P0GCATXMGK8I62</lei>
        <title>ENERGY FUELS INC COMMON STOCK</title>
        <cusip>292671708</cusip>
        <identifiers>
          <isin value="CA2926717083"/>
        </identifiers>
        <balance>5027319.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43787948.49000000</valUSD>
        <pctVal>5.188481865643</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>Ur-Energy Inc</name>
        <lei>5493004ZEMNWEC7T6X93</lei>
        <title>UR-ENERGY INC COMMON STOCK</title>
        <cusip>91688R108</cusip>
        <identifiers>
          <isin value="CA91688R1082"/>
        </identifiers>
        <balance>8002685.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11924000.65000000</valUSD>
        <pctVal>1.412887866910</pctVal>
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        <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>ISOENERGY LTD.</name>
        <lei>5299000RYB4XC9F7VC32</lei>
        <title>ISOENERGY LTD COMMON STOCK</title>
        <cusip>46500E107</cusip>
        <identifiers>
          <isin value="CA46500E1079"/>
        </identifiers>
        <balance>4078660.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>13671841.28000000</valUSD>
        <pctVal>1.619991413103</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>enCore Energy Corp</name>
        <lei>5299007FNX2NVNJM3O59</lei>
        <title>ENCORE ENERGY CORP COMMON STOCK</title>
        <cusip>29259W106</cusip>
        <identifiers>
          <isin value="CA29259W1068"/>
        </identifiers>
        <balance>8228293.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>11545780.64000000</valUSD>
        <pctVal>1.368072164628</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>Appia Rare Earths &amp; Uranium Corp</name>
        <lei>549300KCD76O7GC42J82</lei>
        <title>APPIA RARE EARTHS &amp; URANIUM COMMON STOCK</title>
        <cusip>03783P101</cusip>
        <identifiers>
          <isin value="CA03783P1018"/>
        </identifiers>
        <balance>4439708.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>1643951.75000000</valUSD>
        <pctVal>0.194793639277</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>Laramide Resources Ltd</name>
        <lei>2549000L2B3P9LPA0G54</lei>
        <title>LARAMIDE RESOURCES COMMON STOCK</title>
        <cusip>51669T101</cusip>
        <identifiers>
          <isin value="CA51669T1012"/>
        </identifiers>
        <balance>7291732.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>4547385.10000000</valUSD>
        <pctVal>0.538824629631</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>Boss Energy Ltd</name>
        <lei>9845000ED0A5F908A057</lei>
        <title>BOSS ENERGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000183766"/>
        </identifiers>
        <balance>11750120.12500000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41034000"/>
        <valUSD>22661433.94000000</valUSD>
        <pctVal>2.685178070719</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Azarga Uranium Corp</name>
        <lei>254900W1LZX6USU7KV43</lei>
        <title>AZARGA URANIUM CORP COMMON STOCK</title>
        <cusip>05477Y108</cusip>
        <identifiers>
          <isin value="CA05477Y1088"/>
        </identifiers>
        <balance>9783009.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28280000"/>
        <valUSD>4537644.50000000</valUSD>
        <pctVal>0.537670455293</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EXCHANGE TRADED CONCEPTS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Dennis Lowenfels</ncom:signature>
      <ncom:signerName>Dennis Lowenfels</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
