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        <name>United Co Rusal International Pjsc</name>
        <lei>213800WNO9IQTTI4PG55</lei>
        <title>United Co. RUSAL International PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A1025V3"/>
        </identifiers>
        <balance>1326798.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
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        <pctVal>0.000000014475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valterra Platinum Ltd</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Valterra Platinum, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
        </identifiers>
        <balance>265170.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73801000"/>
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        <pctVal>2.037675718898</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>Lundin Mining Corp</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>Lundin Mining Corp.</title>
        <cusip>550372106</cusip>
        <identifiers>
          <isin value="CA5503721063"/>
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        <balance>302326.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
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        <pctVal>0.689314777156</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>Permian Resources Corp</name>
        <lei>25490023TX4AHF18OB67</lei>
        <title>Permian Resources Corp.</title>
        <cusip>71424F105</cusip>
        <identifiers>
          <isin value="US71424F1057"/>
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        <balance>783667.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18251604.43000000</valUSD>
        <pctVal>1.554174384676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</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.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PDN8"/>
        </identifiers>
        <balance>1121471.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39548000"/>
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        <pctVal>0.794502650219</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>Deep Yellow Ltd</name>
        <lei>529900FL7FGTGTVII319</lei>
        <title>Deep Yellow, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DYL4"/>
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        <balance>4708842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39548000"/>
        <valUSD>5533938.77000000</valUSD>
        <pctVal>0.471230127504</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>Centrus Energy Corp</name>
        <lei>549300G6VDK9G8276661</lei>
        <title>Centrus Energy Corp.</title>
        <cusip>15643U104</cusip>
        <identifiers>
          <isin value="US15643U1043"/>
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        <balance>91826.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15738976.40000000</valUSD>
        <pctVal>1.340217187794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Locksley Resources Ltd</name>
        <lei>894500JQW9VEBSZKI240</lei>
        <title>Locksley Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000154015"/>
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        <balance>7510026.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39548000"/>
        <valUSD>279847.33000000</valUSD>
        <pctVal>0.023829770888</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>
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      <invstOrSec>
        <name>Bannerman Energy Ltd</name>
        <lei>529900D04RI02L5UK707</lei>
        <title>Bannerman Energy, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BMN9"/>
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        <balance>2019363.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39548000"/>
        <valUSD>6439479.86000000</valUSD>
        <pctVal>0.548339445303</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>
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      <invstOrSec>
        <name>Trilogy Metals Inc</name>
        <lei>52990084YC9OR0TUH237</lei>
        <title>Trilogy Metals, Inc.</title>
        <cusip>89621C105</cusip>
        <identifiers>
          <isin value="CA89621C1059"/>
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        <balance>18700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67507.00000000</valUSD>
        <pctVal>0.005748406973</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Los Andes Copper Ltd</name>
        <lei>529900KB4NEC2LETLR81</lei>
        <title>Los Andes Copper, Ltd.</title>
        <cusip>544312200</cusip>
        <identifiers>
          <isin value="CA5443122000"/>
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        <balance>104518.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1002986.69000000</valUSD>
        <pctVal>0.085407079018</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>Impala Platinum Holdings Ltd</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings, Ltd.</title>
        <cusip>452553308</cusip>
        <identifiers>
          <isin value="US4525533083"/>
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        <balance>1591224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22340784.96000000</valUSD>
        <pctVal>1.902379368979</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>
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      <invstOrSec>
        <name>Guardian Metal Resources Plc</name>
        <lei>213800J4SKZAMUEPGW34</lei>
        <title>Guardian Metal Resources PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BPQY8R36"/>
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        <balance>5323027.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73801000"/>
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        <pctVal>1.133160669627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ivanhoe Electric Inc / Us</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc.</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
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        <balance>978431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10821446.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Peabody Energy Corp</name>
        <lei>EJCO258LNNVSKAR2JX59</lei>
        <title>Peabody Energy Corp.</title>
        <cusip>704551100</cusip>
        <identifiers>
          <isin value="US7045511000"/>
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        <balance>307620.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9133237.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chord Energy Corp</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>Chord Energy Corp.</title>
        <cusip>674215207</cusip>
        <identifiers>
          <isin value="US6742152076"/>
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        <balance>136246.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20043149.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Valaris Ltd</name>
        <lei>5299008BQ9IREYWBTS30</lei>
        <title>Valaris, Ltd.</title>
        <cusip>G9460G101</cusip>
        <identifiers>
          <isin value="BMG9460G1015"/>
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        <balance>589688.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50931352.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>South Pacific Metals Corp</name>
        <lei>9845009036F7F4558753</lei>
        <title>South Pacific Metals Corp.</title>
        <cusip>83914U104</cusip>
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          <isin value="CA83914U1049"/>
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        <balance>2443668.00000000</balance>
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        <pctVal>0.135125043866</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>
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      <invstOrSec>
        <name>Eqt Corp</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
        <cusip>26884L109</cusip>
        <identifiers>
          <isin value="US26884L1098"/>
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        <balance>490375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Boss Energy Ltd</name>
        <lei>9845000ED0A5F908A057</lei>
        <title>Boss Energy, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BOE4"/>
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        <balance>2023089.00000000</balance>
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        <pctVal>0.175298587331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
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          <isin value="US25278X1090"/>
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        <balance>48041.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9631259.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mako Mining Corp</name>
        <lei>9845002DB04B3D5F0C32</lei>
        <title>Mako Mining Corp.</title>
        <cusip>56089A400</cusip>
        <identifiers>
          <isin value="CA56089A4000"/>
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        <balance>153203.00000000</balance>
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        <pctVal>0.129896513190</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Canadian Natural Resources Ltd</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources, Ltd.</title>
        <cusip>136385101</cusip>
        <identifiers>
          <isin value="CA1363851017"/>
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        <balance>1385597.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>69472300.97000000</valUSD>
        <pctVal>5.915757763994</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>
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      <invstOrSec>
        <name>Seadrill Ltd</name>
        <lei>213800EQ6L456U2JCO89</lei>
        <title>Seadrill, Ltd.</title>
        <cusip>G7997W102</cusip>
        <identifiers>
          <isin value="BMG7997W1029"/>
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        <balance>1098487.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53518286.64000000</valUSD>
        <pctVal>4.557229504215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tidewater Inc</name>
        <lei>2549000JA5GRUPLMUH98</lei>
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          <isin value="US88642R1095"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Warrior Met Coal Inc</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>Warrior Met Coal, Inc.</title>
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          <isin value="US93627C1018"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bellevue Gold Ltd</name>
        <lei>N/A</lei>
        <title>Bellevue Gold, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000019374"/>
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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>Denison Mines Corp</name>
        <lei>529900JWGSW17LJK6586</lei>
        <title>Denison Mines Corp.</title>
        <cusip>248356107</cusip>
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          <isin value="CA2483561072"/>
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        <balance>2145541.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montage Gold Corp</name>
        <lei>9845004C6BCE77ACA795</lei>
        <title>Montage Gold Corp.</title>
        <cusip>61178L101</cusip>
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          <isin value="CA61178L1013"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oceaneering International Inc</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>Oceaneering International, Inc.</title>
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          <isin value="US6752321025"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ur-energy Inc</name>
        <lei>5493004ZEMNWEC7T6X93</lei>
        <title>Ur-Energy, Inc.</title>
        <cusip>91688R108</cusip>
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          <isin value="CA91688R1082"/>
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        <balance>1902722.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cameco Corp</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>Cameco Corp.</title>
        <cusip>13321L108</cusip>
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          <isin value="CA13321L1085"/>
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        <balance>373460.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alpha Metallurgical Resources Inc</name>
        <lei>254900VEBGZO2PY8R678</lei>
        <title>Alpha Metallurgical Resources, Inc.</title>
        <cusip>020764106</cusip>
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          <isin value="US0207641061"/>
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        <balance>296465.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Matador Resources Co</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
        <cusip>576485205</cusip>
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          <isin value="US5764852050"/>
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        <balance>192602.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Caledonia Mining Corp Plc</name>
        <lei>21380093ZBI4BFM75Y51</lei>
        <title>Caledonia Mining Corp. PLC</title>
        <cusip>G1757E113</cusip>
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          <isin value="JE00BF0XVB15"/>
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        <balance>76861.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Antero Resources Corp</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>Antero Resources Corp.</title>
        <cusip>03674X106</cusip>
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          <isin value="US03674X1063"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Asante Gold Corp</name>
        <lei>529900F9PV1G9S5YD446</lei>
        <title>Asante Gold Corp.</title>
        <cusip>04341X107</cusip>
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          <isin value="CA04341X1078"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Slb Ltd</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SLB, Ltd.</title>
        <cusip>806857108</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equinox Gold Corp</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
        <cusip>29446Y502</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Ivanhoe Mines Ltd</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd. - Class A</title>
        <cusip>46579R104</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Uranium Energy Corp</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>Uranium Energy Corp.</title>
        <cusip>916896103</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Chilean Metals Inc</name>
        <lei>N/A</lei>
        <title>Chilean Metals, Inc.</title>
        <cusip>168882108</cusip>
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        <invCountry>CA</invCountry>
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        <name>Suncor Energy Inc</name>
        <lei>894500XO86FKXQGPYV71</lei>
        <title>Suncor Energy, Inc.</title>
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        <invCountry>CA</invCountry>
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        <name>Intrepid Potash Inc</name>
        <lei>549300OZ696E2PRRTO45</lei>
        <title>Intrepid Potash, Inc.</title>
        <cusip>46121Y201</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Valterra Platinum Ltd</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Valterra Platinum, Ltd. ADR</title>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Nac Kazatomprom Jsc</name>
        <lei>5493008JG5TXJP2JSY44</lei>
        <title>NAC Kazatomprom JSC</title>
        <cusip>63253R201</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>KZ</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Expand Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Expand Energy Corp.</title>
        <cusip>165167735</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Mountain Province Diamonds Inc</name>
        <lei>549300Y5548SJTH51N28</lei>
        <title>Mountain Province Diamonds, Inc.</title>
        <cusip>62426E402</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Novagold Resources Inc</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>Novagold Resources, Inc.</title>
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          <isin value="CA66987E2069"/>
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        <curCd>USD</curCd>
        <valUSD>2874137.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Mining Americas, Inc.</title>
        <cusip>N/A</cusip>
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          <ticker value="60283L9"/>
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        <balance>386145.00000000</balance>
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        <valUSD>0.03000000</valUSD>
        <pctVal>0.000000002554</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>Corporate Action</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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              <otherRefInst>
                <issuerName>Mining Americas, Inc.</issuerName>
                <issueTitle>Mining Americas, Inc.</issueTitle>
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            <exercisePriceCurCd>CAD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>0.03000000</unrealizedAppr>
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      <invstOrSec>
        <name>Sibanye Stillwater Ltd</name>
        <lei>378900F238434B74D281</lei>
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          <isin value="US82575P1075"/>
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        <balance>1946090.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Noble Corp Plc</name>
        <lei>549300I3HBUNXO0OG954</lei>
        <title>Noble Corp. PLC</title>
        <cusip>G65431127</cusip>
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          <isin value="GB00BMXNWH07"/>
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        <balance>825367.00000000</balance>
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        <curCd>USD</curCd>
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        <pctVal>3.221036581935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gogold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>38045Y102</cusip>
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          <isin value="CA38045Y1025"/>
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        <pctVal>0.285046036143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amerigo Resources Ltd</name>
        <lei>5299000WW697YX8VQX13</lei>
        <title>Amerigo Resources Ltd.</title>
        <cusip>03074G109</cusip>
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          <isin value="CA03074G1090"/>
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        <balance>1631340.00000000</balance>
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        <pctVal>0.821882008554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Brixton Metals Corp</name>
        <lei>254900N5DFREO3U52485</lei>
        <title>Brixton Metals Corp.</title>
        <cusip>11120Q708</cusip>
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          <isin value="CA11120Q7084"/>
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        <balance>493759.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Encore Energy Corp</name>
        <lei>5299007FNX2NVNJM3O59</lei>
        <title>Encore Energy Corp.</title>
        <cusip>29259W700</cusip>
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          <isin value="CA29259W7008"/>
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        <balance>650222.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Subsea 7 Sa</name>
        <lei>222100AIF0CBCY80AH62</lei>
        <title>Subsea 7 SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU0075646355"/>
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        <balance>493799.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="9.34375000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gmk Norilskiy Nickel Pao</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>GMK Norilskiy Nickel PAO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU0007288411"/>
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        <balance>285500.00000000</balance>
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        <currencyConditional curCd="RUB" exchangeRt="86.30000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Borr Drilling Ltd</name>
        <lei>213800J2JPCTXLHQ5R78</lei>
        <title>Borr Drilling, Ltd.</title>
        <cusip>G1466R173</cusip>
        <identifiers>
          <isin value="BMG1466R1732"/>
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        <balance>939703.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4209869.44000000</valUSD>
        <pctVal>0.358481977383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Range Resources Corp</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp.</title>
        <cusip>75281A109</cusip>
        <identifiers>
          <isin value="US75281A1097"/>
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        <balance>1156076.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47769060.32000000</valUSD>
        <pctVal>4.067667048897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Comstock Resources Inc</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>Comstock Resources, Inc.</title>
        <cusip>205768302</cusip>
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          <isin value="US2057683029"/>
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        <balance>363497.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5245261.71000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gunnison Copper Corp</name>
        <lei>529900D3J6SRW92GKY67</lei>
        <title>Gunnison Copper Corp.</title>
        <cusip>402880108</cusip>
        <identifiers>
          <isin value="CA4028801088"/>
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        <balance>672006.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Erdene Resource Development Corp</name>
        <lei>529900T4O899O2ZM8216</lei>
        <title>Erdene Resource Development Corp.</title>
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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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bny Dreyfus Treasury Securities Cash Management</name>
        <lei>549300U78VESCW509025</lei>
        <title>Dreyfus Treasury Securities Cash Management, Institutional Class</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Mosaic Co/the</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Co.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Omai Gold Mines Corp</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
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        <name>Energy Fuels Inc/canada</name>
        <lei>529900P0GCATXMGK8I62</lei>
        <title>Energy Fuels, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>9929169.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>GOEHRING &amp; ROZENCWAJG INVESTMENT FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Kevin OFriel</ncom:signature>
      <ncom:signerName>Kevin OFriel</ncom:signerName>
      <ncom:title>Chief Operating Officer/Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
