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      <regStreet1>115 BROADWAY 5TH FLOOR</regStreet1>
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      <regZipOrPostalCode>10006</regZipOrPostalCode>
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        <name>Gmk Norilskiy Nickel Pao</name>
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      <invstOrSec>
        <name>Power Metallic Mines Inc</name>
        <lei>549300CR9SP6YYGW5003</lei>
        <title>Power Metallic Mines, Inc.</title>
        <cusip>73929R105</cusip>
        <identifiers>
          <isin value="CA73929R1055"/>
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        <balance>2532536.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>2011487.04000000</valUSD>
        <pctVal>0.428380327154</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>Foran Mining Corp</name>
        <lei>529900LRYPIWB6RISB58</lei>
        <title>Foran Mining Corp.</title>
        <cusip>344911201</cusip>
        <identifiers>
          <isin value="CA3449112018"/>
        </identifiers>
        <balance>2833553.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>6173587.98000000</valUSD>
        <pctVal>1.314770409154</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>K92 Mining Inc</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining, Inc.</title>
        <cusip>499113108</cusip>
        <identifiers>
          <isin value="CA4991131083"/>
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        <balance>276700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>2873155.54000000</valUSD>
        <pctVal>0.611887268332</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>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="7.84110000"/>
        <valUSD>0.17000000</valUSD>
        <pctVal>0.000000036204</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>Freeport-mcmoran Inc</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
        </identifiers>
        <balance>122402.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4710028.96000000</valUSD>
        <pctVal>1.003080659566</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>Lundin Mining Corp</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>Lundin Mining Corp.</title>
        <cusip>550372106</cusip>
        <identifiers>
          <isin value="CA5503721063"/>
        </identifiers>
        <balance>285532.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>2702707.53000000</valUSD>
        <pctVal>0.575587469807</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>Paladin Energy Ltd</name>
        <lei>549300M44UTJAP8J6B37</lei>
        <title>Paladin Energy, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PDN8"/>
        </identifiers>
        <balance>1078629.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55135000"/>
        <valUSD>4338572.83000000</valUSD>
        <pctVal>0.923972768076</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>Endeavour Mining Plc</name>
        <lei>529900NI5MXQ91GHXR07</lei>
        <title>Endeavour Mining PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BL6K5J42"/>
        </identifiers>
        <balance>261829.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>8026484.52000000</valUSD>
        <pctVal>1.709376195920</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deep Yellow Ltd</name>
        <lei>529900FL7FGTGTVII319</lei>
        <title>Deep Yellow, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DYL4"/>
        </identifiers>
        <balance>4551086.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55135000"/>
        <valUSD>3945731.57000000</valUSD>
        <pctVal>0.840310549960</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>Calibre Mining Corp</name>
        <lei>9845005U3E61362A1O58</lei>
        <title>Calibre Mining Corp.</title>
        <cusip>13000C205</cusip>
        <identifiers>
          <isin value="CA13000C2058"/>
        </identifiers>
        <balance>1576492.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>3641548.91000000</valUSD>
        <pctVal>0.775529686442</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>Centrus Energy Corp</name>
        <lei>549300G6VDK9G8276661</lei>
        <title>Centrus Energy Corp.</title>
        <cusip>15643U104</cusip>
        <identifiers>
          <isin value="US15643U1043"/>
        </identifiers>
        <balance>113500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14405420.00000000</valUSD>
        <pctVal>3.067878842709</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>First Quantum Minerals Ltd</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
        <cusip>335934105</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
        </identifiers>
        <balance>164737.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>2440414.77000000</valUSD>
        <pctVal>0.519727771930</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>Bannerman Energy Ltd</name>
        <lei>529900D04RI02L5UK707</lei>
        <title>Bannerman Energy, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BMN9"/>
        </identifiers>
        <balance>1961989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55135000"/>
        <valUSD>3617035.83000000</valUSD>
        <pctVal>0.770309209740</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>Trilogy Metals Inc</name>
        <lei>52990084YC9OR0TUH237</lei>
        <title>Trilogy Metals, Inc.</title>
        <cusip>89621C105</cusip>
        <identifiers>
          <isin value="CA89621C1059"/>
        </identifiers>
        <balance>18700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22253.00000000</valUSD>
        <pctVal>0.004739154282</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>Los Andes Copper Ltd</name>
        <lei>529900KB4NEC2LETLR81</lei>
        <title>Los Andes Copper, Ltd.</title>
        <cusip>544312200</cusip>
        <identifiers>
          <isin value="CA5443122000"/>
        </identifiers>
        <balance>99703.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>470780.37000000</valUSD>
        <pctVal>0.100260675265</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>1475010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10767573.00000000</valUSD>
        <pctVal>2.293137540871</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>Skeena Resources Ltd</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources, Ltd.</title>
        <cusip>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
        </identifiers>
        <balance>473002.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>6059223.35000000</valUSD>
        <pctVal>1.290414518890</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>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>3161956.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74220000"/>
        <valUSD>1682797.93000000</valUSD>
        <pctVal>0.358380398905</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Electric Inc / Us</name>
        <lei>N/A</lei>
        <title>Ivanhoe Electric, Inc.</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
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        <balance>921113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6770180.55000000</valUSD>
        <pctVal>1.441824929135</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Valaris Ltd</name>
        <lei>7N0UJMJLXD0MDT5D5086</lei>
        <title>Valaris, Ltd.</title>
        <cusip>G9460G101</cusip>
        <identifiers>
          <isin value="BMG9460G1015"/>
        </identifiers>
        <balance>90531.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3405776.22000000</valUSD>
        <pctVal>0.725317887874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eqt Corp</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
        <cusip>26884L109</cusip>
        <identifiers>
          <isin value="US26884L1098"/>
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        <balance>318412.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17554053.56000000</valUSD>
        <pctVal>3.738433833967</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>Boss Energy Ltd</name>
        <lei>9845000ED0A5F908A057</lei>
        <title>Boss Energy, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BOE4"/>
        </identifiers>
        <balance>1945802.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55135000"/>
        <valUSD>4979426.91000000</valUSD>
        <pctVal>1.060453528325</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>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>134312.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3275869.68000000</valUSD>
        <pctVal>0.697652083920</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>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
        </identifiers>
        <balance>37395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5031497.25000000</valUSD>
        <pctVal>1.071542791562</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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      <invstOrSec>
        <name>Mako Mining Corp</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd</name>
        <lei>549300T15RIMIKZC5Q38</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Seadrill Ltd</name>
        <lei>213800EQ6L456U2JCO89</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Tidewater Inc</name>
        <lei>2549000JA5GRUPLMUH98</lei>
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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>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Denison Mines Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chilean Metals Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Montage Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oceaneering International Inc</name>
        <lei>549300L6PH74701W0R30</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>G Mining Ventures Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ur-energy Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cameco Corp</name>
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          <isin value="CA13321L1085"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alpha Metallurgical Resources Inc</name>
        <lei>N/A</lei>
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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>Matador Resources Co</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
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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>Caledonia Mining Corp Plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Antero Resources Corp</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Asante Gold Corp</name>
        <lei>529900F9PV1G9S5YD446</lei>
        <title>Asante Gold Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Schlumberger Nv</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger NV</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Equinox Gold Corp</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ivanhoe Mines Ltd</name>
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        <invCountry>CA</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <title>Guardian Metal Resources Warrants EXP 08/28/2026</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Uranium Energy Corp</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>Uranium Energy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Loncor Gold Warrants</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Alamos Gold Inc</name>
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        <name>Intrepid Potash Inc</name>
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        <name>Valterra Platinum Limited</name>
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        <name>Nac Kazatomprom Jsc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Expand Energy Corp</name>
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        <name>Mountain Province Diamonds Inc</name>
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        <name>Novagold Resources Inc</name>
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        <name>Ces Energy Solutions Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sibanye Stillwater Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Noble Corp Plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Gogold Resources Inc</name>
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        <name>Loncor Gold Inc</name>
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        <name>Brixton Metals Corp</name>
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        <name>Encore Energy Corp</name>
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        <name>Gmk Norilskiy Nickel Pao</name>
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        <name>Borr Drilling Ltd</name>
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        <name>Range Resources Corp</name>
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        <name>Erdene Resource Development Corp</name>
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        <name>Dreyfus Treasury Securities Cash Management</name>
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        <name>Mosaic Co/the</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Omai Gold Mines Corp</name>
        <lei>254900GOHPZOKN6K3C88</lei>
        <title>Omai Gold Mines Corp.</title>
        <cusip>682043104</cusip>
        <identifiers>
          <isin value="CA6820431048"/>
        </identifiers>
        <balance>1435900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37235000"/>
        <valUSD>554542.94000000</valUSD>
        <pctVal>0.118099337124</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>Energy Fuels Inc/canada</name>
        <lei>529900P0GCATXMGK8I62</lei>
        <title>Energy Fuels, Inc.</title>
        <cusip>292671708</cusip>
        <identifiers>
          <isin value="CA2926717083"/>
        </identifiers>
        <balance>630200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3081678.00000000</valUSD>
        <pctVal>0.656295667619</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-30</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>
</edgarSubmission>
