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          <isin value="AU000000AIS8"/>
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        <balance>461364.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
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        <pctVal>0.024458423222</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>
      <invstOrSec>
        <name>Albemarle Corp</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp.</title>
        <cusip>012653101</cusip>
        <identifiers>
          <isin value="US0126531013"/>
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        <balance>155775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27966285.75000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aneka Tambang Tbk</name>
        <lei>529900LRE2NALSSHMB80</lei>
        <title>Aneka Tambang Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000106602"/>
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        <balance>15002900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16994.50000000"/>
        <valUSD>3089832.00000000</valUSD>
        <pctVal>0.601041953586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</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>Antofagasta Plc</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>Antofagasta PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
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        <balance>286351.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75552000"/>
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        <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>
      <invstOrSec>
        <name>Andean Precious Metals Corp</name>
        <lei>254900ZH5MOB7VSCSG15</lei>
        <title>Andean Precious Metals Corp.</title>
        <cusip>03349X101</cusip>
        <identifiers>
          <isin value="CA03349X1015"/>
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        <balance>90668.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <pctVal>0.088115115556</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>Aclara Resources Inc</name>
        <lei>549300V8ITKL5RQLZQ44</lei>
        <title>Aclara Resources, Inc.</title>
        <cusip>00461M103</cusip>
        <identifiers>
          <isin value="CA00461M1032"/>
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        <balance>365602.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>877802.23000000</valUSD>
        <pctVal>0.170752315071</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="614254.21000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Amerigo Resources Ltd</name>
        <lei>5299000WW697YX8VQX13</lei>
        <title>Amerigo Resources, Ltd.</title>
        <cusip>03074G109</cusip>
        <identifiers>
          <isin value="CA03074G1090"/>
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        <balance>94740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>342565.02000000</valUSD>
        <pctVal>0.066636616117</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>American Rare Earths Ltd</name>
        <lei>5299000NZYD6VHPGDR70</lei>
        <title>American Rare Earths, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NZARRE0004S7"/>
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        <balance>1622085.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>352534.73000000</valUSD>
        <pctVal>0.068575949380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arafura Rare Earths Ltd</name>
        <lei>52990098Y7ZDAOS75K52</lei>
        <title>Arafura Rare Earths, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000ARU5"/>
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        <balance>15529920.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>3000163.93000000</valUSD>
        <pctVal>0.583599493295</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1433172.56000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Arizona Sonoran Copper Co Inc</name>
        <lei>549300C8J16JPSINEM53</lei>
        <title>Arizona Sonoran Copper Co., Inc.</title>
        <cusip>04058Q105</cusip>
        <identifiers>
          <isin value="CA04058Q1054"/>
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        <balance>64554.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>324835.02000000</valUSD>
        <pctVal>0.063187731570</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>Avino Silver &amp; Gold Mines Ltd</name>
        <lei>549300DZZNDMPML1VJ37</lei>
        <title>Avino Silver &amp; Gold Mines, Ltd.</title>
        <cusip>053906103</cusip>
        <identifiers>
          <isin value="CA0539061030"/>
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        <balance>440870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2786298.40000000</valUSD>
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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>Australian Strategic Materials Ltd</name>
        <lei>529900Q6OL8ZSIFGTI23</lei>
        <title>Australian Strategic Materials, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000094153"/>
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        <balance>1127478.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>1073507.04000000</valUSD>
        <pctVal>0.208821310838</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>
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      <invstOrSec>
        <name>Atex Resources Inc</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>04681A105</cusip>
        <identifiers>
          <isin value="CA04681A1057"/>
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        <balance>125820.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>290332.97000000</valUSD>
        <pctVal>0.056476305339</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>Atalaya Mining Copper Sa</name>
        <lei>549300QNQPXVRXGXOX56</lei>
        <title>ATALAYA MINING COPPER SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CY0106002112"/>
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        <balance>63274.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75552000"/>
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        <pctVal>0.115503588929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aya Gold &amp; Silver Inc</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver, Inc.</title>
        <cusip>05466C109</cusip>
        <identifiers>
          <isin value="CA05466C1095"/>
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        <balance>477093.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <pctVal>1.415663367604</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>
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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>310525.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
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        <pctVal>0.152116768318</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="345979.12000000"/>
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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>1508298.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
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        <pctVal>0.308705705033</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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      <invstOrSec>
        <name>Blackrock Silver Corp</name>
        <lei>529900EI75MCI5GL7914</lei>
        <title>Blackrock Silver Corp.</title>
        <cusip>09261Q107</cusip>
        <identifiers>
          <isin value="CA09261Q1072"/>
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        <balance>511550.00000000</balance>
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        <pctVal>0.095852724023</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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      <invstOrSec>
        <name>Brazilian Rare Earths Ltd</name>
        <lei>9845008972A00C4E4C60</lei>
        <title>Brazilian Rare Earths, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000305815"/>
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        <balance>288134.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
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        <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>Cia De Minas Buenaventura Saa</name>
        <lei>529900WQB1ZU9KB6EL71</lei>
        <title>Cia de Minas Buenaventura SAA</title>
        <cusip>204448104</cusip>
        <identifiers>
          <isin value="US2044481040"/>
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        <balance>135444.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4881401.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Central Asia Metals Plc</name>
        <lei>213800EYQBJZIT64NH43</lei>
        <title>Central Asia Metals PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B67KBV28"/>
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        <balance>83324.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75552000"/>
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        <pctVal>0.034668527879</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>Cameco Corp</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>Cameco Corp.</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
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        <balance>228464.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24813475.04000000</valUSD>
        <pctVal>4.826780068726</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>Canada Nickel Co Inc</name>
        <lei>98450085D4996CQE9B17</lei>
        <title>Canada Nickel Co., Inc.</title>
        <cusip>13515Q103</cusip>
        <identifiers>
          <isin value="CA13515Q1037"/>
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        <balance>353950.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>407102.29000000</valUSD>
        <pctVal>0.079190569484</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="135949.97000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Critical Metals Corp</name>
        <lei>984500158752F66VAE27</lei>
        <title>Critical Metals Corp.</title>
        <cusip>G2662B103</cusip>
        <identifiers>
          <isin value="VGG2662B1031"/>
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        <balance>195238.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1550189.72000000</valUSD>
        <pctVal>0.301546834176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1395169.16000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capstone Copper Corp</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>Capstone Copper Corp.</title>
        <cusip>14071L108</cusip>
        <identifiers>
          <isin value="CA14071L1085"/>
        </identifiers>
        <balance>593362.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>4474421.23000000</valUSD>
        <pctVal>0.870375760639</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>Core Lithium Ltd</name>
        <lei>529900FYS46XFGQKWI31</lei>
        <title>Core Lithium, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CXO2"/>
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        <balance>4716668.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>797295.16000000</valUSD>
        <pctVal>0.155091875723</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="717566.48000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Denison Mines Corp</name>
        <lei>529900JWGSW17LJK6586</lei>
        <title>Denison Mines Corp.</title>
        <cusip>248356107</cusip>
        <identifiers>
          <isin value="CA2483561072"/>
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        <balance>3369525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11894423.25000000</valUSD>
        <pctVal>2.313733363809</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="3646514.71000000"/>
        </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>1321719.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>1591300.87000000</valUSD>
        <pctVal>0.309543879294</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="715030.01000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elevra Lithium Ltd</name>
        <lei>5299007N8RQDP4IN4F31</lei>
        <title>Elevra Lithium, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000421851"/>
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        <balance>642239.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>3704423.99000000</valUSD>
        <pctVal>0.720593945516</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2728129.54000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eramet Sa</name>
        <lei>549300LUH78PG2MP6N64</lei>
        <title>Eramet SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000131757"/>
        </identifiers>
        <balance>28297.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516000"/>
        <valUSD>1651715.87000000</valUSD>
        <pctVal>0.321295958251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1417415.86000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ero Copper Corp</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
        <cusip>296006109</cusip>
        <identifiers>
          <isin value="CA2960061091"/>
        </identifiers>
        <balance>62659.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>1669735.55000000</valUSD>
        <pctVal>0.324801192085</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>Encore Energy Corp</name>
        <lei>5299007FNX2NVNJM3O59</lei>
        <title>Encore Energy Corp.</title>
        <cusip>29259W700</cusip>
        <identifiers>
          <isin value="CA29259W7008"/>
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        <balance>703294.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>1274028.38000000</valUSD>
        <pctVal>0.247827230231</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>European Lithium Ltd</name>
        <lei>529900CXY50A8Q4OBQ93</lei>
        <title>European Lithium, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000EUR7"/>
        </identifiers>
        <balance>3538114.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>512635.71000000</valUSD>
        <pctVal>0.099719197877</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 Silver Corp</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>Endeavour Silver Corp.</title>
        <cusip>29258Y103</cusip>
        <identifiers>
          <isin value="CA29258Y1034"/>
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        <balance>574815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5351527.65000000</valUSD>
        <pctVal>1.040992724985</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1368281.39000000"/>
        </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>470798.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27673506.44000000</valUSD>
        <pctVal>5.383120627039</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>Faraday Copper Corp</name>
        <lei>529900BNJJ4FLFL93V78</lei>
        <title>Faraday Copper Corp.</title>
        <cusip>307357103</cusip>
        <identifiers>
          <isin value="CA3073571034"/>
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        <balance>99122.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>299268.49000000</valUSD>
        <pctVal>0.058214465341</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>Firefly Metals Ltd</name>
        <lei>529900XFOBB3CJ170E75</lei>
        <title>FireFly Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
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        <balance>314753.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>377865.17000000</valUSD>
        <pctVal>0.073503290783</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>First Quantum Minerals Ltd</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals, Ltd.</title>
        <cusip>335934105</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
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        <balance>460517.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>11010563.88000000</valUSD>
        <pctVal>2.141802798509</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>
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      <invstOrSec>
        <name>Global Atomic Corp</name>
        <lei>529900EY4VQEZUOEO166</lei>
        <title>Global Atomic Corp.</title>
        <cusip>37957M106</cusip>
        <identifiers>
          <isin value="CA37957M1068"/>
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        <balance>814792.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>468574.22000000</valUSD>
        <pctVal>0.091148245143</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="421142.64000000"/>
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      <invstOrSec>
        <name>Graphite One Inc</name>
        <lei>549300C8OM1HYYGOV659</lei>
        <title>Graphite One, Inc.</title>
        <cusip>38871F102</cusip>
        <identifiers>
          <isin value="CA38871F1027"/>
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        <balance>237394.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>209901.96000000</valUSD>
        <pctVal>0.040830661375</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>Guanajuato Silver Co Ltd</name>
        <lei>549300C1VGZKX7N1GH74</lei>
        <title>Guanajuato Silver Co., Ltd.</title>
        <cusip>40066W106</cusip>
        <identifiers>
          <isin value="CA40066W1068"/>
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        <balance>1335006.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <pctVal>0.113874011406</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="383351.16000000"/>
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      <invstOrSec>
        <name>Hudbay Minerals Inc</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>Hudbay Minerals, Inc.</title>
        <cusip>443628102</cusip>
        <identifiers>
          <isin value="CA4436281022"/>
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        <balance>209790.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4384611.00000000</valUSD>
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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>Hindustan Copper Ltd</name>
        <lei>33580013OQMTB8N3IV37</lei>
        <title>Hindustan Copper, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE531E01026"/>
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        <balance>290126.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="94.84875000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ivanhoe Electric Inc / Us</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc. / US</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
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        <balance>46962.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>555090.84000000</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>Igo Ltd</name>
        <lei>2549005DZO8VGXM5QN07</lei>
        <title>IGO, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000IGO4"/>
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        <balance>2161704.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>11708024.40000000</valUSD>
        <pctVal>2.277474586972</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Imperial Metals Corp</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
        <identifiers>
          <isin value="CA4528921022"/>
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        <balance>39550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>220906.84000000</valUSD>
        <pctVal>0.042971358531</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>Iluka Resources Ltd</name>
        <lei>2549009N2Y1F4YNB0955</lei>
        <title>Iluka Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000ILU1"/>
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        <balance>1765497.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>8039492.89000000</valUSD>
        <pctVal>1.563862537656</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>
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        <name>Vale Indonesia Tbk Pt</name>
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      <invstOrSec>
        <name>Ioneer Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Isoenergy Ltd</name>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jupiter Mines Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nac Kazatomprom Jsc</name>
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        <invCountry>KZ</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kghm Polska Miedz Sa</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kootenay Silver Inc</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Lithium Americas Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Lithium Argentina Ag</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lindian Resources Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lake Resources Nl</name>
        <lei>529900M65BIM9RDPDF56</lei>
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        <name>Leo Lithium Ltd</name>
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        <name>Lotus Resources Ltd</name>
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        <name>Liontown Ltd</name>
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        <name>Lundin Mining Corp</name>
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        <name>Lynas Rare Earths Ltd</name>
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        <name>Lifezone Metals Ltd</name>
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        <name>Merdeka Battery Materials Tbk Pt</name>
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        <name>Meteoric Resources Nl</name>
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        <name>Minsur Sa</name>
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        <name>Mkango Resources Ltd</name>
        <lei>213800RPILRWRUYNTS85</lei>
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        <name>Midnight Sun Mining Corp</name>
        <lei>52990087WPM7KR3D9E07</lei>
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        <name>Moil Ltd</name>
        <lei>335800KIMZB1TBYBFI12</lei>
        <title>MOIL, Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Mp Materials Corp</name>
        <lei>89450063PHPS61USMT84</lei>
        <title>MP Materials Corp.</title>
        <cusip>553368101</cusip>
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          <isin value="US5533681012"/>
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        <balance>326964.00000000</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>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Niocorp Developments Ltd</name>
        <lei>5299001QL26XJPOD3A17</lei>
        <title>NioCorp Developments, Ltd.</title>
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          <isin value="CA6544846091"/>
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        <balance>583898.00000000</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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      </invstOrSec>
      <invstOrSec>
        <name>Trimegah Bangun Persada Tbk Pt</name>
        <lei>N/A</lei>
        <title>Trimegah Bangun Persada Tbk PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000188006"/>
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        <balance>21364800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</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>New Pacific Metals Corp</name>
        <lei>549300TC0CSHP59S8103</lei>
        <title>New Pacific Metals Corp.</title>
        <cusip>64782A107</cusip>
        <identifiers>
          <isin value="CA64782A1075"/>
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        <balance>202842.00000000</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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      <invstOrSec>
        <name>Ngex Minerals Ltd</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEx Minerals, Ltd.</title>
        <cusip>62930A102</cusip>
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          <isin value="CA62930A1021"/>
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        <balance>65933.00000000</balance>
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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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          <loanByFundCondition isLoanByFund="Y" loanVal="1079201.12000000"/>
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      <invstOrSec>
        <name>Nickel Industries Ltd</name>
        <lei>54930007K0WX53TSIK16</lei>
        <title>Nickel Industries, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000018236"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</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>Pam Mineral Tbk Pt</name>
        <lei>N/A</lei>
        <title>Pam Mineral Tbk PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000161409"/>
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        <balance>10571000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</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>Magna Mining Inc</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
        <cusip>55925F102</cusip>
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          <isin value="CA55925F1027"/>
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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>
        <name>Nouveau Monde Graphite Inc</name>
        <lei>549300JDLMT728W4PV57</lei>
        <title>Nouveau Monde Graphite, Inc.</title>
        <cusip>66979W842</cusip>
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          <isin value="CA66979W8429"/>
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        <balance>146212.00000000</balance>
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        <curCd>USD</curCd>
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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>Northern Minerals Ltd/australia</name>
        <lei>529900P1SN3GV8TH5097</lei>
        <title>Northern Minerals, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000NTU4"/>
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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>Nexgen Energy Ltd</name>
        <lei>529900N0IXNXB3IP7F06</lei>
        <title>NexGen Energy, Ltd.</title>
        <cusip>65340P106</cusip>
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          <isin value="CA65340P1062"/>
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        <balance>1092703.00000000</balance>
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        <curCd>USD</curCd>
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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>
        <name>Paladin Energy Ltd</name>
        <lei>549300M44UTJAP8J6B37</lei>
        <title>Paladin Energy, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PDN8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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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>Peninsula Energy Ltd</name>
        <lei>213800XBLFMYEQENEZ77</lei>
        <title>Peninsula Energy, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PEN6"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pls Group Ltd</name>
        <lei>5299000VV1CZVF5K9C16</lei>
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        <assetCat>EC</assetCat>
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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>Pmet Resources Inc</name>
        <lei>529900XDIJAIG9QO0I38</lei>
        <title>PMET Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000251258"/>
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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>
        <name>Pensana Plc</name>
        <lei>213800H4QP6T9499RU64</lei>
        <title>Pensana PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BKM0ZJ18"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Philex Mining Corp</name>
        <lei>2549003WBGIWUSNRZX59</lei>
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        <cusip>N/A</cusip>
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        <currencyConditional curCd="PHP" exchangeRt="60.75000000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>PH</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rainbow Rare Earths Ltd</name>
        <lei>213800HONYSAXTG6KS11</lei>
        <title>Rainbow Rare Earths, Ltd.</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Copper Corp</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>Southern Copper Corp.</title>
        <cusip>84265V105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <title>SECURITIES LENDING - GENERAL</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Sandfire Resources Ltd</name>
        <lei>213800ZW52P23FVH1V47</lei>
        <title>Sandfire Resources, Ltd.</title>
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          <isin value="AU000000SFR8"/>
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        <assetCat>EC</assetCat>
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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>Sigma Lithium Corp</name>
        <lei>N/A</lei>
        <title>Sigma Lithium Corp.</title>
        <cusip>826599102</cusip>
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          <isin value="CA8265991023"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standard Lithium Ltd</name>
        <lei>549300LA4BSHAKT4SL33</lei>
        <title>Standard Lithium, Ltd.</title>
        <cusip>853606101</cusip>
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          <isin value="CA8536061010"/>
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        <balance>461553.00000000</balance>
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        <curCd>USD</curCd>
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        <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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      <invstOrSec>
        <name>Solaris Resources Inc</name>
        <lei>5299009LFMB5N4PVVZ93</lei>
        <title>Solaris Resources, Inc.</title>
        <cusip>83419D201</cusip>
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          <isin value="CA83419D2014"/>
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        <balance>48978.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <pctVal>0.082253735296</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>Sunrise Energy Metals Ltd</name>
        <lei>529900AYAT2TIC68VA49</lei>
        <title>Sunrise Energy Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000143729"/>
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        <balance>369591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
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        <pctVal>0.436011474144</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Silver Mines Ltd</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>Silver Mines, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SVL8"/>
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        <balance>3873418.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>467681.46000000</valUSD>
        <pctVal>0.090974583205</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="118444.51000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Silvercorp Metals Inc</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>Silvercorp Metals, Inc.</title>
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        <identifiers>
          <isin value="CA82835P1036"/>
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        <balance>504075.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5413765.50000000</valUSD>
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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>
          <loanByFundCondition isLoanByFund="Y" loanVal="4872383.58000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Syrah Resources Ltd</name>
        <lei>254900ZS2VP83B6L6Y30</lei>
        <title>Syrah Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SYR9"/>
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        <balance>2987755.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
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        <pctVal>0.052128592459</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="229333.21000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Teck Resources Ltd</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>Teck Resources, Ltd.</title>
        <cusip>878742204</cusip>
        <identifiers>
          <isin value="CA8787422044"/>
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        <balance>271150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14032012.50000000</valUSD>
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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>Taseko Mines Ltd</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>Taseko Mines, Ltd.</title>
        <cusip>876511106</cusip>
        <identifiers>
          <isin value="CA8765111064"/>
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        <balance>279486.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1802684.70000000</valUSD>
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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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Talon Metals Corp</name>
        <lei>9845003F1E9496A9MA60</lei>
        <title>Talon Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG866592014"/>
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        <balance>183803.40000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <pctVal>0.161921925687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="277682.75000000"/>
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      </invstOrSec>
      <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>64208.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>230506.72000000</valUSD>
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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>
          <loanByFundCondition isLoanByFund="Y" loanVal="207455.33000000"/>
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      <invstOrSec>
        <name>State Street Institutional Treasury Plus Money Market Fund</name>
        <lei>549300PNASLVKQG64331</lei>
        <title>State Street Institutional Treasury Plus Money Market Fund</title>
        <cusip>857492862</cusip>
        <identifiers>
          <isin value="US8574928623"/>
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        <balance>1236663.98000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1236663.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</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>Uranium Energy Corp</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>Uranium Energy Corp.</title>
        <cusip>916896103</cusip>
        <identifiers>
          <isin value="US9168961038"/>
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        <balance>1351260.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18242010.00000000</valUSD>
        <pctVal>3.548482030008</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>
        <name>Ur-energy Inc</name>
        <lei>5493004ZEMNWEC7T6X93</lei>
        <title>Ur-Energy, Inc.</title>
        <cusip>91688R108</cusip>
        <identifiers>
          <isin value="CA91688R1082"/>
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        <balance>1337587.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1993004.63000000</valUSD>
        <pctVal>0.387684313037</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>Uranium Royalty Corp</name>
        <lei>5493005KEPCD7QSX6305</lei>
        <title>Uranium Royalty Corp.</title>
        <cusip>91702V101</cusip>
        <identifiers>
          <isin value="CA91702V1013"/>
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        <balance>226635.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>827217.75000000</valUSD>
        <pctVal>0.160912493786</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="174470.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Americas Gold &amp; Silver Corp</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corp.</title>
        <cusip>03062D803</cusip>
        <identifiers>
          <isin value="CA03062D8035"/>
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        <balance>514034.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2683257.48000000</valUSD>
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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>
          <loanByFundCondition isLoanByFund="Y" loanVal="754947.72000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Unico Silver Ltd</name>
        <lei>529900XDJQXMOQ7MT398</lei>
        <title>Unico Silver, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000269821"/>
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        <balance>987136.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>412050.17000000</valUSD>
        <pctVal>0.080153043645</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="246277.80000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Energy Fuels Inc/canada</name>
        <lei>529900P0GCATXMGK8I62</lei>
        <title>Energy Fuels, Inc.</title>
        <cusip>292671708</cusip>
        <identifiers>
          <isin value="CA2926717083"/>
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        <balance>450221.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8216533.25000000</valUSD>
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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>
          <loanByFundCondition isLoanByFund="Y" loanVal="7394863.50000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Gruvaktiebolaget Viscaria</name>
        <lei>5299004NWV90GIWSWQ04</lei>
        <title>Gruvaktiebolaget Viscaria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0021148160"/>
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        <balance>100777.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.46665000"/>
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        <pctVal>0.031641595779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Energy Resources Ltd</name>
        <lei>8945006OYFHQ9HE4XE54</lei>
        <title>Vulcan Energy Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000066086"/>
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        <balance>391690.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
        <valUSD>862086.62000000</valUSD>
        <pctVal>0.167695274774</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>
      <invstOrSec>
        <name>Vizsla Silver Corp</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>92859G608</cusip>
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        <balance>625188.00000000</balance>
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        <valUSD>2063120.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Westwater Resources Inc</name>
        <lei>5493006CMF043V56K243</lei>
        <title>Westwater Resources, Inc.</title>
        <cusip>961684206</cusip>
        <identifiers>
          <isin value="US9616842061"/>
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        <balance>213386.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>139533.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="261.56000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>SPROTT FUNDS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Thomas W. Ulrich</ncom:signature>
      <ncom:signerName>Thomas W. Ulrich</ncom:signerName>
      <ncom:title>Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
