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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Encounter Resources Ltd</name>
        <lei>894500POR1289TU1RN94</lei>
        <title>Encounter Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000ENR2"/>
        </identifiers>
        <balance>662846.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51941000"/>
        <valUSD>98156.75000000</valUSD>
        <pctVal>0.690179722393</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>Mac Copper Ltd</name>
        <lei>984500A55FX8DC465F12</lei>
        <title>MAC Copper, Ltd.</title>
        <cusip>G60409110</cusip>
        <identifiers>
          <isin value="JE00BQBC8469"/>
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        <balance>50865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>614957.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blue Moon Metals Inc</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
        <cusip>09570Q509</cusip>
        <identifiers>
          <isin value="CA09570Q5095"/>
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        <balance>62375.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>150240.50000000</valUSD>
        <pctVal>1.056401588095</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>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>281072.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72852000"/>
        <valUSD>614984.86000000</valUSD>
        <pctVal>4.324206740252</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. / US</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
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        <balance>84124.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>763004.68000000</valUSD>
        <pctVal>5.364993831068</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="3628.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regulus Resources Inc</name>
        <lei>529900VQYPDBLVK5DL14</lei>
        <title>Regulus Resources, Inc.</title>
        <cusip>75915M107</cusip>
        <identifiers>
          <isin value="CA75915M1077"/>
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        <balance>177841.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>312127.77000000</valUSD>
        <pctVal>2.194696316351</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>Ngex Minerals Ltd</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEx Minerals, Ltd.</title>
        <cusip>65343P103</cusip>
        <identifiers>
          <isin value="CA65343P1036"/>
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        <balance>54010.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>630628.97000000</valUSD>
        <pctVal>4.434206791160</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>Taseko Mines Ltd</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>Taseko Mines, Ltd.</title>
        <cusip>876511106</cusip>
        <identifiers>
          <isin value="CA8765111064"/>
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        <balance>277456.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>873986.40000000</valUSD>
        <pctVal>6.145351093308</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>Atlas Consolidated Mining &amp; Development Corp</name>
        <lei>N/A</lei>
        <title>Atlas Consolidated Mining &amp; Development Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY0434M1265"/>
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        <balance>2244000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="56.33000000"/>
        <valUSD>177273.21000000</valUSD>
        <pctVal>1.246479481703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jinchuan Group International Resources Co Ltd</name>
        <lei>254900RWLOXOMORJEB03</lei>
        <title>Jinchuan Group International Resources Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG5138B1023"/>
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        <balance>5770100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84995000"/>
        <valUSD>470431.53000000</valUSD>
        <pctVal>3.307793939599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="423387.20000000"/>
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      <invstOrSec>
        <name>29metals Ltd</name>
        <lei>N/A</lei>
        <title>29Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000157067"/>
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        <balance>981324.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51941000"/>
        <valUSD>190528.28000000</valUSD>
        <pctVal>1.339681228225</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="70166.98000000"/>
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      <invstOrSec>
        <name>Minsur Sa</name>
        <lei>254900C69MVC7SXO2G61</lei>
        <title>Minsur SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PEP622005002"/>
        </identifiers>
        <balance>544300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PEN" exchangeRt="3.54250000"/>
        <valUSD>611521.24000000</valUSD>
        <pctVal>4.299852630218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Entree Resources Ltd</name>
        <lei>52990094IV5C28IVXZ02</lei>
        <title>Entree Resources, Ltd.</title>
        <cusip>29384J103</cusip>
        <identifiers>
          <isin value="CA29384J1030"/>
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        <balance>204890.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>308444.65000000</valUSD>
        <pctVal>2.168798813234</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>Aldebaran Resources Inc</name>
        <lei>N/A</lei>
        <title>Aldebaran Resources, Inc.</title>
        <cusip>01408J104</cusip>
        <identifiers>
          <isin value="CA01408J1049"/>
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        <balance>204708.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>350262.27000000</valUSD>
        <pctVal>2.462835375801</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>104882.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72852000"/>
        <valUSD>653604.95000000</valUSD>
        <pctVal>4.595760178962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Firefly Metals Ltd</name>
        <lei>N/A</lei>
        <title>FireFly Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
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        <balance>882284.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51941000"/>
        <valUSD>603902.41000000</valUSD>
        <pctVal>4.246281561755</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="368788.97000000"/>
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      <invstOrSec>
        <name>Ero Copper Corp</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
        <cusip>296006109</cusip>
        <identifiers>
          <isin value="CA2960061091"/>
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        <balance>43860.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
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        <pctVal>5.208841053406</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>Marimaca Copper Corp</name>
        <lei>254900ZZYV59162NO535</lei>
        <title>Marimaca Copper Corp.</title>
        <cusip>56783M106</cusip>
        <identifiers>
          <isin value="CA56783M1068"/>
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        <balance>80709.00000000</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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      <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>200492.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>319491.57000000</valUSD>
        <pctVal>2.246474165962</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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          <loanByFundCondition isLoanByFund="Y" loanVal="16943.00000000"/>
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      <invstOrSec>
        <name>Koryx Copper Inc</name>
        <lei>5299009R3L9MUZJYRA88</lei>
        <title>Koryx Copper, Inc.</title>
        <cusip>50067J202</cusip>
        <identifiers>
          <isin value="CA50067J2020"/>
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        <balance>112266.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>90686.69000000</valUSD>
        <pctVal>0.637654715840</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>N/A</name>
        <lei>N/A</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SECLEND"/>
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        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="123523.95000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <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>193927.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>323271.00000000</valUSD>
        <pctVal>2.273048863557</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>Imperial Metals Corp</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
        <identifiers>
          <isin value="CA4528921022"/>
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        <balance>121629.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>436765.79000000</valUSD>
        <pctVal>3.071076535168</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>Cygnus Metals Ltd</name>
        <lei>N/A</lei>
        <title>Cygnus Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CY57"/>
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        <balance>708100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51941000"/>
        <valUSD>39147.04000000</valUSD>
        <pctVal>0.275258636820</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>Sandfire Resources Ltd</name>
        <lei>213800ZW52P23FVH1V47</lei>
        <title>Sandfire Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SFR8"/>
        </identifiers>
        <balance>83411.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51941000"/>
        <valUSD>615943.97000000</valUSD>
        <pctVal>4.330950629731</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>China Daye Non-ferrous Metals Mining Ltd</name>
        <lei>N/A</lei>
        <title>China Daye Non-Ferrous Metals Mining, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG2125C1029"/>
        </identifiers>
        <balance>7026000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84995000"/>
        <valUSD>45646.91000000</valUSD>
        <pctVal>0.320961845944</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-30</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>
</edgarSubmission>
