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      </invstOrSec>
      <invstOrSec>
        <name>COEUR MINING INC</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
        </identifiers>
        <balance>7577800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>146403096.00000000</valUSD>
        <pctVal>3.461581643307</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="69080592.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS LTD</title>
        <cusip>335934105</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
        </identifiers>
        <balance>2569800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>79108049.18000000</valUSD>
        <pctVal>1.870445218449</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>LUNDIN MINING CORP</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>LUNDIN MINING CORP</title>
        <cusip>550372106</cusip>
        <identifiers>
          <isin value="CA5503721063"/>
        </identifiers>
        <balance>1094300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>32686522.32000000</valUSD>
        <pctVal>0.772846126467</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>SKEENA RESOURCES LTD</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>SKEENA RESOURCES LTD</title>
        <cusip>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
        </identifiers>
        <balance>3117200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>94625046.24000000</valUSD>
        <pctVal>2.237331941815</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>OCEANAGOLD CORP</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OCEANAGOLD CORP</title>
        <cusip>675222400</cusip>
        <identifiers>
          <isin value="CA6752224007"/>
        </identifiers>
        <balance>3403367.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>102793458.73000000</valUSD>
        <pctVal>2.430467384322</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>RIO2 LTD/NEW</name>
        <lei>2549009N9W290I0XSE73</lei>
        <title>RIO2 LTD/NEW</title>
        <cusip>767217102</cusip>
        <identifiers>
          <isin value="CA7672171021"/>
        </identifiers>
        <balance>3317600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>7676454.50000000</valUSD>
        <pctVal>0.181503497596</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>ZIJIN MINING GROUP CO LIMITED</name>
        <lei>529900ABI5CBFXD01Q05</lei>
        <title>ZIJIN MINING GROUP CO LTD H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000502"/>
        </identifiers>
        <balance>7304000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83690000"/>
        <valUSD>30550998.48000000</valUSD>
        <pctVal>0.722353409268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASCOT RESOURCES LTD</name>
        <lei>98450093855CEDA61B27</lei>
        <title>ASCOT RESOURCES LTD WT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="KMK335000"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>5.80000000</valUSD>
        <pctVal>0.000000137136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUINOX GOLD CORP</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>EQUINOX GOLD CORP</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
        </identifiers>
        <balance>5428800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>74029985.86000000</valUSD>
        <pctVal>1.750378558301</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>MONTAGE GOLD CORP</name>
        <lei>9845004C6BCE77ACA795</lei>
        <title>MONTAGE GOLD CORP</title>
        <cusip>61178L101</cusip>
        <identifiers>
          <isin value="CA61178L1013"/>
        </identifiers>
        <balance>5600800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>68047292.64000000</valUSD>
        <pctVal>1.608922662943</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>CENTERRA GOLD INC</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>CENTERRA GOLD INC</title>
        <cusip>152006102</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
        </identifiers>
        <balance>3833100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>67673197.69000000</valUSD>
        <pctVal>1.600077493358</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="8637402.79000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DPM METALS INC</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DPM METALS INC</title>
        <cusip>26139R109</cusip>
        <identifiers>
          <isin value="CA26139R1091"/>
        </identifiers>
        <balance>3830600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>128645254.42000000</valUSD>
        <pctVal>3.041711981274</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>WESTGOLD RESOURCES LTD</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
        <title>WESTGOLD RESOURCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000WGX6"/>
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        <balance>9975713.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39130435"/>
        <valUSD>36782324.22000000</valUSD>
        <pctVal>0.869688017513</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>FUERTE METALS CORP</name>
        <lei>529900TQDM0BH3FAGJ98</lei>
        <title>FUERTE METALS CORP</title>
        <cusip>35958L101</cusip>
        <identifiers>
          <isin value="CA35958L1013"/>
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        <balance>1363500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>8901098.90000000</valUSD>
        <pctVal>0.210459214315</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>K92 MINING</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 MINING</title>
        <cusip>499113108</cusip>
        <identifiers>
          <isin value="CA4991131083"/>
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        <balance>4181100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>78184280.27000000</valUSD>
        <pctVal>1.848603456977</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>HUDBAY MINERALS INC</name>
        <lei>549300WI524AL577IX21</lei>
        <title>Hudbay Minerals Inc</title>
        <cusip>443628102</cusip>
        <identifiers>
          <isin value="CA4436281022"/>
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        <balance>776900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>22715583.36000000</valUSD>
        <pctVal>0.537091417629</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>G MINING VENTURES CORP</name>
        <lei>N/A</lei>
        <title>G MINING VENTURES CORP</title>
        <cusip>36270K102</cusip>
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          <isin value="CA36270K1021"/>
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        <balance>3041600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
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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>AYA GOLD and SILVER INC</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>AYA GOLD and SILVER INC</title>
        <cusip>05466C109</cusip>
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          <isin value="CA05466C1095"/>
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        <balance>3711934.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Cash Central Fund</title>
        <cusip>31635A105</cusip>
        <identifiers>
          <isin value="US31635A1051"/>
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        <balance>3325087.19200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3325752.21000000</valUSD>
        <pctVal>0.078634694995</pctVal>
        <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>
      <invstOrSec>
        <name>ANGLOGOLD ASHANTI PLC</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>ANGLOGOLD ASHANTI PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
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        <balance>2210082.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>214024340.88000000</valUSD>
        <pctVal>5.060430754902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HEMLO MINING CORP</name>
        <lei>529900LAXG9T9UEN3T86</lei>
        <title>HEMLO MINING CORP</title>
        <cusip>42366G104</cusip>
        <identifiers>
          <isin value="CA42366G1046"/>
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        <balance>2566447.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>11914017.92000000</valUSD>
        <pctVal>0.281697224011</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>GOLD BULLION</name>
        <lei>N/A</lei>
        <title>GOLD BULLION</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="689994101"/>
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        <balance>582.00000000</balance>
        <units>OU</units>
        <curCd>USD</curCd>
        <valUSD>2646179.40000000</valUSD>
        <pctVal>0.062566750883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>COMM</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ELDORADO GOLD CORP NEW</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>ELDORADO GOLD CORP</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
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        <balance>2454500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>82929394.70000000</valUSD>
        <pctVal>1.960797812528</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>INTERNATIONAL TOWER HILL MINES LTD NEW</name>
        <lei>529900QWPB33AJTGMU33</lei>
        <title>INTL TOWER HILL MINES LTD</title>
        <cusip>46050R102</cusip>
        <identifiers>
          <isin value="CA46050R1029"/>
        </identifiers>
        <balance>4750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12872500.00000000</valUSD>
        <pctVal>0.304359750038</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="654194.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESDOME GOLD MINES LTD</name>
        <lei>254900D63U62QS84H719</lei>
        <title>WESDOME GOLD MINES LTD</title>
        <cusip>95083R100</cusip>
        <identifiers>
          <isin value="CA95083R1001"/>
        </identifiers>
        <balance>493000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>10001965.69000000</valUSD>
        <pctVal>0.236488310530</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>NOVAGOLD RESOURCES INC</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>NOVAGOLD RESOURCES INC PP (6 MONTHS HOLD)</title>
        <cusip>66987E305</cusip>
        <identifiers>
          <isin value="US66987E3053"/>
        </identifiers>
        <balance>486300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>4179926.01000000</valUSD>
        <pctVal>0.098830936926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARRICK MINING CORP</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK MINING CORP</title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
        </identifiers>
        <balance>7496300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>320264077.18000000</valUSD>
        <pctVal>7.572382557929</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>KINROSS GOLD CORP</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>KINROSS GOLD CORP</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
        </identifiers>
        <balance>6635600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>201573225.98000000</valUSD>
        <pctVal>4.766034311424</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>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Securities Lending Cash Central Fund</title>
        <cusip>31635A303</cusip>
        <identifiers>
          <isin value="US31635A3032"/>
        </identifiers>
        <balance>186584544.81300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186603203.27000000</valUSD>
        <pctVal>4.412080349871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="186603203.27000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSR MINING INC</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
        </identifiers>
        <balance>2448400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>76439042.67000000</valUSD>
        <pctVal>1.807338739192</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>WESTERN COPPER and GOLD CORP</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>WESTERN COPPER AND GOLD CORP</title>
        <cusip>95805V108</cusip>
        <identifiers>
          <isin value="CA95805V1085"/>
        </identifiers>
        <balance>2819233.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>8425082.48000000</valUSD>
        <pctVal>0.199204194808</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>NOVAGOLD RESOURCES INC</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>NOVAGOLD RESOURCES INC</title>
        <cusip>66987E206</cusip>
        <identifiers>
          <isin value="CA66987E2069"/>
        </identifiers>
        <balance>1371100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>11785104.99000000</valUSD>
        <pctVal>0.278649183059</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>LUMINA METALS CORP</name>
        <lei>894500V4LYUC7MIB2H64</lei>
        <title>LUMINA METALS CORP</title>
        <cusip>55025J103</cusip>
        <identifiers>
          <isin value="CA55025J1030"/>
        </identifiers>
        <balance>298700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>2589101.66000000</valUSD>
        <pctVal>0.061217194333</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>COEUR MINING INC</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
        </identifiers>
        <balance>3024699.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>58359259.71000000</valUSD>
        <pctVal>1.379857036146</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="547956.33000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GCM MINING CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>ARIS MINING CORP</title>
        <cusip>04040Y109</cusip>
        <identifiers>
          <isin value="CA04040Y1097"/>
        </identifiers>
        <balance>3297300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>59744354.26000000</valUSD>
        <pctVal>1.412606465628</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>FRANCO NEVADA CORP</name>
        <lei>98450064C1B5D3E94864</lei>
        <title>FRANCO-NEVADA CORP</title>
        <cusip>351858105</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
        </identifiers>
        <balance>1190278.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>275724209.97000000</valUSD>
        <pctVal>6.519273771694</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>OSISKO DEVELOPMENT CORP</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>OSISKO DEVELOPMENT CORP WT 05/27/2027</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="JKV526000"/>
        </identifiers>
        <balance>666666.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>120.65000000</valUSD>
        <pctVal>0.000002852670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IAMGOLD CORP</name>
        <lei>5493003RWIRGFJUNQG48</lei>
        <title>IAMGOLD CORP</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
        </identifiers>
        <balance>8816300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>159488283.47000000</valUSD>
        <pctVal>3.770970214881</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>AGNICO EAGLE MINES LTD</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>AGNICO EAGLE MINES LTD</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
        </identifiers>
        <balance>2593302.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>476807159.87000000</valUSD>
        <pctVal>11.27371590559</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>NEWMONT CORP</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT CORP</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
        </identifiers>
        <balance>4390748.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>482148037.88000000</valUSD>
        <pctVal>11.39999660445</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>WHEATON PRECIOUS METALS CORP</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>WHEATON PRECIOUS METALS CORP</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
        </identifiers>
        <balance>2903782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>390414558.82000000</valUSD>
        <pctVal>9.231033407186</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="174785478.40000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
