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      <invstOrSec>
        <name>Northern Star Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Royal Nickel Corp.</name>
        <lei>549300S6PWY0YYVHMC70</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Osisko Gold Royalties Ltd.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OceanaGold Corp.</name>
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        <title>OceanaGold Corp., CDI</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ramelius Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Polymetal International PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Novo Resources Corp.</name>
        <lei>N/A</lei>
        <title>Novo Resources Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gold Road Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harmony Gold Mining Co. Ltd.</name>
        <lei>378900986D05F0C29811</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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            <putOrCall>Put</putOrCall>
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                <issuerName>Franco-Nevada Corp</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>0</unrealizedAppr>
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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
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          <isin value="CA53056H1047"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SEMAFO, Inc.</name>
        <lei>549300S05TET4DCD2F17</lei>
        <title>SEMAFO, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd., Class A</title>
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        <balance>19030000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TMAC Resources, Inc.</name>
        <lei>549300OXTLJJ4P2SG150</lei>
        <title>TMAC Resources, Inc.</title>
        <cusip>872577101</cusip>
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          <isin value="CA8725771015"/>
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        <balance>1580000.00000000</balance>
        <units>NS</units>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AGNICO EAGLE MINES LTD AEM US 02/21/20 C65</title>
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        <balance>-100000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-96500.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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                <issuerName>Agnico Eagle Mines Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Franco-Nevada Corp.</name>
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        <title>Franco-Nevada Corp.</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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                <issuerName>Sibanye Gold Ltd</issuerName>
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      <invstOrSec>
        <name>Trevali Mining Corp.</name>
        <lei>5493002WHMZNAEQSTU97</lei>
        <title>Trevali Mining Corp.</title>
        <cusip>89531J109</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Saracen Mineral Holdings Ltd.</name>
        <lei>254900SQ035N7AB62C07</lei>
        <title>Saracen Mineral Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000SAR9"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GT Gold Corp.</name>
        <lei>529900ABSHZCT64MGB73</lei>
        <title>GT Gold Corp.</title>
        <cusip>36251Y105</cusip>
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          <isin value="CA36251Y1051"/>
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        <balance>50000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SilverCrest Metals, Inc.</name>
        <lei>549300M4CUMXUHSXYQ10</lei>
        <title>SilverCrest Metals, Inc.</title>
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          <isin value="CA8283631015"/>
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        <balance>2490000.00000000</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>Argonaut Gold, Inc.</name>
        <lei>54930043XCKI4E8EQR38</lei>
        <title>Argonaut Gold, Inc.</title>
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          <isin value="CA04016A1012"/>
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        <balance>900000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zhaojin Mining Industry Co. Ltd.</name>
        <lei>3003007KU2DRDX06PN04</lei>
        <title>Zhaojin Mining Industry Co. Ltd., H Shares</title>
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        <identifiers>
          <isin value="CNE1000004R6"/>
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        <balance>12470000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Adventus Mining Corp.</name>
        <lei>N/A</lei>
        <title>Adventus Mining Corp.</title>
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          <isin value="CA00791E1025"/>
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        <balance>2000000.00000000</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>Castile Resources Pty Ltd.</name>
        <lei>N/A</lei>
        <title>Castile Resources Pty Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000076689"/>
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        <balance>2784575.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Perenti Global Ltd.</name>
        <lei>25490044GUNE4S2E6K11</lei>
        <title>Perenti Global Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000061897"/>
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        <balance>65634.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>067901108</cusip>
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          <isin value="CA0679011084"/>
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        <balance>4039470.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74810984.40000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Shandong Gold Mining Co., Ltd.</name>
        <lei>300300KC2K8BC07OSV77</lei>
        <title>Shandong Gold Mining Co., Ltd., H Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000036N7"/>
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        <balance>7910000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
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        <balance>661000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19466450.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A101</cusip>
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          <isin value="CA87425A1012"/>
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        <balance>300000.00000000</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>Pantoro Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PNR8"/>
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        <balance>17100000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
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        <pctVal>0.082935684587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
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        <balance>394000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>401919.30000000</valUSD>
        <pctVal>0.029129800670</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>Wesdome Gold Mines Ltd.</name>
        <lei>529900DCBALMLHZPLR10</lei>
        <title>Wesdome Gold Mines Ltd.</title>
        <cusip>95083R100</cusip>
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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>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222103</cusip>
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          <isin value="CA6752221037"/>
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        <balance>6050000.00000000</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>Highland Gold Mining Ltd.</name>
        <lei>213800QQFH2CBTW5BX79</lei>
        <title>Highland Gold Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="GB0032360173"/>
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        <balance>575503.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75729000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Real Gold Mining Ltd.</name>
        <lei>N/A</lei>
        <title>Real Gold Mining Ltd.</title>
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          <isin value="KYG740991057"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Polyus PJSC</name>
        <lei>549300FUXVT7TF6ZKV71</lei>
        <title>Polyus PJSC, GDR</title>
        <cusip>73181M117</cusip>
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          <isin value="US73181M1172"/>
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        <balance>339000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20669548.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
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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>Royal Gold, Inc.</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold, Inc.</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
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        <balance>124000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14299680.00000000</valUSD>
        <pctVal>1.036394191715</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>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
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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>N/A</name>
        <lei>N/A</lei>
        <title>WHEATON PRECIOUS METALS CORP WPM US 03/20/20 P27</title>
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        <identifiers>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-40500.00000000</valUSD>
        <pctVal>-0.00293530797</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Wheaton Precious Metals Corp</issuerName>
                <issueTitle>Wheaton Precious Metals Corp.</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>27</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <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>762000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47106840.00000000</valUSD>
        <pctVal>3.414150202385</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>N/A</name>
        <lei>N/A</lei>
        <title>TOREX GOLD RESOURCES INC TXG CN 04/17/20 P17</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2291214"/>
        </identifiers>
        <balance>-100000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>-66117.58000000</valUSD>
        <pctVal>-0.00479198666</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
              <counterpartyLei>2IGI19DL77OX0HC3ZE78</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Torex Gold Resources Inc</issuerName>
                <issueTitle>Torex Gold Resources, Inc.</issueTitle>
                <identifiers>
                  <cusip value="891054603"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>17</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-04-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <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"/>
        </identifiers>
        <balance>15078294.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>22291970.26000000</valUSD>
        <pctVal>1.615649336163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SolGold PLC</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WD0R35"/>
        </identifiers>
        <balance>19400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75729000"/>
        <valUSD>4919161.88000000</valUSD>
        <pctVal>0.356524817376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd., ADR</title>
        <cusip>38059T106</cusip>
        <identifiers>
          <isin value="US38059T1060"/>
        </identifiers>
        <balance>7990000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51136000.00000000</valUSD>
        <pctVal>3.706170584764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osino Resources Corp.</name>
        <lei>549300S6BIXSU8JYBB24</lei>
        <title>Osino Resources Corp.</title>
        <cusip>68828L100</cusip>
        <identifiers>
          <isin value="CA68828L1004"/>
        </identifiers>
        <balance>3470000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>2150068.01000000</valUSD>
        <pctVal>0.155829920484</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>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp., Rts. Expiring 02/22/2029</title>
        <cusip>697900132</cusip>
        <identifiers>
          <isin value="CA6979001329"/>
        </identifiers>
        <balance>2300100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1518066.00000000</valUSD>
        <pctVal>0.110024475026</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>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
        </identifiers>
        <balance>10910000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47131200.00000000</valUSD>
        <pctVal>3.415915735776</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>IAMGOLD Corp.</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp.</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
        </identifiers>
        <balance>1020000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3019200.00000000</valUSD>
        <pctVal>0.218821773887</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>Auryn Resources, Inc.</name>
        <lei>549300J7HGQZCNNOU191</lei>
        <title>Auryn Resources, Inc.</title>
        <cusip>05208W108</cusip>
        <identifiers>
          <isin value="CA05208W1086"/>
        </identifiers>
        <balance>1620000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2130300.00000000</valUSD>
        <pctVal>0.154397199560</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>Polyus PJSC</name>
        <lei>549300FUXVT7TF6ZKV71</lei>
        <title>Polyus PJSC, GDR</title>
        <cusip>73181M117</cusip>
        <identifiers>
          <isin value="US73181M1172"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>489084.00000000</valUSD>
        <pctVal>0.035447213983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>14157606.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14157605.60000000</valUSD>
        <pctVal>1.026097102343</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Goldcorp Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Goldcorp Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
        </identifiers>
        <balance>1728923.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>77905270.38000000</valUSD>
        <pctVal>5.646320038338</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>Musgrave Minerals Ltd.</name>
        <lei>5299001RYHV722EQ4I17</lei>
        <title>Musgrave Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000MGV1"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>31038.74000000</valUSD>
        <pctVal>0.002249586693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nickel Mines Ltd.</name>
        <lei>N/A</lei>
        <title>Nickel Mines Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000018236"/>
        </identifiers>
        <balance>18300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>7557771.66000000</valUSD>
        <pctVal>0.547762652781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FIRST QUANTUM MINERALS LTD FM CN 04/17/20 P9</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2192688"/>
        </identifiers>
        <balance>-100000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>-45337.77000000</valUSD>
        <pctVal>-0.00328593377</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>First Quantum Minerals Ltd</issuerName>
                <issueTitle>First Quantum Minerals Ltd.</issueTitle>
                <identifiers>
                  <cusip value="335934105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>9</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-04-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>891054603</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
        </identifiers>
        <balance>1311800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>18050383.86000000</valUSD>
        <pctVal>1.308232980789</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>Dacian Gold Ltd.</name>
        <lei>213800ENTL8AJ6YPZX87</lei>
        <title>Dacian Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DCN6"/>
        </identifiers>
        <balance>11580000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>11284567.16000000</valUSD>
        <pctVal>0.817868641860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teranga Gold Corp.</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
        <cusip>880797204</cusip>
        <identifiers>
          <isin value="CA8807972044"/>
        </identifiers>
        <balance>2080000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>11834970.53000000</valUSD>
        <pctVal>0.857760083890</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>Castile Resources Pty Ltd.</name>
        <lei>N/A</lei>
        <title>Castile Resources Pty Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000070419"/>
        </identifiers>
        <balance>6474146.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>866758.59000000</valUSD>
        <pctVal>0.062819837107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Resolute Mining Ltd.</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RSG6"/>
        </identifiers>
        <balance>14210000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>11080026.60000000</valUSD>
        <pctVal>0.803044208841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sandstorm Gold Ltd.</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold Ltd.</title>
        <cusip>80013R206</cusip>
        <identifiers>
          <isin value="CA80013R2063"/>
        </identifiers>
        <balance>430000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2949800.00000000</valUSD>
        <pctVal>0.213791888120</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>Continental Gold, Inc.</name>
        <lei>5493008JZGSMC21N8505</lei>
        <title>Continental Gold, Inc.</title>
        <cusip>21146A108</cusip>
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          <isin value="CA21146A1084"/>
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        <balance>5590000.00000000</balance>
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        <pctVal>1.674582913207</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>N/A</name>
        <lei>N/A</lei>
        <title>Royal Nickel Corp., Wts., expiring September 21, 2021</title>
        <cusip>780357166</cusip>
        <identifiers>
          <isin value="CA7803571669"/>
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        <balance>2500000.00000000</balance>
        <units>NS</units>
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        <valUSD>273915.67000000</valUSD>
        <pctVal>0.019852514840</pctVal>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Royal Nickel Corp</counterpartyName>
              <counterpartyLei>549300S6PWY0YYVHMC70</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>Royal Nickel Corp</issuerName>
                <issueTitle>Royal Nickel Corp.</issueTitle>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>0.5</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2021-09-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Roxgold, Inc.</name>
        <lei>529900PUOD77B2C12763</lei>
        <title>Roxgold, Inc.</title>
        <cusip>779899202</cusip>
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          <isin value="CA7798992029"/>
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        <balance>7400000.00000000</balance>
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        <valUSD>5815324.17000000</valUSD>
        <pctVal>0.421475738808</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>N/A</name>
        <lei>N/A</lei>
        <title>ENDEAVOUR MINING CORP EDV CN 04/17/20 P21</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2263644"/>
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        <balance>-100000.00000000</balance>
        <units>NC</units>
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        <valUSD>-22668.88000000</valUSD>
        <pctVal>-0.00164296652</pctVal>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Royal Bank of Canada</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Endeavour Mining Corp</issuerName>
                <issueTitle>Endeavour Mining Corp.</issueTitle>
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                  <cusip value="G3040R158"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>21</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-04-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
        <cusip>152006102</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
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        <balance>2413000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>19327338.67000000</valUSD>
        <pctVal>1.400782502748</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>Kirkland Lake Gold Ltd.</name>
        <lei>529900G32H6145TBDT30</lei>
        <title>Kirkland Lake Gold Ltd.</title>
        <cusip>49741E100</cusip>
        <identifiers>
          <isin value="CA49741E1007"/>
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        <balance>1216367.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>49880789.70000000</valUSD>
        <pctVal>3.615197034006</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>Turquoise Hill Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Turquoise Hill Resources Ltd.</title>
        <cusip>900435108</cusip>
        <identifiers>
          <isin value="CA9004351081"/>
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        <balance>1300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>822640.00000000</valUSD>
        <pctVal>0.059622265524</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>Ferroglobe PLC</name>
        <lei>2138005GCFJACFTZUD90</lei>
        <title>Ferroglobe PLC</title>
        <cusip>G33856108</cusip>
        <identifiers>
          <isin value="GB00BYW6GV68"/>
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        <balance>1320000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1125036.00000000</valUSD>
        <pctVal>0.081538941841</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>Lundin Gold, Inc.</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold, Inc.</title>
        <cusip>550371108</cusip>
        <identifiers>
          <isin value="CA5503711080"/>
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        <balance>2409600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>19172652.26000000</valUSD>
        <pctVal>1.389571336004</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>ERO Copper Corp.</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
        <cusip>296006109</cusip>
        <identifiers>
          <isin value="CA2960061091"/>
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        <balance>1234000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>16951881.52000000</valUSD>
        <pctVal>1.228617112129</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>Teranga Gold Corp.</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
        <cusip>880797113</cusip>
        <identifiers>
          <ticker value="TGZ PP"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>844415.90000000</valUSD>
        <pctVal>0.061200511770</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>Bushveld Minerals Ltd.</name>
        <lei>213800GX3IGYRET8ZE57</lei>
        <title>Bushveld Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GG00B4TM3943"/>
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        <balance>7400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75729000"/>
        <valUSD>1995390.87000000</valUSD>
        <pctVal>0.144619425600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>3182200.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>24911283.06000000</valUSD>
        <pctVal>1.805488589363</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, Inc.</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining, Inc.</title>
        <cusip>499113108</cusip>
        <identifiers>
          <isin value="CA4991131083"/>
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        <balance>8380000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>24378872.60000000</valUSD>
        <pctVal>1.766901214796</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>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
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        <balance>710000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16315800.00000000</valUSD>
        <pctVal>1.182515997084</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>Gran Colombia Gold Corp.</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Gran Colombia Gold Corp.</title>
        <cusip>38501D808</cusip>
        <identifiers>
          <isin value="CA38501D8089"/>
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        <balance>280000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
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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>SSR Mining, Inc.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining, Inc.</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
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        <balance>1133000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20745230.00000000</valUSD>
        <pctVal>1.503546644246</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>Red 5 Ltd.</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Red 5 Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RED3"/>
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        <balance>14900000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>3066544.42000000</valUSD>
        <pctVal>0.222253143113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pretium Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Pretium Resources, Inc.</title>
        <cusip>74139C102</cusip>
        <identifiers>
          <isin value="CA74139C1023"/>
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        <balance>1164000.00000000</balance>
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        <pctVal>0.918595857191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
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        <balance>2405000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15151500.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endeavour Mining Corp.</name>
        <lei>529900R1F0JCJDI3A443</lei>
        <title>Endeavour Mining Corp.</title>
        <cusip>G3040R158</cusip>
        <identifiers>
          <isin value="KYG3040R1589"/>
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        <balance>249000.00000000</balance>
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        <valUSD>5098911.89000000</valUSD>
        <pctVal>0.369552512144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Bear Resources Ltd.</name>
        <lei>2549000RUH5SDJMHDI59</lei>
        <title>Great Bear Resources Ltd.</title>
        <cusip>390143303</cusip>
        <identifiers>
          <isin value="CA3901433035"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>1263412.42000000</valUSD>
        <pctVal>0.091568013677</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>Silver Lake Resources Ltd.</name>
        <lei>254900Z1BWS584OIKJ61</lei>
        <title>Silver Lake Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SLR6"/>
        </identifiers>
        <balance>15130000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>16759484.70000000</valUSD>
        <pctVal>1.214672817798</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>Golden Star Resources Ltd.</name>
        <lei>549300NSWNLPBZ2XTO69</lei>
        <title>Golden Star Resources Ltd.</title>
        <cusip>38119T807</cusip>
        <identifiers>
          <isin value="CA38119T8077"/>
        </identifiers>
        <balance>3755532.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11041264.08000000</valUSD>
        <pctVal>0.800234827751</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>Alacer Gold Corp.</name>
        <lei>529900Z8EMNJMHWKNV66</lei>
        <title>Alacer Gold Corp.</title>
        <cusip>010679108</cusip>
        <identifiers>
          <isin value="CA0106791084"/>
        </identifiers>
        <balance>6720000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>31584101.56000000</valUSD>
        <pctVal>2.289112721915</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>Wallbridge Mining Co. Ltd.</name>
        <lei>529900673NYHGC8RMA88</lei>
        <title>Wallbridge Mining Co. Ltd.</title>
        <cusip>932397102</cusip>
        <identifiers>
          <isin value="CA9323971023"/>
        </identifiers>
        <balance>4080000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>2836330.66000000</valUSD>
        <pctVal>0.205568000249</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>Maverix Metals, Inc.</name>
        <lei>549300CPYYBEBU8HQN80</lei>
        <title>Maverix Metals, Inc.</title>
        <cusip>57776F405</cusip>
        <identifiers>
          <isin value="CA57776F4050"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>3197257.07000000</valUSD>
        <pctVal>0.231726769883</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>Newcrest Mining Ltd.</name>
        <lei>5299006MN50OZJUJI655</lei>
        <title>Newcrest Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NCM7"/>
        </identifiers>
        <balance>132147.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>2660431.66000000</valUSD>
        <pctVal>0.192819414132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
        </identifiers>
        <balance>3170702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23082710.56000000</valUSD>
        <pctVal>1.672959615419</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>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>265269209</cusip>
        <identifiers>
          <isin value="CA2652692096"/>
        </identifiers>
        <balance>2140000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>9880157.17000000</valUSD>
        <pctVal>0.716081583938</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>Bellevue Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Bellevue Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000019374"/>
        </identifiers>
        <balance>12108772.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49388000"/>
        <valUSD>3900501.19000000</valUSD>
        <pctVal>0.282695611237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TOREX GOLD RESOURCES INC TXG CN 07/17/20 C23</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2299877"/>
        </identifiers>
        <balance>-100000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32340000"/>
        <valUSD>-47226.84000000</valUSD>
        <pctVal>-0.00342284741</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
              <counterpartyLei>2IGI19DL77OX0HC3ZE78</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Torex Gold Resources Inc</issuerName>
                <issueTitle>Torex Gold Resources, Inc.</issueTitle>
                <identifiers>
                  <cusip value="891054603"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>23</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-03-23</ncom:dateSigned>
      <ncom:nameOfApplicant>AIM Sector Funds (Invesco Sector Funds)</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
