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      <invstOrSec>
        <name>Royal Gold, Inc.</name>
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          <isin value="US7802871084"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rupert Resources Ltd.</name>
        <lei>529900EEVS5CSPMXKZ88</lei>
        <title>Rupert Resources Ltd.</title>
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          <isin value="CA78165J1057"/>
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        <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>23958979.00000000</balance>
        <units>NS</units>
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        <pctVal>0.143707303112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <identifiers>
          <other otherDesc="CADIS_ID" value="2618638"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-182500.00000000</valUSD>
        <pctVal>-0.00799280765</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Royal Gold Inc</issuerName>
                <issueTitle>Royal Gold, Inc.</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>130.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-7089.65000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <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>320000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>2795766.72000000</valUSD>
        <pctVal>0.122443976043</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>McEwen Mining, Inc.</name>
        <lei>5493000FX50GEWAF3U70</lei>
        <title>McEwen Mining, Inc.</title>
        <cusip>58039P107</cusip>
        <identifiers>
          <isin value="US58039P1075"/>
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        <balance>1500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1457100.00000000</valUSD>
        <pctVal>0.063815452203</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>N/A</name>
        <lei>N/A</lei>
        <title>Endeavour Mining Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2573264"/>
        </identifiers>
        <balance>-4000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-322750.13000000</valUSD>
        <pctVal>-0.01413523127</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">
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              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <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>29.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>111019.01000000</unrealizedAppr>
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        <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>280000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2900800.00000000</valUSD>
        <pctVal>0.127044035243</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>Turquoise Hill Resources Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2520569"/>
        </identifiers>
        <balance>-10000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-275000.00000000</valUSD>
        <pctVal>-0.01204395673</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">
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              <counterpartyName>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Turquoise Hill Resources Ltd</issuerName>
                <issueTitle>Turquoise Hill Resources Ltd.</issueTitle>
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            </descRefInstrmnt>
            <shareNo>10.00000000</shareNo>
            <exercisePrice>1.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-82021.51000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Kirkland Lake Gold Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2611326"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-112587.26000000</valUSD>
        <pctVal>-0.00493089486</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">
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              <counterpartyName>Royal Bank of Canada</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Kirkland Lake Gold Ltd</issuerName>
                <issueTitle>Kirkland Lake Gold Ltd.</issueTitle>
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                  <cusip value="49741E100"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>80.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>60995.74000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Pacific Metals Corp.</name>
        <lei>N/A</lei>
        <title>New Pacific Metals Corp.</title>
        <cusip>647824101</cusip>
        <identifiers>
          <isin value="CA6478241012"/>
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        <balance>401800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>1800454.85000000</valUSD>
        <pctVal>0.078853092049</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>
      <invstOrSec>
        <name>Argonaut Gold, Inc.</name>
        <lei>54930043XCKI4E8EQR38</lei>
        <title>Argonaut Gold, Inc.</title>
        <cusip>04016A101</cusip>
        <identifiers>
          <isin value="CA04016A1012"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>595661.64000000</valUSD>
        <pctVal>0.026087720072</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>
      <invstOrSec>
        <name>Rox Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Rox Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RXL6"/>
        </identifiers>
        <balance>7800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
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        <pctVal>0.012961331340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Battle North Gold Corp.</name>
        <lei>N/A</lei>
        <title>Battle North Gold Corp.</title>
        <cusip>07160B106</cusip>
        <identifiers>
          <isin value="CA07160B1067"/>
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        <balance>2500956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3461823.30000000</valUSD>
        <pctVal>0.151614727430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp.</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>3978083.01000000</valUSD>
        <pctVal>0.174224944195</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>Harmony Gold Mining Co. Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2575898"/>
        </identifiers>
        <balance>-6000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-255000.00000000</valUSD>
        <pctVal>-0.01116803260</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Harmony Gold Mining Co Ltd</issuerName>
                <issueTitle>Harmony Gold Mining Co. Ltd.</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>5.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-12799.70000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Battle North Gold Corp.</name>
        <lei>N/A</lei>
        <title>Battle North Gold Corp.</title>
        <cusip>07160B106</cusip>
        <identifiers>
          <isin value="CA07160B1067"/>
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        <balance>210000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>286872.33000000</valUSD>
        <pctVal>0.012563919747</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>Fury Gold Mines Ltd.</name>
        <lei>549300J7HGQZCNNOU191</lei>
        <title>Fury Gold Mines Ltd.</title>
        <cusip>36117T100</cusip>
        <identifiers>
          <isin value="CA36117T1003"/>
        </identifiers>
        <balance>2245933.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2695119.60000000</valUSD>
        <pctVal>0.118036014012</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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        <name>Progress Minerals, Inc.</name>
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        <name>Westgold Resources Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CADIS_ID" value="2618639"/>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Newcrest Mining Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Roxgold, Inc.</name>
        <lei>529900PUOD77B2C12763</lei>
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        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <balance>-4000.00000000</balance>
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        <name>Sibanye Stillwater Ltd.</name>
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        <name>Gold Road Resources Ltd.</name>
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        <name>Karora Resources, Inc.</name>
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      <invstOrSec>
        <name>N/A</name>
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                <issuerName>Endeavour Mining Corp</issuerName>
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        <name>Northern Dynasty Minerals Ltd.</name>
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        <name>Invesco Treasury Portfolio</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
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        <name>SPDR Gold Trust ETF</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
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        <name>Pretium Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Pretium Resources, Inc.</title>
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        <name>Franco-Nevada Corp.</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp.</title>
        <cusip>351858105</cusip>
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      <invstOrSec>
        <name>Greatland Gold PLC</name>
        <lei>213800KMN7LDF4VRPQ10</lei>
        <title>Greatland Gold PLC</title>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Sombrero Resources I</name>
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        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
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        <balance>4524269.00000000</balance>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
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        <balance>1273095.00000000</balance>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Teranga Gold Corp. Option</title>
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        <balance>-1000.00000000</balance>
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            <putOrCall>Put</putOrCall>
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        <name>Alkane Resources Ltd.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Osisko Gold Royalties Ltd.</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Minera Alamos, Inc.</name>
        <lei>N/A</lei>
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        <name>Red 5 Ltd.</name>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Great Bear Resources Ltd.</name>
        <lei>2549000RUH5SDJMHDI59</lei>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>De Grey Mining Ltd.</name>
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      <invstOrSec>
        <name>N/A</name>
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            <delta>XXXX</delta>
            <unrealizedAppr>-73358.57000000</unrealizedAppr>
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        </derivativeInfo>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franco-Nevada Corp.</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp.</title>
        <cusip>351858105</cusip>
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          <isin value="CA3518581051"/>
        </identifiers>
        <balance>40000.00000000</balance>
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        <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>
      <invstOrSec>
        <name>Adventus Mining Corp.</name>
        <lei>984500FDE0C970CA3F46</lei>
        <title>Adventus Mining Corp.</title>
        <cusip>00791E102</cusip>
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          <isin value="CA00791E1025"/>
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        <balance>4701058.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Mag Silver Corp. Option</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2569628"/>
        </identifiers>
        <balance>-3000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-120000.00000000</valUSD>
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        <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">
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>MAG Silver Corp</issuerName>
                <issueTitle>MAG Silver Corp.</issueTitle>
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                  <cusip value="55903Q104"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>315743.06000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <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>2203233.00000000</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>
          <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"/>
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        <balance>3759055.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27817007.00000000</valUSD>
        <pctVal>1.218279377297</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>Kinross Gold Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2456922"/>
        </identifiers>
        <balance>-5000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-159498.61000000</valUSD>
        <pctVal>-0.00698543402</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <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>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Kinross Gold Corp</issuerName>
                <issueTitle>Kinross Gold Corp.</issueTitle>
                <identifiers>
                  <cusip value="496902404"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>11.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>93160.03000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novo Resources Corp.</name>
        <lei>N/A</lei>
        <title>Novo Resources Corp.</title>
        <cusip>67010B102</cusip>
        <identifiers>
          <isin value="CA67010B1022"/>
        </identifiers>
        <balance>1080000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>2602116.64000000</valUSD>
        <pctVal>0.113962837189</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>21563252.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
        <valUSD>17302610.70000000</valUSD>
        <pctVal>0.757788707793</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>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
        <cusip>56580Q102</cusip>
        <identifiers>
          <isin value="CA56580Q1028"/>
        </identifiers>
        <balance>1490000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>2594610.82000000</valUSD>
        <pctVal>0.113634110748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </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>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>2298281.17000000</valUSD>
        <pctVal>0.100655996263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SilverCrest Metals, Inc.</name>
        <lei>549300M4CUMXUHSXYQ10</lei>
        <title>SilverCrest Metals, Inc.</title>
        <cusip>828363101</cusip>
        <identifiers>
          <isin value="CA8283631015"/>
        </identifiers>
        <balance>2540000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>22973054.12000000</valUSD>
        <pctVal>1.006132617643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Novagold Resources, Inc. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2431008"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-135000.00000000</valUSD>
        <pctVal>-0.00591248785</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">
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Novagold Resources Inc</issuerName>
                <issueTitle>Novagold Resources, Inc.</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
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            <expDt>2020-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>105040.96000000</unrealizedAppr>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>541000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17203800.00000000</valUSD>
        <pctVal>0.753461173991</pctVal>
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        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20808000.00000000</valUSD>
        <pctVal>0.911311460747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Victoria Gold Corp.</name>
        <lei>549300VUIN6RQ5764L78</lei>
        <title>Victoria Gold Corp.</title>
        <cusip>92625W507</cusip>
        <identifiers>
          <isin value="CA92625W5072"/>
        </identifiers>
        <balance>80000.00000000</balance>
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        <pctVal>0.038474127225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fiore Gold Ltd.</name>
        <lei>5493003BOSCBIVH8MV21</lei>
        <title>Fiore Gold Ltd.</title>
        <cusip>31810L108</cusip>
        <identifiers>
          <isin value="CA31810L1085"/>
        </identifiers>
        <balance>837482.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>942898.00000000</valUSD>
        <pctVal>0.041295355330</pctVal>
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        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>E2 Metals Ltd.</name>
        <lei>N/A</lei>
        <title>E2 Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000E2M6"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
        <valUSD>158419.32000000</valUSD>
        <pctVal>0.006938165221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wesdome Gold Mines Ltd.</name>
        <lei>529900DCBALMLHZPLR10</lei>
        <title>Wesdome Gold Mines Ltd.</title>
        <cusip>95083R100</cusip>
        <identifiers>
          <isin value="CA95083R1001"/>
        </identifiers>
        <balance>6105800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>60448474.07000000</valUSD>
        <pctVal>2.647413841056</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 Goldcorp Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Goldcorp Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
        </identifiers>
        <balance>1767614.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>111076863.76000000</valUSD>
        <pctVal>4.864745240695</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>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
        <identifiers>
          <isin value="CA5362161047"/>
        </identifiers>
        <balance>5885391.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>7112121.53000000</valUSD>
        <pctVal>0.311483941778</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>Eldorado Gold Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2590952"/>
        </identifiers>
        <balance>-12000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1410000.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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                <issuerName>Eldorado Gold Corp</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>Zhaojin Mining Industry Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Citadel Securities Institutional LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>Gold Fields Ltd</issuerName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>First Quantum Minerals Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>48471.76000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2579925"/>
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        <balance>-7000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-836500.00000000</valUSD>
        <pctVal>-0.03663552657</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <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>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Freeport-McMoRan Inc</issuerName>
                <issueTitle>Freeport-McMoRan, Inc.</issueTitle>
                <identifiers>
                  <cusip value="35671D857"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>17.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>49230.02000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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>599035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27621503.85000000</valUSD>
        <pctVal>1.209717081006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </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>1656072.00000000</valUSD>
        <pctVal>0.072529670964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Eldorado Gold Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2593490"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-35000.00000000</valUSD>
        <pctVal>-0.00153286722</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <counterparties>
              <counterpartyName>Citadel Securities Institutional LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Eldorado Gold Corp</issuerName>
                <issueTitle>Eldorado Gold Corp.</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>10.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>76961.75000000</unrealizedAppr>
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        </derivativeInfo>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Osino Resources Corp.</title>
        <cusip>68828L126</cusip>
        <identifiers>
          <isin value="CA68828L1269"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
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        <pctVal>0.009053122564</pctVal>
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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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              <counterpartyLei>549300S6BIXSU8JYBB24</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Osino Resources Corp</issuerName>
                <issueTitle>Osino Resources Corp.</issueTitle>
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              </otherRefInst>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>1.50000000</exercisePrice>
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            <expDt>2022-01-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>169766.21000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Equinox Gold Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2611321"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-215000.00000000</valUSD>
        <pctVal>-0.00941618435</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>
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              <counterpartyName>UBS Securities LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Equinox Gold Corp</issuerName>
                <issueTitle>Equinox Gold Corp.</issueTitle>
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                  <cusip value="29446Y502"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>12.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-120987.81000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Osino Resources Corp.</title>
        <cusip>68828L910</cusip>
        <identifiers>
          <isin value="CA68828L9106"/>
        </identifiers>
        <balance>160000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
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        <pctVal>0.000000005255</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Osino Resources Corp</counterpartyName>
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            <delta>XXXX</delta>
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      </invstOrSec>
      <invstOrSec>
        <name>Galway Metals, Inc.</name>
        <lei>N/A</lei>
        <title>Galway Metals, Inc.</title>
        <cusip>364585208</cusip>
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          <isin value="CA3645852086"/>
        </identifiers>
        <balance>2486825.00000000</balance>
        <units>NS</units>
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        <pctVal>0.095645722524</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Americas Gold &amp; Silver Corp.</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corp.</title>
        <cusip>03062D100</cusip>
        <identifiers>
          <isin value="CA03062D1006"/>
        </identifiers>
        <balance>2469400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
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        <pctVal>0.278432565341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tudor Gold Corp.</name>
        <lei>549300SP8HCGINJ2B815</lei>
        <title>Tudor Gold Corp.</title>
        <cusip>89901P107</cusip>
        <identifiers>
          <isin value="CA89901P1071"/>
        </identifiers>
        <balance>1049068.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>2228373.82000000</valUSD>
        <pctVal>0.097594319540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ALAMOS GOLD INC AGI US 01/15/21 C10</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2618634"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-60000.00000000</valUSD>
        <pctVal>-0.00262777237</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>
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              <counterpartyName>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Alamos Gold Inc</issuerName>
                <issueTitle>Alamos Gold, Inc.</issueTitle>
                <identifiers>
                  <cusip value="011532108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>10.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5006.94000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <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"/>
        </identifiers>
        <balance>1485822.00000000</balance>
        <units>NS</units>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SolGold PLC</name>
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        <name>Artemis Gold, Inc.</name>
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        <name>Barrick Gold Corp.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Pure Gold Mining, Inc.</name>
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        <name>Ramelius Resources Ltd.</name>
        <lei>254900E44AIGW7KKNR98</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Wallbridge Mining Co. Ltd.</name>
        <lei>529900673NYHGC8RMA88</lei>
        <title>Wallbridge Mining Co. Ltd.</title>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
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          <isin value="CA2652692096"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Petropavlovsk PLC</name>
        <lei>213800ZZOU5P76L8XB92</lei>
        <title>Petropavlovsk PLC</title>
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      <invstOrSec>
        <name>N/A</name>
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        <curCd>USD</curCd>
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        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
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      <invstOrSec>
        <name>Calibre Mining Corp.</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <name>Silver Lake Resources Ltd.</name>
        <lei>254900Z1BWS584OIKJ61</lei>
        <title>Silver Lake Resources Ltd.</title>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Zijin Mining Group Co. Ltd.</name>
        <lei>529900ABI5CBFXD01Q05</lei>
        <title>Zijin Mining Group Co. Ltd., H Shares</title>
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          <isin value="CNE100000502"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
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        <title>Orla Mining Ltd.</title>
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          <isin value="CA68634K1066"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Chalice Gold Mines Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freegold Ventures Ltd.</name>
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        <title>Freegold Ventures Ltd.</title>
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          <isin value="CA3564552048"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IAMGOLD Corp.</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp.</title>
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          <isin value="CA4509131088"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Sandstorm Gold Ltd.</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold Ltd.</title>
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        <balance>900000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Midas Gold Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Midas Gold Corp.</title>
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          <isin value="CA59562B1013"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CADIS_ID" value="2605871"/>
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        <units>NC</units>
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                <issuerName>Wesdome Gold Mines Ltd</issuerName>
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      <invstOrSec>
        <name>Lynas Corp. Ltd.</name>
        <lei>529900SGT9M1FJPXXI35</lei>
        <title>Lynas Corp. Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd., ADR</title>
        <cusip>38059T106</cusip>
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          <isin value="US38059T1060"/>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2612785"/>
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        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-292500.00000000</valUSD>
        <pctVal>-0.01281039034</pctVal>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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            <writtenOrPur>Written</writtenOrPur>
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            <delta>XXXX</delta>
            <unrealizedAppr>-121689.55000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Lion One Metals Ltd., Wts., expiring August 21, 2021</title>
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          <isin value="CA5362161203"/>
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        <balance>109710.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>Lion One Metals Ltd</issuerName>
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      <invstOrSec>
        <name>Auteco Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Auteco Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000031734"/>
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        <balance>11500000.00000000</balance>
        <units>NS</units>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Maverix Metals, Inc.</name>
        <lei>549300CPYYBEBU8HQN80</lei>
        <title>Maverix Metals, Inc.</title>
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          <isin value="CA57776F4050"/>
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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>Nickel Mines Ltd.</name>
        <lei>N/A</lei>
        <title>Nickel Mines Ltd.</title>
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          <isin value="AU0000018236"/>
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        <balance>36021112.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Alamos Gold, Inc. Option</title>
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          <other otherDesc="CADIS_ID" value="2617626"/>
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        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-27500.00000000</valUSD>
        <pctVal>-0.00120439567</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Alamos Gold Inc</issuerName>
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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>
        <identifiers>
          <isin value="AU000000SAR9"/>
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        <balance>9050000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <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>6003800.00000000</balance>
        <units>NS</units>
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        <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>
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          <other otherDesc="CADIS_ID" value="2504778"/>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>RBC Capital Markets, LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>First Quantum Minerals Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-84923.08000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2611338"/>
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        <balance>-2000.00000000</balance>
        <units>NC</units>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Wesdome Gold Mines Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>37124.98000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
        <cusip>29446Y502</cusip>
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          <isin value="CA29446Y5020"/>
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        <balance>3047278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32453510.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Kirkland Lake Gold Ltd. Option</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2615704"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-165127.97000000</valUSD>
        <pctVal>-0.00723197864</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>Morgan Stanley &amp; Co. International PLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Kirkland Lake Gold Ltd</issuerName>
                <issueTitle>Kirkland Lake Gold Ltd.</issueTitle>
                <identifiers>
                  <cusip value="49741E100"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>76.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1377.76000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tier One Metal, Inc.</name>
        <lei>N/A</lei>
        <title>Tier One Metal, Inc.</title>
        <cusip>88650M109</cusip>
        <identifiers>
          <isin value="CA88650M1095"/>
        </identifiers>
        <balance>3028200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1438395.00000000</valUSD>
        <pctVal>0.062996244164</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>Musgrave Minerals Ltd.</name>
        <lei>5299001RYHV722EQ4I17</lei>
        <title>Musgrave Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000MGV1"/>
        </identifiers>
        <balance>22570000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
        <valUSD>7789655.28000000</valUSD>
        <pctVal>0.341157349670</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>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
        </identifiers>
        <balance>2701108.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24715138.20000000</valUSD>
        <pctVal>1.082429291408</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>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
        </identifiers>
        <balance>4720000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
        <valUSD>4052862.48000000</valUSD>
        <pctVal>0.177500001290</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>N/A</name>
        <lei>N/A</lei>
        <title>Newmont Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2593489"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-317000.00000000</valUSD>
        <pctVal>-0.01388339739</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>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Newmont Corp</issuerName>
                <issueTitle>Newmont Goldcorp Corp.</issueTitle>
                <identifiers>
                  <cusip value="651639106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>55.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>116318.88000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Newcrest Mining Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU9002889098"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
        <valUSD>-232659.98000000</valUSD>
        <pctVal>-0.01018962448</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 Capital Services LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Newcrest Mining Ltd</issuerName>
                <issueTitle>Newcrest Mining Ltd.</issueTitle>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>29.00000000</exercisePrice>
            <exercisePriceCurCd>AUD</exercisePriceCurCd>
            <expDt>2021-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-103207.44000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harmony Gold Mining Co. Ltd.</name>
        <lei>378900986D05F0C29811</lei>
        <title>Harmony Gold Mining Co. Ltd., ADR</title>
        <cusip>413216300</cusip>
        <identifiers>
          <isin value="US4132163001"/>
        </identifiers>
        <balance>4990000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24500900.00000000</valUSD>
        <pctVal>1.073046471003</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>N/A</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2592863"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-430000.00000000</valUSD>
        <pctVal>-0.01883236871</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>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Franco-Nevada Corp</issuerName>
                <issueTitle>Franco-Nevada Corp.</issueTitle>
                <identifiers>
                  <cusip value="351858105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>115.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>191764.71000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
        </identifiers>
        <balance>2431502.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30466720.06000000</valUSD>
        <pctVal>1.334326757115</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>Dundee Precious Metals, Inc. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2612787"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-65675.90000000</valUSD>
        <pctVal>-0.00287635526</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>
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            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Dundee Precious Metals Inc</issuerName>
                <issueTitle>Dundee Precious Metals, Inc.</issueTitle>
                <identifiers>
                  <cusip value="265269209"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>9.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-27629.94000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Turquoise Hill Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Turquoise Hill Resources Ltd.</title>
        <cusip>900435207</cusip>
        <identifiers>
          <isin value="CA9004352071"/>
        </identifiers>
        <balance>395000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3100750.00000000</valUSD>
        <pctVal>0.135801086693</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>SSR Mining, Inc.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining, Inc.</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
        </identifiers>
        <balance>1480333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27400963.83000000</valUSD>
        <pctVal>1.200058264792</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>Osino Resources Corp.</name>
        <lei>549300S6BIXSU8JYBB24</lei>
        <title>Osino Resources Corp.</title>
        <cusip>68828L100</cusip>
        <identifiers>
          <isin value="CA68828L1004"/>
        </identifiers>
        <balance>7911551.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>7304066.45000000</valUSD>
        <pctVal>0.319890401093</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>Newcrest Mining Ltd. Option</title>
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        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>Newcrest Mining Ltd</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>MAG Silver Corp.</name>
        <lei>254900LGL904N7F3EL14</lei>
        <title>MAG Silver Corp.</title>
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          <isin value="CA55903Q1046"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Teranga Gold Corp.</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
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          <isin value="CA8807972044"/>
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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>
      <invstOrSec>
        <name>K92 Mining, Inc.</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining, Inc.</title>
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          <isin value="CA4991131083"/>
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        <balance>9703030.00000000</balance>
        <units>NS</units>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2607173"/>
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        <balance>-3000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-45034.90000000</valUSD>
        <pctVal>-0.00197235777</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">
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              <counterpartyName>Royal Bank of Canada</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Dundee Precious Metals Inc</issuerName>
                <issueTitle>Dundee Precious Metals, Inc.</issueTitle>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
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            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Evolution Mining Ltd.</name>
        <lei>254900BCFW5QO5LW8F27</lei>
        <title>Evolution Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000EVN4"/>
        </identifiers>
        <balance>22968806.00000000</balance>
        <units>NS</units>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Pretium Resources, Inc. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2521538"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-127598.89000000</valUSD>
        <pctVal>-0.00558834731</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. International PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Pretium Resources Inc</issuerName>
                <issueTitle>Pretium Resources, Inc.</issueTitle>
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                  <cusip value="74139C102"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>18.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-23583.06000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomad Royalty Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nomad Royalty Co. Ltd.</title>
        <cusip>65532M200</cusip>
        <identifiers>
          <isin value="CA65532M2004"/>
        </identifiers>
        <balance>235529.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>215676.18000000</valUSD>
        <pctVal>0.009445798473</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>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp.</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
        </identifiers>
        <balance>4275925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34079122.25000000</valUSD>
        <pctVal>1.492536268677</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>Anglogold Ashanti Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2611331"/>
        </identifiers>
        <balance>-3000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-727500.00000000</valUSD>
        <pctVal>-0.03186174008</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">
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              <counterpartyName>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AngloGold Ashanti Ltd</issuerName>
                <issueTitle>AngloGold Ashanti Ltd.</issueTitle>
                <identifiers>
                  <cusip value="035128206"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>24.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-334386.01000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Pan American Silver Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2605887"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-134000.00000000</valUSD>
        <pctVal>-0.00586869164</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">
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              <counterpartyName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</counterpartyName>
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            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Pan American Silver Corp</issuerName>
                <issueTitle>Pan American Silver Corp.</issueTitle>
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                  <cusip value="697900108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>28.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>31592.84000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Legend Mining Ltd.</name>
        <lei>N/A</lei>
        <title>Legend Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000LEG9"/>
        </identifiers>
        <balance>45840095.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
        <valUSD>4185703.00000000</valUSD>
        <pctVal>0.183317912110</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>Bushveld Minerals Ltd.</name>
        <lei>213800GX3IGYRET8ZE57</lei>
        <title>Bushveld Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GG00B4TM3943"/>
        </identifiers>
        <balance>8300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77190300"/>
        <valUSD>1214790.98000000</valUSD>
        <pctVal>0.053203236374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Sibanye Stillwater Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2611362"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-70000.00000000</valUSD>
        <pctVal>-0.00306573444</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>
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              <counterpartyName>UBS Securities LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Sibanye Stillwater Ltd</issuerName>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>10.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-37.27000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Anglogold Ashanti Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2607199"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-25000.00000000</valUSD>
        <pctVal>-0.00109490515</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>
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            <counterparties>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AngloGold Ashanti Ltd</issuerName>
                <issueTitle>AngloGold Ashanti Ltd.</issueTitle>
                <identifiers>
                  <cusip value="035128206"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>35.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>72996.11000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>53056H104</cusip>
        <identifiers>
          <isin value="CA53056H1047"/>
        </identifiers>
        <balance>10018000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>13384402.91000000</valUSD>
        <pctVal>0.586186071085</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>Franco-Nevada Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2611305"/>
        </identifiers>
        <balance>-400.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-53291.30000000</valUSD>
        <pctVal>-0.00233395676</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. International PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Franco-Nevada Corp</issuerName>
                <issueTitle>Franco-Nevada Corp.</issueTitle>
                <identifiers>
                  <cusip value="351858105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>195.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>63357.68000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <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>
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        <identifiers>
          <isin value="AU000000RSG6"/>
        </identifiers>
        <balance>17000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267700"/>
        <valUSD>9602747.50000000</valUSD>
        <pctVal>0.420563910583</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>Invesco Liquid Assets Portfolio</name>
        <lei>549300DC1W0JSX3QRC47</lei>
        <title>Invesco Liquid Assets Portfolio, Institutional Class</title>
        <cusip>825252729</cusip>
        <identifiers>
          <isin value="US8252527291"/>
        </identifiers>
        <balance>2039837.79200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2040653.73000000</valUSD>
        <pctVal>0.089372891751</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>N/A</name>
        <lei>N/A</lei>
        <title>Torex Gold Resources, Inc. Option</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2611329"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>-127598.89000000</valUSD>
        <pctVal>-0.00558834731</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>Royal Bank of Canada</counterpartyName>
              <counterpartyLei>ES7IP3U3RHIGC71XBU11</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"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>18.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-53300.18000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Mag Silver Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2472383"/>
        </identifiers>
        <balance>-5000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1162500.00000000</valUSD>
        <pctVal>-0.05091308982</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>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MAG Silver Corp</issuerName>
                <issueTitle>MAG Silver Corp.</issueTitle>
                <identifiers>
                  <cusip value="55903Q104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>15.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-160506.51000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Harmony Gold Mining Co. Ltd. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2495763"/>
        </identifiers>
        <balance>-6000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-60000.00000000</valUSD>
        <pctVal>-0.00262777237</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>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Harmony Gold Mining Co Ltd</issuerName>
                <issueTitle>Harmony Gold Mining Co. Ltd.</issueTitle>
                <identifiers>
                  <cusip value="413216300"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>7.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>309408.88000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Premier Gold Mines Ltd.</name>
        <lei>5493000REB6GPZO6YX68</lei>
        <title>Premier Gold Mines Ltd.</title>
        <cusip>74051D104</cusip>
        <identifiers>
          <isin value="CA74051D1042"/>
        </identifiers>
        <balance>3810000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>7835622.61000000</valUSD>
        <pctVal>0.343170544338</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 Gold, Inc.</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold, Inc.</title>
        <cusip>550371108</cusip>
        <identifiers>
          <isin value="CA5503711080"/>
        </identifiers>
        <balance>4118815.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33230000"/>
        <valUSD>34315729.57000000</valUSD>
        <pctVal>1.502898771677</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>NEWMONT CORP NEM US 01/15/21 C70</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2618635"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-176500.00000000</valUSD>
        <pctVal>-0.00773003041</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>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Newmont Corp</issuerName>
                <issueTitle>Newmont Goldcorp Corp.</issueTitle>
                <identifiers>
                  <cusip value="651639106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>70.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-47538.62000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-12-21</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>
</edgarSubmission>
