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      <invstOrSec>
        <name>MAG Silver Corp.</name>
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        <title>MAG Silver Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>Platinum Group Metals Ltd.</title>
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      <invstOrSec>
        <name>Midas Gold Corp.</name>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
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        <title>Barrick Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>AngloGold Ashanti Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Newcrest Mining Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HighGold Mining, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
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        <title>Pan American Silver Corp., CVR</title>
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        <name>Ivanhoe Mines Ltd.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Fresnillo plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
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        <name>Mawson Resources Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RTG Mining, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Premier Gold Mines Ltd.</name>
        <lei>5493000REB6GPZO6YX68</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
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        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
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        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Adventus Mining Corp.</name>
        <lei>N/A</lei>
        <title>Adventus Mining Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Galiano Gold, Inc.</name>
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        <title>Galiano Gold, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Guyana Goldfields, Inc.</name>
        <lei>5493007QZPNKIEVLEC28</lei>
        <title>Guyana Goldfields, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="579498"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gold Standard Ventures Corp.</name>
        <lei>549300HW4846RNAG1764</lei>
        <title>Gold Standard Ventures Corp.</title>
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          <isin value="CA3807381049"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Midas Gold Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Midas Gold Corp.</title>
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          <other otherDesc="Inhouse Asset ID" value="516676"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
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        <title>Belo Sun Mining Corp.</title>
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          <isin value="CA0805581091"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eldorado Gold Corp.</name>
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          <isin value="CA2849025093"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chalice Gold Mines Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <title>Impala Platinum Holdings Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
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        <title>Dundee Precious Metals, Inc.</title>
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          <isin value="CA2652692096"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lydian International Ltd.</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
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        <invCountry>JE</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Euro Sun Mining, Inc.</name>
        <lei>5299006SQF5ZE4L5GZ95</lei>
        <title>Euro Sun Mining, Inc.</title>
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          <isin value="CA29872L2066"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Bluestone Resources, Inc.</name>
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      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
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        <name>Euro Sun Mining, Inc.</name>
        <lei>5299006SQF5ZE4L5GZ95</lei>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
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        <name>West African Resources Ltd.</name>
        <lei>529900XLO8GMJNTUL013</lei>
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        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
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        <invCountry>AU</invCountry>
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        <name>Mawson Resources Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Mawson Resources Ltd.</title>
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        <name>Hochschild Mining plc</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining plc</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dacian Gold Ltd.</name>
        <lei>213800ENTL8AJ6YPZX87</lei>
        <title>Dacian Gold Ltd.</title>
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          <isin value="AU000000DCN6"/>
          <other otherDesc="Inhouse Asset ID" value="647401"/>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centamin plc</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>Centamin plc</title>
        <cusip>N/A</cusip>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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          <isin value="US6516391066"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Osisko Gold Royalties Ltd.</name>
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        <title>Osisko Gold Royalties Ltd.</title>
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          <isin value="CA68827L1013"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
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          <isin value="CA83056P7801"/>
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        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
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          <isin value="CA6979001089"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guyana Goldfields, Inc.</name>
        <lei>5493007QZPNKIEVLEC28</lei>
        <title>Guyana Goldfields, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="461387"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="630008"/>
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        <balance>10000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>53056H104</cusip>
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          <isin value="CA53056H1047"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
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          <isin value="CA04302L1186"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Golden Star Resources Ltd.</name>
        <lei>549300NSWNLPBZ2XTO69</lei>
        <title>Golden Star Resources Ltd.</title>
        <cusip>38119T807</cusip>
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          <isin value="CA38119T8077"/>
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        <balance>3929533.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
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          <isin value="CA5362161047"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SolGold plc</name>
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        <cusip>N/A</cusip>
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          <isin value="GB00B0WD0R35"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="474885"/>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bluestone Resources, Inc.</name>
        <lei>254900YRZ65V11ZKNC05</lei>
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          <isin value="CA09626M3049"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kirkland Lake Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Kirkland Lake Gold Ltd.</title>
        <cusip>49741E100</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
        <lei>N/A</lei>
        <title>Institutional Fiduciary Trust Money Market Portfolio</title>
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      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northam Platinum Ltd.</name>
        <lei>378900EB75D7D2C73323</lei>
        <title>Northam Platinum Ltd.</title>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>83056P806</cusip>
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          <isin value="CA83056P8064"/>
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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>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000091910"/>
          <other otherDesc="Inhouse Asset ID" value="648914"/>
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        <balance>4524000.00000000</balance>
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        <pctVal>0.322250049949</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>Eastern Platinum Ltd.</name>
        <lei>52990033836PCPV5GH23</lei>
        <title>Eastern Platinum Ltd.</title>
        <cusip>276855509</cusip>
        <identifiers>
          <isin value="CA2768555096"/>
          <other otherDesc="Inhouse Asset ID" value="357259"/>
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        <balance>2592102.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <pctVal>0.054708948309</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>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WD0R35"/>
          <other otherDesc="Inhouse Asset ID" value="817826"/>
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        <balance>14650000.00000000</balance>
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        <pctVal>0.374298542825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q882</cusip>
        <identifiers>
          <isin value="CA72765Q8829"/>
          <other otherDesc="Inhouse Asset ID" value="402942"/>
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        <balance>2242787.00000000</balance>
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        <pctVal>0.362496401390</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>Gascoyne Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Gascoyne Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GCY6"/>
          <other otherDesc="Inhouse Asset ID" value="801845"/>
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        <balance>23023100.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.39948219"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vizsla Resources Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1095741"/>
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        <balance>3350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>7064933.40000000</valUSD>
        <pctVal>0.525582682484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Corvus Gold, Inc.</name>
        <lei>529900RCMTBBPJKNYZ51</lei>
        <title>Corvus Gold, Inc.</title>
        <cusip>221013105</cusip>
        <identifiers>
          <isin value="CA2210131058"/>
          <other otherDesc="Inhouse Asset ID" value="1013835"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <pctVal>0.448780565231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <other otherDesc="Inhouse Asset ID" value="203976"/>
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        <balance>128000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10174720.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Royal Bafokeng Platinum Ltd.</name>
        <lei>N/A</lei>
        <title>Royal Bafokeng Platinum Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000149936"/>
          <other otherDesc="Inhouse Asset ID" value="480983"/>
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        <balance>2193527.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="17.09315000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US0805581172"/>
          <other otherDesc="Inhouse Asset ID" value="532206"/>
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        <balance>3800000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Teranga Gold Corp.</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
        <cusip>880797204</cusip>
        <identifiers>
          <isin value="CA8807972044"/>
          <other otherDesc="Inhouse Asset ID" value="481676"/>
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        <balance>3527751.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Battle North Gold Corp.</name>
        <lei>N/A</lei>
        <title>Battle North Gold Corp.</title>
        <cusip>07160B106</cusip>
        <identifiers>
          <isin value="CA07160B1067"/>
          <other otherDesc="Inhouse Asset ID" value="656113"/>
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        <balance>8008900.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Guyana Goldfields, Inc.</name>
        <lei>5493007QZPNKIEVLEC28</lei>
        <title>Guyana Goldfields, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="480422"/>
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        <balance>2420000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>891054603</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
          <other otherDesc="Inhouse Asset ID" value="456566"/>
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        <balance>86100.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222103</cusip>
        <identifiers>
          <isin value="CA6752221037"/>
          <other otherDesc="Inhouse Asset ID" value="431553"/>
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        <balance>5762689.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1067889"/>
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        <balance>1153000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T301</cusip>
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          <isin value="CA45826T3010"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lydian International Ltd.</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
        <title>Lydian International Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="JE00B29LFF73"/>
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        <balance>21000000.00000000</balance>
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        <invCountry>JE</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000GPR2"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd.</title>
        <cusip>46579R203</cusip>
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          <isin value="US46579R2031"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osisko Metals, Inc.</name>
        <lei>N/A</lei>
        <title>Osisko Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1075146"/>
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        <balance>2125000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>452553308</cusip>
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          <isin value="US4525533083"/>
          <other otherDesc="Inhouse Asset ID" value="29906"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q882</cusip>
        <identifiers>
          <isin value="CA72765Q8829"/>
          <other otherDesc="Inhouse Asset ID" value="402942"/>
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        <balance>4766683.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10296035.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="466578.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Emerald Resources NL</name>
        <lei>N/A</lei>
        <title>Emerald Resources NL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000EMR4"/>
          <other otherDesc="Inhouse Asset ID" value="1039470"/>
        </identifiers>
        <balance>17070000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39948219"/>
        <valUSD>7593971.86000000</valUSD>
        <pctVal>0.564939522414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American Platinum Ltd.</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Anglo American Platinum Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
          <other otherDesc="Inhouse Asset ID" value="33360"/>
        </identifiers>
        <balance>212656.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.09315000"/>
        <valUSD>16324728.50000000</valUSD>
        <pctVal>1.214448050686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
        <cusip>688281815</cusip>
        <identifiers>
          <isin value="CA6882818157"/>
          <other otherDesc="Inhouse Asset ID" value="1086961"/>
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        <balance>4250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>13056565.44000000</valUSD>
        <pctVal>0.971319090989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>38045Y102</cusip>
        <identifiers>
          <isin value="CA38045Y1025"/>
          <other otherDesc="Inhouse Asset ID" value="1047391"/>
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        <balance>4858572.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>5695056.03000000</valUSD>
        <pctVal>0.423673183549</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>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
        <cusip>56580Q102</cusip>
        <identifiers>
          <isin value="CA56580Q1028"/>
          <other otherDesc="Inhouse Asset ID" value="816255"/>
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        <balance>2306000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>3959832.76000000</valUSD>
        <pctVal>0.294584450603</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>O3 Mining, Inc.</name>
        <lei>N/A</lei>
        <title>O3 Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1074504"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>333248.36000000</valUSD>
        <pctVal>0.024791396757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA68634K1140"/>
          <other otherDesc="Inhouse Asset ID" value="683662"/>
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        <balance>460000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>1147080.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lydian International Ltd.</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
        <title>Lydian International Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B7MZ2G13"/>
          <other otherDesc="Inhouse Asset ID" value="515062"/>
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        <balance>4250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>04364G106</cusip>
        <identifiers>
          <isin value="CA04364G1063"/>
          <other otherDesc="Inhouse Asset ID" value="1075154"/>
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        <balance>15388750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>12753107.73000000</valUSD>
        <pctVal>0.948743914662</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>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="619255"/>
        </identifiers>
        <balance>3325799.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>8715510.30000000</valUSD>
        <pctVal>0.648374304943</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>Alacer Gold Corp.</name>
        <lei>529900Z8EMNJMHWKNV66</lei>
        <title>Alacer Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="455342"/>
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        <balance>1500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>11591010.90000000</valUSD>
        <pctVal>0.862291865557</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>Midas Gold Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Midas Gold Corp.</title>
        <cusip>59562B101</cusip>
        <identifiers>
          <isin value="CA59562B1013"/>
          <other otherDesc="Inhouse Asset ID" value="507599"/>
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        <balance>4020900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>4683144.69000000</valUSD>
        <pctVal>0.348393906817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NST8"/>
          <other otherDesc="Inhouse Asset ID" value="523023"/>
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        <balance>1003106.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.39948219"/>
        <valUSD>11386577.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INV Metals, Inc.</name>
        <lei>549300875GVCOK0CDT29</lei>
        <title>INV Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="529841"/>
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        <balance>3765000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES INC</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BOFA SECURITIES INC SLRPQ 0.08% 08/03/2020</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="In-House" value="2099798097"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1278477.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES INC"/>
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          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <invstCat>UST</invstCat>
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        <securityLending>
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      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
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          <isin value="CA11777Q2099"/>
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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>Shandong Gold Mining Co. Ltd.</name>
        <lei>300300KC2K8BC07OSV77</lei>
        <title>Shandong Gold Mining Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
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          <isin value="CNE1000036N7"/>
          <other otherDesc="Inhouse Asset ID" value="933006"/>
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        <currencyConditional curCd="HKD" exchangeRt="7.75025000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>St Barbara Ltd.</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St Barbara Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SBM8"/>
          <other otherDesc="Inhouse Asset ID" value="374132"/>
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        <balance>9508021.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HighGold Mining, Inc.</name>
        <lei>N/A</lei>
        <title>HighGold Mining, Inc.</title>
        <cusip>42984V509</cusip>
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          <isin value="CA42984V5099"/>
          <other otherDesc="Inhouse Asset ID" value="1089045"/>
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        <balance>463000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pretium Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Pretium Resources, Inc.</title>
        <cusip>74139C102</cusip>
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          <isin value="CA74139C1023"/>
          <other otherDesc="Inhouse Asset ID" value="503636"/>
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        <balance>2184000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG7707W1529"/>
          <other otherDesc="Inhouse Asset ID" value="542400"/>
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        <balance>1769918.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Red 5 Ltd.</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Red 5 Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RED3"/>
          <other otherDesc="Inhouse Asset ID" value="480238"/>
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        <balance>162268146.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39948219"/>
        <valUSD>29322847.46000000</valUSD>
        <pctVal>2.181419123654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="542403"/>
        </identifiers>
        <balance>2397790.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>232725.62000000</valUSD>
        <pctVal>0.017313193022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG8448A1030"/>
          <other otherDesc="Inhouse Asset ID" value="473815"/>
        </identifiers>
        <balance>6136836.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>366542.39000000</valUSD>
        <pctVal>0.027268244677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INV Metals, Inc.</name>
        <lei>549300875GVCOK0CDT29</lei>
        <title>INV Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="802150"/>
        </identifiers>
        <balance>2800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>1714200.39000000</valUSD>
        <pctVal>0.127524774584</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>Clean Air Metals, Inc.</name>
        <lei>N/A</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>18452Y100</cusip>
        <identifiers>
          <isin value="CA18452Y1007"/>
          <other otherDesc="Inhouse Asset ID" value="285000"/>
        </identifiers>
        <balance>3800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>907869.20000000</valUSD>
        <pctVal>0.067539253728</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>Argonaut Gold, Inc.</name>
        <lei>54930043XCKI4E8EQR38</lei>
        <title>Argonaut Gold, Inc.</title>
        <cusip>04016A101</cusip>
        <identifiers>
          <isin value="CA04016A1012"/>
          <other otherDesc="Inhouse Asset ID" value="1089069"/>
        </identifiers>
        <balance>2350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>4912647.45000000</valUSD>
        <pctVal>0.365467341117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alacer Gold Corp.</name>
        <lei>529900Z8EMNJMHWKNV66</lei>
        <title>Alacer Gold Corp.</title>
        <cusip>010679108</cusip>
        <identifiers>
          <isin value="CA0106791084"/>
          <other otherDesc="Inhouse Asset ID" value="372445"/>
        </identifiers>
        <balance>3492500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>26987737.05000000</valUSD>
        <pctVal>2.007702893974</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>Imperial Metals Corp.</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
        <identifiers>
          <isin value="CA4528921022"/>
          <other otherDesc="Inhouse Asset ID" value="315726"/>
        </identifiers>
        <balance>1950300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>4382860.24000000</valUSD>
        <pctVal>0.326054799312</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>Pantoro Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PNR8"/>
          <other otherDesc="Inhouse Asset ID" value="978964"/>
        </identifiers>
        <balance>15400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39948219"/>
        <valUSD>2955902.28000000</valUSD>
        <pctVal>0.219898895222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="450055"/>
        </identifiers>
        <balance>97760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>212394.80000000</valUSD>
        <pctVal>0.015800719187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
        <cusip>152006102</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
          <other otherDesc="Inhouse Asset ID" value="309293"/>
        </identifiers>
        <balance>395700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>4963237.27000000</valUSD>
        <pctVal>0.369230877416</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>O3 Mining, Inc.</name>
        <lei>N/A</lei>
        <title>O3 Mining, Inc.</title>
        <cusip>67113B207</cusip>
        <identifiers>
          <isin value="CA67113B2075"/>
          <other otherDesc="Inhouse Asset ID" value="1086521"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>3068312.15000000</valUSD>
        <pctVal>0.228261420057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q148</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="820865"/>
        </identifiers>
        <balance>36628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79578.53000000</valUSD>
        <pctVal>0.005920097883</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>MAG Silver Corp.</name>
        <lei>254900LGL904N7F3EL14</lei>
        <title>MAG Silver Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="529838"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33940000"/>
        <valUSD>4054949.98000000</valUSD>
        <pctVal>0.301660520653</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Gold and Precious Metals Fund</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
