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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>IMPALA PLATINUM HOLDINGS LTD ADR</name>
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        <cusip>452553308</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Adventus Mining Corp ORD CAD 1</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ORLA MINING LTD/CANADA WTS EXP 02/15/2021</name>
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          <other otherDesc="Internal Identifier" value="683662"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TOREX GOLD RESOURCES INC ORD CAD NPV</name>
        <lei>549300QL07027186GQ85</lei>
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        <cusip>891054603</cusip>
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          <ticker value="TXG"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Skeena Resources Ltd ORD CAD 1</name>
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          <ticker value="SKE"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NEWMONT CORP COM USD1.6</name>
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          <ticker value="NEM"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bluestone Resources Inc/Canada ORD CAD NPV 144A</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTERRA GOLD INC ORD CAD- 144A PRIVATE PLACEMENT</name>
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          <ticker value="3500952Z"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PRETIUM RESOURCES INC ORD CAD NPV</name>
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          <ticker value="PVG"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PLATINUM GROUP METALS LTD ORD CAD NPV **1933 RESTRICTION**</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RTG MINING INC CHESS DEPOSITORY INTEREST (CDI)</name>
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        <name>LION ONE METALS LTD ORD CAD NPV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RUBICON MINERALS CORP ORD CAD NPV</name>
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        <name>ST AUGUSTINE GOLD AND COPPER LTD ORD CAD NPV</name>
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        <name>TOREX GOLD RESOURCES INC ORD CAD NPV 144A</name>
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        <name>PLATINUM GROUP METALS LTD ORD CAD NPV</name>
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        <name>FRESNILLO PLC ORD GBP.500</name>
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        <name>RUBICON MINERALS CORP ORD CAD 1 144A *4 MONTH &amp; 1 DAY HOLDING*</name>
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        <name>CHALICE GOLD MINES LTD ORD AUD NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HOCHSCHILD MINING PLC ORD GBP.25</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EASTERN PLATINUM LTD ORD NPV CAD</name>
        <lei>52990033836PCPV5GH23</lei>
        <title>EASTERN PLATINUM LTD ORD NPV CAD</title>
        <cusip>276855509</cusip>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LION ONE METALS LTD ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="500660"/>
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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>ST AUGUSTINE GOLD AND COPPER LTD ORD USD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="593359"/>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RTG MINING INC ORD CAD NPV</name>
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        <cusip>G7707W152</cusip>
        <identifiers>
          <ticker value="RTG"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ELDORADO GOLD CORP ORD CAD1</name>
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          <ticker value="ELD"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ascot Resources Ltd ORD CAD NPV</name>
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          <ticker value="AOT"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ORLA MINING LTD/CANADA ORD CAD NPV 144A</name>
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          <ticker value="OLA"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AGNICO EAGLE MINES LTD ORD USD NPV</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>AGNICO EAGLE MINES LTD ORD USD NPV</title>
        <cusip>008474108</cusip>
        <identifiers>
          <ticker value="AEM"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Great Panther Mining Ltd ORD USD NPV</name>
        <lei>549300PO9D74E3VD7K26</lei>
        <title>Great Panther Mining Ltd ORD USD NPV</title>
        <cusip>39115V101</cusip>
        <identifiers>
          <ticker value="GPL"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY GOLD CORP ORD CAD NPV</name>
        <lei>549300DY25855R7ZV117</lei>
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          <ticker value="LGD"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PAN AMERICAN SILVER CORP ORD 1</name>
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          <ticker value="PAAS"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RTG MINING INC ORD CAD NPV 144A *PHYSICAL CERTIFICATE*</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>GOLD FIELDS LTD ORD ZAR.5</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>LYDIAN INTERNATIONAL LTD ORD CAD NPV ***LEGEND SHARES***</name>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Shandong Gold Mining Co Ltd ORD HKD 1 144A REGS</name>
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        <name>MIDAS GOLD CORP ORD CAD 144A LEGEND SHR *PHYSICAL CERTIFICATES*</name>
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        <name>PLATINUM GROUP METALS LTD ORD CAD *LEGEND SHR 1933**PHYSICAL CERTIFICATES*</name>
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        <name>KIRKLAND LAKE GOLD LTD ORD CAD NPV</name>
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          <ticker value="KL"/>
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        <name>AGNICO EAGLE MINES LTD ORD NPV</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
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        <cusip>008474108</cusip>
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          <ticker value="AEM"/>
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        <name>BLACKHAM RESOURCES LTD ORD AUD NPV</name>
        <lei>894500F2LJDPNODPBL05</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OSISKO GOLD ROYALTIES LTD ORD CAD NPV</name>
        <lei>549300TJZTXZMPQ6K004</lei>
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        <cusip>68827L101</cusip>
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          <ticker value="OR"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ALAMOS GOLD INC ORD USD NPV CL A</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>ALAMOS GOLD INC ORD USD NPV CL A</title>
        <cusip>011532108</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DACIAN GOLD LTD ORD AUD NPV</name>
        <lei>213800ENTL8AJ6YPZX87</lei>
        <title>DACIAN GOLD LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000DCN6"/>
          <other otherDesc="Internal Identifier" value="647401"/>
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        <balance>32555556.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52741710"/>
        <valUSD>7538732.44000000</valUSD>
        <pctVal>0.765689897258</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>BELO SUN MINING CORP ORD CAD NPV ***144A***</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>BELO SUN MINING CORP ORD CAD NPV ***144A***</title>
        <cusip>080558117</cusip>
        <identifiers>
          <ticker value="VNNHF"/>
          <other otherDesc="Internal Identifier" value="532206"/>
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        <balance>3800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>2129616.32000000</valUSD>
        <pctVal>0.216299718054</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>INV METALS INC ORD CAD NPV 144A</name>
        <lei>549300875GVCOK0CDT29</lei>
        <title>INV METALS INC ORD CAD NPV 144A</title>
        <cusip>46123C207</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="802150"/>
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        <balance>2800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>704124.16000000</valUSD>
        <pctVal>0.071516101681</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>Corvus Gold Inc ORD CAD 1</name>
        <lei>529900RCMTBBPJKNYZ51</lei>
        <title>Corvus Gold Inc ORD CAD 1</title>
        <cusip>221013105</cusip>
        <identifiers>
          <ticker value="KOR"/>
          <other otherDesc="Internal Identifier" value="1013835"/>
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        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>2917085.79000000</valUSD>
        <pctVal>0.296280991083</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>ANGLO AMERICAN PLATINUM LTD ORD ZAR.10</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>ANGLO AMERICAN PLATINUM LTD ORD ZAR.10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
          <other otherDesc="Internal Identifier" value="33360"/>
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        <balance>242656.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.15055000"/>
        <valUSD>12734071.32000000</valUSD>
        <pctVal>1.293367265424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>West African Resources Ltd ORD AUD 1</name>
        <lei>N/A</lei>
        <title>West African Resources Ltd ORD AUD 1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000WAF6"/>
          <other otherDesc="Internal Identifier" value="872539"/>
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        <balance>9450000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52741710"/>
        <valUSD>4354095.47000000</valUSD>
        <pctVal>0.442234412696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALACER GOLD CORP ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
        <lei>529900Z8EMNJMHWKNV66</lei>
        <title>ALACER GOLD CORP ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="455342"/>
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        <balance>1500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>7695071.13000000</valUSD>
        <pctVal>0.781568820729</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>IMPALA PLATINUM HOLDINGS LTD ORD ZAR NPV</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>IMPALA PLATINUM HOLDINGS LTD ORD ZAR NPV</title>
        <cusip>S37840113</cusip>
        <identifiers>
          <ticker value="IMP"/>
          <other otherDesc="Internal Identifier" value="374035"/>
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        <balance>3260000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.15055000"/>
        <valUSD>19442682.31000000</valUSD>
        <pctVal>1.974743836428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GUYANA GOLDFIELDS INC ORD CAD NPV</name>
        <lei>5493007QZPNKIEVLEC28</lei>
        <title>GUYANA GOLDFIELDS INC ORD CAD NPV</title>
        <cusip>403530108</cusip>
        <identifiers>
          <ticker value="GUY"/>
          <other otherDesc="Internal Identifier" value="362381"/>
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        <balance>8155100.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>3632822.24000000</valUSD>
        <pctVal>0.368976523552</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>MAG SILVER CORP ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
        <lei>254900LGL904N7F3EL14</lei>
        <title>MAG SILVER CORP ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="529838"/>
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        <balance>240000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>2729702.54000000</valUSD>
        <pctVal>0.277248950540</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>B2GOLD CORP ORD CAD NPV</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2GOLD CORP ORD CAD NPV</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <ticker value="BTO"/>
          <other otherDesc="Internal Identifier" value="440274"/>
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        <balance>13973694.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>70681711.28000000</valUSD>
        <pctVal>7.178961805419</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>ALACER GOLD CORP ORD CAD NPV</name>
        <lei>529900Z8EMNJMHWKNV66</lei>
        <title>ALACER GOLD CORP ORD CAD NPV</title>
        <cusip>010679108</cusip>
        <identifiers>
          <ticker value="ASR"/>
          <other otherDesc="Internal Identifier" value="372445"/>
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        <balance>4242500.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>21764226.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASANKO GOLD INC ORD CAD NPV</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>ASANKO GOLD INC ORD CAD NPV</title>
        <cusip>04341Y105</cusip>
        <identifiers>
          <ticker value="AKG"/>
          <other otherDesc="Internal Identifier" value="468965"/>
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        <balance>10803375.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDEN STAR RESOURCES LTD ORD USD NPV</name>
        <lei>549300NSWNLPBZ2XTO69</lei>
        <title>GOLDEN STAR RESOURCES LTD ORD USD NPV</title>
        <cusip>38119T807</cusip>
        <identifiers>
          <ticker value="GSS"/>
          <other otherDesc="Internal Identifier" value="278215"/>
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        <balance>4129533.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9663107.22000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gold Standard Ventures Corp ORD CAD 1</name>
        <lei>549300HW4846RNAG1764</lei>
        <title>Gold Standard Ventures Corp ORD CAD 1</title>
        <cusip>380738104</cusip>
        <identifiers>
          <ticker value="GSV"/>
          <other otherDesc="Internal Identifier" value="934412"/>
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        <balance>4070000.00000000</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>NAUTILUS MINERALS INC ORD NPV*144A* (R1933) (LEGEND SHR)</name>
        <lei>529900GCHKAJYEL0FW61</lei>
        <title>NAUTILUS MINERALS INC ORD NPV*144A* (R1933) (LEGEND SHR)</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="631109"/>
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        <assetCat>EC</assetCat>
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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>TOREX GOLD RESOURCES INC ORD CAD *1933 LEGEND SHR* *PHYSICAL CERTIFICATES</name>
        <lei>549300QL07027186GQ85</lei>
        <title>TOREX GOLD RESOURCES INC ORD CAD *1933 LEGEND SHR* *PHYSICAL CERTIFICATES</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASCOT RESOURCES LTD ORD CAD NPV 144A *RESTRICTED 4 MONTH HOLD*</name>
        <lei>98450093855CEDA61B27</lei>
        <title>ASCOT RESOURCES LTD ORD CAD NPV 144A *RESTRICTED 4 MONTH HOLD*</title>
        <cusip>04364G502</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1046808"/>
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        <assetCat>EC</assetCat>
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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>MIDAS GOLD CORP ORD CAD NPV</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>MIDAS GOLD CORP ORD CAD NPV</title>
        <cusip>59562B101</cusip>
        <identifiers>
          <ticker value="MAX"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RED 5 LTD ORD AUD NPV</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>RED 5 LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000RED3"/>
          <other otherDesc="Internal Identifier" value="480238"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN STAR RESOURCES LTD ORD AUD NPV</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>NORTHERN STAR RESOURCES LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
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          <other otherDesc="Internal Identifier" value="523023"/>
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        <balance>1003106.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52741710"/>
        <valUSD>8100153.46000000</valUSD>
        <pctVal>0.822712003633</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>
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      </invstOrSec>
      <invstOrSec>
        <name>IVANHOE MINES LTD ORD CAD NPV CL A</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>IVANHOE MINES LTD ORD CAD NPV CL A</title>
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      <invstOrSec>
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        <name>TERANGA GOLD CORP ORD CAD NPV</name>
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      <invstOrSec>
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        <name>MIDAS GOLD CORP ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PREMIER GOLD MINES LTD ORD CAD NPV 144A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TMAC RESOURCES INC ORD CAD NPV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ROYAL BAFOKENG PLATINUM LTD ORD ZAR NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOGOLD RESOURCES INC ORD CAD 1 144A</name>
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        <name>PLATINUM GROUP METALS LTD ORD USD NPV 144A</name>
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        <name>BARRICK GOLD CORP ORD USD NPV</name>
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        <name>NAUTILUS MINERALS INC ORD CAD NPV</name>
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        <name>IVANHOE MINES LTD ORD CAD NPV 144A</name>
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        <name>PLATINUM GROUP METALS LTD ORD USD NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ENDEAVOUR MINING CORP ORD CAD.1</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ST AUGUSTINE GOLD AND COPPER LTD ORD CAD NPV 144A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>OCEANAGOLD CORP ORD CAD NPV</name>
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          <ticker value="OGC"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ANGLOGOLD ASHANTI LTD SPONSORED ADR</name>
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          <ticker value="AU"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NEWCREST MINING LTD ORD AUD NPV</name>
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          <isin value="AU000000NCM7"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SEMAFO INC ORD CAD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ST BARBARA LTD ORD AUD NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PAN AMERICAN SILVER CORP RTS EXP 2/20/2049 *Contingent Value Right*</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ASCOT RESOURCES LTD WTS EXP 05/21/2020</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>CENTAMIN PLC ORD GBP NPV</name>
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        <name>BELO SUN MINING CORP ORD CAD NPV</name>
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          <ticker value="BSX"/>
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        <name>CENTERRA GOLD INC ORD CAD1</name>
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        <name>GUYANA GOLDFIELDS INC ORD CAD NPV 144A</name>
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        <cusip>403530207</cusip>
        <identifiers>
          <ticker value="3519418Z"/>
          <other otherDesc="Internal Identifier" value="480422"/>
        </identifiers>
        <balance>2420000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>1078028.45000000</valUSD>
        <pctVal>0.109492610288</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 ORD AUD NPV</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>PERSEUS MINING LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
          <other otherDesc="Internal Identifier" value="431960"/>
        </identifiers>
        <balance>53983641.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52741710"/>
        <valUSD>32624238.19000000</valUSD>
        <pctVal>3.313560971509</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>
    </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>2020-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</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>
  <documents>XXXX</documents>
</edgarSubmission>
