<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000083293</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000006839</seriesId>
        <classId>C000018486</classId>
        <classId>C000128741</classId>
        <classId>C000018488</classId>
        <classId>C000018489</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Franklin Gold and Precious Metals Fund</regName>
      <regFileNumber>811-01700</regFileNumber>
      <regCik>0000083293</regCik>
      <regLei>549300FU5CU8KFMKHU85</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin Gold And Precious Metals Fund</seriesName>
      <seriesId>S000006839</seriesId>
      <seriesLei>549300FU5CU8KFMKHU85</seriesLei>
      <repPdEnd>2021-07-31</repPdEnd>
      <repPdDate>2020-10-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1246493605.53</totAssets>
      <totLiabs>6294284.43</totLiabs>
      <netAssets>1240199321.10</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>461.40000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="139220.20000000" lei="BFM8T61CT2L1QCEMIK50" name="UBS AG"/>
        <borrower aggrVal="108279.21000000" lei="ZBUT11V806EZRVTWT807" name="J.P. Morgan Securities LLC"/>
        <borrower aggrVal="425210.16000000" lei="MBNUM2BPBDO7JBLYG310" name="Citigroup Global Markets Inc."/>
        <borrower aggrVal="50848.24000000" lei="1V8Y6QCX6YMJ2OELII46" name="Credit Suisse Securities (USA) LLC"/>
        <borrower aggrVal="2987755.17000000" lei="549300JRHF1MHHWUAW04" name="National Financial Services LLC"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000128741" rtn1="1.32509240" rtn2="-6.37469430" rtn3="-5.30726580"/>
          <monthlyTotReturn classId="C000018488" rtn1="1.21950440" rtn2="-6.45170450" rtn3="-5.44244200"/>
          <monthlyTotReturn classId="C000018489" rtn1="1.30563840" rtn2="-6.37813230" rtn3="-5.32995940"/>
          <monthlyTotReturn classId="C000018486" rtn1="1.28444790" rtn2="-6.37540530" rtn3="-5.37991570"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="5133130.71000000" netUnrealizedAppr="11346694.83000000"/>
        <othMon2 netRealizedGain="1245517.87999999" netUnrealizedAppr="-90678572.83000000"/>
        <othMon3 netRealizedGain="4615148.80000000" netUnrealizedAppr="-73147434.43000000"/>
      </returnInfo>
      <mon1Flow redemption="118787037.98000000" reinvestment="0.00000000" sales="140315105.03999999"/>
      <mon2Flow redemption="90126411.12000000" reinvestment="0.00000000" sales="87245022.87000000"/>
      <mon3Flow redemption="69137128.34000000" reinvestment="0.00000000" sales="87346106.62999999"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
          <other otherDesc="Inhouse Asset ID" value="23285"/>
        </identifiers>
        <balance>3084383.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82445557.59000000</valUSD>
        <pctVal>6.647766708731</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>AngloGold Ashanti Ltd.</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>AngloGold Ashanti Ltd.</title>
        <cusip>035128206</cusip>
        <identifiers>
          <isin value="US0351282068"/>
          <other otherDesc="Inhouse Asset ID" value="54960"/>
        </identifiers>
        <balance>1794823.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41532204.22000000</valUSD>
        <pctVal>3.348833007194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mawson Gold Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Mawson Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA5777891188"/>
          <other otherDesc="Inhouse Asset ID" value="1068599"/>
        </identifiers>
        <balance>3850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>234158.72000000</valUSD>
        <pctVal>0.018880732799</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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>2193527.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.27480000"/>
        <valUSD>7908924.49000000</valUSD>
        <pctVal>0.637713983183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adventus Mining Corp.</name>
        <lei>984500FDE0C970CA3F46</lei>
        <title>Adventus Mining Corp.</title>
        <cusip>00791E102</cusip>
        <identifiers>
          <isin value="CA00791E1025"/>
          <other otherDesc="Inhouse Asset ID" value="960137"/>
        </identifiers>
        <balance>6350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>4623555.02000000</valUSD>
        <pctVal>0.372807414206</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>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765QAC0</cusip>
        <identifiers>
          <isin value="US72765QAC06"/>
          <other otherDesc="Inhouse Asset ID" value="912376"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2317500.00000000</valUSD>
        <pctVal>0.186865124062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Platinum Group Metals Ltd.</name>
              <title>Platinum Group Metals Ltd.</title>
              <curCd>CAD</curCd>
              <identifiers>
                <cusip value="72765Q882"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="100.11112300" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
          <other otherDesc="Inhouse Asset ID" value="374035"/>
        </identifiers>
        <balance>2480000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.27480000"/>
        <valUSD>22071379.80000000</valUSD>
        <pctVal>1.779663915669</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>Northam Platinum Ltd.</name>
        <lei>378900EB75D7D2C73323</lei>
        <title>Northam Platinum Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000030912"/>
          <other otherDesc="Inhouse Asset ID" value="278296"/>
        </identifiers>
        <balance>1149019.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.27480000"/>
        <valUSD>11038981.60000000</valUSD>
        <pctVal>0.890097374848</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>Midas Gold Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Midas Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="516676"/>
        </identifiers>
        <balance>2330000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1993844.77000000</valUSD>
        <pctVal>0.160768090747</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>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"/>
        </identifiers>
        <balance>86100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1160753.64000000</valUSD>
        <pctVal>0.093594119933</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>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
          <other otherDesc="Inhouse Asset ID" value="278213"/>
        </identifiers>
        <balance>1848724.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>23174966.82000000</valUSD>
        <pctVal>1.868648565251</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="1.33220000"/>
        <valUSD>4055246.96000000</valUSD>
        <pctVal>0.326983484912</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>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"/>
        </identifiers>
        <balance>460000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1042786.37000000</valUSD>
        <pctVal>0.084082159396</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="533604"/>
        </identifiers>
        <balance>180000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2426662.66000000</valUSD>
        <pctVal>0.195667149523</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>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"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>4593904.82000000</valUSD>
        <pctVal>0.370416653342</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>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WD0R35"/>
          <other otherDesc="Inhouse Asset ID" value="500366"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77199212"/>
        <valUSD>3105601.65000000</valUSD>
        <pctVal>0.250411494117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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="1042204"/>
        </identifiers>
        <balance>7287858.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>8041698.89000000</valUSD>
        <pctVal>0.648419875191</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>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T301</cusip>
        <identifiers>
          <isin value="CA45826T3010"/>
          <other otherDesc="Inhouse Asset ID" value="1106804"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>933000.00000000</valUSD>
        <pctVal>0.075229842826</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>INV Metals, Inc.</name>
        <lei>549300875GVCOK0CDT29</lei>
        <title>INV Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="529841"/>
        </identifiers>
        <balance>3765000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1158722.41000000</valUSD>
        <pctVal>0.093430337389</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>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="500660"/>
        </identifiers>
        <balance>2935000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3547027.47000000</valUSD>
        <pctVal>0.286004629227</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>Golden Star Resources Ltd.</name>
        <lei>549300NSWNLPBZ2XTO69</lei>
        <title>Golden Star Resources Ltd.</title>
        <cusip>38119T807</cusip>
        <identifiers>
          <isin value="CA38119T8077"/>
          <other otherDesc="Inhouse Asset ID" value="278215"/>
        </identifiers>
        <balance>3689533.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14979503.98000000</valUSD>
        <pctVal>1.207830364454</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>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"/>
        </identifiers>
        <balance>4250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <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>
        </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>206656.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.27480000"/>
        <valUSD>13682838.44000000</valUSD>
        <pctVal>1.103277368984</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>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>080558109</cusip>
        <identifiers>
          <isin value="CA0805581091"/>
          <other otherDesc="Inhouse Asset ID" value="518473"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3205224.44000000</valUSD>
        <pctVal>0.258444298869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="190068.44000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Standard Ventures Corp.</name>
        <lei>549300HW4846RNAG1764</lei>
        <title>Gold Standard Ventures Corp.</title>
        <cusip>380738104</cusip>
        <identifiers>
          <isin value="CA3807381049"/>
          <other otherDesc="Inhouse Asset ID" value="934412"/>
        </identifiers>
        <balance>4070000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2719036.18000000</valUSD>
        <pctVal>0.219241869733</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>Pretium Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Pretium Resources, Inc.</title>
        <cusip>74139C102</cusip>
        <identifiers>
          <isin value="CA74139C1023"/>
          <other otherDesc="Inhouse Asset ID" value="503636"/>
        </identifiers>
        <balance>2109000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>25725304.01000000</valUSD>
        <pctVal>2.074287864242</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="503534"/>
        </identifiers>
        <balance>2350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>4374718.51000000</valUSD>
        <pctVal>0.352743178904</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>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <other otherDesc="Inhouse Asset ID" value="607950"/>
        </identifiers>
        <balance>2364500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21635175.00000000</valUSD>
        <pctVal>1.744491762889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp., CVR</title>
        <cusip>697900132</cusip>
        <identifiers>
          <isin value="CA6979001329"/>
          <other otherDesc="Inhouse Asset ID" value="965795"/>
        </identifiers>
        <balance>1850600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1332432.00000000</valUSD>
        <pctVal>0.107436923834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <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>Premier Gold Mines Ltd.</name>
        <lei>5493000REB6GPZO6YX68</lei>
        <title>Premier Gold Mines Ltd.</title>
        <cusip>74051D104</cusip>
        <identifiers>
          <isin value="CA74051D1042"/>
          <other otherDesc="Inhouse Asset ID" value="404156"/>
        </identifiers>
        <balance>2868750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>5900296.50000000</valUSD>
        <pctVal>0.475753888880</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>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>N/A</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
          <other otherDesc="Inhouse Asset ID" value="170875"/>
        </identifiers>
        <balance>2736732.14100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2736732.14000000</valUSD>
        <pctVal>0.220668733923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lydian International Ltd.</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
        <title>Lydian International Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B29LFF73"/>
          <other otherDesc="Inhouse Asset ID" value="596355"/>
        </identifiers>
        <balance>21000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Mining Gold Corp.</name>
        <lei>5299002LR0XBHE0LR167</lei>
        <title>First Mining Gold Corp.</title>
        <cusip>320890114</cusip>
        <identifiers>
          <isin value="CA3208901148"/>
          <other otherDesc="Inhouse Asset ID" value="1099964"/>
        </identifiers>
        <balance>3750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>86923.89000000</valUSD>
        <pctVal>0.007008864504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</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>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1074504"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>399117.17000000</valUSD>
        <pctVal>0.032181695571</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Superior Gold, Inc.</name>
        <lei>52990002R7D8X4WC1Z35</lei>
        <title>Superior Gold, Inc.</title>
        <cusip>86816U106</cusip>
        <identifiers>
          <isin value="CA86816U1066"/>
          <other otherDesc="Inhouse Asset ID" value="1115275"/>
        </identifiers>
        <balance>5350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2811139.47000000</valUSD>
        <pctVal>0.226668360655</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>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>64886.71000000</valUSD>
        <pctVal>0.005231958193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSR Mining, Inc.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining, Inc.</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
          <other otherDesc="Inhouse Asset ID" value="237715"/>
        </identifiers>
        <balance>1986555.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>36772591.43000000</valUSD>
        <pctVal>2.965054955632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
        <cusip>688281104</cusip>
        <identifiers>
          <isin value="CA6882811046"/>
          <other otherDesc="Inhouse Asset ID" value="648080"/>
        </identifiers>
        <balance>6250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>17217760.10000000</valUSD>
        <pctVal>1.388305880116</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>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A101</cusip>
        <identifiers>
          <isin value="CA87425A1012"/>
          <other otherDesc="Inhouse Asset ID" value="1101603"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1095931.54000000</valUSD>
        <pctVal>0.088367371385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222103</cusip>
        <identifiers>
          <isin value="CA6752221037"/>
          <other otherDesc="Inhouse Asset ID" value="431553"/>
        </identifiers>
        <balance>5762689.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>7526706.85000000</valUSD>
        <pctVal>0.606894933898</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>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="483304"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>94580.39000000</valUSD>
        <pctVal>0.007626224945</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>Vizsla Resources Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Resources Corp.</title>
        <cusip>92857Y114</cusip>
        <identifiers>
          <isin value="CA92857Y1144"/>
          <other otherDesc="Inhouse Asset ID" value="1089808"/>
        </identifiers>
        <balance>3350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>185353.93000000</valUSD>
        <pctVal>0.014945495199</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</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="1.33220000"/>
        <valUSD>869989.49000000</valUSD>
        <pctVal>0.070149166766</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>Midas Gold Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Midas Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="603078"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1454736.53000000</valUSD>
        <pctVal>0.117298607187</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>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1087257"/>
        </identifiers>
        <balance>831250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>667645.62000000</valUSD>
        <pctVal>0.053833735323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>83056P806</cusip>
        <identifiers>
          <isin value="CA83056P8064"/>
          <other otherDesc="Inhouse Asset ID" value="1025679"/>
        </identifiers>
        <balance>7150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>12719936.95000000</valUSD>
        <pctVal>1.025636503229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="88460.27000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresnillo plc</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>Fresnillo plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
          <other otherDesc="Inhouse Asset ID" value="419617"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77199212"/>
        <valUSD>4147212.97000000</valUSD>
        <pctVal>0.334398906646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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="349543"/>
        </identifiers>
        <balance>4641856.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8216085.12000000</valUSD>
        <pctVal>0.662481020608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="91500.00000000"/>
        </securityLending>
      </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="1.33220000"/>
        <valUSD>4343859.98000000</valUSD>
        <pctVal>0.350254987734</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>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"/>
        </identifiers>
        <balance>14650000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>6598108.39000000</valUSD>
        <pctVal>0.532019996926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA38045Y1025"/>
          <other otherDesc="Inhouse Asset ID" value="1047391"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>1655156.88000000</valUSD>
        <pctVal>0.133458940981</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>Centamin plc</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>Centamin plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B5TT1872"/>
          <other otherDesc="Inhouse Asset ID" value="470748"/>
        </identifiers>
        <balance>12915200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77199212"/>
        <valUSD>20768472.58000000</valUSD>
        <pctVal>1.674607639809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mawson Gold Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Mawson Gold Ltd.</title>
        <cusip>577789100</cusip>
        <identifiers>
          <isin value="CA5777891006"/>
          <other otherDesc="Inhouse Asset ID" value="1068597"/>
        </identifiers>
        <balance>7700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2051869.09000000</valUSD>
        <pctVal>0.165446719337</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>Institutional Fiduciary Trust Money Market Portfolio</name>
        <lei>N/A</lei>
        <title>Institutional Fiduciary Trust Money Market Portfolio</title>
        <cusip>457756500</cusip>
        <identifiers>
          <other otherDesc="CUSIP" value="457756500"/>
        </identifiers>
        <balance>3184000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3184000.00000000</valUSD>
        <pctVal>0.256732925573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3184000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd.</title>
        <cusip>46579R203</cusip>
        <identifiers>
          <isin value="US46579R2031"/>
          <other otherDesc="Inhouse Asset ID" value="533518"/>
        </identifiers>
        <balance>5735000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>22557724.07000000</valUSD>
        <pctVal>1.818878924235</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>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="630008"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>17715.06000000</valUSD>
        <pctVal>0.001428404265</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>Gascoyne Resources Ltd.</name>
        <lei>98450001BN8677ED6066</lei>
        <title>Gascoyne Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GCY6"/>
          <other otherDesc="Inhouse Asset ID" value="801845"/>
        </identifiers>
        <balance>8368370.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>2764599.78000000</valUSD>
        <pctVal>0.222915763052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T301</cusip>
        <identifiers>
          <isin value="CA45826T3010"/>
          <other otherDesc="Inhouse Asset ID" value="1023581"/>
        </identifiers>
        <balance>2260000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>7040234.20000000</valUSD>
        <pctVal>0.567669573771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="427562.84000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN SECURITIES LLC </name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>JP MORGAN SECURITIES LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="In-House" value="2169698774"/>
        </identifiers>
        <balance>796644.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>796644.00000000</valUSD>
        <pctVal>0.064235158530</pctVal>
        <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="ZBUT11V806EZRVTWT807" name="JP MORGAN SECURITIES LLC "/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.07000000</repurchaseRt>
          <maturityDt>2020-11-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>796643.99999999</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>812578.47943353</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="796644.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West African Resources Ltd.</name>
        <lei>529900XLO8GMJNTUL013</lei>
        <title>West African Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000WAF6"/>
          <other otherDesc="Inhouse Asset ID" value="872539"/>
        </identifiers>
        <balance>10250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>6957343.46000000</valUSD>
        <pctVal>0.560985911025</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>Lydian International Ltd.</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
        <title>Lydian International Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="818704"/>
        </identifiers>
        <balance>6375000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HighGold Mining, Inc.</name>
        <lei>N/A</lei>
        <title>HighGold Mining, Inc.</title>
        <cusip>42984V509</cusip>
        <identifiers>
          <isin value="CA42984V5099"/>
          <other otherDesc="Inhouse Asset ID" value="1089045"/>
        </identifiers>
        <balance>463000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>781474.28000000</valUSD>
        <pctVal>0.063011990629</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>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>265269209</cusip>
        <identifiers>
          <isin value="CA2652692096"/>
          <other otherDesc="Inhouse Asset ID" value="1068727"/>
        </identifiers>
        <balance>2310000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>15328329.08000000</valUSD>
        <pctVal>1.235956899767</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>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
          <other otherDesc="Inhouse Asset ID" value="42105"/>
        </identifiers>
        <balance>749800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.27480000"/>
        <valUSD>8108702.81000000</valUSD>
        <pctVal>0.653822548685</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>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>325700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2845779.91000000</valUSD>
        <pctVal>0.229461495550</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>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="593359"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>525446.60000000</valUSD>
        <pctVal>0.042367915468</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>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
        <cusip>152006201</cusip>
        <identifiers>
          <isin value="US1520062019"/>
          <other otherDesc="Inhouse Asset ID" value="308696"/>
        </identifiers>
        <balance>2893400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>25280870.74000000</valUSD>
        <pctVal>2.038452231821</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>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="1.33220000"/>
        <valUSD>322457.98000000</valUSD>
        <pctVal>0.026000496413</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>Vizsla Resources Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Resources Corp.</title>
        <cusip>92857Y403</cusip>
        <identifiers>
          <isin value="CA92857Y4031"/>
          <other otherDesc="Inhouse Asset ID" value="1095735"/>
        </identifiers>
        <balance>3350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3388994.48000000</valUSD>
        <pctVal>0.273262081533</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>Hochschild Mining plc</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FW5029"/>
          <other otherDesc="Inhouse Asset ID" value="373974"/>
        </identifiers>
        <balance>3268520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77199212"/>
        <valUSD>9322612.77000000</valUSD>
        <pctVal>0.751702779657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <other otherDesc="Inhouse Asset ID" value="315715"/>
        </identifiers>
        <balance>180021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>5721430.07000000</valUSD>
        <pctVal>0.461331495079</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>Bluestone Resources, Inc.</name>
        <lei>254900YRZ65V11ZKNC05</lei>
        <title>Bluestone Resources, Inc.</title>
        <cusip>09626M304</cusip>
        <identifiers>
          <isin value="CA09626M3049"/>
          <other otherDesc="Inhouse Asset ID" value="803558"/>
        </identifiers>
        <balance>6500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>9465545.71000000</valUSD>
        <pctVal>0.763227777096</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>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1067889"/>
        </identifiers>
        <balance>1153000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>481409.95000000</valUSD>
        <pctVal>0.038817143487</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Breaker Resources NL</name>
        <lei>N/A</lei>
        <title>Breaker Resources NL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BRB3"/>
          <other otherDesc="Inhouse Asset ID" value="1096745"/>
        </identifiers>
        <balance>16000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>2029277.89000000</valUSD>
        <pctVal>0.163625141174</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>Newcrest Mining Ltd.</name>
        <lei>5299006MN50OZJUJI655</lei>
        <title>Newcrest Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NCM7"/>
          <other otherDesc="Inhouse Asset ID" value="30113"/>
        </identifiers>
        <balance>2396914.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>49705977.70000000</valUSD>
        <pctVal>4.007902347173</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>Osisko Metals, Inc.</name>
        <lei>5493003KCD875ELH4484</lei>
        <title>Osisko Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1075146"/>
        </identifiers>
        <balance>2125000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>909441.62000000</valUSD>
        <pctVal>0.073330278813</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <other otherDesc="Inhouse Asset ID" value="607952"/>
        </identifiers>
        <balance>2828316.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>25837416.09000000</valUSD>
        <pctVal>2.083327707927</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>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"/>
        </identifiers>
        <balance>2592102.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>729648.89000000</valUSD>
        <pctVal>0.058833195405</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>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="980926"/>
        </identifiers>
        <balance>15388750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>12359977.86000000</valUSD>
        <pctVal>0.996612209804</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>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"/>
        </identifiers>
        <balance>1769918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>239142.20000000</valUSD>
        <pctVal>0.019282561756</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>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>68634K106</cusip>
        <identifiers>
          <isin value="CA68634K1066"/>
          <other otherDesc="Inhouse Asset ID" value="654902"/>
        </identifiers>
        <balance>3490713.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>14070806.79000000</valUSD>
        <pctVal>1.134560110669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2100547.66000000"/>
        </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"/>
        </identifiers>
        <balance>2306000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>4015853.48000000</valUSD>
        <pctVal>0.323807101945</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>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A119</cusip>
        <identifiers>
          <isin value="CA87425A1194"/>
          <other otherDesc="Inhouse Asset ID" value="1095729"/>
        </identifiers>
        <balance>5650000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>118454.06000000</valUSD>
        <pctVal>0.009551211485</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>
        </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="1.33220000"/>
        <valUSD>173182.41000000</valUSD>
        <pctVal>0.013964078761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSISKO DEVELOPMENT Corp.</name>
        <lei>N/A</lei>
        <title>OSISKO DEVELOPMENT Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA68828J1131"/>
          <other otherDesc="Inhouse Asset ID" value="1114074"/>
        </identifiers>
        <balance>1015000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>5714232.10000000</valUSD>
        <pctVal>0.460751106921</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>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"/>
        </identifiers>
        <balance>3657751.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>38054668.11000000</valUSD>
        <pctVal>3.068431619221</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>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000091910"/>
          <other otherDesc="Inhouse Asset ID" value="648914"/>
        </identifiers>
        <balance>4524000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>5479532.44000000</valUSD>
        <pctVal>0.441826756939</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>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="1.42267750"/>
        <valUSD>7327809.63000000</valUSD>
        <pctVal>0.590857413427</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>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="822707"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2359255.37000000</valUSD>
        <pctVal>0.190231951417</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>Galiano Gold, Inc.</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>Galiano Gold, Inc.</title>
        <cusip>36352H100</cusip>
        <identifiers>
          <isin value="CA36352H1001"/>
          <other otherDesc="Inhouse Asset ID" value="468965"/>
        </identifiers>
        <balance>9572375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>12933699.89000000</valUSD>
        <pctVal>1.042872679411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
          <other otherDesc="Inhouse Asset ID" value="440274"/>
        </identifiers>
        <balance>8593694.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>55282958.70000000</valUSD>
        <pctVal>4.457586595916</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>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A408</cusip>
        <identifiers>
          <isin value="CA87425A4081"/>
          <other otherDesc="Inhouse Asset ID" value="1095725"/>
        </identifiers>
        <balance>11300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2893213.93000000</valUSD>
        <pctVal>0.233286204949</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>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"/>
        </identifiers>
        <balance>122000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9673380.00000000</valUSD>
        <pctVal>0.779985913185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
          <other otherDesc="Inhouse Asset ID" value="431960"/>
        </identifiers>
        <balance>41558141.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>35942971.02000000</valUSD>
        <pctVal>2.898160836608</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>Endeavour Mining Corp.</name>
        <lei>529900R1F0JCJDI3A443</lei>
        <title>Endeavour Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3040R1589"/>
          <other otherDesc="Inhouse Asset ID" value="431898"/>
        </identifiers>
        <balance>1212222.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>29736837.53000000</valUSD>
        <pctVal>2.397746638308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>2242787.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3973110.13000000</valUSD>
        <pctVal>0.320360611589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="137394.88000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osisko Gold Royalties Ltd.</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties Ltd.</title>
        <cusip>68827L101</cusip>
        <identifiers>
          <isin value="CA68827L1013"/>
          <other otherDesc="Inhouse Asset ID" value="578440"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3075739.38000000</valUSD>
        <pctVal>0.248003633583</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="1.33220000"/>
        <valUSD>4435827.20000000</valUSD>
        <pctVal>0.357670507033</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>Kirkland Lake Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Kirkland Lake Gold Ltd.</title>
        <cusip>49741E100</cusip>
        <identifiers>
          <isin value="CA49741E1007"/>
          <other otherDesc="Inhouse Asset ID" value="648543"/>
        </identifiers>
        <balance>531123.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>24199944.53000000</valUSD>
        <pctVal>1.951294773209</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>38400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>5286257.78000000</valUSD>
        <pctVal>0.426242595852</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="1.33220000"/>
        <valUSD>323977.03000000</valUSD>
        <pctVal>0.026122980757</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>Chalice Gold Mines Ltd.</name>
        <lei>5299008IXHWMQDOE1437</lei>
        <title>Chalice Gold Mines Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CHN7"/>
          <other otherDesc="Inhouse Asset ID" value="464711"/>
        </identifiers>
        <balance>19840631.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>37858271.48000000</valUSD>
        <pctVal>3.052595726824</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>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <other otherDesc="Inhouse Asset ID" value="30097"/>
        </identifiers>
        <balance>935614.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58793983.76000000</valUSD>
        <pctVal>4.740688271612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RTG4"/>
          <other otherDesc="Inhouse Asset ID" value="580890"/>
        </identifiers>
        <balance>50687582.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>7303801.68000000</valUSD>
        <pctVal>0.588921599595</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>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GPR2"/>
          <other otherDesc="Inhouse Asset ID" value="804220"/>
        </identifiers>
        <balance>13001094.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>4956275.99000000</valUSD>
        <pctVal>0.399635438084</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>Benchmark Metals, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Benchmark Metals, Inc.</title>
        <cusip>08162A104</cusip>
        <identifiers>
          <isin value="CA08162A1049"/>
          <other otherDesc="Inhouse Asset ID" value="1106301"/>
        </identifiers>
        <balance>6890300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>5120400.09000000</valUSD>
        <pctVal>0.412869125380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="149039.35000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dacian Gold Ltd.</name>
        <lei>213800ENTL8AJ6YPZX87</lei>
        <title>Dacian Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DCN6"/>
          <other otherDesc="Inhouse Asset ID" value="647401"/>
        </identifiers>
        <balance>32555556.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>8163274.02000000</valUSD>
        <pctVal>0.658222745418</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>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"/>
        </identifiers>
        <balance>9008021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>16939171.68000000</valUSD>
        <pctVal>1.365842682850</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>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd., Class A</title>
        <cusip>46579R104</cusip>
        <identifiers>
          <isin value="CA46579R1047"/>
          <other otherDesc="Inhouse Asset ID" value="533519"/>
        </identifiers>
        <balance>841800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3311088.43000000</valUSD>
        <pctVal>0.266980345309</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>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>452553308</cusip>
        <identifiers>
          <isin value="US4525533083"/>
          <other otherDesc="Inhouse Asset ID" value="29906"/>
        </identifiers>
        <balance>1506100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13283802.00000000</valUSD>
        <pctVal>1.071102182850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>3800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3479957.96000000</valUSD>
        <pctVal>0.280596667067</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>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="462104"/>
        </identifiers>
        <balance>1095000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>14762197.87000000</valUSD>
        <pctVal>1.190308494678</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>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="474885"/>
        </identifiers>
        <balance>14583333.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>766276.32000000</valUSD>
        <pctVal>0.061786545675</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>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
        <identifiers>
          <isin value="CA5362161047"/>
          <other otherDesc="Inhouse Asset ID" value="491672"/>
        </identifiers>
        <balance>5778000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>6982870.44000000</valUSD>
        <pctVal>0.563044207588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="67094.87000000"/>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>3620900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3098503.23000000</valUSD>
        <pctVal>0.249839132894</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 TeQ Holdings Ltd.</name>
        <lei>529900AYAT2TIC68VA49</lei>
        <title>Clean TeQ Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CLQ2"/>
          <other otherDesc="Inhouse Asset ID" value="816054"/>
        </identifiers>
        <balance>13600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>2587463.15000000</valUSD>
        <pctVal>0.208632846831</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>Euro Sun Mining, Inc.</name>
        <lei>5299006SQF5ZE4L5GZ95</lei>
        <title>Euro Sun Mining, Inc.</title>
        <cusip>29872L206</cusip>
        <identifiers>
          <isin value="CA29872L2066"/>
          <other otherDesc="Inhouse Asset ID" value="1073021"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2552169.34000000</valUSD>
        <pctVal>0.205787029276</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>55903Q104</cusip>
        <identifiers>
          <isin value="CA55903Q1046"/>
          <other otherDesc="Inhouse Asset ID" value="295991"/>
        </identifiers>
        <balance>192000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>3244197.57000000</valUSD>
        <pctVal>0.261586788091</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>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="1.33220000"/>
        <valUSD>861732.47000000</valUSD>
        <pctVal>0.069483385076</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 Technologies, Inc.</name>
        <lei>549300X2XZ8KREY3V257</lei>
        <title>Clean Air Technologies, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1071804"/>
        </identifiers>
        <balance>1900000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>70279.46000000</valUSD>
        <pctVal>0.005666787491</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Panther Mining Ltd.</name>
        <lei>549300PO9D74E3VD7K26</lei>
        <title>Great Panther Mining Ltd.</title>
        <cusip>39115V101</cusip>
        <identifiers>
          <isin value="CA39115V1013"/>
          <other otherDesc="Inhouse Asset ID" value="362690"/>
        </identifiers>
        <balance>5171889.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4137511.20000000</valUSD>
        <pctVal>0.333616631585</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>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"/>
        </identifiers>
        <balance>973054.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>10279251.41000000</valUSD>
        <pctVal>0.828838658037</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>O3 Mining, Inc.</name>
        <lei>N/A</lei>
        <title>O3 Mining, Inc.</title>
        <cusip>67113B108</cusip>
        <identifiers>
          <isin value="CA67113B1085"/>
          <other otherDesc="Inhouse Asset ID" value="1074505"/>
        </identifiers>
        <balance>1850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>4027173.10000000</valUSD>
        <pctVal>0.324719827811</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>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>53056H104</cusip>
        <identifiers>
          <isin value="CA53056H1047"/>
          <other otherDesc="Inhouse Asset ID" value="504596"/>
        </identifiers>
        <balance>10688100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>14280752.14000000</valUSD>
        <pctVal>1.151488466171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="459644.67000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shandong Gold Mining Co. Ltd.</name>
        <lei>300300KC2K8BC07OSV77</lei>
        <title>Shandong Gold Mining Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000036N7"/>
          <other otherDesc="Inhouse Asset ID" value="933006"/>
        </identifiers>
        <balance>2100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75255000"/>
        <valUSD>4974225.25000000</valUSD>
        <pctVal>0.401082726411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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"/>
        </identifiers>
        <balance>162268146.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>31543158.99000000</valUSD>
        <pctVal>2.543394311974</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>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>04302L209</cusip>
        <identifiers>
          <isin value="CA04302L2093"/>
          <other otherDesc="Inhouse Asset ID" value="1103945"/>
        </identifiers>
        <balance>1725000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>6290551.37000000</valUSD>
        <pctVal>0.507220997703</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>Euro Sun Mining, Inc.</name>
        <lei>5299006SQF5ZE4L5GZ95</lei>
        <title>Euro Sun Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1073027"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>184330.43000000</valUSD>
        <pctVal>0.014862968142</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saturn Metals Ltd.</name>
        <lei>N/A</lei>
        <title>Saturn Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000STN8"/>
          <other otherDesc="Inhouse Asset ID" value="1106601"/>
        </identifiers>
        <balance>2720539.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42267750"/>
        <valUSD>1376832.12000000</valUSD>
        <pctVal>0.111017003200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bluestone Resources, Inc.</name>
        <lei>254900YRZ65V11ZKNC05</lei>
        <title>Bluestone Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA09626M1225"/>
          <other otherDesc="Inhouse Asset ID" value="964612"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>130994.71000000</valUSD>
        <pctVal>0.010562391687</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="822966"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>8061852.57000000</valUSD>
        <pctVal>0.650044910752</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>First Mining Gold Corp.</name>
        <lei>5299002LR0XBHE0LR167</lei>
        <title>First Mining Gold Corp.</title>
        <cusip>320890106</cusip>
        <identifiers>
          <isin value="CA3208901064"/>
          <other otherDesc="Inhouse Asset ID" value="816206"/>
        </identifiers>
        <balance>7500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>2420807.69000000</valUSD>
        <pctVal>0.195195050409</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>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="1087683"/>
        </identifiers>
        <balance>9608900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>13127306.71000000</valUSD>
        <pctVal>1.058483623290</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>HighGold Mining, Inc.</name>
        <lei>N/A</lei>
        <title>HighGold Mining, Inc.</title>
        <cusip>42984V400</cusip>
        <identifiers>
          <isin value="CA42984V4001"/>
          <other otherDesc="Inhouse Asset ID" value="1025496"/>
        </identifiers>
        <balance>3840000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33220000"/>
        <valUSD>6629635.19000000</valUSD>
        <pctVal>0.534562072177</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>2020-11-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
