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      <invstOrSec>
        <name>Sunrise Energy Metals Ltd.</name>
        <lei>529900AYAT2TIC68VA49</lei>
        <title>Sunrise Energy Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000143729"/>
          <other otherDesc="Inhouse Asset ID" value="816054"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Euro Sun Mining, Inc.</name>
        <lei>9845004H3B99VE567F13</lei>
        <title>Euro Sun Mining, Inc.</title>
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          <isin value="CA29872L2066"/>
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        <balance>10000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US0805581172"/>
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        <balance>3800000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dacian Gold Ltd.</name>
        <lei>213800ENTL8AJ6YPZX87</lei>
        <title>Dacian Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DCN6"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Treasury Metals, Inc.</name>
        <lei>25490084LOPPDXN4YK38</lei>
        <title>Treasury Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8946472476"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Adventus Mining Corp.</name>
        <lei>984500FDE0C970CA3F46</lei>
        <title>Adventus Mining Corp.</title>
        <cusip>00791E102</cusip>
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          <isin value="CA00791E1025"/>
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        <balance>6350000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sable Resources Ltd.</name>
        <lei>3912006PLR1HF7YCRK43</lei>
        <title>Sable Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA7857138019"/>
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        <balance>12000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matador Mining Ltd.</name>
        <lei>529900XG89DFWV81PF22</lei>
        <title>Matador Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000MZZ2"/>
          <other otherDesc="Inhouse Asset ID" value="1152681"/>
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        <balance>8000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA2652692096"/>
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        <balance>254800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>18452Y100</cusip>
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          <isin value="CA18452Y1007"/>
          <other otherDesc="Inhouse Asset ID" value="285000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>067901108</cusip>
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          <isin value="CA0679011084"/>
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        <balance>3169383.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Probe Metals, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA74273V1554"/>
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        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Mining Gold Corp.</name>
        <lei>5299002LR0XBHE0LR167</lei>
        <title>First Mining Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA3208901064"/>
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        <balance>7500000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Ora Banda Mining Ltd.</name>
        <lei>N/A</lei>
        <title>Ora Banda Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000050130"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chalice Mining Ltd.</name>
        <lei>5299008IXHWMQDOE1437</lei>
        <title>Chalice Mining Ltd.</title>
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          <isin value="AU000000CHN7"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
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          <isin value="VGG7707W1529"/>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Centamin plc</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>Centamin plc</title>
        <cusip>N/A</cusip>
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          <isin value="JE00B5TT1872"/>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
        <cusip>56580Q102</cusip>
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          <isin value="CA56580Q1028"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
        <cusip>152006201</cusip>
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          <isin value="US1520062019"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Banyan Gold Corp.</name>
        <lei>N/A</lei>
        <title>Banyan Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA06683K3047"/>
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        <balance>12071429.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>N/A</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA92859G1037"/>
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        <balance>1700000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
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          <isin value="CA38045Y1025"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
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          <isin value="CA1520061021"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
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          <isin value="CA0115321089"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q148</cusip>
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          <other otherDesc="Inhouse Asset ID" value="820865"/>
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        <balance>36628.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
        <cusip>29446Y502</cusip>
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          <isin value="CA29446Y5020"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Galiano Gold, Inc.</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>Galiano Gold, Inc.</title>
        <cusip>36352H100</cusip>
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          <isin value="CA36352H1001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Perpetua Resources Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="603078"/>
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        <balance>170000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Probe Metals, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Metals, Inc.</title>
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          <isin value="CA74273V1067"/>
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        <balance>3400000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Benchmark Metals, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Benchmark Metals, Inc.</title>
        <cusip>08162A104</cusip>
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          <isin value="CA08162A1049"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mawson Gold Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Mawson Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA5777891188"/>
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        <balance>3850000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA74167M1216"/>
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        <balance>650000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>N/A</cusip>
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        <balance>175000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>N/A</cusip>
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        <balance>1089000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T301</cusip>
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          <isin value="CA45826T3010"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northam Platinum Ltd.</name>
        <lei>378900EB75D7D2C73323</lei>
        <title>Northam Platinum Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639106</cusip>
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          <isin value="US6516391066"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp., CVR</title>
        <cusip>697900132</cusip>
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          <isin value="CA6979001329"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Clean Air Technologies, Inc.</name>
        <lei>549300X2XZ8KREY3V257</lei>
        <title>Clean Air Technologies, Inc.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Nighthawk Gold Corp.</name>
        <lei>529900552H4HTBIHX052</lei>
        <title>Nighthawk Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA65412D8098"/>
          <other otherDesc="Inhouse Asset ID" value="1149925"/>
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        <balance>3261000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>3554508.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9419446.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Orla Mining</name>
        <lei>N/A</lei>
        <title>Orla Mining</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1134910"/>
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        <balance>460000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Red 5 Ltd.</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Red 5 Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RED3"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pantoro Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PNR8"/>
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        <balance>38400000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000164139"/>
          <other otherDesc="Inhouse Asset ID" value="648914"/>
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        <balance>7155000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000RTG4"/>
          <other otherDesc="Inhouse Asset ID" value="580890"/>
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        <balance>50687582.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kirkland Lake Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Kirkland Lake Gold Ltd.</title>
        <cusip>49741E100</cusip>
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          <isin value="CA49741E1007"/>
          <other otherDesc="Inhouse Asset ID" value="648543"/>
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        <balance>509123.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>861000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>O3 Mining, Inc.</name>
        <lei>N/A</lei>
        <title>O3 Mining, Inc.</title>
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          <isin value="CA67113B1085"/>
          <other otherDesc="Inhouse Asset ID" value="1074505"/>
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        <balance>4090500.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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"/>
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        <balance>21000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Predictive Discovery Ltd.</name>
        <lei>N/A</lei>
        <title>Predictive Discovery Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PDI8"/>
          <other otherDesc="Inhouse Asset ID" value="1147160"/>
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        <balance>51650000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
        <identifiers>
          <isin value="CA5362161047"/>
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        <balance>4312400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="533604"/>
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        <balance>180000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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"/>
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        <balance>97760.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA36261G1028"/>
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        <balance>8250000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA74167M4020"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St Augustine Gold and Copper Ltd.</title>
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          <other otherDesc="Inhouse Asset ID" value="593359"/>
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        <balance>10000000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Treasury Metals, Inc.</name>
        <lei>25490084LOPPDXN4YK38</lei>
        <title>Treasury Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8946478259"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
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          <isin value="CA18452Y1007"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>St Barbara Ltd.</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St Barbara Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000SBM8"/>
          <other otherDesc="Inhouse Asset ID" value="374132"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gold Standard Ventures Corp.</name>
        <lei>549300HW4846RNAG1764</lei>
        <title>Gold Standard Ventures Corp.</title>
        <cusip>380738104</cusip>
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          <isin value="CA3807381049"/>
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        <balance>6370000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NST8"/>
          <other otherDesc="Inhouse Asset ID" value="523023"/>
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        <balance>1172254.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Osisko Development Corp.</name>
        <lei>N/A</lei>
        <title>Osisko Development Corp.</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>BOFA SECURITIES INC .</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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          <other otherDesc="In-House" value="2367968316"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <securityLending>
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      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
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          <isin value="CA0115321089"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Anglo American Platinum Ltd.</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Anglo American Platinum Ltd.</title>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nighthawk Gold Corp.</name>
        <lei>529900552H4HTBIHX052</lei>
        <title>Nighthawk Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA65412D1556"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Gascoyne Resources Ltd.</name>
        <lei>98450001BN8677ED6066</lei>
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          <isin value="AU000000GCY6"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd.</title>
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          <isin value="US46579R2031"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Perpetua Resources Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp.</title>
        <cusip>714266103</cusip>
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          <isin value="CA7142661031"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Saturn Metals Ltd.</name>
        <lei>N/A</lei>
        <title>Saturn Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000STN8"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Pretium Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Pretium Resources, Inc.</title>
        <cusip>74139C102</cusip>
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          <isin value="CA74139C1023"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tulla Resources plc</name>
        <lei>2138003UZ2PESGOECN34</lei>
        <title>Tulla Resources plc</title>
        <cusip>N/A</cusip>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Silver Tiger Metals, Inc.</name>
        <lei>N/A</lei>
        <title>Silver Tiger Metals, Inc.</title>
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          <isin value="CA82831T1093"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Osisko Gold Royalties Ltd.</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties Ltd.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Platinum Group Metals Ltd.</title>
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      <invstOrSec>
        <name>Troilus Gold Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
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        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
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        <name>Western Copper &amp; Gold Corp.</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
        <lei>N/A</lei>
        <title>Institutional Fiduciary Trust Money Market Portfolio</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Bluestone Resources, Inc.</name>
        <lei>254900YRZ65V11ZKNC05</lei>
        <title>Bluestone Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CAMM0037LZS7"/>
          <other otherDesc="Inhouse Asset ID" value="1141468"/>
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        <balance>550000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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"/>
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        <balance>17070000.00000000</balance>
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        <pctVal>0.835008786009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>3238520.00000000</balance>
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        <pctVal>0.515332526372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1132623"/>
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        <balance>1379500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>15300000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Thesis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>88369B105</cusip>
        <identifiers>
          <isin value="CA88369B1058"/>
          <other otherDesc="Inhouse Asset ID" value="1150125"/>
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        <balance>2300000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lydian International Ltd.</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
        <title>Lydian International Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B7MZ2G13"/>
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        <balance>4250000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>39108141.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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"/>
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        <balance>3750000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>92859G103</cusip>
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          <isin value="CA92859G1037"/>
          <other otherDesc="Inhouse Asset ID" value="1124032"/>
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        <balance>500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Cat Syndicate Ltd.</name>
        <lei>N/A</lei>
        <title>Black Cat Syndicate Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BC88"/>
          <other otherDesc="Inhouse Asset ID" value="1145677"/>
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        <balance>7022800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd.</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>AngloGold Ashanti Ltd.</title>
        <cusip>035128206</cusip>
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          <isin value="US0351282068"/>
          <other otherDesc="Inhouse Asset ID" value="54960"/>
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        <balance>1854823.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westhaven Gold Corp.</name>
        <lei>2549006LQ1TAHZLTOF64</lei>
        <title>Westhaven Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA9603501144"/>
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        <balance>2100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
        <cusip>688281104</cusip>
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          <isin value="CA6882811046"/>
          <other otherDesc="Inhouse Asset ID" value="648080"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000GPR2"/>
          <other otherDesc="Inhouse Asset ID" value="804220"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>92857Y114</cusip>
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          <isin value="CA92857Y1144"/>
          <other otherDesc="Inhouse Asset ID" value="1095739"/>
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        <balance>3350000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Troilus Gold Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8968871068"/>
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        <balance>2000000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
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          <isin value="CA6882811046"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>04364G106</cusip>
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          <isin value="CA04364G1063"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="630008"/>
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        <balance>10000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp.</title>
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          <isin value="CA36261G1101"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>080558109</cusip>
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          <isin value="CA0805581091"/>
          <other otherDesc="Inhouse Asset ID" value="518473"/>
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        <balance>3500000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>6375000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bluestone Resources, Inc.</name>
        <lei>254900YRZ65V11ZKNC05</lei>
        <title>Bluestone Resources, Inc.</title>
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          <isin value="CA09626M3049"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>HighGold Mining, Inc.</name>
        <lei>N/A</lei>
        <title>HighGold Mining, Inc.</title>
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          <isin value="CA42984V4001"/>
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        <balance>3840000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
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          <isin value="CA2652692096"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
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          <isin value="CA11777Q2099"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osisko Mining, Inc.</name>
        <lei>N/A</lei>
        <title>Osisko Mining, Inc. Equity</title>
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          <isin value="CA68828E1060"/>
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        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Superior Gold, Inc.</name>
        <lei>52990002R7D8X4WC1Z35</lei>
        <title>Superior Gold, Inc.</title>
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          <isin value="CA86816U1066"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
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          <isin value="CA87425A1194"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Western Copper &amp; Gold Corp.</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
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          <isin value="CA95805V1085"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1148528"/>
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        <balance>850000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St Augustine Gold and Copper Ltd.</title>
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          <isin value="VGG8448A1030"/>
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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="822966"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="ZAE000018123"/>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Metals Corp.</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
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          <isin value="CA4528921022"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
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          <isin value="GB00B0WD0R35"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OreCorp Ltd.</name>
        <lei>N/A</lei>
        <title>OreCorp Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Osisko Metals, Inc.</name>
        <lei>5493003KCD875ELH4484</lei>
        <title>Osisko Metals, Inc.</title>
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        <name>SSR Mining, Inc.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining, Inc.</title>
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        <name>Azimut Exploration, Inc.</name>
        <lei>N/A</lei>
        <title>Azimut Exploration, Inc.</title>
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      <invstOrSec>
        <name>HighGold Mining, Inc.</name>
        <lei>N/A</lei>
        <title>HighGold Mining, Inc.</title>
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          <isin value="CA42984V1031"/>
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        <name>Euro Sun Mining, Inc.</name>
        <lei>9845004H3B99VE567F13</lei>
        <title>Euro Sun Mining, Inc.</title>
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        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Great Bear Resources Ltd.</name>
        <lei>2549000RUH5SDJMHDI59</lei>
        <title>Great Bear Resources Ltd.</title>
        <cusip>390143709</cusip>
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          <isin value="CA3901437093"/>
          <other otherDesc="Inhouse Asset ID" value="1064869"/>
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        <balance>670000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1095735"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Los Cerros Ltd.</name>
        <lei>213800U3LCURRSJS5R56</lei>
        <title>Los Cerros Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000075954"/>
          <other otherDesc="Inhouse Asset ID" value="496335"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clean TeQ Water Ltd.</name>
        <lei>5493003MW9ETS3784O29</lei>
        <title>Clean TeQ Water Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000153280"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West African Resources Ltd.</name>
        <lei>529900XLO8GMJNTUL013</lei>
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        <cusip>N/A</cusip>
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          <isin value="AU000000WAF6"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Royal Bafokeng Platinum Ltd.</name>
        <lei>N/A</lei>
        <title>Royal Bafokeng Platinum Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="ZAE000149936"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="ZAE000083648"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>i-80 Gold Corp.</name>
        <lei>549300LFFIWIGUEXPK11</lei>
        <title>i-80 Gold Corp.</title>
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          <isin value="CA44955L1067"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="500660"/>
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        <balance>2935000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="474885"/>
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        <balance>14583333.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd., Class A</title>
        <cusip>46579R104</cusip>
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          <isin value="CA46579R1047"/>
          <other otherDesc="Inhouse Asset ID" value="533519"/>
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        <balance>3200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
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          <isin value="CA04302L1004"/>
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        <balance>770000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
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          <isin value="US4577565009"/>
          <other otherDesc="Inhouse Asset ID" value="170875"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endeavour Mining plc</name>
        <lei>529900NI5MXQ91GHXR07</lei>
        <title>Endeavour Mining plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BL6K5J42"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gatos Silver, Inc.</name>
        <lei>N/A</lei>
        <title>Gatos Silver, Inc.</title>
        <cusip>368036109</cusip>
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          <isin value="US3680361090"/>
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        <balance>482157.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cerrado Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Cerrado Gold, Inc.</title>
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          <isin value="CA1567881018"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Westhaven Gold Corp.</name>
        <lei>2549006LQ1TAHZLTOF64</lei>
        <title>Westhaven Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA9603501060"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>04302L100</cusip>
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          <isin value="CA04302L1004"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Firefinch Ltd.</name>
        <lei>52990065EGEF8FEI8S51</lei>
        <title>Firefinch Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Argonaut Gold, Inc.</name>
        <lei>54930043XCKI4E8EQR38</lei>
        <title>Argonaut Gold, Inc.</title>
        <cusip>04016A101</cusip>
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          <isin value="CA04016A1012"/>
          <other otherDesc="Inhouse Asset ID" value="503534"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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"/>
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        <valUSD>3733754.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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="1.24800000"/>
        <valUSD>812600.16000000</valUSD>
        <pctVal>0.060364032804</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="1.24800000"/>
        <valUSD>17272533.53000000</valUSD>
        <pctVal>1.283090789237</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>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
          <other otherDesc="Inhouse Asset ID" value="1025679"/>
        </identifiers>
        <balance>1973550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
        <valUSD>26029353.37000000</valUSD>
        <pctVal>1.933591473471</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>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>74167M105</cusip>
        <identifiers>
          <isin value="CA74167M1059"/>
          <other otherDesc="Inhouse Asset ID" value="1129997"/>
        </identifiers>
        <balance>2200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
        <valUSD>6751602.56000000</valUSD>
        <pctVal>0.501543044758</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="3464.29000000"/>
        </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="1.24800000"/>
        <valUSD>12309975.96000000</valUSD>
        <pctVal>0.914447017432</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>Perpetua Resources Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="516676"/>
        </identifiers>
        <balance>233000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
        <valUSD>1323693.91000000</valUSD>
        <pctVal>0.098330650841</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>5184204.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
        <valUSD>1287742.98000000</valUSD>
        <pctVal>0.095660034683</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>Azimut Exploration, Inc.</name>
        <lei>N/A</lei>
        <title>Azimut Exploration, Inc.</title>
        <cusip>301950101</cusip>
        <identifiers>
          <isin value="CA3019501012"/>
          <other otherDesc="Inhouse Asset ID" value="1152145"/>
        </identifiers>
        <balance>506900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
        <valUSD>885450.32000000</valUSD>
        <pctVal>0.065775709622</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>136100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
        <valUSD>1530034.46000000</valUSD>
        <pctVal>0.113658666195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>O3 Mining, Inc.</name>
        <lei>N/A</lei>
        <title>O3 Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1074504"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24800000"/>
        <valUSD>73046.19000000</valUSD>
        <pctVal>0.005426238913</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>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="1.24800000"/>
        <valUSD>1449919.87000000</valUSD>
        <pctVal>0.107707350927</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="21176.19000000"/>
        </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="1.24800000"/>
        <valUSD>6475714.40000000</valUSD>
        <pctVal>0.481048682634</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>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>1300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77120000"/>
        <valUSD>2297359.95000000</valUSD>
        <pctVal>0.170659468472</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="379688.71000000"/>
        </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>2021-08-30</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>
</edgarSubmission>
