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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1101606"/>
        </identifiers>
        <balance>11100000.00000000</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>
      <invstOrSec>
        <name>Euro Sun Mining, Inc.</name>
        <lei>9845004H3B99VE567F13</lei>
        <title>Euro Sun Mining, Inc.</title>
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        <identifiers>
          <isin value="CA29872L2066"/>
          <other otherDesc="Inhouse Asset ID" value="1073021"/>
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        <balance>10000000.00000000</balance>
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        <pctVal>0.051279748590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US0805581172"/>
          <other otherDesc="Inhouse Asset ID" value="532206"/>
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        <balance>3800000.00000000</balance>
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        <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>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA36261G1283"/>
          <other otherDesc="Inhouse Asset ID" value="1160394"/>
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        <balance>3750000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arizona Metals Corp.</name>
        <lei>N/A</lei>
        <title>Arizona Metals Corp.</title>
        <cusip>040518102</cusip>
        <identifiers>
          <isin value="CA0405181029"/>
          <other otherDesc="Inhouse Asset ID" value="1171597"/>
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        <balance>150000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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>Adventus Mining Corp.</name>
        <lei>984500FDE0C970CA3F46</lei>
        <title>Adventus Mining Corp.</title>
        <cusip>00791E102</cusip>
        <identifiers>
          <isin value="CA00791E1025"/>
          <other otherDesc="Inhouse Asset ID" value="960137"/>
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        <balance>4500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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>Silver Tiger Metals, Inc.</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>Silver Tiger Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA82831T1093"/>
          <other otherDesc="Inhouse Asset ID" value="1133483"/>
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        <balance>17500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>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>10813044.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.41663127"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA2652692096"/>
          <other otherDesc="Inhouse Asset ID" value="1068727"/>
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        <balance>254800.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.151392312794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000224362"/>
          <other otherDesc="Inhouse Asset ID" value="1200163"/>
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        <balance>9755000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mawson Gold Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Mawson Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA5777891006"/>
          <other otherDesc="Inhouse Asset ID" value="1068597"/>
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        <balance>18100000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>18452Y100</cusip>
        <identifiers>
          <isin value="CA18452Y1007"/>
          <other otherDesc="Inhouse Asset ID" value="285000"/>
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        <balance>3956600.00000000</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>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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        <balance>2501914.00000000</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>Adventus Mining Corp.</name>
        <lei>984500FDE0C970CA3F46</lei>
        <title>Adventus Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA00791E1025"/>
          <other otherDesc="Inhouse Asset ID" value="1096503"/>
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        <balance>3350000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>
        <identifiers>
          <isin value="CA0679011084"/>
          <other otherDesc="Inhouse Asset ID" value="23285"/>
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        <balance>2942383.00000000</balance>
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        <curCd>USD</curCd>
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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>First Mining Gold Corp.</name>
        <lei>5299002LR0XBHE0LR167</lei>
        <title>First Mining Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA3208901064"/>
          <other otherDesc="Inhouse Asset ID" value="1099961"/>
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        <balance>7500000.00000000</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>Ora Banda Mining Ltd.</name>
        <lei>N/A</lei>
        <title>Ora Banda Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000050130"/>
          <other otherDesc="Inhouse Asset ID" value="1149512"/>
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        <balance>26707692.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <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>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
        <title>Banyan Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA06683K5026"/>
          <other otherDesc="Inhouse Asset ID" value="1227930"/>
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        <balance>1750000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chalice Mining Ltd.</name>
        <lei>5299008IXHWMQDOE1437</lei>
        <title>Chalice Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000CHN7"/>
          <other otherDesc="Inhouse Asset ID" value="464711"/>
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        <balance>3874965.00000000</balance>
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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>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="VGG7707W1529"/>
          <other otherDesc="Inhouse Asset ID" value="542400"/>
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        <balance>1769918.00000000</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>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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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
        <cusip>56580Q102</cusip>
        <identifiers>
          <isin value="CA56580Q1028"/>
          <other otherDesc="Inhouse Asset ID" value="816255"/>
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        <balance>4163000.00000000</balance>
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        <pctVal>0.290329526088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1223063"/>
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        <balance>1500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>365401.35000000</valUSD>
        <pctVal>0.033240660808</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
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          <isin value="US1520062019"/>
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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>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA83056P7157"/>
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        <balance>118750.00000000</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>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222103</cusip>
        <identifiers>
          <isin value="CA6752221037"/>
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        <balance>5737689.00000000</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>
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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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          <isCashCollateral>N</isCashCollateral>
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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>
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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>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TDG Gold Corp.</name>
        <lei>N/A</lei>
        <title>TDG Gold Corp.</title>
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          <isin value="CA87190J1057"/>
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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>K92 Mining, Inc.</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining, Inc.</title>
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          <isin value="CA4991131083"/>
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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>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1226904"/>
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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>Millennial Precious Metals Corp.</name>
        <lei>N/A</lei>
        <title>Millennial Precious Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1199165"/>
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        <balance>5300000.00000000</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>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>
        <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="CA7857133069"/>
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        <balance>12000000.00000000</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>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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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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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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        <balance>9790300.00000000</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>Vizsla Copper Corp.</name>
        <lei>984500DA5BBD7543CZ84</lei>
        <title>Vizsla Copper Corp.</title>
        <cusip>92858X206</cusip>
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          <isin value="CA92858X2068"/>
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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>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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      <invstOrSec>
        <name>TDG Gold Corp.</name>
        <lei>N/A</lei>
        <title>TDG Gold Corp.</title>
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          <isin value="CA87190J2048"/>
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      <invstOrSec>
        <name>Aya Gold &amp; Silver, Inc.</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Probe Gold, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Gold, Inc.</title>
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        <fairValLevel>3</fairValLevel>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>N/A</cusip>
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        <balance>3600000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T301</cusip>
        <identifiers>
          <isin value="CA45826T3010"/>
          <other otherDesc="Inhouse Asset ID" value="1023581"/>
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        <balance>2260000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA74167M1059"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Benchmark Metals, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Benchmark Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1195029"/>
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        <balance>3500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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          <isin value="US6516391066"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Probe Gold, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Gold, Inc.</title>
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          <isin value="CA74290F1009"/>
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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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      <invstOrSec>
        <name>Aston Minerals Ltd.</name>
        <lei>529900WAFZ6LH56UD405</lei>
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        <cusip>N/A</cusip>
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          <isin value="AU0000128787"/>
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        <balance>25000000.00000000</balance>
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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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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp., CVR</title>
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          <isin value="CA6979001329"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northam Platinum Holdings Ltd.</name>
        <lei>3789009D0712C7101695</lei>
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        <cusip>N/A</cusip>
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          <isin value="ZAE000298253"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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"/>
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        <balance>5761000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marathon Gold Corp.</name>
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        <title>Marathon Gold Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1214594"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silver Mountain Resources, Inc.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
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          <isin value="CA72765Q8829"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Orla Mining</name>
        <lei>N/A</lei>
        <title>Orla Mining Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Red 5 Ltd.</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Red 5 Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Pantoro Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Monarch Mining Corp.</name>
        <lei>N/A</lei>
        <title>Monarch Mining Corp.</title>
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      <invstOrSec>
        <name>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
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      <invstOrSec>
        <name>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>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>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Monarch Mining Corp.</name>
        <lei>N/A</lei>
        <title>Monarch Mining Corp.</title>
        <cusip>N/A</cusip>
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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>O3 Mining, Inc.</name>
        <lei>254900GYT95EHQUSZT78</lei>
        <title>O3 Mining, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lydian International Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
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          <isin value="CA92859G2027"/>
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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>Predictive Discovery Ltd.</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="AU000000PDI8"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
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        <cusip>N/A</cusip>
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          <isin value="CA53056H1047"/>
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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>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
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          <isin value="CA5362161047"/>
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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>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="533604"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
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        <title>Kinross Gold Corp., CVR</title>
        <cusip>N/A</cusip>
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          <isin value="CA4969021985"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</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="450055"/>
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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>De Grey Mining Ltd.</name>
        <lei>529900MOX6JOKGFAYY28</lei>
        <title>De Grey Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000DEG6"/>
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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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      <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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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA18452Y1007"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Max Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Max Resource Corp.</title>
        <cusip>N/A</cusip>
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        <balance>6000000.00000000</balance>
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        <invCountry>NZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>St Barbara Ltd.</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St. Barbara Ltd.</title>
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          <isin value="AU000000SBM8"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000NST8"/>
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        <invCountry>AU</invCountry>
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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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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <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>
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        <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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        <name>Probe Gold, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Gold, Inc.</title>
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      <invstOrSec>
        <name>Falcon Metals Ltd.</name>
        <lei>N/A</lei>
        <title>Falcon Metals Ltd.</title>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Nighthawk Gold Corp.</name>
        <lei>529900552H4HTBIHX052</lei>
        <title>Nighthawk Gold Corp.</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Gascoyne Resources Ltd.</name>
        <lei>98450001BN8677ED6066</lei>
        <title>Gascoyne Resources Ltd.</title>
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          <isin value="AU000000GCY6"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd.</title>
        <cusip>46579R203</cusip>
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          <isin value="US46579R2031"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <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"/>
          <other otherDesc="Inhouse Asset ID" value="1106601"/>
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        <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>
      <invstOrSec>
        <name>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WD0R35"/>
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        <balance>10650000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Millennial Precious Metals Corp.</name>
        <lei>N/A</lei>
        <title>Millennial Precious Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1199180"/>
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        <balance>2650000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tulla Resources plc</name>
        <lei>2138003UZ2PESGOECN34</lei>
        <title>Tulla Resources plc</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000138125"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>
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          <isin value="AU000000NCM7"/>
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        <balance>301129.00000000</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>Troilus Gold Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8968871225"/>
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        <balance>1000000.00000000</balance>
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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>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1188026"/>
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        <balance>608333.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>452553308</cusip>
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          <isin value="US4525533083"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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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          <other otherDesc="CUSIP" value="457756500"/>
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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>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1852000.00000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Bluestone Resources, Inc.</name>
        <lei>254900YRZ65V11ZKNC05</lei>
        <title>Bluestone Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <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>
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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>Magna Mining, Inc.</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
        <cusip>55925F300</cusip>
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          <isin value="CA55925F3007"/>
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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>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>16820000.00000000</balance>
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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>Hochschild Mining plc</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00B1FW5029"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clean Air Metals, Inc.</name>
        <lei>529900KCA9AST2PK7R19</lei>
        <title>Clean Air Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1132623"/>
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        <balance>1379500.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A101</cusip>
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          <isin value="CA87425A1012"/>
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        <balance>15300000.00000000</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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      <invstOrSec>
        <name>Thesis Gold, Inc.</name>
        <lei>5493007OLZPQQLR07728</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>88369B105</cusip>
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          <isin value="CA88369B1058"/>
          <other otherDesc="Inhouse Asset ID" value="1150125"/>
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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>Aclara Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Aclara Resources, Inc.</title>
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          <isin value="CA00461M1032"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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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>2</fairValLevel>
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        <name>Lydian International Ltd.</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
        <title>Lydian International Ltd.</title>
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        <invCountry>JE</invCountry>
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      <invstOrSec>
        <name>Nighthawk Gold Corp.</name>
        <lei>529900552H4HTBIHX052</lei>
        <title>Nighthawk Gold Corp.</title>
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        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PRU3"/>
          <other otherDesc="Inhouse Asset ID" value="431960"/>
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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>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1226899"/>
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        <balance>545000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
        <cusip>68828E114</cusip>
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        <balance>737500.00000000</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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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Auteco Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Auteco Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000031734"/>
          <other otherDesc="Inhouse Asset ID" value="1186309"/>
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        <balance>116057775.00000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="20890.43000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reunion Gold Corp.</name>
        <lei>529900LHARW89HNB2C60</lei>
        <title>Reunion Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1202060"/>
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        <balance>6500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>421124.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Monarch Mining Corp.</name>
        <lei>N/A</lei>
        <title>Monarch Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1192604"/>
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        <balance>6000000.00000000</balance>
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        <pctVal>0.004762863300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>894500N5AZEQU0BLOT06</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA36261G1028"/>
          <other otherDesc="Inhouse Asset ID" value="1120425"/>
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        <balance>18750000.00000000</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>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>11522800.00000000</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>AngloGold Ashanti Ltd.</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>AngloGold Ashanti Ltd.</title>
        <cusip>035128206</cusip>
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          <isin value="US0351282068"/>
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        <balance>1269823.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26691679.46000000</valUSD>
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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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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <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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        <balance>5200000.00000000</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>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GPR2"/>
          <other otherDesc="Inhouse Asset ID" value="804220"/>
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        <balance>38375694.00000000</balance>
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        <pctVal>0.069170966921</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>
        <name>Benchmark Metals, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Benchmark Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1174023"/>
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        <balance>750000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.000480645079</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>
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      <invstOrSec>
        <name>Troilus Gold Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8968871068"/>
          <other otherDesc="Inhouse Asset ID" value="1121823"/>
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        <balance>8900000.00000000</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>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA6882811046"/>
          <other otherDesc="Inhouse Asset ID" value="1150459"/>
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        <balance>2400000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Moneta Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>Moneta Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1228944"/>
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        <balance>2000000.00000000</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>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>04364G106</cusip>
        <identifiers>
          <isin value="CA04364G1063"/>
          <other otherDesc="Inhouse Asset ID" value="980926"/>
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        <balance>6500000.00000000</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>Genesis Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Genesis Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GMD9"/>
          <other otherDesc="Inhouse Asset ID" value="1203571"/>
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        <balance>6298509.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.41663127"/>
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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>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="630008"/>
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        <balance>10000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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>080558109</cusip>
        <identifiers>
          <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>
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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>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA44955L1067"/>
          <other otherDesc="Inhouse Asset ID" value="1201719"/>
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        <balance>675000.00000000</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>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>
        <cusip>09626M304</cusip>
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          <isin value="CA09626M3049"/>
          <other otherDesc="Inhouse Asset ID" value="803558"/>
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        <balance>6800000.00000000</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>Gold Mountain Mining Corp.</name>
        <lei>894500B396HI9H3W5Q18</lei>
        <title>Gold Mountain Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1195826"/>
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        <balance>2050000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.017520580874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HighGold Mining, Inc.</name>
        <lei>N/A</lei>
        <title>HighGold Mining, Inc.</title>
        <cusip>42984V400</cusip>
        <identifiers>
          <isin value="CA42984V1031"/>
          <other otherDesc="Inhouse Asset ID" value="1170866"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>266816.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>265269209</cusip>
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          <isin value="CA2652692096"/>
          <other otherDesc="Inhouse Asset ID" value="303196"/>
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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>
      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
          <other otherDesc="Inhouse Asset ID" value="440274"/>
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        <balance>6883694.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1209629"/>
        </identifiers>
        <balance>4500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Osisko Mining, Inc.</name>
        <lei>N/A</lei>
        <title>Osisko Development Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA68828E8099"/>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Superior Gold, Inc.</name>
        <lei>52990002R7D8X4WC1Z35</lei>
        <title>Superior Gold, Inc.</title>
        <cusip>86816U106</cusip>
        <identifiers>
          <isin value="CA86816U1066"/>
          <other otherDesc="Inhouse Asset ID" value="251020"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>99586.62000000</valUSD>
        <pctVal>0.009059422075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Resolute Mining Ltd.</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RSG6"/>
          <other otherDesc="Inhouse Asset ID" value="319027"/>
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        <balance>29033333.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41663127"/>
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        <pctVal>0.514043497553</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>Western Copper &amp; Gold Corp.</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
        <cusip>95805V108</cusip>
        <identifiers>
          <isin value="CA95805V1085"/>
          <other otherDesc="Inhouse Asset ID" value="383976"/>
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        <balance>2430000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.403735715567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Pure Gold Mining, Inc.</name>
        <lei>529900OFY0IOQSQ5B077</lei>
        <title>Pure Gold Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1216516"/>
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        <balance>26000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.035553958452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04364G1063"/>
          <other otherDesc="Inhouse Asset ID" value="1075154"/>
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        <balance>21388750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>11574520.86000000</valUSD>
        <pctVal>1.052937330209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St. Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG8448A1030"/>
          <other otherDesc="Inhouse Asset ID" value="473815"/>
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        <balance>5137336.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.024587854023</pctVal>
        <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>
        <name>Reunion Gold Corp.</name>
        <lei>529900LHARW89HNB2C60</lei>
        <title>Reunion Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1222808"/>
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        <balance>13000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>3761743.71000000</valUSD>
        <pctVal>0.342206854767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aurion Resources Ltd.</name>
        <lei>529900TLK415XYT5YM22</lei>
        <title>Aurion Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1193657"/>
        </identifiers>
        <balance>4500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>2096956.03000000</valUSD>
        <pctVal>0.190760663918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Victoria Gold Corp.</name>
        <lei>549300VUIN6RQ5764L78</lei>
        <title>Victoria Gold Corp.</title>
        <cusip>92625W507</cusip>
        <identifiers>
          <isin value="CA92625W5072"/>
          <other otherDesc="Inhouse Asset ID" value="433996"/>
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        <balance>1210000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>9539947.39000000</valUSD>
        <pctVal>0.867851624846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="822966"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>8628335.21000000</valUSD>
        <pctVal>0.784922015352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
          <other otherDesc="Inhouse Asset ID" value="42105"/>
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        <balance>529800.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="17.39400000"/>
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        <pctVal>0.549523050509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gold Mountain Mining Corp.</name>
        <lei>894500B396HI9H3W5Q18</lei>
        <title>Gold Mountain Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1195827"/>
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        <balance>1025000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>26.19000000</valUSD>
        <pctVal>0.000002382511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</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>
      <invstOrSec>
        <name>Imperial Metals Corp.</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
        <identifiers>
          <isin value="CA4528921022"/>
          <other otherDesc="Inhouse Asset ID" value="315726"/>
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        <balance>2065330.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.312080296554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bonterra Resources, Inc.</name>
        <lei>529900ODSQ5KQA5QC015</lei>
        <title>Bonterra Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1203974"/>
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        <balance>3500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.080167339889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WD0R35"/>
          <other otherDesc="Inhouse Asset ID" value="817826"/>
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        <balance>10650000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Millennial Precious Metals Corp.</name>
        <lei>N/A</lei>
        <title>Millennial Precious Metals Corp.</title>
        <cusip>60041N104</cusip>
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          <isin value="CA60041N1042"/>
          <other otherDesc="Inhouse Asset ID" value="1173602"/>
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        <balance>4868700.00000000</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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          <isLoanByFund>N</isLoanByFund>
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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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          <isin value="AU000000ORR2"/>
          <other otherDesc="Inhouse Asset ID" value="1150618"/>
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        <balance>8684200.00000000</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>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
        <title>Newcore Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA65118M1032"/>
          <other otherDesc="Inhouse Asset ID" value="1156777"/>
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        <balance>9200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern Cross Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Southern Cross Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000215642"/>
          <other otherDesc="Inhouse Asset ID" value="1225371"/>
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        <balance>4200000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.41663127"/>
        <valUSD>1926447.71000000</valUSD>
        <pctVal>0.175249475385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SSR Mining, Inc.</name>
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        <title>SSR Mining, Inc.</title>
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          <isin value="CA7847301032"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Azimut Exploration, Inc.</name>
        <lei>N/A</lei>
        <title>Azimut Exploration, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="1152158"/>
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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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      <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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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Euro Sun Mining, Inc.</name>
        <lei>9845004H3B99VE567F13</lei>
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          <other otherDesc="Inhouse Asset ID" value="1073027"/>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="542403"/>
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        <payoffProfile>Long</payoffProfile>
        <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>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
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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>
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        <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>
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          <isin value="CA2652692096"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Silver Mountain Resources, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Clean TeQ Water Ltd.</name>
        <lei>5493003MW9ETS3784O29</lei>
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          <isin value="AU0000153280"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>West African Resources Ltd.</name>
        <lei>529900XLO8GMJNTUL013</lei>
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          <isin value="AU000000WAF6"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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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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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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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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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>St Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Benchmark Metals, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Benchmark Metals, Inc.</title>
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        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
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        <name>Breaker Resources NL</name>
        <lei>N/A</lei>
        <title>Breaker Resources NL</title>
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        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Endeavour Mining plc</name>
        <lei>529900NI5MXQ91GHXR07</lei>
        <title>Endeavour Mining plc</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Gatos Silver, Inc.</name>
        <lei>N/A</lei>
        <title>Gatos Silver, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Ascot Resources Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Cerrado Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Cerrado Gold, Inc.</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westhaven Gold Corp.</name>
        <lei>2549006LQ1TAHZLTOF64</lei>
        <title>Westhaven Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA9603501060"/>
          <other otherDesc="Inhouse Asset ID" value="1130386"/>
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        <balance>1800000.00000000</balance>
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        <pctVal>0.045536416777</pctVal>
        <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>Mineros SA</name>
        <lei>549300991PEKFIGLDE07</lei>
        <title>Mineros SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="COC07PA00027"/>
          <other otherDesc="Inhouse Asset ID" value="1173824"/>
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        <balance>4115000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.225083909191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>68634K106</cusip>
        <identifiers>
          <isin value="CA68634K1066"/>
          <other otherDesc="Inhouse Asset ID" value="654902"/>
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        <balance>4030653.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>17388912.60000000</valUSD>
        <pctVal>1.581874138009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bellevue Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Bellevue Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000019374"/>
          <other otherDesc="Inhouse Asset ID" value="1125369"/>
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        <balance>14944000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.41663127"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>O3 Mining, Inc.</name>
        <lei>254900GYT95EHQUSZT78</lei>
        <title>O3 Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1230688"/>
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        <balance>950000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.101978326309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
          <other otherDesc="Inhouse Asset ID" value="1081612"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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>Firefinch Ltd.</name>
        <lei>52990065EGEF8FEI8S51</lei>
        <title>Firefinch Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000114522"/>
          <other otherDesc="Inhouse Asset ID" value="1152018"/>
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        <balance>18028500.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.41663127"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gold Mountain Mining Corp.</name>
        <lei>894500B396HI9H3W5Q18</lei>
        <title>Gold Mountain Mining Corp.</title>
        <cusip>38065L105</cusip>
        <identifiers>
          <isin value="CA38065L1058"/>
          <other otherDesc="Inhouse Asset ID" value="1176797"/>
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        <balance>3900000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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        <pctVal>0.033331836674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Max Resource Corp.</name>
        <lei>254900XET56T3KS7G591</lei>
        <title>Max Resource Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1215260"/>
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        <balance>6000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>1059751.97000000</valUSD>
        <pctVal>0.096405926731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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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        <balance>123021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>2242209.13000000</valUSD>
        <pctVal>0.203974378176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <other otherDesc="Inhouse Asset ID" value="194535"/>
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        <balance>405859.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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"/>
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        <balance>831250.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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>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"/>
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        <balance>1658724.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>15882858.90000000</valUSD>
        <pctVal>1.444868020762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Superior Gold, Inc.</name>
        <lei>52990002R7D8X4WC1Z35</lei>
        <title>Superior Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA86816U1066"/>
          <other otherDesc="Inhouse Asset ID" value="1115275"/>
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        <balance>5350000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
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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>Ivanhoe Electric, Inc.</name>
        <lei>N/A</lei>
        <title>Ivanhoe Electric, Inc.</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
          <other otherDesc="Inhouse Asset ID" value="1202551"/>
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        <balance>306000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4054500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>83056P715</cusip>
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          <isin value="CA83056P7157"/>
          <other otherDesc="Inhouse Asset ID" value="1025679"/>
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        <balance>2074800.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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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>Adventus Mining Corp.</name>
        <lei>984500FDE0C970CA3F46</lei>
        <title>Adventus Mining Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1186178"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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="462104"/>
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        <balance>1095000.00000000</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>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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        <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>Perpetua Resources Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="516676"/>
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        <balance>403000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eastern Platinum Ltd.</name>
        <lei>52990033836PCPV5GH23</lei>
        <title>Eastern Platinum Ltd.</title>
        <cusip>276855509</cusip>
        <identifiers>
          <isin value="CA2768555096"/>
          <other otherDesc="Inhouse Asset ID" value="357259"/>
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        <balance>1755233.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>197884.22000000</valUSD>
        <pctVal>0.018001581647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>789177.00000000</valUSD>
        <pctVal>0.071791647662</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>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
        <cusip>10566M106</cusip>
        <identifiers>
          <isin value="CA10566M1068"/>
          <other otherDesc="Inhouse Asset ID" value="1204532"/>
        </identifiers>
        <balance>2880000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>5498083.43000000</valUSD>
        <pctVal>0.500162154276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="619255"/>
        </identifiers>
        <balance>3325799.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>7199023.77000000</valUSD>
        <pctVal>0.654897162498</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>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
        <title>Banyan Gold Corp.</title>
        <cusip>06683K106</cusip>
        <identifiers>
          <isin value="CA06683K1066"/>
          <other otherDesc="Inhouse Asset ID" value="1155446"/>
        </identifiers>
        <balance>2596200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33050000"/>
        <valUSD>917109.36000000</valUSD>
        <pctVal>0.083429689462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Gold and Precious Metals Fund</ncom:nameOfApplicant>
      <ncom:signature>Ryan Wheeler</ncom:signature>
      <ncom:signerName>Ryan Wheeler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
