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        <title>Silver Mountain Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8280421014"/>
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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>
      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA04364G1063"/>
          <other otherDesc="Inhouse Asset ID" value="1075154"/>
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        <balance>26220000.00000000</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>
      <invstOrSec>
        <name>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA68828E2217"/>
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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>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="CA82831T1093"/>
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        <balance>21500000.00000000</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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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA53056H1047"/>
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        <balance>2600000.00000000</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>Aurion Resources Ltd.</name>
        <lei>529900TLK415XYT5YM22</lei>
        <title>Aurion Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA05156F1071"/>
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        <balance>6900000.00000000</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>TDG Gold Corp.</name>
        <lei>2549000YY74BDNRBVC95</lei>
        <title>TDG Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA87190J1057"/>
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        <balance>5370000.00000000</balance>
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        <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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      <invstOrSec>
        <name>Monarch Mining Corp.</name>
        <lei>N/A</lei>
        <title>Monarch Mining Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1192604"/>
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        <balance>6000000.00000000</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>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>229559.00000000</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>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>04364G106</cusip>
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          <isin value="CA04364G1063"/>
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        <balance>6200000.00000000</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>Contango ORE, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango ORE, Inc.</title>
        <cusip>21077F100</cusip>
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          <isin value="US21077F1003"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
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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>Azimut Exploration, Inc.</name>
        <lei>N/A</lei>
        <title>Azimut Exploration, Inc.</title>
        <cusip>301950101</cusip>
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          <isin value="CA3019501012"/>
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        <balance>500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Imperial Metals Corp.</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
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          <isin value="CA4528921022"/>
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        <balance>1765330.00000000</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>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>080558109</cusip>
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          <isin value="CA0805581091"/>
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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>Cerrado Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Cerrado Gold, Inc.</title>
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          <isin value="CA1567881018"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</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>
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          <isin value="CA44955L1067"/>
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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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        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Monarch Mining Corp.</name>
        <lei>N/A</lei>
        <title>Monarch Mining Corp.</title>
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          <isin value="CA6091611047"/>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
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      <invstOrSec>
        <name>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Thesis Gold, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>452553308</cusip>
        <identifiers>
          <isin value="US4525533083"/>
          <other otherDesc="Inhouse Asset ID" value="29906"/>
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        <curCd>USD</curCd>
        <valUSD>6126988.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
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          <isin value="US4577565009"/>
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        <curCd>USD</curCd>
        <valUSD>5599175.24000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
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          <isin value="CA45826T5098"/>
          <other otherDesc="Inhouse Asset ID" value="1106804"/>
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        <curCd>USD</curCd>
        <valUSD>686868.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Electric, Inc.</name>
        <lei>N/A</lei>
        <title>Ivanhoe Electric, Inc.</title>
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          <isin value="US46578C1080"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA72765Q8829"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>St. Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St. Augustine Gold and Copper Ltd.</title>
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          <isin value="VGG8448A1030"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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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        <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>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
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          <isin value="CA6882811046"/>
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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>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>O3 Mining, Inc.</name>
        <lei>254900GYT95EHQUSZT78</lei>
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          <isin value="CA67113B1085"/>
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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>Adventus Mining Corp.</name>
        <lei>984500FDE0C970CA3F46</lei>
        <title>Adventus Mining Corp.</title>
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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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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp., CVR</title>
        <cusip>697900132</cusip>
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          <isin value="CA6979001329"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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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          <isin value="CA8910546032"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Troilus Gold Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8968871068"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Azimut Exploration, Inc.</name>
        <lei>N/A</lei>
        <title>Azimut Exploration, Inc.</title>
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          <isin value="CA3019501012"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        </securityLending>
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        <name>Silver Mountain Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Silver Mountain Resources, Inc.</title>
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          <isin value="CA8280421279"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Faraday Copper Corp.</name>
        <lei>529900BNJJ4FLFL93V78</lei>
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        <name>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
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        <name>Emerald Resources NL</name>
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        <title>Emerald Resources NL</title>
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        <name>Pantoro Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Ltd.</title>
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        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
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        <invCountry>ZA</invCountry>
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        <name>St Barbara Ltd.</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St. Barbara Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Red 5 Ltd.</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Red 5 Ltd.</title>
        <cusip>N/A</cusip>
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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>
      <invstOrSec>
        <name>Resolute Mining Ltd.</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000RSG6"/>
          <other otherDesc="Inhouse Asset ID" value="319027"/>
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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>New Gold, Inc.</name>
        <lei>5493005G0GNCHP0H6L96</lei>
        <title>New Gold, Inc.</title>
        <cusip>644535106</cusip>
        <identifiers>
          <isin value="CA6445351068"/>
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        <balance>5800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13398000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kingsgate Consolidated Ltd.</name>
        <lei>529900B1W7D8DLEC7178</lei>
        <title>Kingsgate Consolidated Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000KCN1"/>
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        <balance>2800000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <other otherDesc="Inhouse Asset ID" value="30097"/>
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        <balance>546614.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26822348.98000000</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>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>
        <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>Ramelius Resources Ltd.</name>
        <lei>254900E44AIGW7KKNR98</lei>
        <title>Ramelius Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RMS4"/>
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        <balance>4587234.00000000</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>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NST8"/>
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        <balance>717254.00000000</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>Anglo American Platinum Ltd.</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Anglo American Platinum Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="ZAE000013181"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA2652692096"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA74167M1059"/>
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        <balance>2390000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montage Gold Corp.</name>
        <lei>N/A</lei>
        <title>Montage Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA61178L1013"/>
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        <balance>4000000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1261902"/>
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        <balance>3087600.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Magna Mining, Inc.</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA55925F1027"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>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>
        <valUSD>60743.83000000</valUSD>
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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>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q882</cusip>
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          <isin value="CA72765Q8829"/>
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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>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA36261G1283"/>
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      <invstOrSec>
        <name>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
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        <invCountry>CA</invCountry>
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        <name>Phoenix Industrial Minerals Pty. Ltd.</name>
        <lei>N/A</lei>
        <title>Phoenix Industrial Minerals Pty. Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Catalyst Metals Ltd.</name>
        <lei>N/A</lei>
        <title>Catalyst Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000CYL6"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TDG Gold Corp.</name>
        <lei>2549000YY74BDNRBVC95</lei>
        <title>TDG Gold Corp.</title>
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        <balance>310000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA42328Y1025"/>
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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>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
        <cusip>N/A</cusip>
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        <balance>650000.00000000</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>Thesis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>N/A</cusip>
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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>
      <invstOrSec>
        <name>Allied Gold Corp.</name>
        <lei>894500S5G4JFSRGK8L37</lei>
        <title>Allied Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA01921D1050"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arizona Metals Corp.</name>
        <lei>N/A</lei>
        <title>Arizona Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA0405181029"/>
          <other otherDesc="Inhouse Asset ID" value="1171599"/>
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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>Western Copper &amp; Gold Corp.</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
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          <isin value="CA95805V1085"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</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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          <other otherDesc="Inhouse Asset ID" value="1298659"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Meridian Mining UK Societas</name>
        <lei>984500EB404A37FD8886</lei>
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          <isin value="GB00BR3SVZ18"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="US0805581172"/>
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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>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>
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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>St. Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St. Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="593359"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
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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>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
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          <isin value="CA04302L1004"/>
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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>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
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        <cusip>N/A</cusip>
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          <isin value="CA06683K1066"/>
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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>Probe Gold, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA74273V1067"/>
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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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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
        <title>Newcore Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA65118M1032"/>
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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>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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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mawson Gold Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Mawson Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA5777891006"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Onyx Gold Corp.</name>
        <lei>N/A</lei>
        <title>Onyx Gold Corp.</title>
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      <invstOrSec>
        <name>Onyx Gold Corp.</name>
        <lei>N/A</lei>
        <title>Onyx Gold Corp.</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
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          <isin value="AU000000GPR2"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
        <cusip>N/A</cusip>
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        <balance>20000000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chalice Mining Ltd.</name>
        <lei>5299008IXHWMQDOE1437</lei>
        <title>Chalice Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CHN7"/>
          <other otherDesc="Inhouse Asset ID" value="464711"/>
        </identifiers>
        <balance>2522810.00000000</balance>
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        <valUSD>1912917.23000000</valUSD>
        <pctVal>0.186148462565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Catalyst Metals Ltd.</name>
        <lei>N/A</lei>
        <title>Catalyst Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CYL6"/>
          <other otherDesc="Inhouse Asset ID" value="1239348"/>
        </identifiers>
        <balance>4678430.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>5889229.41000000</valUSD>
        <pctVal>0.573088570259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
          <other otherDesc="Inhouse Asset ID" value="374035"/>
        </identifiers>
        <balance>1590000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.21110000"/>
        <valUSD>8168794.44000000</valUSD>
        <pctVal>0.794916006907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hochschild Mining plc</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FW5029"/>
          <other otherDesc="Inhouse Asset ID" value="373974"/>
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        <balance>2688520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77799821"/>
        <valUSD>6273414.79000000</valUSD>
        <pctVal>0.610474149052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222103</cusip>
        <identifiers>
          <isin value="CA6752221037"/>
          <other otherDesc="Inhouse Asset ID" value="431553"/>
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        <balance>8228488.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>20260607.02000000</valUSD>
        <pctVal>1.971586009191</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>Genesis Minerals Ltd.</name>
        <lei>894500AK5BVRCNP0FP48</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>8436549.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
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        <pctVal>1.132132641400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>6113694.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>18329791.91000000</valUSD>
        <pctVal>1.783695880654</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>Predictive Discovery Ltd.</name>
        <lei>N/A</lei>
        <title>Predictive Discovery Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PDI8"/>
          <other otherDesc="Inhouse Asset ID" value="1147160"/>
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        <balance>80569192.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>9482429.86000000</valUSD>
        <pctVal>0.922747577437</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>3355336.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>157943.90000000</valUSD>
        <pctVal>0.015369726246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Contango ORE, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango ORE, Inc.</title>
        <cusip>21077F100</cusip>
        <identifiers>
          <isin value="US21077F1003"/>
          <other otherDesc="Inhouse Asset ID" value="818467"/>
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        <balance>106457.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2432542.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>West African Resources Ltd.</name>
        <lei>529900XLO8GMJNTUL013</lei>
        <title>West African Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000WAF6"/>
          <other otherDesc="Inhouse Asset ID" value="872539"/>
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        <balance>9704984.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>9538513.71000000</valUSD>
        <pctVal>0.928205169793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ausgold Ltd.</name>
        <lei>894500N1FW604CKRQQ71</lei>
        <title>Ausgold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000AUC7"/>
          <other otherDesc="Inhouse Asset ID" value="1358258"/>
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        <balance>51348419.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
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        <pctVal>0.107915776606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Centamin plc</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>Centamin plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B5TT1872"/>
          <other otherDesc="Inhouse Asset ID" value="470748"/>
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        <balance>11478716.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.77799821"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
        <identifiers>
          <isin value="CA5362161047"/>
          <other otherDesc="Inhouse Asset ID" value="491672"/>
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        <balance>7144310.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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        <pctVal>0.161111684830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>38045Y102</cusip>
        <identifiers>
          <isin value="CA38045Y1025"/>
          <other otherDesc="Inhouse Asset ID" value="1042204"/>
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        <balance>2429286.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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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>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>
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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>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
        <title>Banyan Gold Corp.</title>
        <cusip>06683K106</cusip>
        <identifiers>
          <isin value="CA06683K1066"/>
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        <balance>4946200.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>891054603</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
          <other otherDesc="Inhouse Asset ID" value="456566"/>
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        <balance>1175000.00000000</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>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd., Class A</title>
        <cusip>46579R104</cusip>
        <identifiers>
          <isin value="CA46579R1047"/>
          <other otherDesc="Inhouse Asset ID" value="533519"/>
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        <balance>200000.00000000</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>Troilus Gold Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
        <cusip>896887106</cusip>
        <identifiers>
          <isin value="CA8968871068"/>
          <other otherDesc="Inhouse Asset ID" value="1121822"/>
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        <balance>1625000.00000000</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>
        <name>Osisko Mining, Inc.</name>
        <lei>254900SJU6CW31RVHW15</lei>
        <title>Osisko Mining, Inc.</title>
        <cusip>688281104</cusip>
        <identifiers>
          <isin value="CA6882811046"/>
          <other otherDesc="Inhouse Asset ID" value="648080"/>
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        <balance>4426923.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>53056H104</cusip>
        <identifiers>
          <isin value="CA53056H1047"/>
          <other otherDesc="Inhouse Asset ID" value="504596"/>
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        <balance>16329800.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>4848620.78000000</valUSD>
        <pctVal>0.471825591616</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>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>17126504.00000000</balance>
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        <valUSD>4088677.66000000</valUSD>
        <pctVal>0.397874538635</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>
        </securityLending>
      </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>14194000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>12812841.05000000</valUSD>
        <pctVal>1.246834220082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saturn Metals Ltd.</name>
        <lei>N/A</lei>
        <title>Saturn Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000STN8"/>
          <other otherDesc="Inhouse Asset ID" value="1106601"/>
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        <balance>13277469.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>1618148.19000000</valUSD>
        <pctVal>0.157464104064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>O3 Mining, Inc.</name>
        <lei>254900GYT95EHQUSZT78</lei>
        <title>O3 Mining, Inc.</title>
        <cusip>67113B108</cusip>
        <identifiers>
          <isin value="CA67113B1085"/>
          <other otherDesc="Inhouse Asset ID" value="1074505"/>
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        <balance>4150000.00000000</balance>
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        <valUSD>3576420.32000000</valUSD>
        <pctVal>0.348026110912</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>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q882</cusip>
        <identifiers>
          <isin value="CA72765Q8829"/>
          <other otherDesc="Inhouse Asset ID" value="402942"/>
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        <balance>3224285.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>5347150.41000000</valUSD>
        <pctVal>0.520338158031</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>Calibre Mining Corp.</name>
        <lei>9845005U3E61362A1O58</lei>
        <title>Calibre Mining Corp.</title>
        <cusip>13000C205</cusip>
        <identifiers>
          <isin value="CA13000C2058"/>
          <other otherDesc="Inhouse Asset ID" value="1113065"/>
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        <balance>3490673.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>5409740.54000000</valUSD>
        <pctVal>0.526428884953</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>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>743724.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>12608595.31000000</valUSD>
        <pctVal>1.226958801590</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>Atex Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>04681A105</cusip>
        <identifiers>
          <isin value="CA04681A1057"/>
          <other otherDesc="Inhouse Asset ID" value="1337159"/>
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        <balance>6970000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>6359995.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Max Resource Corp.</name>
        <lei>254900XET56T3KS7G591</lei>
        <title>Max Resource Corp.</title>
        <cusip>57772U307</cusip>
        <identifiers>
          <isin value="CA57772U3073"/>
          <other otherDesc="Inhouse Asset ID" value="1198002"/>
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        <balance>6000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>260708.98000000</valUSD>
        <pctVal>0.025369929782</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>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="1.38085000"/>
        <valUSD>218343.77000000</valUSD>
        <pctVal>0.021247316119</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>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>1500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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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>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>40107692.00000000</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>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>1666800.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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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>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="1.52940277"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</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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        <balance>2900000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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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>Aston Minerals Ltd.</name>
        <lei>529900WAFZ6LH56UD405</lei>
        <title>Aston Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000128787"/>
          <other otherDesc="Inhouse Asset ID" value="1193554"/>
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        <balance>36000000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
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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>Galiano Gold, Inc.</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>Galiano Gold, Inc.</title>
        <cusip>36352H100</cusip>
        <identifiers>
          <isin value="CA36352H1001"/>
          <other otherDesc="Inhouse Asset ID" value="468965"/>
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        <balance>5614362.00000000</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>Silver Tiger Metals, Inc.</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>Silver Tiger Metals, Inc.</title>
        <cusip>82831T109</cusip>
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          <isin value="CA82831T1093"/>
          <other otherDesc="Inhouse Asset ID" value="1133386"/>
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        <balance>3560000.00000000</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>Clean TeQ Water Ltd.</name>
        <lei>5493003MW9ETS3784O29</lei>
        <title>Clean TeQ Water Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000153280"/>
          <other otherDesc="Inhouse Asset ID" value="1151822"/>
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        <balance>679999.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000RTG4"/>
          <other otherDesc="Inhouse Asset ID" value="580890"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</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>2549000YY74BDNRBVC95</lei>
        <title>TDG Gold Corp.</title>
        <cusip>87190J105</cusip>
        <identifiers>
          <isin value="CA87190J1057"/>
          <other otherDesc="Inhouse Asset ID" value="1195220"/>
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        <balance>2080000.00000000</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>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
          <other otherDesc="Inhouse Asset ID" value="1025679"/>
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        <balance>2024800.00000000</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>Falcon Metals Ltd.</name>
        <lei>984500CF05E3BAB0DF42</lei>
        <title>Falcon Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000187569"/>
          <other otherDesc="Inhouse Asset ID" value="1181262"/>
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        <balance>9225414.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>1809611.07000000</valUSD>
        <pctVal>0.176095605830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aclara Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Aclara Resources, Inc.</title>
        <cusip>00461M103</cusip>
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          <isin value="CA00461M1032"/>
          <other otherDesc="Inhouse Asset ID" value="1178722"/>
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        <balance>444972.00000000</balance>
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        <pctVal>0.016933363140</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>Thesis Gold, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>883930109</cusip>
        <identifiers>
          <isin value="CA8839301097"/>
          <other otherDesc="Inhouse Asset ID" value="1106301"/>
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        <balance>5465500.00000000</balance>
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        <pctVal>0.246505517146</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aurum Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Aurum Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000173478"/>
          <other otherDesc="Inhouse Asset ID" value="1364086"/>
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        <balance>2161756.00000000</balance>
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        <pctVal>0.052955223320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A887</cusip>
        <identifiers>
          <isin value="CA87425A8876"/>
          <other otherDesc="Inhouse Asset ID" value="1101603"/>
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        <balance>3060000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>919650.94000000</valUSD>
        <pctVal>0.089492428575</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northam Platinum Holdings Ltd.</name>
        <lei>3789009D0712C7101695</lei>
        <title>Northam Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000298253"/>
          <other otherDesc="Inhouse Asset ID" value="1163079"/>
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        <balance>739019.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="18.21110000"/>
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        <pctVal>0.563358588526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG7707W1529"/>
          <other otherDesc="Inhouse Asset ID" value="542400"/>
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        <balance>4167708.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sunrise Energy Metals Ltd.</name>
        <lei>529900AYAT2TIC68VA49</lei>
        <title>Sunrise Energy Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000143729"/>
          <other otherDesc="Inhouse Asset ID" value="816054"/>
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        <balance>1159999.00000000</balance>
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        <pctVal>0.028415790990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Endeavour Mining plc</name>
        <lei>529900NI5MXQ91GHXR07</lei>
        <title>Endeavour Mining plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BL6K5J42"/>
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        <balance>1305114.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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        <pctVal>2.794171047957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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="AU0000164139"/>
          <other otherDesc="Inhouse Asset ID" value="648914"/>
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        <balance>19510000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>i-80 Gold Corp.</name>
        <lei>549300LFFIWIGUEXPK11</lei>
        <title>i-80 Gold Corp.</title>
        <cusip>44955L106</cusip>
        <identifiers>
          <isin value="CA44955L1067"/>
          <other otherDesc="Inhouse Asset ID" value="1142903"/>
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        <balance>2015000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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        <pctVal>0.208741670840</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>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"/>
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        <balance>2830000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>6455806.21000000</valUSD>
        <pctVal>0.628222895252</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>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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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>0.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</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>Greenheart Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Greenheart Gold, Inc.</title>
        <cusip>39526E102</cusip>
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          <isin value="CA39526E1025"/>
          <other otherDesc="Inhouse Asset ID" value="1374579"/>
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        <balance>137500.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FireFly Metals Ltd.</name>
        <lei>N/A</lei>
        <title>FireFly Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
          <other otherDesc="Inhouse Asset ID" value="1186309"/>
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        <balance>9137185.00000000</balance>
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        <valUSD>4783811.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>4102272.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
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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>Chrysos Corp. Ltd.</name>
        <lei>984500AAZB77B0753848</lei>
        <title>Chrysos Corp. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000218190"/>
          <other otherDesc="Inhouse Asset ID" value="1308480"/>
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        <balance>490000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>92859L110</cusip>
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          <isin value="CA92859L1105"/>
          <other otherDesc="Inhouse Asset ID" value="1367879"/>
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        <balance>1758333.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>92859L102</cusip>
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          <isin value="CA92859L1022"/>
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        <balance>1758333.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</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>
        <cusip>74290F100</cusip>
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          <isin value="CA74290F1009"/>
          <other otherDesc="Inhouse Asset ID" value="1121593"/>
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        <balance>705000.00000000</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>Onyx Gold Corp.</name>
        <lei>N/A</lei>
        <title>Onyx Gold Corp.</title>
        <cusip>68339G103</cusip>
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          <isin value="CA68339G1037"/>
          <other otherDesc="Inhouse Asset ID" value="1274545"/>
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        <balance>1400750.00000000</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>Vizsla Copper Corp.</name>
        <lei>984500DA5BBD7543CZ84</lei>
        <title>Vizsla Copper Corp.</title>
        <cusip>92858X206</cusip>
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          <isin value="CA92858X2068"/>
          <other otherDesc="Inhouse Asset ID" value="1165607"/>
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        <balance>528571.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
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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>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000297962"/>
          <other otherDesc="Inhouse Asset ID" value="1308358"/>
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        <balance>967765.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>46708479.13000000</valUSD>
        <pctVal>4.545262828127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</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>STLLR Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>STLLR Gold, Inc.</title>
        <cusip>86101P101</cusip>
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          <isin value="CA86101P1018"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T509</cusip>
        <identifiers>
          <isin value="CA45826T5098"/>
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        <balance>1351920.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Spartan Resources Ltd.</name>
        <lei>98450001BN8677ED6066</lei>
        <title>Spartan Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000294233"/>
          <other otherDesc="Inhouse Asset ID" value="801845"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
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          <isin value="CA92859G6085"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
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          <isin value="CA36270K1021"/>
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        <balance>195937.00000000</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>AuMega Metals Ltd.</name>
        <lei>529900XG89DFWV81PF22</lei>
        <title>AuMega Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000338311"/>
          <other otherDesc="Inhouse Asset ID" value="1152681"/>
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        <balance>10813044.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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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        <balance>1770357.00000000</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>Bluestone Resources, Inc.</name>
        <lei>254900YRZ65V11ZKNC05</lei>
        <title>Bluestone Resources, Inc.</title>
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          <isin value="CA09626M3049"/>
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        <balance>6215000.00000000</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>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>68634K106</cusip>
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          <isin value="CA68634K1066"/>
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        <balance>3361364.00000000</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>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <other otherDesc="Inhouse Asset ID" value="607952"/>
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        <balance>1476316.00000000</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>Anglogold Ashanti plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BRXH2664"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INSTITUTIONAL FIDUCIARY TRUST</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="TICKER" value="INFXX"/>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="44000.00000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Troilus Gold Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
        <cusip>896887130</cusip>
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          <isin value="CA8968871308"/>
          <other otherDesc="Inhouse Asset ID" value="1306851"/>
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        <balance>2000000.00000000</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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      <invstOrSec>
        <name>Aya Gold &amp; Silver, Inc.</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver, Inc.</title>
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        <balance>690000.00000000</balance>
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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>Aston Minerals Ltd.</name>
        <lei>529900WAFZ6LH56UD405</lei>
        <title>Aston Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1322842"/>
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        <balance>5500000.00000000</balance>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
        <cusip>N/A</cusip>
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        <balance>1720833.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>NorthIsle Copper &amp; Gold, Inc.</name>
        <lei>529900G61ZI4E10QX285</lei>
        <title>NorthIsle Copper &amp; Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA66644R1038"/>
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        <balance>4430000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Calibre Mining Corp.</name>
        <lei>9845005U3E61362A1O58</lei>
        <title>Calibre Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA13000C2058"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STLLR Gold, Inc.</name>
        <lei>529900552H4HTBIHX052</lei>
        <title>STLLR Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1312797"/>
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        <balance>537600.00000000</balance>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1337895"/>
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        <balance>500000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STLLR Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>STLLR Gold, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Calibre Mining Corp.</name>
        <lei>9845005U3E61362A1O58</lei>
        <title>Calibre Mining Corp.</title>
        <cusip>13000C205</cusip>
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          <isin value="CA13000C2058"/>
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        <balance>1750000.00000000</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>Silver Mountain Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Silver Mountain Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1347891"/>
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        <balance>3100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Awale Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Awale Resources Ltd.</title>
        <cusip>05455R307</cusip>
        <identifiers>
          <isin value="CA05455R3071"/>
          <other otherDesc="Inhouse Asset ID" value="1348242"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>1456875.48000000</valUSD>
        <pctVal>0.141770446989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Awale Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Awale Resources Ltd.</title>
        <cusip>05455R141</cusip>
        <identifiers>
          <isin value="CA05455R1414"/>
          <other otherDesc="Inhouse Asset ID" value="1348244"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>246600.64000000</valUSD>
        <pctVal>0.023997028874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Contango ORE, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango ORE, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1365648"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>143227.25000000</valUSD>
        <pctVal>0.013937629902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>N/A</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1352503"/>
        </identifiers>
        <balance>1950000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>139760.00000000</valUSD>
        <pctVal>0.013600227296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>N/A</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1352501"/>
        </identifiers>
        <balance>3900000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>1100343.12000000</valUSD>
        <pctVal>0.107075819523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1366322"/>
        </identifiers>
        <balance>1180000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>266309.90000000</valUSD>
        <pctVal>0.025914962588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Omai Gold Mines Corp.</name>
        <lei>254900GOHPZOKN6K3C88</lei>
        <title>Omai Gold Mines Corp.</title>
        <cusip>682043203</cusip>
        <identifiers>
          <isin value="CA6820432038"/>
          <other otherDesc="Inhouse Asset ID" value="1362378"/>
        </identifiers>
        <balance>17500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>1612734.91000000</valUSD>
        <pctVal>0.156937330749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Probe Gold, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Gold, Inc.</title>
        <cusip>74290F308</cusip>
        <identifiers>
          <isin value="CA74290F3088"/>
          <other otherDesc="Inhouse Asset ID" value="1362397"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>506787.41000000</valUSD>
        <pctVal>0.049316141722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thesis Gold, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>883930604</cusip>
        <identifiers>
          <isin value="CA8839306047"/>
          <other otherDesc="Inhouse Asset ID" value="1367810"/>
        </identifiers>
        <balance>1405000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>614199.23000000</valUSD>
        <pctVal>0.059768525569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Robex Resources, Inc.</name>
        <lei>529900UBILRW1I57HF58</lei>
        <title>Robex Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1367374"/>
        </identifiers>
        <balance>3050000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>2283812.43000000</valUSD>
        <pctVal>0.222240756664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Robex Resources, Inc.</name>
        <lei>529900UBILRW1I57HF58</lei>
        <title>Robex Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1367372"/>
        </identifiers>
        <balance>3050000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>6184596.44000000</valUSD>
        <pctVal>0.601831119944</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Royalties Corp.</name>
        <lei>N/A</lei>
        <title>Vizsla Royalties Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1367878"/>
        </identifiers>
        <balance>2166667.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>94144.93000000</valUSD>
        <pctVal>0.009161365532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Royalties Corp.</name>
        <lei>N/A</lei>
        <title>Vizsla Royalties Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1367880"/>
        </identifiers>
        <balance>2166667.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>15690.82000000</valUSD>
        <pctVal>0.001526894093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA92859G6085"/>
          <other otherDesc="Inhouse Asset ID" value="1095735"/>
        </identifiers>
        <balance>6500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>13698084.51000000</valUSD>
        <pctVal>1.332978412047</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>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
        <title>Newcore Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1156777"/>
        </identifiers>
        <balance>1140000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>268313.00000000</valUSD>
        <pctVal>0.026109886853</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ausgold Ltd.</name>
        <lei>894500N1FW604CKRQQ71</lei>
        <title>Ausgold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000336372"/>
          <other otherDesc="Inhouse Asset ID" value="1362971"/>
        </identifiers>
        <balance>65318248.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52940277"/>
        <valUSD>1410656.34000000</valUSD>
        <pctVal>0.137272802388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greenheart Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Greenheart Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1374576"/>
        </identifiers>
        <balance>975000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>204765.18000000</valUSD>
        <pctVal>0.019925965873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>894500N5AZEQU0BLOT06</lei>
        <title>G Mining Ventures Corp/old</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1374575"/>
        </identifiers>
        <balance>5326875.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>37380902.16000000</valUSD>
        <pctVal>3.637584186734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04364G1485"/>
          <other otherDesc="Inhouse Asset ID" value="1372610"/>
        </identifiers>
        <balance>3300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>371728.86000000</valUSD>
        <pctVal>0.036173418637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>04364G866</cusip>
        <identifiers>
          <isin value="CA04364G8662"/>
          <other otherDesc="Inhouse Asset ID" value="1372608"/>
        </identifiers>
        <balance>3300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38085000"/>
        <valUSD>933762.47000000</valUSD>
        <pctVal>0.090865639906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2024-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Gold and Precious Metals Fund</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
