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        <lei>2549009N9W290I0XSE73</lei>
        <title>Rio2 Ltd.</title>
        <cusip>767217102</cusip>
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          <isin value="CA7672171021"/>
          <other otherDesc="Inhouse Asset ID" value="1405989"/>
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        <balance>1200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Calibre Mining Corp.</name>
        <lei>9845005U3E61362A1O58</lei>
        <title>Calibre Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1488592"/>
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        <balance>2883534.50000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Greatland Resources Ltd.</name>
        <lei>213800KQI75ZGE53GX44</lei>
        <title>Greatland Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000397705"/>
          <other otherDesc="Inhouse Asset ID" value="1488949"/>
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        <balance>9343750.00000000</balance>
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        <pctVal>2.021799320195</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>Omai Gold Mines Corp.</name>
        <lei>254900GOHPZOKN6K3C88</lei>
        <title>Omai Gold Mines Corp.</title>
        <cusip>682043104</cusip>
        <identifiers>
          <isin value="CA6820431048"/>
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        <balance>21750000.00000000</balance>
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        <pctVal>0.818325051377</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>Arizona Metals Corp.</name>
        <lei>N/A</lei>
        <title>Arizona Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA0405181029"/>
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        <balance>2294000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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="1.38560000"/>
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        <pctVal>0.271291160062</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>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1101606"/>
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        <balance>2820000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US0805581172"/>
          <other otherDesc="Inhouse Asset ID" value="532206"/>
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        <balance>3800000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <pctVal>0.051989720919</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>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>8500000.00000000</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>
          <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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        <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>Silver Tiger Metals, Inc.</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>Silver Tiger Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA82831T1093"/>
          <other otherDesc="Inhouse Asset ID" value="1133483"/>
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        <balance>24508500.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>Great Pacific Gold Corp.</name>
        <lei>894500US4ZD5I4S32M90</lei>
        <title>Great Pacific Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1489874"/>
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        <balance>3449350.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>160351.46000000</valUSD>
        <pctVal>0.010856420421</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>92859G608</cusip>
        <identifiers>
          <isin value="CA92859G6085"/>
          <other otherDesc="Inhouse Asset ID" value="1489491"/>
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        <balance>1054100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3099054.00000000</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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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1261902"/>
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        <balance>3087600.00000000</balance>
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        <pctVal>0.315313945529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Contango ORE, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango ORE, Inc.</title>
        <cusip>21077F100</cusip>
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          <isin value="US21077F1003"/>
          <other otherDesc="Inhouse Asset ID" value="818467"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>932000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Thesis Gold, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>883930109</cusip>
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          <isin value="CA8839301097"/>
          <other otherDesc="Inhouse Asset ID" value="1106301"/>
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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>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1318229"/>
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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>Discovery Silver Corp.</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA2546771072"/>
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        <balance>5616700.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Goldshore Resources, Inc.</name>
        <lei>98450058F667FEA56331</lei>
        <title>Goldshore Resources, Inc.</title>
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          <isin value="CA38150N1078"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</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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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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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>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chalice Mining Ltd.</name>
        <lei>5299008IXHWMQDOE1437</lei>
        <title>Chalice Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000CHN7"/>
          <other otherDesc="Inhouse Asset ID" value="464711"/>
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        <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>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="VGG7707W1529"/>
          <other otherDesc="Inhouse Asset ID" value="542400"/>
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        <balance>4167708.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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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        <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>Silver Mountain Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Silver Mountain Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8280421279"/>
          <other otherDesc="Inhouse Asset ID" value="1237721"/>
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        <balance>1500000.00000000</balance>
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        <pctVal>0.000366469064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
          <other otherDesc="Inhouse Asset ID" value="1146609"/>
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        <balance>141750.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <pctVal>0.135062112834</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>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="1047391"/>
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        <balance>7843922.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Meridian Mining UK Societas</name>
        <lei>984500EB404A37FD8886</lei>
        <title>Meridian Mining UK Societas</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BR3SVZ18"/>
          <other otherDesc="Inhouse Asset ID" value="1342916"/>
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        <balance>700000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</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>Meeka Metals Ltd.</name>
        <lei>529900KOA7NX3J2DL230</lei>
        <title>Meeka Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000192726"/>
          <other otherDesc="Inhouse Asset ID" value="1388571"/>
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        <balance>107559186.00000000</balance>
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        <pctVal>0.650211630196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Robex Resources, Inc.</name>
        <lei>529900UBILRW1I57HF58</lei>
        <title>Robex Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1367374"/>
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        <balance>3050000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>38045Y102</cusip>
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          <isin value="CA38045Y1025"/>
          <other otherDesc="Inhouse Asset ID" value="1042204"/>
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        <balance>2668886.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <pctVal>0.263425160303</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>Alamos Gold, Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
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          <isin value="CA0115321089"/>
          <other otherDesc="Inhouse Asset ID" value="607950"/>
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        <balance>1014500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24652350.00000000</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>
      <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>4857000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <pctVal>0.144768407710</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>K92 Mining, Inc.</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining, Inc.</title>
        <cusip>499113108</cusip>
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          <isin value="CA4991131083"/>
          <other otherDesc="Inhouse Asset ID" value="1150152"/>
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        <balance>1911571.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>Turaco Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Turaco Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000169039"/>
          <other otherDesc="Inhouse Asset ID" value="1487737"/>
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        <balance>10276530.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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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>Faraday Copper Corp.</name>
        <lei>529900BNJJ4FLFL93V78</lei>
        <title>Faraday Copper Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA3073571034"/>
          <other otherDesc="Inhouse Asset ID" value="1236827"/>
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        <balance>4011068.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q148</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="820865"/>
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        <balance>36628.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54455.60000000</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>
        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
          <other otherDesc="Inhouse Asset ID" value="932742"/>
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        <balance>3918235.50000000</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>Sable Resources Ltd.</name>
        <lei>3912006PLR1HF7YCRK43</lei>
        <title>Sable Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA7857133069"/>
          <other otherDesc="Inhouse Asset ID" value="1148511"/>
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        <balance>12000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>Snowline Gold Corp.</name>
        <lei>529900VVFSE66NAIST38</lei>
        <title>Snowline Gold Corp.</title>
        <cusip>83342V104</cusip>
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          <isin value="CA83342V1040"/>
          <other otherDesc="Inhouse Asset ID" value="1275407"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Galiano Gold, Inc.</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>Galiano Gold, Inc.</title>
        <cusip>36352H100</cusip>
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          <isin value="CA36352H1001"/>
          <other otherDesc="Inhouse Asset ID" value="468965"/>
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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>Vior, Inc.</name>
        <lei>8945001NWC9FAHTY1A39</lei>
        <title>Vior, Inc.</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Ivanhoe Electric, Inc.</name>
        <lei>N/A</lei>
        <title>Ivanhoe Electric, Inc.</title>
        <cusip>46578C116</cusip>
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          <isin value="US46578C1163"/>
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        <balance>214300.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>STLLR Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>STLLR Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA86101P1018"/>
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        <issuerConditional desc="Alternative investment" issuerCat="OTHER"/>
        <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>896887130</cusip>
        <identifiers>
          <isin value="CA8968871308"/>
          <other otherDesc="Inhouse Asset ID" value="1306851"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>160896.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>36270K102</cusip>
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          <isin value="CA36270K1021"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Nevada King Gold Corp.</name>
        <lei>N/A</lei>
        <title>Nevada King Gold Corp.</title>
        <cusip>64135V105</cusip>
        <identifiers>
          <isin value="CA64135V1058"/>
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        <balance>14000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Awale Resources Ltd.</name>
        <lei>894500976UL6A1P7D659</lei>
        <title>Awale Resources Ltd.</title>
        <cusip>05455R208</cusip>
        <identifiers>
          <isin value="CA05455R2081"/>
          <other otherDesc="Inhouse Asset ID" value="1348242"/>
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        <balance>3500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TDG Gold Corp.</name>
        <lei>2549000YY74BDNRBVC95</lei>
        <title>TDG Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <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>
      <invstOrSec>
        <name>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA42328Y1025"/>
          <other otherDesc="Inhouse Asset ID" value="1277738"/>
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        <balance>10325000.00000000</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>Kingsgate Consolidated Ltd.</name>
        <lei>529900B1W7D8DLEC7178</lei>
        <title>Kingsgate Consolidated Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000KCN1"/>
          <other otherDesc="Inhouse Asset ID" value="253459"/>
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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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      <invstOrSec>
        <name>Andean Silver Ltd.</name>
        <lei>N/A</lei>
        <title>Andean Silver Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000343253"/>
          <other otherDesc="Inhouse Asset ID" value="1394856"/>
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        <balance>4732891.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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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>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>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AbraSilver Resource Corp.</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>AbraSilver Resource Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA00379L3048"/>
          <other otherDesc="Inhouse Asset ID" value="1441263"/>
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        <balance>690000.00000000</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>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>344614.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21400529.40000000</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>
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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="1121594"/>
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        <balance>831600.00000000</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>Cerro de Pasco Resources, Inc.</name>
        <lei>529900WKB2I6AJYVHK72</lei>
        <title>Cerro de Pasco Resources, Inc.</title>
        <cusip>156828105</cusip>
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          <isin value="CA1568281051"/>
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        <balance>7400000.00000000</balance>
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        <curCd>USD</curCd>
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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>Barrick Mining Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corp.</title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
          <other otherDesc="Inhouse Asset ID" value="23285"/>
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        <balance>2258383.00000000</balance>
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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>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp., CVR</title>
        <cusip>697900132</cusip>
        <identifiers>
          <isin value="CA6979001329"/>
          <other otherDesc="Inhouse Asset ID" value="965795"/>
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        <balance>1850600.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northam Platinum Holdings Ltd.</name>
        <lei>3789009D0712C7101695</lei>
        <title>Northam Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="ZAE000298253"/>
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        <balance>624019.00000000</balance>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Cross Gold Consolidated Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Southern Cross Gold Consolidated Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8426851090"/>
          <other otherDesc="Inhouse Asset ID" value="1068597"/>
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        <balance>2661090.00000000</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>Allied Gold Corp.</name>
        <lei>894500S5G4JFSRGK8L37</lei>
        <title>Allied Gold Corp.</title>
        <cusip>01921D204</cusip>
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          <isin value="CA01921D2041"/>
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        <balance>102291.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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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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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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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="CA87190J1396"/>
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        <balance>3130200.00000000</balance>
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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>Silver Mines Ltd.</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>Silver Mines Ltd.</title>
        <cusip>N/A</cusip>
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        <balance>11766666.00000000</balance>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</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>
        <identifiers>
          <isin value="CA72765Q8829"/>
          <other otherDesc="Inhouse Asset ID" value="402942"/>
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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>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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          <isin value="VGG8448A1030"/>
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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>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
        <title>Newcore Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1444471"/>
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        <balance>1400000.00000000</balance>
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        <valUSD>116240.62000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Pantoro Gold Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PNR8"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
        <title>Banyan Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA06683K1066"/>
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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>
        <name>Sitka Gold Corp.</name>
        <lei>52990015XSDJ1XAJBH37</lei>
        <title>Sitka Gold Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1459169"/>
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        <balance>8850000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000164139"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</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>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1365648"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vault Minerals Ltd.</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Vault Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000355588"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sierra Madre Gold And Silver Ltd.</name>
        <lei>984500C0001D39FB0424</lei>
        <title>Sierra Madre Gold and Silver Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1497877"/>
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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>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
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          <isin value="AU000000RTG4"/>
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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>G Mining Ventures Corp.</name>
        <lei>894500N5AZEQU0BLOT06</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA36270K1021"/>
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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>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
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          <isin value="CA68828E2704"/>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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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          <other otherDesc="Inhouse Asset ID" value="1405966"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</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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          <isin value="CA42328Y1025"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Monarch Mining Corp.</name>
        <lei>N/A</lei>
        <title>Monarch Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA6091611047"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Max Resource Corp.</name>
        <lei>254900XET56T3KS7G591</lei>
        <title>Max Resource Corp.</title>
        <cusip>57772U307</cusip>
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          <isin value="CA57772U3073"/>
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        <balance>6000000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>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>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dakota Gold Corp.</name>
        <lei>N/A</lei>
        <title>Dakota Gold Corp.</title>
        <cusip>46655E100</cusip>
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          <isin value="US46655E1001"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Predictive Discovery Ltd.</name>
        <lei>N/A</lei>
        <title>Predictive Discovery Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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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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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
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          <isin value="CA5362161047"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
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          <isin value="CA8910546032"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Great Pacific Gold Corp.</name>
        <lei>894500US4ZD5I4S32M90</lei>
        <title>Great Pacific Gold Corp.</title>
        <cusip>39115A107</cusip>
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          <isin value="CA39115A1075"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rupert Resources Ltd.</name>
        <lei>529900EEVS5CSPMXKZ88</lei>
        <title>Rupert Resources Ltd.</title>
        <cusip>78165J105</cusip>
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          <isin value="CA78165J1057"/>
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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>St. Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St. Augustine Gold and Copper Ltd.</title>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>St Barbara Ltd.</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St. Barbara Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SBM8"/>
          <other otherDesc="Inhouse Asset ID" value="374132"/>
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        <balance>29308021.00000000</balance>
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        <valUSD>5046062.26000000</valUSD>
        <pctVal>0.341638132690</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>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NST8"/>
          <other otherDesc="Inhouse Asset ID" value="523023"/>
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        <balance>1265782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
        <valUSD>12575962.71000000</valUSD>
        <pctVal>0.851441816539</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>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA10566M1068"/>
          <other otherDesc="Inhouse Asset ID" value="1271788"/>
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        <balance>415000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>910508.08000000</valUSD>
        <pctVal>0.061644954862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</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>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="1.38560000"/>
        <valUSD>1126299.08000000</valUSD>
        <pctVal>0.076254848774</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>Agnico Eagle Mines Ltd.</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <other otherDesc="Inhouse Asset ID" value="203976"/>
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        <balance>409000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50863240.00000000</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>
      <invstOrSec>
        <name>Vizsla Royalties Corp.</name>
        <lei>98450020ZFM00010C790</lei>
        <title>Vizsla Royalties Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1367878"/>
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        <balance>483334.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>945319.82000000</valUSD>
        <pctVal>0.064001845688</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>Alamos Gold, Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
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        <balance>958316.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>23287023.47000000</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>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>15466666.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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        <pctVal>0.364514410344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Valterra Platinum Ltd.</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Valterra Platinum Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
          <other otherDesc="Inhouse Asset ID" value="33360"/>
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        <balance>98556.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="18.21625000"/>
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        <pctVal>0.299667079612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Catalyst Metals Ltd.</name>
        <lei>9845002GB72C3J4A3E64</lei>
        <title>Catalyst Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CYL6"/>
          <other otherDesc="Inhouse Asset ID" value="1239348"/>
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        <balance>5278430.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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        <pctVal>1.158295547456</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>Probe Gold, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA74273V1067"/>
          <other otherDesc="Inhouse Asset ID" value="1121594"/>
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        <balance>5800000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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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        <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>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1463072"/>
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        <balance>2444550.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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>26336957.00000000</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>Founders Metals, Inc.</name>
        <lei>984500F8843F89AC8H21</lei>
        <title>Founders Metals, Inc.</title>
        <cusip>350590105</cusip>
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          <isin value="CA3505901056"/>
          <other otherDesc="Inhouse Asset ID" value="1448075"/>
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        <balance>1280000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>SolGold plc</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SolGold plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WD0R35"/>
          <other otherDesc="Inhouse Asset ID" value="500366"/>
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        <balance>16000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T509</cusip>
        <identifiers>
          <isin value="CA45826T5098"/>
          <other otherDesc="Inhouse Asset ID" value="1106804"/>
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        <balance>740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1065600.00000000</valUSD>
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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>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>2501500.00000000</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>Atex Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>04681A105</cusip>
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          <isin value="CA04681A1057"/>
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        <balance>10370000.00000000</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>FireFly Metals Ltd.</name>
        <lei>N/A</lei>
        <title>FireFly Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000313769"/>
          <other otherDesc="Inhouse Asset ID" value="1186309"/>
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        <balance>9137185.00000000</balance>
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        <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>Medallion Metals Ltd.</name>
        <lei>N/A</lei>
        <title>Medallion Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000138828"/>
          <other otherDesc="Inhouse Asset ID" value="1473260"/>
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        <balance>20570000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA68828E2217"/>
          <other otherDesc="Inhouse Asset ID" value="1188026"/>
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        <balance>608333.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>61465.52000000</valUSD>
        <pctVal>0.004161455882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <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>Meridian Mining UK Societas</name>
        <lei>984500EB404A37FD8886</lei>
        <title>Meridian Mining UK Societas</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BR3SVZ18"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>452553308</cusip>
        <identifiers>
          <isin value="US4525533083"/>
          <other otherDesc="Inhouse Asset ID" value="29906"/>
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        <balance>1001100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9330252.00000000</valUSD>
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        <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>STLLR Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>STLLR Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1312797"/>
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        <balance>537600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Greenheart Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Greenheart Gold, Inc.</title>
        <cusip>39526E102</cusip>
        <identifiers>
          <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="1.38560000"/>
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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>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222400</cusip>
        <identifiers>
          <isin value="CA6752224007"/>
          <other otherDesc="Inhouse Asset ID" value="431553"/>
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        <balance>774496.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>Robex Resources, Inc.</name>
        <lei>529900UBILRW1I57HF58</lei>
        <title>Robex Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA76125Y6001"/>
          <other otherDesc="Inhouse Asset ID" value="1367372"/>
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        <balance>4500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Torque Metals Ltd.</name>
        <lei>89450005ZYVQ1CS5FU89</lei>
        <title>Torque Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000147266"/>
          <other otherDesc="Inhouse Asset ID" value="1480896"/>
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        <balance>9113732.00000000</balance>
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        <pctVal>0.095169051782</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>Emerald Resources NL</name>
        <lei>N/A</lei>
        <title>Emerald Resources NL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000EMR4"/>
          <other otherDesc="Inhouse Asset ID" value="1039470"/>
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        <balance>6925000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>2588520.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75720289"/>
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        <pctVal>0.644067384136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aclara Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Aclara Resources, Inc.</title>
        <cusip>00461M103</cusip>
        <identifiers>
          <isin value="CA00461M1032"/>
          <other otherDesc="Inhouse Asset ID" value="1178722"/>
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        <balance>444972.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <pctVal>0.027830339797</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>STLLR Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>STLLR Gold, Inc.</title>
        <cusip>86101P101</cusip>
        <identifiers>
          <isin value="CA86101P1018"/>
          <other otherDesc="Inhouse Asset ID" value="1206305"/>
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        <balance>325000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>N/A</cusip>
        <identifiers>
          <isin value="CA95805V1085"/>
          <other otherDesc="Inhouse Asset ID" value="1122763"/>
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        <balance>930000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
          <other otherDesc="Inhouse Asset ID" value="431960"/>
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        <balance>19601211.00000000</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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          <isLoanByFund>N</isLoanByFund>
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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="1.55605695"/>
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        <pctVal>0.016466612642</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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      <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"/>
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        <balance>1140000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>Monarch Mining Corp.</name>
        <lei>N/A</lei>
        <title>Monarch Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1192604"/>
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        <balance>6000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA92859G6085"/>
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        <balance>5359000.00000000</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>AbraSilver Resource Corp.</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>AbraSilver Resource Corp.</title>
        <cusip>00379L304</cusip>
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          <isin value="CA00379L3048"/>
          <other otherDesc="Inhouse Asset ID" value="1440090"/>
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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>Catalyst Metals Ltd.</name>
        <lei>9845002GB72C3J4A3E64</lei>
        <title>Catalyst Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000CYL6"/>
          <other otherDesc="Inhouse Asset ID" value="1278488"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Black Cat Syndicate Ltd.</name>
        <lei>N/A</lei>
        <title>Black Cat Syndicate Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000BC88"/>
          <other otherDesc="Inhouse Asset ID" value="1145677"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GPR2"/>
          <other otherDesc="Inhouse Asset ID" value="804220"/>
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        <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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          <isLoanByFund>N</isLoanByFund>
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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>
        <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>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"/>
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        <balance>3300000.00000000</balance>
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        <valUSD>23073.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Westgold Resources Ltd.</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
        <title>Westgold Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000WGX6"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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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        <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>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
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          <isin value="CA04364G1063"/>
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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>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>7146549.00000000</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>
      <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>Antipa Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Antipa Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000AZY0"/>
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        <balance>13000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Greenheart Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Greenheart Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1374576"/>
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        <balance>3775000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
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          <isin value="CA0805581091"/>
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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>Cerro de Pasco Resources Sucursal del Peru</name>
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        <title>Cerro de Pasco Resources Sucursal del Peru</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1409335"/>
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        <balance>3700000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>PE</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>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
        <cusip>10566M106</cusip>
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          <isin value="CA10566M1068"/>
          <other otherDesc="Inhouse Asset ID" value="1204532"/>
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        <balance>2830000.00000000</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>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1308019"/>
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        <balance>1300000.00000000</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>NorthIsle Copper &amp; Gold, Inc.</name>
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          <isin value="CA66644R1038"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Probe Gold, Inc.</name>
        <lei>549300KN4JVFBY70QS60</lei>
        <title>Probe Gold, Inc.</title>
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          <isin value="CA74290F4078"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Phoenix Industrial Minerals Pty. Ltd.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
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          <isin value="CA11777Q2099"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>N/A</lei>
        <title>Liberty Gold Corp.</title>
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          <other otherDesc="Inhouse Asset ID" value="1352503"/>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Tolu Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Tolu Minerals Ltd.</title>
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      <invstOrSec>
        <name>Osisko Development Corp.</name>
        <lei>N/A</lei>
        <title>Osisko Development Corp.</title>
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        <name>INSTITUTIONAL FIDUCIARY TRUST</name>
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        <title>INSTITUTIONAL FIDUCIARY TRUST</title>
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          <other otherDesc="TICKER" value="INFXX"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <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"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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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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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA04364G1063"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUA Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>SUA Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1434836"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Amaroq Ltd.</name>
        <lei>213800Q21S5JQ6WKCE70</lei>
        <title>Amaroq Ltd.</title>
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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>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>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Magna Mining, Inc.</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
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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>Collective Mining Ltd.</name>
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          <isin value="CA19425C1005"/>
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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>Aurion Resources Ltd.</name>
        <lei>529900TLK415XYT5YM22</lei>
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        <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>Spartan Resources Ltd.</name>
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        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>N/A</cusip>
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        <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>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="ZAE000018123"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</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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        <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>Founders Metals, Inc.</name>
        <lei>984500F8843F89AC8H21</lei>
        <title>Founders Metals, Inc.</title>
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          <isin value="CA3505901056"/>
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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>Rio2 Ltd.</name>
        <lei>2549009N9W290I0XSE73</lei>
        <title>Rio2 Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Thesis Gold, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold, Inc.</title>
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          <isin value="CA8839308027"/>
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        <invCountry>CA</invCountry>
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        <name>Silver Mountain Resources, Inc.</name>
        <lei>N/A</lei>
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          <isin value="CA8280425072"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>N/A</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
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        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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        <name>Vior, Inc.</name>
        <lei>8945001NWC9FAHTY1A39</lei>
        <title>Vior, Inc.</title>
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        <name>Southern Cross Gold Consolidated Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Southern Cross Gold Consolidated Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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        <name>Silver Mines Ltd.</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>Silver Mines Ltd.</title>
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        <invCountry>AU</invCountry>
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        <name>Azimut Exploration, Inc.</name>
        <lei>N/A</lei>
        <title>Azimut Exploration, Inc.</title>
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        <invCountry>CA</invCountry>
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        <name>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Felix Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Felix Gold Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Clean TeQ Water Ltd.</name>
        <lei>5493003MW9ETS3784O29</lei>
        <title>Clean TeQ Water Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000153280"/>
          <other otherDesc="Inhouse Asset ID" value="1151822"/>
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        <balance>679999.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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        <pctVal>0.005917339799</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>Vizsla Royalties Corp.</name>
        <lei>98450020ZFM00010C790</lei>
        <title>Vizsla Royalties Corp.</title>
        <cusip>92859L201</cusip>
        <identifiers>
          <isin value="CA92859L2012"/>
          <other otherDesc="Inhouse Asset ID" value="1367878"/>
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        <balance>1405600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>2749116.63000000</valUSD>
        <pctVal>0.186125938133</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>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>04364G155</cusip>
        <identifiers>
          <isin value="CA04364G1550"/>
          <other otherDesc="Inhouse Asset ID" value="1447172"/>
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        <balance>61744100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>1204624.90000000</valUSD>
        <pctVal>0.081557812849</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>
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      </invstOrSec>
      <invstOrSec>
        <name>West African Resources Ltd.</name>
        <lei>529900XLO8GMJNTUL013</lei>
        <title>West African Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000WAF6"/>
          <other otherDesc="Inhouse Asset ID" value="872539"/>
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        <balance>3554984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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        <pctVal>0.360355679543</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>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"/>
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        <balance>1180000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.21625000"/>
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        <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>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
          <other otherDesc="Inhouse Asset ID" value="1298918"/>
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        <balance>550000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3355000.00000000</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>
      <invstOrSec>
        <name>Asara Resources Ltd.</name>
        <lei>98450037Q87D11TB9636</lei>
        <title>Asara Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000407876"/>
          <other otherDesc="Inhouse Asset ID" value="1500400"/>
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        <balance>18988800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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        <pctVal>0.043788657906</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>TDG Gold Corp.</name>
        <lei>2549000YY74BDNRBVC95</lei>
        <title>TDG Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1243508"/>
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        <balance>310000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>50345.47000000</valUSD>
        <pctVal>0.003408585045</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Montage Gold Corp.</name>
        <lei>9845004C6BCE77ACA795</lei>
        <title>Montage Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA61178L1013"/>
          <other otherDesc="Inhouse Asset ID" value="1244170"/>
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        <balance>4826763.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>15048799.19000000</valUSD>
        <pctVal>1.018862508942</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>Allied Gold Corp.</name>
        <lei>894500S5G4JFSRGK8L37</lei>
        <title>Allied Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA01921D2041"/>
          <other otherDesc="Inhouse Asset ID" value="1297132"/>
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        <balance>853578.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <pctVal>0.740733582582</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>Anglogold Ashanti plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
          <other otherDesc="Inhouse Asset ID" value="1298653"/>
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        <balance>990603.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45815388.75000000</valUSD>
        <pctVal>3.101880843823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New Murchison Gold Ltd.</name>
        <lei>529900ZWLB16ZFZDXJ25</lei>
        <title>New Murchison Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000365348"/>
          <other otherDesc="Inhouse Asset ID" value="1454511"/>
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        <balance>264809124.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
        <valUSD>2893052.92000000</valUSD>
        <pctVal>0.195870987403</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>
          <other otherDesc="Inhouse Asset ID" value="474885"/>
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        <balance>14583333.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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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>
        <name>Thesis Gold, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8839301097"/>
          <other otherDesc="Inhouse Asset ID" value="1195029"/>
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        <balance>6578553.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>4415454.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
          <other otherDesc="Inhouse Asset ID" value="1146510"/>
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        <balance>710000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>12989679.56000000</valUSD>
        <pctVal>0.879452063899</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>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
          <other otherDesc="Inhouse Asset ID" value="170875"/>
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        <balance>16689763.89100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16689763.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sierra Madre Gold And Silver Ltd.</name>
        <lei>984500C0001D39FB0424</lei>
        <title>Sierra Madre Gold and Silver Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1497878"/>
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        <balance>3425000.00000000</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>Endeavour Mining plc</name>
        <lei>529900NI5MXQ91GHXR07</lei>
        <title>Endeavour Mining plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BL6K5J42"/>
          <other otherDesc="Inhouse Asset ID" value="1150791"/>
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        <balance>1083114.00000000</balance>
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        <pctVal>2.201625061056</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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      <invstOrSec>
        <name>Brightstar Resources Ltd.</name>
        <lei>98450058F5901E0FC619</lei>
        <title>Brightstar Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000126633"/>
          <other otherDesc="Inhouse Asset ID" value="1425019"/>
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        <balance>12122000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
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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>Vizsla Royalties Corp.</name>
        <lei>98450020ZFM00010C790</lei>
        <title>Vizsla Royalties Corp.</title>
        <cusip>92859L201</cusip>
        <identifiers>
          <isin value="CA92859L2012"/>
          <other otherDesc="Inhouse Asset ID" value="1367877"/>
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        <balance>351666.00000000</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>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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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Robex Resources, Inc.</name>
        <lei>529900UBILRW1I57HF58</lei>
        <title>Robex Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000394082"/>
          <other otherDesc="Inhouse Asset ID" value="1463728"/>
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        <balance>1275000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
        <valUSD>2908794.56000000</valUSD>
        <pctVal>0.196936757942</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>Onyx Gold Corp.</name>
        <lei>N/A</lei>
        <title>Onyx Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1457749"/>
        </identifiers>
        <balance>650000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>816252.89000000</valUSD>
        <pctVal>0.055263510193</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>Asante Gold Corp.</name>
        <lei>529900F9PV1G9S5YD446</lei>
        <title>Asante Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04341X1151"/>
          <other otherDesc="Inhouse Asset ID" value="1489495"/>
        </identifiers>
        <balance>7155500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>7988080.85000000</valUSD>
        <pctVal>0.540824287287</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>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>68634K106</cusip>
        <identifiers>
          <isin value="CA68634K1066"/>
          <other otherDesc="Inhouse Asset ID" value="654902"/>
        </identifiers>
        <balance>2371364.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>22077508.37000000</valUSD>
        <pctVal>1.494733585388</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>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"/>
        </identifiers>
        <balance>22144000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
        <valUSD>11414920.93000000</valUSD>
        <pctVal>0.772834751217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
          <other otherDesc="Inhouse Asset ID" value="1081612"/>
        </identifiers>
        <balance>546800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>10003882.79000000</valUSD>
        <pctVal>0.677301955451</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>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"/>
        </identifiers>
        <balance>18028500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
        <valUSD>637230.85000000</valUSD>
        <pctVal>0.043143018549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</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>92859G608</cusip>
        <identifiers>
          <isin value="CA92859G6085"/>
          <other otherDesc="Inhouse Asset ID" value="1165609"/>
        </identifiers>
        <balance>3367000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>9987276.27000000</valUSD>
        <pctVal>0.676177629157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <other otherDesc="Inhouse Asset ID" value="315715"/>
        </identifiers>
        <balance>148021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>3998575.37000000</valUSD>
        <pctVal>0.270719177140</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>Agnico Eagle Mines Ltd.</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <other otherDesc="Inhouse Asset ID" value="194535"/>
        </identifiers>
        <balance>54659.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>6785432.01000000</valUSD>
        <pctVal>0.459400261421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
          <other otherDesc="Inhouse Asset ID" value="278213"/>
        </identifiers>
        <balance>369724.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>7575392.87000000</valUSD>
        <pctVal>0.512883698447</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>Minerals 260 Ltd.</name>
        <lei>N/A</lei>
        <title>Minerals 260 Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000173486"/>
          <other otherDesc="Inhouse Asset ID" value="1171125"/>
        </identifiers>
        <balance>97800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55605695"/>
        <valUSD>6913628.70000000</valUSD>
        <pctVal>0.468079678268</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>Ivanhoe Electric, Inc.</name>
        <lei>N/A</lei>
        <title>Ivanhoe Electric, Inc.</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
          <other otherDesc="Inhouse Asset ID" value="1202551"/>
        </identifiers>
        <balance>413200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3950192.00000000</valUSD>
        <pctVal>0.267443433931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Awale Resources Ltd.</name>
        <lei>894500976UL6A1P7D659</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="1.38560000"/>
        <valUSD>89631.93000000</valUSD>
        <pctVal>0.006068431901</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>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
          <other otherDesc="Inhouse Asset ID" value="1025679"/>
        </identifiers>
        <balance>1495149.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>21041718.75000000</valUSD>
        <pctVal>1.424606580725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prime Mining Corp.</name>
        <lei>5493006KEVX2PYRAXX06</lei>
        <title>Prime Mining Corp.</title>
        <cusip>74167M105</cusip>
        <identifiers>
          <isin value="CA74167M1059"/>
          <other otherDesc="Inhouse Asset ID" value="1129997"/>
        </identifiers>
        <balance>3700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>6221853.35000000</valUSD>
        <pctVal>0.421243783933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Azimut Exploration, Inc.</name>
        <lei>N/A</lei>
        <title>Azimut Exploration, Inc.</title>
        <cusip>301950101</cusip>
        <identifiers>
          <isin value="CA3019501012"/>
          <other otherDesc="Inhouse Asset ID" value="1152158"/>
        </identifiers>
        <balance>492000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>202396.07000000</valUSD>
        <pctVal>0.013703004809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>891054603</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
          <other otherDesc="Inhouse Asset ID" value="456566"/>
        </identifiers>
        <balance>1064000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>29971073.90000000</valUSD>
        <pctVal>2.029158816189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
        <title>Banyan Gold Corp.</title>
        <cusip>06683K106</cusip>
        <identifiers>
          <isin value="CA06683K1066"/>
          <other otherDesc="Inhouse Asset ID" value="1155446"/>
        </identifiers>
        <balance>2596200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38560000"/>
        <valUSD>632374.06000000</valUSD>
        <pctVal>0.042814194888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-09-02</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>
