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        <fairValLevel>1</fairValLevel>
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        <name>Coeur Mining, Inc.</name>
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      <invstOrSec>
        <name>TDG Gold Corp.</name>
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      <invstOrSec>
        <name>Monarch Mining Corp.</name>
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        <name>Contango Silver &amp; Gold, Inc.</name>
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        <name>Pan American Silver Corp.</name>
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        <name>Azimut Exploration, Inc.</name>
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        <name>Radisson Mining Resources, Inc.</name>
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        <name>Imperial Metals Corp.</name>
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        <name>Belo Sun Mining Corp.</name>
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        <name>Equinox Gold Corp.</name>
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        <name>Talisker Resources Ltd.</name>
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        <name>Monarch Mining Corp.</name>
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        <name>Gold Fields Ltd.</name>
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        <name>IAMGOLD Corp.</name>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>Integra Resources Corp.</name>
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        <title>Integra Resources Corp.</title>
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        <name>International Tower Hill Mines Ltd.</name>
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        <name>Ivanhoe Electric, Inc.</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc.</title>
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        <name>Dakota Gold Corp.</name>
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        <name>Platinum Group Metals Ltd.</name>
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        <name>St. Augustine Gold and Copper Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>St. Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St. Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="474885"/>
        </identifiers>
        <balance>14583333.00000000</balance>
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        <valUSD>2054576.65000000</valUSD>
        <pctVal>0.074648932311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>962312.00000000</valUSD>
        <pctVal>0.034963681374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
          <other otherDesc="Inhouse Asset ID" value="533604"/>
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        <balance>293400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>11291457.72000000</valUSD>
        <pctVal>0.410252527222</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>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA68634K1066"/>
          <other otherDesc="Inhouse Asset ID" value="822966"/>
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        <balance>2571436.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.835743413438</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>N/A</cusip>
        <identifiers>
          <isin value="CA3019501012"/>
          <other otherDesc="Inhouse Asset ID" value="1152158"/>
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        <balance>1199000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.017713066075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astral Resources NL</name>
        <lei>N/A</lei>
        <title>Astral Resources NL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000AAR7"/>
          <other otherDesc="Inhouse Asset ID" value="1396843"/>
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        <balance>35760000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
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        <pctVal>0.118730186971</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>Emerald Resources NL</name>
        <lei>529900V79JFYUE9ZQB09</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>7125000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>26735403.10000000</valUSD>
        <pctVal>0.971377386345</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>Pantoro Gold Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PNR8"/>
          <other otherDesc="Inhouse Asset ID" value="978964"/>
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        <balance>9855330.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
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        <pctVal>0.513275505455</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>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
          <other otherDesc="Inhouse Asset ID" value="42105"/>
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        <balance>439800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.52125000"/>
        <valUSD>14202437.04000000</valUSD>
        <pctVal>0.516017137278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>8608021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>2747217.12000000</valUSD>
        <pctVal>0.099814638132</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>Resolute Mining Ltd.</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RSG6"/>
          <other otherDesc="Inhouse Asset ID" value="319027"/>
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        <balance>12332892.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>8069332.17000000</valUSD>
        <pctVal>0.293183041360</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>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>2760000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>7805448.98000000</valUSD>
        <pctVal>0.283595373560</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>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>760614.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71277137.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ramelius Resources Ltd.</name>
        <lei>254900E44AIGW7KKNR98</lei>
        <title>Ramelius Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RMS4"/>
          <other otherDesc="Inhouse Asset ID" value="432047"/>
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        <balance>7765795.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>16701386.16000000</valUSD>
        <pctVal>0.606811454301</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>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>1090782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>15116943.25000000</valUSD>
        <pctVal>0.549243890911</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>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>212314.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="16.52125000"/>
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        <pctVal>0.577630118924</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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      <invstOrSec>
        <name>Osisko Gold Group, Inc.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Gold Group, Inc.</title>
        <cusip>68827X105</cusip>
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          <isin value="CA68827X1050"/>
          <other otherDesc="Inhouse Asset ID" value="1555409"/>
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        <balance>3117334.00000000</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>Osisko Gold Group, Inc.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Gold Group, Inc.</title>
        <cusip>68827X121</cusip>
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          <isin value="CA68827X1217"/>
          <other otherDesc="Inhouse Asset ID" value="1408536"/>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1354375.00000000</valUSD>
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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>Americas Gold &amp; Silver Corp.</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corp.</title>
        <cusip>03062D803</cusip>
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          <isin value="CA03062D8035"/>
          <other otherDesc="Inhouse Asset ID" value="1601422"/>
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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>Montage Gold Corp.</name>
        <lei>9845004C6BCE77ACA795</lei>
        <title>Montage Gold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA61178L1013"/>
          <other otherDesc="Inhouse Asset ID" value="1244170"/>
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        <balance>3500000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA45826T5098"/>
          <other otherDesc="Inhouse Asset ID" value="1261902"/>
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        <balance>2937600.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Magna Mining, Inc.</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA55925F1027"/>
          <other otherDesc="Inhouse Asset ID" value="1262896"/>
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        <balance>4925375.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>7729660.81000000</valUSD>
        <pctVal>0.280841762021</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>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q882</cusip>
        <identifiers>
          <isin value="CA72765Q8829"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA10566M1068"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Phoenix Industrial Minerals Pty. Ltd.</name>
        <lei>N/A</lei>
        <title>Phoenix Industrial Minerals Pty. Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1276078"/>
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        <balance>45900000.00000000</balance>
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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>Catalyst Metals Ltd.</name>
        <lei>9845002GB72C3J4A3E64</lei>
        <title>Catalyst Metals Ltd.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
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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>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
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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>Sunshine Silver Mining &amp; Refining Co.</name>
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        <title>Sunshine Silver Mining &amp; Refining Co.</title>
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          <isin value="US8678661054"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arizona Metals Corp.</name>
        <lei>N/A</lei>
        <title>Arizona Metals Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA0405181029"/>
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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>Western Copper &amp; Gold Corp.</name>
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        <title>Western Copper &amp; Gold Corp.</title>
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          <isin value="CA95805V1085"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meridian Mining plc</name>
        <lei>984500EB404A37FD8886</lei>
        <title>Meridian Mining plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BVPND783"/>
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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>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
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          <isin value="CA92859G6085"/>
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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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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="US0805581172"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GoGold Resources, Inc.</name>
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        <title>GoGold Resources, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>St. Augustine Gold and Copper Ltd.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Artemis Gold, Inc.</name>
        <lei>529900GXBX7DGL5YMO49</lei>
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        <name>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
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        <name>Sable Resources Ltd.</name>
        <lei>3912006PLR1HF7YCRK43</lei>
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        <invCountry>CA</invCountry>
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        <name>Onyx Gold Corp.</name>
        <lei>529900LI2BU0WQI1I448</lei>
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        <invCountry>CA</invCountry>
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        <name>Galantas Gold Corp.</name>
        <lei>213800JKVPLLKO4KVB93</lei>
        <title>Galantas Gold Corp.</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Galantas Gold Corp.</name>
        <lei>213800JKVPLLKO4KVB93</lei>
        <title>Galantas Gold Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Helius Minerals Ltd.</name>
        <lei>529900HFNW4F39RLOZ60</lei>
        <title>Helius Minerals Ltd.</title>
        <cusip>42329R106</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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      </invstOrSec>
      <invstOrSec>
        <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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          <isin value="CA8426851090"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <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>Onyx Gold Corp.</name>
        <lei>529900LI2BU0WQI1I448</lei>
        <title>Onyx Gold Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1457749"/>
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        <balance>650000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Talamore Mining Corp.</name>
        <lei>529900TQDM0BH3FAGJ98</lei>
        <title>Talamore Mining Corp.</title>
        <cusip>874085103</cusip>
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          <isin value="CA8740851032"/>
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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>
      <invstOrSec>
        <name>US Gold Corp.</name>
        <lei>5299003C2TFXIV9QAV34</lei>
        <title>US Gold Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1555813"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tintina Mines Ltd.</name>
        <lei>N/A</lei>
        <title>Tintina Mines Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1622841"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mining Investments Resources plc</name>
        <lei>N/A</lei>
        <title>Mining Investments Resources plc</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1528491"/>
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        <balance>2892920.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mining Investments Resources plc</name>
        <lei>N/A</lei>
        <title>Mining Investments Resources plc</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1505029"/>
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        <balance>2742920.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Helius Minerals Ltd.</name>
        <lei>529900HFNW4F39RLOZ60</lei>
        <title>Helius Minerals Ltd.</title>
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          <isin value="CA42329R1148"/>
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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>Discovery Mining Ltd.</name>
        <lei>N/A</lei>
        <title>Discovery Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1401404"/>
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        <balance>5616700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amex Gold Mining, Inc.</name>
        <lei>549300B1S86E4WXYUW33</lei>
        <title>Amex Gold Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1614681"/>
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        <balance>1944463.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tectonic Metals, Inc.</name>
        <lei>25490018MOFVHN0S8X34</lei>
        <title>Tectonic Metals, Inc.</title>
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          <isin value="CA87877T6088"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Challenger Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Challenger Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000470205"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Talamore Mining Corp.</name>
        <lei>529900TQDM0BH3FAGJ98</lei>
        <title>Talamore Mining Corp.</title>
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          <isin value="CA8740852022"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Osisko Gold Group, Inc.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Gold Group, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Osisko Gold Group, Inc.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Gold Group, Inc.</title>
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          <isin value="CA68827X1399"/>
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      <invstOrSec>
        <name>Osisko Gold Group, Inc.</name>
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        <name>Gold X2 Mining, Inc.</name>
        <lei>98450058F667FEA56331</lei>
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        <name>Australian Dollar</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rox Resources Ltd.</name>
        <lei>5299001EMVZIKMJXB767</lei>
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        <invCountry>AU</invCountry>
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        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
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        <name>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
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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>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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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"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
          <other otherDesc="Inhouse Asset ID" value="374035"/>
        </identifiers>
        <balance>895000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.52125000"/>
        <valUSD>9761042.00000000</valUSD>
        <pctVal>0.354647933696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hochschild Mining plc</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FW5029"/>
          <other otherDesc="Inhouse Asset ID" value="373974"/>
        </identifiers>
        <balance>2418520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
        <valUSD>14200088.29000000</valUSD>
        <pctVal>0.515931800146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silver Mines Ltd.</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>Silver Mines Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SVL8"/>
          <other otherDesc="Inhouse Asset ID" value="1141860"/>
        </identifiers>
        <balance>68966666.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>6567760.61000000</valUSD>
        <pctVal>0.238626442684</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>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"/>
        </identifiers>
        <balance>7146549.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>28629010.06000000</valUSD>
        <pctVal>1.040177806997</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>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
          <other otherDesc="Inhouse Asset ID" value="440274"/>
        </identifiers>
        <balance>3208694.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>12016723.26000000</valUSD>
        <pctVal>0.436603599694</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>Predictive Discovery Ltd.</name>
        <lei>529900NL3JLEV0OIIW58</lei>
        <title>Predictive Discovery Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PDI8"/>
          <other otherDesc="Inhouse Asset ID" value="1147160"/>
        </identifiers>
        <balance>42381471.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>19656026.05000000</valUSD>
        <pctVal>0.714162383823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>St. Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St. Augustine Gold and Copper Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG8448A1030"/>
          <other otherDesc="Inhouse Asset ID" value="473815"/>
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        <balance>337336.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>47525.67000000</valUSD>
        <pctVal>0.001726750142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Contango Silver &amp; Gold, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango Silver &amp; Gold, Inc.</title>
        <cusip>21077F100</cusip>
        <identifiers>
          <isin value="US21077F1003"/>
          <other otherDesc="Inhouse Asset ID" value="818467"/>
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        <balance>106457.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1639437.80000000</valUSD>
        <pctVal>0.059565692699</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>
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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>2789984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>5560205.57000000</valUSD>
        <pctVal>0.202018945961</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>Asante Gold Corp.</name>
        <lei>529900F9PV1G9S5YD446</lei>
        <title>Asante Gold Corp.</title>
        <cusip>04341X107</cusip>
        <identifiers>
          <isin value="CA04341X1078"/>
          <other otherDesc="Inhouse Asset ID" value="1542066"/>
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        <balance>1850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>936976.14000000</valUSD>
        <pctVal>0.034043153586</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>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>15616666.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>9398036.82000000</valUSD>
        <pctVal>0.341458866688</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>Antipa Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Antipa Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000AZY0"/>
          <other otherDesc="Inhouse Asset ID" value="1429642"/>
        </identifiers>
        <balance>10630000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>4075931.39000000</valUSD>
        <pctVal>0.148090812984</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>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>38045Y102</cusip>
        <identifiers>
          <isin value="CA38045Y1025"/>
          <other otherDesc="Inhouse Asset ID" value="1042204"/>
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        <balance>2218886.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>4590198.24000000</valUSD>
        <pctVal>0.166775670166</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>Western Copper &amp; Gold Corp.</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
        <cusip>95805V108</cusip>
        <identifiers>
          <isin value="CA95805V1085"/>
          <other otherDesc="Inhouse Asset ID" value="383976"/>
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        <balance>2230000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>4517744.41000000</valUSD>
        <pctVal>0.164143205200</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>Santana Minerals Ltd.</name>
        <lei>529900AP5TCLXHAZ9440</lei>
        <title>Santana Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SMI3"/>
          <other otherDesc="Inhouse Asset ID" value="1493936"/>
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        <balance>22853334.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>7543150.25000000</valUSD>
        <pctVal>0.274065273945</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>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="1155449"/>
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        <balance>176200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>173453.65000000</valUSD>
        <pctVal>0.006302091371</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>Great Boulder Resources Ltd.</name>
        <lei>529900U5U6HAYCB54642</lei>
        <title>Great Boulder Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GBR2"/>
          <other otherDesc="Inhouse Asset ID" value="1613041"/>
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        <balance>65998967.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
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        <pctVal>0.107821757599</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>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>891054603</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
          <other otherDesc="Inhouse Asset ID" value="456566"/>
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        <balance>1142000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>1.596824764545</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>Titan Minerals Ltd.</name>
        <lei>98450084C73TE3E80348</lei>
        <title>Titan Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000TTM8"/>
          <other otherDesc="Inhouse Asset ID" value="1586775"/>
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        <balance>8905000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
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        <pctVal>0.124891352448</pctVal>
        <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>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="1191448"/>
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        <balance>13129800.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.459400629025</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>Sitka Gold Corp.</name>
        <lei>52990015XSDJ1XAJBH37</lei>
        <title>Sitka Gold Corp.</title>
        <cusip>860647106</cusip>
        <identifiers>
          <isin value="CA8606471065"/>
          <other otherDesc="Inhouse Asset ID" value="1459168"/>
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        <balance>550000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>364874.99000000</valUSD>
        <pctVal>0.013257002813</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>Black Cat Syndicate Ltd.</name>
        <lei>N/A</lei>
        <title>Black Cat Syndicate Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BC88"/>
          <other otherDesc="Inhouse Asset ID" value="1145677"/>
        </identifiers>
        <balance>30426504.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>19159613.29000000</valUSD>
        <pctVal>0.696126219283</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>Bellevue Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Bellevue Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000019374"/>
          <other otherDesc="Inhouse Asset ID" value="1125369"/>
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        <balance>18344000.00000000</balance>
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        <valUSD>16061512.43000000</valUSD>
        <pctVal>0.583562922416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saturn Metals Ltd.</name>
        <lei>5299007UYBJYDGQPIH84</lei>
        <title>Saturn Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000STN8"/>
          <other otherDesc="Inhouse Asset ID" value="1106601"/>
        </identifiers>
        <balance>28776957.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>8570272.83000000</valUSD>
        <pctVal>0.311383718088</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>Rio2 Ltd.</name>
        <lei>2549009N9W290I0XSE73</lei>
        <title>Rio2 Ltd.</title>
        <cusip>767217102</cusip>
        <identifiers>
          <isin value="CA7672171021"/>
          <other otherDesc="Inhouse Asset ID" value="1405989"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>2225630.42000000</valUSD>
        <pctVal>0.080863828843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
        <cusip>72765Q882</cusip>
        <identifiers>
          <isin value="CA72765Q8829"/>
          <other otherDesc="Inhouse Asset ID" value="402942"/>
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        <balance>915458.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1175464.14000000</valUSD>
        <pctVal>0.042708137961</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"/>
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        <balance>694724.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>20967844.23000000</valUSD>
        <pctVal>0.761824673047</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>Atex Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>04681A105</cusip>
        <identifiers>
          <isin value="CA04681A1057"/>
          <other otherDesc="Inhouse Asset ID" value="1587315"/>
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        <balance>7645800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>12708003.00000000</valUSD>
        <pctVal>0.461719866113</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>Toubani Resources Ltd.</name>
        <lei>984500E554852C964176</lei>
        <title>Toubani Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000241416"/>
          <other otherDesc="Inhouse Asset ID" value="1385327"/>
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        <balance>17865000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>3248921.92000000</valUSD>
        <pctVal>0.118043078358</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>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>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>14445.20000000</valUSD>
        <pctVal>0.000524837443</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>Ora Banda Mining Ltd.</name>
        <lei>984500DAD3BDFDHBD844</lei>
        <title>Ora Banda Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000050130"/>
          <other otherDesc="Inhouse Asset ID" value="1149512"/>
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        <balance>32257692.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>25696036.12000000</valUSD>
        <pctVal>0.933614066424</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>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>4138235.50000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>37076889.74000000</valUSD>
        <pctVal>1.347114614833</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>Artemis Gold, Inc.</name>
        <lei>529900GXBX7DGL5YMO49</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
          <other otherDesc="Inhouse Asset ID" value="1146510"/>
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        <balance>256800.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>6162393.98000000</valUSD>
        <pctVal>0.223898257136</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>Firefinch Ltd.</name>
        <lei>52990065EGEF8FEI8S51</lei>
        <title>Firefinch Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000114522"/>
          <other otherDesc="Inhouse Asset ID" value="1152018"/>
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        <balance>18028500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>557158.32000000</valUSD>
        <pctVal>0.020243232938</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>
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      <invstOrSec>
        <name>US Gold Corp.</name>
        <lei>5299003C2TFXIV9QAV34</lei>
        <title>US Gold Corp.</title>
        <cusip>90291C201</cusip>
        <identifiers>
          <isin value="US90291C2017"/>
          <other otherDesc="Inhouse Asset ID" value="1495437"/>
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        <balance>360000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4672800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Adyton Resources Corp.</name>
        <lei>9845007706FCB6A02B69</lei>
        <title>Adyton Resources Corp.</title>
        <cusip>00784W101</cusip>
        <identifiers>
          <isin value="CA00784W1014"/>
          <other otherDesc="Inhouse Asset ID" value="1506607"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.012958946869</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>Magna Mining, Inc.</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
        <cusip>55925F102</cusip>
        <identifiers>
          <isin value="CA55925F1027"/>
          <other otherDesc="Inhouse Asset ID" value="1262896"/>
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        <balance>878271.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.050078455850</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>Galiano Gold, Inc.</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>Galiano Gold, Inc.</title>
        <cusip>36352H100</cusip>
        <identifiers>
          <isin value="CA36352H1001"/>
          <other otherDesc="Inhouse Asset ID" value="468965"/>
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        <balance>7307219.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>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="1133483"/>
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        <balance>10000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>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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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boab Metals Ltd.</name>
        <lei>549300LZ01Q8WIYKAU93</lei>
        <title>Boab Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000131849"/>
          <other otherDesc="Inhouse Asset ID" value="1531986"/>
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        <balance>25363000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WIA Gold Ltd.</name>
        <lei>529900UWSL321JN1GB20</lei>
        <title>WIA Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000193872"/>
          <other otherDesc="Inhouse Asset ID" value="1507870"/>
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        <balance>37660139.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nevgold Corp.</name>
        <lei>9845004EF3E1DE7F1D61</lei>
        <title>Nevgold Corp.</title>
        <cusip>641536107</cusip>
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          <isin value="CA6415361071"/>
          <other otherDesc="Inhouse Asset ID" value="1566961"/>
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        <balance>3957500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000RTG4"/>
          <other otherDesc="Inhouse Asset ID" value="580890"/>
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        <balance>82487582.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>25213732.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>7557000.00000000</balance>
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        <pctVal>0.082261839823</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>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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        <pctVal>0.160186683621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Galantas Gold Corp.</name>
        <lei>213800JKVPLLKO4KVB93</lei>
        <title>Galantas Gold Corp.</title>
        <cusip>36315W301</cusip>
        <identifiers>
          <isin value="CA36315W3012"/>
          <other otherDesc="Inhouse Asset ID" value="1614583"/>
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        <balance>5870780.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1675152.12000000</valUSD>
        <pctVal>0.060863301068</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>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
          <other otherDesc="Inhouse Asset ID" value="1025679"/>
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        <balance>1431863.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>37986221.76000000</valUSD>
        <pctVal>1.380153374623</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>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>12145414.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>3426590.97000000</valUSD>
        <pctVal>0.124498327856</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>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>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1145877.89000000</valUSD>
        <pctVal>0.041633180756</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>Tolu Minerals Ltd.</name>
        <lei>529900GTAE7MCGHVUG46</lei>
        <title>Tolu Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PG0000000656"/>
          <other otherDesc="Inhouse Asset ID" value="1405788"/>
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        <balance>9518700.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
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        <pctVal>0.292022846211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aurum Resources Ltd.</name>
        <lei>984500B9F3D67492F792</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>9000000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>2908869.51000000</valUSD>
        <pctVal>0.105687954330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>82426170.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
        <valUSD>33922829.78000000</valUSD>
        <pctVal>1.232518156015</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>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>2860000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>2305382.17000000</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>Medallion Metals Ltd.</name>
        <lei>529900P74IDMKTKYVQ71</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>31020000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116109"/>
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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>Northam Platinum Holdings Ltd.</name>
        <lei>3789009D0712C7101695</lei>
        <title>Northam Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000298253"/>
          <other otherDesc="Inhouse Asset ID" value="1163079"/>
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        <balance>474019.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="16.52125000"/>
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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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barton Gold Holdings Ltd.</name>
        <lei>984500B2B88B9509FF55</lei>
        <title>Barton Gold Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000153215"/>
          <other otherDesc="Inhouse Asset ID" value="1527088"/>
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        <balance>11268800.00000000</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>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG7707W1529"/>
          <other otherDesc="Inhouse Asset ID" value="542400"/>
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        <balance>4167708.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Collective Mining Ltd.</name>
        <lei>98450055FE5CF6E9J694</lei>
        <title>Collective Mining Ltd.</title>
        <cusip>19425C100</cusip>
        <identifiers>
          <isin value="CA19425C1005"/>
          <other otherDesc="Inhouse Asset ID" value="1408301"/>
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        <balance>490000.00000000</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>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>1077114.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Snowline Gold Corp.</name>
        <lei>529900VVFSE66NAIST38</lei>
        <title>Snowline Gold Corp.</title>
        <cusip>83342V104</cusip>
        <identifiers>
          <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000164139"/>
          <other otherDesc="Inhouse Asset ID" value="648914"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>3</fairValLevel>
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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="AU0000367443"/>
          <other otherDesc="Inhouse Asset ID" value="1438388"/>
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        <balance>1732272.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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="1384648"/>
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        <balance>1630000.00000000</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>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>42752194.00000000</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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      <invstOrSec>
        <name>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
        <cusip>10566M106</cusip>
        <identifiers>
          <isin value="CA10566M1068"/>
          <other otherDesc="Inhouse Asset ID" value="1204532"/>
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        <balance>2630000.00000000</balance>
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        <valUSD>4483860.61000000</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>
      <invstOrSec>
        <name>Felix Gold Ltd.</name>
        <lei>529900KXVHDWF28WLP03</lei>
        <title>Felix Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000194433"/>
          <other otherDesc="Inhouse Asset ID" value="1467164"/>
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        <balance>21836000.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bellavista Resources Ltd.</name>
        <lei>5299007LG3MI1OOU8Q34</lei>
        <title>Bellavista Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000216913"/>
          <other otherDesc="Inhouse Asset ID" value="1571618"/>
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        <balance>6662470.00000000</balance>
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        <valUSD>1652415.67000000</valUSD>
        <pctVal>0.060037217642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pilbara Gold Ltd.</name>
        <lei>5299001LVEKDO6K0O468</lei>
        <title>Pilbara Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000466062"/>
          <other otherDesc="Inhouse Asset ID" value="1532667"/>
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        <balance>9700000.00000000</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>
      <invstOrSec>
        <name>G3 Goldfields, Inc.</name>
        <lei>N/A</lei>
        <title>G3 Goldfields, Inc.</title>
        <cusip>362421109</cusip>
        <identifiers>
          <isin value="CA3624211098"/>
          <other otherDesc="Inhouse Asset ID" value="1640603"/>
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        <balance>250000.00000000</balance>
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        <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>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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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Axo Metals Corp.</name>
        <lei>984500CAK03E3F863649</lei>
        <title>Axo Metals Corp.</title>
        <cusip>05465W106</cusip>
        <identifiers>
          <isin value="CA05465W1068"/>
          <other otherDesc="Inhouse Asset ID" value="1569566"/>
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        <balance>6979051.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.150132311177</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>Forrestania Resources Ltd.</name>
        <lei>529900D3ZQKAEEZKVT47</lei>
        <title>Forrestania Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000171621"/>
          <other otherDesc="Inhouse Asset ID" value="1628620"/>
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        <balance>11747083.00000000</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>
      <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="1374576"/>
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        <balance>700.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>Blue Moon Metals, Inc.</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
        <cusip>09570Q509</cusip>
        <identifiers>
          <isin value="CA09570Q5095"/>
          <other otherDesc="Inhouse Asset ID" value="610776"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>FireFly Metals Ltd.</name>
        <lei>529900XFOBB3CJ170E75</lei>
        <title>FireFly Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
          <other otherDesc="Inhouse Asset ID" value="1186309"/>
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        <balance>8137185.00000000</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>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="1348243"/>
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        <balance>3500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>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>7633750.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Onyx Gold Corp.</name>
        <lei>529900LI2BU0WQI1I448</lei>
        <title>Onyx Gold Corp.</title>
        <cusip>68339G103</cusip>
        <identifiers>
          <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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gorilla Gold Mines Ltd.</name>
        <lei>N/A</lei>
        <title>Gorilla Gold Mines Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000382079"/>
          <other otherDesc="Inhouse Asset ID" value="431611"/>
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        <balance>14420000.00000000</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>Talamore Mining Corp.</name>
        <lei>529900TQDM0BH3FAGJ98</lei>
        <title>Talamore Mining Corp.</title>
        <cusip>874085103</cusip>
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          <isin value="CA8740851032"/>
          <other otherDesc="Inhouse Asset ID" value="1521526"/>
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        <balance>1133507.00000000</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>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222400</cusip>
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          <isin value="CA6752224007"/>
          <other otherDesc="Inhouse Asset ID" value="431553"/>
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        <balance>226496.00000000</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>Amapa Minerals Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Amapa Minerals Holdings, Inc.</title>
        <cusip>02290C108</cusip>
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          <isin value="CA02290C1086"/>
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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>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000297962"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gold X2 Mining, Inc.</name>
        <lei>98450058F667FEA56331</lei>
        <title>Gold X2 Mining, Inc.</title>
        <cusip>38076G509</cusip>
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          <isin value="CA38076G5095"/>
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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>Challenger Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Challenger Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000470569"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STLLR Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>STLLR Gold, Inc.</title>
        <cusip>86101P101</cusip>
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          <isin value="CA86101P1018"/>
          <other otherDesc="Inhouse Asset ID" value="1228944"/>
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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>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>790072.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1651250.48000000</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>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T509</cusip>
        <identifiers>
          <isin value="CA45826T5098"/>
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      <invstOrSec>
        <name>Asara Resources Ltd.</name>
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        <title>Asara Resources Ltd.</title>
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      <invstOrSec>
        <name>New Murchison Gold Ltd.</name>
        <lei>529900ZWLB16ZFZDXJ25</lei>
        <title>New Murchison Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000365348"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Golden Horse Minerals Ltd.</name>
        <lei>529900VZZPN6U19J5N97</lei>
        <title>Golden Horse Minerals Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
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          <isin value="CA92859G6085"/>
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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>Phoenix Metals Corp.</name>
        <lei>N/A</lei>
        <title>Phoenix Metals Corp.</title>
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          <isin value="CA71910B3039"/>
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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>Discovery Mining Ltd.</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Mining Ltd.</title>
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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>Andean Silver Ltd.</name>
        <lei>529900L4ISGTAPAUNP20</lei>
        <title>Andean Silver Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000343253"/>
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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>Nevada King Gold Corp.</name>
        <lei>N/A</lei>
        <title>Nevada King Gold Corp.</title>
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          <isin value="CA64135V2049"/>
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        <balance>2800000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vior Gold Corp., Inc.</name>
        <lei>8945001NWC9FAHTY1A39</lei>
        <title>Vior Gold Corp., Inc.</title>
        <cusip>927954107</cusip>
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          <isin value="CA9279541077"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp.</title>
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          <isin value="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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      <invstOrSec>
        <name>AuMega Metals Ltd.</name>
        <lei>529900XG89DFWV81PF22</lei>
        <title>AuMega Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000338311"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cambria Gold Mines, Inc.</name>
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        <title>Cambria Gold Mines, Inc.</title>
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          <isin value="CA1320631080"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Thesis Gold &amp; Silver, Inc.</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold &amp; Silver, Inc.</title>
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          <isin value="CA8839221063"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Max Resource Corp.</name>
        <lei>254900XET56T3KS7G591</lei>
        <title>Max Resource Corp.</title>
        <cusip>57772U406</cusip>
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          <isin value="CA57772U4063"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Amaroq Ltd.</name>
        <lei>213800Q21S5JQ6WKCE70</lei>
        <title>Amaroq Ltd.</title>
        <cusip>02311U103</cusip>
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        <invCountry>CA</invCountry>
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        <name>Osisko Gold Group, Inc.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Gold Group, Inc.</title>
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        <invCountry>CA</invCountry>
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        <name>Ballard Mining Ltd.</name>
        <lei>529900ZNIAHYGAP1M324</lei>
        <title>Ballard Mining Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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        <name>Predictive Discovery Ltd.</name>
        <lei>529900NL3JLEV0OIIW58</lei>
        <title>Predictive Discovery Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Meridian Mining plc</name>
        <lei>984500EB404A37FD8886</lei>
        <title>Meridian Mining plc</title>
        <cusip>N/A</cusip>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Troilus Mining Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Mining Corp.</title>
        <cusip>89688V103</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>Sinclair Gold Ltd.</name>
        <lei>529900Q4LAMYP8APXF47</lei>
        <title>Sinclair Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1554568"/>
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        <balance>4279567.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Valiant Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Valiant Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000457384"/>
          <other otherDesc="Inhouse Asset ID" value="1587760"/>
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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>
      <invstOrSec>
        <name>Maritana Minerals Ltd.</name>
        <lei>984500A12AE2C6874A86</lei>
        <title>Maritana Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000464257"/>
          <other otherDesc="Inhouse Asset ID" value="1579386"/>
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        <balance>17411203.00000000</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>Mining Americas, Inc.</name>
        <lei>254900I6L38EFNS8Z440</lei>
        <title>Mining Americas, Inc.</title>
        <cusip>60365B108</cusip>
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          <isin value="CA60365B1085"/>
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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>Cadillac Mines Corp.</name>
        <lei>N/A</lei>
        <title>Cadillac Mines Corp.</title>
        <cusip>127492106</cusip>
        <identifiers>
          <isin value="CA1274921065"/>
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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>Westgold Resources Ltd.</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
        <title>Westgold Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000WGX6"/>
          <other otherDesc="Inhouse Asset ID" value="655898"/>
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        <balance>5850000.00000000</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>K92 Mining, Inc.</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining, Inc.</title>
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          <isin value="CA4991131083"/>
          <other otherDesc="Inhouse Asset ID" value="1150152"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>68634K106</cusip>
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          <isin value="CA68634K1066"/>
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        <balance>2299928.00000000</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>Alamos Gold, Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
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          <isin value="CA0115321089"/>
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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>Canadian Dollar</name>
        <lei>N/A</lei>
        <title>Canadian Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="CAD"/>
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        <balance>317.32000000</balance>
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        <descOthUnits>Currencies</descOthUnits>
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        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anglogold Ashanti plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BRXH2664"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sinda Ltd.</name>
        <lei>N/A</lei>
        <title>Sinda Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG815691087"/>
          <other otherDesc="Inhouse Asset ID" value="1628647"/>
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        <balance>460583.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cambria Gold Mines, Inc.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Cambria Gold Mines, Inc.</title>
        <cusip>04364G155</cusip>
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          <isin value="CA04364G1550"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Silver Mountain Resources, Inc.</name>
        <lei>529900FZCY72N73U9N27</lei>
        <title>Silver Mountain Resources, Inc.</title>
        <cusip>828042507</cusip>
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          <isin value="CA8280425072"/>
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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>AuMega Metals Ltd.</name>
        <lei>529900XG89DFWV81PF22</lei>
        <title>AuMega Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000338311"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA87425A1434"/>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Sitka Gold Corp.</name>
        <lei>52990015XSDJ1XAJBH37</lei>
        <title>Sitka Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Calibre Mining Corp.</name>
        <lei>9845005U3E61362A1O58</lei>
        <title>Calibre Mining Corp.</title>
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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>39115B105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Great Pacific Gold Corp.</name>
        <lei>894500US4ZD5I4S32M90</lei>
        <title>Great Pacific Gold Corp.</title>
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        <name>Sierra Madre Gold and Silver Ltd.</name>
        <lei>984500C0001D39FB0424</lei>
        <title>Sierra Madre Gold and Silver Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tectonic Metals, Inc.</name>
        <lei>25490018MOFVHN0S8X34</lei>
        <title>Tectonic Metals, Inc.</title>
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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>Adyton Resources Corp.</name>
        <lei>9845007706FCB6A02B69</lei>
        <title>Adyton Resources Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1500081"/>
        </identifiers>
        <balance>5140000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Snowline Gold Corp.</name>
        <lei>529900VVFSE66NAIST38</lei>
        <title>Snowline Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA83342V1040"/>
          <other otherDesc="Inhouse Asset ID" value="1507906"/>
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        <balance>545450.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>5233300.64000000</valUSD>
        <pctVal>0.190141509317</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>Helius Minerals Ltd.</name>
        <lei>529900HFNW4F39RLOZ60</lei>
        <title>Helius Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1560402"/>
        </identifiers>
        <balance>67274.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>42820.59000000</valUSD>
        <pctVal>0.001555800473</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>Omai Gold Mines Corp.</name>
        <lei>254900GOHPZOKN6K3C88</lei>
        <title>Omai Gold Mines Corp.</title>
        <cusip>682043104</cusip>
        <identifiers>
          <isin value="CA6820431048"/>
          <other otherDesc="Inhouse Asset ID" value="1362378"/>
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        <balance>23824678.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>1.438741156285</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>Roxmore Resources, Inc.</name>
        <lei>529900WXU2EXI7C00O27</lei>
        <title>Roxmore Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1579898"/>
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        <balance>1699430.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>Atex Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>04681A105</cusip>
        <identifiers>
          <isin value="CA04681A1057"/>
          <other otherDesc="Inhouse Asset ID" value="1337159"/>
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        <balance>1353242.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1582745"/>
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        <balance>783199.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>41355.32000000</valUSD>
        <pctVal>0.001502562819</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>Walhalla Gold Corp.</name>
        <lei>N/A</lei>
        <title>Walhalla Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA9314331062"/>
          <other otherDesc="Inhouse Asset ID" value="1554636"/>
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        <balance>3449350.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>246057.00000000</valUSD>
        <pctVal>0.008939988847</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>SUA Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>SUA Holdings Ltd.</title>
        <cusip>78485H201</cusip>
        <identifiers>
          <isin value="CA78485H2019"/>
          <other otherDesc="Inhouse Asset ID" value="1434836"/>
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        <balance>671300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>770018.48000000</valUSD>
        <pctVal>0.027977081016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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="1595905"/>
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        <balance>524703.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>12606.57000000</valUSD>
        <pctVal>0.000458034500</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>
        <name>Scottie Resources Corp.</name>
        <lei>549300ZRO5OWUZN7NZ11</lei>
        <title>Scottie Resources Corp.</title>
        <cusip>81012R502</cusip>
        <identifiers>
          <isin value="CA81012R5024"/>
          <other otherDesc="Inhouse Asset ID" value="1601402"/>
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        <balance>3757033.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.200591227668</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>AuMega Metals Ltd.</name>
        <lei>529900XG89DFWV81PF22</lei>
        <title>AuMega Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1607915"/>
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        <balance>43558000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1158791.63000000</valUSD>
        <pctVal>0.042102375664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AuMega Metals Ltd.</name>
        <lei>529900XG89DFWV81PF22</lei>
        <title>AuMega Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1607917"/>
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        <balance>43558000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>509577.49000000</valUSD>
        <pctVal>0.018514478668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mackay Gold &amp; Silver Corp.</name>
        <lei>N/A</lei>
        <title>Mackay Gold &amp; Silver Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1611766"/>
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        <balance>3443285.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>7196793.56000000</valUSD>
        <pctVal>0.261481096515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cambria Gold Mines, Inc.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Cambria Gold Mines, Inc.</title>
        <cusip>132063108</cusip>
        <identifiers>
          <isin value="CA1320631080"/>
          <other otherDesc="Inhouse Asset ID" value="1075154"/>
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        <balance>31849862.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.619111006280</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>Blue Moon Metals, Inc.</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA09570Q8065"/>
          <other otherDesc="Inhouse Asset ID" value="1611908"/>
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        <balance>498594.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.089618731579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Axo Metals Corp.</name>
        <lei>984500CAK03E3F863649</lei>
        <title>Axo Metals Corp.</title>
        <cusip>05465W122</cusip>
        <identifiers>
          <isin value="CA05465W1225"/>
          <other otherDesc="Inhouse Asset ID" value="1569567"/>
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        <balance>3489525.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <pctVal>0.013482965004</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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      <invstOrSec>
        <name>NevGold Corp.</name>
        <lei>9845004EF3E1DE7F1D61</lei>
        <title>NevGold Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA6415365031"/>
          <other otherDesc="Inhouse Asset ID" value="1609745"/>
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        <balance>5503828.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>1750000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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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>Aya Gold &amp; Silver, Inc.</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA05466C1095"/>
          <other otherDesc="Inhouse Asset ID" value="1234478"/>
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        <balance>355000.00000000</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>NorthIsle Copper &amp; Gold, Inc.</name>
        <lei>529900G61ZI4E10QX285</lei>
        <title>NorthIsle Copper &amp; Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA66644R1038"/>
          <other otherDesc="Inhouse Asset ID" value="1316196"/>
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        <balance>10052545.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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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        <valUSD>19693.91000000</valUSD>
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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>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA45826T1527"/>
          <other otherDesc="Inhouse Asset ID" value="1337895"/>
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        <balance>500000.00000000</balance>
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        <valUSD>613475.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silver Mountain Resources, Inc.</name>
        <lei>529900FZCY72N73U9N27</lei>
        <title>Silver Mountain Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA8280421352"/>
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        <balance>3100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Contango Silver &amp; Gold, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango Silver &amp; Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1365648"/>
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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>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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        <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>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
        <title>Newcore Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA65118M1032"/>
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        <balance>2540000.00000000</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>Greenheart Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Greenheart Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA39526E1025"/>
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        <balance>3361800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>894500N5AZEQU0BLOT06</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA36270K1021"/>
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        <balance>4256375.00000000</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>Rio2 Ltd.</name>
        <lei>2549009N9W290I0XSE73</lei>
        <title>Rio2 Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA7672171021"/>
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        <balance>5220884.00000000</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 Sucursal del Peru</name>
        <lei>N/A</lei>
        <title>Cerro de Pasco Resources Sucursal del Peru</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1409335"/>
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        <balance>3700000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <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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        <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>Vior Gold Corp., Inc.</name>
        <lei>8945001NWC9FAHTY1A39</lei>
        <title>Vior Gold Corp., Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1441234"/>
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        <balance>17700000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blue Moon Metals, Inc.</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA09570Q5095"/>
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        <balance>2349453.00000000</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>Maple Gold Mines Ltd.</name>
        <lei>529900614R460CGCLU46</lei>
        <title>Maple Gold Mines Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="CA5651276027"/>
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        <balance>3849386.00000000</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>Talamore Mining Corp.</name>
        <lei>529900TQDM0BH3FAGJ98</lei>
        <title>Talamore Mining Corp.</title>
        <cusip>N/A</cusip>
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        <balance>576080.00000000</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>Sitka Gold Corp.</name>
        <lei>52990015XSDJ1XAJBH37</lei>
        <title>Sitka Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8606471065"/>
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        <balance>3611843.00000000</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>Atex Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>N/A</cusip>
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        <balance>1353242.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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          <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>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Cerro de Pasco Resources, Inc.</name>
        <lei>529900WKB2I6AJYVHK72</lei>
        <title>Cerro de Pasco Resources, Inc.</title>
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          <isin value="CA1568281051"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Asante Gold Corp.</name>
        <lei>529900F9PV1G9S5YD446</lei>
        <title>Asante Gold Corp.</title>
        <cusip>04341X107</cusip>
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          <isin value="CA04341X1078"/>
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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>Silver Mountain Resources, Inc.</name>
        <lei>529900FZCY72N73U9N27</lei>
        <title>Silver Mountain Resources, Inc.</title>
        <cusip>N/A</cusip>
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        <balance>332400.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Silver Mountain Resources, Inc.</name>
        <lei>529900FZCY72N73U9N27</lei>
        <title>Silver Mountain Resources, Inc.</title>
        <cusip>828042507</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>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1543254"/>
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        <balance>1195379.00000000</balance>
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        <valUSD>644476.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hemlo Mining Corp.</name>
        <lei>529900LAXG9T9UEN3T86</lei>
        <title>Hemlo Mining Corp.</title>
        <cusip>42366G104</cusip>
        <identifiers>
          <isin value="CA42366G1046"/>
          <other otherDesc="Inhouse Asset ID" value="1549535"/>
        </identifiers>
        <balance>8192210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>29686790.17000000</valUSD>
        <pctVal>1.078610131160</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>Adyton Resources Corp.</name>
        <lei>9845007706FCB6A02B69</lei>
        <title>Adyton Resources Corp.</title>
        <cusip>00784W101</cusip>
        <identifiers>
          <isin value="CA00784W1014"/>
          <other otherDesc="Inhouse Asset ID" value="1554233"/>
        </identifiers>
        <balance>10280000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1833291.72000000</valUSD>
        <pctVal>0.066608987069</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>Tiernan Gold Corp.</name>
        <lei>N/A</lei>
        <title>Tiernan Gold Corp.</title>
        <cusip>88650A105</cusip>
        <identifiers>
          <isin value="CA88650A1057"/>
          <other otherDesc="Inhouse Asset ID" value="1556581"/>
        </identifiers>
        <balance>1286127.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>5697363.25000000</valUSD>
        <pctVal>0.207002295875</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>Tiernan Gold Corp.</name>
        <lei>N/A</lei>
        <title>Tiernan Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1556553"/>
        </identifiers>
        <balance>643063.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>920555.57000000</valUSD>
        <pctVal>0.033446545026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Troilus Mining Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1405966"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1502300.53000000</valUSD>
        <pctVal>0.054583084342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Pacific Gold Corp.</name>
        <lei>894500US4ZD5I4S32M90</lei>
        <title>Great Pacific Gold Corp.</title>
        <cusip>39115B105</cusip>
        <identifiers>
          <isin value="CA39115B1058"/>
          <other otherDesc="Inhouse Asset ID" value="1489773"/>
        </identifiers>
        <balance>6898700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1377919.18000000</valUSD>
        <pctVal>0.050063936820</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>Walhalla Gold Corp.</name>
        <lei>N/A</lei>
        <title>Walhalla Gold Corp.</title>
        <cusip>931433502</cusip>
        <identifiers>
          <isin value="CA9314335022"/>
          <other otherDesc="Inhouse Asset ID" value="1559412"/>
        </identifiers>
        <balance>1724675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>99520.21000000</valUSD>
        <pctVal>0.003615867736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Walhalla Gold Corp.</name>
        <lei>N/A</lei>
        <title>Walhalla Gold Corp.</title>
        <cusip>931433304</cusip>
        <identifiers>
          <isin value="CA9314333043"/>
          <other otherDesc="Inhouse Asset ID" value="1559411"/>
        </identifiers>
        <balance>1724675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>108757.19000000</valUSD>
        <pctVal>0.003951474925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rua Gold, Inc.</name>
        <lei>894500I7AQ4P4EDAPF81</lei>
        <title>Rua Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA78109M2067"/>
          <other otherDesc="Inhouse Asset ID" value="1565533"/>
        </identifiers>
        <balance>4466490.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>3664060.71000000</valUSD>
        <pctVal>0.133126315791</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>Blossom Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Blossom Gold, Inc.</title>
        <cusip>09511B108</cusip>
        <identifiers>
          <isin value="CA09511B1085"/>
          <other otherDesc="Inhouse Asset ID" value="1536678"/>
        </identifiers>
        <balance>6398306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>7622192.83000000</valUSD>
        <pctVal>0.276937127962</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>Q-Gold Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Q-Gold Resources Ltd.</title>
        <cusip>747269504</cusip>
        <identifiers>
          <isin value="CA7472695047"/>
          <other otherDesc="Inhouse Asset ID" value="1564704"/>
        </identifiers>
        <balance>13088830.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
        <valUSD>1540576.35000000</valUSD>
        <pctVal>0.055973759689</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>Rand</name>
        <lei>N/A</lei>
        <title>Rand</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="ZAR"/>
        </identifiers>
        <balance>-0.01000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="ZAR" exchangeRt="16.52125000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>ZA</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>2026-08-31</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>
