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      <invstOrSec>
        <name>Franco Nevada Corp</name>
        <lei>98450064C1B5D3E94864</lei>
        <title>Franco Nevada Corp COM NPV</title>
        <cusip>351858105</cusip>
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          <isin value="CA3518581051"/>
          <ticker value="FNV"/>
          <other otherDesc="SEDOL" value="B29NF31"/>
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        <balance>31700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>7849230.82000000</valUSD>
        <pctVal>0.990918574117</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>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd. NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
          <ticker value="PRU"/>
          <other otherDesc="SEDOL" value="B02FBC1"/>
        </identifiers>
        <balance>3195000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938038"/>
        <valUSD>11352609.79000000</valUSD>
        <pctVal>1.433199273099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westgold Resources Ltd</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
        <title>Westgold Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000WGX6"/>
          <ticker value="WGX"/>
          <other otherDesc="SEDOL" value="BSWT7K9"/>
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        <balance>4997520.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>20872396.81000000</valUSD>
        <pctVal>2.635015603398</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>Evolution Mining Ltd.</name>
        <lei>254900BCFW5QO5LW8F27</lei>
        <title>Evolution Mining Ltd. NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000EVN4"/>
          <ticker value="EVN"/>
          <other otherDesc="SEDOL" value="B3X0F91"/>
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        <balance>1630000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938038"/>
        <valUSD>14192685.47000000</valUSD>
        <pctVal>1.791741888006</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>Genesis Minerals Ltd.</name>
        <lei>894500AK5BVRCNP0FP48</lei>
        <title>Genesis Minerals Ltd. NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000GMD9"/>
          <ticker value="GMD"/>
          <other otherDesc="SEDOL" value="B23G0X1"/>
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        <balance>1100000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938038"/>
        <valUSD>4470186.05000000</valUSD>
        <pctVal>0.564334326290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Troilus Mining Corp</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Mining Corp</title>
        <cusip>89688V103</cusip>
        <identifiers>
          <isin value="CA89688V1031"/>
          <ticker value="TLG"/>
          <other otherDesc="SEDOL" value="BVV5TH0"/>
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        <balance>6750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>7375458.27000000</valUSD>
        <pctVal>0.931107615506</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>Agnico Eagle Mines Ltd</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd COM</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <ticker value="AEM"/>
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        <balance>22204.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4506967.92000000</valUSD>
        <pctVal>0.568977817992</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>Osisko Development Corp</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp</title>
        <cusip>68828E809</cusip>
        <identifiers>
          <isin value="CA68828E8099"/>
          <ticker value="ODV"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1300000.00000000</valUSD>
        <pctVal>0.164117246121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Anglogold Ashanti PLC</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti PLC COM SHS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
          <ticker value="AU"/>
          <other otherDesc="SEDOL" value="BRXH266"/>
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        <balance>267117.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26006511.12000000</valUSD>
        <pctVal>3.283166912499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eldorado Gold Corp</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp COM</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
          <ticker value="EGO"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21456250.00000000</valUSD>
        <pctVal>2.708723586231</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>
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      <invstOrSec>
        <name>Gold Fields Ltd</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd SPONSORED ADR</title>
        <cusip>38059T106</cusip>
        <identifiers>
          <isin value="US38059T1060"/>
          <ticker value="GFI"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9988000.00000000</valUSD>
        <pctVal>1.260925426357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Montage Gold Corp</name>
        <lei>9845004C6BCE77ACA795</lei>
        <title>Montage Gold Corp</title>
        <cusip>61178L101</cusip>
        <identifiers>
          <isin value="CA61178L1013"/>
          <ticker value="MAU"/>
          <other otherDesc="SEDOL" value="BMYMV13"/>
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        <balance>1525000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>17353712.89000000</valUSD>
        <pctVal>2.190802745765</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>OSISKO DEVELOPMENT WRT P-PLACEMENT 3/2/27 7.60 STRIKE</name>
        <lei>N/A</lei>
        <title>OSISKO DEVELOPMENT WRT P-PLACEMENT 3/2/27 7.60 STRIKE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1AA1BLSNPWT"/>
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        <balance>24999.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>232.54000000</valUSD>
        <pctVal>0.000029356788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Equinox Gold Corp</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp COM</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
          <ticker value="EQX"/>
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        <balance>1100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15906000.00000000</valUSD>
        <pctVal>2.008037628317</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>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 06/18/26</title>
        <cusip>912797TD9</cusip>
        <identifiers>
          <isin value="US912797TD98"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228210.98000000</valUSD>
        <pctVal>0.028810275055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-18</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alamos Gold Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold Inc. COM NPV CL A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <ticker value="AGI"/>
          <other otherDesc="SEDOL" value="BZ3DNP6"/>
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        <balance>775250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <pctVal>4.354264188284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Artemis Gold Inc</name>
        <lei>529900GXBX7DGL5YMO49</lei>
        <title>Artemis Gold Inc COM</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
          <ticker value="ARTG"/>
          <other otherDesc="SEDOL" value="BKLTQ63"/>
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        <balance>850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>23066278.48000000</valUSD>
        <pctVal>2.911980078781</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>Snowline Gold Corp</name>
        <lei>529900VVFSE66NAIST38</lei>
        <title>Snowline Gold Corp</title>
        <cusip>83342V104</cusip>
        <identifiers>
          <isin value="CA83342V1040"/>
          <ticker value="SGD"/>
          <other otherDesc="SEDOL" value="BN7R1R8"/>
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        <balance>475000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>4739414.85000000</valUSD>
        <pctVal>0.598322856469</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>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 06/25/26</title>
        <cusip>912797TE7</cusip>
        <identifiers>
          <isin value="US912797TE71"/>
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        <balance>1345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1333620.43000000</valUSD>
        <pctVal>0.168361624879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>Kinross Gold Corp. COM</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
          <ticker value="KGC"/>
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        <balance>1135000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34640200.00000000</valUSD>
        <pctVal>4.373118637775</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>Fresnillo PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>Fresnillo PLC ORD USD0.50</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
          <ticker value="FRES"/>
          <other otherDesc="SEDOL" value="B2QPKJ1"/>
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        <balance>205000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
        <valUSD>8965007.52000000</valUSD>
        <pctVal>1.131778727418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agnico Eagle Mines Ltd</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd COM NPV</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <ticker value="AEM"/>
          <other otherDesc="SEDOL" value="2009823"/>
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        <balance>235859.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>47875426.52000000</valUSD>
        <pctVal>6.043987044129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BELLEVUE GOLD LTD</name>
        <lei>N/A</lei>
        <title>Bellevue Gold Ltd. NPV</title>
        <cusip>000000000</cusip>
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          <isin value="AU0000019374"/>
          <ticker value="BGL"/>
          <other otherDesc="SEDOL" value="BFZ31P0"/>
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        <balance>3500000.00000000</balance>
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        <pctVal>0.454237306931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern Cross Gold Consolidat</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Southern Cross Gold Consolidated Ltd</title>
        <cusip>842685109</cusip>
        <identifiers>
          <isin value="CA8426851090"/>
          <ticker value="SXGC"/>
          <other otherDesc="SEDOL" value="BTFK8C5"/>
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        <balance>150000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp. COM</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
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        <balance>345000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18847350.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Newmont Corporation</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corporation COM</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <ticker value="NEM"/>
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        <balance>623748.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67520721.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Thesis Gold &amp; Silver Inc</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold &amp; Silver Inc</title>
        <cusip>883922106</cusip>
        <identifiers>
          <isin value="CA8839221063"/>
          <ticker value="TAU"/>
          <other otherDesc="SEDOL" value="BTJYMG5"/>
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        <balance>1750000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamos Gold Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold Inc. COM CL A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <ticker value="AGI"/>
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        <balance>2675.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118850.25000000</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>Hochschild Mining PLC</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining PLC ORD GBP0.01</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B1FW5029"/>
          <ticker value="HOC"/>
          <other otherDesc="SEDOL" value="B1FW502"/>
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        <balance>1325000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp. COM NEW</title>
        <cusip>675222400</cusip>
        <identifiers>
          <isin value="CA6752224007"/>
          <ticker value="OGC"/>
          <other otherDesc="SEDOL" value="BQXQY26"/>
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        <balance>516666.00000000</balance>
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        <pctVal>2.056510959798</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>CONTANGO ORE INC WARRANT 05/09/26</name>
        <lei>N/A</lei>
        <title>CONTANGO ORE INC WARRANT 05/09/26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="GAB21077F2WT"/>
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        <balance>15000.00000000</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>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corporation</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corporation COM</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
          <ticker value="WPM"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17686350.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Osisko Development Corp</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp</title>
        <cusip>68828E809</cusip>
        <identifiers>
          <isin value="CA68828E8099"/>
          <ticker value="ODV"/>
          <other otherDesc="SEDOL" value="BMHZZL7"/>
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        <balance>850000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>K92 Mng Inc</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mng Inc COM NPV</title>
        <cusip>499113108</cusip>
        <identifiers>
          <isin value="CA4991131083"/>
          <ticker value="KNT"/>
          <other otherDesc="SEDOL" value="BYZ2CB3"/>
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        <balance>1235000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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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>Orla Mining Ltd New</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd New COM</title>
        <cusip>68634K106</cusip>
        <identifiers>
          <isin value="CA68634K1066"/>
          <ticker value="ORLA"/>
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        <balance>1075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17339750.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tolu Minerals Ltd</name>
        <lei>529900GTAE7MCGHVUG46</lei>
        <title>Tolu Minerals Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="PG0000000656"/>
          <ticker value="TOK"/>
          <other otherDesc="SEDOL" value="BMH6RX6"/>
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        <balance>1954167.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aris Mining Corp.</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Aris Mining Corp. COM</title>
        <cusip>04040Y109</cusip>
        <identifiers>
          <isin value="CA04040Y1097"/>
          <ticker value="ARIS"/>
          <other otherDesc="SEDOL" value="BQKRCQ2"/>
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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>Collective Mining Ltd</name>
        <lei>98450055FE5CF6E9J694</lei>
        <title>Collective Mining Ltd</title>
        <cusip>19425C100</cusip>
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          <isin value="CA19425C1005"/>
          <ticker value="CNL"/>
          <other otherDesc="SEDOL" value="BN79Z49"/>
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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>Aya Gold &amp; Silver Inc</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver Inc COM</title>
        <cusip>05466C109</cusip>
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          <isin value="CA05466C1095"/>
          <ticker value="AYA"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Royal Gold, Inc.</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold, Inc. COM</title>
        <cusip>780287108</cusip>
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          <isin value="US7802871084"/>
          <ticker value="RGLD"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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"/>
          <ticker value="ASE"/>
          <other otherDesc="SEDOL" value="B4M8B17"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pantoro Gold Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Gold Ltd. NPV</title>
        <cusip>000000000</cusip>
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          <ticker value="PNR"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barrick Mining Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corp. COM SHS</title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
          <ticker value="B"/>
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        <balance>425275.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp COM</title>
        <cusip>254677107</cusip>
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          <isin value="CA2546771072"/>
          <ticker value="DSV"/>
          <other otherDesc="SEDOL" value="BND9899"/>
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        <balance>3350000.00000000</balance>
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        <valUSD>21529005.82000000</valUSD>
        <pctVal>2.717908574552</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>Equinox Gold Corp</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp COM</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
          <ticker value="EQX"/>
          <other otherDesc="SEDOL" value="BKLNP13"/>
        </identifiers>
        <balance>552500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>7979099.27000000</valUSD>
        <pctVal>1.007313691326</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>Americas Gold &amp; Silver Corporation</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corporation COM NEW</title>
        <cusip>03062D803</cusip>
        <identifiers>
          <isin value="CA03062D8035"/>
          <ticker value="USA"/>
          <other otherDesc="SEDOL" value="BVMJP62"/>
        </identifiers>
        <balance>3820000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>19936165.62000000</valUSD>
        <pctVal>2.516821999832</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>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp COM</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23525000.00000000</valUSD>
        <pctVal>2.969890934626</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>G MINING VENTURES CORP (NEW)</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp COM</title>
        <cusip>36270K102</cusip>
        <identifiers>
          <isin value="CA36270K1021"/>
          <ticker value="GMIN"/>
          <other otherDesc="SEDOL" value="BSWW128"/>
        </identifiers>
        <balance>728125.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>25553204.30000000</valUSD>
        <pctVal>3.225939630233</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>DPM Metals Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DPM Metals Inc. COM</title>
        <cusip>26139R109</cusip>
        <identifiers>
          <isin value="CA26139R1091"/>
          <ticker value="DPM"/>
          <other otherDesc="SEDOL" value="BPCR7W4"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>21125727.84000000</valUSD>
        <pctVal>2.666997134937</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>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd. NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000NST8"/>
          <ticker value="NST"/>
          <other otherDesc="SEDOL" value="6717456"/>
        </identifiers>
        <balance>2406586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44938038"/>
        <valUSD>33806232.86000000</valUSD>
        <pctVal>4.267835260565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Contango Silver &amp; Gold Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango Silver &amp; Gold Inc. COM</title>
        <cusip>21077F100</cusip>
        <identifiers>
          <isin value="US21077F1003"/>
          <ticker value="CTGO"/>
        </identifiers>
        <balance>126479.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2371481.25000000</valUSD>
        <pctVal>0.299385363061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Gold Inc</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold Inc COM NPV</title>
        <cusip>550371108</cusip>
        <identifiers>
          <isin value="CA5503711080"/>
          <ticker value="LUG"/>
          <other otherDesc="SEDOL" value="BTKSSY6"/>
        </identifiers>
        <balance>79000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>6037301.42000000</valUSD>
        <pctVal>0.762173294659</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>Western Copper &amp; Gold Corp</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp</title>
        <cusip>95805V108</cusip>
        <identifiers>
          <isin value="CA95805V1085"/>
          <ticker value="WRN"/>
          <other otherDesc="SEDOL" value="B71LVL8"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>4567608.37000000</valUSD>
        <pctVal>0.576633313113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Gabelli Gold Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
