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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
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          <isin value="CA2546771072"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Elemental Royalty Corp</name>
        <lei>549300BQ0SXPY5XYOH89</lei>
        <title>Elemental Royalty Corp.</title>
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          <ticker value="ELE CN"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Summit Royalties</name>
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          <isin value="CA8662511010"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Triple Flag Precious Metals Co</name>
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        <title>Triple Flag Precious Metals Corp.</title>
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          <ticker value="TFPM"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Triple Flag Precious Metals Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Federated Hermes Treasury Obli</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Exploration Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WESTERN EXPLORATION RESTRICTED WARRANTS   /</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Wheaton Precious Metals Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Western Copper &amp; Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>B2Gold Corp</name>
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          <ticker value="BTO CN"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CANADIAN DOLLARS  /</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KEY CARBON COM   /</name>
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          <ticker value="CRBN CN PP"/>
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        <fairValLevel>3</fairValLevel>
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        <name>Dakota Gold Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Agnico Eagle Mines Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alamos Gold Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <lei>254900LWGXN18OTF7397</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altius Minerals Corp</name>
        <lei>54930083UJGDUCMJMU61</lei>
        <title>Altius Minerals Corp.</title>
        <cusip>020936100</cusip>
        <identifiers>
          <isin value="CA0209361009"/>
          <ticker value="ALS CN"/>
        </identifiers>
        <balance>208459</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>6598063.38</valUSD>
        <pctVal>1.0158898145</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>Anglogold Ashanti Plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti Plc</title>
        <cusip>G0378L100</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
          <ticker value="AU"/>
        </identifiers>
        <balance>226868</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21069231.16</valUSD>
        <pctVal>3.2439848032</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>Aurion Resources Ltd</name>
        <lei>529900TLK415XYT5YM22</lei>
        <title>Aurion Resources Ltd.</title>
        <cusip>05156F107</cusip>
        <identifiers>
          <isin value="CA05156F1071"/>
          <ticker value="AU CN"/>
        </identifiers>
        <balance>10690428</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>11383653.23</valUSD>
        <pctVal>1.7527169265</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>Barrick Mining Corp</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corp.</title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
          <ticker value="B"/>
        </identifiers>
        <balance>765392</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35047299.68</valUSD>
        <pctVal>5.3961583454</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>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
          <ticker value="BTG"/>
        </identifiers>
        <balance>4425229</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21683622.10</valUSD>
        <pctVal>3.3385812722</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.</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
          <ticker value="EQX"/>
        </identifiers>
        <balance>1089035</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15573200.50</valUSD>
        <pctVal>2.3977726275</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.</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
          <ticker value="EQX CN"/>
        </identifiers>
        <balance>332452</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>4755941.07</valUSD>
        <pctVal>0.7322621523</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>ERRINGTON METALS COM   /</name>
        <lei>N/A</lei>
        <title>ERRINGTON METALS COM   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ERMPP CN PP"/>
        </identifiers>
        <balance>3600000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>2643754.13</valUSD>
        <pctVal>0.4070532121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuerte Metals Corp</name>
        <lei>N/A</lei>
        <title>Fuerte Metals Corp.</title>
        <cusip>35958L101</cusip>
        <identifiers>
          <isin value="CA35958L1013"/>
          <ticker value="FMT CN"/>
        </identifiers>
        <balance>677333.3330</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>3277980.95</valUSD>
        <pctVal>0.5047037695</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>Franco-Nevada Corp</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp.</title>
        <cusip>351858105</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
          <ticker value="FNV"/>
        </identifiers>
        <balance>121506</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28476146.16</valUSD>
        <pctVal>4.3844117849</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>Fortuna Mining Corp</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>Fortuna Mining Corp.</title>
        <cusip>349942102</cusip>
        <identifiers>
          <isin value="CA3499421020"/>
          <ticker value="FSM"/>
        </identifiers>
        <balance>3584980</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35061104.40</valUSD>
        <pctVal>5.3982838288</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>GUANAJUATO SILVER RESTRICTED WARRANTS   /</name>
        <lei>N/A</lei>
        <title>GUANAJUATO SILVER RESTRICTED WARRANTS   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="GS WARR"/>
        </identifiers>
        <balance>1666500</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>428343.25</valUSD>
        <pctVal>0.0659511011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Manual</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GUANAJUATO SILVER RESTRICTED WARRANTS   /</issuerName>
                <issueTitle>GUANAJUATO SILVER RESTRICTED WARRANTS   /</issueTitle>
                <identifiers>
                  <ticker value="GSVR CN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>0.450000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2028-09-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>428343.25</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guanajuato Silver Co Ltd</name>
        <lei>549300C1VGZKX7N1GH74</lei>
        <title>Guanajuato Silver Co., Ltd.</title>
        <cusip>40066W106</cusip>
        <identifiers>
          <isin value="CA40066W1068"/>
          <ticker value="GSVR CN"/>
        </identifiers>
        <balance>7049000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>4141293.97</valUSD>
        <pctVal>0.6376262428</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>GUANAJUATO SILVER Co. RESTRICTED WARRANTS   /</name>
        <lei>N/A</lei>
        <title>GUANAJUATO SILVER Co. RESTRICTED WARRANTS   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="GSVR WAR"/>
        </identifiers>
        <balance>1750000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>192773.74</valUSD>
        <pctVal>0.0296809636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Manual</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GUANAJUATO SILVER Co. RESTRICTED WARRANTS   /</issuerName>
                <issueTitle>GUANAJUATO SILVER Co. RESTRICTED WARRANTS   /</issueTitle>
                <identifiers>
                  <ticker value="GSVR CN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>0.650000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2028-12-14</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>192773.74</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newcore Gold Ltd</name>
        <lei>894500A52BE2PYANBI95</lei>
        <title>Newcore Gold Ltd.</title>
        <cusip>65118M103</cusip>
        <identifiers>
          <isin value="CA65118M1032"/>
          <ticker value="NCAU CN"/>
        </identifiers>
        <balance>8216000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>4706234.85</valUSD>
        <pctVal>0.7246089911</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>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <ticker value="NEM"/>
        </identifiers>
        <balance>80749</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9072150.15</valUSD>
        <pctVal>1.3968197034</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>Nuvau Minerals Inc</name>
        <lei>N/A</lei>
        <title>Nuvau Minerals, Inc.</title>
        <cusip>67120R104</cusip>
        <identifiers>
          <isin value="CA67120R1047"/>
          <ticker value="NMC CN"/>
        </identifiers>
        <balance>9970020</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>6443135.49</valUSD>
        <pctVal>0.9920358961</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>CENTRAL NEVADA GOLD    /</name>
        <lei>N/A</lei>
        <title>CENTRAL NEVADA GOLD    /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="NVG-PP"/>
        </identifiers>
        <balance>2050000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>820000</valUSD>
        <pctVal>0.1262536596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dryden Resources</name>
        <lei>N/A</lei>
        <title>Dryden Resources</title>
        <cusip>26245V101</cusip>
        <identifiers>
          <isin value="CA26245V1013"/>
          <ticker value="DRY CN PP"/>
        </identifiers>
        <balance>7300000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>2090768.89</valUSD>
        <pctVal>0.3219112484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mogotes Metals Inc.</name>
        <lei>N/A</lei>
        <title>Mogotes Metals Inc.</title>
        <cusip>608011102</cusip>
        <identifiers>
          <isin value="CA6080111025"/>
          <ticker value="MOG CN PP"/>
        </identifiers>
        <balance>377385</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>116399.87</valUSD>
        <pctVal>0.0179218409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Summit Royalties</name>
        <lei>N/A</lei>
        <title>Summit Royalties</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="SUM CN PP"/>
        </identifiers>
        <balance>6538461</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3617"/>
        <valUSD>8162872.66</valUSD>
        <pctVal>1.2568201781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-05</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>/s/ Maureen Quill</ncom:signature>
      <ncom:signerName>Maureen Quill</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
