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        <assetCat>EC</assetCat>
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        <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>
      <invstOrSec>
        <name>KINGSGATE CONSOLIDATED LIMITED</name>
        <lei>529900B1W7D8DLEC7178</lei>
        <title>KINGSGATE CONSOLIDATED LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000KCN1"/>
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        <balance>9304857.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ENDEAVOUR SILVER CORP.</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>ENDEAVOUR SILVER CORP COMMON STOCK</title>
        <cusip>29258Y103</cusip>
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          <isin value="CA29258Y1034"/>
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        <balance>10513157.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114908806.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Triple Flag Precious Metals Corp.</name>
        <lei>254900R7NJ1TEYIM4E61</lei>
        <title>TRIPLE FLAG PRECIOUS MET COMMON STOCK</title>
        <cusip>89679M104</cusip>
        <identifiers>
          <isin value="CA89679M1041"/>
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        <balance>2813250.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>FRESNILLO PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>FRESNILLO PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
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        <balance>7172520.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.72873000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unico Silver Ltd</name>
        <lei>529900XDJQXMOQ7MT398</lei>
        <title>UNICO SILVER LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000269821"/>
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        <balance>14327099.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dolly Varden Silver Corp</name>
        <lei>2549007A2MNBXFD0FU11</lei>
        <title>DOLLY VARDEN SILVER LTD COMMON STOCK</title>
        <cusip>256827783</cusip>
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          <isin value="CA2568277834"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COEUR MINING, INC.</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC COMMON STOCK</title>
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          <isin value="US1921085049"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guanajuato Silver Company Ltd</name>
        <lei>549300C1VGZKX7N1GH74</lei>
        <title>GUANAJUATO SILVER CO LTD COMMON STOCK</title>
        <cusip>40066W106</cusip>
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          <isin value="CA40066W1068"/>
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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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      <invstOrSec>
        <name>Silver Tiger Metals Inc</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>SILVER TIGER METALS INC COMMON STOCK</title>
        <cusip>82831T109</cusip>
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          <isin value="CA82831T1093"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santacruz Silver Mining Ltd</name>
        <lei>549300KR50UPLTF0XY61</lei>
        <title>SANTACRUZ SILVER MINING LTD COMMON STOCK</title>
        <cusip>826599102</cusip>
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          <isin value="CA80280U2056"/>
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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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      <invstOrSec>
        <name>SSR MINING INC.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COMMON STOCK</title>
        <cusip>784730103</cusip>
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          <isin value="CA7847301032"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Redevances OR Inc.</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OR ROYALTIES INC COMMON STOCK</title>
        <cusip>68390D106</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>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP COMMON STOCK</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Avino Silver &amp; Gold Mines Ltd</name>
        <lei>549300DZZNDMPML1VJ37</lei>
        <title>AVINO SILVER &amp; GOLD MINES COMMON STOCK</title>
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          <isin value="CA0539061030"/>
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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>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>DISCOVERY SILVER CORP COMMON STOCK</title>
        <cusip>254677107</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>Andean Precious Metals Corp</name>
        <lei>254900ZH5MOB7VSCSG15</lei>
        <title>ANDEAN PRECIOUS METALS CORP SPECIAL PURPOSE ACQUISITION COMPANIES</title>
        <cusip>03349X101</cusip>
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          <isin value="CA03349X1015"/>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aftermath Silver Ltd</name>
        <lei>529900FSCUB83APG5666</lei>
        <title>AFTERMATH SILVER LTD COMMON STOCK</title>
        <cusip>00831V205</cusip>
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          <isin value="CA00831V2057"/>
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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>Gold Resource Corp</name>
        <lei>5299006MQBYLDAOI2D32</lei>
        <title>GOLD RESOURCE CORP COMMON STOCK</title>
        <cusip>38068T105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MCEWEN INC.</name>
        <lei>5493000FX50GEWAF3U70</lei>
        <title>MCEWEN INC COMMON STOCK</title>
        <cusip>58039P305</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST MAJESTIC SILVER CORP.</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>FIRST MAJESTIC SILVER CORP COMMON STOCK</title>
        <cusip>32076V103</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>
        <name>Blackrock Silver Corp</name>
        <lei>529900EI75MCI5GL7914</lei>
        <title>BLACKROCK SILVER CORP COMMON STOCK</title>
        <cusip>09261Q107</cusip>
        <identifiers>
          <isin value="CA09261Q1072"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>HOCHSCHILD MINING PLC</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>HOCHSCHILD MINING PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FW5029"/>
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        <balance>4731818.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>KOREA ZINC INC</name>
        <lei>988400D0HSQUB1I1VO41</lei>
        <title>KOREA ZINC CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7010130003"/>
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        <balance>262594.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GoGold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GOGOLD RESOURCES INC COMMON STOCK</title>
        <cusip>38045Y102</cusip>
        <identifiers>
          <isin value="CA38045Y1025"/>
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        <balance>13020468.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AbraSilver Resource Corp</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>ABRASILVER RESOURCE CORP COMMON STOCK</title>
        <cusip>00379L304</cusip>
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          <isin value="CA00379L3048"/>
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        <payoffProfile>Long</payoffProfile>
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        <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>BNYREPOS</name>
        <lei>N/A</lei>
        <title>BNYREPOS</title>
        <cusip>N/A</cusip>
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          <isin value="N/A"/>
          <ticker value="BNYREPOS"/>
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        <curCd>USD</curCd>
        <valUSD>34416283</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="MMYX0N4ZEZ13Z4XCG897" name="The Bank of New York Mellon"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.68</repurchaseRt>
          <maturityDt>N/A</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>34416283</principalAmt>
              <principalCd>USD</principalCd>
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              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="34416283" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aya Or &amp; Argent Inc.</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>AYA GOLD &amp; SILVER INC COMMON STOCK</title>
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          <isin value="CA05466C1095"/>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>VIZSLA SILVER CORP COMMON STOCK</title>
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        <identifiers>
          <isin value="CA92859G6085"/>
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        <assetCat>EC</assetCat>
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        <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>New Pacific Metals Corp</name>
        <lei>549300TC0CSHP59S8103</lei>
        <title>NEW PACIFIC METALS CORP COMMON STOCK</title>
        <cusip>64782A107</cusip>
        <identifiers>
          <isin value="CA64782A1075"/>
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        <balance>4279370.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>FORTUNA MINING CORP.</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>FORTUNA MINING CORP COMMON STOCK</title>
        <cusip>349942102</cusip>
        <identifiers>
          <isin value="CA3499421020"/>
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        <balance>13013438.00000000</balance>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYCROFT MINING HOLDING CORPORATION</name>
        <lei>254900T7FYMGS29WIF55</lei>
        <title>HYCROFT MINING HOLDING CO-A COMMON STOCK</title>
        <cusip>44862P208</cusip>
        <identifiers>
          <isin value="US44862P2083"/>
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        <balance>1438993.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SILVERCORP METALS INC.</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>SILVERCORP METALS INC COMMON STOCK</title>
        <cusip>82835P103</cusip>
        <identifiers>
          <isin value="CA82835P1036"/>
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        <balance>8936630.00000000</balance>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Silver Mines Ltd</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>SILVER MINES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SVL8"/>
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        <balance>71629247.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="3910869.18"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>WHEATON PRECIOUS METALS CORP COMMON STOCK</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
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        <balance>10233737.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1349522898.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Americas Gold and Silver Corporation</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>AMERICAS GOLD AND SILVER CORP COMMON STOCK</title>
        <cusip>03062D100</cusip>
        <identifiers>
          <isin value="CA03062D8035"/>
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        <balance>8674096.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>INTEGRA RESOURCES CORP.</name>
        <lei>N/A</lei>
        <title>INTEGRA RESOURCES CORP COMMON STOCK</title>
        <cusip>45826T509</cusip>
        <identifiers>
          <isin value="CA45826T5098"/>
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        <balance>6765105.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>25029114.98000000</valUSD>
        <pctVal>0.398724204447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
