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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Pan American Silver Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Azimut Exploration, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Radisson Mining Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Imperial Metals Corp.</name>
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        <name>Belo Sun Mining Corp.</name>
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        <name>Equinox Gold Corp.</name>
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        <name>Talisker Resources Ltd.</name>
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        <name>Gold Fields Ltd.</name>
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        <name>Hycroft Mining Holding Corp.</name>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Integra Resources Corp.</name>
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        <title>Integra Resources Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>International Tower Hill Mines Ltd.</name>
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        <title>International Tower Hill Mines Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ivanhoe Electric, Inc.</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Platinum Group Metals Ltd.</name>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>St. Augustine Gold and Copper Ltd.</name>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>St. Augustine Gold and Copper Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Pan American Silver Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Torex Gold Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Orla Mining Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Azimut Exploration, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Astral Resources NL</name>
        <lei>N/A</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Emerald Resources NL</name>
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          <isin value="AU000000EMR4"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Pantoro Gold Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Gold Fields Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>St. Barbara Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Resolute Mining Ltd.</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Kingsgate Consolidated Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ramelius Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northern Star Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Valterra Platinum Ltd.</name>
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        <title>Valterra Platinum Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
        <title>Osisko Development Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Americas Gold &amp; Silver Corp.</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corp.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>Montage Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Integra Resources Corp.</name>
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        <title>Integra Resources Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Magna Mining, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Platinum Group Metals Ltd.</name>
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        <title>Platinum Group Metals Ltd.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bravo Mining Corp.</name>
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        <title>Bravo Mining Corp.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Phoenix Industrial Minerals Pty. Ltd.</name>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Catalyst Metals Ltd.</name>
        <lei>9845002GB72C3J4A3E64</lei>
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        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TDG Gold Corp.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Heliostar Metals Ltd.</name>
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        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Heliostar Metals Ltd.</name>
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        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arizona Metals Corp.</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="CA0405181029"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Western Copper &amp; Gold Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Meridian Mining plc</name>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="US0805581172"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
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          <isin value="CA38045Y1025"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>St. Augustine Gold and Copper Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Artemis Gold, Inc.</name>
        <lei>529900GXBX7DGL5YMO49</lei>
        <title>Artemis Gold, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
        <title>Banyan Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Newcore Gold Ltd.</name>
        <lei>894500A52BE2PYANBI95</lei>
        <title>Newcore Gold Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sable Resources Ltd.</name>
        <lei>3912006PLR1HF7YCRK43</lei>
        <title>Sable Resources Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Onyx Gold Corp.</name>
        <lei>529900LI2BU0WQI1I448</lei>
        <title>Onyx Gold Corp.</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Cross Gold Consolidated Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Onyx Gold Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Rox Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Perseus Mining Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Geopacific Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chalice Mining Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Catalyst Metals Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Hochschild Mining plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Silver Mines Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Genesis Minerals Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Challenger Gold Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>B2Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Predictive Discovery Ltd.</name>
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        <name>St. Augustine Gold and Copper Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Contango Silver &amp; Gold, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>West African Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Asante Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ausgold Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Antipa Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Antipa Minerals Ltd.</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GoGold Resources, Inc.</name>
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        <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>Alicanto Minerals Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Santana Minerals Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Banyan Gold Corp.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Torex Gold Resources, Inc.</name>
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          <isin value="CA8910546032"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Titan Minerals Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Liberty Gold Corp.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sitka Gold Corp.</name>
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        <title>Sitka Gold Corp.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Black Cat Syndicate Ltd.</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bellevue Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Bellevue Gold Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Saturn Metals Ltd.</name>
        <lei>5299007UYBJYDGQPIH84</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Rio2 Ltd.</name>
        <lei>2549009N9W290I0XSE73</lei>
        <title>Rio2 Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Platinum Group Metals Ltd.</name>
        <lei>529900YSNVVJI7YJAG63</lei>
        <title>Platinum Group Metals Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Atex Resources, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>G2 Goldfields, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Toubani Resources Ltd.</name>
        <lei>984500E554852C964176</lei>
        <title>Toubani Resources Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Arizona Metals Corp.</name>
        <lei>N/A</lei>
        <title>Arizona Metals Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Aya Gold &amp; Silver, Inc.</name>
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        <title>Aya Gold &amp; Silver, Inc.</title>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Ora Banda Mining Ltd.</name>
        <lei>984500DAD3BDFDHBD844</lei>
        <title>Ora Banda Mining Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
        <cusip>29446Y502</cusip>
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          <isin value="CA29446Y5020"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Firefinch Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>US Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Adyton Resources Corp.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Magna Mining, Inc.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Galiano Gold, Inc.</name>
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        <title>Galiano Gold, Inc.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Silver Tiger Metals, Inc.</name>
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        <title>Silver Tiger Metals, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Clean TeQ Water Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Boab Metals Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WIA Gold Ltd.</name>
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        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nevgold Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>RTG Mining, Inc.</name>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Torque Metals Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TDG Gold Corp.</name>
        <lei>2549000YY74BDNRBVC95</lei>
        <title>TDG Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Turaco Gold Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Falcon Metals Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aclara Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Aclara Resources, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tolu Minerals Ltd.</name>
        <lei>529900GTAE7MCGHVUG46</lei>
        <title>Tolu Minerals Ltd.</title>
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        <invCountry>PG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Osisko Development Corp.</name>
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        <title>Osisko Development Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Aurum Resources Ltd.</name>
        <lei>984500B9F3D67492F792</lei>
        <title>Aurum Resources Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Minerals 260 Ltd.</name>
        <lei>N/A</lei>
        <title>Minerals 260 Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Medallion Metals Ltd.</name>
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        <title>Medallion Metals Ltd.</title>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Northam Platinum Holdings Ltd.</name>
        <lei>3789009D0712C7101695</lei>
        <title>Northam Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barton Gold Holdings Ltd.</name>
        <lei>984500B2B88B9509FF55</lei>
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        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
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          <isin value="VGG7707W1529"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Collective Mining Ltd.</name>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Endeavour Mining plc</name>
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          <isin value="GB00BL6K5J42"/>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Snowline Gold Corp.</name>
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        <title>Snowline Gold Corp.</title>
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          <isin value="CA83342V1040"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wiluna Mining Corp. Ltd.</name>
        <lei>894500F2LJDPNODPBL05</lei>
        <title>Wiluna Mining Corp. Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Southern Cross Gold Consolidated Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
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        <cusip>N/A</cusip>
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          <isin value="AU0000367443"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Founders Metals, Inc.</name>
        <lei>984500F8843F89AC8H21</lei>
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          <isin value="CA3505901056"/>
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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>Brightstar Resources Ltd.</name>
        <lei>98450058F5901E0FC619</lei>
        <title>Brightstar Resources Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Discovery Silver Corp.</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
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          <isin value="CA10566M1068"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Royalties Corp.</name>
        <lei>98450020ZFM00010C790</lei>
        <title>Vizsla Royalties Corp.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Felix Gold Ltd.</name>
        <lei>529900KXVHDWF28WLP03</lei>
        <title>Felix Gold Ltd.</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Bellavista Resources Ltd.</name>
        <lei>5299007LG3MI1OOU8Q34</lei>
        <title>Bellavista Resources Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Pilbara Gold Ltd.</name>
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        <title>Pilbara Gold Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Meeka Metals Ltd.</name>
        <lei>529900KOA7NX3J2DL230</lei>
        <title>Meeka Metals Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Greenheart Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Greenheart Gold, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Blue Moon Metals, Inc.</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>FireFly Metals Ltd.</name>
        <lei>529900XFOBB3CJ170E75</lei>
        <title>FireFly Metals Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Awale Resources Ltd.</name>
        <lei>894500976UL6A1P7D659</lei>
        <title>Awale Resources Ltd.</title>
        <cusip>05455R208</cusip>
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        <name>OceanaGold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Newmont Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STLLR Gold, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Integra Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Integra Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fuerte Metals Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Asara Resources Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>New Murchison Gold Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Golden Horse Minerals Ltd.</name>
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        <name>Vizsla Silver Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Andean Silver Ltd.</name>
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        <name>Vault Minerals Ltd.</name>
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        <name>Vior Gold Corp., Inc.</name>
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        <name>Nevada King Gold Corp.</name>
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        <name>G Mining Ventures Corp.</name>
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        <name>AuMega Metals Ltd.</name>
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        <name>Gold X2 Mining, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Troilus Mining Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Valiant Gold Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Westgold Resources Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Orla Mining Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alamos Gold, Inc.</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>Anglogold Ashanti plc</name>
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        <name>Cambria Gold Mines, Inc.</name>
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        <name>Liberty Gold Corp.</name>
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        <name>Talisker Resources Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vizsla Royalties Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Calibre Mining Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Great Pacific Gold Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Great Pacific Gold Corp.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Sierra Madre Gold And Silver Ltd.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Sierra Madre Gold And Silver Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Rupert Resources Ltd.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Tectonic Metals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Adyton Resources Corp.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Snowline Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Osisko Development Corp.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Helius Minerals Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Helius Minerals Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Cambria Gold Mines, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Axo Copper Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Axo Copper Corp.</name>
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        <name>Omai Gold Mines Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tectonic Metals, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Roxmore Resources, Inc.</name>
        <lei>529900WXU2EXI7C00O27</lei>
        <title>Roxmore Resources, Inc.</title>
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        <fairValLevel>3</fairValLevel>
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        <name>Atex Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>SUA Holdings Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Toro Silver Corp.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Great Pacific Gold Corp.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Scottie Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AuMega Metals Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Aya Gold &amp; Silver, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NorthIsle Copper &amp; Gold, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STLLR Gold, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Integra Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STLLR Gold, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Silver Mountain Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Awale Resources Ltd.</name>
        <lei>894500976UL6A1P7D659</lei>
        <title>Awale Resources Ltd.</title>
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        <fairValLevel>3</fairValLevel>
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        <name>Contango Silver &amp; Gold, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>Liberty Gold Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>Vizsla Royalties Corp.</name>
        <lei>98450020ZFM00010C790</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Newcore Gold Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Greenheart Gold, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>G Mining Ventures Corp.</name>
        <lei>894500N5AZEQU0BLOT06</lei>
        <title>G Mining Ventures Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cambria Gold Mines, Inc.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Cambria Gold Mines, Inc.</title>
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      <invstOrSec>
        <name>Rio2 Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cerro de Pasco Resources Sucursal del Peru</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Silver Mines Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Founders Metals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vior Gold Corp., Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Blue Moon Metals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Minera Alamos, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Maple Gold Mines Ltd.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fuerte Metals Corp.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fuerte Metals Corp.</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Q-Gold Resources Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Sitka Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Atex Resources, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Cerro de Pasco Resources, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Cerro de Pasco Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Asante Gold Corp.</name>
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        <title>Asante Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Silver Mountain Resources, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Silver Mountain Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GoGold Resources, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Hemlo Mining Corp.</name>
        <lei>529900LAXG9T9UEN3T86</lei>
        <title>Hemlo Mining Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Adyton Resources Corp.</name>
        <lei>9845007706FCB6A02B69</lei>
        <title>Adyton Resources Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fuerte Metals Corp.</name>
        <lei>529900TQDM0BH3FAGJ98</lei>
        <title>Fuerte Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1554703"/>
        </identifiers>
        <balance>280000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>1956196.86000000</valUSD>
        <pctVal>0.056620593580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tiernan Gold Corp.</name>
        <lei>N/A</lei>
        <title>Tiernan Gold Corp.</title>
        <cusip>88650A105</cusip>
        <identifiers>
          <isin value="CA88650A1057"/>
          <other otherDesc="Inhouse Asset ID" value="1556578"/>
        </identifiers>
        <balance>1286127.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>8549878.02000000</valUSD>
        <pctVal>0.247469556069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tiernan Gold Corp.</name>
        <lei>N/A</lei>
        <title>Tiernan Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1556553"/>
        </identifiers>
        <balance>643063.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>1520015.17000000</valUSD>
        <pctVal>0.043995654494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Troilus Mining Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1405966"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>1497404.94000000</valUSD>
        <pctVal>0.043341219008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asante Gold Corp.</name>
        <lei>529900F9PV1G9S5YD446</lei>
        <title>Asante Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA04341X5038"/>
          <other otherDesc="Inhouse Asset ID" value="1555322"/>
        </identifiers>
        <balance>4869845.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>4165326.30000000</valUSD>
        <pctVal>0.120562123569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cambria Gold Mines, Inc.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Cambria Gold Mines, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1372608"/>
        </identifiers>
        <balance>11234813.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>14350222.88000000</valUSD>
        <pctVal>0.415356017631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cambria Gold Mines, Inc.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Cambria Gold Mines, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1556949"/>
        </identifiers>
        <balance>5617406.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>3763271.22000000</valUSD>
        <pctVal>0.108924952614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Pacific Gold Corp.</name>
        <lei>894500US4ZD5I4S32M90</lei>
        <title>Great Pacific Gold Corp.</title>
        <cusip>39115B105</cusip>
        <identifiers>
          <isin value="CA39115B1058"/>
          <other otherDesc="Inhouse Asset ID" value="1489773"/>
        </identifiers>
        <balance>6898700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>2183856.15000000</valUSD>
        <pctVal>0.063210014306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Walhalla Gold Corp.</name>
        <lei>N/A</lei>
        <title>Walhalla Gold Corp.</title>
        <cusip>931433502</cusip>
        <identifiers>
          <isin value="CA9314335022"/>
          <other otherDesc="Inhouse Asset ID" value="1559412"/>
        </identifiers>
        <balance>1724675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>268745.08000000</valUSD>
        <pctVal>0.007778616898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Walhalla Gold Corp.</name>
        <lei>N/A</lei>
        <title>Walhalla Gold Corp.</title>
        <cusip>931433304</cusip>
        <identifiers>
          <isin value="CA9314333043"/>
          <other otherDesc="Inhouse Asset ID" value="1559411"/>
        </identifiers>
        <balance>1724675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>276528.24000000</valUSD>
        <pctVal>0.008003894398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Walhalla Gold Corp.</name>
        <lei>N/A</lei>
        <title>Walhalla Gold Corp.</title>
        <cusip>931433601</cusip>
        <identifiers>
          <isin value="CA9314336012"/>
          <other otherDesc="Inhouse Asset ID" value="1559410"/>
        </identifiers>
        <balance>1724675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>288208.07000000</valUSD>
        <pctVal>0.008341957975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sierra Madre Gold And Silver Ltd.</name>
        <lei>984500C0001D39FB0424</lei>
        <title>Sierra Madre Gold and Silver Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8263XP1462"/>
          <other otherDesc="Inhouse Asset ID" value="1555835"/>
        </identifiers>
        <balance>5196023.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>5868677.22000000</valUSD>
        <pctVal>0.169864288467</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>Minera Alamos, Inc.</name>
        <lei>254900I6L38EFNS8Z440</lei>
        <title>Minera Alamos, Inc.</title>
        <cusip>60283L808</cusip>
        <identifiers>
          <isin value="CA60283L8087"/>
          <other otherDesc="Inhouse Asset ID" value="1505014"/>
        </identifiers>
        <balance>2892920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>12884872.09000000</valUSD>
        <pctVal>0.372942581013</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>Rua Gold, Inc.</name>
        <lei>894500I7AQ4P4EDAPF81</lei>
        <title>Rua Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA78109M2067"/>
          <other otherDesc="Inhouse Asset ID" value="1565533"/>
        </identifiers>
        <balance>4466490.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>4208861.63000000</valUSD>
        <pctVal>0.121822219767</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>Cambria Gold Mines, Inc.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Cambria Gold Mines, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1554796"/>
        </identifiers>
        <balance>7207386.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>8632122.81000000</valUSD>
        <pctVal>0.249850067420</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>Cambria Gold Mines, Inc.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Cambria Gold Mines, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1562697"/>
        </identifiers>
        <balance>3603693.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>2414223.60000000</valUSD>
        <pctVal>0.069877820613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blossom Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Blossom Gold, Inc.</title>
        <cusip>09511B108</cusip>
        <identifiers>
          <isin value="CA09511B1085"/>
          <other otherDesc="Inhouse Asset ID" value="1536678"/>
        </identifiers>
        <balance>6398306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>8196011.66000000</valUSD>
        <pctVal>0.237227170060</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>Helius Minerals Ltd.</name>
        <lei>529900HFNW4F39RLOZ60</lei>
        <title>Helius Minerals Ltd.</title>
        <cusip>42329R122</cusip>
        <identifiers>
          <isin value="CA42329R1221"/>
          <other otherDesc="Inhouse Asset ID" value="1561066"/>
        </identifiers>
        <balance>2018160.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>9224214.71000000</valUSD>
        <pctVal>0.266987706027</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>Q-Gold Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Q-Gold Resources Ltd.</title>
        <cusip>747269504</cusip>
        <identifiers>
          <isin value="CA7472695047"/>
          <other otherDesc="Inhouse Asset ID" value="1564704"/>
        </identifiers>
        <balance>8725887.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>1638091.21000000</valUSD>
        <pctVal>0.047413273451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rand</name>
        <lei>N/A</lei>
        <title>Rand</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="ZAR"/>
        </identifiers>
        <balance>-0.01000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="ZAR" exchangeRt="16.65750000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Gold and Precious Metals Fund</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
