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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Teck Resources Ltd</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Avino Silver &amp; Gold Mines Ltd</name>
        <lei>549300DZZNDMPML1VJ37</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aftermath Silver Ltd</name>
        <lei>529900FSCUB83APG5666</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lake Resources Nl</name>
        <lei>529900M65BIM9RDPDF56</lei>
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        <cusip>N/A</cusip>
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          <isin value="AU000000LKE1"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wildcat Resources Ltd</name>
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          <isin value="AU0000096828"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hot Chili Ltd</name>
        <lei>9845007FT8E8DX691A24</lei>
        <title>Hot Chili, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000HCHAX9"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aic Mines Ltd</name>
        <lei>5299003P1FAL4U4Y9G52</lei>
        <title>AIC Mines, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000049033"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Isoenergy Ltd</name>
        <lei>5299000RYB4XC9F7VC32</lei>
        <title>IsoEnergy, Ltd.</title>
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          <isin value="CA46500E8678"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endeavour Silver Corp</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>Endeavour Silver Corp.</title>
        <cusip>29258Y103</cusip>
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          <isin value="CA29258Y1034"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Panoro Minerals Ltd</name>
        <lei>391200P6EK1EW7J5RW47</lei>
        <title>Panoro Minerals, Ltd.</title>
        <cusip>69863Q103</cusip>
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          <isin value="CA69863Q1037"/>
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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>Westwater Resources Inc</name>
        <lei>5493006CMF043V56K243</lei>
        <title>Westwater Resources, Inc.</title>
        <cusip>961684206</cusip>
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          <isin value="US9616842061"/>
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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>Xinjiang Xinxin Mining Industry Co Ltd</name>
        <lei>529900IONU95GT1CFU57</lei>
        <title>Xinjiang Xinxin Mining Industry Co., Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Lynas Rare Earths Ltd</name>
        <lei>529900SGT9M1FJPXXI35</lei>
        <title>Lynas Rare Earths, Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Galan Lithium Ltd</name>
        <lei>529900DMKODFURRUHR79</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Kghm Polska Miedz Sa</name>
        <lei>G30CO71KTT9JDYJESN22</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hindustan Copper Ltd</name>
        <lei>33580013OQMTB8N3IV37</lei>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Nexgen Energy Ltd</name>
        <lei>529900N0IXNXB3IP7F06</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Gruvaktiebolaget Viscaria</name>
        <lei>5299004NWV90GIWSWQ04</lei>
        <title>Gruvaktiebolaget Viscaria</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Silvercorp Metals Inc</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>Silvercorp Metals, Inc.</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Selkirk Copper Mines Inc</name>
        <lei>529900QQEZSCCNJ4TI43</lei>
        <title>Selkirk Copper Mines, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>First Majestic Silver Corp</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>First Majestic Silver Corp.</title>
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          <isin value="CA32076V1031"/>
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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>Guanajuato Silver Co Ltd</name>
        <lei>549300C1VGZKX7N1GH74</lei>
        <title>Guanajuato Silver Co., Ltd.</title>
        <cusip>40066W106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Blackrock Silver Corp</name>
        <lei>529900EI75MCI5GL7914</lei>
        <title>Blackrock Silver Corp.</title>
        <cusip>09261Q107</cusip>
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          <isin value="CA09261Q1072"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Apollo Silver Corp</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>Unico Silver Ltd</name>
        <lei>529900XDJQXMOQ7MT398</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Andean Precious Metals Corp</name>
        <lei>254900ZH5MOB7VSCSG15</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sun Silver Ltd</name>
        <lei>254900IZEBASSNUS9150</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Philex Mining Corp</name>
        <lei>2549003WBGIWUSNRZX59</lei>
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        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Jupiter Mines Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Antam Persero Tbk</name>
        <lei>529900LRE2NALSSHMB80</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Power Metallic Mines Inc</name>
        <lei>549300CR9SP6YYGW5003</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nickel Industries Ltd</name>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Cia De Minas Buenaventura Saa</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Jain Resource Recycling Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meteoric Resources Nl</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Freeport-mcmoran Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lundin Mining Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Magna Mining Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lithium Argentina Ag</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Gold Resource Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Trimegah Bangun Persada Tbk Pt</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Eramet Sa</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Critical Metals Corp</name>
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        <title>Critical Metals Corp.</title>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Paladin Energy Ltd</name>
        <lei>549300M44UTJAP8J6B37</lei>
        <title>Paladin Energy, Ltd.</title>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Lifezone Metals Ltd</name>
        <lei>N/A</lei>
        <title>Lifezone Metals, Ltd.</title>
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          <isin value="IM00BLCY1J27"/>
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        <balance>76276.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>295950.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Highlander Silver Corp</name>
        <lei>875500NW47V6ALTUO315</lei>
        <title>Highlander Silver Corp.</title>
        <cusip>43087N204</cusip>
        <identifiers>
          <isin value="CA43087N2041"/>
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        <balance>228032.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Deep Yellow Ltd</name>
        <lei>529900FL7FGTGTVII319</lei>
        <title>Deep Yellow, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000DYL4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silver Tiger Metals Inc</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>Silver Tiger Metals, Inc.</title>
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          <isin value="CA82831T1093"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anglo Asian Mining Plc</name>
        <lei>213800F9JM669WH34359</lei>
        <title>Anglo Asian Mining PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0C18177"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sungeel Hitech Co Ltd</name>
        <lei>9884003F4ARCHRT0IP74</lei>
        <title>Sungeel Hitech Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7365340009"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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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          <isin value="CA03062D8035"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osisko Metals Inc</name>
        <lei>5493003KCD875ELH4484</lei>
        <title>Osisko Metals, Inc.</title>
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          <isin value="CA6882741094"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pensana Plc</name>
        <lei>213800H4QP6T9499RU64</lei>
        <title>Pensana PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BKM0ZJ18"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brazilian Rare Earths Ltd</name>
        <lei>9845008972A00C4E4C60</lei>
        <title>Brazilian Rare Earths, Ltd.</title>
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          <isin value="AU0000305815"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mp Materials Corp</name>
        <lei>89450063PHPS61USMT84</lei>
        <title>MP Materials Corp.</title>
        <cusip>553368101</cusip>
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          <isin value="US5533681012"/>
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        <balance>351382.00000000</balance>
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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>American Battery Technology Co</name>
        <lei>529900JBJ8D85CDPHQ69</lei>
        <title>American Battery Technology Co.</title>
        <cusip>02451V309</cusip>
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          <isin value="US02451V3096"/>
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        <balance>406285.00000000</balance>
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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>
        <securityLending>
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      <invstOrSec>
        <name>Lotus Resources Ltd</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
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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>Bannerman Energy Ltd</name>
        <lei>529900D04RI02L5UK707</lei>
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        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Trilogy Metals Inc</name>
        <lei>52990084YC9OR0TUH237</lei>
        <title>Trilogy Metals, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mkango Resources Ltd</name>
        <lei>213800RPILRWRUYNTS85</lei>
        <title>Mkango Resources, Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Peninsula Energy Ltd</name>
        <lei>213800XBLFMYEQENEZ77</lei>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Rainbow Rare Earths Ltd</name>
        <lei>213800HONYSAXTG6KS11</lei>
        <title>Rainbow Rare Earths, Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Standard Lithium Ltd</name>
        <lei>549300LA4BSHAKT4SL33</lei>
        <title>Standard Lithium, Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Silver Mines Ltd</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>Silver Mines, Ltd.</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Blue Moon Metals Inc</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
        <cusip>09570Q509</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Hecla Mining Co</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>Hecla Mining Co.</title>
        <cusip>422704106</cusip>
        <identifiers>
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        <balance>945116.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Central Asia Metals Plc</name>
        <lei>213800EYQBJZIT64NH43</lei>
        <title>Central Asia Metals PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB00B67KBV28"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Electric Inc / Us</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc. / US</title>
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          <isin value="US46578C1080"/>
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        <curCd>USD</curCd>
        <valUSD>573409.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sunrise Energy Metals Ltd</name>
        <lei>529900AYAT2TIC68VA49</lei>
        <title>Sunrise Energy Metals, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000143729"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Ngex Minerals Ltd</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEx Minerals, Ltd.</title>
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          <isin value="CA62930A1021"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Aya Gold &amp; Silver Inc</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver, Inc.</title>
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          <isin value="CA05466C1095"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Trekor Metals Ltd</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>Trekor Metals, Ltd.</title>
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          <isin value="CA89472Y1079"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Kootenay Silver Inc</name>
        <lei>529900HM3U0AXDDZPG82</lei>
        <title>Kootenay Silver, Inc.</title>
        <cusip>500583836</cusip>
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          <isin value="CA5005838365"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Encore Energy Corp</name>
        <lei>5299007FNX2NVNJM3O59</lei>
        <title>Encore Energy Corp.</title>
        <cusip>29259W700</cusip>
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          <isin value="CA29259W7008"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boss Energy Ltd</name>
        <lei>9845000ED0A5F908A057</lei>
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        <cusip>N/A</cusip>
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          <isin value="AU000000BOE4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Sotkamo Silver Ab</name>
        <lei>213800R2TQW1OZGYDX93</lei>
        <title>Sotkamo Silver AB</title>
        <cusip>N/A</cusip>
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          <isin value="SE0001057910"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vale Indonesia Tbk Pt</name>
        <lei>5299002HHYBH7C6WBQ62</lei>
        <title>Vale Indonesia Tbk PT</title>
        <cusip>N/A</cusip>
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          <isin value="ID1000109309"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jinchuan Group International Resources Co Ltd</name>
        <lei>254900RWLOXOMORJEB03</lei>
        <title>Jinchuan Group International Resources Co., Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="KYG5138B1023"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Liontown Ltd</name>
        <lei>529900LT0V2IEL7WZY56</lei>
        <title>Liontown, Ltd.</title>
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          <isin value="AU000000LTR4"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Pmet Resources Inc</name>
        <lei>529900XDIJAIG9QO0I38</lei>
        <title>PMET Resources, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Ganfeng Lithium Group Co Ltd</name>
        <lei>3003006BE6UOHWEOOR42</lei>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>29metals Ltd</name>
        <lei>N/A</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>European Lithium Ltd</name>
        <lei>529900CXY50A8Q4OBQ93</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Sigma Lithium Corp</name>
        <lei>N/A</lei>
        <title>Sigma Lithium Corp.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Societe Metallurgique D'imiter</name>
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        <title>Societe Metallurgique D'imiter</title>
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        <assetCat>EC</assetCat>
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        <invCountry>MA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Antofagasta Plc</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>Antofagasta PLC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Canada Nickel Co Inc</name>
        <lei>98450085D4996CQE9B17</lei>
        <title>Canada Nickel Co., Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Denison Mines Corp</name>
        <lei>529900JWGSW17LJK6586</lei>
        <title>Denison Mines Corp.</title>
        <cusip>248356107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Global Atomic Corp</name>
        <lei>529900EY4VQEZUOEO166</lei>
        <title>Global Atomic Corp.</title>
        <cusip>37957M106</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Albemarle Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Elevra Lithium Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ur-energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northern Minerals Ltd/australia</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cameco Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sociedad Minera Cerro Verde Saa</name>
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        <assetCat>EC</assetCat>
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        <invCountry>PE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cgn Mining Co Ltd</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atha Energy Corp</name>
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        <title>Atha Energy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>State Street Institutional Treasury Plus Money Market Fund</name>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Viridis Mining And Minerals Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Silver X Mining Corp</name>
        <lei>894500TOVTJDJJ6WSU81</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Sociedad Quimica Y Minera De Chile Sa</name>
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        <invCountry>CL</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Ivanhoe Mines Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Merdeka Battery Materials Tbk Pt</name>
        <lei>98450009A36V139E4C79</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Minsur Sa</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lithium Americas Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Uranium Energy Corp</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>Uranium Energy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ioneer Ltd</name>
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        <title>ioneer, Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Atalaya Mining Copper Sa</name>
        <lei>549300QNQPXVRXGXOX56</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Vulcan Energy Resources Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Silverco Mining Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Abrasilver Resource Corp</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>AbraSilver Resource Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Niocorp Developments Ltd</name>
        <lei>5299001QL26XJPOD3A17</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>New Pacific Metals Corp</name>
        <lei>549300TC0CSHP59S8103</lei>
        <title>New Pacific Metals Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Firefly Metals Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nac Kazatomprom Jsc</name>
        <lei>5493008JG5TXJP2JSY44</lei>
        <title>NAC Kazatomprom JSC</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KZ</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cobre Ltd</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Nickel Asia Corp</name>
        <lei>2549008F5QI7Y2FDN526</lei>
        <title>Nickel Asia Corp.</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hudbay Minerals Inc</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>Hudbay Minerals, Inc.</title>
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          <isin value="CA4436281022"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Arafura Rare Earths Ltd</name>
        <lei>52990098Y7ZDAOS75K52</lei>
        <title>Arafura Rare Earths, Ltd.</title>
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          <isin value="AU000000ARU5"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>American Rare Earths Ltd</name>
        <lei>5299000NZYD6VHPGDR70</lei>
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          <isin value="NZARRE0004S7"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NZ</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Boab Metals Ltd</name>
        <lei>549300LZ01Q8WIYKAU93</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ero Copper Corp</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
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          <isin value="CA2960061091"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aclara Resources Inc</name>
        <lei>549300V8ITKL5RQLZQ44</lei>
        <title>Aclara Resources, Inc.</title>
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          <isin value="CA00461M1032"/>
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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>Tianqi Lithium Corp</name>
        <lei>300300IZ1J0MQ8YVEG66</lei>
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        <cusip>N/A</cusip>
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          <isin value="CNE100005F09"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Gogold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
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          <isin value="CA38045Y1025"/>
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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>St George Mining Ltd</name>
        <lei>529900ML6RD42UF68N93</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Marimaca Copper Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Amerigo Resources Ltd</name>
        <lei>5299000WW697YX8VQX13</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Investigator Silver Ltd</name>
        <lei>52990090XC9DIFE5XF88</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Lindian Resources Ltd</name>
        <lei>984500CHDBDE3657BC83</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Capstone Copper Corp</name>
        <lei>549300III6KGKKC42W63</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Iluka Resources Ltd</name>
        <lei>2549009N2Y1F4YNB0955</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Syrah Resources Ltd</name>
        <lei>254900ZS2VP83B6L6Y30</lei>
        <title>Syrah Resources, Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Core Lithium Ltd</name>
        <lei>529900FYS46XFGQKWI31</lei>
        <title>Core Lithium, Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Imperial Metals Corp</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sandfire Resources Ltd</name>
        <lei>213800ZW52P23FVH1V47</lei>
        <title>Sandfire Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SFR8"/>
        </identifiers>
        <balance>304306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>4043058.61000000</valUSD>
        <pctVal>0.703297832773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amman Mineral Internasional Pt</name>
        <lei>5493006TJMVRZEVWCG37</lei>
        <title>Amman Mineral Internasional PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000191109"/>
        </identifiers>
        <balance>12236300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880.00000000"/>
        <valUSD>2121506.15000000</valUSD>
        <pctVal>0.369040081145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Nuclear Energy Corp</name>
        <lei>N/A</lei>
        <title>Eagle Nuclear Energy Corp.</title>
        <cusip>269710109</cusip>
        <identifiers>
          <isin value="US2697101093"/>
        </identifiers>
        <balance>32374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>311114.14000000</valUSD>
        <pctVal>0.054118903907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="279996.96000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Fuels Inc/canada</name>
        <lei>529900P0GCATXMGK8I62</lei>
        <title>Energy Fuels, Inc.</title>
        <cusip>292671708</cusip>
        <identifiers>
          <isin value="CA2926717083"/>
        </identifiers>
        <balance>553287.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8022661.50000000</valUSD>
        <pctVal>1.395557420827</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="842421.00000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>SPROTT FUNDS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Thomas W. Ulrich</ncom:signature>
      <ncom:signerName>Thomas W. Ulrich</ncom:signerName>
      <ncom:title>Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
