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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Majestic Silver Corp</name>
        <lei>529900PWCU5DUH1DYR51</lei>
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        <curCd>USD</curCd>
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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>Guanajuato Silver Co Ltd</name>
        <lei>549300C1VGZKX7N1GH74</lei>
        <title>Guanajuato Silver Co., Ltd.</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Blackrock 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>Apollo Silver Corp</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Silver Mountain Resources Inc</name>
        <lei>529900FZCY72N73U9N27</lei>
        <title>Silver Mountain Resources, Inc.</title>
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          <isin value="CA8280425072"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Unico Silver Ltd</name>
        <lei>529900XDJQXMOQ7MT398</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Andean Precious Metals Corp</name>
        <lei>254900ZH5MOB7VSCSG15</lei>
        <title>Andean Precious Metals Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sun Silver Ltd</name>
        <lei>254900IZEBASSNUS9150</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp</name>
        <lei>549300ADJF7HWIEDL366</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cia De Minas Buenaventura Saa</name>
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        <title>Cia de Minas Buenaventura SAA</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mithril Silver And Gold Ltd</name>
        <lei>529900OQBPU9YVTBDT40</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Argenta Silver Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Highlander Silver Corp</name>
        <lei>875500NW47V6ALTUO315</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Silver Tiger Metals Inc</name>
        <lei>2549009QDIU00MWT6U57</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alaska Silver Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Americas Gold &amp; Silver Corp</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Capitan Silver Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>West Coast Silver Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Silver47 Exploration Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Kuya Silver Corp</name>
        <lei>549300Y0MAI0OH12T213</lei>
        <title>Kuya Silver Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Silver One Resources Inc</name>
        <lei>549300PPB6C51C1WST34</lei>
        <title>Silver One Resources, Inc.</title>
        <cusip>828062109</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Astra Exploration Inc</name>
        <lei>984500B54F6D564A6483</lei>
        <title>Astra Exploration, Inc.</title>
        <cusip>04633F103</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Integra Resources Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Silver Mines Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sprott Physical Silver Trust</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Skeena Resources Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gr Silver Mining Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fresnillo Plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hecla Mining Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aya Gold &amp; Silver Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kootenay Silver Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sotkamo Silver Ab</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Societe Metallurgique D'imiter</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chesapeake Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Industrias Penoles Sab De Cv</name>
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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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        <fairValLevel>1</fairValLevel>
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        <name>Tinka Resources Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Silver X Mining Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bmc Minerals Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Southern Silver Exploration Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Black Bear Minerals Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <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>
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        <title>AbraSilver Resource Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hycroft Mining Holding Corp</name>
        <lei>254900T7FYMGS29WIF55</lei>
        <title>Hycroft Mining Holding Corp.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Impact Silver Corp</name>
        <lei>5299003BDKNMGPIVOP50</lei>
        <title>IMPACT Silver Corp.</title>
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          <isin value="CA45257A1021"/>
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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>Emerita Resources Corp</name>
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          <isin value="CA29102L4064"/>
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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>New Pacific Metals Corp</name>
        <lei>549300TC0CSHP59S8103</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Outcrop Silver &amp; Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Sierra Madre Gold And Silver Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Minaurum Gold Inc</name>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Boab Metals Ltd</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Gogold Resources Inc</name>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>American Pacific Mining Corp</name>
        <lei>5493007S3WLRTQ5XL220</lei>
        <title>American Pacific Mining Corp.</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Bunker Hill Mining Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Investigator Silver Ltd</name>
        <lei>52990090XC9DIFE5XF88</lei>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SECURITIES LENDING - GENERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SECLEND"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="15891175.45000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Or Royalties Inc</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Santacruz Silver Mining Ltd</name>
        <lei>549300KR50UPLTF0XY61</lei>
        <title>Santacruz Silver Mining, Ltd.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </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>
