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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <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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        <balance>2180576.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hercules Metals Corp</name>
        <lei>894500C6CSRIL3D6RX81</lei>
        <title>Hercules Metals Corp.</title>
        <cusip>427086103</cusip>
        <identifiers>
          <isin value="CA4270861038"/>
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        <balance>2209512.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hillgrove Resources Ltd</name>
        <lei>529900VI6PCB2BOUYX69</lei>
        <title>Hillgrove Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000HGO6"/>
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        <balance>23967397.00000000</balance>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Caravel Minerals Ltd</name>
        <lei>529900JWBM9WU7W4D979</lei>
        <title>Caravel Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CVV1"/>
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        <balance>4342903.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gruvaktiebolaget Viscaria</name>
        <lei>5299004NWV90GIWSWQ04</lei>
        <title>Gruvaktiebolaget Viscaria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0021148160"/>
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        <balance>1879677.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.69635000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gladiator Metals Corp</name>
        <lei>894500V12H7OJ1X30T50</lei>
        <title>Gladiator Metals Corp.</title>
        <cusip>37653W101</cusip>
        <identifiers>
          <isin value="CA37653W1014"/>
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        <balance>823939.00000000</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>
        <name>Selkirk Copper Mines Inc</name>
        <lei>529900QQEZSCCNJ4TI43</lei>
        <title>Selkirk Copper Mines, Inc.</title>
        <cusip>81640B101</cusip>
        <identifiers>
          <isin value="CA81640B1013"/>
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        <balance>784975.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Carnaby Resources Ltd</name>
        <lei>529900UT1659MJM7IM29</lei>
        <title>Carnaby Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000046203"/>
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        <balance>2096642.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Philex Mining Corp</name>
        <lei>2549003WBGIWUSNRZX59</lei>
        <title>Philex Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY689911352"/>
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        <balance>18371000.00000000</balance>
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        <currencyConditional curCd="PHP" exchangeRt="61.37000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fitzroy Minerals Inc</name>
        <lei>549300J0KOF4B3IF5I53</lei>
        <title>Fitzroy Minerals, Inc.</title>
        <cusip>33827E101</cusip>
        <identifiers>
          <isin value="CA33827E1016"/>
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        <balance>2245815.00000000</balance>
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        <pctVal>0.545619416545</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="1281.37000000"/>
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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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        <balance>514532.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75389000"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Osisko Metals Inc</name>
        <lei>5493003KCD875ELH4484</lei>
        <title>Osisko Metals, Inc.</title>
        <cusip>688274109</cusip>
        <identifiers>
          <isin value="CA6882741094"/>
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        <balance>5280611.00000000</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>
        <name>Intrepid Metals Corp</name>
        <lei>894500JAK75GWNIIK688</lei>
        <title>Intrepid Metals Corp.</title>
        <cusip>46123W203</cusip>
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          <isin value="CA46123W2031"/>
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        <balance>665080.00000000</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>
        <name>Kgl Resources Ltd/australia</name>
        <lei>5299007CJS9GXXDRS231</lei>
        <title>KGL Resources, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000KGL6"/>
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        <balance>3113771.00000000</balance>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cyprium Metals Ltd</name>
        <lei>5299005RW969IW7R0468</lei>
        <title>Cyprium Metals, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000050536"/>
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        <balance>3500147.00000000</balance>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Trilogy Metals Inc</name>
        <lei>52990084YC9OR0TUH237</lei>
        <title>Trilogy Metals, Inc.</title>
        <cusip>89621C105</cusip>
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          <isin value="CA89621C1059"/>
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        <balance>1190783.00000000</balance>
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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>Austral Resources Australia Ltd</name>
        <lei>N/A</lei>
        <title>Austral Resources Australia, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <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>Coda Minerals Ltd</name>
        <lei>5299006Q33TIUD13X908</lei>
        <title>Coda Minerals, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000105330"/>
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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>Los Andes Copper Ltd</name>
        <lei>529900KB4NEC2LETLR81</lei>
        <title>Los Andes Copper, Ltd.</title>
        <cusip>544312200</cusip>
        <identifiers>
          <isin value="CA5443122000"/>
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        <balance>106652.00000000</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>
        <name>Blue Moon Metals Inc</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
        <cusip>09570Q509</cusip>
        <identifiers>
          <isin value="CA09570Q5095"/>
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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>Central Asia Metals Plc</name>
        <lei>213800EYQBJZIT64NH43</lei>
        <title>Central Asia Metals PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B67KBV28"/>
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        <balance>1372342.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ivanhoe Electric Inc / Us</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc. / US</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
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        <balance>589756.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5667555.16000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Regulus Resources Inc</name>
        <lei>529900VQYPDBLVK5DL14</lei>
        <title>Regulus Resources, Inc.</title>
        <cusip>75915M107</cusip>
        <identifiers>
          <isin value="CA75915M1077"/>
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        <balance>953659.00000000</balance>
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        <valUSD>2783816.86000000</valUSD>
        <pctVal>1.844615905909</pctVal>
        <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>Trekor Metals Ltd</name>
        <lei>549300XKUO1JSLU7KX54</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Copper Corp</name>
        <lei>984500DA5BBD7543CZ84</lei>
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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>Atlas Consolidated Mining &amp; Development Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Asiamet Resources Ltd</name>
        <lei>213800PWJMT1NG28TA88</lei>
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          <isin value="BM04521V1038"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jinchuan Group International Resources Co Ltd</name>
        <lei>254900RWLOXOMORJEB03</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>29metals Ltd</name>
        <lei>N/A</lei>
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          <isin value="AU0000157067"/>
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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>Copper 360 Ltd</name>
        <lei>N/A</lei>
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          <isin value="ZAE000318531"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Edge Copper Corp</name>
        <lei>5299008IBVR5OIP7DM34</lei>
        <title>Edge Copper Corp.</title>
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          <isin value="CA2798521076"/>
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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>Cascadia Minerals Ltd</name>
        <lei>N/A</lei>
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          <isin value="CA1469261004"/>
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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>State Street Institutional Treasury Plus Money Market Fund</name>
        <lei>549300PNASLVKQG64331</lei>
        <title>State Street Institutional Treasury Plus Money Market Fund</title>
        <cusip>857492862</cusip>
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          <isin value="US8574928623"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Copper Fox Metals Inc</name>
        <lei>549300LIU80PC3X45325</lei>
        <title>Copper Fox Metals, Inc.</title>
        <cusip>21749Q104</cusip>
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          <isin value="CA21749Q1046"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Amarc Resources Ltd</name>
        <lei>894500CGO6JYCUH3M189</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Coppernico Metals Inc</name>
        <lei>984500796RWA3FA0DA28</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>Entree Resources Ltd</name>
        <lei>52990094IV5C28IVXZ02</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Aldebaran Resources Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Oroco Resource Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Atalaya Mining Copper Sa</name>
        <lei>549300QNQPXVRXGXOX56</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Firefly Metals Ltd</name>
        <lei>529900XFOBB3CJ170E75</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Cobre Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ero Copper Corp</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Marimaca Copper Corp</name>
        <lei>254900ZZYV59162NO535</lei>
        <title>Marimaca Copper Corp.</title>
        <cusip>56783M106</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Amerigo Resources Ltd</name>
        <lei>5299000WW697YX8VQX13</lei>
        <title>Amerigo Resources, Ltd.</title>
        <cusip>03074G109</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>Kodiak Copper Corp</name>
        <lei>254900ZW6GV582ZTSH43</lei>
        <title>Kodiak Copper Corp.</title>
        <cusip>50012K106</cusip>
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          <isin value="CA50012K1066"/>
        </identifiers>
        <balance>861275.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>412950.47000000</valUSD>
        <pctVal>0.273629711875</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="1367.32000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Koryx Copper Sa</name>
        <lei>254900CI2MO6O43C0G54</lei>
        <title>Koryx Copper SA</title>
        <cusip>50067J202</cusip>
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          <isin value="LU3306723589"/>
        </identifiers>
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        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>2495654.48000000</valUSD>
        <pctVal>1.653673420694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="53976.45000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sociedad Punta Del Cobre Sa</name>
        <lei>549300ZP01O6KMY1HI09</lei>
        <title>Sociedad Punta del Cobre SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CL0002483510"/>
        </identifiers>
        <balance>317065.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="921.96500000"/>
        <valUSD>5375865.76000000</valUSD>
        <pctVal>3.562162307232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SECURITIES LENDING - GENERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SECLEND"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1736668.30000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sterling Metals Corp</name>
        <lei>529900B3US2MNJRY1524</lei>
        <title>Sterling Metals Corp.</title>
        <cusip>85941M880</cusip>
        <identifiers>
          <isin value="CA85941M8806"/>
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        <balance>574435.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
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        <pctVal>0.295220201339</pctVal>
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        <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="1682.12000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gunnison Copper Corp</name>
        <lei>529900D3J6SRW92GKY67</lei>
        <title>Gunnison Copper Corp.</title>
        <cusip>402880108</cusip>
        <identifiers>
          <isin value="CA4028801088"/>
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        <balance>3710177.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>967929.13000000</valUSD>
        <pctVal>0.641370305153</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="52099.84000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>King Copper Discovery Corp</name>
        <lei>8945000VED5UFTAFEA34</lei>
        <title>King Copper Discovery Corp.</title>
        <cusip>494726102</cusip>
        <identifiers>
          <isin value="CA4947261026"/>
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        <balance>2805724.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>1424376.01000000</valUSD>
        <pctVal>0.943821657880</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="69194.22000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Imperial Metals Corp</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
        <identifiers>
          <isin value="CA4528921022"/>
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        <balance>673851.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>2941045.44000000</valUSD>
        <pctVal>1.948798887088</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>China Daye Non-ferrous Metals Mining Ltd</name>
        <lei>529900GFML3AH9SZEG21</lei>
        <title>China Daye Non-Ferrous Metals Mining, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG2125C1029"/>
        </identifiers>
        <balance>52069300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
        <valUSD>630712.50000000</valUSD>
        <pctVal>0.417923436801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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>
