<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0001728683</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      <seriesClassInfo>
        <seriesId>S000084097</seriesId>
        <classId>C000248362</classId>
      </seriesClassInfo>
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>SPROTT FUNDS TRUST</regName>
      <regFileNumber>811-23382</regFileNumber>
      <regCik>0001728683</regCik>
      <regLei>254900ESM83A3F9BO555</regLei>
      <regStreet1>320 POST ROAD SUITE 230</regStreet1>
      <regCity>DARIEN</regCity>
      <regStateConditional regCountry="US" regState="US-CT"/>
      <regZipOrPostalCode>06820</regZipOrPostalCode>
      <regPhone>2036562400</regPhone>
      <seriesName>Sprott Copper Miners ETF</seriesName>
      <seriesId>S000084097</seriesId>
      <seriesLei>254900I08LCCVB0YYB31</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>285837362.52</totAssets>
      <totLiabs>166337.18</totLiabs>
      <netAssets>285671025.34</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>41822.98000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="2701624.31000000" lei="K6Q0W1PS1L1O4IQL9C32" name="JP MORGAN SECURITIES PLC"/>
        <borrower aggrVal="101772.27000000" lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL INC."/>
        <borrower aggrVal="281296.56000000" lei="K9WDOH4D2PYBSLSOB484" name="BARCLAYS CAPITAL SECURITIES LIMITED"/>
        <borrower aggrVal="878389.75000000" lei="G5GSEF7VJP5I7OUK5573" name="BARCLAYS BANK PLC"/>
        <borrower aggrVal="121020.52000000" lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES, INC."/>
        <borrower aggrVal="67702.09000000" lei="T6FIZBDPKLYJKFCRVK44" name="UBS SECURITIES LLC"/>
        <borrower aggrVal="1114.77000000" lei="BFM8T61CT2L1QCEMIK50" name="UBS AG"/>
      </borrowers>
      <aggregateCondition isNonCashCollateral="Y">
        <aggregateInfos>
          <aggregateInfo amt="4338960.72000000" collatrl="4222410.22000000">
            <invstCat>UST</invstCat>
          </aggregateInfo>
        </aggregateInfos>
      </aggregateCondition>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000248362" rtn1="5.35000000" rtn2="13.94000000" rtn3="-9.46000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="29.54000000"/>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="29.54000000"/>
            </warrantCategory>
          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-56515.56000000" netUnrealizedAppr="13413320.32000000"/>
        <othMon2 netRealizedGain="-3675.94000000" netUnrealizedAppr="38844691.85000000"/>
        <othMon3 netRealizedGain="2506550.78000000" netUnrealizedAppr="-33192402.49000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="11891998.23000000"/>
      <mon3Flow redemption="4887561.64000000" reinvestment="0.00000000" sales="1266884.58000000"/>
      
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Southern Copper Corp</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>Southern Copper Corp.</title>
        <cusip>84265V105</cusip>
        <identifiers>
          <isin value="US84265V1052"/>
        </identifiers>
        <balance>78254.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13636542.04000000</valUSD>
        <pctVal>4.773512477777</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prospect Resources Ltd</name>
        <lei>529900ZNHOOIQ4150U26</lei>
        <title>Prospect Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PSC9"/>
        </identifiers>
        <balance>950939.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>184346.64000000</valUSD>
        <pctVal>0.064531094737</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>Barksdale Resources Corp</name>
        <lei>549300JSC30UXM5OSU40</lei>
        <title>Barksdale Resources Corp.</title>
        <cusip>06766T107</cusip>
        <identifiers>
          <isin value="CA06766T1075"/>
        </identifiers>
        <balance>122003.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>33549.21000000</valUSD>
        <pctVal>0.011744001674</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>Andina Copper Corp</name>
        <lei>529900S4AEURJWWPM252</lei>
        <title>Andina Copper Corp.</title>
        <cusip>03421C108</cusip>
        <identifiers>
          <isin value="CA03421C1086"/>
        </identifiers>
        <balance>195161.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>159624.02000000</valUSD>
        <pctVal>0.055876867389</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>Kingfisher Metals Corp</name>
        <lei>9845009459BDAE886F06</lei>
        <title>Kingfisher Metals Corp.</title>
        <cusip>49571M503</cusip>
        <identifiers>
          <isin value="CA49571M5037"/>
        </identifiers>
        <balance>146733.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>133464.18000000</valUSD>
        <pctVal>0.046719536866</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>Kgl Resources Ltd/australia</name>
        <lei>5299007CJS9GXXDRS231</lei>
        <title>KGL Resources, Ltd.</title>
        <cusip>Q5275H259</cusip>
        <identifiers>
          <isin value="AU0000476541"/>
        </identifiers>
        <balance>426579.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>29.54000000</valUSD>
        <pctVal>0.000010340565</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Corporate Action</counterpartyName>
              <counterpartyLei>99999999999999999999</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>KGL Resources Ltd/Australia</issuerName>
                <issueTitle>KGL Resources Ltd/Australia</issueTitle>
                <identifiers>
                  <isin value="AU000000KGL6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>0.01000000</exercisePrice>
            <exercisePriceCurCd>AUD</exercisePriceCurCd>
            <expDt>2026-07-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>29.54000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atex Resources Inc</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>04681A105</cusip>
        <identifiers>
          <isin value="CA04681A1057"/>
        </identifiers>
        <balance>422828.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>727446.02000000</valUSD>
        <pctVal>0.254644663082</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>Midnight Sun Mining Corp</name>
        <lei>52990087WPM7KR3D9E07</lei>
        <title>Midnight Sun Mining Corp.</title>
        <cusip>598015105</cusip>
        <identifiers>
          <isin value="CA5980151057"/>
        </identifiers>
        <balance>330786.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>144605.90000000</valUSD>
        <pctVal>0.050619729399</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>Mmg Ltd</name>
        <lei>529900XB5IQXFMSWEC48</lei>
        <title>MMG, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK1208013172"/>
        </identifiers>
        <balance>6109700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
        <valUSD>5406366.05000000</valUSD>
        <pctVal>1.892514665624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2473869.50000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aeris Resources Ltd</name>
        <lei>25490046Z9WWYJ493G64</lei>
        <title>Aeris Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000AIS8"/>
        </identifiers>
        <balance>1441424.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>369247.89000000</valUSD>
        <pctVal>0.129256332370</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="281296.56000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Copper Giant Resources Corp</name>
        <lei>254900UBFIX3DOMUIH24</lei>
        <title>Copper Giant Resources Corp.</title>
        <cusip>21750C101</cusip>
        <identifiers>
          <isin value="CA21750C1014"/>
        </identifiers>
        <balance>275403.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>139813.26000000</valUSD>
        <pctVal>0.048942051380</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>Faraday Copper Corp</name>
        <lei>529900BNJJ4FLFL93V78</lei>
        <title>Faraday Copper Corp.</title>
        <cusip>307357103</cusip>
        <identifiers>
          <isin value="CA3073571034"/>
        </identifiers>
        <balance>363502.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>1535256.11000000</valUSD>
        <pctVal>0.537421010119</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>Solaris Resources Inc</name>
        <lei>5299009LFMB5N4PVVZ93</lei>
        <title>Solaris Resources, Inc.</title>
        <cusip>83419D201</cusip>
        <identifiers>
          <isin value="CA83419D2014"/>
        </identifiers>
        <balance>162885.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>1370151.98000000</valUSD>
        <pctVal>0.479625813772</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>Teck Resources Ltd</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>Teck Resources, Ltd.</title>
        <cusip>878742204</cusip>
        <identifiers>
          <isin value="CA8787422044"/>
        </identifiers>
        <balance>476454.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28329954.84000000</valUSD>
        <pctVal>9.916985737801</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>Hot Chili Ltd</name>
        <lei>9845007FT8E8DX691A24</lei>
        <title>Hot Chili, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000HCHAX9"/>
        </identifiers>
        <balance>286535.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>394780.14000000</valUSD>
        <pctVal>0.138193973130</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>Aic Mines Ltd</name>
        <lei>5299003P1FAL4U4Y9G52</lei>
        <title>AIC Mines, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000049033"/>
        </identifiers>
        <balance>984659.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>494251.97000000</valUSD>
        <pctVal>0.173014385834</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>Element 29 Resources Inc</name>
        <lei>5299005ITQHL9VVDL971</lei>
        <title>Element 29 Resources, Inc.</title>
        <cusip>28619M105</cusip>
        <identifiers>
          <isin value="CA28619M1059"/>
        </identifiers>
        <balance>101233.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>114206.10000000</valUSD>
        <pctVal>0.039978188149</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>Pecoy Copper Corp</name>
        <lei>984500E4Z2A4EBECED27</lei>
        <title>PECOY COPPER Corp.</title>
        <cusip>70529A102</cusip>
        <identifiers>
          <isin value="CA70529A1021"/>
        </identifiers>
        <balance>237913.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>310339.54000000</valUSD>
        <pctVal>0.108635287611</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>Panoro Minerals Ltd</name>
        <lei>391200P6EK1EW7J5RW47</lei>
        <title>Panoro Minerals, Ltd.</title>
        <cusip>69863Q103</cusip>
        <identifiers>
          <isin value="CA69863Q1037"/>
        </identifiers>
        <balance>386253.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>419410.98000000</valUSD>
        <pctVal>0.146816072613</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>Hercules Metals Corp</name>
        <lei>894500C6CSRIL3D6RX81</lei>
        <title>Hercules Metals Corp.</title>
        <cusip>427086103</cusip>
        <identifiers>
          <isin value="CA4270861038"/>
        </identifiers>
        <balance>383711.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>151509.37000000</valUSD>
        <pctVal>0.053036309797</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="29175.91000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hillgrove Resources Ltd</name>
        <lei>529900VI6PCB2BOUYX69</lei>
        <title>Hillgrove Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000HGO6"/>
        </identifiers>
        <balance>4162696.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>152747.85000000</valUSD>
        <pctVal>0.053469843439</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>Caravel Minerals Ltd</name>
        <lei>529900JWBM9WU7W4D979</lei>
        <title>Caravel Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CVV1"/>
        </identifiers>
        <balance>712209.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>118343.18000000</valUSD>
        <pctVal>0.041426385423</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>Kghm Polska Miedz Sa</name>
        <lei>G30CO71KTT9JDYJESN22</lei>
        <title>KGHM Polska Miedz SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLKGHM000017"/>
        </identifiers>
        <balance>156664.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.76180000"/>
        <valUSD>13795244.30000000</valUSD>
        <pctVal>4.829066680312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gruvaktiebolaget Viscaria</name>
        <lei>5299004NWV90GIWSWQ04</lei>
        <title>Gruvaktiebolaget Viscaria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0021148160"/>
        </identifiers>
        <balance>333257.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635000"/>
        <valUSD>559532.60000000</valUSD>
        <pctVal>0.195866066337</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gladiator Metals Corp</name>
        <lei>894500V12H7OJ1X30T50</lei>
        <title>Gladiator Metals Corp.</title>
        <cusip>37653W101</cusip>
        <identifiers>
          <isin value="CA37653W1014"/>
        </identifiers>
        <balance>143137.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>374432.06000000</valUSD>
        <pctVal>0.131071066641</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>Selkirk Copper Mines Inc</name>
        <lei>529900QQEZSCCNJ4TI43</lei>
        <title>Selkirk Copper Mines, Inc.</title>
        <cusip>81640B101</cusip>
        <identifiers>
          <isin value="CA81640B1013"/>
        </identifiers>
        <balance>95333.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>106205.63000000</valUSD>
        <pctVal>0.037177599609</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>Carnaby Resources Ltd</name>
        <lei>529900UT1659MJM7IM29</lei>
        <title>Carnaby Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000046203"/>
        </identifiers>
        <balance>362067.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>146645.71000000</valUSD>
        <pctVal>0.051333771013</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="64887.27000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Philex Mining Corp</name>
        <lei>2549003WBGIWUSNRZX59</lei>
        <title>Philex Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY689911352"/>
        </identifiers>
        <balance>3213100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37000000"/>
        <valUSD>359687.09000000</valUSD>
        <pctVal>0.125909545629</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freeport-mcmoran Inc</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
        </identifiers>
        <balance>1127557.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70912059.73000000</valUSD>
        <pctVal>24.82297938532</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corp</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>Lundin Mining Corp.</title>
        <cusip>550372106</cusip>
        <identifiers>
          <isin value="CA5503721063"/>
        </identifiers>
        <balance>500842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>12204547.52000000</valUSD>
        <pctVal>4.272238497227</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>Fitzroy Minerals Inc</name>
        <lei>549300J0KOF4B3IF5I53</lei>
        <title>Fitzroy Minerals, Inc.</title>
        <cusip>33827E101</cusip>
        <identifiers>
          <isin value="CA33827E1016"/>
        </identifiers>
        <balance>390087.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>143025.02000000</valUSD>
        <pctVal>0.050066337609</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>Anglo Asian Mining Plc</name>
        <lei>213800F9JM669WH34359</lei>
        <title>Anglo Asian Mining PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0C18177"/>
        </identifiers>
        <balance>81920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389000"/>
        <valUSD>437368.85000000</valUSD>
        <pctVal>0.153102278916</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ero Copper Corp</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
        <cusip>296006109</cusip>
        <identifiers>
          <isin value="CA2960061091"/>
        </identifiers>
        <balance>128760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3444330.00000000</valUSD>
        <pctVal>1.205698056322</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="878389.75000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osisko Metals Inc</name>
        <lei>5493003KCD875ELH4484</lei>
        <title>Osisko Metals, Inc.</title>
        <cusip>688274109</cusip>
        <identifiers>
          <isin value="CA6882741094"/>
        </identifiers>
        <balance>937316.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>1183004.15000000</valUSD>
        <pctVal>0.414114154066</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>Intrepid Metals Corp</name>
        <lei>894500JAK75GWNIIK688</lei>
        <title>Intrepid Metals Corp.</title>
        <cusip>46123W203</cusip>
        <identifiers>
          <isin value="CA46123W2031"/>
        </identifiers>
        <balance>116313.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>58638.32000000</valUSD>
        <pctVal>0.020526519947</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>Kgl Resources Ltd/australia</name>
        <lei>5299007CJS9GXXDRS231</lei>
        <title>KGL Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000KGL6"/>
        </identifiers>
        <balance>540849.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>78635.72000000</valUSD>
        <pctVal>0.027526669849</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>Cyprium Metals Ltd</name>
        <lei>5299005RW969IW7R0468</lei>
        <title>Cyprium Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000050536"/>
        </identifiers>
        <balance>607874.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>189387.20000000</valUSD>
        <pctVal>0.066295557897</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>First Quantum Minerals Ltd</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals, Ltd.</title>
        <cusip>335934105</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
        </identifiers>
        <balance>486039.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>13276327.07000000</valUSD>
        <pctVal>4.647418146169</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>Trilogy Metals Inc</name>
        <lei>52990084YC9OR0TUH237</lei>
        <title>Trilogy Metals, Inc.</title>
        <cusip>89621C105</cusip>
        <identifiers>
          <isin value="CA89621C1059"/>
        </identifiers>
        <balance>211389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>741975.39000000</valUSD>
        <pctVal>0.259730712667</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>Austral Resources Australia Ltd</name>
        <lei>N/A</lei>
        <title>Austral Resources Australia, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000175838"/>
        </identifiers>
        <balance>2433650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>123000.12000000</valUSD>
        <pctVal>0.043056561250</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>Los Andes Copper Ltd</name>
        <lei>529900KB4NEC2LETLR81</lei>
        <title>Los Andes Copper, Ltd.</title>
        <cusip>544312200</cusip>
        <identifiers>
          <isin value="CA5443122000"/>
        </identifiers>
        <balance>18491.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>159453.50000000</valUSD>
        <pctVal>0.055817176351</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>Sprott Physical Copper Trust</name>
        <lei>254900RKXCDDVDQAV844</lei>
        <title>Sprott Physical Copper Trust</title>
        <cusip>85210C100</cusip>
        <identifiers>
          <isin value="CA85210C1005"/>
        </identifiers>
        <balance>1280883.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14742963.33000000</valUSD>
        <pctVal>5.160818571800</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>Ishares Msci India Etf</name>
        <lei>549300282VMCFH7S5848</lei>
        <title>iShares MSCI India ETF</title>
        <cusip>46429B598</cusip>
        <identifiers>
          <isin value="US46429B5984"/>
        </identifiers>
        <balance>55631.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2747615.09000000</valUSD>
        <pctVal>0.961810910549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blue Moon Metals Inc</name>
        <lei>254900CUYCO1Z90SIR42</lei>
        <title>Blue Moon Metals, Inc.</title>
        <cusip>09570Q509</cusip>
        <identifiers>
          <isin value="CA09570Q5095"/>
        </identifiers>
        <balance>113340.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>719238.50000000</valUSD>
        <pctVal>0.251771596067</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>Central Asia Metals Plc</name>
        <lei>213800EYQBJZIT64NH43</lei>
        <title>Central Asia Metals PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B67KBV28"/>
        </identifiers>
        <balance>238344.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389000"/>
        <valUSD>418585.55000000</valUSD>
        <pctVal>0.146527128364</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Electric Inc / Us</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc. / US</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
        </identifiers>
        <balance>176109.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1692407.49000000</valUSD>
        <pctVal>0.592432322454</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regulus Resources Inc</name>
        <lei>529900VQYPDBLVK5DL14</lei>
        <title>Regulus Resources, Inc.</title>
        <cusip>75915M107</cusip>
        <identifiers>
          <isin value="CA75915M1077"/>
        </identifiers>
        <balance>161089.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>470233.36000000</valUSD>
        <pctVal>0.164606599300</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>Ngex Minerals Ltd</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEx Minerals, Ltd.</title>
        <cusip>62930A102</cusip>
        <identifiers>
          <isin value="CA62930A1021"/>
        </identifiers>
        <balance>218087.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>3902730.87000000</valUSD>
        <pctVal>1.366162656977</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>Trekor Metals Ltd</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>Trekor Metals, Ltd.</title>
        <cusip>89472Y107</cusip>
        <identifiers>
          <isin value="CA89472Y1079"/>
        </identifiers>
        <balance>501519.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3450450.72000000</valUSD>
        <pctVal>1.207840632732</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>Vizsla Copper Corp</name>
        <lei>984500DA5BBD7543CZ84</lei>
        <title>Vizsla Copper Corp.</title>
        <cusip>92858X701</cusip>
        <identifiers>
          <isin value="CA92858X7018"/>
        </identifiers>
        <balance>116443.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>86618.98000000</valUSD>
        <pctVal>0.030321233977</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>Atlas Consolidated Mining &amp; Development Corp</name>
        <lei>N/A</lei>
        <title>Atlas Consolidated Mining &amp; Development Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY0434M1265"/>
        </identifiers>
        <balance>1951900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37000000"/>
        <valUSD>225500.59000000</valUSD>
        <pctVal>0.078937158478</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jinchuan Group International Resources Co Ltd</name>
        <lei>254900RWLOXOMORJEB03</lei>
        <title>Jinchuan Group International Resources Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG5138B1023"/>
        </identifiers>
        <balance>987700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
        <valUSD>80599.27000000</valUSD>
        <pctVal>0.028214016421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="72539.51000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>29metals Ltd</name>
        <lei>N/A</lei>
        <title>29Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000157067"/>
        </identifiers>
        <balance>1306954.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>230741.14000000</valUSD>
        <pctVal>0.080771628738</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>Antofagasta Plc</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>Antofagasta PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
        </identifiers>
        <balance>520553.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389000"/>
        <valUSD>26376692.36000000</valUSD>
        <pctVal>9.233240343015</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Copper 360 Ltd</name>
        <lei>N/A</lei>
        <title>Copper 360, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000318531"/>
        </identifiers>
        <balance>831098.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38000000"/>
        <valUSD>20295.43000000</valUSD>
        <pctVal>0.007104476198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sociedad Minera Cerro Verde Saa</name>
        <lei>5493002F857O2TX7EU13</lei>
        <title>Sociedad Minera Cerro Verde SAA</title>
        <cusip>P87175108</cusip>
        <identifiers>
          <isin value="PEP646501002"/>
        </identifiers>
        <balance>26598.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1691632.80000000</valUSD>
        <pctVal>0.592161139893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>
        <identifiers>
          <isin value="US8574928623"/>
        </identifiers>
        <balance>563198.54000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>563198.54000000</valUSD>
        <pctVal>0.197149339639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Copper Fox Metals Inc</name>
        <lei>549300LIU80PC3X45325</lei>
        <title>Copper Fox Metals, Inc.</title>
        <cusip>21749Q104</cusip>
        <identifiers>
          <isin value="CA21749Q1046"/>
        </identifiers>
        <balance>145846.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>63757.81000000</valUSD>
        <pctVal>0.022318612790</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>Amarc Resources Ltd</name>
        <lei>894500CGO6JYCUH3M189</lei>
        <title>Amarc Resources, Ltd.</title>
        <cusip>022912109</cusip>
        <identifiers>
          <isin value="CA0229121094"/>
        </identifiers>
        <balance>223180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>149494.80000000</valUSD>
        <pctVal>0.052331103520</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>Ivanhoe Mines Ltd</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines, Ltd.</title>
        <cusip>46579R104</cusip>
        <identifiers>
          <isin value="CA46579R1047"/>
        </identifiers>
        <balance>978168.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>7662574.64000000</valUSD>
        <pctVal>2.682307255655</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="101772.27000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minsur Sa</name>
        <lei>254900C69MVC7SXO2G61</lei>
        <title>Minsur SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PEP622005002"/>
        </identifiers>
        <balance>1458692.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PEN" exchangeRt="3.41800000"/>
        <valUSD>2901166.83000000</valUSD>
        <pctVal>1.015562158096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Entree Resources Ltd</name>
        <lei>52990094IV5C28IVXZ02</lei>
        <title>Entree Resources, Ltd.</title>
        <cusip>29384J103</cusip>
        <identifiers>
          <isin value="CA29384J1030"/>
        </identifiers>
        <balance>104233.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>226361.81000000</valUSD>
        <pctVal>0.079238631124</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>Aldebaran Resources Inc</name>
        <lei>N/A</lei>
        <title>Aldebaran Resources, Inc.</title>
        <cusip>01408J104</cusip>
        <identifiers>
          <isin value="CA01408J1049"/>
        </identifiers>
        <balance>206207.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>380935.90000000</valUSD>
        <pctVal>0.133347755358</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>Oroco Resource Corp</name>
        <lei>254900A32I4WCT8CXB71</lei>
        <title>Oroco Resource Corp.</title>
        <cusip>687033100</cusip>
        <identifiers>
          <isin value="CA6870331007"/>
        </identifiers>
        <balance>276916.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>72243.20000000</valUSD>
        <pctVal>0.025288949032</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>Atalaya Mining Copper Sa</name>
        <lei>549300QNQPXVRXGXOX56</lei>
        <title>Atalaya Mining Copper SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CY0106002112"/>
        </identifiers>
        <balance>178137.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389000"/>
        <valUSD>1929311.45000000</valUSD>
        <pctVal>0.675361264833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Firefly Metals Ltd</name>
        <lei>529900XFOBB3CJ170E75</lei>
        <title>FireFly Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
        </identifiers>
        <balance>1101416.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>1342111.50000000</valUSD>
        <pctVal>0.469810159571</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="162867.54000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cobre Ltd</name>
        <lei>N/A</lei>
        <title>Cobre, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000072555"/>
        </identifiers>
        <balance>832198.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>190136.35000000</valUSD>
        <pctVal>0.066557800103</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>Hudbay Minerals Inc</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>Hudbay Minerals, Inc.</title>
        <cusip>443628102</cusip>
        <identifiers>
          <isin value="CA4436281022"/>
        </identifiers>
        <balance>513455.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12122672.55000000</valUSD>
        <pctVal>4.243577918191</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>Marimaca Copper Corp</name>
        <lei>254900ZZYV59162NO535</lei>
        <title>Marimaca Copper Corp.</title>
        <cusip>56783M106</cusip>
        <identifiers>
          <isin value="CA56783M1068"/>
        </identifiers>
        <balance>123206.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>652407.59000000</valUSD>
        <pctVal>0.228377235396</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>Amerigo Resources Ltd</name>
        <lei>5299000WW697YX8VQX13</lei>
        <title>Amerigo Resources, Ltd.</title>
        <cusip>03074G109</cusip>
        <identifiers>
          <isin value="CA03074G1090"/>
        </identifiers>
        <balance>207134.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>896740.88000000</valUSD>
        <pctVal>0.313906837045</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>Kodiak Copper Corp</name>
        <lei>254900ZW6GV582ZTSH43</lei>
        <title>Kodiak Copper Corp.</title>
        <cusip>50012K106</cusip>
        <identifiers>
          <isin value="CA50012K1066"/>
        </identifiers>
        <balance>149593.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>71724.48000000</valUSD>
        <pctVal>0.025107369539</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>Koryx Copper Sa</name>
        <lei>254900CI2MO6O43C0G54</lei>
        <title>Koryx Copper SA</title>
        <cusip>50067J202</cusip>
        <identifiers>
          <isin value="LU3306723589"/>
        </identifiers>
        <balance>185222.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>433588.61000000</valUSD>
        <pctVal>0.151778994556</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="88121.96000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capstone Copper Corp</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>Capstone Copper Corp.</title>
        <cusip>14071L108</cusip>
        <identifiers>
          <isin value="CA14071L1085"/>
        </identifiers>
        <balance>1024409.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>9411633.54000000</valUSD>
        <pctVal>3.294570574246</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>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>52003.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="921.96500000"/>
        <valUSD>881715.57000000</valUSD>
        <pctVal>0.308647182174</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="91271.90000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sterling Metals Corp</name>
        <lei>529900B3US2MNJRY1524</lei>
        <title>Sterling Metals Corp.</title>
        <cusip>85941M880</cusip>
        <identifiers>
          <isin value="CA85941M8806"/>
        </identifiers>
        <balance>68899.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>53438.32000000</valUSD>
        <pctVal>0.018706244336</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>Gunnison Copper Corp</name>
        <lei>529900D3J6SRW92GKY67</lei>
        <title>Gunnison Copper Corp.</title>
        <cusip>402880108</cusip>
        <identifiers>
          <isin value="CA4028801088"/>
        </identifiers>
        <balance>644388.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>168111.09000000</valUSD>
        <pctVal>0.058847791721</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>King Copper Discovery Corp</name>
        <lei>8945000VED5UFTAFEA34</lei>
        <title>King Copper Discovery Corp.</title>
        <cusip>494726102</cusip>
        <identifiers>
          <isin value="CA4947261026"/>
        </identifiers>
        <balance>487421.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>247448.00000000</valUSD>
        <pctVal>0.086619915234</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>Imperial Metals Corp</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
        <cusip>452892102</cusip>
        <identifiers>
          <isin value="CA4528921022"/>
        </identifiers>
        <balance>119462.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>521395.93000000</valUSD>
        <pctVal>0.182516210518</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>Cygnus Metals Ltd</name>
        <lei>5299005QXKBNT6HKPX05</lei>
        <title>Cygnus Metals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CY57"/>
        </identifiers>
        <balance>287265.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>22872.05000000</valUSD>
        <pctVal>0.008006429764</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>Sandfire Resources Ltd</name>
        <lei>213800ZW52P23FVH1V47</lei>
        <title>Sandfire Resources, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SFR8"/>
        </identifiers>
        <balance>547541.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44436000"/>
        <valUSD>7274718.07000000</valUSD>
        <pctVal>2.546536898987</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>28735800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880.00000000"/>
        <valUSD>4982157.72000000</valUSD>
        <pctVal>1.744019266241</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>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>8991200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
        <valUSD>108909.90000000</valUSD>
        <pctVal>0.038124237440</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>
