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        <fairValLevel>1</fairValLevel>
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        <name>Omai Gold Mines Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tintina Mines Ltd.</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Liberty Gold Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Tectonic Metals, Inc.</name>
        <lei>25490018MOFVHN0S8X34</lei>
        <title>Tectonic Metals, Inc.</title>
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          <isin value="CA87877T6088"/>
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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>Maple Gold Mines Ltd.</name>
        <lei>529900614R460CGCLU46</lei>
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          <isin value="CA5651276027"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aurum Resources Ltd.</name>
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        <cusip>N/A</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newcore Gold Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
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          <isin value="CA92859G6085"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Sinda Ltd.</name>
        <lei>N/A</lei>
        <title>Sinda Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="KYG815691087"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Contango Silver &amp; Gold, Inc.</name>
        <lei>254900PFYX4KDRISX581</lei>
        <title>Contango Silver &amp; Gold, Inc.</title>
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          <isin value="US21077F1003"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Discovery Silver Corp.</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Ora Banda Mining Ltd.</name>
        <lei>984500DAD3BDFDHBD844</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chalice Mining Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Heliostar Metals Ltd.</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Onyx Gold Corp.</name>
        <lei>529900LI2BU0WQI1I448</lei>
        <title>Onyx Gold Corp.</title>
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          <isin value="CA68339G1037"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Osisko Development Corp.</name>
        <lei>984500A8CC57F67DJ124</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Meeka Metals Ltd.</name>
        <lei>529900KOA7NX3J2DL230</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Troilus Mining Corp.</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Mining Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Blue Moon Metals, Inc.</name>
        <lei>254900CUYCO1Z90SIR42</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>GoGold Resources, Inc.</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GoGold Resources, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Alamos Gold, Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TDG Gold Corp.</name>
        <lei>2549000YY74BDNRBVC95</lei>
        <title>TDG Gold Corp.</title>
        <cusip>87190J105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>K92 Mining, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Turaco Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Turaco Gold Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Equinox Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tiernan Gold Corp.</name>
        <lei>N/A</lei>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Snowline Gold Corp.</name>
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        <title>Snowline Gold Corp.</title>
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          <isin value="CA83342V1040"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Galiano Gold, Inc.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hemlo Mining Corp.</name>
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          <isin value="CA42366G1046"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Blossom Gold, Inc.</name>
        <lei>N/A</lei>
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          <isin value="CA09511B1085"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>G Mining Ventures Corp.</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp.</title>
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          <isin value="CA36270K1021"/>
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        <fairValLevel>1</fairValLevel>
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        <name>NorthIsle Copper &amp; Gold, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Maritana Minerals Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Awale Resources Ltd.</name>
        <lei>894500976UL6A1P7D659</lei>
        <title>Awale Resources Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Meridian Mining plc</name>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Aya Gold &amp; Silver, Inc.</name>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Scottie Resources Corp.</name>
        <lei>549300ZRO5OWUZN7NZ11</lei>
        <title>Scottie Resources Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Kingsgate Consolidated Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Andean Silver Ltd.</name>
        <lei>529900L4ISGTAPAUNP20</lei>
        <title>Andean Silver Ltd.</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Adyton Resources Corp.</name>
        <lei>9845007706FCB6A02B69</lei>
        <title>Adyton Resources Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Barrick Mining Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corp.</title>
        <cusip>06849F108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Northam Platinum Holdings Ltd.</name>
        <lei>3789009D0712C7101695</lei>
        <title>Northam Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Titan Minerals Ltd.</name>
        <lei>98450084C73TE3E80348</lei>
        <title>Titan Minerals Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pantoro Gold Ltd.</name>
        <lei>254900ZMQXTNJJIP4K51</lei>
        <title>Pantoro Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PNR8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
        <cusip>38059T106</cusip>
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          <isin value="US38059T1060"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sierra Madre Gold And Silver Ltd.</name>
        <lei>984500C0001D39FB0424</lei>
        <title>Sierra Madre Gold And Silver Ltd.</title>
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          <isin value="CA8263XP1041"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vault Minerals Ltd.</name>
        <lei>5299008TF8KHQ8CIQG34</lei>
        <title>Vault Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000355588"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RTG4"/>
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        <balance>673000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ramelius Resources Ltd.</name>
        <lei>254900E44AIGW7KKNR98</lei>
        <title>Ramelius Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000RMS4"/>
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        <balance>146600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alicanto Minerals Ltd.</name>
        <lei>529900Q4LAMYP8APXF47</lei>
        <title>Alicanto Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000AQI2"/>
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        <balance>73046.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dakota Gold Corp.</name>
        <lei>N/A</lei>
        <title>Dakota Gold Corp.</title>
        <cusip>46655E100</cusip>
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          <isin value="US46655E1001"/>
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        <balance>43776.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Predictive Discovery Ltd.</name>
        <lei>529900NL3JLEV0OIIW58</lei>
        <title>Predictive Discovery Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PDI8"/>
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        <balance>870837.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sitka Gold Corp.</name>
        <lei>52990015XSDJ1XAJBH37</lei>
        <title>Sitka Gold Corp.</title>
        <cusip>860647106</cusip>
        <identifiers>
          <isin value="CA8606471065"/>
          <other otherDesc="Inhouse Asset ID" value="1459168"/>
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        <balance>253100.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Cross Gold Consolidated Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
        <title>Southern Cross Gold Consolidated Ltd.</title>
        <cusip>842685109</cusip>
        <identifiers>
          <isin value="CA8426851090"/>
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        <balance>36700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>St. Barbara Ltd.</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>St. Barbara Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SBM8"/>
          <other otherDesc="Inhouse Asset ID" value="374132"/>
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        <balance>181300.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000NST8"/>
          <other otherDesc="Inhouse Asset ID" value="523023"/>
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        <balance>20000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A887</cusip>
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          <isin value="CA87425A8876"/>
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        <balance>192300.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
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          <isin value="CA0084741085"/>
          <other otherDesc="Inhouse Asset ID" value="203976"/>
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        <balance>8500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Golden Horse Minerals Ltd.</name>
        <lei>529900VZZPN6U19J5N97</lei>
        <title>Golden Horse Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000360109"/>
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        <balance>109200.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Q-Gold Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Q-Gold Resources Ltd.</title>
        <cusip>747269504</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ausgold Ltd.</name>
        <lei>894500N1FW604CKRQQ71</lei>
        <title>Ausgold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000AUC7"/>
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        <balance>276600.00000000</balance>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Roxmore Resources, Inc.</name>
        <lei>529900WXU2EXI7C00O27</lei>
        <title>Roxmore Resources, Inc.</title>
        <cusip>780017109</cusip>
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          <isin value="CA7800171091"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Valterra Platinum Ltd.</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Valterra Platinum Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Asante Gold Corp.</name>
        <lei>529900F9PV1G9S5YD446</lei>
        <title>Asante Gold Corp.</title>
        <cusip>04341X107</cusip>
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          <isin value="CA04341X1078"/>
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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>Catalyst Metals Ltd.</name>
        <lei>9845002GB72C3J4A3E64</lei>
        <title>Catalyst Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CYL6"/>
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        <balance>128122.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Valiant Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Valiant Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000457384"/>
          <other otherDesc="Inhouse Asset ID" value="1587760"/>
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        <balance>263800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Coeur Mining, Inc.</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>Coeur Mining, Inc.</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
          <other otherDesc="Inhouse Asset ID" value="37722"/>
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        <balance>15400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251328.00000000</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>
      <invstOrSec>
        <name>Falcon Metals Ltd.</name>
        <lei>984500CF05E3BAB0DF42</lei>
        <title>Falcon Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000187569"/>
          <other otherDesc="Inhouse Asset ID" value="1181262"/>
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        <balance>185900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Saturn Metals Ltd.</name>
        <lei>5299007UYBJYDGQPIH84</lei>
        <title>Saturn Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000STN8"/>
          <other otherDesc="Inhouse Asset ID" value="1106601"/>
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        <balance>504900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Americas Gold &amp; Silver Corp.</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corp.</title>
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        <identifiers>
          <isin value="CA03062D8035"/>
          <other otherDesc="Inhouse Asset ID" value="403077"/>
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        <balance>33600.00000000</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>
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      <invstOrSec>
        <name>US Gold Corp.</name>
        <lei>5299003C2TFXIV9QAV34</lei>
        <title>US Gold Corp.</title>
        <cusip>90291C201</cusip>
        <identifiers>
          <isin value="US90291C2017"/>
          <other otherDesc="Inhouse Asset ID" value="1495437"/>
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        <balance>5800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88914.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Integra Resources Corp.</name>
        <lei>529900MC191X8CY3P306</lei>
        <title>Integra Resources Corp.</title>
        <cusip>45826T509</cusip>
        <identifiers>
          <isin value="CA45826T5098"/>
          <other otherDesc="Inhouse Asset ID" value="1106804"/>
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        <balance>56800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128936.00000000</valUSD>
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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>
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      <invstOrSec>
        <name>Silver Tiger Metals, Inc.</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>Silver Tiger Metals, Inc.</title>
        <cusip>82831T109</cusip>
        <identifiers>
          <isin value="CA82831T1093"/>
          <other otherDesc="Inhouse Asset ID" value="1133386"/>
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        <balance>499249.00000000</balance>
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        <pctVal>0.540066593299</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>
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      <invstOrSec>
        <name>Atex Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Atex Resources, Inc.</title>
        <cusip>04681A105</cusip>
        <identifiers>
          <isin value="CA04681A1057"/>
          <other otherDesc="Inhouse Asset ID" value="1337159"/>
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        <balance>156900.00000000</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>
        <name>FireFly Metals Ltd.</name>
        <lei>529900XFOBB3CJ170E75</lei>
        <title>FireFly Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
          <other otherDesc="Inhouse Asset ID" value="1186309"/>
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        <balance>156400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rox Resources Ltd.</name>
        <lei>5299001EMVZIKMJXB767</lei>
        <title>Rox Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RXL6"/>
          <other otherDesc="Inhouse Asset ID" value="1463414"/>
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        <balance>536500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nevgold Corp.</name>
        <lei>9845004EF3E1DE7F1D61</lei>
        <title>Nevgold Corp.</title>
        <cusip>641536107</cusip>
        <identifiers>
          <isin value="CA6415361071"/>
          <other otherDesc="Inhouse Asset ID" value="1566961"/>
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        <balance>155400.00000000</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>Medallion Metals Ltd.</name>
        <lei>529900P74IDMKTKYVQ71</lei>
        <title>Medallion Metals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000138828"/>
          <other otherDesc="Inhouse Asset ID" value="1473260"/>
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        <balance>554500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nevada King Gold Corp.</name>
        <lei>N/A</lei>
        <title>Nevada King Gold Corp.</title>
        <cusip>64135V204</cusip>
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          <isin value="CA64135V2049"/>
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        <balance>38520.00000000</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>Greenheart Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Greenheart Gold, Inc.</title>
        <cusip>39526E102</cusip>
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          <isin value="CA39526E1025"/>
          <other otherDesc="Inhouse Asset ID" value="1374576"/>
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        <balance>26900.00000000</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>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222400</cusip>
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          <isin value="CA6752224007"/>
          <other otherDesc="Inhouse Asset ID" value="431553"/>
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        <balance>9700.00000000</balance>
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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>Torque Metals Ltd.</name>
        <lei>89450005ZYVQ1CS5FU89</lei>
        <title>Torque Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000147266"/>
          <other otherDesc="Inhouse Asset ID" value="1480896"/>
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        <balance>433900.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Emerald Resources NL</name>
        <lei>529900V79JFYUE9ZQB09</lei>
        <title>Emerald Resources NL</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000EMR4"/>
          <other otherDesc="Inhouse Asset ID" value="1039470"/>
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        <balance>122600.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hochschild Mining plc</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>Hochschild Mining plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00B1FW5029"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STLLR Gold, Inc.</name>
        <lei>254900DJACV32N4WRJ73</lei>
        <title>STLLR Gold, Inc.</title>
        <cusip>86101P101</cusip>
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          <isin value="CA86101P1018"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WIA Gold Ltd.</name>
        <lei>529900UWSL321JN1GB20</lei>
        <title>WIA Gold Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000193872"/>
          <other otherDesc="Inhouse Asset ID" value="1507870"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
          <other otherDesc="Inhouse Asset ID" value="431960"/>
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        <balance>324162.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Asara Resources Ltd.</name>
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        <title>Asara Resources Ltd.</title>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rua Gold, Inc.</name>
        <lei>894500I7AQ4P4EDAPF81</lei>
        <title>Rua Gold, Inc.</title>
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          <isin value="CA78109M2067"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Black Cat Syndicate Ltd.</name>
        <lei>N/A</lei>
        <title>Black Cat Syndicate Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000BC88"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Geopacific Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Geopacific Resources Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000GPR2"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Drummond Ventures Corp.</name>
        <lei>N/A</lei>
        <title>Drummond Ventures Corp.</title>
        <cusip>554515106</cusip>
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          <isin value="CA5545151063"/>
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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>Gorilla Gold Mines Ltd.</name>
        <lei>N/A</lei>
        <title>Gorilla Gold Mines Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000382079"/>
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        <balance>243200.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westgold Resources Ltd.</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
        <title>Westgold Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000WGX6"/>
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        <balance>104800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Genesis Minerals Ltd.</name>
        <lei>894500AK5BVRCNP0FP48</lei>
        <title>Genesis Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000GMD9"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Antipa Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Antipa Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000AZY0"/>
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        <balance>207600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Belo Sun Mining Corp.</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>Belo Sun Mining Corp.</title>
        <cusip>080558109</cusip>
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          <isin value="CA0805581091"/>
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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>Bravo Mining Corp.</name>
        <lei>N/A</lei>
        <title>Bravo Mining Corp.</title>
        <cusip>10566M106</cusip>
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          <isin value="CA10566M1068"/>
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        <balance>57700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AuMega Metals Ltd.</name>
        <lei>529900XG89DFWV81PF22</lei>
        <title>AuMega Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000338311"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
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          <isin value="CA11777Q2099"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tolu Minerals Ltd.</name>
        <lei>529900GTAE7MCGHVUG46</lei>
        <title>Tolu Minerals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="PG0000000656"/>
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        <assetCat>EC</assetCat>
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        <invCountry>PG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Resolute Mining Ltd.</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000RSG6"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Greatland Resources Ltd.</name>
        <lei>213800KQI75ZGE53GX44</lei>
        <title>Greatland Resources Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Western Copper &amp; Gold Corp.</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>G2 Goldfields, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Toubani Resources Ltd.</name>
        <lei>984500E554852C964176</lei>
        <title>Toubani Resources Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Amaroq Ltd.</name>
        <lei>213800Q21S5JQ6WKCE70</lei>
        <title>Amaroq Ltd.</title>
        <cusip>02311U103</cusip>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>St. Augustine Gold and Copper Ltd.</name>
        <lei>N/A</lei>
        <title>St. Augustine Gold and Copper Ltd.</title>
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          <isin value="VGG8448A1030"/>
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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Collective Mining Ltd.</name>
        <lei>98450055FE5CF6E9J694</lei>
        <title>Collective Mining Ltd.</title>
        <cusip>19425C100</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Challenger Gold Ltd.</name>
        <lei>N/A</lei>
        <title>Challenger Gold Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000CEL8"/>
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        <balance>785000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Sunshine Silver Mining &amp; Refining Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Boab Metals Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gold Fields Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Metals Corp.</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>Imperial Metals Corp.</title>
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          <isin value="CA4528921022"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Founders Metals, Inc.</name>
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          <isin value="CA3505901056"/>
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        <balance>50800.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Newmont Corp.</name>
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        <cusip>N/A</cusip>
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          <isin value="AU0000297962"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern Cross Gold Consolidated Ltd.</name>
        <lei>2549004SP30Z0UWKH476</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Silver Mines Ltd.</name>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Gold X2 Mining, Inc.</name>
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          <isin value="CA38076G1037"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Osisko Development Corp.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Barton Gold Holdings Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Great Boulder Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Felix Gold Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Montage Gold Corp.</name>
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        <title>Montage Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Silver Mountain Resources, Inc.</name>
        <lei>529900FZCY72N73U9N27</lei>
        <title>Silver Mountain Resources, Inc.</title>
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          <isin value="CA8280425072"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Bellavista Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>West African Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Magna Mining, Inc.</name>
        <lei>391200LYB0MF13ZWII58</lei>
        <title>Magna Mining, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>Equinox Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Galantas Gold Corp.</name>
        <lei>213800JKVPLLKO4KVB93</lei>
        <title>Galantas Gold Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Anglogold Ashanti plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti plc</title>
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        <balance>18060.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Great Pacific Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Talamore Mining Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Endeavour Mining plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Brightstar Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cerro de Pasco Resources, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Amex Exploration, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Ballard Mining Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Tower Hill Mines Ltd.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Orla Mining Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bellevue Gold Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Predictive Discovery Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Artemis Gold, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Helius Minerals Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Eldorado Gold Corp.</name>
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        <title>Eldorado Gold Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Cambria Gold Mines, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Minerals 260 Ltd.</name>
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        <title>Minerals 260 Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Pilbara Gold Ltd.</name>
        <lei>5299001LVEKDO6K0O468</lei>
        <title>Pilbara Gold Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Electric, Inc.</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>Ivanhoe Electric, Inc.</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
          <other otherDesc="Inhouse Asset ID" value="1202551"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67270.00000000</valUSD>
        <pctVal>0.130640319014</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>Radisson Mining Resources, Inc.</name>
        <lei>2549002XQYEDHG3FTL96</lei>
        <title>Radisson Mining Resources, Inc., Class A</title>
        <cusip>76125W505</cusip>
        <identifiers>
          <isin value="CA76125W5054"/>
          <other otherDesc="Inhouse Asset ID" value="1449773"/>
        </identifiers>
        <balance>176800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>92248.90000000</valUSD>
        <pctVal>0.179150077668</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>Skeena Resources Ltd.</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd.</title>
        <cusip>83056P715</cusip>
        <identifiers>
          <isin value="CA83056P7157"/>
          <other otherDesc="Inhouse Asset ID" value="1025679"/>
        </identifiers>
        <balance>26654.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>710397.46000000</valUSD>
        <pctVal>1.379612766488</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>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
        <cusip>891054603</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
          <other otherDesc="Inhouse Asset ID" value="533604"/>
        </identifiers>
        <balance>27115.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>1079246.78000000</valUSD>
        <pctVal>2.095928997098</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>Banyan Gold Corp.</name>
        <lei>98450011DEEFB7F8E409</lei>
        <title>Banyan Gold Corp.</title>
        <cusip>06683K106</cusip>
        <identifiers>
          <isin value="CA06683K1066"/>
          <other otherDesc="Inhouse Asset ID" value="1155449"/>
        </identifiers>
        <balance>360400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>360844.70000000</valUSD>
        <pctVal>0.700771023082</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>Mining Americas, Inc.</name>
        <lei>254900I6L38EFNS8Z440</lei>
        <title>Mining Americas, Inc.</title>
        <cusip>60365B108</cusip>
        <identifiers>
          <isin value="CA60365B1085"/>
          <other otherDesc="Inhouse Asset ID" value="1505014"/>
        </identifiers>
        <balance>74200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>263159.53000000</valUSD>
        <pctVal>0.511063549144</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
