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        <name>WELLS FARGO SECURITIES, LLC</name>
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        <name>RBC CAPITAL MARKETS, LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>OPPENHEIMER &amp; CO. INC.</name>
        <lei>254900VH02JQR2L8XD64</lei>
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        <name>OPPENHEIMER &amp; CO. INC.</name>
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        <name>CANTOR FITZGERALD &amp; CO.</name>
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        <name>Americas Gold &amp; Silver Corp</name>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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      <invstOrSec>
        <name>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
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        <name>Yara International ASA</name>
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      <invstOrSec>
        <name>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
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        <name>Mowi ASA</name>
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        <name>Aris Mining Corp</name>
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        <name>RBC CAPITAL MARKETS, LLC</name>
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        <name>BP PLC</name>
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        <name>Devon Energy Corp</name>
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        <name>Diamondback Energy Inc</name>
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          <ticker value="FANG"/>
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      <invstOrSec>
        <name>Westgold Resources Ltd</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
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        <name>Eni SpA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
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      <invstOrSec>
        <name>Glencore PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797SG3</cusip>
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          <isin value="US912797SG39"/>
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        <balance>1560000.00000000</balance>
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        <name>Alamos Gold Inc</name>
        <lei>894500GIHFJZW7YS9660</lei>
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        <name>Evolution Mining Ltd</name>
        <lei>254900BCFW5QO5LW8F27</lei>
        <title>Evolution Mining Ltd</title>
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        <name>Orla Mining Ltd</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd</title>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Endeavour Mining PLC</name>
        <lei>529900NI5MXQ91GHXR07</lei>
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        <name>Coterra Energy Inc</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
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      <invstOrSec>
        <name>Wesdome Gold Mines Ltd</name>
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        <title>Wesdome Gold Mines Ltd</title>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Toro Co/The</name>
        <lei>YJKE4YIT6BWQHVEW0D14</lei>
        <title>Toro Co/The</title>
        <cusip>891092108</cusip>
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          <isin value="US8910921084"/>
          <ticker value="TTC"/>
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        <curCd>USD</curCd>
        <valUSD>708480.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Artemis Gold Inc</name>
        <lei>529900GXBX7DGL5YMO49</lei>
        <title>Artemis Gold Inc</title>
        <cusip>04302L100</cusip>
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          <isin value="CA04302L1004"/>
          <ticker value="ARTG"/>
          <other otherDesc="SEDOL" value="BKLTQ63"/>
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        <balance>70000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLIED GOLD CORP</name>
        <lei>894500S5G4JFSRGK8L37</lei>
        <title>Allied Gold Corp</title>
        <cusip>01921DAA3</cusip>
        <identifiers>
          <isin value="CA01921DAA33"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>675000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-07</maturityDt>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>ALLIED GOLD CORP</name>
              <title>ALLIED GOLD CORP</title>
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                <cusip value="01921D204"/>
                <isin value="CA01921D2041"/>
                <ticker value="AAUC"/>
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            <currencyInfo convRatio="57.57000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eldorado Gold Corp</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp</title>
        <cusip>284902509</cusip>
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          <isin value="CA2849025093"/>
          <ticker value="EGO"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp</title>
        <cusip>450913108</cusip>
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          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
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        <balance>110800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1827092.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montage Gold Corp</name>
        <lei>9845004C6BCE77ACA795</lei>
        <title>Montage Gold Corp</title>
        <cusip>61178L101</cusip>
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          <isin value="CA61178L1013"/>
          <ticker value="MAU"/>
          <other otherDesc="SEDOL" value="BMYMV13"/>
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        <balance>60000.00000000</balance>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aya Gold &amp; Silver Inc</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>Aya Gold &amp; Silver Inc</title>
        <cusip>05466C109</cusip>
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          <isin value="CA05466C1095"/>
          <ticker value="AYA"/>
          <other otherDesc="SEDOL" value="BK94091"/>
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        <balance>24000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.37255000"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>K92 MINING INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ES12400341"/>
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        <balance>-540.00000000</balance>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>K92 Mining Inc</issuerName>
                <issueTitle>K92 Mining Inc</issueTitle>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797RV1</cusip>
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          <isin value="US912797RV15"/>
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        <balance>225000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-05</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
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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"/>
          <ticker value="GFI"/>
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        <curCd>USD</curCd>
        <valUSD>759684.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp</title>
        <cusip>697900108</cusip>
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          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>FREEPORT-MCMORAN INC</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Inc</title>
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          <isin value="US35671DCE31"/>
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        <balance>750000.00000000</balance>
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        <invCountry>US</invCountry>
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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"/>
          <ticker value="OGC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <name>KINROSS GOLD CORP</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>Kinross Gold Corp</title>
        <cusip>496902AR8</cusip>
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        <name>G Mining Ventures Corp</name>
        <lei>N/A</lei>
        <title>G Mining Ventures Corp</title>
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          <ticker value="GMIN"/>
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      <invstOrSec>
        <name>APA Corp</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp</title>
        <cusip>03743Q108</cusip>
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      <invstOrSec>
        <name>Bunge Global SA</name>
        <lei>254900IVXSV9K0B7PO26</lei>
        <title>Bunge Global SA</title>
        <cusip>000000000</cusip>
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          <isin value="CH1300646267"/>
          <ticker value="BG"/>
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        <name>Deere &amp; Co</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>Deere &amp; Co</title>
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          <ticker value="DE"/>
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        <balance>7800.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>KINROSS GOLD CORP /OLD</title>
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          <other otherDesc="ID_BB_GLOBAL" value="BBG01VMK82T7"/>
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        <invCountry>US</invCountry>
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        <name>EQT Corp</name>
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      <invstOrSec>
        <name>Zoetis Inc</name>
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      <invstOrSec>
        <name>DPM Metals Inc</name>
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        <title>DPM Metals Inc</title>
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        <name>Expand Energy Corp</name>
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        <name>Tyson Foods Inc</name>
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        <title>Tyson Foods Inc</title>
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      <invstOrSec>
        <name>Anglogold Ashanti Plc</name>
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        <name>Kinross Gold Corp</name>
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          <ticker value="KGC"/>
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        <name>Royal Gold Inc</name>
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      <invstOrSec>
        <name>RBC CAPITAL MARKETS, LLC</name>
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        <title>ORLA MINING LTD</title>
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        <name>TREASURY BILL</name>
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        <title>United States Treasury Bill</title>
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        <name>Freeport-McMoRan Inc</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Inc</title>
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          <ticker value="FCX"/>
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        <name>HECLA MINING CO</name>
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        <title>Hecla Mining Co</title>
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        <name>CNH Industrial NV</name>
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        <invCountry>GB</invCountry>

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        <name>NORTHERN STAR RESOU</name>
        <lei>254900XFXCRYYZAX6M78</lei>
        <title>Northern Star Resources Ltd</title>
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      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
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      <invstOrSec>
        <name>Elanco Animal Health Inc</name>
        <lei>549300SHPNDCE059M934</lei>
        <title>Elanco Animal Health Inc</title>
        <cusip>28414H103</cusip>
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          <ticker value="ELAN"/>
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        <name>ANGLOGOLD HOLDINGS PLC</name>
        <lei>213800745ZIXC4L6A131</lei>
        <title>AngloGold Ashanti Holdings PLC</title>
        <cusip>03512TAE1</cusip>
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        <balance>750000.00000000</balance>
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        <valUSD>719273.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>

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      <invstOrSec>
        <name>AGCO Corp</name>
        <lei>LYOM0B2GCF1JWXK5ZG04</lei>
        <title>AGCO Corp</title>
        <cusip>001084102</cusip>
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          <isin value="US0010841023"/>
          <ticker value="AGCO"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>625920.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <name>DEVON ENERGY CORPORATION</name>
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      <invstOrSec>
        <name>Chevron Corp</name>
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      <invstOrSec>
        <name>Mosaic Co/The</name>
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      <invstOrSec>
        <name>TREASURY BILL</name>
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      <invstOrSec>
        <name>Suncor Energy Inc</name>
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      <invstOrSec>
        <name>Archer-Daniels-Midland Co</name>
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        <name>Williams Cos Inc/The</name>
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        <name>Targa Resources Corp</name>
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        <name>Phillips 66</name>
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        <name>Halliburton Co</name>
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        <name>Discovery Silver Corp</name>
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      <invstOrSec>
        <name>Nutrien Ltd</name>
        <lei>5493002QQ7GD21OWF963</lei>
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      <invstOrSec>
        <name>BHP Group Ltd</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
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          <isin value="US0886061086"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>TotalEnergies SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
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        <balance>22400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIBC WORLD MARKETS CORP.</name>
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                <issuerName>Agnico Eagle Mines Ltd</issuerName>
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      <invstOrSec>
        <name>Baker Hughes Co</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Darling Ingredients Inc</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
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        <name>Agnico Eagle Mines Ltd</name>
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      <invstOrSec>
        <name>SLB Ltd</name>
        <lei>213800ZUA17OK3QLGM62</lei>
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          <isin value="AN8068571086"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ONEOK Inc</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK Inc</title>
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        <curCd>USD</curCd>
        <valUSD>845250.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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          <isin value="US912797SB42"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109257.18000000</valUSD>
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      <invstOrSec>
        <name>EOG Resources Inc</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
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        <name>Bayer AG</name>
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        <name>Ramelius Resources Ltd</name>
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        <title>Ramelius Resources Ltd</title>
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        <name>Barrick Mining Corp</name>
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        <title>Barrick Mining Corp</title>
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        <name>ROTH CAPITAL PARTNERS, LLC</name>
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        <title>RIO TINTO PLC</title>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <cusip>912797PM3</cusip>
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        <name>K92 Mining Inc</name>
        <lei>254900EA8H0X9FEVZU11</lei>
        <title>K92 Mining Inc</title>
        <cusip>499113108</cusip>
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          <other otherDesc="SEDOL" value="BYZ2CB3"/>
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        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
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          <isin value="US7802593050"/>
          <ticker value="SHEL"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <cusip>912797SZ1</cusip>
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          <isin value="US912797SZ10"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3971374.32000000</valUSD>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp</title>
        <cusip>962879102</cusip>
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          <isin value="CA9628791027"/>
          <ticker value="WPM"/>
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        <balance>12650.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1486628.00000000</valUSD>
        <pctVal>1.111358527633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Perseus Mining Ltd</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd</title>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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      <ncom:signature>John C. Ball</ncom:signature>
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</edgarSubmission>