# EDGAR Filing Document

**Accession Number:** 0000101507
**File Stem:** 0000101507-25-000098
**Filing Date:** 2025-11
**Character Count:** 56427
**Document Hash:** cb59a310b8a567ea95495d0e58fd2b7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000101507-25-000098.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000101507-25-000098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US GLOBAL INVESTORS FUNDS
- **CENTRAL INDEX KEY:** 0000101507

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01800
- **FILM NUMBER:** 251510569

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 2103081234

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** US GLOBAL INVESTORS INC/ TX
- **DATE OF NAME CHANGE:** 19970224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED SERVICES FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED SERVICES GOLD SHARES INC
- **DATE OF NAME CHANGE:** 19841106

## Series and Classes Contracts Data

### World Precious Minerals Fund (Series ID: S000004784)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000012995 | World Precious Minerals Fund | UNWPX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** U.S. GLOBAL INVESTORS FUNDS

- **b. Investment Company Act file number:** 811-01800

- **c. CIK number of Registrant:** 0000101507

- **d. LEI of Registrant:** 254900I1ONHL0TVFXN37

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** THREE CANAL PLAZA, SUITE 600

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

  - **Telephone number:** 207-347-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** USGI WORLD PRECIOUS MINERALS FUND

- **b. EDGAR series identifier (if any):** S000004784

- **c. LEI of Series:** 254900VHFCA926PWYI69

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $69638632.11

**Total Liabilities:** $190467.93

**Net Assets:** $69448164.18

**Cash Not Reported:** $75132.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012995 | 0.97%                | 17.22%               | 22.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $74635.05                | $589076.13                                 |
| Month 2  | $-570992.30              | $8726033.02                                |
| Month 3  | $678288.98               | $11580888.53                               |

### Schedule of Portfolio Investments

| Name                              | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARIS MINING CORP                  | Aris Gold Corp.                       | CUSIP: 04041BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    478217 | PA      | $944478.58    | 1.36%             | 2027-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp               | Barrick Mining Corp.                  | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     10000 | NS      | $327700.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Sky Energy Corp               | Big Sky Energy Corp.                  | CUSIP: 089544100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2000000 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Coeur Mining Inc                  | Coeur Mining, Inc.                    | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     18000 | NS      | $337680.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascot Resources Ltd               | Ascot Resources, Ltd.                 | CUSIP: N/A<br>LEI: 98450093855CEDA61B27       | Long             | EC               | CORP              | CA        |      6412 | NS      | $218.85       | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Orosur Mining Inc                 | Orosur Mining, Inc.                   | CUSIP: N/A<br>LEI: 213800CRYQM3M8G1OI19       | Long             | EC               | CORP              | CA        |   1250000 | NS      | $404181.94    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Orosur Mining Inc                 | Orosur Mining, Inc.                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    375000 | NC      | $53890.92     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gossan Resources Ltd              | Gossan Resources, Ltd.                | CUSIP: N/A<br>LEI: 549300ICT0SQ86XQCV41       | Long             | EC               | CORP              | CA        |   1250000 | NS      | $24700.01     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Radisson Mining Resources, Inc.   | Radisson Mining Resources, Inc.       | CUSIP: N/A<br>LEI: 2549002XQYEDHG3FTL96       | Long             | EC               | CORP              | CA        |   8150000 | NS      | $3689372.71   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Radisson Mining Resources Inc.    | Radisson Mining Resources, Inc.       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    375000 | NC      | $97003.66     | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Endeavour Silver Corp             | Endeavour Silver Corp.                | CUSIP: N/A<br>LEI: 549300IF2E29780PPV02       | Long             | EC               | CORP              | CA        |     52500 | NS      | $411187.76    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Freegold Ventures Ltd             | Freegold Ventures, Ltd.               | CUSIP: N/A<br>LEI: 5493007YVOKHJP7J0X86       | Long             | EC               | CORP              | CA        |    150000 | NS      | $154128.04    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Freegold Ventures Ltd             | Freegold Ventures, Ltd.               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    150000 | NC      | $98081.48     | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Taurus Gold, Ltd.                 | Taurus Gold, Ltd.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2448381 | NS      | $0.02         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CopperBank Resources Corp.        | Faraday Copper Corp.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     43500 | NS      | $56262.13     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Caribbean Resources Corp          | Caribbean Resources Corp.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    505453 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Barrick Gold Corp                 | Barrick Mining Corp.                  | CUSIP: 400991L60<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       300 | NC      | $470700.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                      | Newmont Corp.                         | CUSIP: 43899QK13<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        85 | NC      | $349350.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                 | Kinross Gold Corp.                    | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     10000 | NS      | $248500.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramelius Resources Ltd            | Ramelius Resources, Ltd.              | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |    182621 | NS      | $465161.58    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc                  | OR Royalties, Inc.                    | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     20000 | NS      | $801600.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Gold Nevada Corp        | Paramount Gold Nevada Corp.           | CUSIP: 69924M109<br>LEI: 5493000CWEBEVDLIW256 | Long             | EC               | CORP              | US        |    170000 | NS      | $209100.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp           | Perpetua Resources Corp.              | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |      5000 | NS      | $101150.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Seabridge Gold Inc                | Seabridge Gold, Inc.                  | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               | CORP              | CA        |     20000 | NS      | $483000.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Solitario Resources Corp          | Solitario Resources Corp.             | CUSIP: 8342EP107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    310000 | NS      | $216380.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Orsu Metals Corp.                 | Orsu Metals Corp.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VG        |    186922 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TDG Gold Corp                     | TDG Gold Corp.                        | CUSIP: 87190J113<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    115000 | NC      | $89243.37     | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Radius Gold Inc                   | Radius Gold, Inc.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    125000 | NS      | $12574.55     | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Cartier Resources Inc             | Cartier Resources, Inc.               | CUSIP: N/A<br>LEI: 529900UC5WFH8T7VID35       | Long             | EC               | CORP              | CA        |    750000 | NS      | $97003.66     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurion Resources Ltd              | Aurion Resources, Ltd.                | CUSIP: N/A<br>LEI: 529900TLK415XYT5YM22       | Long             | EC               | CORP              | CA        |    400000 | NS      | $327656.82    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Minaurum Gold Inc                 | Minaurum Gold, Inc.                   | CUSIP: N/A<br>LEI: 5299007YUI5DADC64V51       | Long             | EC               | CORP              | CA        |   1250000 | NS      | $372745.56    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Minaurum Gold Inc                 | Minaurum Gold, Inc.                   | CUSIP: B3K42Y0W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    250000 | NC      | $14370.91     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Summit Gold Ltd                   | Summit Gold, Ltd.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     10000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Asante Gold Corp                  | Asante Gold Corp.                     | CUSIP: N/A<br>LEI: 529900F9PV1G9S5YD446       | Long             | EC               | CORP              | CA        |    145000 | NS      | $244844.43    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TriStar Gold, Inc.                | TriStar Gold, Inc.                    | CUSIP: N/A<br>LEI: 5299008HX5259QFD0E46       | Long             | EC               | CORP              | CA        |  30225000 | NS      | $3583477.04   | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kesselrun Resources Ltd           | Kesselrun Resources, Ltd.             | CUSIP: N/A<br>LEI: 5299007D0DU3WNT8A817       | Long             | EC               | CORP              | CA        |   5000000 | NS      | $251490.98    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexoptic Technology Corp          | Nexoptic Technology Corp.             | CUSIP: N/A<br>LEI: 529900HHVXUHPWU53I46       | Long             | EC               | CORP              | CA        |     12083 | NS      | $108.53       | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Torex Gold Resources Inc          | Torex Gold Resources, Inc.            | CUSIP: N/A<br>LEI: 549300QL07027186GQ85       | Long             | EC               | CORP              | CA        |     10000 | NS      | $415606.81    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                 | Ivanhoe Mines, Ltd.                   | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        |     10000 | NS      | $106057.34    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Troilus Gold Corp                 | Troilus Gold Corp.                    | CUSIP: N/A<br>LEI: 529900ROF3ICFG84XJ17       | Long             | EC               | CORP              | CA        |    200000 | NS      | $182510.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallic Minerals Corp            | Metallic Minerals Corp.               | CUSIP: N/A<br>LEI: 254900CS1IQU1MD3P979       | Long             | EC               | CORP              | CA        |   1000500 | NS      | $287561.97    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallic Minerals Corp            | Metallic Minerals Corp.               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    220000 | NC      | $9484.80      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Viva Gold Corp                    | Viva Gold Corp.                       | CUSIP: N/A<br>LEI: 549300CWOCMDUYBF9W35       | Long             | EC               | CORP              | CA        |    470000 | NS      | $50657.47     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold Inc                  | Revival Gold, Inc.                    | CUSIP: N/A<br>LEI: 529900X2G2T7XSIDUH63       | Long             | EC               | CORP              | CA        |   1908400 | NS      | $973603.51    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold Inc                  | Revival Gold, Inc.                    | CUSIP: BF5RGT1W3<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     50000 | NC      | $9700.37      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Compass Gold Corp                 | Compass Gold Corp.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1975000 | NS      | $248347.34    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Cat Syndicate Ltd           | Black Cat Syndicate, Ltd.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2500000 | NS      | $2319283.13   | 3.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Mene Inc                          | Mene, Inc.                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   2115000 | NS      | $243155.85    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Roscan Gold Corp                  | Roscan Gold Corp.                     | CUSIP: N/A<br>LEI: 529900PPYSZDZGPLMU18       | Long             | EC               | CORP              | CA        |   1500000 | NS      | $172450.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| African Gold Ltd                  | African Gold, Ltd.                    | CUSIP: N/A<br>LEI: 984500E8DA1DE9A0D939       | Long             | EC               | CORP              | AU        |   1500000 | NS      | $415381.15    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Callinex Mines Inc                | Callinex Mines, Inc.                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |     50000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| G2 Goldfields Inc                 | G2 Goldfields, Inc.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1125000 | NS      | $3007113.60   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| InZinc Mining Ltd                 | InZinc Mining, Ltd.                   | CUSIP: N/A<br>LEI: 529900SQMNKF5EXPGG60       | Long             | EC               | CORP              | CA        |   2000000 | NS      | $39520.01     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Resource Corp                 | Max Resource Corp.                    | CUSIP: N/A<br>LEI: 254900XET56T3KS7G591       | Long             | EC               | CORP              | CA        |   2000000 | NS      | $186821.87    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Arizona Metals Corp               | Arizona Metals Corp.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    150000 | NS      | $68980.38     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc             | Aya Gold & Silver, Inc.               | CUSIP: N/A<br>LEI: 549300BWX8KJOTUL4M51       | Long             | EC               | CORP              | CA        |     69000 | NS      | $798232.38    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Barksdale Resources Corp.         | Barksdale Resources Corp.             | CUSIP: N/A<br>LEI: 549300JSC30UXM5OSU40       | Long             | EC               | CORP              | CA        |   3570000 | NS      | $218042.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Barksdale Resources Corp.         | Barksdale Resources Corp.             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    147500 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GR Silver Mining Ltd              | GR Silver Mining, Ltd.                | CUSIP: N/A<br>LEI: 254900K448VPXRKTBM08       | Long             | EC               | CORP              | CA        |   1500000 | NS      | $366458.29    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| GR Silver Mining Ltd              | GR Silver Mining, Ltd.                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    300000 | NC      | $12933.82     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cordoba Minerals Corp             | Cordoba Minerals Corp.                | CUSIP: N/A<br>LEI: 529900JMZSEJCKFG2443       | Long             | EC               | CORP              | CA        |     58823 | NS      | $36772.30     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mithril Silver And Gold Ltd       | Mithril Silver and Gold, Ltd.         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    600500 | NS      | $241632.54    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Valkea Resources Corp             | Valkea Resources Corp.                | CUSIP: N/A<br>LEI: 984500L59F3633SDB682       | Long             | EC               | CORP              | CA        |    350000 | NS      | $120715.67    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Terra Resource Corp          | Gold Terra Resource Corp.             | CUSIP: N/A<br>LEI: 2549008SATATZ2JWM022       | Long             | EC               | CORP              | CA        |   7580000 | NS      | $680822.02    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Tiger Metals Inc           | Silver Tiger Metals, Inc.             | CUSIP: N/A<br>LEI: 2549009QDIU00MWT6U57       | Long             | EC               | CORP              | CA        |    300000 | NS      | $163828.41    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Goliath Resources Ltd             | Goliath Resources, Ltd.               | CUSIP: N/A<br>LEI: 984500CO8E4AA69F9A26       | Long             | EC               | CORP              | CA        |    112500 | NS      | $248167.71    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lahontan Gold Corp                | Lahontan Gold Corp.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1000000 | NS      | $100596.39    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Scottie Resources Corp            | Scottie Resources Corp.               | CUSIP: N/A<br>LEI: 549300ZRO5OWUZN7NZ11       | Long             | EC               | CORP              | CA        |    500000 | NS      | $628727.46    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Borealis Mining Co Ltd            | Borealis Mining Co., Ltd.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    104430 | NS      | $87794.14     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| RTG Mining Inc                    | RTG Mining, Inc.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VG        |   3000000 | NS      | $71300.82     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Visionary Metals Corp             | Visionary Metals Corp.                | CUSIP: N/A<br>LEI: 5299001W337801DZC196       | Long             | EC               | CORP              | CA        |   1500000 | NS      | $75447.29     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenorland Minerals Ltd            | Kenorland Minerals, Ltd.              | CUSIP: N/A<br>LEI: 2549002HI5ATMIG9UD65       | Long             | EC               | CORP              | CA        |    200000 | NS      | $288855.36    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Heliostar Metals Ltd              | Heliostar Metals, Ltd.                | CUSIP: N/A<br>LEI: 529900BF6RCFL9WNSB18       | Long             | EC               | CORP              | CA        |    950000 | NS      | $1242365.45   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacgold Ltd                       | Pacgold, Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1666667 | NS      | $72667.90     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacgold Ltd                       | Pacgold, Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | AU        |    833333 | NC      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Loncor Gold Inc                   | Loncor Gold, Inc.                     | CUSIP: N/A<br>LEI: 984500A3C7E387C68B41       | Long             | EC               | CORP              | CA        |   2375000 | NS      | $2013724.22   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Loncor Gold Inc                   | Loncor Gold, Inc.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    200000 | NC      | $54609.47     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Capitan Silver Corp               | Capitan Silver Corp.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    700000 | NS      | $819860.60    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd                  | Newcore Gold, Ltd.                    | CUSIP: N/A<br>LEI: 894500A52BE2PYANBI95       | Long             | EC               | CORP              | CA        |    600000 | NS      | $366458.29    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tolu Minerals Ltd                 | Tolu Minerals, Ltd.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PG        |   2042000 | NS      | $1670704.80   | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuya Silver Corp                  | Kuya Silver Corp.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    200000 | NS      | $73291.66     | 0.11%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Osisko Development Corp           | Osisko Development Corp.              | CUSIP: N/A<br>LEI: 984500A8CC57F67DJ124       | Long             | EC               | CORP              | CA        |    250000 | NS      | $855069.34    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurum Resources Ltd               | Aurum Resources, Ltd.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1000000 | NS      | $461524.46    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Brixton Metals Corp               | Brixton Metals Corp.                  | CUSIP: N/A<br>LEI: 254900N5DFREO3U52485       | Long             | EC               | CORP              | CA        |   2500000 | NS      | $134727.31    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Westhaven Gold Corp               | Westhaven Gold Corp.                  | CUSIP: N/A<br>LEI: 2549006LQ1TAHZLTOF64       | Long             | EC               | CORP              | CA        |    500000 | NS      | $71854.57     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Westhaven Gold Corp               | Westhaven Gold Corp.                  | CUSIP: BMW1DF0W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    350000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Metallium Ltd                     | Metallium, Ltd.                       | CUSIP: N/A<br>LEI: 2549003K0FGLYTI88O57       | Long             | EC               | CORP              | AU        |     75000 | NS      | $56945.27     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Montage Gold Corp                 | Montage Gold Corp.                    | CUSIP: N/A<br>LEI: 9845004C6BCE77ACA795       | Long             | EC               | CORP              | CA        |    400000 | NS      | $1945821.66   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Stillwater Critical Minerals C    | Stillwater Critical Minerals Corp.    | CUSIP: N/A<br>LEI: 254900QTFL63EEGGYZ88       | Long             | EC               | CORP              | CA        |    770000 | NS      | $232377.67    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Stillwater Critical Minerals Corp | Stillwater Critical Minerals Corp.    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    150000 | NC      | $8622.55      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orexplore Technologies Ltd        | Orexplore Technologies, Ltd.          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    267284 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Xali Gold Corp                    | Xali Gold Corp.                       | CUSIP: N/A<br>LEI: 549300OVANI3JC4BIG07       | Long             | EC               | CORP              | CA        |   4875000 | NS      | $140116.40    | 0.20%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Omai Gold Mines Corp              | Omai Gold Mines Corp.                 | CUSIP: N/A<br>LEI: 254900GOHPZOKN6K3C88       | Long             | EC               | CORP              | CA        |   3900000 | NS      | $3783142.92   | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Collective Mining Ltd             | Collective Mining, Ltd.               | CUSIP: N/A<br>LEI: 98450055FE5CF6E9J694       | Long             | EC               | CORP              | CA        |     15000 | NS      | $217827.12    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Waraba Gold Ltd                   | Waraba Gold, Ltd.                     | CUSIP: N/A<br>LEI: 549300HN92O436MPI730       | Long             | EC               | CORP              | CA        |   8200000 | NS      | $88381.12     | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Founders Metals Inc               | Founders Metals, Inc.                 | CUSIP: N/A<br>LEI: 984500F8843F89AC8H21       | Long             | EC               | CORP              | CA        |    250000 | NS      | $765251.13    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Exploration Inc           | Western Exploration, Inc.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    550000 | NS      | $347776.10    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Exploration Inc           | Western Exploration, Inc.             | CUSIP: BNG5RM0W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    100000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Western Exploration Inc           | Western Exploration, Inc.             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |     50000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sanu Gold Corp                    | Sanu Gold Corp.                       | CUSIP: N/A<br>LEI: 984500BE5C9D66BEFC43       | Long             | EC               | CORP              | CA        |   2775000 | NS      | $648038.37    | 0.93%             |  |  |  | No            |                  3 | On Loan: No      |
| Blackrock Silver Corp             | Blackrock Silver Corp.                | CUSIP: N/A<br>LEI: 529900EI75MCI5GL7914       | Long             | EC               | CORP              | CA        |     30000 | NS      | $18754.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizsla Royalties Corp             | Vizsla Royalties Corp.                | CUSIP: N/A<br>LEI: 98450020ZFM00010C790       | Long             | EC               | CORP              | CA        |    448749 | NS      | $1257541.93   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Felix Gold Ltd                    | Felix Gold, Ltd.                      | CUSIP: N/A<br>LEI: 529900KXVHDWF28WLP03       | Long             | EC               | CORP              | AU        |   3500000 | NS      | $1339179.45   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Miata Metals Corp                 | Miata Metals Corp.                    | CUSIP: N/A<br>LEI: 984500ELQ9T8H1497788       | Long             | EC               | CORP              | CA        |    385000 | NS      | $157684.85    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Exploration Ltd             | Alpha Exploration, Ltd.               | CUSIP: N/A<br>LEI: 254900LWGXN18OTF7397       | Long             | EC               | CORP              | VG        |    507500 | NS      | $222443.77    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Westward Gold Inc                 | Westward Gold, Inc.                   | CUSIP: N/A<br>LEI: 984500504C45AE75E922       | Long             | EC               | CORP              | CA        |   3040000 | NS      | $338578.72    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Meeka Metals Ltd                  | Meeka Metals, Ltd.                    | CUSIP: N/A<br>LEI: 529900KOA7NX3J2DL230       | Long             | EC               | CORP              | AU        |   2000000 | NS      | $296907.41    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| McFarlane Lake Mining Ltd         | McFarlane Lake Mining, Ltd.           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   2000000 | NS      | $201192.79    | 0.29%             |  |  |  | No            |                  3 | On Loan: No      |
| Denarius Metals Corp              | Denarius Metals Corp.                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |     75000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Olive Resource Capital, Inc.      | Olive Resource Capital, Inc.          | CUSIP: N/A<br>LEI: 549300W74OU2A0EPT602       | Long             | EC               | CORP              | CA        |   4000000 | NS      | $229934.61    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Larvotto Resources Ltd            | Larvotto Resources, Ltd.              | CUSIP: N/A<br>LEI: 98450066A2D7C0380238       | Long             | EC               | CORP              | AU        |    500000 | NS      | $248135.16    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Karus Mining Inc                  | Karus Mining, Inc.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     37500 | NS      | $36376.37     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| OR Royalties Inc                  | OR Royalties, Inc.                    | CUSIP: N/A<br>LEI: 549300TJZTXZMPQ6K004       | Long             | EC               | CORP              | CA        |     15000 | NS      | $601207.16    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Awale Resources Ltd               | Awale Resources, Ltd.                 | CUSIP: N/A<br>LEI: 894500976UL6A1P7D659       | Long             | EC               | CORP              | CA        |    935000 | NS      | $362793.71    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AuMega Metals Ltd                 | AuMega Metals, Ltd.                   | CUSIP: N/A<br>LEI: 529900XG89DFWV81PF22       | Long             | EC               | CORP              | AU        |   1500000 | NS      | $37723.65     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Metals Ltd              | Medallion Metals, Ltd.                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1000000 | NS      | $356115.66    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| First Nordic Metals Corp          | First Nordic Metals Corp.             | CUSIP: N/A<br>LEI: 2549005410S0DTXUQ121       | Long             | EC               | CORP              | CA        |   1150000 | NS      | $413163.76    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kootenay Resources Inc            | Kootenay Resources, Inc.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     40000 | NS      | $2155.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Renegade Gold Inc                 | Renegade Gold, Inc.                   | CUSIP: N/A<br>LEI: 98450082J1BD5CC59438       | Long             | EC               | CORP              | CA        |    650000 | NS      | $56046.56     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Probe Gold Inc                    | Probe Gold, Inc.                      | CUSIP: N/A<br>LEI: 549300KN4JVFBY70QS60       | Long             | EC               | CORP              | CA        |    325000 | NS      | $702917.30    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carolina Rush Corp                | Carolina Rush Corp.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1000000 | NS      | $68261.84     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rua Gold Inc                      | Rua Gold, Inc.                        | CUSIP: N/A<br>LEI: 894500I7AQ4P4EDAPF81       | Long             | EC               | CORP              | CA        |    265000 | NS      | $148523.39    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Silver Exploration Co    | Southern Silver Exploration Corp.     | CUSIP: N/A<br>LEI: 529900VY7ZZW0FTRGM33       | Long             | EC               | CORP              | CA        |   1125000 | NS      | $331429.19    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Silver Exploration Co    | Southern Silver Exploration Corp.     | CUSIP: BQVP7B5W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    187500 | NC      | $2020.91      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avanti Gold Corp                  | Avanti Gold Corp.                     | CUSIP: N/A<br>LEI: 984500B8751GCOF0FE53       | Long             | EC               | CORP              | CA        |    600000 | NS      | $237120.07    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kootenay Silver Inc               | Kootenay Silver, Inc.                 | CUSIP: N/A<br>LEI: 529900HM3U0AXDDZPG82       | Long             | EC               | CORP              | CA        |    200000 | NS      | $283106.99    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kootenay Silver Inc               | Kootenay Silver, Inc.                 | CUSIP: BR1YVC8W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |   1250000 | NC      | $51196.38     | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kootenay Silver Inc               | Kootenay Silver, Inc.                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |     64000 | NC      | $13336.21     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Highlander Silver Corp            | Highlander Silver Corp.               | CUSIP: N/A<br>LEI: 875500NW47V6ALTUO315       | Long             | EC               | CORP              | CA        |    210000 | NS      | $646583.32    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Orex Minerals Inc                 | Orex Minerals, Inc.                   | CUSIP: N/A<br>LEI: 254900KY6RXZB3WHZC13       | Long             | EC               | CORP              | CA        |    700000 | NS      | $130775.31    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Britannia Mining Solutions Inc    | Britannia Mining Solutions, Inc.      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      5700 | NS      | $71674.93     | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STLLR Gold Inc                    | STLLR Gold, Inc.                      | CUSIP: BRK39Q6W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     21000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| New Age Metals Inc                | New Age Metals, Inc.                  | CUSIP: N/A<br>LEI: 54930045Q4VKFAP8GW50       | Long             | EC               | CORP              | CA        |     35880 | NS      | $8507.87      | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Storm Exploration Inc             | Storm Exploration, Inc.               | CUSIP: N/A<br>LEI: 529900MLZUAM4ZY9KN74       | Long             | EC               | CORP              | CA        |    134375 | NS      | $27759.44     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| C3 Metals Inc                     | C3 Metals, Inc.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    123000 | NS      | $107824.96    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ongold Resources Ltd              | Ongold Resources, Ltd.                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     86000 | NS      | $61794.93     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolly Varden Silver Corp          | Dolly Varden Silver Corp.             | CUSIP: N/A<br>LEI: 2549007A2MNBXFD0FU11       | Long             | EC               | CORP              | CA        |    350000 | NS      | $1757921.97   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizsla Silver Corp                | Vizsla Silver Corp.                   | CUSIP: N/A<br>LEI: 549300ADJF7HWIEDL366       | Long             | EC               | CORP              | CA        |    862500 | NS      | $3724671.27   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Adamera Minerals Corp             | Adamera Minerals Corp.                | CUSIP: N/A<br>LEI: 529900JJSQXUJKI78P19       | Long             | EC               | CORP              | CA        |   1058954 | NS      | $68481.61     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Gold Corp                  | Dryden Gold Corp.                     | CUSIP: N/A<br>LEI: 894500BBVA1I6S137U42       | Long             | EC               | CORP              | CA        |   1000000 | NS      | $226341.88    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Gold Corp                  | Dryden Gold Corp.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    500000 | NC      | $48501.83     | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silver Viper Minerals Corp        | Silver Viper Minerals Corp.           | CUSIP: N/A<br>LEI: 2549002690B71OC9TE07       | Long             | EC               | CORP              | CA        |    300000 | NS      | $196162.97    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Viper Minerals Corp        | Silver Viper Minerals Corp.           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |     50000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| West Point Gold Corp              | West Point Gold Corp.                 | CUSIP: N/A<br>LEI: 2549005S8H6WG1F3AJ62       | Long             | EC               | CORP              | CA        |    960000 | NS      | $324207.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold X2 Mining Inc                | Gold X2 Mining, Inc.                  | CUSIP: N/A<br>LEI: 98450058F667FEA56331       | Long             | EC               | CORP              | CA        |   2000000 | NS      | $747287.49    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sranan Gold Corp                  | Sranan Gold Corp.                     | CUSIP: N/A<br>LEI: 254900W6ZKCZBTW41330       | Long             | EC               | CORP              | CA        |    500000 | NS      | $150894.59    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenta Silver Corp               | Argenta Silver Corp.                  | CUSIP: N/A<br>LEI: 984500E0455AB5E4F692       | Long             | EC               | CORP              | CA        |    725000 | NS      | $552202.34    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallium Ltd                     | Metallium, Ltd.                       | CUSIP: N/A<br>LEI: 2549003K0FGLYTI88O57       | Long             | EC               | CORP              | AU        |    122507 | NS      | $93015.92     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Metallium Ltd                     | Metallium, Ltd.                       | CUSIP: N/A<br>LEI: 2549003K0FGLYTI88O57       | Long             | EC               | CORP              | AU        |    127493 | NS      | $96801.64     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Maple Gold Mines Ltd              | Maple Gold Mines, Ltd.                | CUSIP: N/A<br>LEI: 529900614R460CGCLU46       | Long             | EC               | CORP              | CA        |     95000 | NS      | $85327.30     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Visionary Copper and Gold Mine    | Visionary Copper and Gold Mines, Inc. | CUSIP: N/A<br>LEI: 52990040N8FRDGSE3Y81       | Long             | EC               | CORP              | CA        |    100000 | NS      | $49579.65     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| A2 Gold Corp                      | A2 Gold Corp.                         | CUSIP: N/A<br>LEI: 254900FHXDQV3OLK5P13       | Long             | EC               | CORP              | CA        |    130000 | NS      | $70058.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Erdene Resource Development Co    | Erdene Resource Development Corp.     | CUSIP: N/A<br>LEI: 529900T4O899O2ZM8216       | Long             | EC               | CORP              | CA        |     55000 | NS      | $408241.72    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nano One Materials Corp           | Nano One Materials Corp.              | CUSIP: N/A<br>LEI: 549300WY1QJ560JAB909       | Long             | EC               | CORP              | CA        |   2707500 | NS      | $2431827.98   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Road Minerals Ltd           | Royal Road Minerals, Ltd.             | CUSIP: N/A<br>LEI: 54930033JDODZL6J2G22       | Long             | EC               | CORP              | JE        |   1500000 | NS      | $242509.16    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mammoth Resources Corp.           | Mammoth Resources Corp.               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   5500000 | NS      | $256880.07    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| GFG Resources Inc                 | GFG Resources, Inc.                   | CUSIP: N/A<br>LEI: 529900J244O3CHY15G77       | Long             | EC               | CORP              | CA        |   5000000 | NS      | $556872.89    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GFG Resources Inc                 | GFG Resources, Inc.                   | CUSIP: BYM89W4W3<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |   1000000 | NC      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Canex Metals, Inc.                | Canex Metals, Inc.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   3100000 | NS      | $367536.11    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                    | K92 Mining, Inc.                      | CUSIP: N/A<br>LEI: 254900EA8H0X9FEVZU11       | Long             | EC               | CORP              | CA        |    245400 | NS      | $2965889.20   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Provenance Gold Corp              | Provenance Gold Corp.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    192500 | NS      | $35963.21     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gemdale Gold Corp                 | Gemdale Gold Corp.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    200000 | NS      | $143709.13    | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Juno Corp                         | Juno Corp.                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    200000 | NS      | $533160.88    | 0.77%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sua Holdings Limited              | Sua Holdings Limited                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    500000 | NS      | $754.47       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** US Global Investors Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer