# EDGAR Filing Document

**Accession Number:** 0000101507
**File Stem:** 0000101507-25-000039
**Filing Date:** 2025-8
**Character Count:** 55954
**Document Hash:** 63ffa1d31b8b23cc7f64514fa3797031
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000101507-25-000039.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0000101507-25-000039

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**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:** 251241308

**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:** 2025-06-30

**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:** $48770096.97

**Total Liabilities:** $140431.82

**Net Assets:** $48629665.15

**Cash Not Reported:** $1361820.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012995 | 3.31%                | 4.81%                | 5.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1048489.02              | $264027.27                                 |
| Month 2  | $190893.91               | $1938575.62                                |
| Month 3  | $749249.36               | $1655123.61                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agnico Eagle Mines Ltd            | Agnico Eagle Mines, Ltd.               | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      2500 | NS      | $297325.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIS MINING CORP                  | Aris Gold Corp.                        | CUSIP: 04041BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    539385 | PA      | $1051800.75   | 2.16%             | 2027-08-26      | Fixed         | 7.50%                 | No            |                  2 | 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      | $159480.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascot Resources Ltd               | Ascot Resources, Ltd.                  | CUSIP: N/A<br>LEI: 98450093855CEDA61B27       | Long             | EC               | CORP              | CA        |      6412 | NS      | $306.06       | 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      | $142280.15    | 0.29%             |  |  |  | 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      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gossan Resources Ltd              | Gossan Resources, Ltd.                 | CUSIP: N/A<br>LEI: 549300ICT0SQ86XQCV41       | Long             | EC               | CORP              | CA        |   1250000 | NS      | $20653.57     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Rex 2X Inverse MSTR Daily Ta    | T-Rex 2X Inverse MSTR Daily Target ETF | CUSIP: 26923N413<br>LEI: 254900FIJG81260G5N49 | Long             | EC               | RF                | US        |       100 | NS      | $418.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Radisson Mining Resources, Inc.   | Radisson Mining Resources, Inc.        | CUSIP: N/A<br>LEI: 2549002XQYEDHG3FTL96       | Long             | EC               | CORP              | CA        |   8180000 | NS      | $2252616.12   | 4.63%             |  |  |  | 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      | $30291.90     | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Endeavour Silver Corp             | Endeavour Silver Corp.                 | CUSIP: N/A<br>LEI: 549300IF2E29780PPV02       | Long             | EC               | CORP              | CA        |     52500 | NS      | $258692.86    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Freegold Ventures Ltd             | Freegold Ventures, Ltd.                | CUSIP: N/A<br>LEI: 5493007YVOKHJP7J0X86       | Long             | EC               | CORP              | CA        |    200000 | NS      | $183587.30    | 0.38%             |  |  |  | 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      | $80411.24     | 0.17%             |  |  |  | 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      | $29069.21     | 0.06%             |  |  |  | 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      | $153000.00    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                      | Newmont Corp.                          | CUSIP: 43899QK13<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        85 | NC      | $155125.00    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                 | Kinross Gold Corp.                     | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |     10000 | NS      | $156300.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc                  | OR Royalties, Inc.                     | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     20000 | NS      | $514200.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Gold Nevada Corp        | Paramount Gold Nevada Corp.            | CUSIP: 69924M109<br>LEI: 5493000CWEBEVDLIW256 | Long             | EC               | CORP              | US        |    170000 | NS      | $104210.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp           | Perpetua Resources Corp.               | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |      5000 | NS      | $60700.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Seabridge Gold Inc                | Seabridge Gold, Inc.                   | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               | CORP              | CA        |     20000 | NS      | $290400.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Solitario Resources Corp          | Solitario Resources Corp.              | CUSIP: 8342EP107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    310000 | NS      | $201500.00    | 0.41%             |  |  |  | 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      | $16045.53     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Radius Gold Inc                   | Radius Gold, Inc.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    125000 | NS      | $10097.30     | 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      | $63337.62     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurion Resources Ltd              | Aurion Resources, Ltd.                 | CUSIP: N/A<br>LEI: 529900TLK415XYT5YM22       | Long             | EC               | CORP              | CA        |    400000 | NS      | $208555.17    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Minaurum Gold Inc                 | Minaurum Gold, Inc.                    | CUSIP: N/A<br>LEI: 5299007YUI5DADC64V51       | Long             | EC               | CORP              | CA        |   1250000 | NS      | $211125.39    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Minaurum Gold Inc                 | Minaurum Gold, Inc.                    | CUSIP: B3K42Y0W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    250000 | NC      | $0.00         | 0.00%             |  |  |  | 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        |    150000 | NS      | $167431.61    | 0.34%             |  |  |  | No            |                  3 | On Loan: No      |
| TriStar Gold, Inc.                | TriStar Gold, Inc.                     | CUSIP: N/A<br>LEI: 5299008HX5259QFD0E46       | Long             | EC               | CORP              | CA        |  30130000 | NS      | $4203928.77   | 8.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kesselrun Resources Ltd           | Kesselrun Resources, Ltd.              | CUSIP: N/A<br>LEI: 5299007D0DU3WNT8A817       | Long             | EC               | CORP              | CA        |   5000000 | NS      | $183587.30    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Erdene Resource Development Co    | Erdene Resource Development Corp.      | CUSIP: N/A<br>LEI: 529900T4O899O2ZM8216       | Long             | EC               | CORP              | CA        |    395000 | NS      | $255259.78    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexoptic Technology Corp          | Nexoptic Technology Corp.              | CUSIP: N/A<br>LEI: 529900HHVXUHPWU53I46       | Long             | EC               | CORP              | CA        |     12083 | NS      | $88.73        | 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      | $326197.91    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                 | Ivanhoe Mines, Ltd.                    | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        |     10000 | NS      | $75123.92     | 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      | $104277.58    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallic Minerals Corp            | Metallic Minerals Corp.                | CUSIP: N/A<br>LEI: 254900CS1IQU1MD3P979       | Long             | EC               | CORP              | CA        |    560500 | NS      | $102900.68    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Viva Gold Corp                    | Viva Gold Corp.                        | CUSIP: N/A<br>LEI: 549300CWOCMDUYBF9W35       | Long             | EC               | CORP              | CA        |    470000 | NS      | $55223.06     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Maple Gold Mines Ltd              | Maple Gold Mines, Ltd.                 | CUSIP: N/A<br>LEI: 529900614R460CGCLU46       | Long             | EC               | CORP              | CA        |    950000 | NS      | $55810.54     | 0.11%             |  |  |  | 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        |    500000 | NC      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Revival Gold Inc                  | Revival Gold, Inc.                     | CUSIP: N/A<br>LEI: 529900X2G2T7XSIDUH63       | Long             | EC               | CORP              | CA        |   1700000 | NS      | $617954.84    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold Inc                  | Revival Gold, Inc.                     | CUSIP: BF5RGT1W3<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     50000 | NC      | $1652.29      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Compass Gold Corp                 | Compass Gold Corp.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1975000 | NS      | $246557.74    | 0.51%             |  |  |  | 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      | $1282478.07   | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Mene Inc                          | Mene, Inc.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   2115000 | NS      | $225206.54    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Roscan Gold Corp                  | Roscan Gold Corp.                      | CUSIP: N/A<br>LEI: 529900PPYSZDZGPLMU18       | Long             | EC               | CORP              | CA        |   1500000 | NS      | $71599.05     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| African Gold Ltd                  | African Gold, Ltd.                     | CUSIP: N/A<br>LEI: 984500E8DA1DE9A0D939       | Long             | EC               | CORP              | AU        |   1500000 | NS      | $198970.32    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Callinex Mines Inc                | Callinex Mines, Inc.                   | CUSIP: N/A<br>LEI: 52990040N8FRDGSE3Y81       | Long             | EC               | CORP              | CA        |    100000 | NS      | $52873.14     | 0.11%             |  |  |  | No            |                  1 | 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        |    937500 | NS      | $1955204.70   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| InZinc Mining Ltd                 | InZinc Mining, Ltd.                    | CUSIP: N/A<br>LEI: 529900SQMNKF5EXPGG60       | Long             | EC               | CORP              | CA        |   2000000 | NS      | $40389.21     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Resource Corp                 | Max Resource Corp.                     | CUSIP: N/A<br>LEI: 254900XET56T3KS7G591       | Long             | EC               | CORP              | CA        |   2000000 | NS      | $66091.43     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arizona Metals Corp               | Arizona Metals Corp.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    300000 | NS      | $220304.75    | 0.45%             |  |  |  | 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      | $620708.65    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Barksdale Resources Corp.         | Barksdale Resources Corp.              | CUSIP: N/A<br>LEI: 549300JSC30UXM5OSU40       | Long             | EC               | CORP              | CA        |   3570000 | NS      | $294932.99    | 0.61%             |  |  |  | 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        |    900000 | NS      | $112355.43    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cordoba Minerals Corp             | Cordoba Minerals Corp.                 | CUSIP: N/A<br>LEI: 529900JMZSEJCKFG2443       | Long             | EC               | CORP              | CA        |     58823 | NS      | $32397.47     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Storm Exploration Inc             | Storm Exploration, Inc.                | CUSIP: N/A<br>LEI: 529900MLZUAM4ZY9KN74       | Long             | EC               | CORP              | CA        |    537500 | NS      | $25656.32     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Valkea Resources Corp             | Valkea Resources Corp.                 | CUSIP: N/A<br>LEI: 984500L59F3633SDB682       | Long             | EC               | CORP              | CA        |    350000 | NS      | $82247.11     | 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      | $333982.01    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Tiger Metals Inc           | Silver Tiger Metals, Inc.              | CUSIP: N/A<br>LEI: 2549009QDIU00MWT6U57       | Long             | EC               | CORP              | CA        |    350000 | NS      | $110519.55    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Goliath Resources Ltd             | Goliath Resources, Ltd.                | CUSIP: N/A<br>LEI: 984500CO8E4AA69F9A26       | Long             | EC               | CORP              | CA        |    112500 | NS      | $177620.71    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lahontan Gold Corp                | Lahontan Gold Corp.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   2000000 | NS      | $146869.84    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Scottie Resources Corp            | Scottie Resources Corp.                | CUSIP: N/A<br>LEI: 549300ZRO5OWUZN7NZ11       | Long             | EC               | CORP              | CA        |    541666 | NS      | $346061.63    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Borealis Mining Co Ltd            | Borealis Mining Co., Ltd.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     93000 | NS      | $43025.52     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RTG Mining Inc                    | RTG Mining, Inc.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VG        |   3000000 | NS      | $65295.08     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Visionary Metals Corp             | Visionary Metals Corp.                 | CUSIP: N/A<br>LEI: 5299001W337801DZC196       | Long             | EC               | CORP              | CA        |   1500000 | NS      | $44060.95     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenorland Minerals Ltd            | Kenorland Minerals, Ltd.               | CUSIP: N/A<br>LEI: 2549002HI5ATMIG9UD65       | Long             | EC               | CORP              | CA        |    200000 | NS      | $280521.39    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Heliostar Metals Ltd              | Heliostar Metals, Ltd.                 | CUSIP: N/A<br>LEI: 529900BF6RCFL9WNSB18       | Long             | EC               | CORP              | CA        |    950000 | NS      | $879015.97    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Loncor Gold Inc                   | Loncor Gold, Inc.                      | CUSIP: N/A<br>LEI: 984500A3C7E387C68B41       | Long             | EC               | CORP              | CA        |   2400000 | NS      | $934092.16    | 1.92%             |  |  |  | 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      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Capitan Silver Corp               | Capitan Silver Corp.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    900000 | NS      | $515513.13    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd                  | Newcore Gold, Ltd.                     | CUSIP: N/A<br>LEI: 894500A52BE2PYANBI95       | Long             | EC               | CORP              | CA        |    400000 | NS      | $179181.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd                  | Newcore Gold, Ltd.                     | CUSIP: BMFBJN7W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    200000 | NC      | $30842.67     | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Angus Gold Inc                    | Angus Gold, Inc.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    350000 | NS      | $204332.66    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tolu Minerals Ltd                 | Tolu Minerals, Ltd.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PG        |   2042000 | NS      | $1174081.79   | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Osisko Development Corp           | Osisko Development Corp.               | CUSIP: N/A<br>LEI: 984500A8CC57F67DJ124       | Long             | EC               | CORP              | CA        |    250000 | NS      | $536074.90    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurum Resources Ltd               | Aurum Resources, Ltd.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1000000 | NS      | $324369.33    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Brixton Metals Corp               | Brixton Metals Corp.                   | CUSIP: N/A<br>LEI: 254900N5DFREO3U52485       | Long             | EC               | CORP              | CA        |   2500000 | NS      | $220304.75    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Westhaven Gold Corp               | Westhaven Gold Corp.                   | CUSIP: N/A<br>LEI: 2549006LQ1TAHZLTOF64       | Long             | EC               | CORP              | CA        |    500000 | NS      | $53240.32     | 0.11%             |  |  |  | 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      |
| MTM Critical Metals Ltd           | MTM Critical Metals, Ltd.              | CUSIP: N/A<br>LEI: 2549003K0FGLYTI88O57       | Long             | EC               | CORP              | AU        |     75000 | NS      | $35399.58     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Montage Gold Corp                 | Montage Gold Corp.                     | CUSIP: N/A<br>LEI: 9845004C6BCE77ACA795       | Long             | EC               | CORP              | CA        |    400000 | NS      | $1324765.93   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Stillwater Critical Minerals Corp | Stillwater Critical Minerals Corp.     | CUSIP: N/A<br>LEI: 254900QTFL63EEGGYZ88       | Long             | EC               | CORP              | CA        |    770000 | NS      | $113089.77    | 0.23%             |  |  |  | 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      | $0.00         | 0.00%             |  |  |  | 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      | $143198.09    | 0.29%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Omai Gold Mines Corp              | Omai Gold Mines Corp.                  | CUSIP: N/A<br>LEI: 254900GOHPZOKN6K3C88       | Long             | EC               | CORP              | CA        |   4000000 | NS      | $1615568.20   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Collective Mining Ltd             | Collective Mining, Ltd.                | CUSIP: N/A<br>LEI: 98450055FE5CF6E9J694       | Long             | EC               | CORP              | CA        |     25000 | NS      | $273545.07    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Waraba Gold Ltd                   | Waraba Gold, Ltd.                      | CUSIP: N/A<br>LEI: 549300HN92O436MPI730       | Long             | EC               | CORP              | CA        |   8200000 | NS      | $90324.95     | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| Founders Metals Inc               | Founders Metals, Inc.                  | CUSIP: N/A<br>LEI: 984500F8843F89AC8H21       | Long             | EC               | CORP              | CA        |    250000 | NS      | $756379.66    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayasa Metals Inc                 | Hayasa Metals, Inc.                    | CUSIP: N/A<br>LEI: 529900CM5C70RNWV5S64       | Long             | EC               | CORP              | CA        |    400000 | NS      | $39654.86     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Exploration Inc           | Western Exploration, Inc.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    550000 | NS      | $258490.91    | 0.53%             |  |  |  | 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      | $489076.56    | 1.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Blackrock Silver Corp             | Blackrock Silver Corp.                 | CUSIP: N/A<br>LEI: 529900EI75MCI5GL7914       | Long             | EC               | CORP              | CA        |     30000 | NS      | $10905.09     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizsla Royalties Corp             | Vizsla Royalties Corp.                 | CUSIP: N/A<br>LEI: 98450020ZFM00010C790       | Long             | EC               | CORP              | CA        |    441715 | NS      | $755789.21    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Miata Metals Corp                 | Miata Metals Corp.                     | CUSIP: N/A<br>LEI: 984500ELQ9T8H1497788       | Long             | EC               | CORP              | CA        |    385000 | NS      | $76335.60     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Exploration Ltd             | Alpha Exploration, Ltd.                | CUSIP: N/A<br>LEI: 254900LWGXN18OTF7397       | Long             | EC               | CORP              | VG        |    507500 | NS      | $260877.55    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Westward Gold Inc                 | Westward Gold, Inc.                    | CUSIP: N/A<br>LEI: 984500504C45AE75E922       | Long             | EC               | CORP              | CA        |   3000000 | NS      | $341472.37    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Meeka Metals Ltd                  | Meeka Metals, Ltd.                     | CUSIP: N/A<br>LEI: 529900KOA7NX3J2DL230       | Long             | EC               | CORP              | AU        |   2000000 | NS      | $192828.80    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldshore Resources Inc           | Goldshore Resources, Inc.              | CUSIP: N/A<br>LEI: 98450058F667FEA56331       | Long             | EC               | CORP              | CA        |   2000000 | NS      | $572792.36    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| McFarlane Lake Mining Ltd         | McFarlane Lake Mining, Ltd.            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   2500000 | NS      | $55076.19     | 0.11%             |  |  |  | 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      | $110152.38    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Larvotto Resources Ltd            | Larvotto Resources, Ltd.               | CUSIP: N/A<br>LEI: 98450066A2D7C0380238       | Long             | EC               | CORP              | AU        |    500000 | NS      | $229892.19    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Karus Mining Inc                  | Karus Mining, Inc.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     37500 | NS      | $37176.43     | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| OR Royalties Inc                  | OR Royalties, Inc.                     | CUSIP: N/A<br>LEI: 549300TJZTXZMPQ6K004       | Long             | EC               | CORP              | CA        |     15000 | NS      | $385533.32    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Awale Resources Ltd               | Awale Resources, Ltd.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    935000 | NS      | $411969.89    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AuMega Metals Ltd                 | AuMega Metals, Ltd.                    | CUSIP: N/A<br>LEI: 529900XG89DFWV81PF22       | Long             | EC               | CORP              | AU        |   1500000 | NS      | $30291.90     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Metals Ltd              | Medallion Metals, Ltd.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1000000 | NS      | $165745.26    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| First Nordic Metals Corp          | First Nordic Metals Corp.              | CUSIP: N/A<br>LEI: 2549005410S0DTXUQ121       | Long             | EC               | CORP              | CA        |   2000000 | NS      | $572792.36    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kootenay Resources Inc            | Kootenay Resources, Inc.               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     40000 | NS      | $1615.57      | 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      | $57279.24     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Probe Gold Inc                    | Probe Gold, Inc.                       | CUSIP: N/A<br>LEI: 549300KN4JVFBY70QS60       | Long             | EC               | CORP              | CA        |    325000 | NS      | $513126.49    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carolina Rush Corp                | Carolina Rush Corp.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1000000 | NS      | $58747.93     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rua Gold Inc                      | Rua Gold, Inc.                         | CUSIP: N/A<br>LEI: 894500I7AQ4P4EDAPF81       | Long             | EC               | CORP              | CA        |    265000 | NS      | $132329.72    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Silver Exploration Co    | Southern Silver Exploration Corp.      | CUSIP: N/A<br>LEI: 529900VY7ZZW0FTRGM33       | Long             | EC               | CORP              | CA        |    750000 | NS      | $123921.42    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Silver Exploration Co    | Southern Silver Exploration Corp.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    875000 | NC      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kootenay Silver Inc               | Kootenay Silver, Inc.                  | CUSIP: N/A<br>LEI: 529900HM3U0AXDDZPG82       | Long             | EC               | CORP              | CA        |    200000 | NS      | $168900.31    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kootenay Silver Inc               | Kootenay Silver, Inc.                  | CUSIP: BR1YVC8W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |   1250000 | NC      | $0.01         | 0.00%             |  |  |  | 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      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Felix Gold Ltd                    | Felix Gold, Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    975389 | NS      | $84043.14     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Felix Gold Ltd                    | Felix Gold, Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2895579 | NS      | $249493.82    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Highlander Silver Corp            | Highlander Silver Corp.                | CUSIP: N/A<br>LEI: 875500NW47V6ALTUO315       | Long             | EC               | CORP              | CA        |    210000 | NS      | $390159.72    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Orex Minerals Inc                 | Orex Minerals, Inc.                    | CUSIP: N/A<br>LEI: 254900KY6RXZB3WHZC13       | Long             | EC               | CORP              | CA        |    700000 | NS      | $59115.11     | 0.12%             |  |  |  | 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      | $73251.33     | 0.15%             |  |  |  | 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      | $7245.82      | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| C3 Metals Inc                     | C3 Metals, Inc.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    123000 | NS      | $63227.46     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Spartan Resources Ltd/Australi    | Spartan Resources, Ltd./Australia      | CUSIP: N/A<br>LEI: 98450001BN8677ED6066       | Long             | EC               | CORP              | AU        |    175000 | NS      | $231439.84    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Dolly Varden Silver Corp          | Dolly Varden Silver Corp.              | CUSIP: N/A<br>LEI: 2549007A2MNBXFD0FU11       | Long             | EC               | CORP              | CA        |    412500 | NS      | $1381310.81   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizsla Silver Corp                | Vizsla Silver Corp.                    | CUSIP: N/A<br>LEI: 549300ADJF7HWIEDL366       | Long             | EC               | CORP              | CA        |    862500 | NS      | $2546172.20   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Spartan Resources Ltd/Australi    | Spartan Resources, Ltd./Australia      | CUSIP: N/A<br>LEI: 98450001BN8677ED6066       | Long             | EC               | CORP              | AU        |     87500 | NS      | $115719.92    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Adamera Minerals Corp             | Adamera Minerals Corp.                 | CUSIP: N/A<br>LEI: 529900JJSQXUJKI78P19       | Long             | EC               | CORP              | CA        |   1058954 | NS      | $62211.36     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Gold Corp                  | Dryden Gold Corp.                      | CUSIP: N/A<br>LEI: 894500BBVA1I6S137U42       | Long             | EC               | CORP              | CA        |   1000000 | NS      | $165228.57    | 0.34%             |  |  |  | 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      | $16522.86     | 0.03%             |  |  |  | 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      | $88121.90     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| West Point Gold Corp              | West Point Gold Corp.                  | CUSIP: N/A<br>LEI: 2549005S8H6WG1F3AJ62       | Long             | EC               | CORP              | CA        |    960000 | NS      | $264365.71    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sranan Gold Corp                  | Sranan Gold Corp.                      | CUSIP: N/A<br>LEI: 254900W6ZKCZBTW41330       | Long             | EC               | CORP              | CA        |    500000 | NS      | $209289.52    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenta Silver Corp               | Argenta Silver Corp.                   | CUSIP: N/A<br>LEI: 984500E0455AB5E4F692       | Long             | EC               | CORP              | CA        |    725000 | NS      | $189003.12    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Metals Corp              | Sterling Metals Corp.                  | CUSIP: N/A<br>LEI: 529900B3US2MNJRY1524       | Long             | EC               | CORP              | CA        |    100000 | NS      | $36717.46     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Gold Ltd                | Allegiant Gold, Ltd.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    150000 | NS      | $57279.24     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MTM Critical Metals Ltd           | MTM Critical Metals, Ltd.              | CUSIP: N/A<br>LEI: 2549003K0FGLYTI88O57       | Long             | EC               | CORP              | AU        |    122507 | NS      | $57649.03     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacgold Ltd                       | Pacgold, Ltd.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    509332 | NS      | $21228.96     | 0.04%             |  |  |  | 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      | $1451422.80   | 2.98%             |  |  |  | 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      | $143198.09    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mammoth Resources Corp.           | Mammoth Resources Corp.                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   5500000 | NS      | $121167.62    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GFG Resources Inc                 | GFG Resources, Inc.                    | CUSIP: N/A<br>LEI: 529900J244O3CHY15G77       | Long             | EC               | CORP              | CA        |   5000000 | NS      | $642555.54    | 1.32%             |  |  |  | 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        |   3150000 | NS      | $150358.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                    | K92 Mining, Inc.                       | CUSIP: N/A<br>LEI: 254900EA8H0X9FEVZU11       | Long             | EC               | CORP              | CA        |    245400 | NS      | $2768014.69   | 5.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Provenance Gold Corp              | Provenance Gold Corp.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    192500 | NS      | $31099.69     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Juno Corp                         | Juno Corp.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    200000 | NS      | $367174.59    | 0.76%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sua Holdings Limited              | Sua Holdings Limited                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    500000 | NS      | $771.07       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-21

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

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer