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    <isConfidential>false</isConfidential>
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          <cik>0000745338</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000005294</seriesId>
        <classId>C000014470</classId>
        <classId>C000101831</classId>
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      <regFileNumber>811-04010</regFileNumber>
      <regCik>0000745338</regCik>
      <regLei>549300AKSS68PWZOHM90</regLei>
      <regStreet1>2600 Kitty Hawk Rd</regStreet1>
      <regStreet2>Suite 119</regStreet2>
      <regCity>Livermore</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94551</regZipOrPostalCode>
      <regPhone>8007794681</regPhone>
      <seriesName>OCM MUTUAL FUND</seriesName>
      <seriesId>S000005294</seriesId>
      <seriesLei>5493007254B8R9O2U456</seriesLei>
      <repPdEnd>2026-11-30</repPdEnd>
      <repPdDate>2026-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>367779.570000000000</totLiabs>
      <netAssets>274363764.800000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
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      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
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      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>194164.380000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
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        <monthlyTotReturns>
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        <monthlyReturnCats>
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            <mon2 netRealizedGain="N/A" netUnrealizedAppr="75317.14"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="280560.61"/>
            <warrantCategory>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>K92 Mining Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kalamazoo Resources Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UMB MONEY MARKET II SPECIAL   /</name>
        <lei>N/A</lei>
        <title>UMB MONEY MARKET II SPECIAL   /</title>
        <cusip>SF8888628</cusip>
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          <ticker value="SMMFIDU"/>
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        <units>PA</units>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>SSR Mining Inc</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
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      <invstOrSec>
        <name>Saturn Metals Ltd</name>
        <lei>N/A</lei>
        <title>Saturn Metals Ltd.</title>
        <cusip>Q8317P107</cusip>
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          <ticker value="STN AU"/>
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        <name>Summit Royalties Ltd</name>
        <lei>N/A</lei>
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        <title>Allied Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Agnico Eagle Mines Ltd</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
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          <ticker value="AEM"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Alamos Gold Inc</name>
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          <ticker value="AGI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Anglogold Ashanti Plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti Plc</title>
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          <ticker value="AU"/>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ausgold Ltd</name>
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          <ticker value="AUC AU"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Angel Wing Metals Inc</name>
        <lei>N/A</lei>
        <title>Angel Wing Metals, Inc.</title>
        <cusip>03464G206</cusip>
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          <isin value="CA03464G2062"/>
          <ticker value="AWM CN"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Aya Gold &amp; Silver Inc</name>
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          <ticker value="AYA CN"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Barrick Mining Corp</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
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          <ticker value="BTO CN"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Canagold Resources Ltd</name>
        <lei>529900VSHM6IT5414441</lei>
        <title>Canagold Resources Ltd.</title>
        <cusip>136842101</cusip>
        <identifiers>
          <isin value="CA1368421014"/>
          <ticker value="CCM CN"/>
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        <balance>505000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
        <cusip>152006102</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
          <ticker value="CGAU"/>
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        <curCd>USD</curCd>
        <valUSD>1577250</valUSD>
        <pctVal>0.5748754764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Catalyst Metals Ltd</name>
        <lei>N/A</lei>
        <title>Catalyst Metals Ltd.</title>
        <cusip>Q2144G109</cusip>
        <identifiers>
          <isin value="AU000000CYL6"/>
          <ticker value="CYL AU"/>
        </identifiers>
        <balance>1250000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>7570096.78</valUSD>
        <pctVal>2.7591459774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DPM Metals Inc</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DPM Metals, Inc.</title>
        <cusip>26139R109</cusip>
        <identifiers>
          <isin value="CA26139R1091"/>
          <ticker value="DPM CN"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>10823986.51</valUSD>
        <pctVal>3.9451224610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fortuna Mining Corp</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>Fortuna Mining Corp.</title>
        <cusip>349942102</cusip>
        <identifiers>
          <isin value="CA3499421020"/>
          <ticker value="FVI CN"/>
        </identifiers>
        <balance>225000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>3074554.65</valUSD>
        <pctVal>1.1206125023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREAT BRITAIN POUND  /</name>
        <lei>N/A</lei>
        <title>GREAT BRITAIN POUND  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="GBP"/>
        </identifiers>
        <balance>-1080</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.7420"/>
        <valUSD>-1455.53</valUSD>
        <pctVal>-0.0005305110</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greatland Resources Ltd</name>
        <lei>213800KQI75ZGE53GX44</lei>
        <title>Greatland Resources Ltd.</title>
        <cusip>Q4319F106</cusip>
        <identifiers>
          <isin value="AU0000397705"/>
          <ticker value="GGP AU"/>
        </identifiers>
        <balance>637501</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>6265221.19</valUSD>
        <pctVal>2.2835454217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>G Mining Ventures Corp</name>
        <lei>894500N5AZEQU0BLOT06</lei>
        <title>G Mining Ventures Corp.</title>
        <cusip>36270K102</cusip>
        <identifiers>
          <isin value="CA36270K1021"/>
          <ticker value="GMIN CN"/>
        </identifiers>
        <balance>62500</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>2559379.81</valUSD>
        <pctVal>0.9328417737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>G2 Goldfields Inc</name>
        <lei>N/A</lei>
        <title>G2 Goldfields, Inc.</title>
        <cusip>36256R105</cusip>
        <identifiers>
          <isin value="CA36256R1055"/>
          <ticker value="GTWO CN"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1284729.86</valUSD>
        <pctVal>0.4682578477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Horizon Minerals Ltd</name>
        <lei>984500A12AE2C6874A86</lei>
        <title>Horizon Minerals Ltd.</title>
        <cusip>Q4704L205</cusip>
        <identifiers>
          <isin value="AU0000053373"/>
          <ticker value="HRZ AU"/>
        </identifiers>
        <balance>348971</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>281868.83</valUSD>
        <pctVal>0.1027354433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heliostar Metals Ltd</name>
        <lei>529900BF6RCFL9WNSB18</lei>
        <title>Heliostar Metals Ltd.</title>
        <cusip>42328Y102</cusip>
        <identifiers>
          <isin value="CA42328Y1025"/>
          <ticker value="HSTR CN"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>657576.42</valUSD>
        <pctVal>0.2396732019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp.</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2457000</valUSD>
        <pctVal>0.8955264197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tesoro Gold Ltd</name>
        <lei>9845008A3CD0A5FE6F76</lei>
        <title>Tesoro Gold Ltd.</title>
        <cusip>Q9021B202</cusip>
        <identifiers>
          <isin value="AU0000077208"/>
          <ticker value="TSO AU"/>
        </identifiers>
        <balance>628930</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>478903.43</valUSD>
        <pctVal>0.1745505389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US Gold Corp</name>
        <lei>5299003C2TFXIV9QAV34</lei>
        <title>U.S. Gold Corp.</title>
        <cusip>90291C201</cusip>
        <identifiers>
          <isin value="US90291C2017"/>
          <ticker value="USAU"/>
        </identifiers>
        <balance>130000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2538900</valUSD>
        <pctVal>0.9253773004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. GOLD Corp. WARRANTS   /</name>
        <lei>N/A</lei>
        <title>U.S. GOLD Corp. WARRANTS   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="USAU WAR"/>
        </identifiers>
        <balance>65000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US GOLD CORP</issuerName>
                <issueTitle>US GOLD CORP</issueTitle>
                <identifiers>
                  <ticker value="USAU"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>23.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-12-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Royalties Corp</name>
        <lei>N/A</lei>
        <title>Vizsla Royalties Corp.</title>
        <cusip>92859L201</cusip>
        <identifiers>
          <isin value="CA92859L2012"/>
          <ticker value="VROY CN"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>265376.44</valUSD>
        <pctVal>0.0967243033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Silver Corp</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>Vizsla Silver Corp.</title>
        <cusip>92859G608</cusip>
        <identifiers>
          <isin value="CA92859G6085"/>
          <ticker value="VZLA"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>876000</valUSD>
        <pctVal>0.3192841448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West African Resources Ltd</name>
        <lei>529900XLO8GMJNTUL013</lei>
        <title>West African Resources Ltd.</title>
        <cusip>Q9594D106</cusip>
        <identifiers>
          <isin value="AU000000WAF6"/>
          <ticker value="WAF AU"/>
        </identifiers>
        <balance>600000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>1490179.33</valUSD>
        <pctVal>0.5431399919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wesdome Gold Mines Ltd</name>
        <lei>254900D63U62QS84H719</lei>
        <title>Wesdome Gold Mines Ltd.</title>
        <cusip>95083R100</cusip>
        <identifiers>
          <isin value="CA95083R1001"/>
          <ticker value="WDO CN"/>
        </identifiers>
        <balance>415000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>8159445.79</valUSD>
        <pctVal>2.9739516791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Exploration Inc</name>
        <lei>N/A</lei>
        <title>Western Exploration, Inc.</title>
        <cusip>95816A200</cusip>
        <identifiers>
          <isin value="CA95816A2002"/>
          <ticker value="WEX CN"/>
        </identifiers>
        <balance>547900</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>361491.09</valUSD>
        <pctVal>0.1317561341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN EXPLORATION PRIVATE WARRANTS OCM   /</name>
        <lei>N/A</lei>
        <title>WESTERN EXPLORATION PRIVATE WARRANTS OCM   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="WEX-WARR"/>
        </identifiers>
        <balance>273950</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>WESTERN EXPLORATION PRIVATE WARRANTS OCM   /</issuerName>
                <issueTitle>WESTERN EXPLORATION PRIVATE WARRANTS OCM   /</issueTitle>
                <identifiers>
                  <ticker value="WEX CN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>1.350000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2028-02-02</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westgold Resources Ltd</name>
        <lei>2549003AMX9BL7CKBQ74</lei>
        <title>Westgold Resources Ltd.</title>
        <cusip>Q97159232</cusip>
        <identifiers>
          <isin value="AU000000WGX6"/>
          <ticker value="WGX AU"/>
        </identifiers>
        <balance>600000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>3309137.49</valUSD>
        <pctVal>1.2061131660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WIA Gold Ltd</name>
        <lei>N/A</lei>
        <title>WIA Gold Ltd.</title>
        <cusip>Q8844P109</cusip>
        <identifiers>
          <isin value="AU0000193872"/>
          <ticker value="WIA AU"/>
        </identifiers>
        <balance>1600000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>620552.23</valUSD>
        <pctVal>0.2261786393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wheaton Precious Metals Corp</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
          <ticker value="WPM CN"/>
        </identifiers>
        <balance>80000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>13035407.96</valUSD>
        <pctVal>4.7511405048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp.</title>
        <cusip>254677107</cusip>
        <identifiers>
          <isin value="CA2546771072"/>
          <ticker value="DSV CN"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1239278.65</valUSD>
        <pctVal>0.4516918081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endeavour Mining PLC</name>
        <lei>529900NI5MXQ91GHXR07</lei>
        <title>Endeavour Mining PLC</title>
        <cusip>G3042J105</cusip>
        <identifiers>
          <isin value="GB00BL6K5J42"/>
          <ticker value="EDV CN"/>
        </identifiers>
        <balance>118670</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>8538567.92</valUSD>
        <pctVal>3.1121339679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Emerald Resources NL</name>
        <lei>N/A</lei>
        <title>Emerald Resources NL</title>
        <cusip>Q3464L108</cusip>
        <identifiers>
          <isin value="AU000000EMR4"/>
          <ticker value="EMR AU"/>
        </identifiers>
        <balance>1250000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>6298035.87</valUSD>
        <pctVal>2.2955057037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Excellon Resources Inc</name>
        <lei>549300TCL7Q34YGPQ182</lei>
        <title>Excellon Resources, Inc.</title>
        <cusip>30069C801</cusip>
        <identifiers>
          <isin value="CA30069C8016"/>
          <ticker value="EXN CN"/>
        </identifiers>
        <balance>3000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1451506.49</valUSD>
        <pctVal>0.5290445300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Gold Corp</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>53056H104</cusip>
        <identifiers>
          <isin value="CA53056H1047"/>
          <ticker value="LGD CN"/>
        </identifiers>
        <balance>875000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1013488.75</valUSD>
        <pctVal>0.3693959918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Gold Inc</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold, Inc.</title>
        <cusip>550371108</cusip>
        <identifiers>
          <isin value="CA5503711080"/>
          <ticker value="LUG CN"/>
        </identifiers>
        <balance>130000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>12252840.70</valUSD>
        <pctVal>4.4659106894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Montage Gold Corp</name>
        <lei>N/A</lei>
        <title>Montage Gold Corp.</title>
        <cusip>61178L101</cusip>
        <identifiers>
          <isin value="CA61178L1013"/>
          <ticker value="MAU CN"/>
        </identifiers>
        <balance>616500</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>7683087.75</valUSD>
        <pctVal>2.8003288829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Miata Metals Corp</name>
        <lei>984500ELQ9T8H1497788</lei>
        <title>Miata Metals Corp.</title>
        <cusip>59403F105</cusip>
        <identifiers>
          <isin value="CA59403F1053"/>
          <ticker value="MMET CN"/>
        </identifiers>
        <balance>1562500</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>675811.89</valUSD>
        <pctVal>0.2463196590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mithril Silver And Gold Ltd</name>
        <lei>N/A</lei>
        <title>Mithril Silver And Gold Ltd.</title>
        <cusip>Q6253U106</cusip>
        <identifiers>
          <isin value="AU000000MTH3"/>
          <ticker value="MSG CN"/>
        </identifiers>
        <balance>1228000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>315079.54</valUSD>
        <pctVal>0.1148400702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metalla Royalty &amp; Streaming Lt</name>
        <lei>549300RPR0O774QEKV20</lei>
        <title>Metalla Royalty &amp; Streaming Ltd.</title>
        <cusip>59124U605</cusip>
        <identifiers>
          <isin value="CA59124U6051"/>
          <ticker value="MTA"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>905000</valUSD>
        <pctVal>0.3298540537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <ticker value="NEM"/>
        </identifiers>
        <balance>85000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11050000</valUSD>
        <pctVal>4.0274997714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NeXGold Mining Corp</name>
        <lei>25490084LOPPDXN4YK38</lei>
        <title>NeXGold Mining Corp.</title>
        <cusip>65345V108</cusip>
        <identifiers>
          <isin value="CA65345V1085"/>
          <ticker value="NEXG CN"/>
        </identifiers>
        <balance>734108.16</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1237774.92</valUSD>
        <pctVal>0.4511437292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXGOLD MINING Corp. WARRANTS   /</name>
        <lei>N/A</lei>
        <title>NEXGOLD MINING Corp. WARRANTS   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="NEXGW CN"/>
        </identifiers>
        <balance>367054</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>363259.95</valUSD>
        <pctVal>0.1324008476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NEXGOLD MINING Corp. WARRANTS   /</issuerName>
                <issueTitle>NEXGOLD MINING Corp. WARRANTS   /</issueTitle>
                <identifiers>
                  <ticker value="NEXG CN"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>0.950000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>363259.95</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OceanaGold Corp</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp.</title>
        <cusip>675222400</cusip>
        <identifiers>
          <isin value="CA6752224007"/>
          <ticker value="OGC CN"/>
        </identifiers>
        <balance>166666</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>7087672.94</valUSD>
        <pctVal>2.5833123208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Omai Gold Mines Corp</name>
        <lei>254900GOHPZOKN6K3C88</lei>
        <title>Omai Gold Mines Corp.</title>
        <cusip>682043104</cusip>
        <identifiers>
          <isin value="CA6820431048"/>
          <ticker value="OMG CN"/>
        </identifiers>
        <balance>4000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>5864672.68</valUSD>
        <pctVal>2.1375536541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Orezone Gold Corp</name>
        <lei>529900ZRY6WGGRC9Z698</lei>
        <title>Orezone Gold Corp.</title>
        <cusip>68616T109</cusip>
        <identifiers>
          <isin value="CA68616T1093"/>
          <ticker value="ORE CN"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1007990.62</valUSD>
        <pctVal>0.3673920354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
        </identifiers>
        <balance>70000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4809000</valUSD>
        <pctVal>1.7527824797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perseus Mining Ltd</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
        <cusip>Q74174105</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
          <ticker value="PRU AU"/>
        </identifiers>
        <balance>800000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>3415883.86</valUSD>
        <pctVal>1.2450200421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rio2 Ltd</name>
        <lei>2549009N9W290I0XSE73</lei>
        <title>Rio2 Ltd.</title>
        <cusip>767217102</cusip>
        <identifiers>
          <isin value="CA7672171021"/>
          <ticker value="RIO CN"/>
        </identifiers>
        <balance>2758000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>7662795.98</valUSD>
        <pctVal>2.7929329464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RTG Mining Inc</name>
        <lei>N/A</lei>
        <title>RTG Mining, Inc.</title>
        <cusip>G7707W178</cusip>
        <identifiers>
          <isin value="AU000000RTG4"/>
          <ticker value="RTG AU"/>
        </identifiers>
        <balance>4578755</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>127079.02</valUSD>
        <pctVal>0.0463177126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Robex Resources Inc</name>
        <lei>529900UBILRW1I57HF58</lei>
        <title>Robex Resources, Inc.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="AU0000394082"/>
          <ticker value="RXR AU"/>
        </identifiers>
        <balance>209004</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4052"/>
        <valUSD>1142293.42</valUSD>
        <pctVal>0.4163426686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Road Minerals Ltd</name>
        <lei>54930033JDODZL6J2G22</lei>
        <title>Royal Road Minerals Ltd.</title>
        <cusip>G76828105</cusip>
        <identifiers>
          <isin value="JE00BWH5YF45"/>
          <ticker value="RYR CN"/>
        </identifiers>
        <balance>2399000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>395700.46</valUSD>
        <pctVal>0.1442247522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sendero Resources Corp</name>
        <lei>N/A</lei>
        <title>Sendero Resources Corp.</title>
        <cusip>81688C300</cusip>
        <identifiers>
          <isin value="CA81688C3003"/>
          <ticker value="SEND CN"/>
        </identifiers>
        <balance>526400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>636727.51</valUSD>
        <pctVal>0.2320741992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thesis Gold &amp; Silver Inc</name>
        <lei>529900EDQ993Q6M6BH62</lei>
        <title>Thesis Gold &amp; Silver, Inc.</title>
        <cusip>883922106</cusip>
        <identifiers>
          <isin value="CA8839221063"/>
          <ticker value="TAU CN"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>778535.30</valUSD>
        <pctVal>0.2837602482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thor Explorations Ltd</name>
        <lei>213800AXZ8468CQYVT76</lei>
        <title>Thor Explorations Ltd.</title>
        <cusip>885149104</cusip>
        <identifiers>
          <isin value="CA8851491040"/>
          <ticker value="THX CN"/>
        </identifiers>
        <balance>900000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1115020.89</valUSD>
        <pctVal>0.4064023873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tiernan Gold Corp</name>
        <lei>N/A</lei>
        <title>Tiernan Gold Corp.</title>
        <cusip>88650A105</cusip>
        <identifiers>
          <isin value="CA88650A1057"/>
          <ticker value="TNGD CN"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>1466168.17</valUSD>
        <pctVal>0.5343884135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIERNAN GOLD WARRANTS   /</name>
        <lei>N/A</lei>
        <title>TIERNAN GOLD WARRANTS   /</title>
        <cusip>886936111</cusip>
        <identifiers>
          <ticker value="TNGD WAR"/>
        </identifiers>
        <balance>100000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3641"/>
        <valUSD>256579.43</valUSD>
        <pctVal>0.0935179725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TIERNAN GOLD WARRANTS   /</issuerName>
                <issueTitle>TIERNAN GOLD WARRANTS   /</issueTitle>
                <identifiers>
                  <ticker value="TNGD CN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>6.500000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2027-11-14</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>256579.43</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-05</ncom:dateSigned>
      <ncom:nameOfApplicant>OCM MUTUAL FUND</ncom:nameOfApplicant>
      <ncom:signature>/s/ Gregory M. Orrell</ncom:signature>
      <ncom:signerName>Gregory M. Orrell</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>