EuroPac Gold Fund
SCHEDULE OF INVESTMENTS
As of January 31, 2024 (Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
DIVERSIFIED EXPLORATION AND MINING — 2.7% | ||||||||
300,000 | Canter Resources Corp.*,1,2 | $ | 140,995 | |||||
880,000 | Carbon Neutral1,2 | 1,785,050 | ||||||
6,000,000 | Nuvau Minerals Corp.1,2 | 3,346,969 | ||||||
5,273,014 | ||||||||
GOLD EXPLORATION — 8.4% | ||||||||
4,457,142 | Alpha Exploration Ltd.*,2,3 | 2,320,565 | ||||||
1,100,000 | Alpha Exploration Ltd.*,1,2,3 | 572,704 | ||||||
2,000,000 | Angus Gold, Inc.*,2 | 1,011,528 | ||||||
7,250,000 | Atacama Copper Corp.*,1,2,3 | 1,213,276 | ||||||
5,030,228 | Aurion Resources Ltd.*,2 | 1,833,255 | ||||||
10,412,498 | Besra Gold, Inc.*,2 | 1,161,271 | ||||||
151,265 | Dakota Gold Corp.* | 317,657 | ||||||
7,300,000 | Dryden Gold Corp.*,1,2,3 | 1,113,053 | ||||||
11,251,188 | Heliostar Metals Ltd.*,2,3 | 1,841,027 | ||||||
3,068,182 | Heliostar Metals Ltd.*,1,2,3 | 502,045 | ||||||
797,800 | Irving Resources, Inc.*,2 | 258,120 | ||||||
92,300 | Ivanhoe Electric, Inc.* | 771,628 | ||||||
250,000 | Meridian Mining UK Societas*,2 | 62,291 | ||||||
5,903,500 | Newcore Gold Ltd.*,2 | 482,994 | ||||||
4,000,000 | Radius Gold, Inc.*,2,3 | 342,135 | ||||||
6,141,500 | Revival Gold, Inc.*,2,3 | 1,530,236 | ||||||
1,563,464 | Vista Gold Corp.* | 563,003 | ||||||
8,200 | Vista Gold Corp.*,2 | 2,897 | ||||||
1,300,000 | Western Exploration, Inc.*,2,3 | 812,198 | ||||||
16,711,883 | ||||||||
GOLD MINING — 30.6% | ||||||||
226,440 | Agnico Eagle Mines Ltd. | 11,131,791 | ||||||
72,000 | AngloGold Ashanti Ltd. - ADR | 1,268,640 | ||||||
3,385,229 | B2Gold Corp. | 9,478,641 | ||||||
150,000 | B2Gold Corp.2 | 418,371 | ||||||
675,392 | Barrick Gold Corp. | 10,536,115 | ||||||
1,443,099 | Equinox Gold Corp.*,2 | 6,375,610 | ||||||
120,000 | Equinox Gold Corp.* | 528,000 | ||||||
567,687 | Evolution Mining Ltd.2 | 1,195,483 | ||||||
129,690 | Gold Fields Ltd. - ADR | 1,919,412 | ||||||
4,956,300 | i-80 Gold Corp.*,2 | 7,999,384 | ||||||
600,000 | IAMGOLD Corp.* | 1,428,000 | ||||||
100,005 | Kinross Gold Corp. | 551,028 | ||||||
11,500 | Newmont Corp. | 396,865 | ||||||
3,594,200 | OceanaGold Corp.2 | 7,191,073 |
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2024 (Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
GOLD MINING (Continued) | ||||||||
100,000 | OceanaGold Corp. | $ | 197,000 | |||||
5,000 | Polyus PJSC - GDR*,1,2 | — | ||||||
60,615,413 | ||||||||
PRECIOUS METALS DEVELOPMENTAL — 2.9% | ||||||||
1,180,813 | Adriatic Metals PLC*,2 | 2,750,040 | ||||||
623,400 | Artemis Gold, Inc.*,2 | 2,921,101 | ||||||
5,671,141 | ||||||||
PRECIOUS METALS EXPLORATION — 3.6% | ||||||||
1,043,182 | Almadex Minerals Ltd.*,2 | 186,213 | ||||||
3,700,000 | G2 Goldfields, Inc.*,2 | 2,036,445 | ||||||
1,490,027 | Harfang Exploration, Inc.*,2 | 160,695 | ||||||
2,932,300 | Kenorland Minerals Ltd.*,2 | 1,679,339 | ||||||
5,645,900 | Midland Exploration, Inc.*,2,3 | 1,532,728 | ||||||
8,829,204 | Mundoro Capital, Inc.*,2,3 | 1,247,712 | ||||||
1,360,000 | Riverside Resources, Inc.*,2 | 111,268 | ||||||
10,000 | Seabridge Gold, Inc.* | 105,100 | ||||||
7,059,500 | ||||||||
ROYALTY COMPANIES — 38.3% | ||||||||
7,581,800 | Elemental Altus Royalties Corp.*,2 | 6,146,643 | ||||||
2,417,425 | EMX Royalty Corp.*,2 | 3,596,021 | ||||||
97,696 | Franco-Nevada Corp. | 10,575,592 | ||||||
1,559,000 | Lara Exploration Ltd.*,2 | 684,128 | ||||||
2,937,294 | Metalla Royalty & Streaming Ltd.2 | 8,410,994 | ||||||
506,529 | Metalla Royalty & Streaming Ltd. | 1,418,281 | ||||||
5,221,651 | Orogen Royalties, Inc.*,2 | 2,718,599 | ||||||
635,889 | Osisko Gold Royalties Ltd. | 9,258,544 | ||||||
323,120 | Osisko Gold Royalties Ltd.2 | 4,708,011 | ||||||
89,700 | Royal Gold, Inc. | 10,260,783 | ||||||
2,600,000 | Star Royalties Ltd.*,2 | 570,472 | ||||||
409,359 | Triple Flag Precious Metals Corp. | 5,227,515 | ||||||
10,000 | Triple Flag Precious Metals Corp.2 | 128,152 | ||||||
232,200 | Wheaton Precious Metals Corp. | 10,883,214 | ||||||
25,000 | Wheaton Precious Metals Corp.2 | 1,171,625 | ||||||
75,758,574 | ||||||||
SILVER: EXPLORATION AND MINING — 12.2% | ||||||||
3,624,980 | Fortuna Silver Mines, Inc.* | 10,983,689 | ||||||
753,761 | Pan American Silver Corp. | 10,190,849 |
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2024 (Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
SILVER: EXPLORATION AND MINING (Continued) | ||||||||
528,644 | SilverCrest Metals, Inc.* | $ | 2,918,115 | |||||
24,092,653 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $192,375,662) | 195,182,178 | |||||||
WARRANTS — 0.6% | ||||||||
DIVERSIFIED EXPLORATION AND MINING — 0.0% | ||||||||
150,000 | Canter Resources Corp., Strike Price: 0.70 CAD, Expiration Date: January 19, 2026*,1,2 | — | ||||||
2,000,000 | Nuvau Minerals Corp., Strike Price: 0.75 CAD, Expiration Date: March 15, 2025*,1,2 | — | ||||||
1,000,000 | Nuvau Minerals Corp., Strike Price: 1.00 CAD, Expiration Date: November 13, 2026*,1,2 | — | ||||||
— | ||||||||
GOLD EXPLORATION — 0.6% | ||||||||
550,000 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: December 11, 2025*,1,2 | — | ||||||
1,428,571 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: November 20, 2025*,1,2 | — | ||||||
1,600,000 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: June 20, 2026*,1,2 | — | ||||||
7,300,000 | Dryden Gold Corp., Strike Price: 0.30 CAD, Expiration Date: January 15, 2026*,1,2 | — | ||||||
1,022,727 | Heliostar Metals Ltd., Strike Price: 0.40 CAD, Expiration Date: January 16, 2026*,1,2 | — | ||||||
3,518,412 | Heliostar Metals Ltd., Strike Price: 0.70 CAD, Expiration Date: January 25, 2025*,1,2 | — | ||||||
10,000,000 | Mogotes Metals, Inc., Strike Price: 1.00 CAD, Expiration Date: July 31, 2024*,1,2 | 1,115,656 | ||||||
4,000,000 | Radius Gold, Inc.; Strike Price: 0.35 CAD, Expiration Date: July 19, 2025*,1,2 | — | ||||||
650,000 | Western Exploration, Inc., Strike Price: 2.15 CAD, Expiration Date: June 20, 2026*,1,2 | — | ||||||
1,115,656 | ||||||||
PRECIOUS METALS EXPLORATION — 0.0% | ||||||||
2,100,000 | Newcore Gold, Ltd., Strike Price: 0.20 CAD, Expiration Date: June 29, 2024*,1,2 | — | ||||||
750,000 | Revival Gold, Inc., Strike Price: 0.72 CAD, Expiration Date: July 18, 2026*,1,2 | — | ||||||
800,000 | Revival Gold, Inc., Strike Price: 0.80 CAD, Expiration Date: December 28, 2024*,1,2 | — | ||||||
6,750,000 | Thomson Resources Ltd., Strike Price: 0.115 AUD, Expiration Date: November 8, 2024*,1,2 | — |
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2024 (Unaudited)
Number | ||||||||
of Shares | Value | |||||||
WARRANTS (Continued) | ||||||||
PRECIOUS METALS EXPLORATION (Continued) | ||||||||
2,500,000 | Thomson Resources Ltd., Strike Price: 0.20 AUD, Expiration Date: March 29, 2024*,1,2 | $ | — | |||||
— | ||||||||
ROYALTY COMPANIES — 0.0% | ||||||||
2,784,546 | EMX Royalty Corp., Strike Price: 2.27 CAD, Expiration Date: January 24, 2025*,1,2 | — | ||||||
58,350 | Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: April 13, 2024*,1,2 | — | ||||||
— | ||||||||
SILVER: EXPLORATION AND MINING — 0.0% | ||||||||
1,880,000 | Golden Arrow Resources Corp., Strike Price: 0.40 CAD, Expiration Date: March 21, 2024*,1,2 | — | ||||||
TOTAL WARRANTS | ||||||||
(Cost $1,112,594) | 1,115,656 | |||||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||||
1,156,468 | Federated Hermes Treasury Obligations Fund - Institutional Class, 5.12%4 | 1,156,468 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $1,156,468) | 1,156,468 | |||||||
TOTAL INVESTMENTS — 99.9% | ||||||||
(Cost $194,644,724) | 197,454,302 | |||||||
Other Assets in Excess of Liabilities — 0.1% | 248,905 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 197,703,207 |
ADR – American Depository Receipt
AUD – Australian Dollar
CAD – Canadian Dollar
GDR – Global Depository Receipt
PJSC – Public Joint Stock Company
PLC – Public Limited Company
* | Non-income producing security. |
1 | Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2024, the value of these restricted securities amounted to $9,789,748 or 4.95% of net assets. |
2 | Foreign security denominated in U.S. dollars. |
3 | Affiliated company. |
4 | The rate is the annualized seven-day yield at period end. |
Note 12 – Investments in Affiliated Issuers
An affiliated issuer is an entity in which the Fund has ownership of a least 5% of the voting securities or any investment in a EuroPac Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of January 31, 2024 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end:
Gold Fund
Value Beginning of Period | Additions | Reductions | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value End of Period | Dividend Income* | ||||||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||||||
Gold Exploration - 5.2% | ||||||||||||||||||||||||||||
Alpha Exploration Ltd. (3)(4) | $ | 2,185,504 | $ | 566,426 | $ | - | $ | - | $ | 141,339 | $ | 2,893,269 | $ | - | ||||||||||||||
Atacama Copper Corp. (1)(3)(4) | - | 973,445 | - | - | 239,831 | 1,213,276 | - | |||||||||||||||||||||
Dryden Resources Corp. (1)(3)(4) | - | 811,412 | - | - | 301,641 | 1,113,053 | - | |||||||||||||||||||||
Heliostar Metals Ltd. (3)(4) | 2,723,239 | 676,010 | (403,598 | ) | (194,515 | ) | (458,064 | ) | 2,343,072 | - | ||||||||||||||||||
Radius Gold, Inc. (3) | 490,337 | - | - | - | (148,202 | ) | 342,135 | - | ||||||||||||||||||||
Revival Gold, Inc. (3) | 1,950,685 | - | (452,794 | ) | (305,686 | ) | 338,031 | 1,530,236 | - | |||||||||||||||||||
Western Exploration, Inc. (3) | 684,310 | - | - | - | 127,888 | 812,198 | - | |||||||||||||||||||||
10,247,239 | ||||||||||||||||||||||||||||
Precious Metals Exploration - 1.4% | ||||||||||||||||||||||||||||
Midland Exploration, Inc. (3) | 1,730,248 | - | - | - | (197,520 | ) | 1,532,728 | - | ||||||||||||||||||||
Mundoro Capital, Inc. (3) | 1,177,821 | - | - | - | 69,891 | 1,247,712 | - | |||||||||||||||||||||
2,780,440 | ||||||||||||||||||||||||||||
Total | $ | (500,201 | ) | $ | 414,835 | $ | 13,027,679 | $ | - |
Shares Beginning of Period | Purchases | Sales | Stock Split | Shares End of Period | ||||||||||||||||
Common Stocks | ||||||||||||||||||||
Gold Exploration - 5.2% | ||||||||||||||||||||
Alpha Exploration Ltd. (3)(4) | 4,457,142 | 1,100,000 | - | - | 5,557,142 | |||||||||||||||
Atacama Copper Corp. (1)(3)(4) | - | 7,250,000 | - | - | 7,250,000 | |||||||||||||||
Dryden Resources Corp. (1)(3)(4) | - | 7,300,000 | - | - | 7,300,000 | |||||||||||||||
Heliostar Metals Ltd. (3)(4) | 13,251,188 | 3,068,182 | (2,000,000 | ) | - | 14,319,370 | ||||||||||||||
Radius Gold, Inc. (3) | 4,000,000 | - | - | - | 4,000,000 | |||||||||||||||
Revival Gold, Inc. (3) | 7,956,500 | - | (1,815,000 | ) | - | 6,141,500 | ||||||||||||||
Western Exploration, Inc. (3) | 1,300,000 | - | - | - | 1,300,000 | |||||||||||||||
Precious Metals Exploration - 1.4% | ||||||||||||||||||||
Midland Exploration, Inc. (3) | 5,645,900 | - | - | - | 5,645,900 | |||||||||||||||
Mundoro Capital, Inc. (3) | 8,829,204 | - | - | - | 8,829,204 |
(1) | Not an affiliate at the beginning of the period. |
(2) | Not an affiliate at the end of the period. |
(3) | Non Income Producing |
(4) | Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. |
These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
* | Net of foreign withholding taxes. |