Managed Gold Fund Holdings and Attribution Analysis - May 2024

Toronto, Ontario--(Newsfile Corp. - May 28, 2024) - This report details the most recent portfolio holdings for Gold & Precious Metal Managed Funds and summarizes changes in portfolio holdings.

A portfolio holding 'ATTRIBUTION ANALYSIS' is undertaken on the portfolios of gold funds that report asset allocations monthly, and on any fund with assets that exceed $1 Billion USD and that reports during the period.

The attribution analysis includes a list of companies which are new to a portfolio in the period 'New Company Holdings,' and companies which have been eliminated or divested from a portfolio during the period 'Companies Divested.'

A Copy of the Full Report is Available at the Link Below:

https://mailchi.mp/mineralfunds/managed-gold-fund-holdings-and-attribution-analysis-may-2024

'New Company Holdings' Summary List

Meridian Mining UK Societas. (TSX: MNO) (OTCQX: MRRDF) (Chairman, Bruce McLeod)

Snowline Gold Corp. (TSXV: SGD) (OTCQB: SNWGF) (Director & Co-Founder, Scott Berdahl)

MAG Silver Corp. (TSX: MAG) (NYSE American: MAG) (Chairman, Peter Barnes)

Montage Gold Corp. (TSXV: MAU) (Chairman, Peter Mitchell)

De Grey Mining Ltd. (ASX: DEG) (Chairman, Simon Lill)

Allied Gold Corp. (TSX: AAUC) (Chairman, Peter Marrone)

Gold & Precious Metal Managed Funds included in this report:

FUNDS REPORTING MONTHLY

Fidelity Select Gold Fund ("FSGF")

Allspring Precious Metals Fund ("APMF")

ATTRIBUTION ANALYSIS

Fidelity Select Gold Fund ("FSGF") Steven C. Calhoun, BA

FSGF 31.Mar.2024

AUM for FSGF increased over the month of March from $1,057M USD (Feb.2024) to $1,238M USD (Mar.2024) (+17.1%).

During March 2024, the Fund did not acquire any new positions and did not divest completely from any previously held positions.

The Fund's largest position is Agnico Eagle Mines Ltd. (TSX: AEM) (Chairman, Sean Boyd) with relative weighting increasing slightly over the month from 12.8% to 13.6%.

Franklin Gold & Precious Metals Fund (USA) ("FGPMF USA") Steven M. Land, CFA, BA / Frederick G. Fromm CFA, BA

FGPMF USA 30.Apr.2024

AUM for FGPMF USA increased over the month of April from $930M USD (Mar.2024) to $966M USD (Apr.2024) (+3.9%).

During April, the Fund added a new position in Meridian Mining UK Societas. (TSX: MNO) (OTCQX: MRRDF) (Chairman, Bruce McLeod).

Meridian Mining UK Societas is a TSX listed company with a principal corporate focus on the Cabaçal Copper-Gold VMS Camp. Cabaçal is an advanced stage district scale VMS Cu-Au project located in the state of Mato Grosso, Brazil. The project was first discovered by BP Minerals in 1983. On 30.Apr.2024, FGPMF (USA) held 7,000,000 shares of the company which had a market value of $2,262,574 USD representing 0.23% of the Fund's total portfolio (Fund portfolio holding at 31.Mar.2024 "0").

During April, the Fund liquidated holdings of First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (Chairman, Keith Neumeyer), Gold Mountain Mining Corp. (TSX: GMTN) (OTCQB: GMTNF) (Chairman, Nadine Hoehne), Perpetua Resources Corp. (NASDAQ: PPTA) (TSX: PPTA) (Chairman, Marcelo Kim) and Westhaven Gold Corp. (TSXV: WHN) (Chairman, Eira Thomas).

The Fund's largest position is Red 5 Limited (ASX: RED) (Chairman, Russel Clark) comprising 3.9% of the total portfolio.

Franklin Gold & Precious Metals Fund (Lux) ("FGPMF Lux") Steven M. Land, CFA, BA / Frederick G. Fromm CFA, BA

FGPMF Lux 30.Apr.2024

AUM for FGPMF Lux increased over the month of April from $401M USD (Mar.2024) to $411M USD (Apr.2024) (+2.5%).

Acquisitions and dispositions of the Fund follow the larger US domiciled Fund.

The Fund's largest position is Red 5 Limited (ASX: RED) (Chairman, Russel Clark) comprising 3.9% of the total portfolio.

VanEck International Investors Gold Fund ("VEIIGF") Imaru B. Cazanova MSc, BASc / Joseph M. Foster MSc, MBA, BSc

VEIIGF 30.Apr.2024

AUM for VEIIGF increased over the month of April from $697M USD (Mar.2024) to $711M USD (Apr.2024) (+2.0%).

During April, the Fund added new positions in Snowline Gold Corp. (TSXV: SGD) (OTCQB: SNWGF) (Director & Co-Founder, Scott Berdahl), MAG Silver Corp. (TSX: MAG) (NYSE American: MAG) (Chairman, Peter Barnes) and Montage Gold Corp. (TSXV: MAU) (Chairman, Peter Mitchell).

Snowline Gold Corp. is developing the new discovery Rogue Project and further reduced-intrusion related gold targets in the Yukon Territory, Canada. On 30.Apr.2024, VEIIGF held 1,933,000 shares of Snowline Gold Corp. which had a market value of $11,018,100 CAD representing 1.13% of the Fund's total portfolio (Fund portfolio holding at 31.Mar.2024 "0").

MAG Silver Corp. is a Tier 1 North American silver producer focused on advancing high-grade, district scale precious metals projects in the Americas. On May 15^th, 2024, subsequent to 30.April.2024 month-end reporting, MAG Silver announced a normal course issuer bid for company shares. On 30.Apr.2024, VEIIGF held 607,000 shares of MAG Silver which had a market value of $10,349,350 CAD representing 1.05% of the Fund's total portfolio (Fund portfolio holding at 31.Mar.2024 "0").

Montage Gold Corp. is developing the Koné Gold Project in Côte d'Ivoire, West Africa. Koné is ranked as one of the highest quality gold projects in Africa supporting sizeable low-cost gold production over a long-projected mine life. On 30.Apr.2024, VEIIGF held 4,554,000 shares of Montage Gold Corp. which had a market value of $5,783,580 CAD representing 0.59% of the Fund's total portfolio (Fund portfolio holding at 31.Mar.2024 "0").

During April, the Fund liquidated holdings of Dundee Precious Metals Inc. (TSX: DPM) (Chairman, Peter Gillin), Osisko Mining Inc. (TSX: OSK) (Chairman, John Burzynski) and Goldsource Mines Inc. (TSXV: GXS) (OTCQX: GXSFF) (Chairman, Eric Fier).

The Fund's largest position is Wheaton Precious Metals Corp. (TSX: WPM) (Chairman, Randy Smallwood) comprising 5.2% of the total portfolio.

VanEck VIP Global Gold Fund ("VEVIPGF") Imaru B. Cazanova MSc, BASc / Joseph M. Foster MSc, MBA, BSc

VEVIPGF 30.Apr.2024

AUM for VEVIPGF increased over the month of April from $52M USD (Mar.2024) to $55M USD (Apr.2024) (+6.7%).

Acquisitions and dispositions of the Fund follow the larger VanEck International Investors Gold Fund.

The Fund's largest position is Wheaton Precious Metals Corp. (TSX: WPM) (Chairman, Randy Smallwood) comprising 5.2% of the total portfolio.

Allspring Precious Metals Fund ("APMF") Michael Bradshaw CFA, MBA, BSc / Oleg Makhorine CFA, M.Fin, B.Fin

APMF 30.Apr.2024

AUM for Allspring Precious Metals Fund increased over the month of April from $250.5M USD (Mar.2024) to $250.8M USD (Apr.2024) (+0.1%).

FUNDS WITH AUM > $1 BILLION USD REPORTING DURING THE PERIOD

BlackRock Global Funds World Gold Fund ("BGFWGF")

Previous Recording (31.Aug.2023)

First Eagle Gold Fund ("FEGF")

Previous Recording (31.Jan.2024)

ATTRIBUTION ANALYSIS

BlackRock Global Funds World Gold Fund ("BGFWGF") Mr. Evy Hambro, BSc / Mr. Thomas Holl CFA, BA

BGFWGF 29.Feb.2024

In the six months to 29.Feb.2024, AUM for BGFWGF decreased by (-16.2%) from $3,981M USD (31.Aug.2023) to $3,338M USD (29.Feb.2024).

BlackRock Global Funds World Gold Fund ("BGFWGF") remains the world's largest gold and gold equity managed fund.

During the six-month period ending 29.Feb.2024, the Fund added new positions in De Grey Mining Ltd. (ASX: DEG) (Chairman, Simon Lill), Allied Gold Corp. (TSX: AAUC) (Chairman, Peter Marrone) and Vysochaishii PAO. (Liquidator, Kashin Denis Dmitrievich).

De Grey Mining Ltd. is a West Australian gold explorer and project developer which has made one of Australia's most exciting new gold discoveries at Hemi in the Pilbara. As recently as mid February 2024, BGFWGF increased positioning to 7.4% of issued and outstanding shares of the company. On 29.Feb.2024, BGFWGF held 54,918,762 shares of De Grey Mining Ltd. which had a market value of $45,341,035 USD representing 1.36% of the Fund's total portfolio (Fund portfolio holding at 31.Aug.2023 "0").

Allied Gold Corp. is a Canadian-based gold producer headed up by Chairman Peter Marrone (formerly Yamana). Allied Gold Corp. has a high-quality, diversified portfolio of long-life assets. These assets, which include both producing and development stage properties, are strategically located in African jurisdictions that are supportive of mining, including Mali, Côte d'Ivoire, and Ethiopia. On 29.Feb.2024, BGFWGF held 10,707,554 shares of Allied Gold Corp. which had a market value of $23,949,740 USD representing 0.72% of the Fund's total portfolio (Fund portfolio holding at 31.Aug.2023 "0").

Vysochaishii PAO is an underlying Russian equity holding which has been converted from GV Gold Vysochaishy. The position is marked at a nominal value representing 0.0017% of the Fund's total portfolio.

During the six-month period ending 29.Feb.2024, the Fund liquidated holdings of Newcrest Mining Ltd. (Acquired by Newmont Corp.), Northam Platinum Holdings Ltd. (JSE: NPH) (Chairman, Temba Mvusi) and GV Gold Vysochaishy.

The Fund's largest position is Barrick Gold Corp. (TSX: ABX) (Chairman, John L. Thornton) comprising 7.4% of the total portfolio.

First Eagle Gold Fund ("FEGF") Mr. Mathew McLennan B.Com, CFA / Mr. Max Belmont, CFA M.Fin, BSc

FEGF 30.Apr.2024

In the three months to 30.Apr.2024, AUM for FEGF increased by (+9.11%) from $2,138M USD (31.Jan.2024) to $2,332M USD (30.Apr.2024).

During the three-month period ending 30.Apr.2024, the Fund did not acquire any new positions and did not divest completely from any previously held positions.

The Fund's largest position is Wheaton Precious Metals Corp. (TSX: WPM) (Chairman, Randy Smallwood) comprising 14.2% of the total portfolio.

Reported by: Christopher J. Berlet BSc, CFA Supported By: Khadijah Samnani, Analyst

For further information please contact:
(416) 525 - 6869
manager@mineralprices.com

'Increasing Shareholding' and 'Decreasing Shareholding' fields identify companies to which a fund is either increasing or, alternatively, decreasing exposure. This portfolio analysis information is available to Substack subscribers only.

A complete list of Gold and Precious Metal Managed Funds and their respective portfolio holdings can be found at:
https://mineralfunds.com/gold-funds/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210302