ASA Gold and Precious Metals Limited
Annual Report and Consolidated Financial Statements
November 2011
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ASA Gold and Precious Metals Limited
Annual Report and
Consolidated Financial Statements
November 30, 2011
Table of Contents
Letter to shareholders 2
Forward-looking statements 5
Certain investment policies and restrictions 6
Report of independent registered public accounting firm 6
Consolidated schedules of investments 7
Portfolio statistics 9
Principal portfolio changes 9
Consolidated statements of assets and liabilities 10
Consolidated statements of operations 11
Consolidated statements of changes in net assets 12
Notes to consolidated financial statements 13
Financial highlights 17
Certain tax information for U.S. shareholders 18
Dividend reinvestment and stock purchase plan 20
Results of proposals presented at the annual general
meeting of shareholders 21
Proxy voting 21
Form N-Q 21
Common share repurchases 21
Board of directors and officers 22
Privacy notice 23
Other information 24
1
Letter to Shareholders
During 2011, the gold price increased for the eleventh con-
secutive year, and we believe that a number of economic and
political factors continue to support a strong gold price.
Although the gold price rose, investors in gold mining equities
did not fare as well as they have in prior years as investor fears
regarding the sustainability of the higher gold price was one of
the factors that weighed on the valuation of the mining compa-
nies. Reflecting this trend, ASA Gold and Precious Metals
Limited (ASA) recorded a total return of negative 4.6% based
on its net asset value (NAV), including reinvested dividends,
during the twelve months ended November 30, 2011 (fiscal
year-end). The NAV of the Company was $32.46 per share at
the fiscal year-end, versus $34.45 per share a year earlier. The
closing price of ASA’s shares on the New York Stock Exchange
(NYSE) on November 30, 2011 was $28.85, representing a
share price discount to NAV of 11.1%. The share price of
closed-end funds, like ASA, is determined by trading activity in
the open market and, consequently, may reflect a premium to
(higher than) or discount to (lower than) its underlying NAV.
For the fiscal year 2011, ASA’s total return was less than the
return of 2.9% for the FTSE Gold Mines Index. After several
years of outperformance as compared to the FTSE Gold Mines
Index, ASA’s NAV underperformed the index during the 2011
fiscal year due, in part, to the broader diversification of ASA’s
portfolio across the precious metals sector as compared to the
index. The Company’s newer investments in Tahoe Resources
Inc. and Alacer Gold Corp. contributed positively to ASA’s
total return over the past year but the gains were insufficient to
overcome the underperformance from the platinum mining
companies and some of the junior miners.
The discount at which ASA’s shares trade in the marketplace
started the fiscal year, in December 2010, at a very low level of
2.0% and slowly increased to a high of 12.6% during
September of 2011. During the fiscal year, the average discount
was 8.8%, in-line with the average of the last two years. The
continued focus on discount management by the Board of
Directors resulted in the timely purchase of 150,095 shares of
the Company’s stock during September. Share repurchases are
one of the tools that the Board may utilize which may help to
mitigate the discount. In the last several years, the Board has
also undertaken two tender offers, retiring more than one third
of the outstanding shares. The Board continues to closely mon-
itor the discount.
During the fiscal year ending November 30, 2011, ASA dis-
tributed $0.36 per share versus distributions of $0.34 per share
during the previous year. Gold mining producers have begun to
increase dividend distributions in order to increase the attrac-
tiveness of their shares to investors. We believe the combination
of cost reductions during the last year at ASA and increased
dividends in the sector could result in a modest improvement in
dividend distributions by the Company during 2012. Over time,
dividend distributions have been an important component in the
total return enjoyed by ASA’s shareholders.
Performance of the Gold Mining Shares
The gold price increased 26% from November 30, 2010 to
November 30, 2011. Gold bullion was one of the best perform-
ing assets during 2011 and for most of the last decade, outper-
forming the broader equity indices. Investors who allocated a
2
portion of their investment portfolios to a diversified portfolio
of gold and/or gold mining shares during the last decade have
generally enjoyed an increased total return and lower overall
portfolio volatility. Despite strong price performance by the
metal during the last year, the share prices of most of the gold
companies generally underperformed the gold price. Chart 1
below illustrates this situation. Both the junior and senior gold
equities struggled to break even from a performance stand-
point. Even the FTSE Gold Mines Index, which recorded a
small gain during the last fiscal year, saw many of its con-
stituents decrease in value.
Chart 1: Performance of Gold and Gold Companies
Gold Price
Senior Index (FTSE Gold Mines)
Junior Index (Bloomberg)
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
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Source: ASA Gold and Precious Metals Limited, Bloomberg
The performance of mining shares during the last year can
be attributed to a number of factors, including a prevalent
risk-averse attitude on the part of investors, slowing economic
growth rates, and rising operating costs. Currently, the senior
gold mining companies are trading at approximately 0.8 times
the Net Present Value (NPV) of anticipated future cash flows,
using the spot gold price. Traditionally, the senior gold min-
ing shares have traded at multiples of nearly 1.5 times NPV.
At present valuations, we believe that the gold mining equities
are the least expensive they have been in decades and present
an excellent opportunity to participate in the gold and pre-
cious metals sector.
The changing valuation landscape has had a positive effect.
Mining executives who are dissatisfied with their share price
performance have come to realize that investors require a return
on their investments that cannot be achieved from an investment
in gold bullion. As such, most of the senior gold producers
announced increased dividend distributions during the last year.
Chart 2 illustrates the historical dividends paid to ASA share-
holders since 2005. Distributions increased sharply in 2007 and
2008, largely due to the distribution of capital gains generated as
a result of the Company’s tender offers. Income, which repre-
sents dividend income earned by the portfolio, steadily declined
for several years and has only recently improved. We anticipate
that income may demonstrate further improvements during
2012 as a result of the enhanced dividends being announced
throughout the industry.
Chart 2: Historical Dividends and Sources
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$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$0.00
Capital Gains
Income
2005
2006
2007
2008
2009
2010
2011
Source: ASA Gold and Precious Metals Limited
Rising operating costs, a trend we have identified in past
annual reports, continued to negatively affect the performance
of the gold and precious metals mining companies. Over the
last five years, the cost per tonne processed has increased at an
average annual rate of over 10% per annum. At the same time,
the average ore grade treated has decreased, causing the total
cost per ounce of production to grow at over 15% per annum
for the past five years. For most of this period, the rising gold
price has more than compensated for the increase in costs.
However, the trend of rising operating costs has negatively
affected the share price performance.
Chart 3: Changes in Operating Costs and Ore Grade
Cost/Ounce
Cost/Tonne
Grade Treated
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
2006
2007
2008
2009
2010
2011
Source: Thompson Reuters GFMS, ASA Gold and Precious
Metals Limited
Project development costs also rose during 2011. Many proj-
ects are facing significant financing challenges as potential returns
are now smaller and the need for development capital is larger.
Companies that have the ability to finance their capital require-
ments with internal cash flow or have the ability to raise capital at
prudent rates have been a focus of ASA’s research efforts.
ASA management has sought higher-grade mining projects.
Higher-grade assets afford the miner a greater degree of oper-
ating flexibility, providing support during periods of declining
precious metals prices. As a recent industry analyst report high-
lighted, “Despite the size that is offered by bulk tonnage mines,
it can be the selective operations that attract attention for suitors
who also seek assurances on costs over the long term.” (CIBC,
Barry Cooper, May 25, 2011). ASA has shied away from the
large, low-grade projects with inexperienced management
teams that require billions of dollars in capital to develop and a
high gold price to justify. While these projects often have a high
leverage to the gold price and the share price of these compa-
nies often outperform in a rising gold price environment, there
is significant risk to the downside, as many investors learned in
the volatile second half of 2008 and again in 2011. ASA con-
tinues to focus on the long term, with an eye towards projects
that do not require an increasing gold price to remain in produc-
tion or to increase reserves.
Resource nationalism has become an increasingly pressing
issue for mining companies. In fact, Ernst & Young LLP named
it the leading global business risk for mining and metals busi-
nesses in 2011. A number of African countries, including Ghana
and Zambia, have recently moved to increase taxes on mining
operations. Other countries, such as Guinea, have proposed new
legislation to increase state ownership in mining operations.
This trend is most evident in Zimbabwe, where the government
updated its indigenization law in 2011, requiring mining compa-
nies to hand over ownership of 51% of projects to locals within
six months. This has created a difficult operating environment
for the platinum miners. Those issues not only decrease the
return on capital already invested in the projects, but have also
caused the companies to postpone future investments as they are
unwilling to invest capital in projects in which they do not own
a controlling share. Resource nationalism is not unique to
African countries, as many countries today are running a fiscal
imbalance and are seeking a means to increase revenues to
maintain their spending programs. During a period of high com-
modity prices, many of these countries have sought to increase
their taxation of the mining industry. During the last year,
Australia, Brazil, India, Ecuador, Zambia, Guinea, Ghana, Peru,
Ecuador, and Mozambique have all sought to extract increased
revenues from the mining industry. ASA’s broadly diversified
portfolio assists in mitigating political risk of this type.
Modern mining companies seek to reduce these risks by cre-
ating a greater recognition of the benefits provided through
mining to the local economy. The “social license” to operate in
a given locality is a factor that ASA takes into consideration in
our investment decisions. Even when a national government
wants a project to proceed, local interests can often prevent the
development of a project. Our due diligence of mining assets is
helpful in identifying which companies have the potential to
gain the social license necessary to proceed with a major capital
project, and is a key factor in our determination of which com-
panies to invest in for our shareholders.
Changes to the Portfolio
During the last year, one of the best performing investments
in the ASA portfolio was Royal Gold, a U.S. based royalty
company. A royalty company provides capital to the mining
industry and thus, in a capital intensive industry such as mining,
can prosper when capital is scarce. The advantage of this busi-
ness model is that a royalty company is not subject to operating
cost inflation to the same degree as are most mining companies.
ASA also acquired a position in Franco-Nevada Corporation
during 2011 as a means to increase our exposure to this corpo-
rate structure. The investment opportunities for a royalty com-
3
pany are enhanced by the high level of volatility in the equity
markets, low valuation of gold mining shares and rising capital
costs.
ASA Portfolio Allocation - November 30, 2011
Chart 4: By Country of Domicile
United States
Gold Miners
8.5%
Australian Gold
Miners 10.6%
South African
Gold Miners
11.1%
Liquid assets
0.6%
Commodity ETF
0.6%
Channel Island
Gold Miners
8.4%
Other Miners
3.2%
Platinum Miners
8.7%
Canadian Gold
Miners 39.8%
Diamond
Explor. &
Miners 0.2%
Silver Miners
2.7%
Latin American
Miners 5.7%
Source: ASA Gold and Precious Metals Limited
Chart 5: By Location of Reserves
Liquid Net
Assets 0.6%
Other 7.0%
United States
10.6%
China 0.6%
Australia / SE
Asia 15.5%
Southern Africa
16.4%
Canada 6.8%
Mexico 4.7%
Central America
5.6%
South America
13.2%
Central Africa
5.0%
West Africa
10.2%
Europe 3.8%
Source: ASA Gold and Precious Metals Limited
Chart 6: By “Maturity” of Gold Operations
69%
68%
2010 Portfolio
2011 Portfolio
20%
17%
14%
12%
80%
70%
60%
50%
40%
30%
20%
10%
0%
i
l
s
g
n
d
o
H
d
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e
P
Senior
Mid Tier
Development
Source: ASA Gold and Precious Metals Limited
Totals may not equal 100% due to independent rounding.
4
Recently ASA invested in Harmony Gold Mining, one of the
oldest of the South African gold mining companies. The long-
term prospects for development of the Wafi Golpu project in
Indonesia holds the potential to improve the company’s valua-
tion over time. Over the last decade, many of the South African
domiciled mining companies have diversified globally and
acquired some attractive international assets.
Changes to the portfolio during 2011 included the acquisi-
tion of shares in Centamin Egypt Limited. Investor concerns
regarding the future of Egypt following the Arab Spring
resulted in substantial downward pressure on the valuation of
Centamin, creating an opportunity for a long-term investor such
as ASA. Centamin’s operations are isolated from much of the
turmoil affecting the country. While performance of the shares
has not yet rebounded, we believe that the quality of the asset
justifies a small position in the portfolio. ASA also acquired a
position in Centerra Gold during the last year. Centerra is a
Canadian-based gold mining and exploration company that we
believe has high quality assets and a strong management team.
The company is engaged in the operation, exploration, develop-
ment and acquisition of gold properties in Asia and the former
Soviet Union, an area in which the portfolio had little previous
exposure. Centerra’s primary asset is the long-life, low cost
Kumtor Mine in the Kyrgyz Republic.
Three small positions in junior mining companies were
acquired during 2011 that have the potential to expand opera-
tions, develop quality assets and/or have excellent long-term
exploration potential. We believe these companies, Stornoway
Diamond Corporation, Silver Lake Resources and West
Kirkland Gold Mining, all have good assets and strong man-
agement teams capable of adding shareholder value. To fund
these acquisitions, ASA reduced its position in NovaGold
Resources, as the valuation of the shares rose to a level which
we believed no longer discounted the significant development
and funding risk remaining to complete its projects.
Economic Uncertainty Providing Gold Price Support
We believe the fundamental reasons to invest in the precious
metals sector have changed very little during the last year.
Studies have demonstrated that holding a portion of one’s
investment portfolio in gold and precious metals, or in the min-
ing equities in this sector, can improve the total return of the
portfolio and lower the overall portfolio risk.
The price of gold during the last year has largely reflected a
highly distorted global market that has been fed by years of
imbalance and fiscal largesse in the developed world. As gov-
ernments and lending institutions have sought to resolve their
financial imbalances, it has created further uncertainty and con-
cern. There is a risk that governments, in order to finance their
deficit spending, will resort to further inflationary policies.
These fears have spilled into the precious metals markets as
well, forcing gold prices higher, as concern that the fiscal
adjustments necessary to put these imbalances back in order
may lower global economic growth.
The restructuring of debt within the European Union has been
perhaps the single most significant financial issue overhanging
financial markets during the last year as Portugal, Italy, Ireland,
Greece and Spain (PIIGS) have overleveraged. The region’s
inability to restructure their financial commitments has led to the
most severe financial crisis Europe has faced since WWII. We
believe that most of the solutions so far proposed could result in
additional inflationary pressures, and that the news coming from
the European Union may continue to be supportive of the gold
price for the next twelve months. Political uncertainty has
always been one of the pillars of support for gold prices, and we
see no reason that this should change.
Doing More for Shareholders, with Less
During the last couple of years, ASA has streamlined its
operations and centralized the majority of its staff in California.
The previous arrangement, with staff located in several differ-
ent locations, was neither conducive to lowering operating
costs nor efficient for the day-to-day operations of the
Company. As a result of the consolidation of operations and the
greater efficiencies gained, ASA saved more than $0.5 million
in operating expenses during 2011 as compared to 2010.
Approximately half of these savings were in legal and account-
ing costs, with the other half realized from simpler, leaner and
more efficient operations. During the coming year, it is improb-
able that we will be able to significantly reduce costs again, but
we anticipate that the efficiencies already gained will continue
to result in management being able to “do more with less” for
the foreseeable future. These changes have assisted in lowering
the annual expense ratio from 0.81% in 2009 to 0.60% in 2011.
Our research and due diligence efforts were not impacted by
these cost reductions. During the 2011 fiscal year, management
held more than 200 meetings with gold, silver, platinum and
copper mining companies, including all of the companies held
in the investment portfolio. Management conducted on-site
investment research at numerous operations during the course of
the year, including due diligence trips to assets in Colombia,
Peru, Mali, Senegal, Ivory Coast, South Africa, Lesotho,
Canada, Mongolia and, of course, the United States.
Management believes strongly that “kicking the tires” and
strong fundamental research of the companies in which we
invest will result in better long-term returns and lower volatility.
During 2010, ASA’s shareholders approved the creation of
an investment adviser subsidiary for the purpose of providing
investment advice and professional asset management to insti-
tutional investors interested in the metals and mining sector.
During the course of 2011, ASA Precious Metals Advisers,
LLC was registered with the State of California as an invest-
ment adviser and presented its services to several institutions
interested in expanding their portfolios into metals and mining.
In the coming year, we are accelerating this process and have
added additional support to this business effort. Management
believes that over time, this wholly-owned subsidiary of ASA
may provide additional income to the Company, enhancing the
total return to shareholders.
As always, we acknowledge and appreciate the support from
both the Board of Directors and our shareholders over the past
year, and renew our commitment to put our experience and
analyses to work for you.
David Christensen
President, Chief Executive Officer and Chief Investment Officer
January 20, 2012
* * * * * *
Copies of financial reports for ASA Gold and Precious
Metals Limited, as well as its latest net asset value, may be
requested from ASA Gold and Precious Metals Limited, 400 S.
El Camino Real, Suite 710, San Mateo, CA (650) 376-3135 or
(800) 432-3378, and may be found on the Company’s website
(www.asaltd.com). We would like to call to your attention the
availability of the Dividend reinvestment and stock purchase
Plan. See page 20 of this report for information on how share-
holders can participate in this plan.
* * * * * *
The Annual General Meeting of Shareholders will be held on
Thursday, March 15, 2012 at 10:00 a.m. at the offices of K&L
Gates LLP, 599 Lexington Avenue, 32nd Floor, New York, New
York, USA. We look forward to your attendance.
* * * * * *
Forward-Looking Statements
This shareholder letter includes forward-looking statements
within the meaning of U.S. federal securities laws that are
intended to be covered by the safe harbors created thereby. The
Company’s actual performance or results may differ from its
beliefs, expectations, estimates, goals and projections, and,
consequently, investors should not rely on these forward look-
ing statements as predictions of future events. Forward-looking
statements are not historical in nature and generally can be
identified by words such as “believe,” “anticipate,” “estimate,”
“expect,” “intend,” “should,” “may,” “will,” “seek,” or similar
expressions or their negative forms, or by references to strategy,
plans, goals or intentions. The absence of these words or refer-
ences does not mean that the statements are not forward-look-
ing. The Company’s performance or results can fluctuate from
month to month depending on a variety of factors, a number of
which are beyond the Company’s control and/or are difficult to
predict, including without limitation, the Company’s invest-
ment decisions; the performance of the securities in its invest-
ment portfolio; economic, political, market and financial
factors; and the prices of gold, platinum and other precious
minerals which may fluctuate substantially over short periods
of time. The Company assumes no obligation to revise, correct
or update the forward-looking statements, whether as a result of
new information, future events or otherwise.
5
Certain investment policies and restrictions (unaudited)
The following is a summary of certain of the Company’s
investment policies and restrictions and is subject to the more
complete statements contained in documents filed with the
Securities and Exchange Commission.
The Concentration of Investments in a Particular Industry
or Group of Industries. It is a fundamental policy (i.e., a pol-
icy that may be changed only by shareholder vote) of the
Company that at least 80% of its total assets be (i) invested in
common shares or securities convertible into common shares
of companies engaged, directly or indirectly, in the explo-
ration, mining or processing of gold, silver, platinum, dia-
monds or other precious minerals, (ii) held as bullion or other
direct forms of gold, silver, platinum or other precious miner-
als, (iii) invested in instruments representing interests in gold,
silver, platinum or other precious minerals such as certificates
of deposit therefor, and/or (iv) invested in securities of invest-
ment companies, including exchange traded funds, or other
securities that seek to replicate the price movement of gold,
silver or platinum bullion. Compliance with the percentage
limitation relating to the concentration of the Company’s
investments will be measured at the time of investment.
If investment opportunities deemed by the Company to be
attractive are not available in the types of securities referred to
in the preceding paragraph, the Company may deviate from
the investment policy outlined in that paragraph and make
temporary investments of unlimited amounts in securities
issued by the U.S. Government, its agencies or instrumentali-
ties or other high quality money market instruments.
The Percentage of Voting Securities of any one Issuer that
the Company May Acquire. It is a non-fundamental policy
(i.e., a policy that may be changed by the Board of Directors)
of the Company that the Company shall not purchase a secu-
rity if, at the time of purchase, more than 20% of the value of
its total assets would be invested in securities of the issuer of
such security.
Report of independent registered public accounting firm
To the Board of Directors and Shareholders of
ASA Gold and Precious Metals Limited:
We have audited the accompanying consolidated statements
of assets and liabilities of ASA Gold and Precious Metals
Limited (the “Company”), including the consolidated sched-
ules of investments, as of November 30, 2011 and 2010, the
related consolidated statements of operations, changes in net
assets for each of the two years in the periods then ended, and
the financial highlights for each of the five years indicated
therein. These financial statements and financial highlights are
the responsibility of the Company’s management. Our respon-
sibility is to express an opinion on these financial statements
and financial highlights based on our audits.
We conducted our audits in accordance with the standards
of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the finan-
cial statements, and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the
Company’s internal control over financial reporting. Our
audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on
a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights, assessing
the accounting principles used and significant estimates made
by management and evaluating the overall financial statement
presentation. Our procedures included confirmation of securi-
ties owned as of November 30, 2011 and 2010 by correspon-
dence with the custodian or others. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial high-
lights referred to above present fairly, in all material respects,
the consolidated financial position of the Company at
November 30, 2011 and 2010, the consolidated results of its
operations, changes in its net assets for each of the two years
in the periods then ended, and the financial highlights for each
of the indicated years, in conformity with U.S. generally
accepted accounting principles.
New York, New York
January 24, 2012
6
Consolidated schedules of investments
November 30, 2011 and November 30, 2010
2011 2010
_______________________________ ________________________________
Shares/ Percent Shares/ Percent
Principal Fair of Net Principal Fair of Net
Name of Company Amount Value Assets Amount Value Assets
Common Shares
Gold and Silver investments
Gold mining, exploration, development and royalty companies
Australia
Centamin Egypt Limited, (1) 3,250,000 $ 5,366,093 0.9% —
Newcrest Mining Limited – ADRs 1,565,000 56,981,650 9.1 1,665,000 63,290,738 9.5
Silver Lake Resources Limited, (1) 1,100,000 4,049,445 0.6 — — —
$ — 0.0%
66,397,188 10.6 63,290,738 9.5
Canada
Agnico-Eagle Mines Limited 475,000 21,318,000 3.4 525,000 42,372,750 6.3
Alacer Gold Corporation, (1)(2) 1,343,400 15,579,479 2.5 — — —
Anatolia Minerals Development Limited, (1)(2) — — — 1,343,400 9,358,252 1.4
Barrick Gold Corporation 1,250,000 66,100,000 10.6 1,300,000 67,145,000 10.0
Centerra Gold Inc. 325,000 7,269,779 1.2 — — —
Detour Gold Corporation, (1) 250,000 7,304,668 1.2 250,000 7,674,883 1.1
Eldorado Gold Corporation 650,000 11,739,000 1.9 650,000 11,336,000 1.7
Franco-Nevada Corporation 125,000 5,305,897 0.8 — — —
Goldcorp Inc. 1,082,400 58,114,056 9.3 1,082,400 49,346,616 7.4
Golden Star Resources Limited, (1) — — — 750,000 3,240,000 0.5
IAMGOLD Corporation 600,000 12,108,000 1.9 600,000 9,828,000 1.5
Kinross Gold Corporation 1,325,000 18,510,250 3.0 1,125,000 19,608,750 2.9
Lake Shore Gold Corporation, (1)(3) 1,500,000 2,063,882 0.3 1,500,000 5,845,674 0.8
NovaGold Resources Inc., (1)(3) 1,735,168 19,937,081 3.2 2,307,691 33,207,674 5.0
Osisko Mining Corporation, (1) 250,000 2,769,042 0.4 250,000 3,845,966 0.6
Yamana Gold Inc. — — — 600,000 7,008,000 1.0
West Kirkland Gold Mining Inc., (1)(4) 909,091 830,914 0.1 — — —
West Kirkland Gold Mining Inc., C$1.50 Warrants,
11/22/2012, (1)(4) 454,545 — — — — —
248,950,048 39.8 269,817,565 40.2
Channel Islands
Randgold Resources Limited – ADRs 494,700 52,888,377 8.4 594,700 55,937,482 8.4
Latin America
Compañia de Minas Buenaventura S.A.A. – ADRs 909,000 35,587,350 5.7 959,000 48,563,760 7.3
South Africa
AngloGold Ashanti Limited 793,194 38,041,584 6.1 793,194 37,145,275 5.5
Gold Fields Limited 1,629,577 27,605,034 4.4 1,629,577 27,197,640 4.1
Harmony Gold Mining Company Limited 250,000 3,537,500 0.6 — — —
69,184,118 11.1 64,342,915 9.6
United States
Newmont Mining Corporation 520,368 35,842,948 5.7 520,368 30,613,249 4.6
Royal Gold Inc. 210,000 17,104,500 2.7 210,000 10,819,200 1.6
52,947,448 8.5 41,432,449 6.2
Total gold mining, exploration, development and
royalty companies (Cost $212,353,051 – 2011,
$198,682,843 – 2010) 525,954,529 84.0 543,384,909 81.2
Silver mining, exploration and development companies
Canada
Tahoe Resources Inc., (1) 923,200 16,858,040 2.7 523,200 8,262,931 1.2
Tahoe Resources Inc., (1)(3) — — — 400,000 6,317,225 0.9
Total silver mining, exploration and development
companies (Cost $6,709,422 – 2011 & 2010) 16,858,040 2.7 14,580,156 2.1
Total gold and silver investments (Cost $219,062,473 – 2011,
$205,392,265 – 2010) 542,812,569 86.7 557,965,065 83.3
7
Consolidated schedules of investments (continued)
November 30, 2011 and November 30, 2010
2011 2010
_______________________________ ________________________________
Shares/ Percent Shares/ Percent
Principal Fair of Net Principal Fair of Net
Name of Company Amount Value Assets Amount Value Assets
Platinum and Palladium investments
Platinum and Palladium mining companies
South Africa
Anglo-American Platinum Limited, (5) 345,100 $ 23,449,845 3.7% 345,100 $ 32,139,047 4.8%
Impala Platinum Holdings Limited 1,322,400 27,986,516 4.5 1,322,400 37,685,514 5.7
51,436,361 8.2 69,824,561 10.5
United Kingdom
Lonmin PLC – ADRs, (5) 189,700 3,187,379 0.5 189,700 4,997,925 0.8
Exchange traded funds
ETFS Palladium Trust, (1) 40,000 2,428,800 0.4 40,000 2,788,800 0.4
ETFS Platinum Trust, (1) 10,000 1,539,000 0.2 10,000 1,656,400 0.2
Total platinum and palladium investments
(Cost $10,105,591 – 2011 & 2010) 58,591,540 9.4 79,267,686 11.9
Diamond mining, exploration and development companies
Canada
Stornoway Diamond Corporation, (1) 1,639,500 1,482,398 0.2 — —
Total diamond mining, exploration and development
companies (Cost $3,928,898 – 2011) 1,482,398 0.2 — —
Diversified mineral resources companies
United Kingdom
Anglo American plc 414,800 15,762,923 2.5 414,800 18,206,659 2.7
United States
Freeport-McMoRan Copper & Gold Inc. 100,000 3,960,000 0.6 — — —
Total diversified mineral resources companies
(Cost $5,240,272 – 2011, $1,762,502 – 2010) 19,722,923 3.2 18,206,659 2.7
Total common shares & warrants
(Cost $238,337,234 – 2011, $217,260,358 – 2010) 622,609,430 99.4 655,439,410 97.9
Convertible Securities
Gold mining companies
Canada
NovaGold Resources Inc. 5.50% Senior Convertible Notes,
due 5/01/2015 (Cost $5,000,000 – 2010) — — — 5,000,000 7,920,500 1.2
Total investments
(Cost $238,337,234 – 2011, $222,260,358 – 2010), (6) 622,609,430 99.4 663,359,910 99.1
Cash, receivables, and other assets less liabilities 3,470,595 0.6 6,272,953 0.9
Net assets $626,080,025 100% $669,632,863 100%
(1) Non-income producing security.
(2) The Company owned 1,343,400 shares of Anatolia Minerals Development Limited at November 30, 2010. Anatolia Minerals Development Limited and
Avoca Resources Limited merged in February, 2011 to form Alacer Gold Corporation. The Company owned 1,343,400 shares of Alacer Gold Corporation
at November 30, 2011.
(3) Restricted security – November 30, 2010 only.
(4) Restricted security.
(5) Non-income producing security – November 30, 2010 only.
(6) Cost of investments shown approximates cost for U.S. federal income tax purposes, determined in accordance with U.S. federal income tax principles.
Gross unrealized appreciation of investments and gross unrealized depreciation of investments at November 30, 2011 were $403,223,301 and $18,951,104,
respectively, resulting in net unrealized appreciation on investments of $384,272,197. Gross unrealized appreciation of investments and gross unrealized
depreciation of investments at November 30, 2010 were $447,276,964 and $6,177,412 respectively, resulting in net unrealized appreciation on investments of
$441,099,552.
ADR – American Depository Receipt
Percentages may not total 100% due to independent rounding.
The notes to consolidated financial statements form an integral part of these statements.
8
Portfolio statistics (unaudited)*
November 30, 2011 and November 30, 2010
Geographic breakdown* 2011 2010
Canada 42.7% 43.5%
South Africa 19.3% 20.1%
Australia 10.6% 9.5%
United States 9.7% 6.8%
Channel Islands 8.4% 8.4%
Latin America 5.7% 7.3%
United Kingdom 3.0% 3.5%
Cash 0.6% 0.9%
______ ______
100.0% 100.0%
* Geographic breakdowns, which are based on company domiciles, are expressed
as a percentage of total net assets including cash.
Principal portfolio changes during the years ended 2011 2010
November 30, 2011 and 2010 (unaudited) Increase Decrease Increase Decrease
Agnico-Eagle Mines Limited 50,000 75,000
Alacer Gold Corporation 1,343,400
AngloGold Ashanti Limited 150,000
Barrick Gold Corporation 50,000 50,000
Centamin Egypt Limited 3,250,000
Centerra Gold Inc. 325,000
Compañia de Minas Buenaventura S.A.A. - ADRs 50,000 400,000
Detour Gold Corporation 250,000
Eldorado Gold Corporation 650,000
ETFS Palladium Trust 40,000
ETFS Platinum Trust 10,000
Franco-Nevada Corporation 125,000
Freeport-McMoRan Copper & Gold Inc. 100,000
Gold Fields Limited 350,000
Golden Star Resources Limited 750,000
Harmony Gold Mining Company Limited 250,000
Kinross Gold Corporation 200,000
Lake Shore Gold Corporation, (1) 1,500,000
Lonmin PLC - ADRs 100,000
Newcrest Mining Limited - ADRs 100,000
Newmont Mining Corporation 100,000
NovaGold Resources Inc. 5.50% Senior Convertible Notes, due 5/01/2015 5,000,000 10,000,000
NovaGold Resources Inc., $1.50 Warrants, 01/21/13, (1) 2,307,691
NovaGold Resources Inc., (1) 572,523 1,150,000
Osisko Mining Corporation 250,000
Randgold Resources Limited - ADRs 100,000 125,000
Royal Gold Inc. 60,000
Silver Lake Resources Limited 1,100,000
Stornoway Diamond Corporation 1,639,500
Tahoe Resources Inc. 523,200
Tahoe Resources Inc., (1) 400,000
West Kirkland Gold Mining Inc., (2) 909,091
West Kirkland Gold Mining Inc., C$1.50 Warrants, 11/22/2012, (2) 454,545
Yamana Gold Inc. 600,000
(1) Restricted security - November 30, 2010 only.
(2) Restricted security.
9
Consolidated statements of assets and liabilities
November 30, 2011 and 2010
2011 2010
Assets
Investments, at fair value
Cost $238,337,234 in 2011
$222,260,358 in 2010 $ 622,609,430 $ 663,359,910
Cash & cash equivalents 9,159,668 6,952,215
Interest receivable — 22,917
Dividends receivable 809,176 264,149
Receivable for securities sold — 862,461
Other assets 136,567 118,322
Total assets $ 632,714,841 $ 671,579,974
Liabilities
Payable for securities purchased $ 5,098,400 $ —
Accounts payable and accrued liabilities 874,231 1,188,638
Liability for retirement benefits due to current and future retired directors 662,185 758,473
Total liabilities $ 6,634,816 $ 1,947,111
Net assets $ 626,080,025 $ 669,632,863
Common shares $1 par value
Authorized: 30,000,000 shares
Issued and Outstanding: 19,289,905 shares in 2011 and 19,440,000 in 2010 $ 19,289,905 $ 19,440,000
Share premium (capital surplus) 1,372,500 1,383,180
Undistributed net investment income 20,382,825 22,131,515
Undistributed net realized gain from investments 309,130,485 293,971,289
Undistributed net realized (loss) from foreign currency transactions (108,370,820) (108,392,659)
Net unrealized appreciation on investments 384,272,197 441,099,552
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency 2,933 (14)
Net assets $ 626,080,025 $ 669,632,863
Net asset value per share (Based on outstanding shares of 19,289,905 in 2011
and 19,440,000 in 2010) $32.46 $34.45
The closing price of the Company’s shares on the New York Stock Exchange was $28.85 and $33.87 on November 30, 2011 and 2010, respectively.
The notes to consolidated financial statements form an integral part of these statements.
10
Consolidated statements of operations
Years ended November 30, 2011 and 2010
2011 2010
Investment income
Dividend income (net of foreign withholding taxes of $632,892 and $376,005, respectively
and ADR issuance fees of $101,554 and $33,300, respectively) $ 5,685,086 $ 4,163,093
Interest income 215,976 759,135
Total investment income 5,901,062 4,922,228
Expenses
Shareholder reports and proxy expenses 138,633 171,764
Directors’ fees and expenses 276,343 350,250
Retired directors’ fees 101,250 112,500
Investment research 908,053 793,580
Administration and operations 1,329,353 1,666,624
Administration and operations – other (1) — 615,000
Fund accounting 164,326 144,926
Transfer agent, registrar and custodian 174,403 120,573
Legal fees 458,986 679,139
Audit fees 105,001 103,999
Search fees – recruitment — 197,000
Professional fees – other 30,101 6,270
Insurance 135,572 126,494
Dues and listing fees 35,000 98,091
Adviser operating expenses 98,519 —
Other 3,174 6,697
Total expenses 3,958,714 5,192,907
Less – reduction in retirement benefits due to directors (96,288) (78,548)
Net expenses 3,862,426 5,114,359
Net investment income (loss) 2,038,636 (192,131)
Net realized and unrealized gain from investments and foreign currency transactions
Net realized gain from investments
Proceeds from sales 42,414,541 66,935,091
Cost of securities sold 19,632,082 24,766,611
Net realized gain from investments 22,782,459 42,168,480
Net realized income (loss) from foreign currency transactions
Investments — (864,679)
Foreign currency 21,839 (5,731)
Net realized gain (loss) from foreign currency transactions 21,839 (870,410)
Net increase (decrease) in unrealized appreciation on investments
Balance, beginning of period 441,099,552 386,318,269
Balance, end of period 384,272,197 441,099,552
Net increase (decrease) in unrealized appreciation on investments (56,827,355) 54,781,283
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency 2,947 (14)
Net realized and unrealized gain (loss) from investments and foreign currency transactions (34,020,110) 96,079,339
Net increase (decrease) in net assets resulting from operations $(31,981,474) $ 95,887,208
(1) Represents expense for amount payable upon termination of the Services Agreement between the Company and LGN Group, LLC.
See more details in Note 7.
The notes to consolidated financial statements form an integral part of these statements.
11
Consolidated statements of changes in net assets
Years ended November 30, 2011 and 2010
2011 2010
Net investment income (loss) $ 2,038,636 $
(192,131)
Net realized gain from investments 22,782,459 42,168,480
Net realized gain (loss) from foreign currency transactions 21,839 (870,410)
Net increase (decrease) in unrealized appreciation on investments (56,827,355) 54,781,283
Net increase in unrealized gain (loss) on translation of assets
and liabilities in foreign currency 2,947 (14)
Net increase (decrease) in net assets resulting from operations (31,981,474) 95,887,208
Dividends paid/payable
From undistributed net investment income (3,475,185) (388,800)
From net realized gain from investments (3,472,183) (6,220,800)
Adjustment – share repurchase
Cost of common shares purchased (4,623,996) —
Net increase (decrease) in net assets (43,552,838) 89,277,608
Net assets, beginning of year 669,632,863 580,355,255
Net assets, end of year $626,080,025 $669,632,863
The notes to consolidated financial statements form an integral part of these statements.
12
Notes to consolidated financial statements
Years ended November 30, 2011 and 2010
1. Summary of significant accounting policies These consolidated financial statements include ASA Gold and Precious
Metals Limited (the “Company”), and its wholly owned subsidiary, ASA Gold and Precious Metals Advisers, LLC. The
Company is a closed-end management investment company registered under the Investment Company Act of 1940, as amended,
and was organized as an exempted limited liability company under the laws of Bermuda. ASA Gold and Precious Metals
Advisers, LLC is registered as an investment adviser with the state of California and is organized under the laws of Delaware.
The following is a summary of the significant accounting policies:
A. Investments
The net asset value of the Company generally is determined as of the close of regular trading on the New York Stock Exchange
(the “NYSE”) or the Toronto Stock Exchange (the “TSX”), whichever is later, on the date for which the valuation is being made
(the “Valuation Time”). Portfolio securities listed on U.S. and foreign stock exchanges generally are valued at the last reported
sale price as of the Valuation Time on the exchange on which the securities are primarily traded, or the last reported bid price if
a sale price is not available. Securities traded over the counter are valued at the last reported sale price or the last reported bid
price if a sale price is not available. Securities listed on foreign stock exchanges may be fair valued based on significant events
that have occurred subsequent to the close of the foreign markets.
Securities for which current market quotations are not readily available are valued at their fair value as determined in good faith
by, or in accordance with procedures approved by, the Company’s Board of Directors. If a security is valued at a “fair value”,
that value may be different from the last quoted price for the security. Various factors may be reviewed in order to make a good
faith determination of a security’s fair value. These factors include, but are not limited to, the nature of the security; relevant finan-
cial or business developments of the issuer; actively traded similar or related securities; conversion rights on the security; and
changes in overall market conditions.
Where the Company holds securities listed on foreign stock exchanges and American Depository Receipts (“ADRs”) representing these
securities are actively traded on the NYSE, the securities normally are fair valued based on the last reported sales price of the ADRs.
The difference between cost and fair value is reflected separately as net unrealized appreciation (depreciation) on investments.
The net realized gain or loss from the sale of securities is determined for accounting purposes on the identified cost basis.
At November 30, 2011 and November 30, 2010, the Company held investments in restricted securities of 0.1% and 6.8% of net
assets, respectively, valued in accordance with procedures approved by the Company’s Board of Directors as reflecting fair value,
as follows:
Restricted Securities
November 30, 2011
Shares / Value
Warrants Cost Issuer Per Unit Value Acquisition Date
909,091 $1,008,370 West Kirkland Gold Mining Inc. $0.91 $830,914 11/22/2011
454,545 $0 West Kirkland Gold Mining Inc., $0.00 $0 11/22/2011
C$1.50 Warrants, 11/22/2012
November 30, 2010
Shares/ Value
Warrants Cost Issuer Per Unit Value Acquisition Date
400,000 $2,287,880 Tahoe Resources Inc. $15.79 $ 6,317,225 5/28/2010
2,307,691 $4,407,690 NovaGold Resources Inc. $14.39 $33,207,674 7/13/2010
1,500,000 $5,246,250 Lake Shore Gold Corporation $ 3.90 $ 5,845,674 11/04/2010
Investments in security measurements:
In accordance with U.S. GAAP, fair value is defined as the price that the Company would receive to sell an investment or pay to
transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal mar-
ket the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier hierarchy to distinguish
between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on
market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting
entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based
on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measure-
ments for disclosure purposes. Various inputs are used in determining the value of the Company’s investments. The inputs are
summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)
13
Notes to consolidated financial statements (continued)
Years ended November 30, 2011 and 2010
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities.
The following is a summary of the inputs used as of November 30, 2011 and 2010 in valuing the Company’s investments at fair
value:
Investments in Securities
Measurements at November 30, 2011
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares and Warrants
Gold and silver investments $468,262,357 $ 74,550,212 $
— $542,812,569
Platinum and palladium investments 55,404,161 3,187,379 — 58,591,540
Diamond mining, exploration and
development companies 1,482,398 — 1,482,398
Diversified mineral resources companies 3,960,000 15,762,923 19,722,923
___________ ___________ ___________ ___________
— $622,609,430
Total $529,108,916 $ 93,500,514 $
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Transfers in and out of the levels are recognized at the value at the end of the period. Newcrest Mining Limited - ADRs were
transferred from Level 2 to Level 1 during the year ended November 30, 2011. On November 30, 2011 the ADRs were priced
based on the closing price of the ADRs, as opposed to fair valued based on the closing price of Newcrest Mining Limited com-
mon stock on the Australian Stock Exchange on November 30, 2010.
(1) See consolidated schedules of investments for country classifications.
Investments in Securities
Measurements at November 30, 2010
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares and Warrants
Gold and silver investments $397,123,739 $160,841,326 $
— $557,965,065
Platinum and palladium investments 74,269,761 4,997,925 — 79,267,686
Diversified mineral resources companies — 18,206,659 — 18,206,659
Convertible Securities
Gold mining companies — 7,920,500 — 7,920,500
___________ ___________ ___________ ___________
— $663,359,910
Total $471,393,500 $191,966,410 $
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
(1) See consolidated schedules of investments for country classifications.
In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04
“Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International
Financial Reporting Standards (“IFRS”)”. ASU 2011-04 includes common requirements for measurement of and disclosure
about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information
for fair value measurements categorized within Level 3 of the fair value hierarchy; quantitative information about the unobserv-
able inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description
of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unob-
servable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all
transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim
and annual reporting periods beginning after December 15, 2011. Management is evaluating the implications of ASU 2011-04,
and its impact on future financial statements.
B. Cash and Cash Equivalents
The Company considers all money market and all highly liquid temporary cash investments purchased with an original maturity
of less than three months to be cash equivalents. The majority of the Company’s cash and cash equivalents at November 30, 2011
and 2010 consisted of overnight deposit of excess funds in commercial paper issued by JPMorgan Chase & Co.
C. Foreign Currency Translation
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at
the rate of exchange reported one hour after the Valuation Time. Purchases and sales of investment securities and income and
expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transac-
tions. The resulting net foreign currency gain or loss is included in the consolidated statements of operations.
14
Notes to consolidated financial statements (continued)
Years ended November 30, 2011 and 2010
D. Securities Transactions and Investment Income
During the year ended November 30, 2011, sales and purchases of portfolio securities (other than temporary short-term invest-
ments) amounted to $42,414,541 and $35,708,957, respectively. During the year ended November 30, 2010, sales and purchases
of portfolio securities (other than temporary short-term investments) amounted to $66,935,091 and $59,405,323, respectively.
Dividend income is recorded on the ex-dividend date, net of withholding taxes and ADR issuance fees, if any. Interest income is
recognized on the accrual basis.
E. Dividends to Shareholders
Dividends to shareholders are recorded on the ex-dividend date. The reporting for financial statement purposes of dividends paid
from net investment income or net realized gains may differ from their ultimate reporting for U.S. federal income tax purposes.
The differences are caused primarily by the separate line item reporting for financial statement purposes of foreign exchange
gains or losses.
F. Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assump-
tions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ
from those estimates.
G. Basis of Presentation
The consolidated financial statements are presented in U.S. dollars. Certain 2010 expense amounts have been reclassified to con-
form to 2011 presentation.
H. Income Taxes
In accordance with U.S. GAAP requirements regarding accounting for uncertainties on income taxes, management has analyzed
the Company’s tax positions taken on federal and state income tax returns, as applicable, for all open tax years. As of November
30, 2011 and 2010, the Company has not recorded any unrecognized tax benefits. The Company’s policy, if it had unrecognized
benefits, is to recognize accrued interest and penalties in operating expenses.
2. Tax status of the Company The Company is not subject to Bermuda tax as an exempted limited liability company organ-
ized under the laws of Bermuda. Nor is the Company generally subject to U.S. federal income tax, since it is a non-U.S. corpo-
ration whose only business activities in the United States is trading in stocks or securities for its own account; and under the U.S.
federal tax law that activity does not constitute a trade or business within the United States, even if its principal office is located
therein. As a result, its gross income is not subject to U.S. federal income tax, though certain types of income it earns from U.S.
sources (such as dividends of U.S. payors) are subject to withholding tax.
3. Exemptive order The Company is a closed-end investment company and operates pursuant to an exemptive order issued by
the Securities and Exchange Commission (the “SEC”) pursuant to Section 7(d) of the 1940 Act (the “Order”). The Order is con-
ditioned upon the Company, among other things, complying with certain requirements relating to the custody and settlement of
securities outside of the United States in addition to those required of other registered investment companies. These conditions
have made it more difficult for Company to implement a flexible investment strategy and to fully achieve its desired portfolio
diversification. As a result, the Company’s investment performance at times may be impacted. The Company has an exemptive
application pending with the SEC since September 3, 2011 to modify these conditions. No assurance can be provided however
that the SEC will issue an order in connection with such application.
4. Retirement plans The Company has recorded a liability for retirement benefits due to retired directors and one current
director upon retirement. The liability for these benefits at November 30, 2011 and 2010 was $662,185 and $758,473, respec-
tively. A director whose first election to the Board of Directors was prior to January 1, 2008 qualifies to receive retirement benefits
if he has served the Company (and any of its predecessors) for at least twelve years prior to retirement. Directors first elected on
or after January 1, 2008 are not eligible to participate in the plan.
During the year ended November 30, 2011, the Company recorded a reduction of $96,288 to the liability for retirement benefits
due to future and current retired directors. This adjustment related to the change in the retirement liability based on the valuation
of these benefits for the year ended November 30, 2011, and a reduction due to the death of a retired director.
During the year ended November 30, 2010, the Company recorded a reduction of $78,548 to the liability for retirement benefits
due to future and current retired directors. This adjustment related to the change in the retirement liability based on the valuation
of these benefits for the year ended November 30, 2010, and a reduction due to the death of a retired director.
5. Concentration risk The Company invests at least 80% of its total assets in securities of companies engaged, directly or
indirectly, in the exploration, mining or processing of gold or other precious minerals. The Company also invests a substantial
portion of its assets in countries that are domiciled and/or have operations outside of the United States, including emerging market
15
Notes to consolidated financial statements (continued)
Years ended November 30, 2011 and 2010
countries, such as South Africa. The Company is, therefore, subject to gold and precious metals related risk as well as risk related
to investing in foreign securities, including political, economic, regulatory, liquidity, currency fluctuation, and foreign exchange
risks. Because the Company’s investments are concentrated in a limited number of securities of companies involved in the hold-
ing or mining of gold and other precious minerals and related activities, the net asset value of the Company may be subject to
greater volatility than that of a more broadly diversified investment company.
6. Indemnifications In the ordinary course of business, the Company enters into contracts that contain a variety of indemni-
fications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior
claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote.
7. Related parties The Company’s former Chief Financial Officer and Treasurer was appointed to serve in those capacities in
February 2009. He is the member/owner of LGN Group, LLC, an entity which provided shareholder and administrative services
to the Company. Fees paid to LGN Group, LLC for the periods ended November 30, 2011 and from the date of the former Chief
Financial Officer and Treasurer’s appointment to November 30, 2010 were $11,333 and $573,750, respectively. In addition, at
May 31, 2010 the Company accrued a $615,000 payment payable upon termination of the Services Agreement between the
Company and LGN Group, LLC. The Services Agreement was terminated on October 31, 2010. Rodney Yee, the Company’s
current Chief Operating Officer, Chief Financial Officer and Treasurer, was appointed to those positions on September 27, 2010.
8. Investment adviser subsidiary On July 23, 2010, the SEC granted the Company no-action relief to organize a whole-
owned investment adviser subsidiary. In reliance on such relief, the Company established ASA Gold and Precious Metals
Advisers, LLC (the “Adviser”) as a Delaware limited liability company on December 8, 2010.
The Company incurred allocated expenses of $98,519 for the administration and operations of the Adviser during the period ended
November 30, 2011, which are reflected in Adviser operating expenses on the Consolidated Statement of Operations.
9. Compensation matters For the years ended November 30, 2011 and November 30, 2010, the aggregate remuneration paid to
the Company’s officers was $1,195,000 and $1,159,683, respectively. The aggregate remuneration paid to the Company’s directors
was $216,250 and $257,000, respectively. In addition, $565,031 and $419,980, respectively was accrued for bonuses to the
Company’s officers and employees.
10. Operating lease commitment In December 2009, the Company entered into a three-year operating lease agreement in
San Mateo, CA for approximately 2,500 square feet to be used as office space for its employees. The lease provides for future
minimum rental payments in the aggregate amount of $103,907 as of November 30, 2011. The lease contains escalation clauses
relating to the tenant’s share of insurance, operating expenses and tax expenses of the lessor.
Future minimum rental commitments under the lease are as follows:
12/1/11-2/29/12 $ 20,289
3/1/12-2/28/13 83,618
________
Total $103,907
________
________
11. Stock split During the year ended November 30, 2010, the Company’s Board of Directors approved a 3-for-1 stock split
in the form of a stock distribution to shareholders of record at the close of business on April 15, 2010. The additional shares were
distributed on May 3, 2010 and trading in the Common Shares on a split-adjusted basis began on May 4, 2010. The Company’s
issued and outstanding shares, after giving effect to the stock split and tender offer voted previously, increased from 6,480,000
at the end of November 30, 2009 to 19,440,000 at the end of November 30, 2010. The Company did not conduct a tender offer
in its 2010 or 2011 fiscal year.
12. Shares repurchased In June 2011, the Company’s Board of Directors approved the reauthorization of the Share
Repurchase Plan. The Company may from time to time purchase its common shares at a discount to NAV on the open market in
such amounts and at such prices as the Company may deem advisable.
During the year ended November 30, 2011, the Company repurchased 150,095 common shares at a cost of approximately $4.6
million. The Company had 19,289,905 shares outstanding as of November 30, 2011.
13. Subsequent event In accordance with U.S. GAAP provisions, management has evaluated the possibility of subsequent events
existing in the Company’s consolidated financial statements through the date the consolidated financial statements were issued. On
December 22, 2011, the Company segregated $12,000 in cash to meet California Minimum Financial requirements under CCR
Section 260.237.2 for the benefit of the Adviser.
16
Financial highlights
Year ended November 30
2011 2010 2009 (4) 2008 (4) 2007 (4)
Per share operating performance
Net asset value, beginning of year $ 34.45 $ 29.85 $ 15.79 $ 28.26 $ 24.73
Net investment income (loss) 0.11 (0.01) (0.01) 0.21 0.37
Net realized gain from investments 1.17 2.17 3.33 6.00 3.63
Net realized gain (loss) from foreign currency transactions — (0.04) (0.26) (0.37) (0.62)
Net increase (decrease) in unrealized appreciation
on investments (2.93) 2.82 11.21 (15.89) 0.92
Net unrealized income (loss) on translation of
assets and liabilities in foreign currency — — — — —
Net increase (decrease) in net assets resulting from operations (1.65) 4.94 14.27 (10.05) 4.30
Dividends
From net investment income (0.18) (0.02) (0.03) (0.21) (0.37)
From net realized gain on investments (0.18) (0.32) (0.43) (0.46) (0.40)
Capital share transactions:
Effect of tender offer / share repurchase 0.02 — 0.25 (1.75) —
Net asset value, end of year $ 32.46 $ 34.45 $ 29.85 $ 15.79 $ 28.26
Market value per share, end of year $ 28.85 $ 33.87 $ 26.52 $ 14.08 $ 24.42
Total investment return
Based on market price per share (1) (13.73%) 29.09% 101.15% (42.12%) 19.02%
Based on net asset value per share (2) (4.57%) 16.61% 101.97% (43.91%) 19.19%
Ratio of average net assets
Expenses (3)(5) 0.60% 0.89% 0.81% 0.86% 0.53%
Net investment income (loss) 0.31% (0.03%) (0.06%) 0.80% 1.44%
Supplemental data
Net assets, end of year (000 omitted) $626,080 $669,633 $580,355 $341,095 $813,790
Portfolio turnover rate 5.56% 10.46% 7.93% 21.33% 12.07%
Shares outstanding (000 omitted) 19,290 19,440 21,240 26,400 28,800
(1) Total investment return is calculated assuming a purchase of common shares at the current market price at close the day before and a sale at the current mar-
ket price on the last day of each year reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Company’s
dividend reinvestment plan.
(2) Total investment return is calculated assuming a purchase of common shares at the current net asset value at close the day before and a sale at the current net
asset value on the last day of each year reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained under the
Company’s dividend reinvestment plan.
(3) The reduction in retirement benefits due to directors reduced the ratio of expenses to average net assets in 2009 from .87% to .81%.
(4) Per share amounts and shares outstanding or weighted average shares have been restated to reflect 3-for-1 stock split that occurred in May 2010. See Note 11
to consolidated financial statements.
(5) The investment advisory operating expenses impacted the expense ratio by 0.02% during fiscal year 2011.
The notes to consolidated financial statements form an integral part of these statements.
17
Certain tax information for
U.S. shareholders(1) (unaudited)
The following is of a general nature only and is not, and
should not be interpreted as, legal or tax advice to any par-
ticular U.S. shareholder of the Company. Due to the com-
plexity and potentially adverse effect of the applicable tax
rules summarized below, U.S. shareholders are strongly
urged to consult their own tax advisors concerning the
impact of these rules on their investment in the Company
and on their individual situations.
Under rules enacted by the Tax Reform Act of 1986, the
Company became a “passive foreign investment company” (a
“PFIC”) on December 1, 1987. The manner in which these
rules apply depends on whether a U.S. shareholder (1) elects
to treat the Company as a qualified electing fund (“QEF”)
with respect to his Company shares, (2) elects to “mark-to-
market” his Company shares as of the close of each taxable
year, or (3) makes neither election.
In general, if a U.S. shareholder of the Company does not
make either such election, any gain realized on the disposition
of his Company shares will be treated as ordinary income. In
addition, such a shareholder will be subject to an “interest
charge” on part of his tax liability with respect to such gain as
well as with respect to an “excess distribution” made by the
Company (as explained in the following paragraph).
Furthermore, shares held by such a shareholder may be denied
the benefit of any otherwise applicable increase in tax basis at
death. Under proposed regulations, a “disposition” would
include a U.S. taxpayer’s becoming a nonresident alien.
As noted, the general tax consequences described in the
preceding paragraph apply to an “excess distribution” on
Company shares, which means the total distributions by the
Company a shareholder receives during a taxable year that are
more than 125% of the average amount it distributed for the
three preceding taxable years.* If the Company makes an
excess distribution in a year, a U.S. shareholder who has not
made a QEF or mark-to-market election would be required to
allocate the excess amount ratably over the entire holding
period for his shares. That allocation would result in tax being
payable at the highest applicable rate in the prior taxable years
to which the distribution is allocated and interest charges
being imposed on the resulting “underpayment” of taxes made
in those years. In contrast, a distribution that is not an excess
distribution would be taxable to a U.S. shareholder as a nor-
mal dividend,** with no interest charge.
If a U.S. shareholder elects to treat the Company as a QEF
with respect to his Company shares for the first year he holds
those shares, the rules described in the preceding paragraphs
generally would not apply. Those rules also would not apply to
a U.S. shareholder who makes the QEF election after such first
year and also elects to treat his shares generally as if they were
sold for their fair market value on the first day of the first taxable
(1) Excluding qualified retirement plans, individual retirement accounts and
other tax-exempt U.S. shareholders.
* For example, the Company paid annual dividends (restated for the 3-for-1
stock split in May 2010) of $0.34, $0.46, and $0.67 per share during 2010,
2009, and 2008, respectively, an average per year of $0.49 per share.
Accordingly, any dividends paid during 2011 in excess of $0.6125 per share
(125% of $0.49) would be treated as an excess distribution for that year. (All
amounts in U.S. currency.)
** Because the Company is a PFIC, dividends it pays will not qualify for the
15% maximum U.S. federal income tax rate on “qualified dividend income”
that individuals receive and instead will be taxed at rates up to 35%.
18
year of the Company for which the QEF election is effective, in
which event the gain from such “deemed sale” would be treated
as an excess distribution (and taxed as described above).
Instead, the electing U.S. shareholder would include annually in
his gross income his pro rata share of the Company’s ordinary
earnings and net capital gain (his “QEF inclusion”), regardless
of whether such income or gain was actually distributed. A U.S.
shareholder who makes a valid QEF election will recognize
capital gain on any profit from the actual sale of his shares if
those shares were held as capital assets.
Alternatively, if a U.S. shareholder makes a mark-to-market
election with respect to Company shares, such shareholder
would be required annually to report any unrealized gain with
respect to his shares as ordinary income, and any unrealized
loss would be permitted as an ordinary loss, but only to the
extent of previous inclusions of ordinary income. Any gain
subsequently realized by an electing U.S. shareholder on a
sale or other disposition of his Company shares also would be
treated as ordinary income, but such shareholder would not be
subject to an interest charge on his resulting tax liability.
Special rules apply to a U.S. shareholder who held his PFIC
stock prior to his first taxable year for which the mark-to-mar-
ket election was effective.
A U.S. shareholder with a valid QEF election in effect
would not be taxed on any distributions paid by the Company
to him to the extent of any QEF inclusions, but any distribu-
tions out of accumulated earnings and profits in excess thereof
would be treated as taxable dividends. Such a shareholder
would increase the tax basis in his Company shares by the
amount of any QEF inclusions and reduce such tax basis by
any distributions to him that are not taxable as described in the
preceding sentence. Special rules apply to U.S. shareholders
who make the QEF election and wish to defer the payment of
tax on their annual QEF inclusions.
Each shareholder who desires QEF treatment must individ-
ually elect such treatment. The QEF election must be made for
the taxable year of the shareholder in which or with which the
Company’s taxable year ends. A QEF election is effective for
the shareholder’s taxable year and may not be revoked without
the consent of the Internal Revenue Service (“IRS”). A share-
holder of the Company who first held his Company shares
after November 30, 2010, and who files his tax return on the
basis of a calendar year may make a QEF election on his 2011
federal income tax return. A shareholder of the Company who
first held his Company shares on or before that date may also
make the QEF election on that return but should consult his
tax advisor concerning the tax consequences and special rules
that apply when a QEF election could have been made with
respect to such shares for an earlier taxable year.
A QEF election must be made by the due date, with
extensions, of the federal income tax return for the taxable
year for which the election is to apply. Under Treasury reg-
ulations, a QEF election is made on IRS Form 8621, which
must be completed and attached to a timely filed federal
income tax return in which the shareholder reports his QEF
inclusion for the taxable year to which the election applies.
In order to allow U.S. shareholders to make QEF elections
and to comply with the applicable annual reporting require-
ments, the Company annually provides them a “PFIC
Annual Information Statement” containing certain informa-
tion required by Treasury regulations.
In early 2012, the Company will send to U.S. shareholders
the PFIC Annual Information Statement for its 2011 taxable
year and post to its website @ www.asaltd.com. Such annual
information statement may be used for purposes of complet-
ing Form 8621. A shareholder who either is subject to a prior
QEF election or is making a QEF election for the first time
must attach a completed Form 8621 to his federal income tax
return each year. Other U.S. shareholders also must attach
completed Forms 8621 to their federal income tax returns
each year, but shareholders not electing QEF treatment will
not need to report QEF inclusions thereon.
The Internal Revenue Code was amended in 2010 by the
addition of a new subsection that requires U.S. shareholders of
a PFIC to file an annual report containing information the IRS
requires. The Department of the Treasury and the IRS have
announced that they intend to issue regulations under the new
subsection and that the IRS intends to release a revised Form
8621 modified to reflect the requirements thereof. They went
on to state that, pending the release of the revised form, the new
reporting requirement is suspended for PFIC shareholders who
or that are not otherwise required to file Form 8621 as provided
in the current instructions to the form. PFIC shareholders with
Form 8621 reporting obligations as provided in those instruc-
tions (e.g., upon disposition of stock of a PFIC or with respect
to a QEF) must continue to file the current Form 8621 with a
return filed before the release of the revised Form 8621.
Special rules apply to U.S. persons who hold Company
shares through intermediate entities or persons and to U.S.
shareholders who directly or indirectly pledge their shares,
including those in a margin account.
Ordinarily, the tax basis that is obtained by a transferee of
property on the property owner’s death is adjusted to the prop-
erty’s fair market value on the date of death (or alternate val-
uation date). If a U.S. shareholder dies owning Company
shares with respect to which he did not elect QEF treatment
(or elected such treatment after the first taxable year in which
he owned shares in which the Company was a PFIC and did
not elect to recognize gain, as described above), the transferee
of those shares will not be entitled to adjust the tax basis in
such shares to their fair market value on the date of death (or
alternate valuation date). In that case, in general, the transferee
of such shares will take a basis in the shares equal to the share-
holder’s basis therein immediately before his death. If a U.S.
shareholder dies owning Company shares for which a valid
QEF election was in effect for all taxable years in such share-
holder’s holding period during which the Company was a
PFIC (or the shareholder made a “deemed sale election”), then
the basis increase generally will be available.
19
Dividend reinvestment and stock purchase plan
Computershare Trust Company, N.A. (“Computershare”)
has been authorized by the Company to offer and administer
the Computershare Investment Plan, a direct stock purchase
and dividend reinvestment plan (“CIP”) to shareholders as
well as new investors or non-shareholders. Shareholders and
new investors may elect to participate in the CIP by signing
an enrollment form or by going to www.computer -
share.com/investor and following the instructions. New
investors or non shareholders must include a minimum initial
investment of at least $500. Computershare as agent will apply
to the purchase of common shares of the Company in the open
market (i) all cash dividends (after deduction of the service
charge described below) that become payable to such partici-
pant on the Company’s shares (including shares registered in
his or her name and shares accumulated under the CIP) and (ii)
any optional cash purchases ($50 minimum, subject to an
annual maximum of $250,000) received from such participant.
For the purpose of making purchases, Computershare will
commingle each participant’s funds with those of all other
participants in the CIP. The price per share of shares purchased
for each participant’s account shall be the weighted average
price of all shares purchased in the open market with the net
funds available from a cash dividend and any voluntary cash
purchases being invested. Any stock dividends or split shares
distributed on shares held in the CIP will be credited to the
participant’s account.
A one-time $10 enrollment fee to establish a new account
for a new investor or non-shareholder will be deducted from
the purchase amount. For each participant, each dividend rein-
vestment will entail a transaction fee of 5% of the amount
reinvested, up to a maximum of $3.00 plus $0.03 per share
purchased. Each optional cash purchase by check or one-time
online bank debit will entail a transaction fee of $5 plus $0.03
per share purchased. If a participant has funds automatically
deducted monthly from his or her savings or checking
account, for each debit the transaction fee is $2.50 plus $0.03
per share purchased. Fees will be deducted from the purchase
amount. Each batch order sale will entail a transaction fee of
$15 plus $0.12 per share sold. Each market order sale will
entail a transaction fee of $25 plus $0.12 per share sold. Fees
are deducted from the proceeds derived from the sale. All per
share fees include any brokerage commissions Computershare
is required to pay. Additional fees are charged by Computer -
share for specific shareholder requests such as copies of
account statements for prior years ($10 per year requested)
and a returned check and ACH reject fee of $25.
Participation in the CIP may be terminated by a participant at
any time by written, telephone or Internet instructions to
Computershare. Upon termination, a participant will receive a
certificate for the whole number of shares credited to his or her
account, unless he or she requests the sale of all or part of such
shares. Dividends reinvested by a shareholder under the CIP
will generally be treated for U.S. federal income tax purposes in
the same manner as dividends paid to such shareholder in cash.
See “Certain tax information for U.S. shareholders” for more
information regarding tax consequences of an investment in
shares of the Company, including the effect of the Company’s
status as a PFIC. The amount of the service charge is deductible
for U.S. federal income tax purposes, subject to limitations.
To participate in the CIP, shareholders may not hold their
shares in a “street name” brokerage account.
Additional information regarding the CIP may be obtained
from Computershare, P.O. Box 43078, Providence, RI 02940-
3078. Information may also be obtained on the Internet at
www.computershare.com/investor or by calling Computer -
share’s Telephone Response Center at (781) 575-2879 between
9:00 a.m. and 5:00 p.m., Eastern time, Monday through Friday.
20
Results of proposals presented at the annual general meeting of shareholders
The following votes were cast at the Annual General Meeting of Shareholders held on March 10, 2011:
Election of Directors
For Against Abstain
David J. Christensen 15,020,483 1,658,811 156,409
Phillip Goldstein 16,334,229 336,607 164,867
Michael L. Mead 16,438,353 243,528 153,822
Andrew Pegge 16,370,091 293,761 171,851
Robert A. Pilkington 15,038,068 1,648,583 149,052
Appointment of Independent Registered Public Accounting Firm
For Against Abstain
Ernst & Young LLP 16,287,577 126,895 421,233
Proposal to change company name
Broker
For Against Abstain Non-Votes
14,829,845 1,920,713 85,146 0
Proxy voting
The policies and procedures used by the Company to determine how to vote proxies relating to portfolio securities and
information regarding how the Company voted proxies relating to portfolio securities during the twelve month period ended
June 30, 2011 are available on the Company’s website at www.asaltd.com and on the SEC’s website at www.sec.gov. A written
copy of the Company’s policies and procedures is available without charge, upon request, by calling (800) 432-3378.
Form N-Q
The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year
on Form N-Q. The Company’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Company’s Forms N-Q
also may be reviewed and copied at the Reference Room in Washington, D.C.; information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330. The schedule of portfolio holdings on Form N-Q also is included
in the Company’s financial statements for the first and third quarters of each fiscal year which are available on the Company’s
website at www.asaltd.com.
Common share repurchases
Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Company is authorized to purchase its com-
mon shares in the open market if the discount to net asset value exceeds a certain threshold as determined by the Board of
Directors from time to time. The Company may purchase its common shares in such amounts and at such prices as the Company
may deem advisable. There can be no assurance that such action will reduce the discount. During fiscal year 2011, ASA repur-
chased 150,095 of its own shares at a cost of $4.6 million. The Company had 19,289,905 shares outstanding on November 30,
2011.
21
Board of Directors and Officers
of ASA Gold and Precious Metals
Limited
Directors are elected at each annual general meeting of shareholders to
serve until the next annual general meeting. For the purposes of his
position as a Director and Officer of the Company, the address of each
director and officer is c/o ASA Gold and Precious Metals Limited, 400
S. El Camino Real, Suite 710, San Mateo, CA 94402.
Interested Director*
David Christensen (49)
Position held with the Company: President, and Chief Executive
Officer since February 2009; Vice President-Investments from May
2007 to February 2009; Director since 2008; and Chief Investment
Officer since May 2010
Other principal occupations during past 5 years: Vice President,
Corporate Development for Gabriel Resources Ltd. from 2006 to
2008 and independent financial consultant from 2003 to 2006.
Other Directorships held by Director: Director of Denver Gold Group
(non-profit industry association)
Independent Directors
Michael Mead (59)
Position held with the Company: Chairman (non-executive) since
2011; Director since 2010
Principal occupation during past 5 years: Held investment research and
portfolio management positions from 1997 to his retirement in 2008,
(Director—Global Equities from 2004 to 2008) with the Howard
Hughes Medical Institute Investment Department which manages
the Institute’s endowment.
Andrew Pegge (48)
Position held with the Company: Deputy Chairman (non-execu-
tive) since February 2009; Director since 2008
Principal occupations during past 5 years: Director and Chief
Executive Officer of Laxey Partners Limited (global active
value fund manager) since 1999.
Phillip Goldstein (66)
Position held with the Company: Director since 2008
Principal occupations during past 5 years: Self-employed investment
advisor since 1992; principal of the general partner of six private
investment partnerships in the Bulldog Investors group of funds.
Other Directorships held by Director: Director of Brantley Capital
Corporation, Mexico Equity and Income Fund, Korea Equity Fund,
and Special Opportunities Fund, Inc.
Robert Pilkington (66)
Position held with the Company: Director since 2004
(ASA Limited South Africa from 1979 to 2005)
Principal occupations during past 5 years: Investment banker and
Managing Director of UBS Securities LLC and predecessor
companies
Other Directorships held by Director: Director of Avocet Mining
PLC (gold mining company)
Other Officers
Rodney Yee (51)
Position held with the Company: Chief Operating Officer, Chief
Financial Officer, and Treasurer since September 2010
Other principal occupations during past 5 years: Chief Operating
Officer and Chief Compliance Officer for California Investment Trust
and affiliated companies from 2005 to 2010.
Steven Schantz (58)
Position held with the Company: General Counsel, Secretary,
and Chief Compliance Officer since September 2010
Other principal occupations during past 5 years: Senior Counsel
for Charles Schwab Investment Management, Inc. from 2001 to
2009.
* By reason of being an Officer of the Company
22
Privacy notice
The Company is committed to protecting the financial privacy
of its shareholders.
We do not share any nonpublic, personal information that we
may collect about shareholders with anyone, including our
affiliates, except to service and administer shareholders’ share
accounts, to process transactions, to comply with shareholders’
requests of legal requirements or for other limited purposes
permitted by law. For example, the Company may disclose a
shareholder’s name, address, social security number and the
number of shares owned to its administrator, transfer agent or
other service providers in order to provide the shareholder with
proxy statements, tax reporting forms, annual reports or other
information about the Company. This policy applies to all of the
Company’s shareholders and former shareholders.
We keep nonpublic personal information in a secure
environment. We restrict access to nonpublic personal information
to Company employees, agents and service providers who have a
need to know the information based on their role in servicing or
administering shareholders’ accounts. The Company also
maintains physical, electronic and procedural safeguards to
protect the confidentiality of nonpublic personal information.
23
Other information
Executive Office
400 S. El Camino Real, Suite 710
San Mateo, CA 94402 U.S.A.
(800) 432-3378
Registered Office
Canon’s Court
22 Victoria Street
Hamilton HM 12, Bermuda
Independent Registered Public Accounting Firm
Ernst & Young LLP, New York, NY, U.S.A.
Counsel
Appleby, Hamilton, Bermuda
K&L Gates LLP, Washington, DC, U.S.A.
Custodian
JPMorgan Chase Bank, N.A.
New York, NY, U.S.A.
Fund Accountants
Kaufman Rossin Fund Services, LLC
Miami, FL, U.S.A.
Shareholder Services
ASA Gold and Precious Metals Limited
400 S. El Camino Real, Suite 710
San Mateo, CA 94402 U.S.A.
(800) 432-3378
Transfer Agent
Computershare Trust Company, N.A.
525 Washington Boulevard, Jersey City, NJ 07310, U.S.A.
Website: www.asaltd.com
The Semi-annual and Annual Reports of the Company and the latest
valuation of net assets per share may be viewed on the Company’s
website or may be requested from the Executive Office (800-432-3378).
Shareholders are reminded to notify Computershare of any change of
address.
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