ASA Gold and Precious Metals Limited
Annual Report and Consolidated Financial Statements
November 2012
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01_71950_ASA_AR 1/22/13 8:26 PM Page 1
ASA Gold and Precious Metals Limited
Annual Report and
Consolidated Financial Statements
November 30, 2012
Table of Contents
Letter to shareholders 2
Forward-looking statements 6
Certain investment policies and restrictions 7
Report of independent registered public accounting firm 7
Consolidated schedules of investments 8
Portfolio statistics 10
Principal portfolio changes 10
Consolidated statements of assets and liabilities 11
Consolidated statements of operations 12
Consolidated statements of changes in net assets 13
Notes to consolidated financial statements 14
Financial highlights 18
Certain tax information for U.S. shareholders 19
Dividend reinvestment and stock purchase plan 21
Privacy notice 21
Results of proposals presented at the annual general
meeting of shareholders 22
Proxy voting 22
Form N-Q 22
Common share repurchased 22
Board of directors and officers 23
Other information 24
1
01_71950_ASA_AR 1/23/13 7:38 PM Page 2
Letter to Shareholders
The past fiscal year was the first in more than a decade
that the gold price declined. The lack of gold price momen-
tum, combined with rising operating costs and poor finan-
cial performance weighed on the share price performance
of gold mining shares. The performance of ASA Gold and
Precious Metals Limited (“ASA” or the “Company”) mir-
rored the performance of the broader gold mining industry
with a total return of negative 24.2% based on its net asset
value (NAV), including reinvested dividends, during the
twelve months ended November 30, 2012 (fiscal year-
end). The NAV of the Company was $24.18 per share at
the fiscal year-end, versus $32.46 per share a year earlier.
The closing price of ASA’s shares on the New York Stock
Exchange (“NYSE”) on November 30, 2012 was $22.00,
representing a share price discount to NAV of 9.0%. The
share prices of closed-end funds, like ASA, are normally
determined by trading activity in the open market and con-
sequently may reflect a premium (higher than) or a dis-
count (lower than) to its underlying NAV.
For the fiscal year ended November 30, 2012, the total
return based on ASA’s share price of negative 22.4% out-
performed the total return of negative 23.9% for the FTSE
Total Return Gold Mines Index. ASA’s share price outper-
formed the FTSE Gold Mines Total Return Index due to a
combination of the return from the portfolio and a reduc-
tion in the discount at which ASA’s shares trade in the
market. Despite the good relative performance of ASA’s
share price, we remain disappointed with the performance
of gold mining shares and gold bullion during the last
twelve months. The gold price declined by 1.1% during
the last fiscal year despite a sharp increase in government
spending, continued quantitative easing, significant in-
creases in gold ETF holdings and volatile currencies.
ASA’s shares traded at an average discount of 7.8%
during the last fiscal year, an improvement over the av-
erage discount of 8.8% during fiscal year 2011. This im-
proving trend is believed to be due to an increase in
ASA’s continued marketing efforts, more active invest-
ment management and an effective discount manage-
ment program enacted by the Board of Directors. As a
result of the improvement in the discount, the Company
did not acquire any shares in the market during the last
year. Share repurchases are among the tools that the
Board may utilize in an effort to help mitigate the discount.
The Board continues to closely monitor the discount and
undertakes a thorough review of the discount manage-
ment program regularly.
Management of ASA continued its ongoing due dili-
gence by visiting the mining operations of numerous
companies around the globe, including assets in Canada,
the United States, Mexico, Guatemala and the Kyrgyz
Republic. Additionally, we held hundreds of meetings with
precious metals companies in our office in California, at
their corporate headquarters and at industry events. We
believe strongly that one cannot stay in touch with the in-
vestments in this industry without a significant commit-
ment to due diligence. While this effort has a cost, ASA
continues to maintain one of the lowest expense ratios in
the industry.
2
ASA has made distributions to shareholders continu-
ously for 53 years. For the fiscal year ended November
30, 2012, ASA distributed $0.38 per share compared to
$0.36 per share for the previous financial year. During the
fiscal year, dividends received from gold mining compa-
nies continued to grow from the low levels witnessed dur-
ing 2009 and 2010. After two years of underperformance
from gold mining shares as compared to the performance
of gold bullion, management of mining companies, who
are dissatisfied with their share price performance, have
realized that investors require a higher rate of return from
mining shares than from an investment in gold bullion. As
such, many of the senior gold producers announced in-
creased dividends during the last year. Chart 1 illustrates
the historical distributions to ASA shareholders since
2005. Distributions increased sharply in 2008 and 2009,
largely due to the distribution of capital gains generated
by the Company’s tender offers. We anticipate some im-
provement in income during 2013 as the gold mining in-
dustry faces the need to improve shareholder returns.
Chart 1: Historical Distributions and Sources
e
r
a
h
S
r
e
p
s
n
o
i
t
u
b
i
r
t
s
D
i
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$0.00
Capital Gains
Income
5
0
0
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
1
1
0
2
2
1
0
2
Source: ASA Gold and Precious Metals Limited
Performance of Gold Mining Shares
Over the long-term, a diversified portfolio of gold mining
companies has outperformed the gold price due to growth
inherent in operating companies combined with their abil-
ity to pay dividends. In the last two years, this relationship
became increasingly strained as the share price perform-
ance of gold miners has failed to keep pace with rising
gold prices. Chart 2 below illustrates the degree to which
gold mining shares, as represented by the FTSE Gold
Mines Total Return Index, underperformed gold bullion.
Investors in mining shares witnessed a nearly 21.0% de-
cline in the value of their investments during the last two
years ended November 30, 2012, while those invested in
gold bullion have seen the value of their portfolio increase
by 24.8% during the same time period. Both junior and
senior gold equities struggled to break-even from a per-
formance standpoint and all but two companies in the
index declined in value during 2012.
01_71950_ASA_AR 1/23/13 2:35 PM Page 3
Chart 2: Performance of Gold Bullion vs. Gold
Mining Companies Indexed to 100 Since
December 1, 2010
160
140
120
100
80
60
40
Gold Bullion
FTSE Gold Mines TR Index
0
1
-
c
e
D
1
1
-
b
e
F
1
1
-
r
p
A
1
1
-
n
u
J
1
1
-
g
u
A
1
1
-
t
c
O
1
1
-
c
e
D
2
1
-
b
e
F
2
1
-
r
p
A
2
1
-
n
u
J
2
1
-
g
u
A
2
1
-
t
c
O
Source: ASA Gold and Precious Metals Limited, Bloomberg
Numerous theories have been put forth for the disparity
in the recent price performance of gold miners relative to
gold bullion. Two key points, in our view, hold the answer
to this divergence. First, we believe that gold bullion ETFs
have increased the liquidity and ease of investing in gold
bullion, which in turn has drawn growing interest from
fund managers to the diversification benefits of adding
gold to one’s portfolio. The increased ability to trade in
gold bullion has commensurately reduced the demand
for gold mining shares from managers looking for portfo-
lio diversification through gold. However, gold is a non-
interest paying, no-growth asset and, as such, gold
bullion has historically underperformed mining shares
over the longer term.
The second reason for the disparity in performance
has been the poor financial performance of the gold min-
ing industry during the last two years. Inefficient allocation
of capital, combined with increased operating costs, has
depressed financial results for the industry and negatively
affected investor interest in this sector. The performance
of gold mining shares may also be attributed in part to a
prevalent risk-averse attitude on the part of investors and
generally slow economic growth rates.
Chart 3: Growth in Demand for Gold Bullion ETFs
l
d
o
G
f
o
s
e
n
n
o
T
c
i
r
t
e
M
3,000
2,500
2,000
1,500
1,000
500
-
6
0
-
n
a
J
7
0
-
n
a
J
8
0
-
n
a
J
9
0
-
n
a
J
0
1
-
n
a
J
1
1
-
n
a
J
2
1
-
n
a
J
Source: ASA Gold and Precious Metals Limited, Bloomberg
We believe that the degree of underperformance of
gold miners as compared to gold bullion has resulted in
the largest contraction in valuation multiples that this in-
dustry has witnessed in many decades. At present, we
estimate that the larger and mid-capitalized gold produc-
ers are trading at approximately 0.7x the net present
value of cash flows (NPV), in contrast to ratios as high
as 1.5x NPV historically. At present valuations, we believe
that gold mining equities may present an excellent op-
portunity to participate in the gold and precious metals
sector. We believe that the issues of capital allocation and
poor financial results are being addressed by mining
companies, and that the next two years may see potential
for a recovery in valuations.
South Africa
Few countries are so endowed with an abundance of
natural resources, an educated work force, and geo-
graphical benefits on which to build a vibrant economy
as is South Africa. However, despite South Africa’s many
advantages, it has somehow managed to squander
many of its opportunities in recent years. The last twelve
months have been especially difficult for the South
African mining industry. The inability of the South African
government to deliver on its social commitments over
many years has fueled recent labor unrest and sporadic
strikes within the mining industry. Over the last decade,
the responsibility for educating the labor force and pro-
viding housing and security in the local communities in
which the mining companies have operated has shifted
from the government to the mining companies. As the
government has been unable to deliver on its social com-
mitments, labor unions have instead turned to the mining
companies to provide some of the community revitaliza-
tion, shifting the cost and burden for these programs onto
the mining companies, and negatively affecting financial
and share price performance.
The violence that coincided with labor actions during
2012 has now entered a period of relative calm. Gold
mining companies such as AngloGold Ashanti Limited
and Gold Fields Limited have reported that most employ-
ees have returned to work and there has been a gradual
ramp-up in operations with only one mine still closed.
Moreover, the violence of the strikes in the platinum min-
ing sector has also subsided.
The platinum mining industry in South Africa has been
particularly hard hit during the last twelve months due to
increased demands from labor, combined with rising op-
erating costs and low platinum and palladium (“PGM”)
prices. The recent strikes are estimated to have con-
tributed to a 12% decline in platinum production within
the South African mining industry during 2012. This has
resulted in poor share price performance from the sector
as well as a nearly 100% turnover in the industry’s senior
management. The CEOs of all four of the largest South
African PGM producers have changed in the last six
months of 2012, leaving the future stewardship of the
sector to a new crop of managers. We continue to expect
some difficulties ahead as the PGM industry is likely to
face a series of layoffs in the coming year as it seeks to
3
01_71950_ASA_AR 1/23/13 2:35 PM Page 4
rebalance its operating cost profile in order to regain its
financial health. Wage talks within the PGM and gold min-
ing industries in mid-2013 may result in additional periods
of labor instability in South Africa. Unfortunately, we ex-
pect that the currently elevated level of social unrest will
continue to negatively affect the South African mining in-
dustry for some time to come.
Chart 4: Aggregate South African Exposure
SA Platinum
SA Gold
s
t
e
s
s
A
f
o
e
g
a
t
n
e
c
r
e
P
80%
70%
60%
50%
40%
30%
20%
10%
0%
3
0
0
2
4
0
0
2
5
0
0
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
1
1
0
2
2
1
0
2
Source: ASA Gold and Precious Metals Limited
The issues negatively affecting the South African min-
ing industry cannot be solved by the mining industry alone
and will need to be addressed through a sustained and
collaborative approach driven by the South African Gov-
ernment and broader society. As stated by J.P. Morgan’s
research team, “Until greater clarity emerges, whether by
the actions of the mining companies, Government, or
unions, a positive bias towards the South African mining
sector is difficult to justify.” As a consequence of the con-
tinued decline in the quality of South African mining oper-
ations and the lower level of dividend payments being
received from the PGM companies, ASA’s management
has felt compelled to lower the portfolio’s weighting to the
South African mining industry as a whole during the last
year. Overall, ASA’s investments in South Africa declined
from 19.3% at fiscal year-end 2011 to 12.1% at fiscal year-
end 2012. The Company’s weighting to the PGM sector
declined from an estimated 8.7% at fiscal year-end 2011
to 4.8% at fiscal year-end 2012 as a result of the under-
performance of these companies combined with the sale
of some investments by ASA.
ASA has continued to hold its investments in physical
platinum and palladium through ETFs, as we believe that
the fundamentals for the metal itself have continued to
improve due to the improving economic outlook in com-
bination with limited growth in global PGM supply. We
continue to believe that there is some diversification ben-
efit to holding PGMs within a precious metals portfolio
such as ASAs.
Changes to the Portfolio
Gold royalty companies such as Franco-Nevada Cor-
poration and Royal Gold Inc. contributed positively to
ASA’s performance during the last year as these compa-
nies are perceived as being isolated from many of the
4
risks generally associated with the mining industry. A roy-
alty company provides liquidity to the mining industry and
thus, in a capital intensive industry such as mining, can
prosper during periods of capital scarcity. The advantage
of this business model is that income in a royalty com-
pany is determined by the revenue of the underlying proj-
ect and is not subject to operating cost inflation as is the
case with most mining companies. During the 2012 fiscal
year, ASA increased its ownership in the shares of
Franco-Nevada Corporation, while our investment in
Royal Gold Inc. continued to contribute nicely to the port-
folio’s total return.
Chart 5: ASA Portfolio Allocation – November 30, 2012
Canadian
Gold Miners
40.8%
South
African
Gold Miners
7.3%
United
States Gold
Miners
9.9%
Latin
American
Miners
6.4%
Silver
Miners
3.5%
Diamond
Explor. &
Mining
0.2%
Platinum
Miners
4.8%
Australian
Gold Miners
9.4%
Liquid
assets
1.6%
Commodity
ETF
0.9%
Channel
Island Gold
Miners
10.2%
Other
Miners
5.0%
Source: ASA Gold and Precious Metals Limited
ASA’s investments in South Africa were reduced during
the year as a result of the many trends identified previ-
ously. ASA sold portions of its investments in Anglo Amer-
ican Platinum Limited, Anglo American plc, AngloGold
Ashanti Limited, Impala Platinum Holdings Limited, Lon-
min Plc, and Gold Fields Limited. ASA, however, in-
creased its investment in Harmony Gold Mining
Company Limited, as we have been impressed with the
progress that management has made in lowering oper-
ating costs, improvements in grade control and advanc-
ing the company’s newest development project in Papua
New Guinea.
During the year, ASA also sold the remainder of its in-
vestment in NovaGold Resources Inc. ASA purchased
this investment several years ago, and as a result of the
significant increase in the company’s valuation, we
elected to realize the gains in this position and reallocate
capital to investments we believe have a higher return
potential going forward. ASA retains a very small position
in NovaCopper Inc., which was distributed to the share-
holders of NovaGold Resources Inc. during 2012.
The most significant additions to the portfolio during
the year include the purchase of additional shares in Sil-
ver Lake Resources Limited, a significant increase in
Freeport-McMoRan Copper & Gold Inc., and new invest-
ments in CGA Mining Limited (“CGA”) and Belo Sun Min-
ing Corp. CGA recently accepted an offer to be acquired
by B2Gold Corp. (“B2Gold”) of Canada and thus, will
be either sold or converted to B2Gold shares shortly. Belo
Sun Mining Corp., ASA’s newest portfolio holding, is de-
01_71950_ASA_AR 1/22/13 8:26 PM Page 5
veloping the Volta Grande project in Brazil. This project
is now well into the permitting and engineering stages of
its development and the successful receipt of permits
could see this company develop into one of Brazil’s larger
gold producers. The addition of Freeport-McMoRan Cop-
per & Gold Inc. to the portfolio is attributable to the very
high quality of Freeport’s assets and a sharp decline in
Freeport’s share price following a slowing of Chinese
economic growth and a recently announced acquisition.
We believe that a recent decline in Freeport’s share price
provided a very attractive entry point for long-term in-
vestors such as ASA.
Some investments have not worked out as hoped
when they were originally purchased. During the year,
ASA liquidated its investment in Centamin plc, the Egypt-
ian gold miner, as it became increasingly evident that the
Egyptian revolution had not resulted in an improved busi-
ness environment as hoped. Continued operating prob-
lems from shortages of supplies, export restrictions, and
questions regarding the ownership status of the project
have negatively affected results and investor confidence
in management. Likewise, investments made by ASA
during the 2011 fiscal year in Stornoway Diamond Cor-
poration and West Kirkland Mining Inc. have not worked
out as well as hoped, given the difficult environment for
financing new mining projects. We continue to work with
both companies with the goal of creating more value for
ASA’s shareholders. ASA increased its investment in
Centerra Gold Inc. during the year following a visit to the
company’s operations in the Kyrgyz Republic. Unfortu-
nately, continued political discussions within the country
regarding the status of this project have negatively af-
fected the performance of the share price despite a sig-
nificant increase in the company’s gold reserves during
the year.
Economic Uncertainty Driving Gold Price
Gold traders are struggling between the potentially
bullish indicators of continued instability within the Euro-
pean Union and the more bearish signs of continued eco-
nomic improvement in the United States. We believe that
the longer the U.S. Federal Reserve maintains a loose
monetary policy, the higher the propensity for rising infla-
tion rates, which could provide further support for the gold
price during the coming year. On the other hand, gold in-
vestors will likely view any improvement in the U.S. econ-
omy and any ending of loose U.S. monetary policy as
short-term negatives for gold prices.
All of the factors that have driven investor interest in
gold during the last twelve years remain in the market
today. Growing expectations of further quantitative easing
and prolonged loose monetary policies, coupled with un-
sustainable debt levels in the major economies, have led
many investors to consider gold as a necessary portion
of their investment portfolio. Further, the decline in the
valuation of gold and precious metals mining companies
leave us convinced that gold and precious metals mining
companies represent a compelling investment for long-
term investors.
As always, we appreciate the support from both our
Board of Directors and our shareholders over the past
year.
David Christensen
President, Chief Executive Officer and Chief Investment
Officer
January 19, 2013
* * * * * *
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 Lim-
ited, 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 21 of
this report for information on how shareholders can par-
ticipate in this plan.
* * * * * *
The Annual General Meeting of Shareholders will be
held on Thursday, March 14, 2013 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.
* * * * * *
5
01_71950_ASA_AR 1/22/13 8:26 PM Page 6
Forward-Looking Statements
This shareholder letter includes forward-looking state-
ments within the meaning of U.S. federal securities laws
that are intended to be covered by the safe harbors cre-
ated thereunder. The Company’s actual performance or
results may differ from its beliefs, expectations, esti-
mates, goals and projections, and consequently, in-
vestors should not rely on these forward-looking
statements as predictions of future events. Forward-look-
ing 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 references does not mean
that the statements are not forward-looking. The Com-
pany’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 dif-
ficult to predict, including without limitation: the Com-
pany’s investment decisions, the performance of the
securities in its investment portfolio, economic, political,
market and financial factors, and the prices of gold, plat-
inum and other precious minerals that may fluctuate sub-
stantially over short periods of time. The Company
assumes no obligation to revise, correct or update the
forward-looking statements as a result of new informa-
tion, future events or otherwise.
The Company concentrates its investments in the gold
and precious minerals sector. This sector may be more
volatile than other industries and may be affected by
movements in commodity prices triggered by interna-
tional monetary and political developments. The Com-
pany is a non-diversified fund and, as such, may invest
in fewer investments than that of a diversified portfolio.
The Company may invest in smaller-sized companies
that may be more volatile and less liquid than larger more
established companies. Investments in foreign securities,
especially those in the emerging markets, may involve
increased risk as well as exposure to currency fluctua-
tions. Shares of closed-end funds frequently trade at a
discount to net asset value. All performance information
reflects past performance and is presented on a total re-
turn basis. Past performance is no guarantee of future
results. Current performance may differ from the perform-
ance shown.
This shareholder letter does not constitute an offer to
sell or solicitation of an offer to buy any securities.
6
01_71950_ASA_AR 1/22/13 10:57 PM Page 7
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 In-
dustry or Group of Industries. It is a fundamental policy
(i.e., a policy 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 exploration, mining or processing of gold,
silver, platinum, diamonds or other precious minerals, (ii)
held as bullion or other direct forms of gold, silver, plat-
inum or other precious minerals, (iii) invested in instru-
ments representing interests in gold, silver, platinum or
other precious minerals such as certificates of deposit
therefor, and/or (iv) invested in securities of investment
companies, including exchange traded funds, or other se-
curities 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 instrumentalities 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 security 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
ASA Gold and Precious Metals Limited
We have audited the accompanying consolidated
statement of assets and liabilities of ASA Gold and Pre-
cious Metals Limited (the “Company”) including the con-
solidated schedule of investments, as of November 30,
2012, and the related consolidated statement of opera-
tions, the consolidated statement of changes in net as-
sets, and the financial highlights for year ended
November 30, 2012. These financial statements and fi-
nancial highlights are the responsibility of the Company’s
management. Our responsibility is to express an opinion
on these financial statements and financial highlights
based on our audit. Other auditors have previously au-
dited, in accordance with the standards of the Public
Company Accounting Oversight Board, the consolidated
statement of assets and liabilities, as of November 30,
2011, and the consolidated statement of operations and
the consolidated statement of changes in net assets for
the year ended November 30, 2011, and the financial
highlights for each of the four years in the period ended
November 30, 2011, and in their report, dated January
24, 2012, they expressed an unqualified opinion on those
financial statements and financial highlights.
We conducted our audit in accordance with the stan-
dards of the Public Company Accounting Oversight
Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial
highlights are free of material misstatement. The Com-
pany is not required to have, nor were we engaged to
perform, an audit of its internal control over financial re-
porting. Our audit included consideration of internal con-
trol 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 ef-
fectiveness of the Company’s internal control over finan-
cial reporting. Accordingly, we express no such opinion.
An audit also includes examining, on a test basis, evi-
dence supporting the amounts and disclosures in the fi-
nancial statements, assessing the accounting principles
used and significant estimates made by management, as
well as evaluating the overall financial statement presen-
tation. Our procedures included confirmation of securities
owned as of November 30, 2012, by correspondence
with the custodian. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the consolidated position of the Company, as
of November 30, 2012, and the results of their operations,
the changes in their net assets, and the financial high-
lights for the year ended November 30, 2012, in conform-
ity with accounting principles generally accepted in the
United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 19, 2013
7
01_71950_ASA_AR 1/22/13 8:26 PM Page 8
Consolidated schedules of investments
November 30, 2012 and November 30, 2011
2012 2011
_______________________________ ________________________________
Shares/ Percent Shares/ Percent
Principal of Net Principal of Net
Name of Company Amount Value Assets Amount Value Assets
Common Shares and Warrants
Gold and silver investments
Gold mining, exploration, development and royalty companies
Australia
Centamin plc, (1) — $ — —% 3,250,000
CGA Mining Limited, (1) 1,343,700 3,364,655 0.7 — — —
Newcrest Mining Limited – ADRs 1,315,000 34,847,500 7.5 1,565,000 56,981,650 9.1
Silver Lake Resources Limited, (1) 1,550,000 5,608,700 1.2 1,100,000 4,049,445 0.6
$ 5,366,093 0.9%
43,820,855 9.4 66,397,188 10.6
Canada
Agnico-Eagle Mines Limited 479,300 26,744,940 5.7 475,000 21,318,000 3.4
Alacer Gold Corp., (1) 1,343,400 6,106,364 1.3 1,343,400 15,579,479 2.5
Barrick Gold Corporation 1,250,000 43,162,500 9.3 1,250,000 66,100,000 10.6
Belo Sun Mining Corp., (1) 2,000,000 3,459,372 0.7 — — —
Centerra Gold Inc. 625,000 5,600,111 1.2 325,000 7,269,779 1.2
Detour Gold Corporation, (1) 250,000 6,184,634 1.3 250,000 7,304,668 1.2
Eldorado Gold Corporation 650,000 9,412,000 2.0 650,000 11,739,000 1.9
Franco-Nevada Corporation 225,000 12,720,736 2.7 125,000 5,305,897 0.8
Goldcorp Inc. 1,182,400 45,758,880 9.8 1,082,400 58,114,056 9.3
IAMGOLD Corporation 600,000 7,098,000 1.5 600,000 12,108,000 1.9
Kinross Gold Corporation 1,325,000 13,356,001 2.9 1,325,000 18,510,250 3.0
Lake Shore Gold Corp., (1) — — — 1,500,000 2,063,882 0.3
NovaGold Resources Inc., (1) — — — 1,735,168 19,937,081 3.2
Osisko Mining Corporation, (1) 1,292,400 10,527,393 2.3 250,000 2,769,042 0.4
West Kirkland Mining Inc., (1)(2) 909,091 210,268 0.0 909,091 830,914 0.1
West Kirkland Mining Inc., C$1.50 Warrants,
11/22/2012, (1)(2) — — — 454,545 — —
190,341,199 40.8 248,950,048 39.8
Channel Islands
Randgold Resources Limited – ADRs 444,700 47,742,992 10.2 494,700 52,888,377 8.4
Latin America
Compañia de Minas Buenaventura S.A.A. – ADRs 909,000 29,787,930 6.4 909,000 35,587,350 5.7
South Africa
AngloGold Ashanti Limited 593,194 18,371,218 3.9 793,194 38,041,584 6.1
Gold Fields Limited 1,029,577 12,643,206 2.7 1,629,577 27,605,034 4.4
Harmony Gold Mining Company Limited 400,000 3,124,000 0.7 250,000 3,537,500 0.6
34,138,424 7.3 69,184,118 11.1
United States
Newmont Mining Corporation 620,368 29,213,129 6.3 520,368 35,842,948 5.7
Royal Gold, Inc. 210,000 16,959,600 3.6 210,000 17,104,500 2.7
46,172,729 9.9 52,947,448 8.5
Total gold mining, exploration, development and
royalty companies (Cost $234,686,320 – 2012,
$212,353,051 – 2011) 392,004,129 84.0 525,954,529 84.0
Silver mining, exploration and development companies
Canada
Tahoe Resources Inc., (1) 923,200 16,423,379 3.5 923,200 16,858,040 2.7
Total silver mining, exploration and development
companies (Cost $6,709,422 – 2012 & 2011) 16,423,379 3.5 16,858,040 2.7
Total gold and silver investments (Cost $241,395,742 – 2012,
$219,062,473 – 2011) 408,427,508 87.6 542,812,569 86.7
8
01_71950_ASA_AR 1/22/13 8:26 PM Page 9
Consolidated schedules of investments (continued)
November 30, 2012 and November 30, 2011
2012 2011
_______________________________ ________________________________
Shares/ Percent Shares/ Percent
Principal of Net Principal 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 220,100
Impala Platinum Holdings Limited 772,400 12,541,269 2.7 1,322,400 27,986,516 4.5
$ 9,666,187 2.1% 345,100
$ 23,449,845 3.7%
22,207,456 4.8 51,436,361 8.2
United Kingdom
Lonmin Plc – ADRs — — — 189,700 3,187,379 0.5
Exchange traded funds
ETFS Palladium Trust, (1) 40,000 2,689,000 0.6 40,000 2,428,800 0.4
ETFS Platinum Trust, (1) 10,000 1,574,400 0.3 10,000 1,539,000 0.2
4,263,400 0.9 3,967,800 0.6
Total platinum and palladium investments
(Cost $4,887,121 – 2012 , $10,105,591 – 2011) 26,470,856 5.7 58,591,540 9.4
Diamond mining, exploration and development companies
Canada
Stornoway Diamond Corporation, (1) 1,639,500 873,828 0.2 1,639,500 1,482,398 0.2
Total diamond mining, exploration and development
companies (Cost $3,928,898 – 2012 & 2011) 873,828 0.2 1,482,398 0.2
Diversified mineral resources companies
Canada
NovaCopper Inc., (1) 205,861 411,722 0.1 — — —
United Kingdom
Anglo American plc 264,800 7,346,220 1.6 414,800 15,762,923 2.5
United States
Freeport-McMoRan Copper & Gold Inc. 400,000 15,604,000 3.3 100,000 3,960,000 0.6
Total diversified mineral resources companies
(Cost $15,537,363 – 2012 , $5,240,272 – 2011) 23,361,942 5.0 19,722,923 3.2
Total common shares & warrants
(Cost $265,749,124 – 2012, 238,337,234 – 2011) 459,134,134 98.4 622,609,430 99.4
Total investments
(Cost $265,749,124 – 2012 , $238,337,234 – 2011), (3) 459,134,134 98.4 622,609,430 99.4
Cash, receivables, and other assets less liabilities 7,358,519 1.6 3,470,595 0.6
Net assets
$466,492,653 100.0%
$626,080,025 100.0%
(1) Non-income producing security.
(2) Restricted security.
(3) 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, 2012 were
$223,693,176 and $30,308,167, respectively, resulting in net unrealized appreciation on investments of $193,385,009. 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.
ADR – American Depository Receipt
Percentage totals may not equal 100% due to independent rounding.
The notes to consolidated financial statements form an integral part of these statements.
9
01_71950_ASA_AR 1/22/13 8:26 PM Page 10
Portfolio statistics (unaudited)*
November 30, 2012 and November 30, 2011
Geographic breakdown* 2012 2011
Canada 44.6% 42.7%
United States 14.2% 9.7%
South Africa 12.1% 19.3%
Channel Islands 10.2% 8.4%
Australia 9.4% 10.6%
Latin America 6.4% 5.7%
United Kingdom 1.6% 3.0%
Cash 1.6% 0.6%
______ ______
100.0% 100.0%
* Geographic breakdowns, which are based on company domiciles, are expressed
as a percentage of total net assets.
Percentage totals may not equal 100.0% due to independent rounding.
Principal portfolio changes during the years ended 2012 2011
November 30, 2012 and 2011 (unaudited) Increase Decrease Increase Decrease
Agnico-Eagle Mines Limited 4,300 50,000
Anglo American Platinum Limited 125,000
Anglo American plc 150,000
AngloGold Ashanti Limited 200,000
Barrick Gold Corporation 50,000
Belo Sun Mining Corp. 2,000,000
Centamin plc 3,250,000 3,250,000
Centerra Gold Inc. 300,000 325,000
CGA Mining Limited 1,343,700
Compañia de Minas Buenaventura S.A.A. – ADRs 50,000
Franco-Nevada Corporation 100,000 125,000
Freeport-McMoRan Copper & Gold Inc. 300,000 100,000
Gold Fields Limited 600,000
Goldcorp Inc. 100,000
Golden Star Resources Ltd. 750,000
Harmony Gold Mining Company Limited 150,000 250,000
Impala Platinum Holdings Limited 550,000
Kinross Gold Corporation 200,000
Lake Shore Gold Corp. 1,500,000
Lonmin Plc – ADRs 189,700
Newcrest Mining Limited – ADRs 250,000 100,000
Newmont Mining Corporation 100,000
NovaCopper Inc. 205,861
NovaGold Resources Inc. 5.5% 5/1/2015 5,000,000
NovaGold Resources Inc. 1,735,168 572,523
Osisko Mining Corporation 1,042,400
Randgold Resources Limited – ADRs 50,000 100,000
Silver Lake Resources Limited 450,000 1,100,000
West Kirkland Mining Inc., (1) 909,091
West Kirkland Mining Inc., C$1.50 Warrants, 11/22/2012 expired, (1) 454,545 454,545
Yamana Gold Inc. 600,000
(1) Restricted security.
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01_71950_ASA_AR 1/22/13 8:26 PM Page 11
Consolidated statements of assets and liabilities
November 30, 2012 and 2011
2012 2011
Assets
Investments, at value
Cost $265,749,124 in 2012
$238,337,234 in 2011
$622,609,430
Cash & cash equivalents 8,246,122 9,159,668
Interest receivable — —
Dividends receivable 480,885 809,176
Other assets 151,925 136,567
$459,134,134
Total assets
Liabilities
$468,013,066
$632,714,841
Payable for securities purchased
$ 5,098,400
Accrued affiliate expense 740,457 645,593
Accounts payable and accrued liabilities 147,530 228,638
Liability for retirement benefits due to current and future retired directors 632,426 662,185
$ —
Total liabilities
Net assets
Common shares $1 par value
$ 1,520,413
$466,492,653
$ 6,634,816
$626,080,025
Authorized: 40,000,000 shares in 2012 and 30,000,000 shares in 2011
Issued and Outstanding: 19,289,905 shares in 2012 and in 2011
$ 19,289,905
Share premium (capital surplus) 1,372,500 1,372,500
Undistributed net investment income 20,382,825 20,382,825
Undistributed net realized gain from investments 343,202,471 309,130,485
Undistributed net realized (loss) from foreign currency transactions (111,139,960) (108,370,820)
Net unrealized appreciation on investments 193,385,010 384,272,197
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency (98) 2,933
$ 19,289,905
Net assets
$466,492,653
$626,080,025
Net asset value per share (Based on outstanding shares of 19,289,905 in 2012
and 19,289,905 in 2011)
$ 24.18
$ 32.46
The closing price of the Company’s shares on the New York Stock Exchange was $22.00 and $28.85 on November 30, 2012 and 2011,
respectively.
The notes to consolidated financial statements form an integral part of these statements.
11
01_71950_ASA_AR 1/22/13 8:26 PM Page 12
Consolidated statements of operations
Years ended November 30, 2012 and 2011
2012 2011
Investment income
Dividend income (net of foreign withholding taxes of $1,078,549 and $632,892,
respectively and ADR fees of $63,084 and $101,554, respectively)
$ 5,685,086
Interest income 8,498 215,976
$ 5,746,005
Total investment income
5,754,503
5,901,062
Expenses
Shareholder reports and proxy expenses 125,402 138,633
Directors’ fees and expenses 272,682 276,343
Retired directors’ fees 90,000 101,250
Investment research 886,383 908,053
Administration and operations 1,581,144 1,329,353
Fund accounting 169,676 164,326
Transfer agent, registrar and custodian 128,144 174,403
Legal fees 385,203 458,986
Audit fees 54,550 105,001
Professional fees – other 300 30,101
Insurance 155,769 135,572
Dues and listing fees 25,000 35,000
Adviser operating expenses 185,071 98,519
Other 3,403 3,174
Total expenses
Less – reduction in retirement benefits due to directors
Net expenses
Net investment income (loss)
4,062,727
(29,759)
4,032,968
1,721,535
3,958,714
(96,288)
3,862,426
2,038,636
Net realized and unrealized gain from investments and foreign currency transactions
Net realized gain from investments
Proceeds from sales 67,213,881 42,414,541
Cost of securities sold 27,533,266 19,632,082
Net realized gain from investments
39,680,615
22,782,459
Net realized income (loss) from foreign currency transactions
Investments (2,754,689) —
Foreign currency (14,451) 21,839
Net realized gain (loss) from foreign currency transactions
(2,769,140)
21,839
Net increase (decrease) in unrealized appreciation on investments
Balance, beginning of period 384,272,197 441,099,552
Balance, end of period 193,385,010 384,272,197
Net increase (decrease) in unrealized appreciation on investments
(190,887,187)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency
(3,031)
Net realized and unrealized gain (loss) from investments and foreign currency transactions (153,978,743)
(56,827,355)
2,947
(34,020,110)
Net increase (decrease) in net assets resulting from operations
$(152,257,208)
$ (31,981,474)
The notes to consolidated financial statements form an integral part of these statements.
12
01_71950_ASA_AR 1/22/13 8:26 PM Page 13
Consolidated statements of changes in net assets
Years ended November 30, 2012 and 2011
2012 2011
Net investment income (loss)
$ 2,038,636
Net realized gain (loss) from investments 39,680,615 22,782,459
Net realized gain (loss) from foreign currency transactions (2,769,140) 21,839
Net increase (decrease) in unrealized appreciation on investments (190,887,187) (56,827,355)
$ 1,721,535
Net increase in unrealized gain (loss) on translation of assets
and liabilities in foreign currency
(3,031)
2,947
Net increase (decrease) in net assets resulting from operations (152,257,208) (31,981,474)
Dividends paid/payable
From net investment income (1,721,535) (3,475,185)
From net realized gain from investments (5,608,629) (3,472,183)
Adjustment – share repurchase
Cost of common shares purchased
—
(4,623,996)
Net increase (decrease) in net assets (159,587,372) (43,552,838)
Net assets, beginning of period 626,080,025 669,632,863
Net assets, end of period (including undistributed net investment
income of $20,382,825 in 2012 and 2011, respectively)
$ 466,492,653
$626,080,025
The notes to consolidated financial statements form an integral part of these statements.
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01_71950_ASA_AR 1/22/13 8:26 PM Page 14
Notes to consolidated financial statements
Years ended November 30, 2012 and 2011
1. Organization These consolidated financial statements include ASA Gold and Precious Metals Limited (the “Com-
pany”), 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 or-
ganized 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.
2. Summary of significant accounting policies
The following is a summary of the significant accounting policies:
A. Security valuation
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 financial or business developments of the issuer; actively traded similar or related se-
curities; 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 market 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.
B. Restricted securities
At November 30, 2012 and November 30, 2011, the Company held investments in restricted securities of 0.0% and 0.1% of
net assets, respectively, valued in accordance with procedures approved by the Company’s Board of Directors as follows:
Value
Shares Cost Issuer Per Unit Value Acquisition Date
909,091 $1,008,370 West Kirkland Mining, Inc. $0.23 $210,268 11/22/2011
Restricted Securities
November 30, 2012
Restricted Securities
November 30, 2011
Shares / Value
Warrants Cost Issuer Per Unit Value Acquisition Date
909,091 $1,008,370 West Kirkland Mining, Inc. $0.91 $830,914 11/22/2011
454,545 $0 West Kirkland Mining, Inc., $0.00 $0 11/22/2011
C$1.50 Warrants, 11/22/2012
C. Fair value measurement
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 market 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 measurements 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.
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01_71950_ASA_AR 1/22/13 8:26 PM Page 15
Notes to consolidated financial statements (continued)
Years ended November 30, 2012 and 2011
Level 1 – unadjusted 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with in-
vesting in those securities.
The following is a summary of the inputs used as of November 30, 2012 and November 30, 2011 in valuing the Com-
pany’s investments at fair value:
Investments in Securities
Measurements at November 30, 2012
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and silver investments $374,078,816 $34,348,692 $ — $408,427,508
Platinum and palladium investments 26,470,856 — — 26,470,856
Diamond mining, exploration and
development companies 873,828 — — 873,828
Diversified mineral resources companies 16,015,722 7,346,220 — 23,361,942
___________ ___________ ___________ ___________
Total $417,439,222 $41,694,912 $ — $459,134,134
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Transfers in and out of levels are recognized at the end of the period. There were no transfers in and out of Levels, 1,
2, and 3 at November 30, 2012.
(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 Interna-
tional 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 fol-
lowing information for fair value measurements categorized within Level 3 of the fair value hierarchy; quantitative infor-
mation about the unobservable 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 unobservable 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.
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
___________ ___________ ___________ ___________
Total $529,108,916 $ 93,500,514 $ — $622,609,430
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
(1) See consolidated schedules of investments for country classifications.
D. Cash & 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 equivalents at November
30, 2012 and 2011 consisted of overnight deposit of excess funds in a commercial paper sweep instrument issued by
JPMorgan Chase & Co.
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01_71950_ASA_AR 1/22/13 8:26 PM Page 16
Notes to consolidated financial statements (continued)
Years ended November 30, 2012 and 2011
E. 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 in-
come and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective
dates of such transactions. The resulting net foreign currency gain or loss is included in the statements of operations.
F. Securities Transactions and Investment Income
During the year ended November 30, 2012, sales and purchases of portfolio securities (other than temporary short-
term investments) amounted to $67,213,881 and $57,699,846, respectively. During the year ended November 30,
2011, sales and purchases of portfolio securities (other than temporary short-term investments) amounted to
$42,414,541 and $35,708,957, respectively.
Dividend income is recorded on the ex-dividend date, net of withholding taxes, if any. Interest income is recognized
on the accrual basis.
G. 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.
H. Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results
could differ from those estimates.
I. Basis of Presentation
The consolidated financial statements are presented in U.S. dollars.
J. 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, 2012 and November 30, 2011, 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.
3. Tax status of the Company The Company is not subject to Bermuda tax as an exempted limited liability company
organized under the laws of Bermuda. Nor is the Company generally subject to U.S. federal income tax, since it is a
non-U.S. corporation whose only business activities in the United States is trading in stocks or securities for its own ac-
count; 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.
4. 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 conditioned 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 invest-
ment 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 March 9, 2011 to modify these
conditions. No assurance can be provided however that the SEC will issue an order in connection with such application.
5. 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, 2012 and 2011 was $632,426 and
$662,185, respectively. 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 elected on or after January 1, 2008 are not eligible to participate in the plan.
6. 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 countries, such as South Africa. The Company is, therefore, subject to gold and precious metals related risk as well
16
01_71950_ASA_AR 1/23/13 7:38 PM Page 17
Notes to consolidated financial statements (continued)
Years ended November 30, 2012 and 2011
as risk related to investing in foreign securities, including political, economic, regulatory, liquidity, currency fluctuation, and for-
eign exchange risks. The Company currently is invested in a limited number of securities and thus, holds large positions in
certain securities. Because the Company’s investments are concentrated in a limited number of securities of companies in-
volved in the holding 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.
7. Indemnifications In the ordinary course of business, the Company enters into contracts that contain a variety of
indemnifications. 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.
8. Investment adviser subsidiary On July 23, 2010, the SEC granted the Company no-action relief to organize a
wholly 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 $185,071 and $98,519, respectively, for the administration and opera-
tions of the Adviser during the year ended November 30, 2012 and November 30, 2011, which are reflected in
“Expenses” on the Consolidated Statement of Operations. On December 22, 2011, the Company segregated $12,000
in cash for the benefit of the Adviser to satisfy California Minimum Financial Requirements that apply to investment
advisers registered in California. The Adviser is a taxable entity, subject to federal, state, and local taxes.
9. Compensation matters For the year ended November 30, 2012 and November 30, 2011, the aggregate remuner-
ation paid to the Company’s officers was $1,584,808 and $1,195,000, respectively. The aggregate remuneration paid
to the Company’s directors was $214,000 and $216,250, respectively. In addition, $559,675 and $565,031, respectively,
was accrued for bonuses to the Company’s officers and employees.
At July 19, 2012, the Company paid $232,506 pursuant to a mutual separation agreement, unused vacation, and con-
sideration of former GC, CCO, and Secretary Steven Schantz’ execution of a release and waiver of claims.
10. Operating lease commitment In September 2012, the Company extended its current lease and entered into an
additional five-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
$595,192 as of November 30, 2012. 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:
12/01/12-02/28/13 $ 20,902
03/01/13-02/28/14 76,938
03/01/14-02/28/15 118,880
03/01/15-02/29/16 122,452
03/01/16-02/28/17 126,124
03/01/17-02/28/18 129,896
________
Total $595,192
________
________
11. 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 fiscal year ended November 30, 2011, the Company repurchased 150,095 common shares at a cost of ap-
proximately $4.6 million. The Company had 19,289,905 shares outstanding as of November 30, 2012 and November
30, 2011. There were no repurchases during the fiscal year ended November 30, 2012.
12. Subsequent event In accordance with U.S. GAAP provisions, management has evaluated the possibility of sub-
sequent events existing in the Company’s financial statements through the date the financial statements were issued.
Management has determined that there are no material events that would require disclosure.
17
01_71950_ASA_AR 1/22/13 8:26 PM Page 18
Financial highlights
Year ended November 30
2012 2011 2010 2009 (4) 2008 (4)
Per share operating performance (6)
Net asset value, beginning of year $ 32.46 $ 34.45 $ 29.85 $ 15.79 $ 28.26
Net investment income (loss) 0.09 0.11 (0.01) (0.01) 0.21
Net realized gain from investments 2.06 1.17 2.17 3.33 6.00
Net realized gain (loss) from foreign currency transactions (0.15) — (0.04) (0.26) (0.37)
Net increase (decrease) in unrealized appreciation
on investments (9.90) (2.93) 2.82 11.21 (15.89)
Net unrealized income (loss) on translation of
assets and liabilities in foreign currency — — — — —
Net increase (decrease) in net assets resulting
from operations (7.90) (1.65) 4.94 14.27 (10.05)
Dividends
From net investment income (0.09) (0.18) (0.02) (0.03) (0.21)
From net realized gain on investments (0.29) (0.18) (0.32) (0.43) (0.46)
Capital share transactions:
Effect of tender offer / share repurchase — 0.02 — 0.25 (1.75)
Net asset value, end of year $ 24.18 $ 32.46 $ 34.45 $ 29.85 $ 15.79
Market value per share, end of year $ 22.00 $ 28.85 $ 33.87 $ 26.52 $ 14.08
Total investment return
Based on market price per share (1) (22.43%) (13.73%) 29.09% 101.15% (42.12%)
Based on net asset value per share (2) (24.20%) (4.57%) 16.61% 101.97% (43.91%)
Ratio of average net assets
Expenses (3)(5) 0.78% 0.60% 0.89% 0.81% 0.86%
Net investment income (loss) 0.33% 0.31% (0.03%) (0.06%) 0.80%
Supplemental data
Net assets, end of year (000 omitted) $466,493 $626,080 $669,633 $580,355 $341,095
Portfolio turnover rate 11.24% 5.56% 10.46% 7.93% 21.33%
Shares outstanding (000 omitted) 19,290 19,290 19,440 21,240 26,400
(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 market 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.
(5) The “Adviser operating expenses” impacted the expense ratio by 0.04% and 0.02% during fiscal years 2012 and 2011, respectively.
(6) Per share amounts from operations have been calculated using the average shares method.
The notes to consolidated financial statements form an integral part of these statements.
18
01_71950_ASA_AR 1/22/13 8:26 PM Page 19
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 particular U.S. shareholder of the Company.
Due to the complexity 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 indi-
vidual 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 their Company
shares, (2) elects to “mark-to-market” their 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 their Company shares will be treated as or-
dinary income. In addition, such a shareholder will be
subject to an “interest charge” on part of their tax liability
with respect to such gain as well as with respect to an
“excess distribution” made by the Company (as ex-
plained 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 their 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 ex-
cess distribution would be taxable to a U.S. shareholder
as a normal dividend,** with no interest charge.
(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 $0.36, $0.34, and $0.46 per share
during 2011, 2010, and 2009, respectively, an average per year of
$0.3867 per share. Accordingly, any dividends paid during 2012 in
excess of $0.4833 per share (125% of $0.3867) 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% and 20% maximum U.S. federal income tax rates on
“qualified dividend income” that individuals receive and instead will
be taxed at rates up to 39.6%.
If a U.S. shareholder elects to treat the Company as a
QEF for the first year in which the shareholder holds
Company 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
their shares generally as if they were sold for their fair
market value on the first day of the first taxable 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 in-
clude annually in their gross income their pro rata share
of the Company’s ordinary earnings and net capital gain
(their “QEF inclusion”), regardless of whether such in-
come 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 their 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 un-
realized gain with respect to their shares as ordinary in-
come, 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 their Company shares also would be treated as ordi-
nary income, but such shareholder would not be subject
to an interest charge on their resulting tax liability. Special
rules apply to a U.S. shareholder who held their PFIC
stock prior to their first taxable year for which the mark-
to-market election was effective.
A U.S. shareholder with a valid QEF election in effect
would not be taxed on any distributions paid by the Com-
pany to them to the extent of any QEF inclusions, but any
distributions out of accumulated earnings and profits in
excess thereof would be treated as taxable dividends.
Such a shareholder would increase the tax basis in their
Company shares by the amount of any QEF inclusions
and reduce such tax basis by any distributions to them
that are not taxable as described in the preceding sen-
tence. 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.
A QEF election is effective for the shareholder’s tax-
able year and may not be revoked without the consent of
the Internal Revenue Service (“IRS”). A shareholder who
first held their Company shares after November 30, 2011,
and who files their tax return on the basis of a calendar
year may make a QEF election on their 2012 federal in-
come tax return. A shareholder of the Company who first
held their Company shares on or before that date may
also make the QEF election on that return but should
consult their tax advisor concerning the tax conse-
quences and special rules that apply when a QEF elec-
tion could have been made with respect to the Company
for an earlier taxable year.
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01_71950_ASA_AR 1/22/13 8:26 PM Page 20
A QEF election must be made by the due date, with ex-
tensions, 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
their QEF inclusion for the taxable year to which the elec-
tion applies. In order to allow U.S. shareholders to make
QEF elections and to comply with the applicable annual
reporting requirements, the Company annually provides
them a “PFIC Annual Information Statement” containing
certain information required by Treasury regulations.
In early 2013, the Company will send to U.S. share-
holders the PFIC Annual Information Statement for its
2012 taxable year. Such annual information statement
may be used for purposes of completing 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 their 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. share-
holders of a PFIC to file an annual report containing in-
formation 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 re-
porting 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 instructions (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 property’s fair market value on the date of death (or
alternate valuation date). If a U.S. shareholder dies own-
ing Company shares with respect to which they did not
elect QEF treatment (or elected such treatment after the
first taxable year in which they 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
shareholder’s basis therein immediately before their
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 shareholder’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.
20
01_71950_ASA_AR 1/22/13 8:26 PM Page 21
Dividend reinvestment and stock purchase plan
Computershare Trust Company, N.A. (“Computer-
share”) 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-share-
holders. 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 regis-
tered in his or her name and shares accumulated under
the CIP) and (ii) any optional cash purchases ($50 mini-
mum, subject to an annual maximum of $250,000) re-
ceived 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 div-
idend 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 ac-
count for a new investor or non-shareholder will be de-
ducted from the purchase amount. For each participant,
each dividend reinvestment 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 de-
ducted monthly from his or her savings or checking ac-
Privacy notice
count, 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 pro-
ceeds 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 partic-
ipant at any time by written, telephone or Internet instruc-
tions 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 rein-
vested 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 in-
vestment 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 ob-
tained from Computershare, P.O. Box 43078, Provi-
dence, 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.
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, in-
cluding our affiliates, except to service and administer
shareholders’ share accounts, to process transactions,
to comply with shareholders’ requests of legal require-
ments 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 share-
holder with proxy statements, tax reporting forms, annual
reports or other information about the Company. This pol-
icy applies to all of the Company’s shareholders and for-
mer 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 share-
holders’ accounts. The Company also maintains physical,
electronic and procedural safeguards to protect the con-
fidentiality of nonpublic personal information.
21
01_71950_ASA_AR 1/22/13 8:26 PM Page 22
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 15, 2012:
Election of Directors
For Against Abstain
David Christensen 14,288,889 3,031,339 151,137
Phillip Goldstein 16,985,510 313,593 172,262
Michael Mead 17,066,775 260,394 144,197
Andrew Pegge 16,996,270 324,555 150,540
Robert Pilkington 14,309,208 3,016,195 145,962
Appointment of Independent Registered Public Accounting Firm
For Against Abstain
Tait, Weller & Baker LLP 17,274,277 84,512 112,576
Increase authorized shares and share capital
Broker
For Against Abstain Non-Votes
13,669,979 3,645,431 155,955 0
Repurchase shares to be held as treasury shares
Broker
For Against Abstain Non-Votes
14,078,546 3,246,514 146,305 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, 2012 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 Com-
pany’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 shares repurchased
Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Company is authorized to purchase its common
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 the fiscal year ended November 30, 2011,
the Company repurchased and subsequently cancelled 150,095 of its own shares at a cost of $4.6 million. There were no repurchases
during the fiscal year ended November 30, 2012. The Company had 19,289,905 shares outstanding on November 30, 2012.
22
01_71950_ASA_AR 1/23/13 7:38 PM Page 23
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.
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 (50)
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.
Other Directorships held by Director: Director of Denver Gold
Group (non-profit industry association)
Independent Directors
Michael Mead (60)
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.
Phillip Goldstein (67)
Position held with the Company: Director since 2008
Principal occupations during past 5 years: Principal of Brooklyn
Capital Management LLC, a registered investment advisor
since 2009; Principal of Bulldog Holdings, LLC, which owns
several entities serving as the general partner of several
private investment partnerships, since 1992. Chairman, The
Mexico Equity and Income Fund, Inc.; Chairman, Brantley
Capital Corporation (in liquidation); Director, Korea Equity and
Income Fund, Inc. (until August 2012); Chairman, Imperial
Holdings, Inc.; Director, MVC Capital, Inc.
Other Officers
Rodney Yee (52)
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.
Independent Trustee Firsthand Funds since 2010 and Director
Firsthand Technology Value Fund, Inc. since 2011.
* By reason of being an Officer of the Company
** Deborah Djeu replaced Paul Wustrack, Jr. on September 13, 2012 as
Chief Compliance Officer, Chief Legal Officer, and Corporate Secretary
of the Company.
Andrew Pegge (49)
Position held with the Company: Deputy Chairman
(nonexecutive) 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.
Robert Pilkington (67)
Position held with the Company: Director since 2004
(ASA Limited South Africa from 1979 to 2005)
Principal occupations during past 5 years: Investment
banker. Senior Adviser since November 2011 and prior
thereto was Managing Director of UBS Securities LLC.
Other Directorships held by Director: Director of Avocet
Mining PLC (gold mining company)
Deborah Djeu (50)**
Position held with the Company: Chief Compliance
Officer, Chief Legal Officer, and Corporate Secretary
since September 2012
Principal occupations during past 5 years: Chief
Compliance Officer – Mutual Funds 2008 – 2012;
Deputy Chief Compliance Officer 2007 – 2008, and Risk
Management Committee Chair for Genworth Financial
Wealth Management, Inc. from 2007 – 2012.
23
01_71950_ASA_AR 1/22/13 8:26 PM Page 24
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
Tait, Weller & Baker LLP, Philadelphia, PA, 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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