ASA Gold and Precious Metals Limited
Annual Report and Consolidated Financial Statements
November 2014
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ASA Gold and Precious Metals Limited
Annual Report and
Consolidated Financial Statements
November 30, 2014
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 18
Certain tax information for U.S. shareholders 19
Dividend reinvestment and stock purchase plan 19
Privacy notice 20
Results of proposals presented at the annual general
meeting of shareholders 21
Proxy voting 21
Form N-Q 21
Common shares repurchased 21
Board of directors and officers 22
Other information 23
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02_79575_ASA_AR 1/21/15 3:49 PM Page 2
Letter to Shareholders
An improving U.S. economy and the potential for rising
interest rates continued to weigh on the gold price during
2014. In a sector which traditionally thrives on uncertainty
and economic hardship, the slowly improving economic
environment in the U.S. has not been conducive to a
higher gold price. Positive economic news contributed to
the gold price decline of 5.6% during the 2014 fiscal year,
as measured by the London P.M. fix. During this past fis-
cal year, gold reached a high of $1,385 an ounce, $341
an ounce lower than the high of the previous year, and a
low of $1,142 an ounce. Price volatility increased towards
the end of the 2014 fiscal year as positive economic indi-
cators improved confidence in the U.S. economy and the
U.S. dollar further strengthened. This increased pressure
on the gold price as gold struggled to find support around
$1,200 per ounce.
Gold equites saw significant volatility throughout 2014,
and despite being up at various points in the year, ended
the year near their lows. For the fiscal year ended
November 30, 2014, ASA Gold and Precious Metals
Limited (“ASA” or the “Company”) reported a total return
of negative 11.1% based on its net asset value (“NAV”),
including reinvested dividends. The NAV of the Company
was $11.50 per share at the fiscal year-end, versus
$12.98 per share at the prior year-end. The closing price
of ASA’s shares on the New York Stock Exchange
(“NYSE”) on November 30, 2014 was $10.74, represent-
ing a share price discount to NAV of 6.6%. The share
prices of closed-end funds, like ASA, are determined by
trading activity in the open market and consequently may
reflect a premium (higher than) or a discount (lower than)
to its underlying NAV.
For the fiscal year ended November 30, 2014, the total
return, based on ASA’s share price, of negative 15.7%
outperformed the total return of negative 17.3% for the
FTSE Gold Mines Total Return Index. ASA outperformed
the index due to the performance of the investment port-
folio despite a small increase in the discount.
The discount at which ASA’s shares traded in the mar-
ket increased from a low of 1.5% at the beginning of the
fiscal year to 6.6% at year-end, negatively impacting the
share price performance. ASA’s shares traded at an aver-
age discount of 6.8% during the last fiscal year, slightly
higher than the average discount of 6.0% during fiscal
year 2013. During the last twelve months, the discount
remained below the threshold set by the Board of
Directors for making share repurchases and, therefore,
no shares were acquired. Over the last several years, the
combination of tender offers, a Share Repurchase
Program and increased marketing efforts appear to have
resulted in a general improvement in the discount at
which ASA’s shares trade in the market. The Board con-
tinues to monitor the discount quarterly.
U.S. Dollar Impact
Many factors can influence the gold price including
inflation concerns, sovereign reserves, and investor
diversification. While most of these factors remain rele-
vant, the U.S. dollar emerged as a leading driver of the
2
gold price in 2014, particularly in the second half of the
year. The U.S. economy appeared to improve in 2014
and significantly outperformed other developed markets.
Decreasing unemployment and growing corporate profits
in the U.S. were a significant contrast to the disinflation
and economic weakness of other leading nations. In
addition, the Federal Reserve reduced and then ended
quantitative easing, while other central banks introduced,
or are contemplating, additional stimulus measures. As
a result, the U.S. dollar strengthened against most other
currencies.
As can be seen in Chart 1 below, the U.S. dollar and
the gold price had a strong inverse correlation for 2014.
For the full year of 2014, the correlation was negative
0.72. In the last five months of the year it was negative
0.96, almost a perfect, inverse relationship with the gold
price dropping as the U.S. dollar strengthened. We
believe that this relationship will continue in the near term
as the U.S. looks to further tighten monetary policy in
2015 while the majority of the developed world continues
with more accommodative monetary policies. Over the
medium term, however, we anticipate that the U.S. dol-
lar’s relationship to the gold price will normalize as other
issues come to the forefront and the dollar’s strength
moderates.
Chart 1: U.S. Dollar vs. Gold Price
15%
10%
5%
0%
-5%
-10%
US Dollar
Gold Price
3
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Source: ASA, Bloomberg
For ASA, the value of investments domiciled in foreign
currencies has been negatively impacted by the dollar
strength. For gold mining companies, the impact has var-
ied based on currency exposure; however, the overall
implication has been negative with a lower gold price
pressuring operating margins for most gold producers.
As we conclude a third year of the current downturn, it is
becoming clearer which companies can adapt to survive
the volatility and which will continue to struggle. ASA is
focused on those companies that have demonstrated
they can manage costs and achieve reasonable growth
for the benefit of shareholders. We believe these nimble
companies, with strong leadership and good assets, will
continue to outperform peers despite the market volatility.
While the U.S. dollar may continue to influence the gold
02_79575_ASA_AR 1/21/15 3:49 PM Page 3
price in the near term, we remain long term investors
seeking investments that can not only weather this trend,
but may prosper from it.
Industry / Portfolio Trends
ASA’s team continued to visit the mining operations of
numerous companies during the last year in support of
our investment process. These trips, in combination with
meetings in our offices and at conferences, enabled the
team to generate new investment opportunities and
maintain research on its current investments.
Much of the gold mining industry is poorly structured
for profitability below a gold price of $1,300 an ounce.
During the most recent gold bull market, the industry built
a number of projects that generate little or even negative
cash flow in the current price environment. Moreover, we
anticipate that the lack of new investment capital avail-
able to the sector today will reduce the development of
new gold mining projects over the next couple of years.
With few new projects being financed and older, less
profitable projects subject to closure, we anticipate that
global gold production has peaked and a reduction in
available supply to the market over the next few years is
possible. Declining supply is one of the factors which may
contribute to the next upward move in the gold price.
ASA has continued to maintain its investments in the
gold royalty companies, such as a Franco-Nevada and
Royal Gold, as these companies could benefit in the cur-
rent price environment. A decrease in the availability of
traditional capital market sources for the financing of min-
ing projects tends to drive more business to the royalty
companies during down markets. These royalty invest-
ments have been two of the best contributors to ASA’s
relative performance during the last several years and we
anticipate this will continue in the near term.
The sustained weak gold price has adversely affected
development companies and high cost operators due to
their decreased ability to access capital markets. As
such, ASA continually attempts to position the portfolio
into companies which have the potential to grow, even at
currently depressed commodity prices. Following these
guidelines, ASA has sold shares of Silver Lake Resources,
an Australian gold producer; West Kirkland, a Canadian
junior company; and NovaCopper, a Canadian junior
company. In the present price environment, these invest-
ments no longer meet ASA’s investment goals and we
saw what we believe to be better investment opportuni-
ties elsewhere. We also reduced our investments in
Tahoe Resources and Randgold Resources during the
year. These are both high quality companies. However,
their strong relative performance resulted in too much of
the portfolio being allocated to these producers.
As mentioned in the semi-annual report, ASA
increased its investment in Torex Gold Resources, and
made new investments in Amara Mining and Primero
Mining during the year. Alamos Gold is a gold producer
with various growth opportunities that was added to the
portfolio in the second half of 2014. Alamos has one oper-
ating asset that currently generates positive cash flow
allowing the company to internally finance its develop-
ment projects. We believe the assets and defensive bal-
ance sheet of Alamos position it well in the current
environment.
ASA has also increased its holdings in diamond com-
panies in 2014. An improving economic environment,
such as the one we are witnessing here in the United
States, is historically good for diamond sales. There are
very few high quality diamond companies in the world
well positioned to benefit from the global growth of the
middle class and improved diamond prices. Stornoway
Diamond is one of these as it completes the development
of the Renard project in Quebec. ASA also added a new
investment in Petra Diamonds. Petra is a high quality pro-
ducer of diamonds with six projects in southern Africa.
Recent expansions at their two flagship projects, Cullinan
and Finsch, should significantly increase production over
the coming years enabling them to benefit from positive
industry fundamentals.
Chart 2: Regional Holdings - Country of Domicile
United
States
19.3%
South Africa
11.2%
Australia
5.0%
Liquid Net
Assets
1.7%
Bermuda
1.4%
Channel
Islands
10.8%
United
Kingdom
2.4%
Peru
3.3%
Source: ASA
Canada
45.0%
Chart 3: Investment Holdings by Sector
South
African Gold
Miners
5.3%
United
States Gold
Miners
11.2%
Australian
Gold Miners
5.0%
Liquid
assets
1.7%
Commodity
ETF
3.7%
Channel
Island Gold
Miners
10.8%
Other
Miners
6.3%
Platinum
Miners
5.9%
Diamond
Explor. &
Mining
3.4%
Source: ASA
Canadian
Gold Miners
38.0%
Latin
American
Miners
3.3%
UK Gold
Miners
0.6%
Silver
Miners
5.0%
3
02_79575_ASA_AR 1/21/15 3:49 PM Page 4
Distributions
For the fiscal year ended November 30, 2014, ASA dis-
tributed $0.04 per share compared to $0.18 per share for
the previous fiscal year. During 2014, dividend income
from investments held in the ASA portfolio declined by
50%, as an increase in mining costs combined with a
falling gold price negatively impacted operating margins
and distributable cash flow. We anticipate that the mining
industry will remain in a difficult operating and financial
environment during the coming year and do not expect
an increase in dividend income during the next twelve
months. The decline in investment income during 2014
was offset somewhat by a 9.8% decline in overall oper-
ating costs at ASA. Nevertheless, the cost savings were
insufficient to maintain the level of dividends sharehold-
ers received in the prior year. Dividend distributions are
reviewed semi-annually by the Board of Directors and
dividends, if any, are typically paid in May and November.
We appreciate the support of both the Board of
Directors and our shareholders over the past year. We
encourage shareholders to contact us with any questions
that they may have either through the company website
at www.asaltd.com or by calling us directly at 1-800-432-
3378.
David Christensen
President, Chief Executive Officer and Chief Investment
Officer
January 16, 2015
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 19 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 12, 2015 at 10:00 a.m. EST at
the offices of K&L Gates LLP, 599 Lexington Avenue,
32nd Floor, New York, New York, USA. We look forward
to your attendance.
4
02_79575_ASA_AR 1/21/15 3:49 PM Page 5
Forward-Looking Statements
This shareholder letter includes forward-looking state-
ments. 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-looking statements as predictions
of future events. Forward-looking statements are not his-
torical in nature and generally can be identified by words
such as “believe,” “anticipate,” “estimate,” “expect,”
“intend,” “should,” “may,” “will,” “seek,” or similar expres-
sions 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 Company’s performance or results
can fluctuate from month to month depending on a vari-
ety of factors, a number of which are beyond the
Company’s control and/or are difficult to predict, including
without limitation: the Company’s investment decisions,
the performance of the securities in its investment port-
folio, economic, political, market and financial factors, and
the prices of gold, platinum and other precious minerals
that may fluctuate substantially over short periods of time.
The Company may or may not revise, correct or update
the forward-looking statements as a result of new infor-
mation, 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
Company is a non-diversified fund and, as such, may
invest in fewer investments than that of a diversified port-
folio. The Company may invest in smaller-sized compa-
nies 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
fluctuations. Shares of closed-end funds frequently trade
at a discount to net asset value. All performance informa-
tion reflects past performance and is presented on a total
return 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.
5
02_79575_ASA_AR 1/21/15 3:49 PM Page 6
Certain Investment Policies and Restrictions
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 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 indi-
rectly, 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, platinum or other
precious minerals, (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 investment 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 meas-
ured 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 para-
graph, 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 pur-
chase 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
statements of assets and liabilities of ASA Gold and
Precious Metals Limited (the “Company”) including the
schedules of investments, as of November 30, 2014 and
November 30, 2013, and the related consolidated state-
ments of operations and the consolidated statements of
changes in net assets for each of the two years in the
period then ended, and the financial highlights for each
of the three years in the period then ended. These finan-
cial statements and financial highlights are the responsi-
bility of the Company’s management. Our responsibility
is to express an opinion on these financial statements
and financial highlights based on our audits. Other audi-
tors have previously audited, in accordance with the stan-
dards of the Public Company Accounting Oversight
Board, the financial highlights for each of the two years
in the period ended November 30, 2011, and in their
report, dated January 24, 2012, they expressed an
unqualified opinion on those financial highlights.
We conducted our audits 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
Company is not required to have, nor were we engaged
to perform, an audits of its 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 circum-
6
stances, 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, 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, 2014, by correspondence
with the custodian. We believe that our audits provide 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 financial position of the Company, as of
November 30, 2014 and November 30, 2013, and the
results of its operations and the changes in its net assets
for each of the two years in the period then ended, and
the financial highlights for each of the three years in the
period then ended, in conformity with accounting princi-
ples generally accepted in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 16, 2015
02_79575_ASA_AR 1/21/15 3:49 PM Page 7
Consolidated Schedules of Investments
November 30, 2014 and November 30, 2013
2014 2013
_______________________________ __________________________________
Percent Percent
Shares/ of Net Shares/ of Net
Name of Company Warrants Value Assets Warrants Value Assets
Common Shares
Gold and Silver Investments
Gold mining, exploration, development and royalty companies
Australia
Newcrest Mining Limited, (1) 1,315,000 $ 11,019,700 5.0% 1,315,000 $ 9,389,100 3.8%
Silver Lake Resources Limited, (2) — — — 3,300,000 1,397,469 0.6
11,019,700 5.0 10,786,569 4.3
Canada
Agnico Eagle Mines Limited 479,300 11,201,580 5.1 429,300 11,716,270 4.7
Alacer Gold Corp. 918,200 1,640,792 0.7 918,200 1,842,455 0.7
Alamos Gold Inc. 250,000 1,694,989 0.8 — — —
Argonaut Gold Inc., (2) 430,000 689,296 0.3 430,000 2,272,539 0.9
B2Gold Corp., (2) 1,594,338 2,597,643 1.2 994,338 2,079,539 0.8
Barrick Gold Corporation 1,400,000 16,604,765 7.5 1,400,000 23,225,624 9.3
Belo Sun Mining Corp., (2) 2,600,000 261,913 0.1 2,600,000 1,028,733 0.4
Centerra Gold Inc. 625,000 2,852,356 1.3 625,000 1,872,350 0.7
Detour Gold Corporation, (2) 250,000 1,857,043 0.8 250,000 972,680 0.4
Eldorado Gold Corporation 650,000 4,059,653 1.8 650,000 3,906,736 1.6
Franco-Nevada Corporation 225,000 11,275,622 5.1 225,000 9,031,795 3.6
Goldcorp Inc. 967,400 18,981,920 8.5 982,400 21,887,668 8.7
Kinross Gold Corporation, (1) 1,000,000 2,776,804 1.3 1,000,000 4,700,895 1.9
New Gold Inc., (2) 600,000 2,396,636 1.1 600,000 3,114,461 1.2
Primero Mining Corp, (2) 200,000 825,158 0.4 — —
Osisko Mining Corporation, (2) — — — 1,292,400 5,271,872 2.1
Torex Gold Resources Inc., (2) 2,800,000 3,163,980 1.4 2,150,000 1,924,164 0.8
Torex Gold Resources Inc. – 144A, (2)(3) 1,250,000 1,412,491 0.6 — — —
West Kirkland Mining Inc., (2)(3) — — 909,091 94,206 0.0
84,292,641 38.0 94,941,987 37.9
Channel Islands
Randgold Resources Limited – ADRs 369,600 23,905,728 10.8 397,200 28,101,900 11.2
Peru
Compañia de Minas Buenaventura S.A.A. – ADRs 799,000 7,390,750 3.3 849,000 10,018,200 4.0
South Africa
AngloGold Ashanti Limited, (1) 593,194 5,077,741 2.3 593,194 8,061,506 3.2
Gold Fields Limited 1,029,577 4,221,266 1.9 1,029,577 4,128,604 1.6
Harmony Gold Mining Company Limited, (1) 400,000 684,000 0.3 400,000 1,140,000 0.5
Sibanye Gold Limited 1,029,577 1,768,299 0.8 1,029,577 1,274,102 0.5
11,751,306 5.3 14,604,212 5.8
United Kingdom
Amara Mining plc, (2) 5,000,000 1,222,266 0.6 — — —
United States
Newmont Mining Corporation 620,368 11,414,771 5.1 620,368 15,403,737 6.2
Royal Gold, Inc. 210,000 13,372,800 6.0 210,000 9,468,900 3.8
24,787,571 11.1 24,872,637 9.9
Total gold mining, exploration, development and
royalty companies (Cost $210,413,739 – 2014,
$222,163,184 – 2013) 164,369,962 74.1 183,325,506 73.2
Silver mining, exploration and development companies
Canada
Tahoe Resources Inc., (2) 708,200 11,023,751 5.0 833,200 14,725,230 5.9
Total silver mining, exploration and development companies
(Cost $4,751,868 – 2014, $5,889,981 – 2013) 11,023,751 5.0 14,725,230 5.9
Total gold and silver investments (Cost $215,165,607 – 2014,
$228,053,165 – 2013) 175,393,713 79.1 198,050,736 79.1
7
02_79575_ASA_AR 1/21/15 3:49 PM Page 8
Consolidated Schedule of Investments (continued)
November 30, 2014 and November 30, 2013
2014 2013
_______________________________ __________________________________
Percent Percent
Shares/ of Net Shares/ of Net
Name of Company Warrants Value Assets Warrants Value Assets
Platinum and Palladium Investments
Platinum and palladium mining companies
South Africa
Anglo American Platinum Limited, (2) 220,100 $ 7,411,076 3.3% 220,100 $ 8,719,188 3.5%
Impala Platinum Holdings Limited, (1) 772,400 5,632,345 2.5 772,400 8,978,305 3.6
13,043,421 5.8 17,697,493 7.1
Exchange traded funds
ETFS Palladium Trust, (2) 70,000 5,489,400 2.5 70,000 4,911,200 2.0
ETFS Platinum Trust, (2) 22,500 2,620,575 1.2 22,500 3,003,300 1.2
8,109,975 3.7 7,914,500 3.2
Total platinum and palladium investments
(Cost $8,733,391 – 2014 & 2013) 21,153,396 9.5 25,611,993 10.2
Diamond Mining, Exploration and Development Companies
Bermuda
Petra Diamonds Limited, (2) 1,000,000 3,089,888 1.4 — — —
Canada
Stornoway Diamond Corporation – 144A, (2)(3) 7,857,200 3,578,962 1.6 — — —
Stornoway Diamond Corporation, (2) 1,639,500 746,794 0.3 1,639,500 1,189,275 0.5
4,325,756 1.9 1,189,275 0.5
Total diamond mining, exploration and development
companies (Cost $8,909,336 – 2014,
$3,928,898 – 2013) 7,415,644 3.3 1,189,275 0.5
Diversified Mineral Resources Companies
Canada
NovaCopper Inc., (2) — — — 205,861 407,262 0.2
United Kingdom
Anglo American plc 200,000 4,134,974 1.9 200,000 4,416,086 1.8
United States
Freeport-McMoRan Inc. 365,000 9,800,250 4.4 550,000 19,079,500 7.6
Total diversified mineral resources companies
(Cost $12,789,287 – 2014, $19,991,927 – 2013) 13,935,224 6.3 23,902,848 9.5
Total common shares (Cost $245,597,621 – 2014,
$260,707,381 – 2013) 217,897,977 98.2 248,754,852 99.4
Warrants
Diamond Mining, Exploration and Development Companies
Canada
Stornoway Diamond Corporation,
C$0.90 Warrants, 07/08/2016 – 144A, (2)(3) 3,928,600 189,272 0.1 — — —
Stornoway Diamond Corporation,
C$0.90 Warrants, 07/08/2016, (2) 819,750 39,494 0.0 — — —
Total warrants
(Cost $511,408 – 2014, $0 – 2013) 228,766 0.1 — —
Total investments (Cost $246,109,029 – 2014,
$260,707,381 – 2013), (4) 218,126,743 98.3 248,754,852 99.4
Cash, receivables, and other assets less liabilities 3,673,288 1.7 1,592,248 0.6
Net assets $221,800,031 100.0% $250,347,100 100.0%
(1) Non-income producing security in 2014 only.
(2) Non-income producing security.
(3) Restricted security.
(4) 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, 2014 were
$66,178,800 and $94,161,087, respectively, resulting in net unrealized depreciation on investments of ($27,982,287). Gross unrealized
appreciation of investments and gross unrealized depreciation of investments at November 30, 2013 were $76,889,441 and $88,841,970,
respectively, resulting in net unrealized depreciation on investments of ($11,952,529).
ADR – American Depository Receipt
May not total due to independent rounding.
The notes to consolidated financial statements form an integral part of these statements.
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Portfolio Statistics (unaudited)
November 30, 2014 and November 30, 2013
Geographic Breakdown* 2014 2013
Australia 5.0% 4.3%
Bermuda 1.4% —
Canada 45.0% 44.4%
Channel Islands 10.8% 11.2%
Peru 3.3% 4.0%
South Africa 11.2% 12.9%
United Kingdom 2.4% 1.8%
United States 19.3% 20.7%
Cash 1.7% 0.6%
______ ______
100.0% 100.0%
* Geographic breakdown, which is based on company domiciles, is expressed
as a percentage of total net assets including cash.
Percentage totals may not equal 100.0% due to independent rounding.
Principal Portfolio Changes in Shares for the Years Ended (unaudited)
2014 2013
November 30, 2014 and November 30, 2013 Increase Decrease Increase Decrease
Agnico Eagle Mines Limited 50,000 50,000
Alacer Cold Corp. 425,200
Alamos Gold Inc. 250,000
Amara Mining plc 5,000,000
Anglo American plc 64,800
Argonaut Gold Inc. 430,000
B2Gold Corp. (1) 600,000 994,338
Barrick Gold Corporation 150,000
Belo Sun Mining Corp. 600,000
Compañia de Minas Buenaventura S.A.A. – ADRs 50,000 60,000
CGA Mining Limited (1) 1,343,700
ETFS Palladium Trust 30,000
ETFS Platinum Trust 12,500
Freeport-McMoRan Inc. 185,000 150,000
Goldcorp Inc. 15,000 200,000
IAMGOLD Corp. 600,000
Kinross Gold Corporation 325,000
New Gold Inc. 600,000
NovaCopper Inc. 205,861
Osisko Mining Corporation 1,292,400
Petra Diamonds Limited 1,000,000
Primero Mining Corp. 200,000
Randgold Resources Limited – ADRs 27,600 47,500
Sibanye Gold Limited (2) 1,029,577
Silver Lake Resources Limited 3,300,000 1,750,000
Stornoway Diamond Corporation – 144A (3) (4) 7,857,200
Stornoway Diamond Corporation (5) 1,639,500 1,639,500
Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016 – 144A (3) (4) 3,928,600
Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016 (5) 819,750
Tahoe Resources Inc. 125,000 90,000
Torex Gold Resources Inc. 650,000 2,150,000
Torex Gold Resources Inc. – 144A (3) (6) 1,250,000
Torex Gold Resources Inc., C$1.50 Warrants, 08/05/2014 (3) (6) 625,000 625,000
West Kirkland Gold Mining Inc. (3) 909,091
(1) B2Gold Corp. acquired CGA Mining Limited February 6, 2013 for 0.74 B2Gold share per 1 CGA Mining Limited share.
(2) Position received as a result of reorganization.
(3) Restricted security.
(4) On May 14, 2014 ASA purchased 7,857,200 Stornoway Diamond Corporation Subscription Receipts – 144A. Each receipt consisted of 1 share of
Stornoway Diamond Corporation – 144A and 0.5 Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016 – 144A. The receipts were split into
their individual pieces on July 8, 2014.
(5) On June 25, 2014 ASA purchased 1,639,500 Stornoway Diamond Corporation Subscription Receipts. Each receipt consisted of 1 share of Stornoway
Diamond Corporation and 0.5 Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016. The receipts were split into their individual pieces on
July 8, 2014.
(6) On January 22, 2014 ASA purchased 1,250,000 Torex Gold Resources Inc. Units – 144A. Each unit consisted of 1 share of Torex Gold Resources
Inc. – 144A and 0.5 Torex Gold Resources Inc., C$1.50 Warrants, 08/05/2014 – 144A. The units were split into their individual pieces on February 18,
2014.
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Consolidated Statements of Assets and Liabilities
November 30, 2014 and 2013
2014 2013
Assets
Investments, at value
Cost $246,109,029 in 2014
$260,707,381 in 2013
$248,754,852
Cash & cash equivalents 4,934,388 3,030,644
Dividends receivable, net of withholding tax payable 98,880 132,051
Due from third party — 62,000
Other assets 173,214 162,571
$218,126,743
Total assets
Liabilities
$223,333,225
$ 252,142,118
Accrued affiliate expenses
$ 826,409
Accounts payable and accrued liabilities 174,828 355,029
Liability for retirement benefits due to current and future retired directors 584,806 613,580
$ 773,560
Total liabilities
Net assets
Common shares $1 par value
$ 1,533,194
$221,800,031
$ 1,795,018
$250,347,100
Authorized: 40,000,000 shares
Issued and Outstanding: 19,289,905 shares
$ 19,289,905
Share premium (capital surplus) 1,372,500 1,372,500
Undistributed net investment income (loss) 15,051,370 17,281,605
Undistributed net realized gain (loss) from investments 326,529,183 335,795,742
Undistributed net realized gain (loss) from foreign currency transactions (112,460,640) (111,440,123)
Net unrealized appreciation (depreciation) on investments (27,982,287) (11,952,529)
$ 19,289,905
Net assets
Net asset value per share
$221,800,031
$ 11.50
$250,347,100
$ 12.98
The closing price of the Company’s shares on the New York Stock Exchange was $10.74 and $12.78 on November 30, 2014 and 2013, respectively.
The notes to consolidated financial statements form an integral part of these statements.
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Consolidated Statements of Operations
For the years ended November 30, 2014 and 2013
2014 2013
Investment income
Dividend income (net of foreign withholding taxes of $689,977 and $1,367,692
respectively, and ADR fees of $7,944 and $28,619, respectively)
$ 4,446,183
Interest income 4,853 5,602
$ 2,205,818
Total investment income
Expenses
2,210,671
4,451,785
Shareholder reports and proxy expenses 109,690 128,449
Directors’ fees and expenses 257,645 265,643
Retired directors’ fees 90,000 90,000
Investment research 993,131 876,044
Administration and operations 1,295,053 1,456,800
Fund accounting 168,076 160,826
Transfer agent, registrar and custodian 97,476 163,972
Legal fees 449,848 673,479
Audit fees 53,000 57,000
Professional fees – other 3,000 3,000
Insurance 154,063 143,589
Dues and listing fees 25,000 25,000
Adviser operating expenses — 53,193
Other 2,102 2,673
Total expenses 3,698,084 4,099,668
(18,846)
Less – reduction in retirement benefits due to directors
(28,774)
Net expenses
Net investment income (loss)
3,669,310
(1,458,639)
4,080,822
370,963
Net realized and unrealized gain (loss) from investments and foreign currency transactions
Net realized gain (loss) from investments
Proceeds from sales 23,442,845 23,043,920
Cost of securities sold 32,709,404 30,450,649
Net realized gain (loss) from investments
(9,266,559)
(7,406,729)
Net realized gain (loss) from foreign currency transactions
Investments (1,019,635) (305,502)
Foreign currency (882) 5,339
Net realized gain (loss) from foreign currency transactions
(1,020,517)
(300,163)
Net increase (decrease) in unrealized appreciation (depreciation) on investments
Balance, beginning of period (11,952,529) 193,385,010
Balance, end of period (27,982,287) (11,952,529)
Net increase (decrease) in unrealized appreciation (depreciation) on investments
(16,029,758)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency
—
Net realized and unrealized gain (loss) from investments and foreign currency transactions
(26,316,834)
(205,337,539)
98
(213,044,333)
Net increase (decrease) in net assets resulting from operations
$(27,775,473)
$(212,673,370)
The notes to consolidated financial statements form an integral part of these statements.
11
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Consolidated Statements of Changes in Net Assets
For the years ended November 30, 2014 and 2013
2014 2013
Net investment income (loss)
$ 370,963
Net realized gain (loss) from investments (9,266,559) (7,406,729)
Net realized gain (loss) from foreign currency transactions (1,020,517) (300,163)
Net increase (decrease) in unrealized appreciation (depreciation) on investments (16,029,758) (205,337,539)
98
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency
$ (1,458,639)
—
Net increase (decrease) in net assets resulting from operations
(27,775,473)
(212,673,370)
Dividends paid/payable
From net investment income
(771,596)
(3,472,183)
Net increase (decrease) in net assets (28,547,069) (216,145,553)
466,492,653
Net assets, beginning of period
250,347,100
Net assets, end of period (including undistributed net investment income of
$15,051,370 in 2014 and $17,281,605 in 2013)
$221,800,031
$250,347,100
The notes to consolidated financial statements form an integral part of these statements.
12
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Notes to Consolidated Financial Statements
Years ended November 30, 2014 and 2013
1. Organization
These consolidated financial statements include ASA Gold and Precious Metals Limited (the “Company”), and its
former wholly owned subsidiary, ASA Gold and Precious Metals Advisers, LLC (the “Adviser”). The Company is a
closed-end investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”),
and was organized as an exempted limited liability company under the laws of Bermuda. The Company’s former sub-
sidiary, ASA Gold and Precious Metals Advisers LLC, was discontinued on September 23, 2013 as an investment
adviser in the state of California and as a limited liability corporation under the laws of the state 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 val-
uation 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 secu-
rities; 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 in U.S. markets, 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, 2014 and November 30, 2013, the Company held investments in restricted securities of 2.34% and
0.04% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of
Directors as follows:
Restricted Securities
November 30, 2014
Shares/ Value
Warrants Cost Issuer Per Unit Value Acquisition Date
________ _________ ____________________________ _______ _________ ______________
7,857,200 $4,641,822 Stornoway Diamond Corp – 144A $0.46 $3,578,962 07/08/2014
3,928,600 415,686 Stornoway Diamond Corp, C$0.90
Warrants, 7/08/2016 – 144A 0.05 189,272 07/08/2014
1,250,000 1,351,000 Torex Gold Resources, Inc. – 144A 1.13 1,412,491 01/22/2014
Restricted Securities
November 30, 2013
Value
Shares Cost Issuer Per Unit Value Acquisition Date
________ _________ ____________________________ _______ _________ ______________
909,091 $1,008,370 West Kirkland Mining, Inc. $0.10 $ 94,206 11/22/2011
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 hier-
archy 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)
13
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2014 and 2013
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.
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
investing in those securities.
The following is a summary of the inputs used as of November 30, 2014 and November 30, 2013 in valuing the
Company’s investments at fair value:
Investment in Securities
Measurements at November 30, 2014
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and Silver Investments
Gold mining, exploration, development
and royalty companies $140,186,466 $24,183,496 $ — $164,369,962
Silver mining, exploration and
development companies 11,023,751 — — 11,023,751
Platinum and Palladium Investments
Platinum and palladium mining companies 13,043,421 — — 13,043,421
Exchange traded funds 8,109,975 — — 8,109,975
Diamond Mining, Exploration and
Development Companies 3,836,682 3,578,962 — 7,415,644
Diversified Mineral Resources Companies 9,800,250 4,134,974 — 13,935,224
___________ ___________ ___________ ___________
Total Common Shares 186,000,545 31,897,432 — 217,897,977
Warrants
Diamond Mining, Exploration and
Development Companies 39,494 189,272 — 228,766
___________ ___________ ___________ ___________
Total Investments $186,040,038 $32,086,704 $ — $218,126,743
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Transfers into and out of levels are recognized at the end of the period. There were no transfers into and out of Levels
1, 2, and 3 at November 30, 2014.
(1) See consolidated schedules of investments for country classifications.
May not total due to independent rounding.
Investment in Securities
Measurements at November 30, 2013
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and Silver Investments
Gold mining, exploration, development
and royalty companies $159,237,988 $24,087,518 $ — $183,325,506
Silver mining, exploration and
development companies 14,725,230 — — 14,725,230
Platinum and Palladium Investments
Platinum and palladium mining companies 17,697,493 — — 17,697,493
Exchange traded funds 7,914,500 — — 7,914,500
Diamond Mining, Exploration and
Development Companies 1,189,275 — — 1,189,275
Diversified Mineral Resources Companies 19,486,762 4,416,086 — 23,902,848
___________ ___________ ___________ ___________
Total Investments $220,251,247 $28,503,605 $ — $248,754,852
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2014 and 2013
Transfers into and out of levels are recognized at the end of the period. There were transfers into and out of Levels 1
and 2, and no transfers into and out of Level 3 at November 30, 2013.
Transfers Transfers Transfers Transfers
into Level 1 out of Level 1 into Level 2 out of Level 2
__________ ____________ __________ ____________
Newcrest Mining Limited $ — $(9,389,100) $9,389,100 $ —
__________ ___________ __________ __________
Total $ — $(9,389,100) $9,389,100 $ —
__________ ___________ __________ __________
__________ ___________ __________ __________
(1) See consolidated schedules of investments for country classifications.
May not total due to independent rounding.
D. 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, 2014 and 2013 consisted of overnight deposit of excess funds in a commercial paper sweep instru-
ment issued by JPMorgan Chase & Co.
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 secu-
rities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the
respective dates of such transactions. The Company separately report the effect of changes in foreign exchange rates
from changes in market prices of securities held. The resulting net foreign currency gain or loss is included on the
Consolidated Statements of Operations. Realized foreign currency gains or losses arise from sales of foreign curren-
cies, currency gains or losses realized between the trade and settlement dates on securities transactions, fluctuation
in exchange rates between the initial purchase date and subsequent sale date on securities transactions, and the dif-
ference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Company’s books
and the U.S. dollar equivalent of the amounts actually received or paid.
F. Securities Transactions and Investment Income
During the year ended November 30, 2014, sales and purchases of portfolio securities (other than temporary short-
term investments) amounted to $23,442,845 and $19,130,693, respectively. During the year ended November 30,
2013, sales and purchases of portfolio securities (other than temporary short-term investments) amounted to
$23,043,920 and $25,714,403, respectively.
Dividend income is recorded on the ex-dividend date, net of withholding taxes or ADR fees, 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 consolidated 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 (2011 – 2014). As of November 30, 2014 and November 30, 2013, 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 a passive foreign investment company (PFIC) and 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 account; under the U.S. federal tax law that activity does not constitute a trade or business
15
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2014 and 2013
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.
On September 23, 2013, ASA Gold and Precious Metals Advisers, LLC was discontinued as an investment adviser in
the state of California. The Adviser filed its final federal and state tax returns on November 22, 2013.
4. Exemptive order
The Company is a closed-end investment company and operates pursuant to an exemptive order issued by the SEC
pursuant to Section 7(d) of the 1940 Act (the “Order”). The Order was originally conditioned upon, among other
things, the Company complying with certain requirements relating to the custody of assets and settlement of securities
transactions outside of the United States different than those required of other registered investment companies.
These conditions made it more difficult for the Company to implement a flexible investment strategy
and to fully achieve its desired portfolio diversification than if it were not subject to such requirements. On June 18,
2013, the SEC issued an order that amended certain conditions contained in the Company’s then-existing
exemptive order, most notably, the Company’s ability to hold assets and settle trades in Canada, Australia, the
United Kingdom, the United States, South Africa and Hong Kong (text of relief granted is available at:
http://www.sec.gov/Archives/edgar/data/1230869/999999999713009907/filename1.pdf).
5. Retirement plans
The Company has recorded a liability for retirement benefits due to retired directors and one current director upon retire-
ment. The liability for these benefits at November 30, 2014 and November 30, 2013 was $584,806 and $613,580, 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.
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 companies 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 as risk related to investing in foreign securities, including political, economic, regulatory, liquidity, currency fluctuation,
and foreign 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 involved 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 indemnification provi-
sions. The Company’s maximum exposure under these arrangements is unknown.
8. Investment adviser subsidiary
On July 23, 2010, the SEC granted the Company no-action relief to organize a wholly-owned investment adviser sub-
sidiary. In reliance on such relief, the Company established the Adviser as a Delaware limited liability company on
December 8, 2010.
The Company incurred allocated expenses of $0 and $53,193, respectively, for the administration and operations of
the Adviser during the years ended November 30, 2014 and November 30, 2013, which are reflected in “Advisors
operating expenses” on the Consolidated Statements of Operations.
On September 23, 2013, the Adviser filed Form ADV-W with the SEC to request termination as a state-registered
investment adviser. During the fourth quarter of 2013, certificates of cancellation were filed with the State of Delaware
and the State of California.
9. Compensation matters
For the years ended November 30, 2014 and November 30, 2013, the aggregate remuneration paid to the Company’s
officers was $1,634,728 and $1,344,195, respectively. Remuneration paid to officers during the year ended November
30, 2014 increased relative to the same period in 2013 due to the promotion of an employee from non-officer to officer.
In addition, $678,100 and $712,558, respectively was accrued for bonuses to the Company’s officers and employees.
The accrued bonuses are reflected in the “Accrued affiliated expenses” on the Consolidated Statements of Assets and
Liabilities. The aggregate remuneration paid to the Company’s directors was $216,000 and $225,000, respectively.
16
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2014 and 2013
10. Operating lease commitment
In November 2012, the Company entered into a five-year operating lease agreement in San Mateo, CA for approxi-
mately 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 $408,192 as of November 30, 2014. 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:
12/1/14 – 11/30/15 $121,559
12/1/15 – 11/30/16 125,206
12/1/16 – 11/30/17 128.953
12/1/17 – 2/28/18 32,474
________
Total $408,192
________
________
11. Share repurchase
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.
The Company had 19,289,905 shares outstanding as of November 30, 2014 and November 30, 2013. There were no
repurchases during the years ended November 30, 2014 and 2013.
12. Legal proceedings
On September 30, 2013, Firsthand Technology Value Fund, Inc. (“Plaintiff”) filed a lawsuit in California Superior Court
against the Company and one of its then-independent directors Phillip Goldstein (“Co-Defendant”). Plaintiff alleged,
among other things, intentional interference with contractual relations and unfair competition in violation of the California
Business and Professions Code. On November 19, 2013, pursuant to its indemnification policy for directors and offi-
cers, the Company entered into an agreement to advance legal defense costs to its Co-Defendant. The Company
filed a claim with its insurance carrier for coverage of related legal expenses and costs for the Company and its Co-
Defendant. The insurance carrier reimbursed a portion of the amounts claimed before the end of fiscal year 2014.
Plaintiff dismissed the Company from the lawsuit on April 14, 2014 (and subsequently dismissed the Co-Defendant).
The Company did not enter into any settlement with the Plaintiff in exchange for its dismissal.
13. New accounting pronouncements
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)
No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in the
ASU enhance disclosures about offsetting of financial assets and liabilities to enable investors to understand the effect
of these arrangements on a fund’s financial position. In January 2013, FASB issued ASU No. 2013-01, Balance Sheet
(Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments in ASU No.
2013-01 clarify the intended scope of disclosures required by ASU No. 2011-11. These ASUs are effective for interim
and annual reporting periods beginning on or after January 1, 2013. The adoption of these ASUs has not had a material
impact on the Company’s consolidated financial statements.
14. Subsequent events
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.
The Company believes that there are no material events that would require disclosure.
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02_79575_ASA_AR 1/21/15 3:49 PM Page 18
Financial Highlights
Year ended November 30
2014 2013 2012 2011 2010
Per share operating performance (1)
Net asset value, beginning of year $ 12.98 $ 24.18 $ 32.46 $ 34.45 $ 29.85
Net investment income (loss) (0.08) 0.02 0.09 0.11 (0.01)
Net realized gain (loss) from investments (0.48) (0.38) 2.06 1.17 2.17
Net realized gain (loss) from foreign currency transactions (0.05) (0.02) (0.15) — (0.04)
Net increase (decrease) in unrealized appreciation
on investments (0.83) (10.64) (9.90) (2.93) 2.82
Net unrealized gain (loss) on translation of
assets and liabilities in foreign currency — — — — —
Net increase (decrease) in net assets resulting
from operations (1.44) (11.02) (7.90) (1.65) 4.94
Dividends
From net investment income (0.04) (0.18) (0.09) (0.18) (0.02)
From net realized gain on investments — — (0.29) (0.18) (0.32)
Capital share transaction:
Effect of tender offer / share repurchase — — — 0.02 —
Net asset value, end of year $ 11.50 $ 12.98 $ 24.18 $ 32.46 $ 34.45
Market value, end of year $ 10.74 $ 12.78 $ 22.00 $ 28.85 $ 33.87
Total investment return
Based on market price (2) (15.69%) (41.07%) (22.43%) (13.73%) 29.09%
Based on net asset value (3) (11.11%) (45.56%) (24.20%) (4.57%) 16.61%
Ratio to average net assets
Expenses (4) 1.37% 1.21% 0.78% 0.60% 0.89%
Net investment income (loss) (0.54%) 0.11% 0.33% 0.31% (0.03%)
Supplemental data
Net assets, end of year (000 omitted) $221,800 $250,347 $466,493 $626,080 $669,633
Portfolio turnover rate 7% 7% 11% 6% 10%
Shares outstanding (000 omitted) 19,290 19,290 19,290 19,290 19,440
(1) Per share amounts from operations have been calculated using the average shares method.
(2) 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.
(3) 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.
(4) “Adviser operating expenses” impacted the expense ratio by 0.02% and 0.04% during fiscal years 2013 and 2012, respectively.
The notes to consolidated financial statements form an integral part of these statements.
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Certain Tax Information for U.S. Shareholders
The Company is a “passive foreign investment com-
pany” (“PFIC”) for United States federal income tax pur-
poses. In view of this, United States investors holding
shares in taxable accounts are strongly urged to review
the important tax information regarding the conse-
quences of an investment in the common shares of the
Company, which may be found at www.asaltd.com under
“Investor Information | Tax Information - PFIC”. Due to
the complexity and potentially adverse effect of the
applicable tax rules, 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, and any
additional informational filing requirements.
Dividend Reinvestment and Direct Stock Purchase Plan
Trust
Company,
Computershare
form or by going
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
to
www.computershare.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
participant 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.
the
For
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 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 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 Computershare 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 Plan 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 Plan may
be obtained
from Computershare, P.O. Box
30170, College Station, TX 77842-3170. Information
may also be obtained on
Internet at
or by calling
www.computershare.com/investor
Computershare’s Telephone Response Center at (800)
317-4445 between 9:00 a.m. and 5:00 p.m., Eastern
time, Monday through Friday.
the
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02_79575_ASA_AR 1/21/15 3:49 PM Page 20
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.
20
02_79575_ASA_AR 1/21/15 3:49 PM Page 21
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 13, 2014:
Election of Directors
For Against Abstain
David Christensen 9,141,224 208,707 63,344
Gary Glynn 9,227,564 121,306 64,405
Bruce Hansen 9,235,568 111,652 66,055
Mary Joan Hoene 9,225,670 123,120 64,485
Robert Pilkington 9,160,180 190,631 62,463
Appointment of Independent Registered Public Accounting Firm
For Against Abstain
Tait, Weller & Baker LLP 15,838,807 141,883 118,494
Form N-PX/Proxy Voting
The company files a list of its proxy votes with the SEC for the period of July 1 – June 30 of each year on Form N-
PX. 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 most recent
twelve month period 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/Portfolio Holdings
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 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.
There were no repurchases during the fiscal year ended November 30, 2014 or November 30, 2013. The Company
had 19,289,905 shares outstanding on November 30, 2014.
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02_79575_ASA_AR 1/21/15 3:49 PM Page 22
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 (52)
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 Directorships held by Director: Director of Denver
Gold Group (non-profit industry association)
Independent Directors
Gary Glynn (68)
Position held with the Company: Chairman (non-executive)
since 2014. Director since 2013
Principal occupations during past 5 years: President and
Chief Investment Officer of U.S. Steel and Carnegie Pension
Fund, 1985-2011.
Other Directorships held by Director: Director of Taiwan
Opportunities Fund Ltd. since 2012; Director of Trustee of
Steelworkers Pension Trust from 2009-2011.
Robert Pilkington (69)
Position held with the Company: Deputy Chairman (non-
executive) since 2014. Director since 2004 (ASA Limited
South Africa from 1979 to 2004)
Principal occupations during past 5 years: Investment
Banker and Senior Advisor 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) from 1996 - 2014.
Other Officers
Deborah Djeu (52)
Position held with the Company: Chief Compliance Officer,
Chief Legal Officer, and Secretary since September 2012
Principal occupations during past 5 years: Chief Compliance
Officer – Mutual Funds and Risk Management Committee
Chair for Genworth Financial Wealth Management, Inc. from
2008 – 2012.
Sara Heston (35)
Position held with the Company: Vice President Investments
since December 2013; Analyst from January 2010 to
December 2013
Principal occupations during past 5 years: Analyst for White
River Investment Partners from 2006 through 2009.
* By reason of being an Officer of the Company
22
Bruce Hansen (57)
Position held with the Company: Director since 2014
Principal occupations during past 5 years: Chief Executive
Officer, General Moly, Inc. since 2007; Various executive
positions with Newmont Mining Corporation, including Senior
Vice President and Chief Financial Officer, 1997 to 2006.
Other Directorships held by Director: Director of Energy Fuels
Inc. since 2006; Director of General Moly Inc. since 2007;
Director and past Chairman (2011) of the Nevada Mining
Association (a non-profit industry association) since 2010.
Mary Joan Hoene, (65)
Position held with the Company: Director since 2014
Principal occupations during past 5 years: Counsel, Carter
Ledyard & Milburn LLP since 2010; Counsel, Corporate
Department, Sonnenschein Nath & Rosenthal LLP (now
SNR Dentons), 2009-2010; Senior Vice President,
Independent Chief Compliance Officer, Columbia Funds,
Liberty All-Star Funds, Galaxy Funds, BACAP Registered
Hedge Fund and Columbia Multi-Strategy Hedge Fund
(Bank of America Corporation), 2004 – 2007.
Other Directorships held by Director: None
David Lin (36)
Position held with the Company: Principal Financial
Officer and Controller since September 2014
Other principal occupations during past 5 years: Director
of Finance from 2012 to 2014 and Controller from 2008 to
2012 for White Oak Global Advisors, LLC; Chief Financial
Officer for White Oak Merchant Partners, LLC from 2010
to 2014.
02_79575_ASA_AR 1/21/15 3:49 PM Page 23
Other Information
Executive Office and 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
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.
Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 30170, College Station, TX, 77842-3170
(800) 317-4445
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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ASA Gold and Precious Metals Limited
Annual Report and Consolidated Financial Statements
November 2014
79575Cover_ASA_ARv1.indd 2-3
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