ASA Gold and Precious Metals Limited
Annual Report and Financial Statements
November 2015
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02_83340_ASA_AR 1/20/16 10:19 PM Page 1
ASA Gold and Precious Metals Limited
Annual Report and
Financial Statements
November 30, 2015
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
Schedules of investments 7
Portfolio statistics 9
Principal portfolio changes 9
Statements of assets and liabilities 10
Statements of operations 11
Statements of changes in net assets 12
Notes to 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
1
02_83340_ASA_AR 1/20/16 10:19 PM Page 2
Letter to Shareholders
Over the last year, the improving U.S. economic out-
look combined with broad economic weakness else-
where in the world significantly strengthened the U.S.
dollar, while weakening the demand for gold. This com-
bination of drivers negatively affected the gold price,
which declined 10.2% during the fiscal year ended
November 30, 2015. Gold was not the only commodity
that suffered from a weak price environment; copper,
coal, iron ore, nickel and oil all witnessed multi-year lows
in 2015.
Falling metals prices negatively impacted the perform-
ance of mining company shares during the last year. For
the fiscal year ended November 30, 2015, ASA Gold and
Precious Metals Limited (“ASA” or the “Company”)
reported a total return of negative 27.2% based on its
net asset value (“NAV”), including reinvested dividends,
compared with a total return of negative 21.3% for the
FTSE Gold Mines Total Return Index (the “FTGMI”).
ASA’s diversified portfolio, as compared to that of the
FTGMI, negatively affected the performance of the
Company as diversified, non-gold mining companies
generally underperformed gold mining companies.
At fiscal year-end, total net assets of ASA were $160.7
million, 27.5% lower than a year earlier due to a decline
in the value of its investments. Income generated by div-
idends from portfolio investments declined by 24.9% dur-
ing 2015 due to lower commodity prices and reduced
profitability in the mining industry. We expect investment
income to decline further during 2016. Even with a rise
in prices, we believe the industry will take time to recover
from the current environment before we would expect
distributions from our portfolio companies to increase.
Despite reductions in the Company’s operating costs
during the past fiscal year, lower net assets have
resulted in ASA’s average expense ratio rising from 1.4%
during 2014 to 1.6% during 2015.
The discount at which ASA’s shares traded in the mar-
ket increased from 6.6% at the beginning of the fiscal
year to 14.1% at year-end. The total return for the fiscal
year, based on ASA’s share price, was a negative 33.0%,
including reinvested dividends.
The Board of Directors (the “Board”) monitors the
Company’s share price and discount to NAV on an
ongoing basis and has, in the past, authorized tender
offers and adopted a Share Repurchase Program. In
addition, the Company has engaged in marketing activ-
ities to increase investor awareness and understanding
of the Company. The Board believes that these efforts
may help keep the Company’s discount narrow in the
short term. Recently, there has been a widening of the
discount at which the Company’s shares trade. The
Board believes that these discount levels are consistent
with and reflective of the decline in gold and falling
investor confidence in the overall sector, including gold-
oriented investment companies.
At present, the Board does not believe that either a ten-
der offer or share repurchases would materially benefit
shareholders, or accomplish a meaningful narrowing of
2
the discount at which ASA’s shares are trading in the mar-
ket. The Company would have to sell depressed portfolio
securities to raise cash for such actions, the expense ratio
would likely increase as assets diminish, and overall share
liquidity could be adversely affected due to the lower mar-
ket float. On the other hand, current market conditions
offer investment opportunities for the Com pany because
of the depressed values of the securities in which ASA
invests. The Board believes that the best course for the
Company is for management to focus on the investment
program. The Board will continue to evaluate the discount,
market conditions and possible options for the Company,
including tender offers and share repurchases.
The Fed Acts
For the last couple of years, the U.S. dollar gold price
has been under pressure as economic conditions in the
U.S. have improved and speculation mounted as to when
the U.S. Federal Reserve (the “Fed”) would increase
interest rates for the first time in over nine years. Fear
that rising interest rates would drive the value of the U.S.
dollar higher, and thus put pressure on gold, has caused
much of the volatility in the gold price through 2015 and,
more recently, contributed to the sell off prior to the inter-
est rate increase. In the past 35 years, the U.S. has
experienced five interest rate increases and gold has
performed differently during each period. In three of these
periods gold traded relatively flat; in one it was up sig-
nificantly; and in the other down significantly. We believe
that no clear correlation between a rising Fed funds rate
and the gold price can be drawn, suggesting that the mar-
ket’s recent concern regarding the implication of rising
interest rates may be misguided. Based on this historical
observation, we believe gold stands an equal chance to
be up as well as down during the current period as it will
once again be influenced by many factors, such as
investor diversification, sovereign reserves and the
strength of the U.S. dollar. We believe that investors have
now largely discounted the increase in interest rates and
with outflows of gold from the ETF products slowing,
commercial long gold positions near all-time lows, and
net short positions at high levels, the potential for stabi-
lization in the gold price has increased.
Table 1: U.S. Federal Fund Rates Increases
Time Period
Beginning and
Ending Fed Rate
Change in
Gold Price
1983 – 1984
8.50% – 11.75%
1986 – 1989
1994 – 1995
1999 – 2000
2004 – 2006
5.88% – 9.75%
3.00% – 6.00%
4.75% – 6.50%
1.25% – 5.25%
Source: ASA, Bloomberg
-19%
-1%
-3%
5%
49%
02_83340_ASA_AR 1/20/16 10:19 PM Page 3
The U.S. dollar strengthened throughout 2015. While
the dollar remains one of the key factors that could influ-
ence the gold price in 2016, its impact on ASA’s portfolio
is mixed. Gold tends to be negatively correlated with the
U.S. dollar, meaning a rising U.S. dollar may result in a
decrease in the gold price. Many of ASA’s investments,
however, are domiciled outside the United States and
have operations denominated in other currencies. As
the value of the U.S. dollar rises, the revenue generated
by these companies’ increases as the gold price rises
in local currency terms. This provides a built in hedge
that helps protect these operators when this occurs.
Newcrest Mining Ltd., an Australian listed company with
significant exposure to the Australian dollar, saw oper-
ating margins improve from 31% in its fiscal year 2014
to 36% in fiscal year 2015 despite a drop in the U.S. dol-
lar gold price. Almost all of this can be attributed to
favorable foreign exchange movements. As a result,
Newcrest’s share price outperformed the FTGMI over
the same time period.
ASA’s portfolio is globally diversified with investment
exposure to numerous currencies. We believe that this
approach helps to mitigate risk on many levels and plays
an important role in the Company’s investment strategy.
Chart 1: Gold Price by Currency
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
4
1
-
v
o
N
ZAR
AUD
CAD
USD
4
1
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D
5
1
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5
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A
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Source: ASA, Bloomberg
Industry / Portfolio Trends
The mining industry is in a difficult position after four
years of falling metal prices. Producers added signifi-
cant levels of debt to their balance sheets in recent
years for acquisitions and to develop projects which,
after the decline in metal prices, have marginal econom-
ics. Now, to reduce their debt burdens, many of these
producers are forced to sell assets at reduced valua-
tions. The upside to this scenario is that the mining
industry is becoming healthier and should perform bet-
ter as prices stabilize and eventually improve. ASA con-
tinues to thoroughly evaluate every mining investment,
taking into account asset quality, balance sheet health
and operating strategy, which we believe carries even
more importance in this stressed environment.
Throughout fiscal 2015, ASA increased its allocation to
gold developers due to the potential for greater upside
relative to producer peers. We believe developers offer
the ability to generate significant shareholder value as
they move into commercial production and begin to gen-
erate positive cash flow. In gold development companies
we look for high quality assets, projects that are fully
financed, good management teams and assets that may
be attractive to potential acquirers. During the first half of
fiscal 2015 we added positions in Asanko Gold Inc.,
Guyana Goldfields Inc. and Romarco Minerals Inc. In
October 2015, Romarco was acquired by OceanaGold
Corporation, a mid-tier gold producer. In the second half
we added a new position in gold developer TMAC
Resources Inc. and continued to add to our positions in
Asanko and Guyana at attractive prices. A number of our
gold development companies are expected to begin pro-
ducing gold and generating positive cash flow in the next
twelve months, which we view as an important milestone
and positive catalyst to generating shareholder returns.
In August 2015, ASA exited two investments due, in
part, to their inability to generate positive shareholder
returns in a depressed commodity environment. The
sharp decline in the gold price in late July made many of
the assets of Harmony Gold Mining Company Ltd.
unprofitable. At the same time, they announced the retire-
ment of their CEO, leading to concerns regarding the
leadership of the company. The combination of these two
events caused us to reconsider our investment. Similarly,
the sale of our position in Anglo American plc was due to
what we saw as its poor corporate structure in a weak
commodity environment. Slowing growth in China cou-
pled with global economic weakness, led to tumbling
prices in base metals. As a result, Anglo American’s bal-
ance sheet became pressured, potentially forcing the
company to consider some difficult actions, such as pos-
sible core asset sales.
In line with a trend witnessed in recent years, ASA’s
investments in South African mining securities continued
to decline during 2015 to 7.7% of net assets from 11.2%
at the end of fiscal 2014. This is largely due to sales in
and performance of Anglo American Platinum Ltd. and
Impala Platinum Holdings Ltd. We believe structural
issues within the South African platinum mining industry
may have deteriorated to the point that further investment
in this sector has become unsustainable. The Company’s
exit from Harmony and the underperformance of some
investments domiciled in South Africa also contributed to
the decrease in the Company’s exposure to South Africa.
The Company’s investments in Canadian domiciled
gold companies continued to increase and represented
52% of net assets at fiscal year-end 2015 vs. 45% at fis-
cal year-end 2014. This is a result of relative performance
as well as the additional investments in developers that
we discussed previously.
ASA’s investments in the diamond mining industry
increased again during fiscal year 2015 to 4.6% of net
assets from 3.4% at the end of fiscal year 2014. A new
investment in Dominion Diamond Corporation and the
3
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 Tuesday, March 15, 2016 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.
02_83340_ASA_AR 1/20/16 10:19 PM Page 4
outperformance of Stornoway Diamond Corporation
accounted for the increased allocation to this sector.
While diamond prices have been weak recently due to
the slowing economy in China and excess inventories
of polished diamonds, we remain optimistic regarding
the outlook over the medium to long term.
Chart 2: Regional Holdings by Country of Domicile
United States
18.5%
South Africa
7.7%
Australia
6.1%
Liquid Net
Assets
0.9%
Bermuda
0.6%
Channel Islands
11.2%
United Kingdom
0.6%
Peru
2.4%
As of fiscal year-end 2015
Source: ASA
Canada
52.1%
Chart 3: Investment Holdings by Sector
South African
Gold Miners
5.7%
Canadian Gold
Miners
44.2%
United States
Gold Miners
12.7%
Australian
Gold Miners
6.1%
Liquid assets
0.9%
Commodity ETF
3.4%
Channel Island
Gold Miners 11.2%
Latin
American
Miners
2.4%
UK Gold
Miners 0.6%
Silver Miners 3.9%
Diamond Explor.
& Mining 4.6%
Other Miners
1.6%
Platinum
Miners
2.8%
As of fiscal year-end 2015
Source: ASA
We appreciate the support of both the Board and our
shareholders over the past year. We encourage share-
holders to contact us with any questions that they may
have either via 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 19, 2016
4
02_83340_ASA_AR 1/20/16 10:19 PM Page 5
Forward-Looking Statements
This shareholder letter includes forward-looking state-
ments, which involve known and unknown risks, uncer-
tainties and other factors that may cause the actual
results, levels of activity, performance or achievements
of the Company, or industry results, to be materially dif-
ferent from any future results, levels of activity, perform-
ance or achievements expressed or implied by such
forward-looking statements. The Company’s actual per-
formance or results may differ from its beliefs, expecta-
tions, 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 historical in nature
and generally can be identified by words such as
“believe,” “anticipate,” “estimate,” “expect,” “intend,”
“should,” “may,” “will,” “seek,” or similar expressions or
their negative forms, or by references to strategy, plans,
goals or intentions. The absence of these words or refer-
ences does not mean that the statements are not for-
ward-looking. The Company’s performance or results can
fluctuate from month to month depending on a variety of
factors, a number of which are beyond the Company’s
control and/or are difficult to predict, including without lim-
itation: the Company’s investment decisions, the perform-
ance of the securities in its investment portfolio,
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 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
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_83340_ASA_AR 1/20/16 10:19 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 pol-
icy (i.e., a policy that may be changed only by share-
holder 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 process-
ing 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, plat-
inum 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. Com pli ance with the per-
centage 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. Govern -
ment, 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 statements of
assets and liabilities of ASA Gold and Precious Metals
Limited (the “Company”) including the schedules of
investments, as of November 30, 2015 and November 30,
2014, and the related statements of operations and the
statements of changes in net assets for each of the two
years in the period then ended, and the financial high-
lights for each of the four years in the period then ended.
These financial statements and financial 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 audits.
Other auditors have previously audited, in accordance
with the standards of the Public Company Accounting
Oversight Board, the financial highlights for the year
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 audit 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-
stances, but not for the purpose of expressing an opinion
6
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 eval-
uating the overall financial statement presentation. Our pro-
cedures included confirmation of securities owned as of
November 30, 2015, 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 high-
lights referred to above present fairly, in all material
respects, the financial position of the Company, as of
November 30, 2015 and November 30, 2014, 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 four years in the period
then ended, in conformity with accounting principles gener-
ally accepted in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 19, 2016
02_83340_ASA_AR 1/20/16 10:19 PM Page 7
Schedules of Investments
November 30, 2015 and November 30, 2014
2015 2014
_______________________________ __________________________________
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) 1,215,000
$ 9,732,150 6.1% 1,315,000
$ 11,019,700 5.0%
Canada
Agnico Eagle Mines Limited 539,300 14,264,485 8.9 479,300 11,201,580 5.1
Alacer Gold Corporation, (2) 918,200 1,766,166 1.1 918,200 1,640,792 0.7
Alamos Gold Inc. 600,000 1,823,217 1.1 250,000 1,694,989 0.8
Argonaut Gold Inc., (1) 430,000 399,072 0.2 430,000 689,296 0.3
Asanko Gold Inc., (1) 850,000 1,278,722 0.8 — — —
B2Gold Corporation, (1) 1,594,338 1,742,185 1.1 1,594,338 2,597,643 1.2
Barrick Gold Corporation 1,375,000 10,092,500 6.3 1,400,000 16,604,765 7.5
Belo Sun Mining Corporation, (1) 2,600,000 437,841 0.3 2,600,000 261,913 0.1
Centerra Gold Inc. 200,000 1,086,745 0.7 625,000 2,852,356 1.3
Detour Gold Corporation, (1) 300,000 3,123,269 1.9 250,000 1,857,043 0.8
Eldorado Gold Corporation 650,000 1,989,000 1.2 650,000 4,059,653 1.8
Franco-Nevada Corporation 185,000 8,887,920 5.5 225,000 11,275,622 5.1
Goldcorp Inc. 932,400 11,011,644 6.9 967,400 18,981,920 8.5
Guyana Goldfields Inc., (1) 579,100 1,278,606 0.8 — — —
Kinross Gold Corporation, (1) 1,000,000 1,920,000 1.2 1,000,000 2,776,804 1.3
New Gold Inc., (1) 600,000 1,326,000 0.8 600,000 2,396,636 1.1
OceanaGold Corporation, (4) 1,054,013 2,035,292 1.3 — — —
Primero Mining Corporation, (1) 200,000 454,000 0.3 200,000 825,158 0.4
Semafo Inc., (1) 700,000 1,650,326 1.0 — — —
TMAC Resources Inc. – 144A, (1)(3) 185,000 844,622 0.5 — — —
Torex Gold Resources Inc., (1) 2,800,000 2,472,869 1.5 2,800,000 3,163,980 1.4
Torex Gold Resources Inc. – 144A, (1)(3) 1,250,000 1,103,959 0.7 1,250,000 1,412,491 0.6
70,988,440 44.2 84,292,641 38.0
Channel Islands
Randgold Resources Limited – ADRs 297,100 18,004,260 11.2 369,600 23,905,728 10.8
Peru
Compañia de Minas Buenaventura S.A.A. – ADRs, (2) 799,000 3,787,260 2.4 799,000 7,390,750 3.3
South Africa
AngloGold Ashanti Limited, (1) 823,420 5,269,888 3.3 593,194 5,077,741 2.3
Gold Fields Limited 1,029,577 2,604,830 1.6 1,029,577 4,221,266 1.9
Harmony Gold Mining Company Limited, (1) — — — 400,000 684,000 0.3
Sibanye Gold Limited 1,029,577 1,356,468 0.8 1,029,577 1,768,299 0.8
9,231,186 5.7 11,751,306 5.3
United Kingdom
Amara Mining plc, (1) 5,000,000 534,488 0.3 5,000,000 1,222,266 0.6
Amara Mining plc – 144A, (1)(3) 4,135,000 442,022 0.3 — — —
976,510 0.6 1,222,266 0.6
United States
Newmont Mining Corporation 695,368 12,801,725 8.0 620,368 11,414,771 5.1
Royal Gold, Inc. 210,000 7,549,500 4.7 210,000 13,372,800 6.0
20,351,225 12.7 24,787,571 11.1
Total gold mining, exploration, development and
royalty companies (Cost $208,926,336 – 2015,
$210,413,739 – 2014) 133,071,030 82.8 164,369,962 74.1
Silver mining, exploration and development companies
Canada
Tahoe Resources Inc., (4) 708,200 6,228,089 3.9 708,200 11,023,751 5.0
Total silver mining, exploration and development companies
(Cost $4,751,868 – 2015 & 2014) 6,228,089 3.9 11,023,751 5.0
Total gold and silver investments (Cost $213,678,204 – 2015,
$215,165,607 – 2014)
$139,299,119 86.7%
$175,393,713 79.1%
The notes to financial statements form an integral part of these statements.
7
02_83340_ASA_AR 1/20/16 10:19 PM Page 8
Schedules of Investments (continued)
November 30, 2015 and November 30, 2014
2015 2014
_______________________________ __________________________________
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, (1) 135,100
Impala Platinum Holdings Limited, (1) 572,400 1,252,693 0.8 772,400 5,632,345 2.5
$ 1,870,116 1.2% 220,100
$ 7,411,076 3.3%
3,122,809 1.9 13,043,421 5.8
United States
Stillwater Mining Co., (1) 150,000 1,404,000 0.9 — — —
Exchange traded funds
ETFS Palladium Trust, (1) 70,000 3,671,500 2.3 70,000 5,489,400 2.5
ETFS Platinum Trust, (1) 22,500 1,802,700 1.1 22,500 2,620,575 1.2
5,474,200 3.4 8,109,975 3.7
Total platinum and palladium investments
(Cost $10,287,755 – 2015, $8,733,391 – 2014) 10,001,009 6.2 21,153,396 9.5
Diamond Mining, Exploration and Development Companies
Bermuda
Petra Diamonds Limited, (4) 1,000,000 965,842 0.6 1,000,000 3,089,888 1.4
Canada
Dominion Diamond Corporation, (4) 50,000 412,500 0.3 — — —
Stornoway Diamond Corporation – 144A, (1)(3) 7,857,200 4,880,979 3.0 7,857,200 3,578,962 1.6
Stornoway Diamond Corporation, (1) 1,639,500 1,018,475 0.6 1,639,500 746,794 0.3
6,311,954 3.9 4,325,756 1.9
Total diamond mining, exploration and development
companies (Cost $9,549,559 – 2015,
$8,909,336 – 2014) 7,277,797 4.5 7,415,644 3.3
Diversified Mineral Resources Companies
United Kingdom
Anglo American plc — — — 200,000 4,134,974 1.9
United States
Freeport-McMoRan Inc. 315,000 2,576,700 1.6 365,000 9,800,250 4.4
Total diversified mineral resources companies
(Cost $10,318,843 – 2015, $12,789,287 – 2014) 2,576,700 1.6 13,935,224 6.3
Total common shares (Cost $243,834,361 – 2015,
$245,597,621 – 2014) 159,154,625 99.0 217,897,977 98.2
Warrants
Diamond Mining, Exploration and Development Companies
Canada
Stornoway Diamond Corporation,
C$0.90 Warrants, 07/08/2016 – 144A, (1)(3) 3,928,600 132,316 0.1 3,928,600 189,272 0.1
Stornoway Diamond Corporation,
C$0.90 Warrants, 07/08/2016, (1) 819,750 27,609 0.0 819,750 39,494 0.0
Total warrants
(Cost $511,408 – 2015 & 2014) 159,925 0.1 228,766 0.1
Total investments (Cost $244,345,769 – 2015,
$246,109,029 – 2014), (5) 159,314,550 99.1 218,126,743 98.3
Cash, receivables, and other assets less liabilities 1,429,218 0.9 3,673,288 1.7
Net assets
$160,743,768 100.0% $221,800,031 100.0%
(1) Non-income producing security.
(2) Non-income producing security in 2015 only.
(3) Restricted security.
(4) Non-income producing security in 2014 only.
(5) 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, 2015 were
$28,951,517 and $113,982,735, respectively, resulting in net unrealized depreciation on investments of ($85,031,218). 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).
ADR – American Depository Receipt.
May not total due to independent rounding.
The notes to financial statements form an integral part of these statements.
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Portfolio Statistics (unaudited)
November 30, 2015 and November 30, 2014
Geographic Breakdown* 2015 2014
Australia 6.1% 5.0%
Bermuda 0.6% 1.4%
Canada 52.1% 45.0%
Channel Islands 11.2% 10.8%
Peru 2.4% 3.3%
South Africa 7.7% 11.2%
United Kingdom 0.6% 2.4%
United States 18.5% 19.3%
Cash 0.9% 1.7%
______ ______
100.0% 100.0%
* Geographic breakdown, which is based on company domiciles, is expressed
as a percentage of total net assets including cash.
May not total due to independent rounding.
Principal Portfolio Changes in Shares for the Years Ended (unaudited)
November 30, 2015 and November 30, 2014
2015 2014
Investments Increase Decrease Increase Decrease
Agnico Eagle Mines Limited 60,000 50,000
Alamos Gold Inc. 350,000 250,000
Amara Mining plc 5,000,000
Amara Mining plc – 144A, (1) 4,135,000
Anglo American plc 200,000
Anglo American Platinum Limited 85,000
AngloGold Ashanti Limited 230,226
Asanko Gold Inc. 850,000
AuRico Metals Inc., (2) 197,865 197,865
B2Gold Corporation 600,000
Barrick Gold Corporation 25,000
Centerra Gold Inc. 425,000
Compañia de Minas Buenaventura S.A.A. – ADRs 50,000
Detour Gold Corporation 50,000
Dominion Diamond Corporation 50,000
Franco-Nevada Corporation 40,000
Freeport-McMoRan Inc. 50,000 185,000
Goldcorp Inc. 35,000 15,000
Guyana Goldfields Inc. 579,100
Harmony Gold Mining Company Limited 400,000
Impala Platinum Holdings Limited 200,000
Newcrest Mining Limited 100,000
Newmont Mining Corporation 75,000
NovaCopper Inc 205,861
OceanaGold Corporation, (3) 1,054,013
Osisko Mining Corporation 1,292,400
Petra Diamonds Limited 1,000,000
Primero Mining Corporation 200,000
Randgold Resources Limited – ADRs 72,500 27,600
Romarco Minerals Inc., (3) 1,373,500 1,373,500
Romarco Minerals Inc. – 144A, (1)(3) 3,000,000 3,000,000
Royal Gold, Inc. 45,000 45,000
Semafo Inc. 700,000
Silver Lake Resources Limited 3,300,000
Stillwater Mining Company 150,000
Stornoway Diamond Corporation – 144A, (1)(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, (1)(4) 3,928,600
Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016, (5) 819,750
Tahoe Resources Inc. 125,000
TMAC Resources Inc. – 144A, (1) 185,000
Torex Gold Resources Inc. 650,000
Torex Gold Resources Inc. – 144A, (1)(6) 1,250,000
Torex Gold Resources Inc., C$1.50 Warrants, 08/05/2014 – 144A, (1)(6) 625,000 625,000
West Kirkland Gold Mining Inc., (1) 909,091
(1) Restricted security.
(2) Position received as a result of a merger between Alamos Gold Inc. and AuRico Gold Inc.
(3) OceanaGold Corporation acquired Romarco Minerals Inc. on October 6, 2015 for .241 OceanaGold share per 1 Romarco share.
(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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Statements of Assets and Liabilities
November 30, 2015 and 2014
2015 2014
Assets
Investments, at value
Cost $244,345,769 in 2015
$246,109,029 in 2014
$218,126,743
Cash & cash equivalents 2,750,612 4,934,388
Dividends receivable, net of withholding tax payable 87,461 98,880
Other assets 197,032 173,214
$159,314,550
Total assets
Liabilities
$162,349,655
$223,333,225
$ 773,560
Accrued affiliate expenses
Accounts payable and accrued liabilities 198,411 174,828
Liability for retirement benefits due to current and future retired directors 635,429 584,806
$ 772,047
Total liabilities
Net assets
Common shares $1 par value
$ 1,605,887
$160,743,768
$ 1,533,194
$221,800,031
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) 12,566,762 15,051,370
Undistributed net realized gain (loss) from investments 329,028,365 326,529,183
Undistributed net realized gain (loss) from foreign currency transactions (116,482,514) (112,460,640)
Net unrealized appreciation (depreciation) on investments (85,031,219) (27,982,287)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency (31) —
$ 19,289,905
Net assets
Net asset value per share
$160,743,768
$ 8.33
$221,800,031
$ 11.50
The closing price of the Company’s shares on the New York Stock Exchange was $7.16 and $10.74 on November 30, 2015 and 2014, respectively.
The notes to financial statements form an integral part of these statements.
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02_83340_ASA_AR 1/20/16 10:19 PM Page 11
Statements of Operations
For the years ended November 30, 2015 and 2014
2015 2014
Investment income
Dividend income (net of foreign withholding taxes of $475,153 and $689,977
respectively, and ADR fees of $6,792 and $7,944, respectively)
$ 2,205,818
Interest income 2,872 4,853
$ 1,655,641
Total investment income 1,658,513 2,210,671
Expenses
Shareholder reports and proxy expenses 97,229 109,690
Directors’ fees and expenses 238,417 257,645
Retired directors’ fees 90,000 90,000
Investment research 1,079,960 993,131
Administration and operations 1,151,111 1,295,053
Fund accounting 163,076 168,076
Transfer agent, registrar and custodian 97,570 97,476
Legal fees 151,811 449,848
Audit fees 55,000 53,000
Professional fees – other 1,000 3,000
Insurance 168,201 154,063
Dues and listing fees 25,000 25,000
Depreciation expense 2,527 —
Other — 2,102
Total expenses 3,320,902 3,698,084
Change in retirement benefits due to directors 50,623 (28,774)
Net expenses 3,371,525 3,669,310
Net investment income (loss) (1,713,012) (1,458,639)
Net realized and unrealized gain (loss) from investments and foreign currency transactions
Net realized gain (loss) from investments
Proceeds from sales 20,786,203 23,442,845
Cost of securities sold 18,287,021 32,709,404
Net realized gain (loss) from investments 2,499,182 (9,266,559)
Net realized gain (loss) from foreign currency transactions
Investments (4,021,823) (1,019,635)
Foreign currency (51) (882)
Net realized gain (loss) from foreign currency transactions (4,021,874) (1,020,517)
Net increase (decrease) in unrealized appreciation (depreciation) on investments
Balance, beginning of period (27,982,287) (11,952,529)
Balance, end of period (85,031,219) (27,982,287)
Net increase (decrease) in unrealized appreciation (depreciation) on investments (57,048,932) (16,029,758)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency (31) —
Net realized and unrealized gain (loss) from investments and foreign currency transactions (58,571,655) (26,316,834)
Net increase (decrease) in net assets resulting from operations
$(60,284,667)
$(27,775,473)
The notes to financial statements form an integral part of these statements.
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Statements of Changes in Net Assets
For the years ended November 30, 2015 and 2014
2015 2014
Net investment income (loss)
$ (1,458,639)
Net realized gain (loss) from investments 2,499,182 (9,266,559)
Net realized gain (loss) from foreign currency transactions (4,021,874) (1,020,517)
Net increase (decrease) in unrealized appreciation (depreciation) on investments (57,048,932) (16,029,758)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency (31) —
$ (1,713,012)
Net increase (decrease) in net assets resulting from operations (60,284,667) (27,775,473)
Dividends paid/payable
From net investment income (771,596) (771,596)
Net increase (decrease) in net assets (61,056,263) (28,547,069)
Net assets, beginning of year $221,800,031 250,347,100
Net assets, end of year (including undistributed net investment income of
$12,566,762 in 2015 and $15,051,370 in 2014)
$ 160,743,768
$221,800,031
The notes to financial statements form an integral part of these statements.
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Notes to Financial Statements
Years ended November 30, 2015 and 2014
1. Organization
ASA Gold and Precious Metals Limited (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.
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, 2015 and November 30, 2014, the Company held investments in restricted securities of 4.61% and
2.34% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of
Directors as follows:
Restricted Securities
November 30, 2015
Shares/ Value
Warrants Cost Issuer Per Unit Value Acquisition Date
________ _________ ________________________________ _______ _________ ______________
185,000 $ 898,101 TMAC Resources, Inc. – 144A $4.57 $ 844,622 06/26/2015
4,135,000 1,008,461 Amara Mining plc – 144A 0.11 442,022 01/21/2015
7,857,200 4,641,822 Stornoway Diamond Corporation – 144A 0.62 4,880,979 07/08/2014
3,928,600 415,686 Stornoway Diamond Corporation,
C$0.90 Warrants, 7/08/2016 – 144A 0.03 132,316 07/08/2014
1,250,000 1,351,000 Torex Gold Resources, Inc. – 144A 0.88 1,103,959 01/22/2014
Restricted Securities
November 31, 2014
Shares/ Value
Warrants Cost Issuer Per Unit Value Acquisition Date
________ _________ ________________________________ _______ _________ ______________
7,857,200 $4,641,822 Stornoway Diamond Corporation – 144A $0.46 $3,578,962 07/08/2014
3,928,600 415,686 Stornoway Diamond Corporation,
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
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
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Notes to Financial Statements (continued)
Years ended November 30, 2015 and 2014
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.
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, 2015 and November 30, 2014 in valuing the
Company’s investments at fair value:
Investment in Securities
Measurements at November 30, 2015
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and Silver Investments
Gold mining, exploration, development
and royalty companies $111,717,091 $21,353,939
$ — $133,071,030
Silver mining, exploration and
development companies 6,228,089 — — 6,228,089
Platinum and Palladium Investments
Platinum and palladium mining companies 4,526,809 — — 4,526,809
Exchange traded funds 5,474,200 — — 5,474,200
Diamond Mining, Exploration and
Development Companies 2,396,818 4,880,979 — 7,277,797
Diversified Mineral Resources Companies 2,576,700 — — 2,576,700
___________ ___________ ___________ ___________
Total Common Shares 132,919,707 26,234,918 — 159,154,625
Warrants
Diamond Mining, Exploration and
Development Companies 27,609 132,316 — 159,925
___________ ___________ ___________ ___________
Total Investments $132,947,316 $26,367,234
$ — $159,314,550
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
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, 2015.
(1) See schedules of investments for country classifications.
May not total due to independent rounding.
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Notes to Financial Statements (continued)
Years ended November 30, 2015 and 2014
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Investment in Securities
Measurements at November 30, 2014
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
___________ ___________ ___________ ___________
$ — $218,126,743
Total Investments $186,040,038 $32,086,704
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
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 schedules of investments for country classifications.
May not total due to independent rounding.
D. Cash and Cash Equivalents
The Company considers all money market fund 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 consisted of overnight deposit of excess funds in a commercial paper sweep instru-
ment issued by JPMorgan Chase & Co (“JPM”). JPM discontinued the commercial paper sweep instrument effective
August 1, 2015.
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 reports 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 Statements of Operations. Realized foreign currency gains or losses arise from sales of foreign currencies, 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 difference
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, 2015, sales and purchases of portfolio securities (other than temporary short-
term investments) amounted to $20,786,203 and $20,545,628, respectively. 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.
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.
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Notes to Financial Statements (continued)
Years ended November 30, 2015 and 2014
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. It is management’s opinion that all adjustments necessary for a fair statement of the
results of the interim periods presented have been made. All adjustments are of a normal recurring nature.
I. Basis of Presentation
The 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 (2012 – 2015). As of November 30, 2015 and November 30, 2014, 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 activity 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 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
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
retirement. The liability for these benefits at November 30, 2015 and November 30, 2014 was $635,429 and $584,806,
respectively. The liability increased as a result of a revised mortality table which decreased the mortality rates. A
director whose first election to the Board of Directors was prior to January 1, 2008 qualifies to receive retirement ben-
efits 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.
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Notes to Financial Statements (continued)
Years ended November 30, 2015 and 2014
8. Compensation matters
For the years ended November 30, 2015 and November 30, 2014, the aggregate remuneration paid to the Company’s
officers was $1,530,343 and $1,634,728, respectively. In addition, $671,000 and $678,100, respectively was accrued
for bonuses to the Company’s officers and employees. The accrued bonuses are reflected in the “Accrued affiliated
expenses” on the Statements of Assets and Liabilities. The aggregate remuneration paid to the Company’s directors
was $213,000 and $216,000, respectively.
9. 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 $286,633 as of November 30, 2015. 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:
12/01/15 – 11/30/16 $125,206
12/01/16 – 11/30/17 128,953
12/01/17 – 02/28/18 32,474
________
Total $286,633
________
________
10. 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, 2015 and November 30, 2014. There were no
repurchases during the years ended November 30, 2015 and 2014.
11. 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.
12. Subsequent events
In accordance with U.S. GAAP provisions, management has evaluated the possibility of subsequent events existing
in the Company’s financial statements through the date the financial statements were issued. The Company believes
that there are no material events that would require disclosure.
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Financial Highlights
Year ended November 30
2015 2014 2013 2012 2011
Per share operating performance (1)
Net asset value, beginning of year
$ 11.50
$ 12.98
$ 24.18
$ 32.46
$ 34.45
Net investment income (loss) (0.09) (0.08) 0.02 0.09 0.11
Net realized gain (loss) from investments 0.13 (0.48) (0.38) 2.06 1.17
Net realized gain (loss) from foreign currency transactions (0.21) (0.05) (0.02) (0.15) 0.00
Net increase (decrease) in unrealized appreciation
on investments (2.96) (0.83) (10.64) (9.90) (2.93)
Net unrealized (loss) on translation of assets and liabilities
in foreign currency (0.00) — 0.00 (0.00) 0.00
Net increase (decrease) in net assets resulting
from operations (3.13) (1.44) (11.02) (7.90) (1.65)
Dividends
From net investment income (0.04) (0.04) (0.18) (0.09) (0.18)
From net realized gain on investments — — — (0.29) (0.18)
Capital share transaction
Effect of tender offer/share repurchase — — — — 0.02
Net asset value, end of year
$ 8.33
$ 11.50
$ 12.98
$ 24.18
$ 32.46
Market value per share, end of year 7.16 10.74 12.78 22.00 28.85
Total investment return
Based on market price (2) (33.02%) (15.69%) (41.07%) (22.43%) (13.73%)
Based on net asset value (3) (27.20%) (11.11%) (45.56%) (24.20%) (4.57%)
Ratio to average net assets
Expenses (4) 1.64% 1.37% 1.21% 0.78% 0.60%
Net investment income (loss) (0.83%) (0.54%) 0.11% 0.33% 0.31%
Supplemental data
Net assets, end of year (000 omitted) $160,744 $221,800 $250,347 $466,493 $626,080
Portfolio turnover rate 10% 7% 7% 11% 6%
Shares outstanding (000 omitted) 19,290 19,290 19,290 19,290 19,290
(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 Company’s
former subsidiary, ASA Gold and Precious Metals Advisers LLC, was discontinued on September 23, 2013.
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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 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
dividend reinvestment and stock purchase plan (“CIP”)
to shareholders as well as new investors or non-
shareholders. Shareholders and new investors may
elect to participate in the CIP by signing an enrollment
form or by going to www.computershare.com/investor
and following the instructions. New investors or non-
shareholders must include a minimum initial invest -
ment of at least $500. Computershare as agent will
apply to the purchase of common shares of the Com -
pany 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.
For the purpose of making purchases, Computer -
share 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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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.
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02_83340_ASA_AR 1/20/16 10:20 PM Page 21
Results of proposal presented at the annual general meeting of shareholders
The following votes were cast at the Annual General Meeting of Shareholders held on March 12, 2015:
Election of Directors
For Against Abstain
David Christensen 8,758,031 623,102 46,855
Gary Glynn 9,224,346 154,333 49,309
Bruce Hansen 9,216,966 164,074 46,948
Mary Joan Hoene 9,220,264 159,211 48,512
Robert Pilkington 8,755,327 628,480 44,180
Appointment of Independent Registered Public Accounting Firm
For Against Abstain
Tait, Weller & Baker LLP 15,317,257 83,496 114,024
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, 2015 or November 30, 2014. The
Company had 19,289,905 shares outstanding on November 30, 2015.
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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 (53)
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) from 2010 to
2015.
Independent Directors
Gary Glynn (69)
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 to 2011.
Robert Pilkington (70)
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 from 2011 to 2015 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 to 2014.
Other Officers
Jack Huntington (45)
Position held with the Company: Chief Compliance Officer
since September 2015.
Principal occupations during past 5 years: Fund Chief
Compliance Officer at Foreside Fund Officer Services, LLC
since 2015; Senior Vice President and Counsel at Citi Fund
Services from 2008 to 2015.
Sara Heston (36)
Position held with the Company: Vice President Investments
since December 2013; Analyst from January 2010 to
December 2013.
* By reason of being an Officer of the Company
22
Bruce Hansen (58)
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, (66)
Position held with the Company: Director since 2014
Principal occupations during past 5 years: Counsel, Carter
Ledyard & Milburn LLP since 2010.
Other Directorships held by Director: None
David Lin (37)
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_83340_ASA_AR 1/20/16 10:20 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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