ASA Gold and Precious Metals Limited
Annual Report and Financial Statements
November 2016
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Cover photograph by Jim Van Gundy
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ASA Gold and Precious Metals Limited
Annual Report and
Financial Statements
November 30, 2016
Table of Contents
Letter to shareholders 2
Forward-looking statements 4
Performance returns 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
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Letter to Shareholders
Several of the themes that we outlined in the past few
years continued to have a strong influence on the gold
price in 2016. The strength of the U.S. dollar and U.S.
economic environment, the U.S. Federal Reserve (the
“Fed”) activities and the health of leading world
economies all impacted investor demand for gold in
2016. In early 2016, we saw a rapid increase in the gold
price to a high of $1,366 on the back of dovish Fed
actions and concerns about global economic growth and
stability. During the last few months of 2016, the gold
price retreated to end the fiscal year at $1,178 in
response to surprising U.S. election results, positive U.S.
economic news and hawkish Fed intentions. Investor
activity, both via ETFs and the physical metal, were the
primary source of demand for gold during the last year
and we believe that these investors and, subsequently,
the price of gold, will continue to be influenced by U.S.
and global economic indicators.
For the fiscal year ended November 30, 2016, ASA
Gold and Precious Metals Limited (“ASA” or the
“Company”) reported a total return of 51.9% based on its
net asset value (“NAV”), including reinvested dividends,
compared with a total return of 57.9% for the FTSE Gold
Mines Total Return Index (the “FTGMI”). ASA’s broader
diversification across marketcap and metals, as com-
pared to FTGMI, negatively affected the performance of
the Company. The total return for the fiscal year, based
on ASA’s share price, was 51.5%. The gold price
increased 10.9% during the one year period ending
November 30, 2016.
At fiscal year-end, total net assets of ASA were $243.2
million, an $82.5 million improvement from the $160.7
million total net assets at fiscal year-end 2015. The aver-
age expense ratio improved to 1.26% during the 2016
fiscal year from 1.64% during fiscal year 2015 as a result
of the increase in asset values and a decrease in ASA’s
operating expenses.
Investment income generated by dividends declined
by 27.3% during fiscal year 2016. While gold mining
industry cash flow has improved due to significant cost
reductions over the last few years, cash flow continued
to be deployed for debt repayment and towards explo-
ration and development. Even with a rise in prices, we
believe it will be a while before a meaningful increase in
dividend distributions.
The discount at which ASA’s shares traded in the mar-
ket fluctuated during the fiscal year from a high of 17.1%
to a low of 4.4% and ended the fiscal year at 14.3%. The
Board of Directors monitors the Company’s share price
and discount to NAV on an ongoing basis and has, in the
past, authorized tender offers and created a Share
Repurchase Program. At present, the Board does not
believe that either a tender offer or share repurchases
would benefit shareholders, or accomplish a meaningful
narrowing of the discount.
The Industry Slowly Improves
The last twelve months have witnessed a slow, but
steady improvement in the financial health of the gold
mining industry. Senior gold producers continued to shed
2
non-core assets in an effort to streamline operations and
improve balance sheets. Companies generally used cash
generated from asset sales and operations to pay off their
near term and most expensive debt. Net debt of the top
10 senior gold mining companies decreased by 34%
from the end of 2014 through Q3 2016. We believe that
companies are finding their current debt loads more man-
ageable and are beginning to look at other uses for cash,
such as exploration, acquisitions and dividends.
Chart 1: Net Debt of Senior Gold Mining Companies
s
n
o
i
l
l
i
M
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
2011
2012
2013
2014
2015
Q3
2016
Source: ASA, Bloomberg
The improving financial position of the industry comes
at a time when many large gold mining companies face
a future of declining gold production. Gold production of
the top 10 senior gold producers is expected to decline
by 13% from 2015 to 2020, according to RBC Capital
Markets. In addition, development capital spending
declined by 90% from its peak in Q4 2012 as gold miners
postponed investments in large, long lived assets due to
the combination of lower returns and a higher cost of cap-
ital. The underinvestment in exploration and development
and the divestiture of assets over the past four years has
left gold mining companies with few opportunities for prof-
itable, organic production growth. We anticipate that the
senior and mid-tier mining companies will not only ramp
up exploration and development spending in the coming
years, but must also look externally to acquire producers,
developers or exploration companies that can boost their
production and cash flow profiles.
Portfolio Changes
Over the past two years, ASA has built positions in
development companies that we believe could be the
target of acquisitions for some of the senior and mid-tier
companies seeking growth. We believe these high quality
companies offer attractive returns in the current
environment.
During the second half of 2016, ASA acquired a posi-
tion in Roxgold Inc., a small single asset producer with a
strong management team and an asset that has the
potential to grow over time. Roxgold’s Yaramoko project
in Burkina Faso is a high-grade underground operation
with good margins that recently declared commercial pro-
86957_01_ASA_AR.qxp 1/19/17 3:49 PM Page 3
duction. The strong economics and exploration potential
at Yaramoko make Roxgold an attractive investment
opportunity.
Pretium Resources Inc. was another new investment
for ASA during the second half of 2016. Pretium is com-
pleting the development of its high-grade, underground
Brucejack project in British Columbia. Once in full pro-
duction in 2018, the project is anticipated to produce over
400 thousand ounces a year at very attractive production
costs. As the project continues to be de-risked and
moves towards production, we anticipate an increase in
the share price to trade in line with producing peers.
Earlier stage exploration projects remain attractive
opportunities for companies looking to improve their pro-
duction profile 5 to 10 years out. In April 2016, one of
ASA’s investments, Amara Mining plc, was purchased for
a 38% premium by Perseus Mining Limited. Amara’s
exploration success on the Yaoure project in Cote d’Ivoire
attracted Perseus, who plans to have the asset in pro-
duction by 2020.
Chart 2: Holdings by Stage of Development
Liquid
Assets, 1.1%
Royalty,
9.3%
Developer,
6.5%
Junior,
12.8%
Senior,
52.9%
Mid, 17.4%
As of fiscal year-end 2016
Source: ASA
In 2016, new and additional investments were made
in Asanko Gold Inc., Integra Gold Corp., TMAC
Resources Inc., MAG Silver Corp., Atlantic Gold
Corporation and Lydian International Limited to increase
the Company’s exposure to the junior and developer seg-
ments of the industry. Capital for these investments was
reallocated from larger producers that were either out-
sized in the portfolio or facing certain headwinds. ASA
believes that these investments in developers and junior
producers continue to have strong return potential.
ASA also made significant adjustments to its invest-
ments in the platinum and palladium sector in 2016. Early
in the year we sold our investments in Anglo American
Platinum Limited and Impala Platinum Holdings Limited,
and in the second half of the year we exited our invest-
ment in the ETFS Physical Palladium Shares and ETFS
Physical Platinum Shares. Much of the capital from these
sales was redeployed into Stillwater Mining Company.
Stillwater has done an excellent job of cutting costs and
we believed that its risk and return profile made it a more
optimal investment for platinum and palladium exposure.
Subsequent to the end of the fiscal year, Stillwater
received a take-over offer from Sibanye Gold Limited at
a 23% premium. The transaction is expected to close
during the first half of 2017.
Chart 3: Investment Holdings by Sector
Australian
Gold
Miners
8.3%
Liquid
assets
1.1%
Channel
Island
Gold
Miners
9.2%
United
States
Gold
Miners
14.7%
Platinum
Miners
2.3%
Diamond
Miners
4.3%
Silver
Miners
1.4%
Latin
American
Miners
3.2%
South
African
Gold
Miners
6.2%
Canadian
Gold
Miners
49.2%
As of fiscal year-end 2016
Source: ASA
We appreciate the support of both the Board of
Directors and our shareholders over the past year.
Shareholders are encouraged to contact us directly with
any questions that they may have either through the com-
pany 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 17, 2017
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 16, 2017 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.
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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.
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Performance Returns
Fiscal Year Total Returns
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
102.0%
101.2%
NAV
Share Price
19.0%
19.2%
29.1%
16.6%
-4.6%
-13.7%
-24.2%
-22.4%
-42.1%
-43.9%
-41.1%
-45.6%
51.9%
51.5%
-11.1%
-15.7%
-27.2%
-33.0%
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Best Quarter (NAV): Q2 2009 44.18%
Worst Quarter (NAV): Q4 2008 -36.19%
Average Annual Total Returns
For the periods ended November 30, 2016
1 Year 3 Year 5 Year 10 Year
ASA Gold and Precious Metals – NAV 51.86% -0.58% -16.52% -4.94%
ASA Gold and Precious Metals – Share Price 51.50% -5.07% -17.12% -5.03%
FTSE Gold Mines Total Return Index (1) 57.92% 0.93% -17.90% -5.04%
The performance data quoted represent past performance and do not indicate future results. Current performance may
be lower or higher than the performance data quoted. For more current performance data, please visit
http://www.asaltd.com/investor-information/factsheets.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do
not reflect the effect of taxes a shareholder would pay on Company distributions or on the sale of the Company’s common shares.
The investment return and market price will fluctuate and shares of the Company’s common shares may trade at prices
above or below NAV. The Company’s common shares, when sold, may be worth more or less than their original cost.
(1)The FTSE Gold Mines Total Return Index encompasses all gold mining companies that have a sustainable, attributable gold
production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. Please note that
the Index is unmanaged, and does not take into account any fees and expenses or any tax consequences of investing in the
individual securities that it tracks and one cannot invest directly in the index. The Company does not attempt to replicate the
index. The index generally does not reflect investments in other precious metals companies (e.g., silver, platinum, and
diamonds) in which the Company invests. Data about the performance of this index are prepared or obtained by Management
and include reinvestment of all income dividends and other distributions, if any. The Fund may invest in securities not included
in the index and generally does not invest in all securities included in the index.
For more complete information about the Company, please call us directly at 1-800-432-3378, or visit the Company’s website at
www.asaltd.com.
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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 move-
ment of gold, silver or platinum bullion. Com pli ance with
the percentage limitation relating to the concentration of
the Company’s investments will be measured at the time
of investment. If investment opportunities deemed by the
Company to be attractive are not available in the types
of securities referred to in the preceding paragraph, the
Company may deviate from the investment policy out-
lined 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-fun-
damental policy (i.e., a policy that may be changed by
the Board of Directors) of the Company that the
Company shall not purchase a security if, at the time of
purchase, more than 20% of the value of its total assets
would be invested in securities of the issuer of such
security.
Report of Independent Registered Public Accounting Firm
made by management, as well as evaluating the overall
financial statement presentation. Our procedures
included confirmation of securities owned as of
November 30, 2016, by correspondence with the cus-
todian and brokers. 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, 2016 and November 30, 2015, 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 five
years in the period then ended, in conformity with
accounting principles generally accepted in the United
States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 17, 2017
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 Metal
Limited (the “Company”) including the schedules of
invest ments, as of November 30, 2016 and November 30,
2015, 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 five 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.
We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and finan-
cial 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 opin-
ion 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 dis-
closures in the financial statements, assessing the
accounting principles used and significant estimates
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Schedules of Investments
November 30, 2016 and November 30, 2015
2016 2015
_______________________________ __________________________________
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 $17,222,625 7.1% 1,215,000 $9,732,150 6.1%
Perseus Mining Limited, (2) 7,067,700 2,945,532 1.2 — — —
20,168,157 8.3 9,732,150 6.1
Canada
Agnico Eagle Mines Limited 475,000 19,498,750 8.0 539,300 14,264,485 8.9
Alacer Gold Corp., (2) — — — 918,200 1,766,166 1.1
Alamos Gold Inc. 600,000 3,817,816 1.6 600,000 1,823,217 1.1
Argonaut Gold Inc., (2) — — — 430,000 399,072 0.2
Asanko Gold Inc., (2) 1,425,000 4,994,977 2.1 850,000 1,278,722 0.8
Atlantic Gold Corporation – 144A, (2)(3) 3,000,000 1,987,051 0.8 — — —
B2Gold Corp., (2) 1,594,338 3,856,217 1.6 1,594,338 1,742,185 1.1
Barrick Gold Corporation 1,275,000 19,150,500 7.9 1,375,000 10,092,500 6.3
Belo Sun Mining Corp., (2) 2,600,000 1,238,372 0.5 2,600,000 437,841 0.3
Centerra Gold Inc. — — — 200,000 1,086,745 0.7
Detour Gold Corporation, (2) 450,000 5,733,423 2.4 300,000 3,123,269 1.9
Eldorado Gold Corporation, (4) 650,000 1,781,000 0.7 650,000 1,989,000 1.2
Franco-Nevada Corporation 160,000 9,291,360 3.8 185,000 8,887,920 5.5
Goldcorp Inc. 932,400 12,298,356 5.1 932,400 11,011,644 6.9
Guyana Goldfields Inc., (2) 857,300 3,509,079 1.4 579,100 1,278,606 0.8
Integra Gold Corp., (2) 4,250,000 1,992,632 0.8 — — —
Kinross Gold Corporation, (2) 800,000 2,632,000 1.1 1,000,000 1,920,000 1.2
New Gold Inc., (2) 500,000 1,790,000 0.7 600,000 1,326,000 0.8
OceanaGold Corporation 1,054,013 2,925,853 1.2 1,054,013 2,035,292 1.3
Pretium Resources Inc., (2) 300,000 2,622,000 1.1 — — —
Primero Mining Corp., (2) — — — 200,000 454,000 0.3
Roxgold Inc., (2) 2,523,400 2,478,893 1.0 — — —
Semafo Inc., (2) 900,000 2,739,451 1.1 700,000 1,650,326 1.0
Tahoe Resources Inc., (5) 708,200 6,804,243 2.8 — — —
TMAC Resources Inc., (2) 26,500 307,658 0.1 — — —
TMAC Resources Inc. – 144A, (2)(3) 185,000 2,147,801 0.9 185,000 844,622 0.5
Torex Gold Resources Inc., (2) 280,000 4,192,603 1.7 2,800,000 2,472,869 1.5
Torex Gold Resources Inc. – 144A, (2)(3) 125,000 1,871,698 0.8 1,250,000 1,103,959 0.7
119,661,731 49.2 70,988,440 44.2
Channel Islands
Lydian International Limited, (2) 1,780,000 390,787 0.2 — — —
Lydian International Limited – 144A, (2)(3) 6,879,300 1,510,303 0.6 — — —
Randgold Resources Limited – ADRs 282,100 20,277,348 8.3 297,100 18,004,260 11.2
22,178,437 9.1 18,004,260 11.2
Peru
Compañia de Minas Buenaventura S.A.A. – ADRs, (1) 699,000 7,807,830 3.2 799,000 3,787,260 2.4
South Africa
AngloGold Ashanti Limited, (2) 898,420 9,828,715 4.0 823,420 5,269,888 3.3
Gold Fields Limited 1,029,577 3,160,801 1.3 1,029,577 2,604,830 1.6
Sibanye Gold Limited 1,029,577 2,138,946 0.9 1,029,577 1,356,468 0.8
15,128,462 6.2 9,231,186 5.7
United Kingdom
Amara Mining plc, (2) — — — 5,000,000 534,488 0.3
Amara Mining plc – 144A, (2)(3) — — — 4,135,000 442,022 0.3
— — 976,510 0.6
United States
Newmont Mining Corporation 695,368 22,557,738 9.3 695,368 12,801,725 8.0
Royal Gold, Inc. 190,000 13,231,600 5.4 210,000 7,549,500 4.7
35,789,338 14.7 20,351,225 12.7
Total gold mining, exploration, development and royalty
companies
(Cost $204,987,454 – 2016, $208,926,336 – 2015) 220,733,956 90.8 133,071,030 82.8
Silver mining, exploration and development companies
Canada
MAG Silver Corp., (2) 275,000 3,409,615 1.4 — — —
Tahoe Resources Inc., (5) — — — 708,200 6,228,089 3.9
Total silver mining, exploration and development companies
(Cost $2,007,500 – 2016, $4,751,868 —2015) 3,409,615 1.4 6,228,089 3.9
Total gold and silver investments
(Cost $206,994,954 – 2016, $213,678,204 – 2015) $224,143,571 92.2% $139,299,119 86.7%
The notes to financial statements form an integral part of these statements.
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Schedules of Investments (continued)
November 30, 2016 and November 30, 2015
2016 2015
_______________________________ __________________________________
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) — $ — —% 135,100 $1,870,116 1.2%
Impala Platinum Holdings Limited, (2) — — — 572,400 1,252,693 0.8
— — 3,122,809 1.9
United States
Stillwater Mining Company, (2) 375,000 5,636,250 2.3 150,000 1,404,000 0.9
Exchange traded funds
ETFS Palladium Trust, (2) — — — 70,000 3,671,500 2.3
ETFS Platinum Trust, (2) — — — 22,500 1,802,700 1.1
— — 5,474,200 3.4
Total platinum and palladium investments
(Cost $4,672,638 – 2016, $10,287,755 – 2015) 5,636,250 2.3 10,001,009 6.2
Diamond Mining, Exploration and Development Companies
Bermuda
Petra Diamonds Limited (4) 1,000,000 2,061,154 0.8 1,000,000 965,842 0.6
Canada
Dominion Diamond Corporation — — — 50,000 412,500 0.3
Stornoway Diamond Corporation – 144A, (2)(3) 9,698,550 7,289,972 3.0 7,857,200 4,880,979 3.0
Stornoway Diamond Corporation, (2) 1,389,500 1,044,426 0.4 1,639,500 1,018,475 0.6
8,334,398 3.4 6,311,954 3.9
Total diamond mining, exploration and development companies
(Cost $10,222,660 – 2016, $9,549,559 – 2015) 10,395,552 4.3 7,277,797 4.5
Diversified Mineral Resources Companies
United States
Freeport-McMoRan Inc., (4) — — — 315,000 2,576,700 1.6
Total diversified mineral resources companies
(Cost $0 – 2016, $10,318,843 – 2015) — — 2,576,700 1.6
Total common shares
(Cost $221,890,252 – 2016, $243,834,361 – 2015) 240,175,373 98.7 159,154,625 99.0
Warrants
Diamond Mining, Exploration and Development Companies
Canada
Stornoway Diamond Corporation,
C$0.90 Warrants, 07/08/2016 – 144A, (2)(3) — — — 3,928,600 132,316 0.1
Stornoway Diamond Corporation,
C$0.90 Warrants, 07/08/2016, (2) — — — 819,750 27,609 0.0
Total diamond mining, exploration and development companies
(Cost $0 – 2016, $511,408 – 2015) — — 159,925 0.1
Gold and Silver Investments
Gold mining, exploration, development and royalty companies
Channel Islands
Lydian International Limited, C$0.36 Warrants, 11/27/2017, (2) 585,000 30,476 0.0 — — —
Lydian International Limited, C$0.36 Warrants,
11/27/2017 – 144A, (2)(3) 5,159,475 268,783 0.1 — — —
299,258 0.1 — —
Total gold mining, exploration, development and royalty companies
(Cost $260,780 – 2016, $0 – 2015) 299,258 0.1 — —
Total warrants (Cost $260,780 – 2016, $511,408 – 2015) 299,258 0.1 159,925 0.1
Total investments
(Cost $222,151,032 – 2016, $244,345,769 – 2015), (6) 240,474,631 98.9 159,314,550 99.1
Cash, receivables, and other assets less liabilities 2,754,655 1.1 1,429,218 0.9
Net assets $243,229,286 100.0% $160,743,768 100.0%
(1) Non-income producing security in 2015 only.
(2) Non-income producing security.
(3) Restricted security.
(4) Non-income producing security in 2016 only.
(5) Due to recent acquisitions made by Tahoe Resources Inc., the security is reclassified to Gold mining, exploration, development and royalty companies industry in
2016 from Silver mining, exploration, development companies industry in 2015.
(6) Cost of investments shown approximates adjusted basis 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, 2016 were $66,711,586 and $48,387,987, respectively,
resulting in net unrealized appreciation on investments of $18,323,599. 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).
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, 2016 and November 30, 2015
Geographic Breakdown* 2016 2015
Australia 8.3% 6.1%
Bermuda 0.8% 0.6%
Canada 54.0% 52.1%
Channel Islands 9.2% 11.2%
Peru 3.2% 2.4%
South Africa 6.2% 7.7%
United Kingdom 0.0% 0.6%
United States 17.0% 18.5%
Cash 1.1% 0.9%
______ ______
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, 2016 and November 30, 2015
2016 2015
Investments Increase Decrease Increase Decrease
Agnico Eagle Mines Limited 64,300 60,000
Alacer Gold Corp. 918,200
Alamos Gold Inc. 350,000
Amara Mining plc, (1) 5,000,000
Amara Mining plc – 144A, (1)(2) 4,135,000 4,135,000
Anglo American plc 200,000
Anglo American Platinum Limited 135,100 85,000
AngloGold Ashanti Limited 75,000 230,226
Argonaut Gold Inc. 430,000
Asanko Gold Inc. 575,000 850,000
Atlantic Gold Corporation – 144A, (2) 3,000,000
AuRico Metals Inc., (3) 197,865 197,865
Barrick Gold Corporation 100,000 25,000
Centerra Gold Inc. 200,000 425,000
Compañia de Minas Buenaventura S.A.A 100,000
Detour Gold Corporation 150,000 50,000
Dominion Diamond Corporation 50,000 50,000
ETFS Palladium Trust 70,000
ETFS Platinum Trust 22,500
Franco-Nevada Corporation 25,000 40,000
Freeport-McMoRan Inc. 315,000 50,000
Goldcorp Inc. 35,000
Guyana Goldfields Inc. 278,200 579,100
Harmony Gold Mining Company Limited 400,000
Impala Platinum Holdings Limited 572,400 200,000
Integra Gold Corp. 4,250,000
Kinross Gold Corporation 200,000
Lydian International Limited, (4) 1,780,000
Lydian International Limited – 144A, (2)(5) 6,879,300
Lydian International Limited, C$0.36 Warrants, 11/27/2017, (4) 585,000
Lydian International Limited, C$0.36 Warrants, 11/27/2017 – 144A, (2)(5) 5,159,475
MAG Silver Corp. 275,000
New Gold Inc. 100,000
Newcrest Mining Limited 100,000
Newmont Mining Corporation 75,000
OceanaGold Corporation, (6) 1,054,013
Perseus Mining Limited (1) 9,317,700 2,250,000
Perseus Mining Limited, A$0.44 Warrants, 04/18/2019, (1)(2) 3,105,900 3,105,900
Pretium Resources Inc. 300,000
Primero Mining Corp. 200,000
Randgold Resources Limited – ADRs 15,000 72,500
Romarco Minerals Inc., (6) 1,373,500 1,373,500
Romarco Minerals Inc. – 144A, (2)(6) 3,000,000 3,000,000
Royal Gold, Inc. 20,000 45,000 45,000
Roxgold Inc. 2,523,400
Semafo Inc. 200,000 700,000
Stillwater Mining Company 225,000 150,000
Stornoway Diamond Corporation – 144A, (2) 4,591,350 2,750,000
Stornoway Diamond Corporation 250,000
Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016 819,750
Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016 – 144A, (2) 3,928,600
TMAC Resources Inc. – 144A, (2) 185,000
TMAC Resources Inc. 26,500
(1) Perseus Mining Limited acquired Amara Mining plc on April 22, 2016 for 0.68 Perseus Mining Limited shares plus 0.34 Perseus Mining Limited, A$0.44
Warrants, 4/18/2019 per 1 Amara Mining plc share.
(2) Restriced security.
(3) Position received as a result of a merger between Alamos Gold Inc. and AuRico Gold Inc.
(4) On April 5, 2016 and May 17, 2016 ASA purchased 300,000 and 480,000 Lydian International Limited Subscription Receipts respectively. Each subscription receipt
consisted of 1 share of Lydian International Limited and 0.75 Lydian International Limited, C$0.36 Warrants, 11/27/2017. The subscription receipts were split into their
individual pieces on May 26, 2016.
(5) On March 10, 2016 ASA purchased 6,879,300 Lydian International Limited Subscription Receipts – 144A. Each subscription receipt consisted of 1 share of
Lydian International Limited – 144A and 0.75 Lydian International Limited, C$0.36 Warrants, 11/27/2017 – 144A. The subscription receipts were split into their
individual pieces on May 26, 2016.
(6) OceanaGold Corporation acquired Romarco Minerals Inc. on October 6, 2015 for 0.241 OceanaGold share per 1 Romarco share.
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Statements of Assets and Liabilities
November 30, 2016 and 2015
2016 2015
Assets
Investments, at value
Cost $221,151,032 in 2016
$244,345,769 in 2015
$159,314,550
4,278,766 2,750,612
$240,474,631
Cash
Foreign currency, at value
Cost $148 in 2016
$0 in 2015 144 —
Dividends receivable, net of withholding taxes payable 74,860 87,461
Other assets 191,553 197,032
Total assets
Liabilities
$245,019,954
$162,349,655
Accrued affiliate expenses
$ 772,047
Accounts payable and accrued liabilities 162,199 198,411
Due to broker 250,027 —
Liability for retirement benefits due to current and future retired directors 580,868 635,429
$ 797,574
Total liabilities
Net assets
Common shares $1 par value
$ 1,790,668
$243,229,286
$ 1,605,887
$160,743,768
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) 9,792,914 12,566,762
Undistributed net realized gain (loss) from investments 313,722,363 329,028,365
Undistributed net realized gain (loss) from foreign currency transactions (119,271,990) (116,482,514)
Net unrealized appreciation (depreciation) on investments 18,323,599 (85,031,219)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency (5) (31)
$ 19,289,905
Net assets
Net asset value per share
$243,229,286
$ 12.61
$160,743,768
$ 8.33
The closing price of the Company’s shares on the New York Stock Exchange was $10.81 and $7.16 on November 30, 2016 and November 30,
2015, respectively.
The notes to financial statements form an integral part of these statements.
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Statements of Operations
For the years ended November 30, 2016 and 2015
2016 2015
Investment income
Dividend income (net of withholding taxes of $297,372 and $475,153
respectively, and ADR fees of $5,742 and $6,792, respectively)
$ 1,655,641
Interest income — 2,872
$ 1,203,807
Total investment income 1,203,807 1,658,513
Expenses
Shareholder reports and proxy expenses 95,898 97,229
Directors’ fees and expenses 241,803 238,417
Retired directors’ fees 90,000 90,000
Investment research 1,103,113 1,079,960
Administration and operations 1,062,874 1,151,111
Fund accounting 163,076 163,076
Transfer agent, registrar and custodian 97,804 97,570
Legal fees 156,944 151,811
Audit fees 55,000 55,000
Professional fees – other 1,000 1,000
Insurance 165,581 168,201
Dues and listing fees 25,000 25,000
Depreciation expense 2,527 2,527
Total expenses 3,260,620 3,320,902
Change in retirement benefits due to directors (54,561) 50,623
Net expenses 3,206,059 3,371,525
Net investment income (loss) (2,002,252) (1,713,012)
Net realized and unrealized gain (loss) from investments and foreign currency transactions
Net realized gain (loss) from investments
Proceeds from sales 30,132,790 20,786,203
Cost of securities sold 45,438,792 18,287,021
Net realized gain (loss) from investments (15,306,002) 2,499,182
Net realized gain (loss) from foreign currency transactions
Investments (2,788,206) (4,021,823)
Foreign currency (1,270) (51)
Net realized gain (loss) from foreign currency transactions (2,789,476) (4,021,874)
Net increase (decrease) in unrealized appreciation (depreciation) on investments
Balance, beginning of period (85,031,219) (27,982,287)
Balance, end of period 18,323,599 (85,031,219)
Net increase (decrease) in unrealized appreciation (depreciation) on investments 103,354,818 (57,048,932)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency 26 (31)
Net realized and unrealized gain (loss) from investments and foreign currency transactions 85,259,366 (58,571,655)
Net increase (decrease) in net assets resulting from operations
$ 83,257,114
$(60,284,667)
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, 2016 and 2015
2016 2015
Net investment income (loss)
$ (1,713,012)
Net realized gain (loss) from investments (15,306,002) 2,499,182
Net realized gain (loss) from foreign currency transactions (2,789,476) (4,021,874)
Net increase (decrease) in unrealized appreciation (depreciation) on investments 103,354,818 (57,048,932)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency 26 (31)
$ (2,002,252)
Net increase (decrease) in net assets resulting from operations 83,257,114 (60,284,667)
Dividends paid/payable
From net investment income (771,596) (771,596)
Net increase (decrease) in net assets 82,485,518 (61,056,263)
Net assets, beginning of year 160,743,768 221,800,031
Net assets, end of year (including undistributed net investment income of
$9,792,914 as of November 30, 2016 and $12,566,762 as of November 30, 2015)
$ 243,229,286
$160,743,768
The notes to financial statements form an integral part of these statements.
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Notes to Financial Statements
Years ended November 30, 2016 and 2015
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. Investment objective and strategy
The Company is a non-diversified, closed-end, internally managed fund that seeks long-term capital appreciation
primarily through investing in companies engaged in the exploration for, development of projects or mining of precious
metals and minerals.
It is a fundamental policy of the Company that at least 80% of its total assets must be (i) invested in common shares
or securities convertible into common shares of companies engaged, directly or indirectly, in the exploration, mining
or processing of gold, silver, platinum, diamonds or other precious minerals, (ii) held as bullion or other direct forms
of gold, silver, 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 invest-
ment companies, including exchange traded funds, or other securities that seek to replicate the price movement of
gold, silver or platinum bullion.
The Company employs bottom-up fundamental analysis and relies on detailed primary research including meetings
with company executives, site visits to key operating assets, and proprietary financial analysis in making its investment
decisions
3. 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 pri-
marily 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 lim-
ited to, the nature of the security; relevant financial or business developments of the issuer; actively traded similar
or related securities; conversion rights on the security; and changes in overall market conditions.
Where the Company holds securities listed on foreign stock exchanges and American Depository Receipts (“ADRs”)
representing these securities are actively traded 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, 2016 and November 30, 2015, the Company held investments in restricted securities of 6.20% and
4.61% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of
Directors as follows:
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Notes to Financial Statements (continued)
Years ended November 30, 2016 and 2015
Restricted Securities
November 30, 2016
Shares/ Value Acquisition
Warrants Cost Issuer Per Unit Value Date
________ _________ ________________________________ _______ _________ ______________
1,841,350 $1,490,038 Stornoway Diamond Corporation – 144A $ 0.75 $ 1,384,062 06/21/2016
6,879,300 1,269,275 Lydian International Limited – 144A 0.22 1,510,303 05/26/2016
5,159,475 234,540 Lydian International Limited, C$0.36
Warrants, 11/27/2017 – 144A 0.05 268,783 05/26/2016
3,000,000 1,402,306 Atlantic Gold Corporation – 144A 0.66 1,987,051 05/09/2016
185,000 898,101 TMAC Resources, Inc. – 144A 11.61 2,147,801 06/26/2015
7,857,200 4,641,822 Stornoway Diamond Corporation – 144A 0.75 5,905,910 07/08/2014
125,000 1,351,000 Torex Gold Resources, Inc. – 144A 14.97 1,871,698 01/22/2014
Restricted Securities
November 30, 2015
Shares/ Value Acquisition
Warrants Cost Issuer Per Unit Value 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 02/10/2015
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
C. Fair value measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Company would receive to sell an investment
or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence
of a principal market the most advantageous market for the investment or liability. U.S. GAAP establishes a three-
tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing
an asset or liability developed based on market data obtained from sources independent of the reporting entity
(observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market
participants would use in pricing an asset or liability developed based on the best information available in the cir-
cumstances (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, 2016 and November 30, 2015 in valuing the
Company’s investments at fair value:
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Notes to Financial Statements (continued)
Years ended November 30, 2016 and 2015
Investment in Securities
Measurements at November 30, 2016
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and Silver Investments
Gold mining, exploration, development
and royalty companies $180,866,017 $39,867,939
$ — $220,733,956
Silver mining, exploration and
development companies 3,409,615 — — 3,409,615
Platinum and Palladium Investments
Platinum and palladium mining companies 5,636,250 — — 5,636,250
Diamond Mining, Exploration and
Development Companies 3,105,579 7,289,972 — 10,395,552
___________ ___________ ___________ ___________
Total Common Shares 193,017,461 47,157,911 — 240,175,373
Warrants
Gold mining, exploration, development
and royalty companies 30,476 268,783 — 299,258
___________ ___________ ___________ ___________
Total Investments $193,047,937 $47,426,694
$ — $240,474,631
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Transfers into and out of levels are recognized at the end of the period. During the year ended November 30, 2016,
there were no transfers into and out of Levels 1, 2, and 3.
(1) See schedules of investments for country classifications.
May not total due to independent rounding.
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. During the year ended November 30, 2015,
there were no transfers into and out of Levels 1, 2, and 3.
(1) See schedules of investments for country classifications.
May not total due to independent rounding.
D. Foreign Currency Translation
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the rate of exchange reported one hour after the Valuation Time. Purchases and sales of investment
securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts
on the respective dates of such 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
15
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Notes to Financial Statements (continued)
Years ended November 30, 2016 and 2015
included on the Statements of Operations. Realized foreign currency gains or losses arise from sales of foreign cur-
rencies, currency gains or losses realized between the trade and settlement dates on securities transactions, fluctu-
ation 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.
E. Securities Transactions and Investment Income
During the year ended November 30, 2016, sales and purchases of portfolio securities (other than temporary short-
term investments) amounted to $30,132,790 and $26,032,261, respectively. 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.
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.
F. 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 and/or net realized gains may differ from their ultimate reporting for U.S.
federal income tax purposes, primarily because of the separate line item reporting for financial statement purposes
of foreign exchange gains or losses.
G. 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.
H. Basis of Presentation
The financial statements are presented in U.S. dollars.
I. 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 (2013 – 2016). As of November 30, 2016 and November 30, 2015, 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.
4. Tax status of the Company
The Company is a “passive foreign investment company” (“PFIC”) for the U.S. federal income tax purposes 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 engaging in the conduct of 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 U.S. federal withholding tax.
5. 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 imple-
ment 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 avail-
able at: http://www.sec.gov/Archives/edgar/data/1230869/999999999713009907/filename1.pdf).
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Notes to Financial Statements (continued)
Years ended November 30, 2016 and 2015
6. 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, 2016 and November 30, 2015 was $580,868 and $635,429,
respectively. A director whose first election to the Board of Directors was prior to January 1, 2008 qualifies to receive
retirement benefits if he has served the Company (and any of its predecessors) for at least twelve years prior to
retirement. Directors first elected on or after January 1, 2008 are not eligible to participate in the plan.
7. 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 invest-
ment company.
8. Indemnifications
In the ordinary course of business, the Company enters into contracts that contain a variety of indemnification pro-
visions. The Company’s maximum exposure under these arrangements is unknown.
9. Compensation matters
For the years ended November 30, 2016 and November 30, 2015, the aggregate remuneration paid to the Company’s
officers was $1,471,405 and $1,530,343, respectively. In addition, $686,500 and $671,000, 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 $213,000, respectively.
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 $161,427 as of November 30, 2016. 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:
12/01/16 – 11/30/17 $128,953
12/01/17 – 02/28/18 32,474
________
Total $161,427
________
________
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, 2016 and November 30, 2015. There were
no repurchases during the years ended November 30, 2016 and 2015.
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
2016 2015 2014 2013 2012
Per share operating performance (1)
Net asset value, beginning of year $ 8.33 $11.50 $12.98 $ 24.18 $32.46
Net investment income (loss) (0.10) (0.09) (0.08) 0.02 0.09
Net realized gain (loss) from investments (0.79) 0.13 (0.48) (0.38) 2.06
Net realized gain (loss) from foreign currency transactions (0.14) (0.21) (0.05) (0.02) (0.15)
Net increase (decrease) in unrealized appreciation
on investments 5.35 (2.96) (0.83) (10.64) (9.90)
Net unrealized (loss) on translation of assets and liabilities
in foreign currency — (0.00) — 0.00 (0.00)
Net increase (decrease) in net assets resulting
from operations 4.32 (3.13) (1.44) (11.02) (7.90)
Dividends
From net investment income (0.04) (0.04) (0.04) (0.18) (0.09)
From net realized gain on investments — — — — (0.29)
Net asset value, end of year $12.61 $ 8.33 $11.50 $ 12.98 $24.18
Market value per share, end of year $10.81 $ 7.16 $10.74 $ 12.78 $22.00
Total investment return
Based on market price (2) 51.50% (33.02%) (15.69%) (41.07%) (22.43%)
Based on net asset value (3) 51.86% (27.20%) (11.11%) (45.56%) (24.20%)
Ratio to average net assets
Expenses (4) 1.26% 1.64% 1.37% 1.21% 0.78%
Net investment income (loss) -0.79% (0.83%) (0.54%) 0.11% 0.33%
Supplemental data
Net assets, end of year (000 omitted) $243,229 $160,744 $221,800 $250,347 $466,493
Portfolio turnover rate 10% 10% 7% 7% 11%
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 shares at the current market price at close the day before and a sale at the cur-
rent 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 shares at the current net asset value at close the day before and a sale at the cur-
rent 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 Advisors 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 U.S. federal income tax purposes. In
view of this, U.S. investors holding common shares in
taxable accounts are strongly urged to review the impor-
tant tax information regarding the consequences of an
investment in the common shares of the Company, which
may be found at www.asaltd.com under “Investor
Information | Taxpayer 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 CIP will generally be treated for U.S. federal
income tax purposes in the same manner as dividends
paid to such shareholder in cash. See “Certain Tax
for more
for U.S. Shareholders”
Information
information regarding
tax consequences of an
investment in shares of the Company, including the
effect of the Company’s status as a PFIC. The amount
of the service charge is deductible for U.S. federal
income tax purposes, subject to limitations.
To participate in the CIP, shareholders may not hold
their shares in a “street name” brokerage account.
Additional information regarding the CIP may
be obtained
from Computershare, P.O. Box
30170, College Station, TX 77842-3170. Information
may also be obtained on
Internet at
www.computershare.com/investor
or by calling
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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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 15, 2016:
Election of Directors
For Against Abstain
David Christensen 7,675,345 500,623 64,487
Gary Glynn 7,692,821 487,221 60,413
Bruce Hansen 7,692,659 484,879 62,917
Mary Joan Hoene 7,678,321 503,161 58,973
Robert Pilkington 7,701,256 476,877 62,322
Appointment of Independent Registered Public Accounting Firm
For Against Abstain
Tait, Weller & Baker LLP 14,487,889 299,929 196,960
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 year ended November 30, 2016 or November 30, 2015. The
Company had 19,289,905 shares outstanding on November 30, 2016.
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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 (54)
Position held with the Company: Director since 2008;
President, Chief Executive Officer and Chief Investment
Officer since February 2009; Vice President Investments
from May 2007 to February 2009.
Other Directorships held by Director: Director of Hecla
Mining Company from 2002 to 2011; Director of Denver
Gold Group from 2010 to 2015.
Independent Directors
Robert Pilkington (71)
Position held with the Company: Chairman (non-
executive) since 2016. Deputy Chairman (non-executive)
from 2014 to 2016. Director since 2004 (Director of 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 from 1996 to 2014.
Mary Joan Hoene, (67)
Position held with the Company: Deputy Chairman
(non-executive) since 2016. Director since 2014.
Principal occupations during past 5 years: Counsel,
Carter Ledyard & Milburn LLP since 2010.
Other Directorships held by Director: None.
Other Officers
Jack Huntington (46)
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.
James Nash (36)
Position held with the Company: Corporate Secretary
since March 2016 and Deputy Chief Compliance
Officer since June 2016.
Principal occupations during past 5 years: Fund Chief
Compliance Officer at Foreside Fund Officer Services,
LLC since 2016; Regulatory Administration Advisor
with JPMorgan Chase Bank, N.A. from 2014 to 2016;
Product Analyst with Linedata Services, Inc. from 2011
to 2014.
* By reason of being an Officer of the Company
22
Gary Glynn (70)
Position held with the Company: Director since 2013.
Chairman (non-executive) from 2014 to 2016.
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.
Bruce Hansen (59)
Position held with the Company: Director since 2014
Principal occupations during past 5 years: Chief
Executive Officer, General Moly, Inc. since 2007.
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 since 2010.
Sara Heston (37)
Position held with the Company: Vice President
Investments since December 2013; Analyst from
January 2010 to December 2013.
David Lin (38)
Position held with the Company: Chief Financial
Officer since December 2015; Controller from
September 2014 to December 2015.
Other principal occupations during past 5 years:
Director of Finance from 2012 to 2014 and
Controller from 2008 to 2012 at White Oak Global
Advisors, LLC; Chief Financial Officer at White Oak
Merchant Partners, LLC from 2010 to 2014.
86957_01_ASA_AR.qxp 1/19/17 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
ALPS Alternative Investment 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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