ASA Gold and Precious Metals Limited
Annual Report and Financial Statements
November 2017
90032 Cover_ASA_AR2017.indd 3
1/19/18 6:51 PM
(cid:52)(cid:78)(cid:60)(cid:83)(cid:77)(cid:84)(cid:68)(cid:73)(cid:78)(cid:82)(cid:78)(cid:64)(cid:77)(cid:81)(cid:68)(cid:73)(cid:84)(cid:58)(cid:61)(cid:84)(cid:10)(cid:79)(cid:71)(cid:84)(cid:11)(cid:81)(cid:80)(cid:84)(cid:30)(cid:70)(cid:80)(cid:75)(cid:61)(cid:84)
90032 Cover_ASA_AR2017.indd 4
1/19/18 6:51 PM
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 1
ASA Gold and Precious Metals Limited
Annual Report and
Financial Statements
November 30, 2017
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
Proxy voting 20
Form N-Q 20
Common shares repurchased 20
Board of directors and officers 21
Other information 22
1
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 2
Letter to Shareholders
In 2017, the strong global economic environment,
characterized by modest inflation, slowly rising interest
rates and one of the strongest equity markets on record,
provided little reason for investors to seek gold as a
hedge. As a result of these positive economic trends, the
gold price was less volatile in 2017 than prior years. The
performance of the gold mining shares varied signifi-
cantly across companies with returns being driven prima-
rily by company specific activities as opposed to sector
momentum.
For the fiscal year ended November 30, 2017, ASA
Gold and Precious Metals Limited (“ASA” or the
“Company”) reported a total return of 0.7% based on its
net asset value (“NAV”), including reinvested dividends,
compared with a total return of 8.7% for the FTSE Gold
Mines Total Return Index (the “FTGMI”). ASA’s invest-
ments in diamonds and larger weighting towards junior
gold producers versus the FTGMI, negatively affected
ASA’s relative performance. The failure of issuers of sev-
eral important investments to deliver their projects on time,
combined with a significant increase in political risk asso-
ciated with mining, also contributed to the underperfor-
mance. The total return for the fiscal year, based on ASA’s
share price, was 2.6%. The gold price increased 8.7%
during the one year period ending November 30, 2017.
At fiscal year-end, total net assets of ASA were $244.2
million, $1.0 million higher than fiscal year-end 2016. The
average expense ratio improved to 1.19% during the
2017 fiscal year from 1.26% during fiscal year 2016 as a
result of the increase in asset values and a decrease in
ASA’s operating expenses.
Investment income generated by dividends received
from portfolio investments improved modestly to $1.4 mil-
lion during fiscal year 2017 from $1.2 million during 2016.
Cost savings throughout the gold mining industry com-
bined with increased demands for dividends from share-
holders helped to drive this improvement. While an
improvement in dividend income is possible during the
coming year, additional progress is needed to make a
meaningful impact to ASA’s dividend distribution.
The discount at which ASA’s shares traded in the mar-
ket fluctuated during the year from a high of 14.4% to a
low of 9.4% and ended the fiscal year at 12.7%. 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 significantly benefit long-term shareholders, or
accomplish a meaningful narrowing of the discount.
Geopolitical Risk
Geopolitical risk was at the forefront of the mining
industry in 2017. The management of government and
community relations have always been a key aspect of
operating a successful mining company. It is a delicate
balance to maintain harmony amongst the key stake
holders of a mining project and this year witnessed sev-
eral significant missteps. Mine blockades, revisions to
2
mining codes and failure to receive permits have nega-
tively affected the performance of miners around the
world. Mining companies with a single asset or single
country exposure have likely felt the impact of these
issues more significantly.
Incidents in Europe, Africa, Asia and the Americas
have reminded investors of the importance of managing
geopolitical risk. Investors have a renewed interest in
assets perceived to be in “safe” jurisdictions with well-
defined mining codes, government stability and rule of
law. A number of recent acquisitions of assets in the U.S.,
Canada and Australia are believed to be an attempt by
mining companies to diversify their portfolio and minimize
risk.
ASA’s management closely monitors the exposure
across the world and attempts to achieve portfolio diver-
sification in terms of project stage, size and location. In
2017, some investments were negatively impacted by
geopolitical problems but others benefited from the
renewed interest in North American assets and royalty
companies as investors sought the perceived safety of
these investments.
Chart 1: Holdings by Individual Project Location
Liquid Net
Assets,
1.2%
United
States,
8.1%
Other,
11.8%
Russia,
0.1%
Australia /
SE Asia,
13.1%
Southern
Africa,
4.3%
Central
Africa,
3.5%
West
Africa,
13.2%
Europe,
6.5%
Canada,
18.0%
Mexico,
6.6%
Central
America,
1.7%
South
America,
12.0%
Source: ASA, As of fiscal year-end 2017
We anticipate the heightened geopolitical sensitivity to
continue in 2018 as many of the issues from 2017 remain
unresolved. We will continue to closely monitor the port-
folio in an attempt to navigate the incidents of geopolitical
unrest.
Management evaluates not only geographical expo-
sure, but allocation across stage of production. The
Company is diversified amongst senior producers, junior
producers, royalty companies, developers and explo-
ration companies. In 2017, many of the developers in the
portfolio entered production and a number of them
encountered operational hiccups as production rates
increased. Mine start-ups are difficult for even the most
senior companies, but missteps are highlighted at single
asset companies as balance sheets can quickly become
strained and investors spooked at these early stages of
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 3
production. Management of ASA maintains regular con-
tact with our portfolio companies in an attempt to monitor
the issues, understand their implications for the long term
success of the operation, and manage the portfolio’s
exposure. Chart 2 below, highlights the Company’s allo-
cation across the various stages of project development.
Chart 2: Holdings by Stage of Development
Liquid Assets,
1.2%
Royalty,
11.8%
Developer,
7.1%
Junior,
10.1%
Mid,
17.5%
Senior,
52.3%
Source: ASA, As of fiscal year-end 2017
Portfolio Changes
While diversification has mitigated the impact of the
start-up and geopolitical issues, the portfolio has not been
immune to these matters in the last year. The Company
has invested in some companies that we believe can
improve their projects and work through their issues to
generate solid returns for investors. We have exited
those we believe no longer offer an attractive risk return
profile. In addition, the Company has maintained or
increased investments in companies delivering on their
operating plans while selling positions that may have lim-
ited upside or whose weighting with in the portfolio
needed adjustment.
ASA increased its position in Pretium Resources Inc.
in the second half of 2017. Pretium is a developer that
entered production in late 2017. ASA anticipates that the
stock’s valuation will re-rate to higher producer peer lev-
els as the company continues to ramp up and start to
generate free cash flow.
ASA also added to its position in OceanaGold
Corporation during 2017. OceanaGold is well diversified
with assets in New Zealand, the Philippines and the U.S.
The company was negatively impacted during 2017 fol-
lowing political comments made by the then-Minister of
Mines in the Philippines and a slower than anticipated
start-up at their new project in the United States. ASA
believes the solid operating team has navigated these
issues well and that the company is well positioned for
the future.
MAG Silver Corp. is a developer with an attractive sil-
ver project in Mexico. ASA increased its investment after
the company released an expansion study indicating
improved economics and the company secured financing
for the project.
In the second half of the fiscal year ASA also increased
its position in Torex Gold Resources Inc., a newer gold
producer in Mexico. Torex’s start-up challenges and an
illegal blockade by a competing labor union negatively
impacted the stock price. However, we believe these
issues to be temporary and that the share price will
improve following the recommencement of production.
The final addition to the portfolio in the second half of
2017 was through the exercise of warrants in Lydian
International. Lydian is currently constructing a project in
Armenia that remains on track and on budget for 2018.
The additional financing provided by the exercise of war-
rants will help facilitate the completion of project construc-
tion.
Sales of some investments during 2017 were to man-
age the weighting of the portfolio. As positions grew too
large or valuations appeared high, they were trimmed
and cash was reallocated to other opportunities. Several
of the positions we exited completely had experienced a
negative shift in strategy or decrease in opportunity due
to asset quality, management ability or political risk.
Chart 3: Investment Holdings by Sector
South African
Gold Miners
6.2%
United States
Gold Miners
15.1%
Australian
Gold Miners
7.2%
Liquid
Assets
1.3%
Cayman
Gold
Miners
1.9%
Channel
Island
Gold
Miners
11.2%
Canadian
Gold Miners
49.0%
Diamond
Miners
2.7%
Silver
Miners
1.4%
Peru
Gold
Miners
4.0%
Source: ASA, As of fiscal year-end 2017
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 at
1-800-432-3378.
David Christensen
President, Chief Executive Officer and Chief Investment
Officer
January 18, 2018
3
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 4
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 15, 2018 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.
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 state-
ments 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 ref-
erences to strategy, plans, goals or intentions. The
absence of these words or references does not mean
that the statements are not forward-looking. The
Company’s performance or results can fluctuate from
month to month depending on a variety of factors, a num-
ber of which are beyond the Company’s control and/or
are difficult to predict, including without limitation: the
Company’s investment decisions, the performance of the
securities in its investment portfolio, economic, political,
market and financial factors, and the prices of gold, plat-
inum and other precious minerals that may fluctuate sub-
stantially over short periods of time. The Company may
or may not revise, correct or update the forward-looking
statements as a result of new information, future events
or otherwise.
4
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 international
monetary and political developments. The Company is a
non-diversified fund and, as such, may invest in fewer
investments than that of a diversified portfolio. The
Company may invest in smaller-sized companies that
may be more volatile and less liquid than larger more
established companies. Investments in foreign securities,
especially those in the emerging markets, may involve
increased risk as well as exposure to currency fluctua-
tions. Shares of closed-end funds frequently trade at a
discount to net asset value. All performance information
reflects past performance and is presented on a total
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.
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 5
Performance Returns
Fiscal Year Total Returns
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
102.0%
101.2%
29.1%
16.6%
NAV
Share Price
51.9%
51.5%
0.7% 2.6%
-4.6%
-13.7%
-24.2%
-22.4%
-11.1%
-15.7%
-27.2%
-42.1%
-43.9%
-41.1%
-45.6%
-33.0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Best Quarter (NAV): Q2 2009 44.18%
Worst Quarter (NAV): Q4 2008 -36.19%
Average Annual Total Returns
For the periods ended November 30, 2017
1 Year 3 Year 5 Year 10 Year
ASA Gold and Precious Metals – NAV 0.74% 3.65% -11.62% -6.42%
ASA Gold and Precious Metals – Share Price 2.57% 1.34% -12.35% -6.32%
FTSE Gold Mines Total Return Index (1) 8.69% 10.55% -11.83% -5.79%
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 share.
The investment return and market price will fluctuate and 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.
5
90032_01_ASA_AR.qxp 1/19/18 6:05 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 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
well as evaluating
financial statement
the overall
presentation. Our procedures included confirmation of
securities owned as of November 30, 2017, by
correspondence with the custodian. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the Company, as of
November 30, 2017 and November 30, 2016, 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 18, 2018
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, 2017 and November 30, 2016, 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 highlights for each of the five years in the
period then ended. These financial statements and financial
highlights are
the Company’s
management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on
our audits.
responsibility of
the
financial reporting. Our audits
We conducted our audits in accordance with the standards
of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the
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
included
control over
consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles
used and significant estimates made by management, as
6
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 7
Schedules of Investments
November 30, 2017 and November 30, 2016
2017 2016
___________________________________ __________________________________
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 1,015,000 $ 17,610,250 7.2% 1,215,000 $ 17,222,625 7.1%
Perseus Mining Limited, (1) — — — 7,067,700 2,945,532 1.2
17,610,250 7.2 20,168,157 8.3
Canada
Agnico Eagle Mines Limited 450,000 19,669,500 8.1 475,000 19,498,750 8.0
Alacer Gold Corp., (1) 2,500,000 4,051,801 1.7 — — —
Alamos Gold Inc. 875,000 5,563,956 2.3 600,000 3,817,816 1.6
Asanko Gold Inc., (1) — — — 1,425,000 4,994,977 2.1
Atlantic Gold Corporation – 144A, (1)(2) 2,750,000 3,284,091 1.3 3,000,000 1,987,051 0.8
B2Gold Corp., (1) 1,594,338 4,067,599 1.7 1,594,338 3,856,217 1.6
Barrick Gold Corporation 1,125,000 15,502,500 6.3 1,275,000 19,150,500 7.9
Belo Sun Mining Corp., (1) 2,600,000 897,212 0.4 2,600,000 1,238,372 0.5
Detour Gold Corporation, (1) 450,000 4,885,425 2.0 450,000 5,733,423 2.4
Eldorado Gold Corporation, (3) 1,296,570 1,465,124 0.6 650,000 1,781,000 0.7
Franco-Nevada Corporation 160,000 13,041,449 5.3 160,000 9,291,360 3.8
Goldcorp Inc. 932,400 11,785,536 4.8 932,400 12,298,356 5.1
Guyana Goldfields Inc., (1) 669,500 2,273,979 0.9 857,300 3,509,079 1.4
Integra Gold Corp., (1) — — — 4,250,000 1,992,632 0.8
Kinross Gold Corporation, (1) 800,000 3,328,000 1.4 800,000 2,632,000 1.1
New Gold Inc., (1) 500,000 1,550,000 0.6 500,000 1,790,000 0.7
OceanaGold Corporation 2,654,013 6,832,867 2.8 1,054,013 2,925,853 1.2
Pretium Resources Inc., (1) 725,000 7,757,500 3.2 300,000 2,622,000 1.1
Roxgold Inc., (1) 2,827,200 2,587,023 1.1 2,523,400 2,478,893 1.0
Semafo Inc., (1) 900,000 2,226,358 0.9 900,000 2,739,451 1.1
Tahoe Resources Inc. 708,200 3,141,331 1.3 708,200 6,804,243 2.8
TMAC Resources Inc., (1) 26,500 153,096 0.1 26,500 307,658 0.1
TMAC Resources Inc. – 144A, (1)(2) 185,000 1,068,784 0.4 185,000 2,147,801 0.9
Torex Gold Resources Inc., (1) 330,000 3,267,884 1.3 280,000 4,192,603 1.7
Torex Gold Resources Inc. – 144A, (1)(2) 125,000 1,237,835 0.5 125,000 1,871,698 0.8
119,638,851 49.0 119,661,731 49.2
Cayman Islands
Endeavour Mining Corporation, (1) 250,000 4,526,773 1.9 — — —
Channel Islands
Lydian International Limited, (1) 1,780,000 503,819 0.2 1,780,000 390,787 0.2
Lydian International Limited – 144A, (1)(2) 12,593,775 3,564,598 1.5 6,879,300 1,510,303 0.6
Randgold Resources Limited – ADRs 254,100 23,316,216 9.5 282,100 20,277,348 8.3
27,384,634 11.2 22,178,437 9.1
Peru
Compañia de Minas Buenaventura S.A.A. – ADRs 699,000 9,779,010 4.0 699,000 7,807,830 3.2
South Africa
AngloGold Ashanti Limited, (3) 898,420 9,388,489 3.8 898,420 9,828,715 4.0
Gold Fields Limited 1,029,577 4,355,111 1.8 1,029,577 3,160,801 1.3
Sibanye-Stillwater 1,050,168 1,462,359 0.6 1,029,577 2,138,946 0.9
15,205,959 6.2 15,128,462 6.2
Unted States
Newmont Mining Corporation 570,368 21,097,912 8.6 695,368 22,557,738 9.3
Royal Gold, Inc. 190,000 15,716,800 6.4 190,000 13,231,600 5.4
36,814,712 15.1 35,789,338 14.7
Total gold mining, exploration, development and
royalty companies
(Cost $199,722,344 – 2017, $204,987,454 – 2016) $230,960,189 94.6% $220,733,956 90.8%
The notes to financial statements form an integral part of these statements.
7
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 8
Schedules of Investments (continued)
November 30, 2017 and November 30, 2016
2017 2016
_______________________________ __________________________________
Percent Percent
Shares/ of Net Shares/ of Net
Name of Company Warrants Value Assets Warrants Value Assets
Silver Mining, Exploration and Development Companies
Canada
MAG Silver Corp., (1) 325,000 $ 3,445,194 1.4% 275,000 $ 3,409,615 1.4%
Total silver mining, exploration and development companies
(Cost $2,541,688 – 2017, $2,007,500 – 2016) 3,445,194 1.4 3,409,615 1.4
Total gold and silver investments
(Cost $202,264,032 – 2017, $206,994,954 – 2016) 234,405,383 96.0 224,143,571 92.2
Platinum and Palladium Investments
Platinum and palladium mining companies
United States
Stillwater Mining Company, (1) — — — 375,000 5,636,250 2.3
Total platinum and palladium investments
(Cost $0 – 2017, $4,672,638 – 2016) — — 5,636,250 2.3
Diamond Mining, Exploration and Development Companies
Bermuda
Petra Diamonds Limited, (1) 1,000,000 909,758 0.4 1,000,000 2,061,154 0.8
Canada
Stornoway Diamond Corporation, (1) 1,389,500 711,155 0.3 1,389,500 1,044,426 0.4
Stornoway Diamond Corporation – 144A, (1)(2) 9,698,550 4,963,780 2.0 9,698,550 7,289,972 3.0
5,674,935 2.3 8,334,398 3.4
Total diamond mining, exploration and development companies
(Cost $10,222,660 – 2017, $10,222,660 – 2016) 6,584,693 2.7 10,395,552 4.3
Total common shares
(Cost $212,486,693 – 2017, $221,890,252 – 2016) 240,990,076 98.7 240,175,373 98.7
Warrants
Gold and Silver Investments
Gold mining, exploration, development and royalty companies
Channel Islands
Lydian International Limited,
C$0.36 Warrants, 11/27/2017, (1) — — — 585,000 30,476 0.0
Lydian International Limited,
C$0.36 Warrants, 11/27/2017 – 144A, (1)(2) — — — 5,159,475 268,783 0.1
— — 299,258 0.1
Total gold mining, exploration, development and
royalty companies
(Cost $0 – 2017, $260,780 – 2016) — — 299,258 0.1
Total warrants
(Cost $0 – 2017, $260,780 – 2016) — — 299,258 0.1
Total investments
(Cost $212,486,693 – 2017, $222,151,032 – 2016), (4) 240,990,076 98.7 240,474,631 98.9
Cash, receivables, and other assets less liabilities 3,211,495 1.3 2,754,655 1.1
Net assets $244,201,571 100.0% $243,229,286 100.0%
(1) Non-income producing security.
(2) Restricted security.
(3) Non-income producing security in 2016 only.
(4) 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, 2017 were $80,547,008 and $52,043,624, respectively, resulting in net unrealized appreciation on
investments of $28,503,384. 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.
ADR – American Depository Receipt.
May not total due to independent rounding.
The notes to financial statements form an integral part of these statements.
8
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 9
Portfolio Statistics (unaudited)
November 30, 2017 and November 30, 2016
Geographic Breakdown* 2017 2016
Australia 7.2% 8.3%
Bermuda 0.4% 0.8%
Canada 52.7% 54.0%
Cayman Islands 1.9% 0.0%
Channel Islands 11.2% 9.2%
Peru 4.0% 3.2%
South Africa 6.2% 6.2%
United States 15.1% 17.0%
Cash 1.3% 1.1%
______ ______
100.0% 100.0%
* Geographic breakdown, which is based on company domiciles, is expressed as a percentage of total net assets including cash.
Percentage totals may not equal 100.0% due to independent rounding.
Principal Portfolio Changes in Shares for the Years Ended (unaudited)
November 30, 2017 and November 30, 2016
2017 2016
Investments Increase Decrease Increase Decrease
Agnico Eagle Mines Limited 25,000 64,300
Alacer Gold Corp. 2,500,000 918,200
Alamos Gold Inc. 275,000
Amara Mining plc, (1) 5,000,000
Amara Mining plc – 144A, (1)(2) 4,135,000
Anglo American Platinum Limited 135,100
AngloGold Ashanti Limited 75,000
Argonaut Gold Inc. 430,000
Asanko Gold Inc. 400,000 1,825,000 575,000
Atlantic Gold Corporation – 144A, (2) 250,000 3,000,000
Barrick Gold Corporation 150,000 100,000
Centerra Gold Inc. 200,000
Compañia de Minas Buenaventura S.A.A. – ADRs 100,000
Detour Gold Corporation 150,000
Dominion Diamond Corporation 50,000
Eldorado Gold Corporation, (3) 896,570 250,000
Endeavour Mining Corporation 250,000
ETFS Palladium Trust 70,000
ETFS Platinum Trust 22,500
Franco-Nevada Corporation 25,000
Freeport-McMoRan Inc. 315,000
Guyana Goldfields Inc. 200,000 387,800 278,200
Impala Platinum Holdings Limited 572,400
Integra Gold Corp, (3) 707,000 4,957,000 4,250,000
Kinross Gold Corporation 200,000
Lydian International Ltd, (4) 1,780,000
Lydian International Ltd – 144A, (2)(5) 5,714,475 6,879,300
Lydian International Ltd, C$0.36 Warrants, 11/27/2017, (4) 585,000 585,000
Lydian International Ltd, C$0.36 Warrants, 11/27/2017 – 144A, (2)(5) 5,159,475 5,159,475
MAG Silver Corporation 50,000 275,000
New Gold Inc. 100,000
Newcrest Mining Limited 200,000
Newmont Mining Corporation 125,000
OceanaGold Corporation 1,600,000
Perseus Mining Limited, (1) 7,067,700 9,317,700 2,250,000
Perseus Mining Limited, A$0.44 Warrants, 04/18/19, (1) 3,105,900 3,105,900
Pretium Resources Inc. 425,000 300,000
Primero Mining Corporation 200,000
Randgold Resources Limited - ADRs 28,000 15,000
Roxgold Inc. 303,800 2,523,400
Royal Gold, Inc. 20,000
Semafo Inc. 200,000
Sibanye Gold Limited, R11.28 Rights, 06/09/2017, (6) 1,323,741 1,323,741
Sibanye-Stillwater 20,591
Stillwater Mining Co. 375,000 225,000
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 – 144A, 07/08/2016, (2) 3,928,600
TMAC Resources Inc. 26,500
Torex Gold Resources Inc. 50,000
(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) Restricted security.
(3) Eldorado Gold Corp acquired Integra Gold Corp on July 10, 2017 for $0.24135 cash plus 0.18087 Eldorado Gold Corp shares per 1 Integra Gold Corp share.
(4) On April 5, 2016 and May 17, 2016 ASA purchased 300,000 and 480,000 Lydian International Ltd Subscription Receipts respectively. Each subscription receipt
consisted of 1 share of Lydian International Ltd and 0.75 Lydian International Ltd, 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 Ltd Subscription Receipts – 144A. Each subscription receipt consisted of 1 share of Lydian
International Ltd – 144A and 0.75 Lydian International Ltd, C$0.36 Warrants, 11/27/2017 – 144A. The subscription receipts were split into their individual pieces
on May 26, 2016.
(6) On May 26, 2017, Sibanye conducted a Rights Offer in which 9 Sibanye Gold Limited, R11.28 Rights, 06/09/2017 were issued for every 7 Sibanye Gold Limited
shares held.
9
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 10
Statements of Assets and Liabilities
November 30, 2017 and November 30, 2016
2017 2016
Assets
Investments, at value
Cost $212,486,693 in 2017
$221,151,032 in 2016 $240,990,076 $240,474,631
3,677,900 4,278,766
Cash
Foreign currency at value
Cost $0 in 2017 — 144
$148 in 2016
Dividends receivable, net of withholding taxes payable 102,264 74,860
Due from broker 615,885 —
Other assets 176,018 191,553
Total assets $245,562,143 $245,019,954
Liabilities
$ 709,206
Accrued affiliate expenses
164,804
Accounts payable and accrued liabilities
Due to broker
—
Liability for retirement benefits due to current and future retired directors 486,562
$ 797,574
162,199
250,027
580,868
Total liabilities
Net assets
Common shares $1 par value
$ 1,360,572
$ 1,790,668
$244,201,571
$ 243,229,286
Authorized: 40,000,000 shares
Issued and Outstanding: 19,289,905 shares $ 19,289,905 $ 19,289,905
Share premium (capital surplus) 1,372,500 1,372,500
Undistributed net investment income (loss) 7,352,171 9,792,914
Undistributed net realized gain (loss) from investments 306,757,097 313,722,363
Undistributed net realized gain (loss) from foreign currency transactions (119,073,486) (119,271,990)
Net unrealized appreciation (depreciation) on investments 28,503,384 18,323,599
Net unrealized gain (loss) on translation of assets and liabilities in
foreign currency — (5)
Net assets $244,201,571 $243,229,286
Net asset value per share $ 12.66 $ 12.61
The closing price of the Company’s shares on the New York Stock Exchange was $11.05 and $10.81 on November
30, 2017 and November 30, 2016, respectively.
The notes to financial statements form an integral part of these statements.
10
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 11
Statements of Operations
For the years ended November 30, 2017 and November 30, 2016
2017 2016
Investment income
Dividend income (net of withholding taxes of $328,728 and $297,372
respectively, and ADR fees of $5,082 and $5,742, respectively)
Total investment income
$ 1,402,806 $ 1,203,807
1,402,806 1,203,807
Expenses
Shareholder reports and proxy expenses 99,654 95,898
Directors’ fees and expenses 241,588 241,803
Retired directors’ fees 78,750 90,000
Investment research 1,006,310 1,103,113
Administration and operations 1,055,592 1,062,874
Fund accounting 163,076 163,076
Transfer agent, registrar and custodian 144,733 97,804
Legal fees 127,572 156,944
Audit fees 55,000 55,000
Professional fees – other 1,875 1,000
Insurance 164,582 165,581
Dues and listing fees 25,000 25,000
Depreciation expense 2,527 2,527
Total expenses 3,166,259 3,260,620
Change in retirement benefits due to directors (94,306) (54,561)
Net expenses 3,071,953 3,206,059
Net investment income (loss) (1,669,147) (2,002,252)
Net realized and unrealized gain (loss) from investments and foreign
currency transactions
Net realized gain (loss) from investments
Proceeds from sales 28,383,529 30,132,790
Cost of securities sold 35,348,795 45,438,792
Net realized gain (loss) from investments (6,965,266) (15,306,002)
Net realized gain (loss) from foreign currency transactions
Investments 190,384 (2,788,206)
Foreign currency 8,120 (1,270)
Net realized gain (loss) from foreign currency transactions 198,504 (2,789,476)
Net increase (decrease) in unrealized appreciation (depreciation)
on investments
Balance, beginning of period 18,323,599 (85,031,219)
Balance, end of period 28,503,384 18,323,599
Net increase (decrease) in unrealized appreciation (depreciation)
on investments 10,179,785 103,354,818
Net unrealized gain (loss) on translation of assets and liabilities in
foreign currency 5 26
Net realized and unrealized gain (loss) from investments and foreign
currency transactions 3,413,028 85,259,36
Net increase (decrease) in net assets resulting from operations
$ 1,743,881 $ 83,257,114
The notes to financial statements form an integral part of these statements.
11
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 12
Statements of Changes in Net Assets
For the years ended November 30, 2017 and 2016
2017 2016
Net investment income (loss) $ (1,669,147) $ (2,002,252)
Net realized gain (loss) from investments (6,965,266) (15,306,002)
Net realized gain (loss) from foreign currency transactions 198,504 (2,789,476)
Net increase (decrease) in unrealized appreciation (depreciation)
on investments 10,179,785 103,354,818
Net unrealized gain (loss) on translation of assets and liabilities
in foreign currency 5 26
Net increase (decrease) in net assets resulting from operations 1,743,881 83,257,114
Dividends paid/payable
From net investment income (771,596) (771,596)
Net increase (decrease) in net assets 972,285 82,485,518
Net assets, beginning of period 243,229,286 160,743,768
Net assets, end of period (including undistributed net investment
income of $7,352,171 as of November 30, 2017 and $9,792,914
as of November 30, 2016) $244,201,571 $243,229,286
The notes to financial statements form an integral part of these statements.
12
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 13
Notes to Financial Statements
Years ended November 30, 2017 and November 30, 2016
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, 2017 and November 30, 2016, the Company held investments in restricted securities of 5.78% and
6.20% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of
Directors as follows:
13
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 14
Notes to Financial Statements (continued)
Years ended November 30, 2017 and November 30, 2016
Restricted Securities
November 30, 2017
Shares/ Value Acquisition
Warrants Cost Issuer Per Unit Value Date
________ _________ ________________________________ _______ _________ ______________
5,714,475 $1,869,119 Lydian International Limited – 144A $0.28 $1,617,451 11/21/2017
1,841,350 1,490,038 Stornoway Diamond Corporation – 144A 0.51 942,415 06/21/2016
6,879,300 1,269,275 Lydian International Limited – 144A 0.28 1,947,148 05/26/2016
2,750,000 1,285,447 Atlantic Gold Corporation – 144A 1.19 3,284,091 05/09/2016
185,000 898,101 TMAC Resources, Inc. – 144A 5.78 1,068,784 06/26/2015
7,857,200 4,641,822 Stornoway Diamond Corporation – 144A 0.51 4,021,366 07/08/2014
125,000 1,351,000 Torex Gold Resources, Inc. – 144A 9.90 1,237,835 01/22/2014
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 0.05 268,783 05/26/2016
Warrants, 11/27/2017 – 144A
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
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 assets or liabilities that the Company has
the ability to access.
Level 2 – Other observable inputs other than quoted prices included in level 1 that are observable for the asset
or liability either directly or indirectly. These inputs may include quoted prices for identical instruments
on an inactive market, prices for similar investments, interest rates, prepayment speeds, credit risk,
yield curves, default rates, and similar data.
Level 3 – Unobservable inputs for the assets or liability to the extent that relevant observable inputs are not
available, representing the Company’s own assumptions about the assumptions that a market par-
ticipant would use in valuing the asset or liability, and that would be based on the best information
available.
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, 2017 and November 30, 2016 in valuing the
Company’s investments at fair value:
14
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 15
Notes to Financial Statements (continued)
Years ended November 30, 2017 and November 30, 2016
Investment in Securities
Measurements at November 30, 2017
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and Silver Investments
Gold mining, exploration, development
and royalty companies $188,988,672 $41,971,517
$ — $230,960,189
Silver mining, exploration and
development companies 3,445,194 —
— 3,445,194
Diamond Mining, Exploration and
— 6,584,693
Development Companies 1,620,913 4,963,780
___________ ___________ ___________ ___________
$ — $240,990,076
Total Investments $194,054,779 $46,935,297
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Transfers into and out of levels are recognized at the end of the period. During the year ended November 30, 2017,
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, 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
— 10,395,552
Development Companies 3,105,579 7,289,972
___________ ___________ ___________ ___________
— 240,175,373
Total Common Shares 193,017,461 47,157,911
Warrants
Gold mining, exploration, development
— 299,258
and royalty companies 30,476 268,783
___________ ___________ ___________ ___________
$ — $240,474,631
Total Investments $193,047,937 $47,426,694
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
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.
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
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.
15
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 16
Notes to Financial Statements (continued)
Years ended November 30, 2017 and November 30, 2016
E. Securities Transactions and Investment Income
During year ended November 30, 2017, sales and purchases of portfolio securities (other than temporary short-term
investments) amounted to $25,484,241 and $23,772,331, respectively. 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.
Dividend income is recorded on the ex-dividend date, net of withholding taxes or ADR fees, if any. Withholding taxes
represent amounts withheld by U.S. and foreign tax authorities. 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, 2017 and November 30, 2016, 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.
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, 2017 and November 30, 2016 was $486,562 and $580,868,
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
16
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 17
Notes to Financial Statements (continued)
Years ended November 30, 2017 and November 30, 2016
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, 2017 and November 30, 2016, the aggregate remuneration paid to the Company’s
officers was $1,485,685 and $1,471,405, respectively. In addition, $602,500 and $686,500, 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 $32,474 as of November 30, 2017. 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:
12/01/2017 – 02/28/2018 $ 32,474
In June 2017, the Company extended its current lease and entered into an additional three-year operating lease
agreement commencing on March 1, 2018.
Future minimum rental commitments under the lease amendment are as follows:
03/01/2018 – 11/30/2018 $153,796
12/01/2018 – 11/30/2019 209,584
12/01/2019 – 11/30/2020 215,842
12/01/2020 – 02/28/2021 54,356
________
Total $633,578
________
________
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, 2017 and November 30, 2016. There were
no repurchases during the years ended November 30, 2017 and November 30, 2016.
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.
17
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 18
Financial Highlights
Year ended November 30
2017 2016 2015 2014 2013
Per share operating performance (1)
Net asset value, beginning of year
$12.61 $ 8.33 $11.50 $12.98 $24.18
Net investment income (loss)
Net realized gain (loss) from investments
Net realized gain (loss) from foreign currency transactions 0.01 (0.14)
Net increase (decrease) in unrealized appreciation
(0.09)
(0.36)
(0.10)
(0.09)
(0.79) 0.13 (0.48)
(0.05)
(0.21)
(0.08) 0.02
(0.38)
(0.02)
on investments
0.53
5.35 (2.96)
(0.83) (10.64)
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
Dividends
From net investment income
From net realized gain on investments
0.09
4.32 (3.13)
(1.44) (11.02)
(0.04)
(0.04)
(0.04)
(0.04)
—
—
—
—
(0.18)
—
Net asset value, end of year
$12.66 $12.61 $ 8.33 $11.50 $12.98
Market value per share, end of year
$11.05 $10.81 $ 7.16 $10.74 $12.78
Total investment return
Based on market price (2)
Based on net asset value (3)
Ratio to average net assets
Expenses (4)
Net investment income (loss)
Supplemental data
Net assets, end of year (000 omitted)
Portfolio turnover rate
Shares outstanding (000 omitted)
2.57% 51.50% (33.02%) (15.69%) (41.07%)
0.74% 51.86% (27.20%) (11.11%) (45.56%)
1.19% 1.26% 1.64% 1.37% 1.21%
(0.65%) (0.79%) (0.83%) (0.54%) 0.11%
$244,202 $243,229 $160,744 $221,800 $250,347
7%
19,290 19,290 19,290 19,290 19,290
10%
7%
10%
9%
(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 pur-
poses 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% during fiscal year 2013. The Company’s former sub-
sidiary, ASA Gold and Precious Metals Advisors LLC, was discontinued on September 23, 2013.
18
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 19
Certain Tax Information for U.S. Shareholders
The Company is a “passive foreign investment
company” (“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.
be
in bulk
requests
combined,
requests may
Computershare may combine CIP participant
purchase requests with other purchase requests
received from other CIP participants and may submit
the combined purchase
to
Computershare’s broker as a single purchase order.
Purchase
at
Computershare’s discretion, according to one or more
type (e.g., dividend
factors such as purchase
reinvestment, one-time ACH, check, etc.), request
date, or request delivery method (e.g., online, regular
mail, etc.). Computershare will submit bulk purchase
orders to its broker as and when required under the
terms of the CIP. Computershare’s broker may execute
each bulk purchase order in one or more transactions
over one or more days, depending on market
conditions. Each participant whose purchase request
is included in each bulk purchase order will receive the
weighted average market price of all shares purchased
by Computershare’s broker for such order. 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 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. Any fractional share
will be rounded up to a whole share for purposes of
calculating the per share fee. 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
Information
for more
for U.S. Shareholders”
tax consequences of an
information regarding
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
from Computershare, P.O. Box
be obtained
Information
505000, Louisville, KY 40233-5000.
Internet at
may also be obtained on
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
19
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 20
Privacy Notice
The Company is committed to protecting the
financial privacy of its shareholders.
We do not share any nonpublic, personal information
that we may collect about shareholders with anyone,
including our affiliates, except
to service and
administer shareholders’ share accounts, to process
transactions, to comply with shareholders’ requests of
legal requirements or for other limited purposes
permitted by law. For example, the Company may
disclose a shareholder’s name, address, social
security number and the number of shares owned to its
administrator, transfer agent or other service providers
in order to provide the shareholder with proxy
statements, tax reporting forms, annual reports or
other information about the Company. This policy
applies to all of the Company’s shareholders and
former shareholders.
We keep nonpublic personal information in a secure
environment. We restrict access to nonpublic personal
information to Company employees, agents and
service providers who have a need to know the
information based on their role in servicing or
administering shareholders’ accounts. The Company
also maintains physical, electronic and procedural
safeguards to protect the confidentiality of nonpublic
personal information.
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
twelve months ended
November 30, 2017 or November 30, 2016. The
Company had 19,289,905 shares outstanding on
November 30, 2017.
the
20
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 21
Board of Directors and Officers
of ASA Gold and Precious
Metals Limited
Directors are elected at each annual general meeting
of shareholders to serve until the next annual general
meeting. 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 (55)
Position held with the Company: Director since 2008;
President, Chief Executive Officer and Chief Investment
Officer since February 2009.
Other Directorships held by Director: Director of Denver
Gold Group from 2010 to 2015.
Independent Directors
Robert Pilkington (72)
Position held with the Company: Chairman (non-
executive) since 2016. Deputy Chairman (non-executive)
from 2014 to 2016. Director since 2004 (Director 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, (68)
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 (47)
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.
Danielle Kulp (37)**
Position held with the Company: Corporate Secretary
since December 2017 and Deputy Chief Compliance
Officer since December 2017.
Principal occupations during past 5 years: Director,
Fund Governance Services at Foreside Financial
Group since 2016; Consultant and Senior Paralegal in
the Legal Department of Lincoln Financial Group from
2013 to 2016.
* By reason of being an Officer of the Company.
** As of November 30, 2017, James Nash served as Corporate
Secretary and Deputy Chief Compliance Officer.
Gary Glynn (71)
Position held with the Company: Director since 2013.
Chairman (non-executive) from 2014 to 2016.
Principal occupations during past 5 years: Retired.
Other Directorships held by Director: Director of
Taiwan Opportunities Fund Ltd. since 2012.
Bruce Hansen (60)
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 (38)
Position held with the Company: Vice President
Investments since December 2013; Analyst from
January 2010 to December 2013.
Other Directorships held by Officer: Director of
Denver Gold Group since December 2017.
David Lin (39)
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.
21
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 22
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 505000, Louisville, KY 40233-5000
(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.
22
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 23
[This Page Intentionally Left Blank]
90032_01_ASA_AR.qxp 1/19/18 6:05 PM Page 24
[This Page Intentionally Left Blank]
90032 Cover_ASA_AR2017.indd 5
1/19/18 6:51 PM
90032 Cover_ASA_AR2017.indd 2
1/19/18 6:51 PM