ASA Gold and Precious Metals Limited Annual Report 2020

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FY2020 Annual Report · ASA Gold and Precious Metals Limited

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Gold and Precious Metals Limited

Annual Report and Financial Statements
November 30, 2020

A Closed-End Fund
Specializing in Gold and Other
Precious Metals Investments

ASA Gold and Precious Metals Limited

Annual Report and Financial Statements

November 30, 2020

Table of Contents
Letter to Shareholders (Unaudited)
Forward-looking statements
10-Year performance returns (Unaudited)
Certain investment policies and restrictions (Unaudited)
Report of Independent Registered Public Accounting Firm
Schedule of investments
Portfolio statistics (Unaudited)
Statement of assets and liabilities
Statement of operations
Statements of changes in net assets
Notes to financial statements
Financial highlights
Certain tax information for U.S. shareholders (Unaudited)
Dividend reinvestment and stock purchase plan (Unaudited)
Privacy notice (Unaudited)
Form N-PX/proxy voting (Unaudited)
Form N-PORT/portfolio holdings (Unaudited)
Share repurchase (Unaudited)
Board of directors and officers (Unaudited)

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Dear Shareholder,

First, we hope that everyone is safe and has been able to manage their health in this tumultuous time.

During 2020, gold continued the strength we saw in 2019 with a number of distinct moves throughout the year. The
backdrop was the Federal Reserve’s (the “Fed”) lowering of the Fed Funds rate to near zero in response to the economic
collapse surrounding Covid-19. At the beginning of the year, the gold price had already begun its rise, but sold off in
March with the rest of the global markets as investors appeared to indiscriminately reprice just about any asset lower.
Over the summer, the price of gold peaked at $2,063.54 in August of 2020 from a low of $1,471.4 in March 2020, an
increase of $591.84, the largest intra-calendar year dollar increase we have seen in the gold market.

Gold increased 21.4% during the fiscal year ended November 30, 2020, while the ASA Gold and Precious Metals
Limited (“ASA”, the “Fund” or the “Company”) reported a total return of 62.5% based on its net asset value (“NAV”),
compared to a total return of 29.4% for the NYSE Arca Gold Miners Index (the “Index).1 Total return of ASA’s share price
for the fiscal year was 63.4%. At fiscal year-end, total net assets of ASA were $464 million, an increase of $178 million
as compared to fiscal year-end 2019.

The Company’s average expense ratio dropped to 1.02% during the 2020 fiscal year from 1.38% during fiscal year 2019
due to investment performance and the corresponding increase in assets. The lower expense ratio also reflects the first
full year after the transition to external management and other changes, notably a new administrator. For the new fiscal
year, Merk Investments (“Merk”), the Fund’s investment adviser, proactively agreed to a scaled decrease in investment
adviser fees on an asset level basis above $300 million in net assets.

Separately, investment income decreased to $1.3 million during fiscal year 2020 from $2.4 million during 2019, which
was primarily due to portfolio allocation away from the larger capitalization companies to exploration and development
companies that are less likely to pay dividends.

The discount at which ASA’s shares traded in the market fluctuated during the year from a high of 19.9% to a low of
8.1% and ended the fiscal year at 17.2%. The Board of Directors of ASA and Merk monitor the Company’s share price
and discount to NAV on an ongoing basis.

The portfolio repositioning that started in 2019 with Merk becoming the Company’s adviser, was essentially completed
by the middle of 2020, with the bulk of it changed before the market sell off in March. The Fund sold off in conjunction
with the commodity price sell off in March, but from the lows of March has shown the leverage to the gold price that we
anticipated: from the lows of March through the end of the fiscal year, the Fund’s share price and NAV each more than
doubled, versus the Index that was up by 66.5% (and ASA’s old benchmark was up 58.6% during the same period).

It is still our opinion that the gold price has a supportive environment, and it is in this context that the Fund is positioned
to show leverage to the upside. As we expect policy makers to remain concerned about the ramifications of COVID-19
on the global economy for some time even with a vaccine rollout, governments and reserve banks globally are likely to
continue to try to “reflate” their economies with large fiscal and monetary stimuli. As a result, we anticipate our preferred
reference point for the price of gold, real interest rates, to remain low as inflation expectations gradually move higher,
yet nominal interest rates stay low. Additionally, we expect a continuation of the weak U.S. Dollar environment we have
seen since the spring of 2019 as a side effect of these reflationary efforts.

1 ASA’s old benchmark, the FTSE Gold Mines Total Return Index, had a positive return of 31.8% during the period.

As we have stated in previous letters, the Fund has moved into a position where we believe there is better leverage to
the gold price. We look for companies that will participate in the gold move, but also have catalysts that will enhance
equity performance. The table below shows the breakdown by stage of company and the performance attribution for
each over the last fiscal year:

Large: annual production > 1,000,000 ounces
Medium: annual production 500,000 – 1,000,000 ounces
Small: annual production < 500,000 ounces
Attribution: a measure of the relative contribution to the performance

The Fund had a number of top holdings that were driven by catalysts such as funding decisions, plant optimizations and
exploration success. These catalysts were the primary drivers of Fund performance in the 4th quarter: the gold price
was down 10%; the Index and old benchmark were down more than 17% while ASA’s NAV was down only 11.2% and
the stock price was down 14.5%. We continue to believe the Fund is well positioned to benefit from these catalyst-driven
stocks in the near future, while showing solid relative performance in down gold markets.

Furthermore, the Fund has become a source of capital for new exploration and development companies. We have
participated in numerous deals in which we are the lead order in financings that combine both equity and warrants.
The size of the Fund allows us to take meaningful positions before these companies become “institutionalized” with
the larger precious metals and generalist funds. Specifically, we have seen in subsequent financings, other funds
have taken initial positions as the companies have shown further proof of their exploration or development concepts.
Through relationships developed over the years, we believe that Merk has now become one of the first stops when an
exploration or development company is looking for early-stage investments. We view this part of the investment pool
similar to venture type investments with a goal to have a slightly above average success rate with a few names that will
significantly outperform.

Finally, we continue to have constructive conversations with the large and mid-cap producers who have done an
outstanding job of managing their operations. They continue to manage costs and their balance sheets. As a result,
they are seeing large margins and generating cash in size rarely seen in the industry. Quarterly financials continue to
be strong and many companies are initiating or increasing dividends throughout the year. While we continue to applaud
the management teams for how they have managed their businesses, we believe that these companies must start to
deal with the looming production cliff and backfill their project pipelines with exploration and development stage projects.
Companies like SSRM/Alacer and Endeavour Mining/Semafo/Teranga have been among the first to act and will likely be
rewarded for their vision. We believe the ASA portfolio is well positioned to benefit from future M&A activity.

It is in this environment, that we at Merk believe ASA shareholders will continue to see the benefits of a more dynamic
portfolio and further improved returns. Please reach out to us if you have any questions.

Peter Maletis, Portfolio Manager
Merk Investments LLC

Axel Merk, Chief Investment Officer
Merk Investments LLC

Forward-Looking Statements
This shareholder letter includes forward-looking statements, which involve known and unknown risks, uncertainties
and other factors that may cause the actual results, levels of activity, performance or achievements of the Company,
or industry results, to be materially different from any future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. The Company’s actual performance or results may differ from
its beliefs, expectations, estimates, goals and projections, and consequently, investors should not rely on these forward-
looking statements as predictions of future events. Forward-looking statements are not historical in nature and generally
can be identified by words such as “believe,” “anticipate,” “estimate,” “expect,” “intend,” “should,” “may,” “will,” “seek,”
or similar expressions or their negative forms, or by references to strategy, plans, goals or intentions. The absence of
these words or references does not mean that the statements are not forward-looking. The 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 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, 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 information, 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 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 fluctuations. 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 performance shown.

This shareholder letter does not constitute an offer to sell or solicitation of an offer to buy any securities.

10-Year Performance Returns
Fiscal Year Total Returns

120%

100%

80%

60%

40%

20%

-20%

-40%

-60%

51.9%

51.5%

NAV

Share Price

62.5%

63.4%

47.0%

41.1%

-4.6%

-13.7%

-24.2%

-22.4%

-11.1%

-15.7%

-41.1%

-45.6%

-27.2%

-33.0%

0.7%

2.6%

-20.0%

-21.4%

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Best Quarter (NAV):
Worst Quarter (NAV):

Q1 2016
Q2 2013

45.98%
-34.36%

Average Annual Total Returns
For the years ended November 30, 2020
ASA Gold and Precious Metals - NAV
ASA Gold and Precious Metals - Share Price
NYSE ARCA Gold Miners Index (NTR) (1)
FTSE Gold Mines Index (1)
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.

1 Year
62.46%
63.39%
29.35%
31.70%

5 Year
23.94%
23.02%
21.56%
22.56%

3 Year
24.10%
21.93%
16.70%
17.22%

10 Year
-2.90%
-4.56%
5.64%
-3.81%

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 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 (“FTSE Gold Index”) encompasses 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 NYSE Arca Gold Miners Index
(the “Index”) is a net total return modified capitalization weighted index comprised of publicly traded companies primarily involved
in the mining of gold and silver in locations around the world. The Company does not attempt to replicate the FTSE Gold Index or
the Index. The FTSE Gold Index and Index do not necessarily reflect investments in other precious metals companies (e.g., silver,
platinum, and diamonds) in which the Company may invest. Data about the performance of the FTSE Gold Index and 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 FTSE Gold Index or Index and does not invest in all securities included in the FTSE
Gold Index or 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.

Certain Investment Policies and Restrictions
The following is a summary of certain of the Company’s investment policies and restrictions and is subject to the more
complete statements contained in documents filed with the Securities and Exchange Commission.

The concentration of investments in a particular industry or group of industries. It is a fundamental policy (i.e.,
a policy that may be changed only by shareholder vote) of the Company that at least 80% of its total assets be (i)
invested in common shares or securities convertible into common shares of companies engaged, directly or 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 investment companies, including exchange traded funds, or other securities that seek to replicate the price
movement of gold, silver or platinum bullion. Compliance with the percentage limitation relating to the concentration
of the Company’s investments will be 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 above, the Company may deviate from
the investment policy outlined in that paragraph and make temporary investments of unlimited amounts in securities
issued by the U.S. Government, its agencies or instrumentalities or other high quality money market instruments.

The percentage of voting securities of any one issuer that the company may acquire. It is a non-fundamental
policy (i.e., a policy that may be changed by the Board of Directors) of the Company that the Company shall not
purchase a security if, at the time of purchase, more than 20% of the value of its total assets would be invested in
securities of the issuer of such security.

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of ASA Gold and Precious Metals Limited

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of ASA Gold and Precious Metals Limited (the
“Company”), including the schedule of investments, as of November 30, 2020, the related statement of operations
for the year then ended, statements of changes in net assets for each of the two years in the period then ended, and
financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as
the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of November 30, 2020, the results of its operations for the year then ended, 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.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with
respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB. We have served as the Company’s auditor since 2012.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting, 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.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned
as of November 30, 2020 by correspondence with the custodian. We believe that our audit provides a reasonable basis
for our opinion.

TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 21, 2021

Schedule of Investments
November 30, 2020

Name of Company
Common Shares
Gold mining, exploration, development and royalty companies
Australia

Alicanto Minerals, Ltd. (1)
Bellevue Gold, Ltd. (1)
Bellevue Gold, Ltd. (1)
Cygnus Gold, Ltd. (1)
Dacian Gold, Ltd. (1)
Emerald Resources NL (1)
Pantoro, Ltd. (1)
Perseus Mining, Ltd. (1)
Prodigy Gold NL (1)
Westgold Resources, Ltd. (1)

Canada

Adventus Mining Corp. (1)
Agnico Eagle Mines, Ltd.
Alamos Gold, Inc.
Aya Gold & Silver, Inc. (1)
B2Gold Corp.
Barrick Gold Corp.
Calibre Mining Corp. (1)
Centerra Gold, Inc.
Corvus Gold, Inc. (1)
Euro Sun Mining, Inc. (1)
GoGold Resources, Inc. (1)
Golden Star Resources, Ltd. (1)
HighGold Mining, Inc. (1)
K92 Mining, Inc. (1)
Kanadario Gold, Inc. (1)
Liberty Gold Corp. (1)
Marathon Gold Corp. (1)
Maverix Metals, Inc.
Mawson Gold, Ltd. (1)
Newcore Gold, Ltd. (1)
O3 Mining, Inc. (1)
Orla Mining, Ltd. (1)
Osino Resources Corp. (1)
Prime Mining Corp. (1)
Probe Metals, Inc. (1)
Pure Gold Mining, Inc. (1)
Roscan Gold Corp. (1)
Roxgold, Inc. (1)
Sable Resources, Ltd. (1)
Silver Tiger Metals, Inc. (1)
SilverCrest Metals, Inc. (1)
Skeena Resources, Ltd. (1)
Skeena Resources, Ltd. (1)
SSR Mining, Inc. (1)
SSR Mining, Inc. (1)
Talisker Resources, Ltd. (1)
Teranga Gold Corp. (1)

Value

% of Net
Assets

21,346,119 $
7,666,667
1,300,000
6,658,721
13,842,639
17,125,000
16,000,000
11,000,000
38,750,000
3,000,000

2,036,985
7,400,448
1,254,858
879,810
3,403,998
7,290,952
2,407,684
8,962,751
1,564,444
5,064,945
40,266,875

0.4 %
1.6
0.3
0.2
0.7
1.6
0.5
1.9
0.3
1.1
8.6

5,310,000
330,000
1,400,000
2,400,000
2,250,000
800,000
11,083,000
875,000
2,000,000
11,000,000
2,857,140
1,850,000
3,000,000
1,725,000
10,843,965
10,256,000
3,501,700
1,500,000
8,600,000
3,750,000
1,480,000
8,310,000
4,000,000
4,475,000
4,725,000
3,000,000
6,125,000
7,200,000
22,000,000
3,995,333
250,000
2,666,667
333,333
649,200
500,800
6,500,000
405,000

3,679,834
21,737,100
11,578,000
5,303,765
12,555,000
18,512,000
20,140,048
8,543,159
4,881,805
2,837,453
3,256,000
7,122,500
3,811,504
10,400,208
10,437,327
13,188,204
7,091,300
7,695,000
2,615,693
2,021,252
3,327,635
41,399,630
3,850,004
5,272,003
5,821,206
5,128,205
1,768,595
9,147,609
3,133,903
1,199,800
2,194,502
5,112,806
639,100
12,017,223
9,219,728
1,501,501
4,471,933

0.8
4.7
2.5
1.1
2.7
4.0
4.3
1.8
1.1
0.6
0.7
1.5
0.8
2.2
2.3
2.8
1.5
1.7
0.6
0.4
0.7
8.9
0.8
1.1
1.3
1.1
0.4
2.0
0.7
0.3
0.5
1.1
0.1
2.6
2.0
0.3
1.0

The notes to financial statements form an integral part of these statements.

Schedule of Investments (continued)
November 30, 2020

Name of Company
Common Shares (continued)
Gold mining, exploration, development and royalty companies (continued)
Canada (continued)

Thesis Gold, Inc. (1)
Torex Gold Resources, Inc. (1)

Cayman Islands

Endeavour Mining Corp. (1)

Jersey

Royal Road Minerals, Ltd. (1)

South Africa

AngloGold Ashanti, Ltd. ADR
Gold Fields, Ltd. ADR
Sibanye Stillwater, Ltd. ADR

Value

% of Net
Assets

2,000,000 $
460,000

1,232,001
6,347,270
300,191,806

0.3 %
1.4
64.7

798,850

18,840,976

4.1

1,400,000

301,840

0.1

898,420
1,700,000
273,043

19,468,761
14,807,000
3,650,585
37,926,346
397,527,843

4.2
3.2
0.8
8.2
85.7

Total gold mining, exploration, development and royalty companies (Cost $197,538,615)

Diversified metals mining, exploration, development and royalty companies
Australia

Auteco Minerals, Ltd. (1)
Auteco Minerals, Ltd. (1)
Auteco Minerals, Ltd. (1)
Castile Resources, Ltd. (1)
Predictive Discovery, Ltd. (1)

Canada

Americas Gold & Silver Corp. (1)
Americas Gold & Silver Corp. (1)
Americas Gold & Silver Corp. (1)(2)
Benchmark Metals, Inc. (1)
Desert Gold Ventures, Inc. (1)
Discovery Metals Corp. (1)
Discovery Metals Corp. (1)
Huntsman Exploration, Inc. (1)
Integra Resources Corp. (1)
Integra Resources Corp. (1)

United Kingdom

40,000,000
20,000,000
10,750,750
12,500,000
50,000,000

2,671,942
1,335,971
718,135
2,431,541
2,055,340
9,212,929

1,975,000
650,000
1,071,400
7,384,615
13,400,000
4,444,444
1,555,556
6,175,000
2,679,999
240,001

5,312,750
1,731,732
2,882,066
5,401,851
1,444,521
5,715,116
2,000,291
1,307,558
8,976,666
803,835
35,576,386

0.6
0.3
0.2
0.5
0.5
2.1

1.1
0.4
0.6
1.2
0.3
1.2
0.4
0.3
1.9
0.2
7.6

Adriatic Metals PLC (1)
Total diversified metals mining, exploration, development and royalty companies
(Cost $31,199,753)

2,500,000

3,982,222

0.8

48,771,537

10.5

Silver mining, exploration, development and royalty companies
Canada

Bunker Hill Mining Corp. (1)
Millennial Silver Corp. (1)(2)(3)

12,964,957
3,333,333

Total silver mining, exploration, development and royalty companies (Cost $3,873,981)
Total common shares (Cost $232,612,349 )

4,692,023
770,001
5,462,024
5,462,024
451,761,404

1.0
0.2
1.2
1.2
97.4

Rights
Silver mining, exploration, development and royalty companies
Canada

Pan American Silver Corp. (Expiration Date 2/22/29) (1)(3)
Total rights (Cost $136,720)

393,200

173,123
173,123

0.0
0.0

The notes to financial statements form an integral part of these statements.

Schedule of Investments (continued)
November 30, 2020

Name of Company
Warrants
Diversified metals mining, exploration, development and royalty companies
Canada

Value

% of Net
Assets

Benchmark Metals, Inc. (Exercise Price $0.40, Exp. Date 12/18/21) (1)(3)
Benchmark Metals, Inc. (Exercise Price $1.80, Exp. Date 8/15/22) (1)(3)
Desert Gold Ventures, Inc. (Exercise Price $0.40, Exp. Date 8/10/23) (1)(3)
Discovery Metals Corp. (Exercise Price $0.77, Exp. Date 5/29/22) (1)(3)
Discovery Metals Corp. (Exercise Price $1.75, Exp. Date 8/7/22) (1)(3)
Dundee Precious Metals, Inc. (Exercise Price $8.00, Exp. Date 5/7/21) (1)(3)
Huntsman Exploration, Inc. (Exercise Price $0.35, Exp. Date 10/19/23) (1)(3)
Total diversified metals mining, exploration, development and royalty companies
(Cost $688,264)

5,000,000
3,692,307
6,700,000
1,454,545
975,000
70,000
6,175,000

2,233,002
142,154
0
974,401
157,658
50,127
142,643

0.5 %
0.0
0.0
0.2
0.0
0.0
0.0

3,699,985

0.7

Gold mining, exploration, development and royalty companies
Canada

Aya Gold & Silver, Inc. (Exercise Price $3.30, Exp. Date 9/3/23) (1)(3)
Bonterra Resources, Inc. (Exercise Price $3.10, Exp. Date 8/20/21) (1)(3)
Euro Sun Mining, Inc. (Exercise Price $0.39, Exp. Date 6/5/23) (1)(3)
Kanadario Gold, Inc. (Exercise Price $0.80, Exp. Date 4/23/22) (1)(3)
Liberty Gold Corp. (Exercise Price $0.60, Exp. Date 10/2/21) (1)(3)
Marathon Gold Corp. (Exercise Price $1.32, Exp. Date 9/30/21) (1)(3)
Marathon Gold Corp. (Exercise Price $1.50, Exp. Date 5/26/21) (1)(3)
Maverix Metals, Inc. (Exercise Price $1.65, Exp. Date 12/23/21) (1)(3)
Mawson Resources, Ltd. (Exercise Price $0.45, Exp. Date 5/20/22) (1)(3)
O3 Mining, Inc. (Exercise Price $3.25, Exp. Date 6/18/22) (1)(3)
Osino Resources Corp. (Exercise Price $1.05, Exp. Date 1/30/22) (1)(3)
Osino Resources Corp. (Exercise Price $1.50, Exp. Date 7/14/21) (1)(3)
Prime Mining Corp. (Exercise Price $1.10, Exp. Date 6/10/25) (1)(3)
Probe Metals, Inc. (Exercise Price $1.30, Exp. Date 12/10/21) (1)(3)
Pure Gold Mining, Inc. (Exercise Price $0.85, Exp. Date 7/18/22) (1)(3)
Sable Resources, Ltd. (Exercise Price $0.20, Exp. Date 9/10/23) (1)(3)
Silver Tiger Metals, Inc. (Exercise Price $0.50, Exp. Date 7/24/23) (1)(3)
Talisker Resources, Ltd. (Exercise Price $0.70, Exp. Date 7/22/21) (1)(3)
Thesis Gold, Inc. (Exercise Price $0.75, Exp. Date 10/29/22) (1)(3)
Total gold mining, exploration, development and royalty companies (Cost $2,601,690)

1,200,000
300,000
5,500,000
5,421,983
826,000
837,500
700,000
250,000
4,300,000
740,000
1,000,000
1,000,000
920,000
2,362,500
1,500,000
11,000,000
1,666,666
3,250,000
2,000,000

Silver mining, exploration, development and royalty companies
Canada

609,841
0
127,050
41,749
718,703
567,491
323,400
648,726
99,330
131,054
231,000
38,500
439,208
891,372
1,605,452
169,400
25,667
0
15,400
6,683,343

0.1
0.0
0.0
0.0
0.2
0.1
0.1
0.2
0.0
0.0
0.1
0.0
0.1
0.2
0.4
0.0
0.0
0.0
0.0
1.5

Bunker Hill Mining Corp. (Exercise Price $0.50, Exp. Date 8/10/23) (1)(3)
Bunker Hill Mining Corp. (Exercise Price $0.50, Exp. Date 8/31/23) (1)(3)
Total silver mining, exploration, development and royalty companies (Cost $291,594)
Total warrants (Cost $3,581,548)

9,500,000
3,464,957

585,201
213,441
798,642
11,181,970

0.1
0.1
0.2
2.4

Investments, at value (Cost $236,330,617)
Cash, receivables and other assets less other liabilities
Net assets

463,116,497
819,826
$ 463,936,323

99.8
0.2
100.0 %

ADR
PLC

American Depositary Receipt
Public Limited Company

(1)
(2)
(3)

Non-income producing security.
Restricted security.
Security fair valued in accordance with procedures adopted by the Board of Directors. At the period end, the value
of these securities amounted to $12,125,094 or 2.6% of net assets.

The notes to financial statements form an integral part of these statements.

Portfolio Statistics (Unaudited)
November 30, 2020

Geographic Breakdown*

Australia
Canada
Cayman Islands
Jersey
South Africa
United Kingdom
Cash

10.7 %
75.9
4.1
0.1
8.2
0.8
0.2
100.0 %

*Geographic breakdown, which is based on company domiciles, is expressed as a percentage of total net assets including cash.

The notes to financial statements form an integral part of these statements.

Statement of Assets and Liabilities
November 30, 2020
Assets

Investments, at value (Cost $236,330,617)
Cash and cash equivalents
Foreign currency (Cost $6,155)
Dividends receivable, net of withholding taxes payable
Prepaid expenses
Total assets

Liabilities

Accrued affiliate expenses
Liability for retirement benefits due to retired directors
Other expenses
Total liabilities

Net assets

Common shares $1 par value

Authorized: 40,000,000 shares
Issued and Outstanding: 19,289,905 shares

Share premium (capital surplus)
Distributable earnings
Net assets
Net asset value per share

$ 463,116,497
1,308,894
6,155
177,150
130,985
$ 464,739,681

311,853
369,792
121,713
803,358
$ 463,936,323

19,289,905
1,372,500
443,273,918
$ 463,936,323
24.05
$

The closing price of the Company’s shares on the New York Stock Exchange was $19.91 on November 30, 2020.

The notes to financial statements form an integral part of these statements.

Statement of Operations
For the year ended November 30, 2020

Investment income
Dividend income (net of withholding taxes of $410,895)
Income from affiliate (Note 5)
Total investment income

Expenses
Lease property expense (Note 10)
Investment adviser fees
Fund services fees
Compliance services fees
Transfer agent fees
Custodian fees
Directors' fees and expenses
Retired directors' fees
Insurance fees
Legal fees
Audit fees
Shareholder reports and proxy expenses
Dues and listing fees
Other expenses
Total expenses
Change in retirement benefits due to retired directors
Sublease revenue (Note 10)
Net expenses
Net investment loss

Net realized and unrealized gain (loss) from investments and foreign currency transactions
Proceeds from sales
Cost of securities sold
Net realized gain (loss) from investments
Net realized gain (loss) from foreign currency transactions
Investments
Foreign currency
Net realized gain (loss) from foreign currency transactions
Net change in unrealized appreciation (depreciation) on investments
Balance, beginning of year
Balance, end of year
Net change in unrealized appreciation (depreciation) on investments
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency
Net realized and unrealized gain (loss) from investments and foreign currency transactions
Net increase in net assets resulting from operations
$

1,285,589
46,743
1,332,332

228,590
2,683,818
202,614
87,631
33,800
92,584
157,524
75,000
131,404
101,115
35,000
45,421
25,000
115,438
4,014,939
(41,557 )
(67,851 )
3,905,531
(2,573,199 )

117,234,646
(81,958,889 )
35,275,757

186,948
802,505
989,453

82,044,496
226,785,880
144,741,384
9,506
181,016,100
178,442,901

The notes to financial statements form an integral part of these statements.

Statements of Changes in Net Assets

Net investment loss
Net realized gain (loss)
Net realized gain (loss) from foreign currency transactions
Net change in unrealized appreciation (depreciation) on investments
Net unrealized gain (loss) on translation of assets and liabilities in foreign

currency

Net increase in net assets resulting from operations
Dividends paid/payable
Net increase in net assets
Net assets, beginning of year
Net assets, end of year

Year Ended
November 30,
2020

Year Ended
November 30,
2019

$
(2,573,199 )
35,275,757
989,453
144,741,384

$
(1,111,296 )
1,623,669
(1,143,899 )
92,071,910

9,506
178,442,901
(385,798 )
178,057,103
285,879,220
$ 463,936,323

(9,365 )
91,431,019
(385,798 )
91,045,221
194,833,999
$ 285,879,220

The notes to financial statements form an integral part of these statements.

Notes to Financial Statements
Year ended November 30, 2020

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”).

The Company was initially organized as a public limited liability company in the Republic of South Africa in June 1958. On
November 11, 2004, the Company’s shareholders approved a proposal to move the Company’s place of incorporation
from the Republic of South Africa to the Commonwealth of Bermuda by reorganizing itself into an exempted limited
liability company formed in Bermuda. The Company is registered with the Securities and Exchange Commission (the
“SEC”) pursuant to an order under Section 7(d) of the 1940 Act.

2. Investment objective and strategy

The Company is a non-diversified, closed-end 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. The
Company is managed by Merk Investments LLC (the “Adviser”).

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 investment
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”) on the date for which the valuation is being made (the “Valuation Time”). Portfolio securities
listed on U.S. and foreign stock exchanges generally are valued at the last reported sale price as of the Valuation Time
on the exchange on which the securities are primarily traded, or the last reported bid price if a sale price is not available.
Securities traded over the counter are valued at the last reported sale price or the last reported bid price if a sale price
is not available. Securities listed on foreign stock exchanges may be fair valued based on significant events that have
occurred subsequent to the close of the foreign markets. To value its warrants, the Company's valuation committee
typically utilizes the Black-Scholes model using the listed price for the underlying common shares. The valuation is a
combination of value of the stock price less the exercise price, plus some value related to the volatility of the stock over
the remaining time period prior to expiration.

Securities for which current market quotations are not readily available are valued at their fair value as determined in
accordance with procedures approved by, the Company’s Board of Directors. If a security is valued at a “fair value,” that
value may be different from the last quoted price for the security. Various factors may be reviewed in order to make a
good faith determination of a security’s fair value. These factors include, but are not limited to, the nature of the security;
relevant financial or business developments of the issuer; actively traded similar or related securities; conversion rights
on the security; and changes in overall market conditions.

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.

Notes to Financial Statements (continued)
Year ended November 30, 2020

3. Summary of significant accounting policies (continued)

B. Restricted securities
At November 30, 2020, the Company held investments in restricted securities of 0.79% of net assets valued in
accordance with procedures approved by the Company’s Board of Directors as follows:

Shares
1,071,400
3,333,333

Cost

Issuer

$2,142,800 Americas Gold & Silver Corp.

763,650

Millennial Silver Corp.

Value per
Unit

$2.690
0.231

Value
$2,882,066
770,001

Acquisition
Date
5/7/20
11/17/20

C. Fair value measurement
In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), fair
value is defined as the price that the Company would receive to sell an investment or pay to transfer a liability in a
timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most
advantageous market for the investment or liability. U.S. GAAP establishes a three-tier hierarchy to distinguish between
(1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on
market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect
the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or
liability developed based on the best information available in the circumstances (unobservable inputs) and to establish
classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of
the Company’s investments. The inputs are summarized in the three broad levels listed below.

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the

ability to access.

Level 2 – 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 participant
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.

Notes to Financial Statements (continued)
Year ended November 30, 2020

3. Summary of significant accounting policies (continued)

C. Fair value measurement (continued)
The following is a summary of the inputs used as of November 30, 2020 in valuing the Company’s investments at fair
value:

Investment in Securities (1)
Measurements at November 30, 2020

Level 1

Level 2

Level 3

Total

Common Shares
Gold mining, exploration, development

and royalty companies

$ 397,527,843

Diversified metals mining, exploration,

development and royalty companies 48,771,537

Silver mining, exploration, development

and royalty companies

4,692,023

Rights
Silver mining, exploration, development

and royalty companies

Warrants
Diversified metals mining, exploration,

development and royalty companies

Gold mining, exploration, development

and royalty companies

Silver mining, exploration, development

–

and royalty companies

Total Investments

–
$ 450,991,403

(1) See schedule of investments for country classifications.

–

–
–

–

$ 397,527,843

48,771,537

770,001

5,462,024

173,123

3,699,985

6,683,343

798,642
$ 12,125,094

798,642
$ 463,116,497

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine
fair value.

Common Stock
- Canada

Rights
- Canada

Balance November 30, 2019
Purchases
Sales
Realized gain (loss)
Net change in unrealized appreciation (depreciation)
Balance November 30, 2020
$
Net change in unrealized appreciation (depreciation)
from investments held as of November 30, 2020*

-
763,650
-
-
6,351
770,001

6,351

112,855
-
-
-
60,268
173,123

Warrants
- Canada

$
858,052
2,790,204
(1,247,989)
(138)
8,781,841
$ 11,181,970

60,268

$ 8,781,841

* The change in unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation)
of investments in the accompanying Statement of Operations.

Notes to Financial Statements (continued)
Year ended November 30, 2020

3. Summary of significant accounting policies (continued)

C. Fair value measurement (continued)
Significant unobservable inputs developed by the Valuation Committee (“Valuation Committee”) for Level 3 investments
held at December 31, 2020 are as follows:

Asset Categories

Fair Value

Valuation
Technique(s)

Unobservable
Input

Common Stocks1 – Canada
Rights2 - Canada

770,001

Transaction cost

173,123

Market transaction

Warrants3 - Canada

11,181,970

Black Scholes Method

None

Discount

Volatility

Range
(Weighted
Average)

None

70% (70%)

20% - 50% (41%)

1 Fair valued common stocks with no public market are valued based on transaction cost and may be adjusted by the
Valuation Committee, including for subsequent known market transactions.

2 Fair valued rights are valued based on the specifics of the rights at a discount to the market price of the underlying
security.

3 Warrants are priced based on the Black Scholes Method; the key input to this method is modeled volatility of the
investment; the lower the modeled volatility, the lower the valuation of the warrant.

D. Cash and Cash Equivalents
The Company considers all money market funds and all highly liquid temporary cash investments purchased with
an original maturity of less than three months to be cash equivalents. The majority of the Company’s cash and cash
equivalents at November 30, 2020 consisted of a money market fund, Federated U.S. Treasury Cash Reserve Fund,
Institutional Shares.

E. Foreign Currency Translation
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the rate of exchange reported by independent data providers. 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 portion of the results arising from changes in the exchange rates and the
portion due to fluctuations arising from changes in the market prices of securities are not isolated. The resulting net
foreign currency gain or loss is included on the Statements of Operations. Realized foreign currency gains or losses
arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on
securities transactions, fluctuation in exchange rates between the initial purchase date and subsequent sale date on
securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Company’s books and the U.S. dollar equivalent of the amounts actually received or paid.

F. Securities Transactions and Investment Income
During the year ended November 30, 2020, sales and purchases of portfolio securities (other than temporary short-term
investments) amounted to $117,234,646 and $118,040,833, respectively.

Dividend income is recorded on the ex-dividend date, net of withholding taxes or ADR fees, if any. Interest income is
recognized on the accrual basis.

G. Dividends to Shareholders
Dividends to shareholders are recorded on the ex-dividend date. The reporting for financial statement purposes of
dividends paid from net investment income 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.

H. Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect 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.

Notes to Financial Statements (continued)
Year ended November 30, 2020

3. Summary of significant accounting policies (continued)

I. Basis of Presentation
The financial statements are presented in U.S. dollars. The Company is an investment company and accordingly follows
the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”)
Accounting Standard Codification, Topic 946 “Financial Services - Investment Companies”.

J. Income Taxes
In accordance with U.S. GAAP requirements regarding accounting for uncertainties on income taxes, management
has analyzed the Company’s tax positions taken on federal and state income tax returns, as applicable, for all open
tax years (2017-2020). As of November 30, 2020, 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 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. Fees and Expenses and Other Transactions with Affiliates

Investment Adviser – Merk Investments LLC (the “Adviser”) is the investment adviser to the Company. Pursuant to an
investment advisory agreement, the Adviser receives an advisory fee, payable monthly, from the Company at an annual
rate of 0.70% of the Company’s average daily net assets.

Other Service Providers – Apex US Holdings LLC (d/b/a Apex Fund Services) (“Apex”) provides fund accounting,
fund administration and compliance services to the Company. The fees related to these services are included in fund
services fees within the Statement of Operations. Apex also provides certain shareholder report production and EDGAR
conversion and filing services. Pursuant to an Apex services agreement, the Company pays Apex customary fees for its
services. Apex provides a Principal Financial Officer, as well as certain additional compliance support functions.

Foreside Fund Services, LLC provides a Chief Compliance Officer to the Company.

Other Transactions with Affiliates – On March 18, 2020, the Company received a payment from an affiliate in the
amount of $46,743. This amount was paid in accordance with Section 16(b) of the Securities Exchange Act of 1934, as
amended and is reflected as income on the Statement of Operations.

6. Exemptive order

The Company is a closed-end investment company and operates pursuant to an exemptive order issued by the Securities
and Exchange Commission (the “SEC”) pursuant to Section 7(d) of the 1940 Act (the “Order”). The Order is conditioned
upon, 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 make it more difficult for the Company to implement a flexible investment
strategy and to fully achieve its desired portfolio diversification than if it were not subject to such requirements.

7. Retirement plans

The Company has recorded a liability for retirement benefits due to retired directors. The liability for these benefits at
November 30, 2020 was $369,792. 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.

8. Risks

The following discussion summarizes certain (but not all) of the principal risks associated with investing in the Company.
The Company may be subject to other risks in addition to those identified below, such as the risks associated with its tax
status as a PFIC (see Note 4) and its reliance on an SEC exemptive order (see Note 6). The risk factors set forth in the
following are described in no particular order and the order of the risk factors is not necessarily indicative of significance.

Notes to Financial Statements (continued)
Year ended November 30, 2020

8. Risks (continued)

The relative importance of, or potential exposure as a result of, each of these risks will vary based on market and other
investment-specific considerations.

A. 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 currently is invested in a limited
number of securities and thus holds large positions in certain securities. Because the Company’s investments are
concentrated in a limited number of securities of companies involved in the holding or mining of gold and other precious
minerals and related activities, the net asset value of the Company may be subject to greater volatility than that of a
more broadly diversified investment company.

B. Gold and Precious Metals/Minerals Risk
The Company invests in securities that typically respond to changes in the price of gold and other precious metals,
which can be influenced by a variety of global economic, financial, and political factors; increased environmental and
labor costs in mining; and changes in laws relating to mining or gold production or sales; and the price may fluctuate
substantially over short periods of time.

C. Foreign Securities Risk/Emerging Markets Risk
The Company’s returns and share prices may be affected to a large degree by several factors, including fluctuations
in currency exchange rates; political, social or economic instability; the rule of law with respect to the recognition
and protection of property rights; and less stringent accounting, disclosure and financial reporting requirements in a
particular country. These risks are generally intensified in emerging markets. The Company’s share prices will reflect
the movements of the different stock markets in which it is invested and the currencies in which its investments are
denominated.

D. Junior and Intermediate Mining Companies Risk
The securities of junior and intermediate exploration and development, gold and silver mining companies, which are
often more speculative in nature, tend to be less liquid and more volatile in price than securities of larger companies.

E. Private Placement Risk
Privately issued securities, including those which may be sold only in accordance with Rule 144A under the Securities
Act of 1933, as amended, are restricted securities that are not registered with the U.S. Securities and Exchange
Commission. The liquidity of the market for specific privately issued securities may vary. Accordingly, the Company may
not be able to redeem or resell its interests in a privately issued security at an advantageous time or at an advantageous
price, which may result in a loss to the Company.

F. Restricted Security Risk
The Company may make direct equity investments in securities that are subject to contractual and regulatory restrictions
on transfer. These investments may involve a high degree of business and financial risk. The restrictions on transfer
may cause the Company to hold a security at a time when it may be beneficial to liquidate the security, and the security
could decline significantly in value before the Company could liquidate the security.

G. Depositary Receipts Risk
Depositary receipts risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks,
such as political and financial instability, less liquidity and greater volatility, lack of uniform accounting auditing and
financial reporting standards and increased price volatility. In addition, depositary receipts may not track the price of the
underlying foreign securities, and their value may change materially at times when the U.S. markets are not open for
trading. Investments in unsponsored depositary receipts may be subject to additional risks.

H. Warrants Risk
Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices
of warrants do not necessarily move, however, in tandem with prices of the underlying securities, particularly for shorter
periods of time, and, therefore, may be considered speculative investments. If a warrant held by the Company were not
exercised by the date of its expiration, the Company would incur a loss in the amount of the cost of the warrant.

Notes to Financial Statements (continued)
Year ended November 30, 2020

8. Risks (continued)

I. Market Discount from Net Asset Value
Shares of closed-end investment companies such as the Company frequently trade at a discount from their net asset
value. The Company cannot predict whether its common shares will trade at, below or above net asset value. This
characteristic is a risk separate and distinct from the risk that the Company’s net asset value could decrease as a result
of investment activities.

J. Valuation Risk
The Company may not be able to sell an investment at the price at which the Company has valued the investment. Such
differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or
markets that experience extreme volatility. If market or other conditions make it difficult to value some investments, SEC
rules and applicable accounting protocols may require the Company to value these investments using more subjective
methods, known as fair value methodologies. Using fair value methodologies to price investments may result in a value
that is different from an investment’s most recent price and from the prices used by other funds to calculate their NAVs.
The Company’s ability to value its investments in an accurate and timely manner may be impacted by technological
issues and/or errors by third party service providers, such as pricing services or accounting agents.

K. Market Events Risk
Geopolitical events, including pandemics (such as COVID-19), may destabilize various countries’ economies and
markets, which may experience increased volatility and reduced liquidity. Policy changes by the Federal Reserve and/
or other government actors could similarly cause increased volatility in financial markets. Trade barriers and other
protectionist trade policies (including those in the U.S.) may also result in market turbulence. Market volatility and
reductions in market liquidity may negatively affect issuers worldwide, including issuers in which the Company invests.
Under such circumstances, the Company may have difficulty liquidating portfolio holdings, particularly at favorable
prices. Also, the Company may be required to transact in contemporaneous markets, even if they are volatile and/or
illiquid, which may negatively impact the Company’s net asset value.

The global outbreak of COVID-19 virus has caused negative effects on many companies, sectors, countries, regions,
and financial markets in general, and uncertainty exists as to its long-term implications. The effects of the pandemic may
adversely impact the Company’s assets and performance. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty

9. 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.

10. Operating lease commitment

In June 2017, the Company entered into a three-year operating lease agreement, commencing March 1, 2018, in San
Mateo, CA for approximately 2,500 square feet to be used as office space for its employees. The lease provides for
future minimum rental payments in the aggregate amount of $57,956 as of November 30, 2020. 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:

12/01/2020 – 02/28/2021
Total

57,956
57,956

On June 5, 2019, the Company entered into a sublease agreement for the San Mateo office space. The Company
received monthly sublease revenue of $11,308. The sublessee vacated the office space in March of 2020. For the year
ended November 30, 2020, the Company received $67,851 per this agreement, as presented on the accompanying
Statement of Operations.

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.

Notes to Financial Statements (continued)
Year ended November 30, 2020

11. Share repurchase (continued)

The Company had 19,289,905 shares outstanding as of November 30, 2020. There were no repurchases during the
year ended November 30, 2020.

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. Effective December
1, 2020, the Adviser voluntarily agreed to waive a portion of its advisory fee, equal to an annual rate of 0.05% of the
Company’s managed net assets exceeding $300 million, and an additional 0.10% of the Company’s managed net
assets exceeding $500 million.

Financial Highlights

Per share operating performance (1)
Net asset value, beginning of period
Net investment income (loss)
Net realized gain (loss) from investments
Net realized gain (loss) from foreign currency

transactions

Net increase (decrease) in unrealized

appreciation on investments

Net unrealized gain (loss) on translation of assets

and liabilities in foreign currency

Net increase (decrease) in net assets resulting

from operations

Dividends
From net investment income

Net asset value, end of period
Market value per share, end of period

2020

$14.82
(0.13)
1.83

0.05

7.50

0.00

9.25

(0.02)

$24.05
$19.91

Years ended November 30
2018

2019

2017

$10.10
(0.06)
0.09

(0.06)

4.77

0.00

4.74

(0.02)

$14.82
$12.20

$12.66
(0.07)
(0.47)

0.01

(2.00)

0.00

(2.53)

(0.03)

$10.10
$8.66

$12.61
(0.09)
(0.36)

0.01

0.53

0.00

0.09

(0.04)

$12.66
$11.05

2016

$8.33
(0.10)
(0.79)

(0.14)

5.35

0.00

4.32

(0.04)

$12.61
$10.81

Total investment return
Based on market price (2)
Based on net asset value (3)

Ratio of average net assets
Expenses
Net investment income (loss)

Supplemental data
Net assets, end of period (000 omitted)
Portfolio turnover rate
Shares outstanding (000 omitted)

63 .38%
62 .46%

41.14%
47.01%

(21.39)%
(19.97)%

2.57%
0.74%

51.50%
51.86%

1.02%
(0.67)%

1.38%
(0.44)%

1.35%
(0.63)%

1.19%
(0.65)%

1.26%
(0.79)%

$463 ,936

$285 ,879

$194 ,834

$244 ,202

31 %

45 %

3 %

9 %

19 ,290

$243 ,229
10 %
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 current market price on the last day of each period 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 current net asset value on the last day of each period reported. Dividends are assumed, for purposes of this calculation, to be
reinvested at prices obtained under the Company’s dividend reinvestment plan.

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 important 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. (“Computershare”) 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 investment of at least $500. Computershare as agent will apply to the
purchase of common shares of the Company in the open market (i) all cash dividends (after deduction of the service
charge described below) that become payable to such participant on the Company’s shares (including shares registered
in his or her name and shares accumulated under the CIP) and (ii) any optional cash purchases ($50 minimum, subject
to an annual maximum of $250,000) received from such participant.

Computershare may combine CIP participant purchase requests with other purchase requests received from other CIP
participants and may submit the combined purchase requests in bulk to Computershare’s broker as a single purchase
order. Purchase requests may be combined, at Computershare’s discretion, according to one or more factors such as
purchase type (e.g., dividend 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 U.S. Shareholders” for more information regarding tax
consequences of an investment in shares of the Company, including the effect of the Company’s status as a PFIC. The
amount of the service charge is deductible for U.S. federal income tax purposes, subject to limitations.

To participate in the CIP, shareholders may not hold their shares in a “street name” brokerage account.

Additional information regarding the CIP may be obtained from Computershare, P.O. Box 505000, Louisville, KY
40233-5000. Information may also be obtained on the 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.

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-PORT/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-PORT. The Company’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The
Company’s Forms N-PORT 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-PORT 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.

Share Repurchase
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 twelve months ended November 30, 2020. The Company had 19,289,905 shares
outstanding on November 30, 2020.

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, Three Canal Plaza, Suite 600,
Portland, ME 04101.

Independent Directors

Mary Joan Hoene, (71)
Position held with the Company: Chair (non-executive)
since January 2019. Deputy Chair (non-executive)
2016 to 2018. Director since 2014.
Principal occupations during past 5 years: Counsel,
Carter Ledyard & Milburn LLP since 2010.
Other Directorships held by Director: None.

Anthony Artabane (66)
Position held with the Company: Director since 2019.
Principal occupations during past 5 years: Managing
Member, Anthony Artabane CPA, PLLC since 2014.
Other Directorships held by Director: None.

Bruce Hansen (63)
Position held with the Company: Director since 2014.
Principal occupations during past 5 years: Chief
Executive Officer, General Moly, Inc. 2007 to 2020.
Other Directorships held by Director: Director of
Energy Fuels Inc. since 2006; Director of General Moly
Inc. 2007 to 2020; Director and past Chairman (2011)
of the Nevada Mining Association 2010 to 2019.

William Donovan (61)
Position held with the Company: Director since 2020.
Principal occupations during past 5 years: President,
United States Steel and Carnegie Pension Fund, 2011
to 2017.
Other Directorships held by Director: None.

Other Officers

Axel Merk (51)
Position held with the Company: Chief Operating
Officer since March 2019.
Principal occupations during past 5 years: Founder,
President and Chief Investment Officer, Merk
Investments since 1994.

Karen Shaw (48)
Position held with the Company: Chief Financial
Officer since March 2019.
Principal occupations during past 5 years: Senior Vice
President, Apex Fund Services since 2019; Senior
Vice President, Atlantic Fund Services 2008 to 2019.

Peter Maletis (50)
Position held with the Company: President since
March 2019.
Principal occupations during past 5 years: Vice
President, Merk Investments since March 2019;
Research Analyst, Franklin Templeton Investments
2010 to 2019.

Jack Huntington (50)
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 2008 to 2015.

Zachary Tackett (32)
Position held with the Company: Corporate Secretary
since November 2019.
Principal occupations during past 5 years: Senior
Counsel, Apex Fund Services since 2019; Counsel,
Atlantic Fund Services 2014 to 2019.

Gold and Precious Metals Limited

Other Information

Shareholder Services
ASA Gold and Precious Metals Limited
Three Canal Plaza, Suite 600
Portland, ME, U.S.A. 04101
(800) 432-3378

Registered Office
Canon’s Court
22 Victoria Street
Hamilton HM 12, Bermuda

Investment Adviser
Merk Investments LLC
San Francisco, CA, U.S.A.

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 Administrator
Apex Fund Services
Portland, ME, U.S.A.

Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 505000
Louisville, KY, U.S.A. 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.