ASA Gold and Precious Metals : Monthly Factsheet May 2025
ASA
Published on 06/30/2025 at 17:47
Established in 1958, ASA Gold and Precious Metals Limited is a closed-end precious metals and mining fund (NYSE: ASA) registered with the United States Securities and Exchange Commission and domiciled in Bermuda. The Company is one of the oldest investment management firms focused on the precious metals and mining industry. ASA 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.
PERFORMANCE AS OF MAY 31, 2025
Average Annual Total Returns
1 Year
3 Years
5 Years
10 Years
15 Years
Inception
NAV
66.1%
19.1%
13.4%
11.8%
1.9%
8.7%
Share Price
72.4%
20.3%
15.8%
11.7%
1.9%
8.6%
Includes the reinvestment of dividends. Inception is from December 11, 1958, the date on which the Company's shares were listed for trading on the NYSE.
Website
https://www.asaltd.com
Toll-free
(800)432-3378
Dividends
Distributions
Semi-annual
05/14/25
$.03
11/20/24
$.02
05/16/24
$.02
11/22/23
$.01
Statistics
Beta1
0.92
R-squared2
0.76
Shares
Ticker
Net assets NAV
Share price
Discount
ASA
$663 million
$35.14
$31.65 9.93%
Management
Adviser Merk Investments Portfolio Managers Peter Maletis
James Holman
CIO Axel Merk
Contact
ASA Gold & Precious Metals Limited c/o Apex Fund Services
3 Canal Plaza, Suite 600
Portland, Maine 04101
1 Source: Bloomberg. Beta measures the Company's market-related risk over a three-year period relative to its benchmark, the NYSE Arca Gold Miners Total Return Index. A beta lower than 1 indicates historically lower volatility than the index; greater than 1 indicates higher volatility.
2 Source: Bloomberg. R-squared is a measure of the percentage of a company's share price movement that can be attributed to its benchmark index. It can range from 0 and 1; 1 indicates a perfect correlation.
HISTORICAL DISCOUNT
0%
-5%
-10 %
-15 %
-20 %
-25 %
-30 %
Mar-0 8 Mar-0 9 Mar-1 0 Mar-1 1 Mar-1 2 Mar-1 3 Mar-1 4 Mar-1 5 Mar-1 6 Mar-1 7 Mar-1 8 Mar-1 9 Mar-2 0 Mar-2 1 Mar-2 2 Mar-2 3 Mar-2 4 Mar-2 5
Discount
12-week Moving Average
For the period 3/31/08 - 05/31/25
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 that shown. The Company concentrates 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. ASA Gold and Precious Metals Limited 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. This document may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those contemplated by the forward-looking statements. This document does not constitute an offer to sell or solicitation of an offer to buy any securities.
Certain Tax Information: ASA is a "passive foreign investment company" for United States federal income tax purposes. As a result, United States shareholders holding shares in taxable accounts are encouraged to consult their tax advisors regarding the tax consequences of their investment in the Company's common shares.
Not FDIC Insured | No Bank Guarantee | May Lose Value
On April 12, 2019, shareholders approved Merk Investments LLC ("Merk") as advisor to ASA. As a firm, Merk brings a long history of portfolio management of registered investment companies, and research that includes primary research on central banks and their impact on the price of gold. Portfolio Manager Peter Maletis joined Merk after 8 years at Franklin Templeton, where he was precious metals analyst. He spent much of his time at Franklin meeting with the management of gold companies from around the world as well as on due diligence site visits, where he developed an intimate understanding of the many companies in the precious metals sector. It is with that background that Peter is influencing changes to the ASA portfolio, also leveraging on the resources made available by Merk.
Website
Toll-free
https://www.asaltd.com
(800)432-3378
Primary Commodity
% of NAV
Gold
72.5%
Diversified Miners
24.8%
Silver
2.0%
Net Liquid Assets
0.6%
Platinum & Palladium
0.0%
Type
% of NAV
Mining Companies
66.1%
Exploration Companies
26.5%
Development Companies
5.1%
Royalty Companies
1.6%
Net Liquid Assets
0.6%
Stage of Development
% of NAV
Production < 500k ounces
51.5%
Exploration Companies
26.5%
Production >1mm ounces
7.5%
Production 500k - 1mm ounces
7.1%
Development Companies
5.1%
Royalty Companies
1.6%
Net Liquid Assets
0.6%
Country of Incorporation % of NAV
Holdings
Ticker
% of NAV
G Mining Ventures Inc
GMIN CN
14.0%
Orla Mining Ltd
OLA CN
9.8%
Americas Gold & Silver Corp
USA
6.6%
San Cristobal Mining
PRIVATE
5.0%
Calibre Mining Corp
CXBSR CN
4.9%
Predictive Discovery
PDI AU
4.0%
Alamos Gold Inc
AGI
3.9%
Robex Resources Inc
RBX CN
3.7%
Agnico Eagle Mines Ltd
AEM
2.9%
Westgold Resources Ltd
WGX CN
2.8%
Atex Resources Inc
ATX CN
2.4%
Emerald Resources
EMR AU
2.3%
Discovery Silver Corp
DSV CN
2.1%
Thesis Gold Inc
TAU CN
2.1%
Southern Cross Gold
SXGC CN
2.0%
Orla Mining Ltd Cvt
OLA CN
2.0%
Probe Gold Inc
PRB CN
2.0%
Anglogold Ashant - Adr
ANG SJ
1.8%
Gold Fields Ltd-Adr
GFI
1.7%
Prime Mining Corp
PRYM CN
1.6%
Metalla Royalty & Streaming Ltd
MTA CN
1.5%
Integra Resources Corp
ITR CN
1.3%
Bellevue Gold Ltd
BGL AU
1.3%
B2Gold Corp
BTO CT
1.0%
G2 Goldfields Inc
GTWO
1.0%
Endeavour Mining
EDV CT
0.9%
Firefly Metals
FFM AU
0.9%
Gogold Resources Inc
GGD CN
0.8%
Barton Gold Holdings
BGD AU
0.7%
Net Cash Or Equivalent
Cash
0.6%
Silver Tiger Metals
SLVR CN
0.6%
Tdg Gold Corp
TDG CN
0.6%
Orla Mining Ltd Wrnt
OLA CN
0.6%
Laurentian Mountain Resources
PRIVATE
0.5%
I-80 Gold Corp 8% Cvt
I80 CN
0.5%
Magna Mining Inc Cvt
NICU CN
0.5%
Andean Precious Metals
APM CN
0.5%
Robex Resources Inc Wrnt
RBX CN
0.5%
Gold Candle Ltd
PRIVATE
0.4%
Newcore Gold Ltd
NCAU CN
0.4%
Lithium Africa Resources Corp
PRIVATE
0.4%
Liberty Gold Corp-Plc
LGD CN
0.4%
Fuerte Metals
FMT CN
0.4%
Red Pine Exploration Inc
RPX CN
0.4%
Lahontan Gold Corp
LAHO CN
0.3%
Bendito Resources Inc
PRIVATE
0.3%
Lotus Gold Corp
PRIVATE
0.3%
Emerita Resources
EMOT CN
0.3%
Delta Lithium Ltd
DLI AU
0.3%
Cygnus Gold Ltd
CY5 AU
0.3%
Holdings
Ticker
% of NAV
Ridgeline Minerals
RDG CN
0.3%
Gorilla Gold Mines Ltd
GG8 AU
0.3%
Nexus Minerals Limited
NXM AU
0.2%
Bendito Resources Inc Cvt
PRIVATE
0.2%
Alicanto Minerals Ltd
AQI AU
0.2%
Bellavista Resources
BVRZZ AU
0.2%
Evolve Strategic Element Royalties
PRIVATE
0.2%
Talisker Resources Ltd
TSK CN
0.1%
Geopacific Resources Ltd
GPR AU
0.1%
Desert Gold Ventures Inc
DAU CN
0.1%
Sable Resources Ltd
SAE CN
0.1%
Stllr Gold Inc
STLR CN
0.1%
South Pacific Metals Corp
SPMC CN
0.1%
Castile Resources
CST AU
0.1%
Wolfram Limited
PRIVATE
0.1%
Atex Resources Inc Wrnt
ATX CN
0.1%
Guanajuato Silver Company Ltd
GSVR CN
0.1%
Bunker Hill Mining Corp
BNKR CN
0.1%
Pan Global Resources
PGZ CN
0.1%
Cartier Resources Inc
ECR CN
0.1%
Onyx Gold Corp
ONYX CN
0.1%
Midas Minerals Ltd
MM1 AU
0.1%
Westhaven Gold Corp
WHN CN
0.1%
American Pacific Mining
USGD CN
0.1%
Silver Mountain Resources Inc
AGMR CN
0.1%
Prime Mining Wrnt
PRYM CN
0.0%
Prodigy Gold Nl
PRX AU
0.0%
Max Resource Corp
MAX CN
0.0%
Integra Resources Corp Wrnt
ITR CN
0.0%
Culico Metals Inc
CLCO CN
0.0%
Lithium Africa Resources Corp Wrnt
PRIVATE
0.0%
Pan American Silver Cvt
PAAS
0.0%
Lcl Resources Ltd
LCL CN
0.0%
Angel Wing Metals Inc
AWM CN
0.0%
Ridgeline Minerals Wrnt
RDG CN
0.0%
Newcore Gold Ltd Wrnt
NCAU CN
0.0%
Cartier Resources Inc Wrnt
ECR CN
0.0%
Huntsman Exploration
HMAN CN
0.0%
Lahontan Gold Corp Wrnt
LAHO CN
0.0%
Sua Holdings Limited
PRIVATE
0.0%
Guanajuato Silver Company Ltd Wrnt
GSVR CN
0.0%
Silver Mountain Resources Wrnt
AGMR CN
0.0%
Prodigy Gold Wrnt
PRX AU
0.0%
Monarch Mining Corp
GBAR CN
0.0%
Laurentian Mountain Resources Wrnt
PRIVATE
0.0%
Lotus Gold Corp Wrnt
PRIVATE
0.0%
Bunker Hill Mining Corp Wrnt
BNKR
0.0%
South Pacific Metals Corp Wrnt
SPMC CN
0.0%
Monarch Mining Corp Wrnt
GBAR CN
0.0%
Canada
83.8%
Australia
11.0%
South Africa
3.5%
Cayman Islands
0.9%
Net Liquid Assets
0.6%
United States
0.0%
Type of Security
% of NAV
Equity Securities
95.3%
Convertible
2.7%
Warrants
1.3%
Net Liquid Assets
0.6%
Warrants and Convertible Securities (annotated as Wrnt and Cvt, respectively) may not be publicly traded; ticker symbols referenced may refer to to issuer of the respective Warrant or Convertible Security. References to 0.0% of NAV are non-zero amounts rounded to 0.0%. Please see other side for additional important disclosure.
Disclaimer
ASA Gold and Precious Metals Limited published this content on June 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 30, 2025 at 21:46 UTC.