ASA Gold and Precious Metals : 2025 1Q February Interim Report

Published: 2025-04-29 15:18:21 ET ASA

Gold and Precious Metals Limited

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

Name of Company

Principal

Amount

Value

% of Net

Assets

Corporate Convertible Bond

Gold mining, exploration, development and royalty companies

Canada

i-80 Gold Corp., 8.00%, 2/22/27(1)

$3,000,000

$ 3,185,400

0.6%

Orla Mining, Ltd., 4.50%, 3/1/30(1)

$10,010,000

8,872,177

1.7

12,057,577

2.3

United States

Bendito Resources, Inc., 9.49%, 3/31/25(1)

$1,200,000

1,200,000

0.2

Total corporate convertible bond (Cost $11,087,567)

13,257,577

2.5

Name of Company

Value

% of Net

Assets

Common Shares

Gold mining, exploration, development and royalty companies

Australia

Alicanto Minerals, Ltd. (2)

65,150,765

1,455,337

0.3

Barton Gold Holdings, Ltd. (2)

10,339,579

1,796,398

0.4

Bellevue Gold, Ltd. (2)

9,861,824

7,190,130

1.4

Cygnus Metals, Ltd. (2)

33,236,034

2,577,869

0.5

Emerald Resources NL (2)

9,000,000

22,226,304

4.3

LCL Resources, Ltd. (2)

36,750,000

228,034

0.1

Predictive Discovery, Ltd. (2)

106,183,334

22,401,492

4.3

Prodigy Gold NL (2)

173,662,918

215,516

0.0

Westgold Resources, Ltd.

9,475,000

14,756,882

2.8

72,847,962

14.1

Canada

Agnico Eagle Mines, Ltd.

165,000

15,886,200

3.0

Alamos Gold, Inc.

1,000,000

22,860,000

4.4

American Pacific Mining Corp. 144A (2)(3)

3,000,000

425,091

0.1

Angel Wing Metals, Inc. (2)

4,650,000

160,705

0.0

Atex Resources, Inc. (2)

8,700,000

14,131,674

2.7

B2Gold Corp.

2,000,000

5,320,000

1.0

Desert Gold Ventures, Inc. (2)(4)

14,569,264

604,220

0.1

G Mining Ventures Corp. (2)

6,691,486

70,395,312

13.4

G2 Goldfields, Inc. (2)

3,000,000

6,034,215

1.2

GoGold Resources, Inc. (2)

2,857,140

3,001,799

0.6

Gold Candle, Ltd. 144A (1)(2)(3)

2,010,715

2,779,630

0.5

Lahontan Gold Corp. (2)(4)

37,759,000

782,976

0.2

Liberty Gold Corp. (2)

12,482,000

2,847,112

0.5

Lotus Gold Corp. 144A (1)(2)(3)

5,912,500

2,043,373

0.4

Monarch Mining Corp. (1)(2)

7,300,000

0.0

Newcore Gold, Ltd. (2)

6,610,000

1,827,544

0.3

Onyx Gold Corp. (2)

675,000

146,967

0.0

Orla Mining, Ltd. (2)

6,200,000

43,462,000

8.3

Prime Mining Corp. (2)(4)

9,200,000

8,330,396

1.6

Probe Gold, Inc. (2)

7,277,500

9,104,735

1.7

Red Pine Exploration, Inc. (2)(4)

29,037,047

2,408,465

0.5

Robex Resources, Inc. (2)

8,900,000

16,671,160

3.2

Roscan Gold Corp. (2)

10,864,900

450,592

0.1

South Pacific Metals Corp. (2)

2,100,000

631,415

0.1

Southern Cross Gold Consolidated, Ltd. (2)

3,344,447

7,651,716

1.5

STLLR Gold, Inc. (2)

1,291,080

883,476

0.2

SUA Holdings, Ltd. (1)(2)

10,600,000

14,654

0.0

Talisker Resources, Ltd. (2)

2,500,000

760,325

0.1

TDG Gold Corp. (2)(4)

9,227,925

2,934,056

0.6

Thesis Gold, Inc. (2)(4)

16,866,667

9,559,818

1.8

Name of Company

Value

% of Net

Assets

Common Shares (continued)

Gold mining, exploration, development and royalty companies (continued)

Canada (continued)

Westhaven Gold Corp. (2)

5,500,000

$ 494,211

0.1%

252,603,837

48.2

Cayman Islands

Endeavour Mining PLC

200,000

3,963,366

0.8

South Africa

Gold Fields, Ltd. ADR

500,000

8,985,000

1.7

United Kingdom

Anglogold Ashanti PLC

275,000

8,104,250

1.6

United States

Laurentian Mountain Resources 144A (1)(2)(3)

3,640,959

0.7

Total gold mining, exploration, development and royalty companies (Cost $202,586,128)

350,145,374

67.1

Diversified metals mining, exploration, development and royalty companies

Australia

Bellavista Resources, Ltd. (2)

4,946,949

1,105,049

0.2

Castile Resources, Ltd. (2)

19,143,255

724,581

0.1

Cygnus Gold, Ltd. (2)

2,806,674

217,693

0.0

Delta Lithium, Ltd. (2)

17,412,850

1,782,771

0.3

FireFly Metals, Ltd. (2)

8,311,413

5,028,299

0.9

Genesis Minerals, Ltd. (2)

1,166,934

2,302,582

0.4

Geopacific Resources, Ltd. (2)

75,617,820

938,417

0.2

Wolfram, Ltd. (1)(2)

10,000,000

620,500

0.1

12,719,892

2.2

Canada

Americas Gold & Silver Corp. (2)

71,151,028

33,435,438

6.3

Bunker Hill Mining Corp. (2)

6,250,000

907,206

0.2

Calibre Mining Corp. (2)

14,970,772

29,491,412

5.6

Culico Metals, Inc. (2)

1,906,250

164,701

0.0

Emerita Resources Corp. (2)

2,602,950

2,662,772

0.5

Evolve Strategic Element Royalties, Ltd. 144A (1)(2)(3)

2,154,000

967,755

0.2

Fuerte Metals Corp. (2)(4)

4,800,000

3,151,892

0.6

Huntsman Exploration, Inc. (2)

617,500

32,011

0.0

Integra Resources Corp. (2)

5,524,510

5,992,144

1.1

Max Resource Corp. (2)

8,200,000

311,733

0.1

Metalla Royalty & Streaming, Ltd. (2)

3,000,000

8,250,000

1.6

Pan Global Resources, Inc. (2)

6,350,000

614,481

0.1

Ridgeline Minerals Corp. (2)(4)

11,900,000

1,850,700

0.4

Sable Resources, Ltd. (2)(4)

26,160,000

632,867

0.1

San Cristobal Mining, Inc. 144A (1)(2)(3)

2,783,332

33,399,984

6.4

121,865,096

23.2

United States

Bendito Resources, Inc. 144A (1)(2)(3)

8,688,000

2,172,000

0.4

Lithium Africa Resources Corp. 144A (1)(2)(3)

72,000

2,016,000

0.4

4,188,000

0.8

Total diversified metals mining, exploration, development and royalty companies

(Cost $118,787,841)

138,772,988

26.2

Silver mining, exploration, development and royalty companies

Canada

Andean Precious Metals Corp. (2)

2,000,000

2,073,613

0.4

Discovery Silver Corp. (2)

6,001,500

6,554,256

1.3

Guanajuato Silver Co., Ltd. (2)

4,167,000

489,642

0.1

Silver Mountain Resources, Inc. (2)

13,000,000

449,283

0.1

Silver Tiger Metals, Inc. (2)

14,795,333

3,170,246

0.6

Total silver mining, exploration, development and royalty companies (Cost $15,272,934)

12,737,040

2.5

Total common shares (Cost $336,646,903 )

501,655,402

95.8

Name of Company

Value

% of Net

Assets

Rights (1)(2)

Silver mining, exploration, development and royalty companies

Canada

Pan American Silver Corp. (Exp. Date 2/22/29)

393,200

$ 139,706

0.0%

Total rights (Cost $136,720)

139,706

0.0

Warrants (1)(2)

Diversified metals mining, exploration, development and royalty companies

Canada

Bunker Hill Mining Corp. (Exercise Price $0.37, Exp. Date 4/1/25)

5,000,000

0.0

Bunker Hill Mining Corp. (Exercise Price $0.60, Exp. Date 2/9/26)

1,250,000

0.0

Integra Resources Corp. (Exercise Price $1.20, Exp. Date 3/13/27)

275,000

95,041

0.0

Ridgeline Minerals Corp. (Exercise Price $0.12, Exp. Date 5/7/26)(4)

1,450,000

50,112

0.0

Ridgeline Minerals Corp. (Exercise Price $0.25, Exp. Date 2/13/27)(4)

4,500,000

62,208

0.0

Total diversified metals mining, exploration, development and royalty companies

(Cost $243,056)

207,361

0.0

Gold mining, exploration, development and royalty companies

Australia

Prodigy Gold NL (Exercise Price $0.01, Exp. Date 11/30/27)

38,750,000

0.0

Canada

Angel Wing Metals, Inc. (Exercise Price $0.50, Exp. Date 5/4/25)

350,000

0.0

Atex Resources, Inc. (Exercise Price $1.00, Exp. Date 8/31/25)

675,000

634,526

0.1

Lahontan Gold Corp. (Exercise Price $0.13, Exp. Date 9/1/26)(4)

4,150,000

0.0

Lahontan Gold Corp. (Exercise Price $0.10, Exp. Date 4/30/27)(4)

2,550,000

0.0

Lotus Gold Corp. (Exercise Price $0.75, Exp. Date 8/16/25)

2,200,000

0.0

Lotus Gold Corp. (Exercise Price $0.75, Exp. Date 12/8/25)

506,250

0.0

Monarch Mining Corp. (Exercise Price $0.95, Exp. Date 4/6/27)

1,700,000

0.0

Newcore Gold, Ltd. (Exercise Price $0.40, Exp. Date 9/26/25)

430,000

11,889

0.0

Orla Mining, Ltd. (Exercise Price $11.50, Exp. Date 3/1/30)

836,278

2,069,380

0.4

Prime Mining Corp. (Exercise Price $1.10, Exp. Date 6/10/25)(4)

920,000

146,259

0.1

Robex Resources, Inc. (Exercise Price $2.55, Exp. Date 6/26/26)

4,000,000

1,686,539

0.3

South Pacific Metals Corp. (Exercise Price $0.90, Exp. Date 2/3/27)

1,050,000

0.0

4,548,593

0.9

United States

Laurentian Mountain Resources (Exercise Price $1.00, Exp. Date

12/31/49)

3,500,000

0.0

Total gold mining, exploration, development and royalty companies (Cost $1,551,432)

4,548,593

0.9

Silver mining, exploration, development and royalty companies

Canada

Guanajuato Silver Co., Ltd. (Exercise Price $0.35, Exp. Date 10/30/26)

2,083,500

14,401

0.0

Silver Mountain Resources, Inc. (Exercise Price $0.14, Exp. Date

4/24/28)

3,000,000

0.0

Total silver mining, exploration, development and royalty companies (Cost $110,793)

14,401

0.0

Total warrants (Cost $1,905,281)

4,770,355

0.9

Money Market Fund

Federated Hermes US Treasury Cash Reserve Fund - Institutional

Shares, 4.17%(5)

1,469,215

0.3

Total money market fund (Cost $1,469,215)

1,469,215

0.3

Investments, at value (Cost $351,245,686)

521,292,255

99.5

Cash, receivables and other assets less other liabilities

2,372,312

0.5

Net assets

$ 523,664,567

100.0%

ADR

American Depositary Receipt

PLC

Public Limited Company

(1)

Security fair valued in accordance with procedures adopted by the Board of Directors. At the period end, the value of these securities amounted to $65,822,493 or 12.5% of net assets.

(2)

Non-income producing security.

(3)

Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end,

the value of these securities amounted to $47,444,792 or 9.1% of net assets.

(4)

Investment in affiliate. See Note 2 Summary of Significant Accounting Policies.

(5)

Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of

February 28, 2025.

February 28, 2025

Geographic Breakdown*

Australia

16.3%

Canada

77.1

Cayman Islands

0.8

South Africa

1.7

United Kingdom

1.6

United States

1.7

Other assets less other liabilities

0.8

100.0%

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

Assets

Unaffiliated investments, at value (Cost $301,723,379)

$ 490,778,286

Affiliated investments, at value (Cost $49,522,307)

30,513,969

Investments, at value (Cost $351,245,686)

$ 521,292,255

Cash

76,972

Foreign currency (Cost $82,900)

81,653

Dividends and interest receivable, net of withholding taxes payable

2,030,587

Prepaid expenses

1,268,701

Total assets

$ 524,750,168

Liabilities

Accrued investment adviser fees

266,176

Accrued fund service fees

38,266

Liability for retirement benefits due to retired directors

331,787

Other expenses

449,372

Total liabilities

1,085,601

Net assets

$ 523,664,567

Common shares $1 par value Authorized: 40,000,000 shares

Issued and Outstanding: 18,911,123 shares

$ 18,911,123

Share premium (capital surplus)

1,345,549

Distributable earnings

503,407,895

Net assets

$ 523,664,567

Net asset value per share

$ 27.69

The closing price of the Company's shares on the New York Stock Exchange was $24.41 on February 28, 2025.

ErF30 or the three months ended February 28, 2025

Investment income

Dividend income from unaffiliated investments (net of withholding taxes of $568,800)

$ 1,927,189

Interest income from unaffiliated investments (net of withholding taxes of $8,394)

49,565

Total investment income

1,976,754

Expenses

Investment adviser fees

816,079

Fund services fees

59,693

Compliance services fees

20,752

Transfer agent fees

20,867

Custodian fees

32,527

Directors' fees and expenses

49,664

Retired directors' fees

19,469

Insurance fees

13,990

Legal fees

35,208

Audit fees

9,093

Shareholder reports and proxy expenses

12,008

Dues and listing fees

6,164

Extraordinary expenses (Note 4)

129,874

Other expenses

15,755

Total expenses

1,241,143

Change in retirement benefits due to retired directors

(4,898)

Investment adviser fees waived

(48,380)

Net expenses

1,187,865

Net investment income

788,889

Net realized and unrealized gain (loss) from investments and foreign currency transactions

Gain from unaffiliated investments

6,536,200

Loss from affiliated investments

(4,629)

Net realized gain from investments

6,531,571

Net realized gain (loss) from foreign currency transactions

Investments

35,544

Foreign currency

(489,185)

Net realized loss from foreign currency transactions

(453,641)

Net increase in unrealized appreciation (depreciation) on unaffiliated investments

Balance, beginning of period

116,991,935

Balance, end of period

189,054,907

Net increase in unrealized appreciation (depreciation) on unaffiliated investments

72,062,972

Net increase in unrealized appreciation (depreciation) on affiliated investments

Balance, beginning of period

(21,737,143)

Balance, end of period

(19,008,338)

Net increase in unrealized appreciation (depreciation) on affiliated investments

2,728,805

Net unrealized gain on translation of assets and liabilities in foreign currency

51,382

Net realized and unrealized gain from investments and foreign currency transactions

80,921,089

Net increase in net assets resulting from operations

$ 81,709,978

Three Months Ended February 28, 2025

(Unaudited)

Year Ended November 30,

2024

Net investment income (loss)

$ 788,889

$ (4,264,644)

Net realized gain

6,531,571

65,331,657

Net realized loss from foreign currency transactions

(453,641)

(18,124)

Net increase in unrealized appreciation (depreciation) on investments

74,791,777

54,338,441

Net unrealized gain (loss) on translation of assets and liabilities in foreign

currency

51,382

(91,497)

Net increase in net assets resulting from operations

81,709,978

115,295,833

Dividends paid/payable

(766,344)

Adjustment - share repurchase

Cost of common shares purchased

(2,199,063)

(5,288,298)

Net increase in net assets

79,510,913

109,241,191

Net assets, beginning of period

444,153,654

334,912,463

Net assets, end of period

$ 523,664,567

$ 444,153,654

Share transactions:

Net decrease in shares outstanding from repurchase of common shares

(Note 8)

(104,189)

(274,593)

Shares outstanding, beginning of period

19,015,312

19,289,905

Shares outstanding, end of period

18,911,123

19,015,312

ASA Gold and Precious Metals Limited (the "Company") is a non-diversified, 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.

The Company 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").

The following is a summary of the significant accounting policies:

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.

Pursuant to Rule 2a-5 under the Investment Company Act, the Company's Board of Directors (the "Board") has designated the Adviser, as defined in Note 1, as the Company's valuation designee to perform any fair value determinations for securities and other assets held by the Company. The Adviser is subject to the oversight of the Board and certain reporting and other requirements intended to provide the Board the information needed to oversee the Adviser's fair value determinations. The Adviser is responsible for determining the fair value of investments in accordance with policies and procedures that have been approved by the Board. Under these procedures, the Adviser convenes on a regular and ad hoc basis to review such investments and considers a number of factors, including valuation methodologies and unobservable inputs, when arriving at fair value. The Board has approved the Adviser's fair valuation procedures as a part of the Company's compliance program and will review any changes made to the procedures.

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 at a value other than the last reported sale price or last reported bid price based on significant events that have occurred subsequent to the close of the foreign markets. Shares of non-exchange traded open-end mutual funds are valued at net asset value ("NAV"). To value its warrants, the Company's valuation designee 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 Board. 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.

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

inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on

B. Fair value measurement (continued)

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.

The following is a summary of the inputs used as of February 28, 2025 in valuing the Company's investments at fair value:

Investment in Securities (1)

Measurements at February 28, 2025

Level 1 Level 2 Level 3 Total

Corporate Convertible Bonds

Gold mining, exploration, development

and royalty companies $ - $ - $ 13,257,577 $ 13,257,577

Common Shares

Gold mining, exploration, development

and royalty companies 341,666,758 - 8,478,616 350,145,374

Diversified metals mining, exploration,

development and royalty companies 99,596,749 - 39,176,239 138,772,988 Silver mining, exploration, development

and royalty companies 12,737,040 - - 12,737,040

Rights

Silver mining, exploration, development

and royalty companies - - 139,706 139,706

Warrants

Diversified metals mining, exploration,

development and royalty companies - - 207,361 207,361 Gold mining, exploration, development

and royalty companies - - 4,548,593 4,548,593 Silver mining, exploration, development

and royalty companies - - 14,401 14,401 Money Market Fund 1,469,215 - - 1,469,215 Total Investments $ 455,469,762 $ - $ 65,822,493 $ 521,292,255

(1) See schedule of investments for country classifications.

B. Fair value measurement (continued)

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

fair value.

Corporate Convertible

Bond

Common

Stock

Rights

Warrants

Balance November 30, 2024

$ 4,286,700

$ 39,421,214

$ 128,802

$ 2,791,247

Purchases

6,918,956

3,342,787

4,236

Sales

(1,000,000)

Realized loss

(4,629)

Accretion of discount

3,907

Net change in unrealized appreciation

(depreciation)

2,048,014

4,890,854

10,904

2,979,501

Balance February 28, 2025

$ 13,257,577

$ 47,654,855

$ 139,706

$ 4,770,355

Net change in unrealized appreciation (depreciation) from investments held as of

February 28, 2025*

$ 2,048,014

$ 4,890,854

$ 10,904

$ (410,951)

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

Significant unobservable inputs developed by the valuation designee for Level 3 investments held at February 28, 2025

are as follows:

Asset Categories

Fair Value

Valuation

Technique(s)

Unobservable

Input

Range (Weighted

Average)

Impact to Valuation from an Increase

in Input1

Corporate Convertible Bond2

$12,057,577

Implied Interest Rate

Discount

6.9% - 13.3% (8.6%)

Decrease

Corporate Convertible Bond2

1,200,000

Transaction Cost

None

Common Shares3

47,654,855

Transaction Cost/ Latest Round of Financing

None

Rights4

139,706

Market Transaction

Discount

70% (70%)

Decrease

Warrants5

4,770,355

Black Scholes Method

Volatility

0% - 40% (36%)

Increase

1 This column represents the directional change in the fair value of the level 3 investments that would result from an

increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect

2 Fair valued corporate convertible bonds are valued based transaction cost or by applying a fixed discount rate to the fixed income portion, which represents the implied interest rate that would have valued the entire corporate convertible bond at the time of issuance.

3 Fair valued common shares with no public market are valued based on transaction cost or latest round of financing.

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

security.

5 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.

C. Affiliated Companies

The Investment Company Act of 1940 defines affiliates as companies in which the Company owns at least 5% of the outstanding voting securities. The following is a summary of transactions with each affiliated company during the three months ended February 28, 2025.

Net Change

Balance as of

Net Realized

in Unrealized

Balance as of

Dividend

November 30,

Gain (Loss) on

Appreciation

February 28,

and Interest

2024

Purchases

Sales

Investments

(Depreciation)

2025

Income

Common Shares

Desert Gold Ventures, Inc.

Value

$ 728,437

$ -

$ (124,217)

$ 604,220

$ -

Cost

$ 2,909,628

$ -

$ 2,909,628

14,569,264

Fuerte Metals Corp.

Value

$ 1,879,933

$ 1,268,496

$ -

$ 3,463

$ 3,151,892

$ -

Cost

$ 2,286,806

$ 1,268,496

$ -

$ 3,555,302

2,800,000

2,000,000

4,800,000

Lahontan Gold Corp.

Value

$ 559,980

$ 253,218

$ -

$ (30,222)

$ 782,976

$ -

Cost

$ 2,590,337

$ 253,218

$ -

$ 2,843,555

19,600,000

18,159,000

37,759,000

Prime Mining Corp.

Value

$ 10,053,927

$ -

$ (1,723,531)

$ 8,330,396

$ -

Cost

$ 14,133,237

$ -

$ 14,133,237

9,200,000

Red Pine Exploration, Inc.

Value

$ 2,592,500

$ -

$ (184,035)

$ 2,408,465

$ -

Cost

$ 3,449,290

$ -

$ 3,449,290

29,037,047

Ridgeline Minerals Corp.

Value

$ 310,703

$ 948,470

$ -

$ 591,527

$ 1,850,700

$ -

Cost

$ 253,423

$ 948,470

$ -

$ 1,201,893

2,900,000

9,000,000

11,900,000

Sable Resources, Ltd.

Value

$ 653,977

$ -

$ (21,110)

$ 632,867

$ -

Cost

$ 3,354,140

$ -

$ 3,354,140

26,160,000

TDG Gold Corp.

Value

$ 790,937

$ -

$ 2,143,119

$ 2,934,056

$ -

Cost

$ 3,552,655

$ -

$ 3,552,655

9,227,925

Thesis Gold, Inc.

Value

$ 6,731,188

$ 702,223

$ -

$ 2,126,407

$ 9,559,818

$ -

Cost

$ 13,756,784

$ 702,223

$ -

$ 14,459,007

15,200,000

1,666,667

16,866,667

Warrants

Desert Gold Ventures, Inc. (Exercise price $0.25, Exp. 12/13/24)

Value

$ -

$ (4,629)

$ 4,629

$ -

Cost

$ 4,629

$ -

$ (4,629)

$ -

594,132

(594,132)

Lahontan Gold Corp. (Exercise price $0.10, Exp. 4/30/27)

Value

$ -

Cost

$ 9,329

$ -

$ 9,329

2,550,000

Lahontan Gold Corp. (Exercise price $0.13, Exp. 9/1/26)

Value

$ -

Cost

$ 30,509

$ -

$ 30,509

4,150,000

Prime Mining Corp. (Exercise price $1.10, Exp. 6/10/25)

Value

$ 302,275

$ -

$ (156,016)

$ 146,259

$ -

Cost

$ 20,590

$ -

$ 20,590

920,000

Affiliated Companies (continued)

Net Change

Balance as of

Net Realized

in Unrealized

Balance as of

Dividend

November 30,

Gain (Loss) on

Appreciation

February 28,

and Interest

2024

Purchases

Sales

Investments

(Depreciation)

2025

Income

Warrants (continued)

Ridgeline Minerals Corp. (Exercise price $0.12, Exp. 5/7/26)

Value

$ 10,357

$ -

$ 39,755

$ 50,112

$ -

Cost

$ -

1,450,000

Ridgeline Minerals Corp. (Exercise price $0.25, Exp. 2/13/27)

Value

$ -

$ 3,172

$ -

$ 59,036

$ 62,208

$ -

Cost

$ -

$ 3,172

$ -

$ 3,172

4,500,000

At February 28, 2025, the value of investments in affiliated companies was $30,513,969, representing 6.0% of net

assets and the total cost was $49,522,307.

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 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.

Securities Transactions and Investment Income

During the three months ended February 28, 2025, sales and purchases of portfolio securities (other than temporary short-term investments) amounted to $31,954,745 and $14,992,690, respectively.

As of February 28, 2025, a significant portion of the Company's assets consisted of securities of junior and intermediate

mining company issuers.

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. Premium is amortized to the next call date above par and discount is accreted to maturity using the effective interest method.

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.

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.

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".

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 (2021-2024). As of February 28, 2025, 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.

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.

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.

The Adviser voluntarily agreed to waive a portion of its advisory fee, equal to an annual rate of 0.05% of the Company's net assets exceeding $300 million, and an additional 0.10% of the Company's net assets exceeding $500 million. In addition, the Adviser voluntarily agreed to waive a portion of its advisory fee, equal to an annual rate of 0.05% of the Company's net assets exceeding $100 million and less than $300 million, effective for the period April 1, 2024 through March 31, 2025. This voluntary waiver is separate from, and in addition to the Adviser's ongoing waiver arrangement. The Adviser may waive additional fees at any time. The Adviser waived $48,380 for the three months ended February 28, 2025.

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, a wholly owned subsidiary of ACA Group, provides a Chief Compliance Officer to the

Company.

Extraordinary Expenses -The accompanying Statement of Operations sets forth extraordinary expenses incurred by the Company. The Company incurred extraordinary expenses related to the adoption of limited-duration shareholder rights plans. The Company also incurred extraordinary expenses, including legal expenses, in connection with a proxy contest initiated by a shareholder of the Company. Late in the fiscal year ended November 30, 2024, the Company began to incur additional extraordinary expenses based on indemnity demands, initially from the New Directors, as defined in Note 9, and subsequently the Legacy Directors, as defined in Note 9, for material legal expenses incurred by their respective counsel. These expenses are expected to continue. See also Note 9.

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.

The Company has recorded a liability for retirement benefits due to retired directors. The liability for these benefits at February 28, 2025 was $331,787. 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.

In the ordinary course of business, the Company enters into contracts that contain a variety of indemnification provisions. The Company's maximum exposure under these arrangements is unknown. See also Note 4, regarding Extraordinary Expenses, and Note 9, regarding indemnification by the Company of legal expenses incurred by the New Directors and the Legacy Directors.

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. In April of 2024, the Board authorized the repurchase of up to 5% of the Company's stock, with the intention of making opportunistic repurchases when shares are trading at a significant discount to the NAV of the Company.

The Company had 18,911,123 shares outstanding as of February 28, 2025. During the three months ended February 28, 2025, the Company repurchased 104,189 common shares at a cost of approximately $2,199,063, which includes transaction costs. The Company had 19,015,312 shares outstanding as of November 30, 2024. During the year ended November 30, 2024, the Company repurchased 274,593 common shares at a cost of approximately $5,288,298, which includes transaction costs.

Rights Plans - On December 31, 2023, the Board adopted a limited-duration shareholder rights plan, (the "Rights Plan"), following the acquisition by Saba Capital Management, L.P. and its affiliates (collectively, "Saba Capital") of a significant stake in the Company. The Rights Plan was adopted, in order to protect the interests of the Company and its shareholders and to prevent Saba Capital or others from obtaining creeping control of the Company. The Rights Plan expired on April 29, 2024. On April 26, 2024, the Board determined that it was advisable and in the best interest of the Company and its shareholders to authorize the creation of a Rights Plan Committee to act on matters related to the Rights Plan and potential future shareholder rights plans. The Rights Plan Committee is exclusively authorized and empowered on behalf of the Board to review, consider, make determinations and approve or otherwise cause the Company to take actions with respect to any matters relating to the Rights Plan or any other shareholder rights plan, including, among others; determining whether to adopt a new shareholder rights plan following the expiration of the Rights Plan; determining whether to redeem the rights under the Rights Plan or any other shareholder rights plan or effectuate an exchange of rights under the Rights Plan or any other shareholder rights plan; and taking all such other actions in connection with or permitted by the Rights Plan or any other shareholder rights plan as the Rights Plan Committee deems necessary or appropriate. On April 26, 2024, in anticipation of the expiration of the Rights Plan, the Board adopted a new, limited-duration shareholder rights plan that expired on August 23, 2024 (the "Second Rights Plan"). On August 23, 2024, in anticipation of the expiration of the Second Rights Plan, the Rights Plan Committee adopted a new, limited-duration shareholder rights plan that expired on December 20, 2024 (the "Third Rights Plan"). On December 19, 2024, in anticipation of the expiration of the Third Rights Plan, the Rights Plan Committee adopted a new limited-duration shareholder rights plan (the "Fourth Rights Plan"). By its terms, the Fourth Rights Plan would have expired on April 18, 2025. The terms of the Fourth Rights Plan were substantially the same as the terms of the Rights Plan that was adopted by the Board on December 31, 2023, the Second Rights Plan adopted by the Rights Plan Committee on April 26, 2024 and the Third Rights Plan adopted by the Rights Plan Committee on December 19, 2024. The Fourth Rights Plan was similarly intended to prevent Saba Capital or others from obtaining creeping control of the Company.

Litigation - On January 31, 2024, Saba Capital filed a complaint against the Company, individuals who had previously served on the Board and two current Board members, in the United States District Court for the Southern District of New York seeking rescission of the Rights Plan and a declaratory judgment that the Rights Plan is invalid under the 1940 Act (the "Saba Litigation"). Saba Capital's filings were subsequently amended to include reference to the Second Rights Plan, Third Rights Plan, and the Fourth Rights Plan. The litigation is captioned Saba Capital Master Fund,

Ltd. v. ASA Gold and Precious Metals Ltd., No. 24-CV-690 (SDNY). On April 26, 2024, the Board determined that it was advisable and in the best interests of the Company and its shareholders to authorize the creation of a Litigation Committee to act on matters related to the Saba Litigation. The Litigation Committee is exclusively authorized and empowered on behalf of the Board to review, consider, make determinations and approve or otherwise cause the Company to take actions with respect to any matters relating to the Saba Litigation or any other litigation relating to the Rights Plan or any other shareholder rights plan adopted by the Company (collectively, "Litigation"), and with respect to any disputes, disagreements or other litigation with Saba Capital or its representatives, including, among others, authorizing, managing and overseeing any matters relating to the Litigation; authorizing or approving any settlement to the Litigation; taking such other actions in connection with the Litigation as the Litigation Committee deems necessary or appropriate; and resolving, negotiating or taking action with respect to any dispute, disagreement or other litigation with Saba Capital or its representatives.

In a March 28, 2025 summary judgment ruling, the court held that the Fourth Rights Plan must be rescinded as it violated a requirement under the Investment Company Act of 1940 that rights plans must expire within 120 days of issuance. Accordingly, the Fourth Rights Plan is no longer in effect. Previously adopted Company shareholder rights plans had already expired pursuant to their terms.

After the court's March 28, 2025 ruling and rescission of the Fourth Rights Plan, the Rights Plan Committee adopted a new, limited-duration shareholder rights plan, effective March 31, 2025 (the "New Rights Plan"). As with the Company's previous rights plans, the New Rights Plan is intended to prevent Saba Capital or others from obtaining creeping control of the Company. Upon the Rights Plan Committee's adoption of the New Rights Plan, Saba Capital filed a "motion to enforce" or, in the alternative, to amend judgment, requesting that the United States District Court for the Southern District of New York impose sanctions on the Company for allegedly violating the court's March 28, 2025 order when the Rights Plan Committee subsequently adopted the New Rights Plan. On April 15, 2025, the United States District Court for the Southern District of New York denied Saba Capital's motion to enforce, ruling that the Company did not violate the March 28, 2025 order when adopting the New Rights Plan because the New Rights Plan was not adopted during the pendency of its predecessor. Thus, the New Rights Plan is currently in effect.

On April 18, 2025, Saba Capital filed a new lawsuit in the United States District Court for the Southern District of New York, in which it alleges, among other things, that the New Right Plan is "substantively identical" to the prior rights plans adopted by the Rights Plan Committee. Saba Capital seeks an order rescinding the New Rights Plan and a related declaratory judgment. This recently-filed action is currently pending.

Fund Governance - On November 8, 2024, the Company filed a Form 8-K (the "Filing") with the United States Securities & Exchange Commission (the "SEC") to disclose fund governance issues. The Board of the Company is comprised of four members. Two directors were initially elected in April 2024 upon the nomination of Company shareholders (the "New Directors"), and two directors were re-elected in April 2024 upon the nomination of the then-constituted Company Board (the "Legacy Directors"). On September 19, 2024, the same Company shareholders, through their investment adviser (Saba Capital Management, L.P.), filed a Schedule 13D amendment disclosing that they had submitted notice of their nomination of the two New Directors for re-election and two other directors for election at the 2025 annual shareholder meeting. The members of the Board have retained separate counsel in connection with fund governance issues and have requested reimbursement under the Company's by-laws for their counsel expenses. The Filing includes information regarding certain governance issues in the excerpts from an October 14, 2024 letter from counsel to the New Directors to counsel to the Legacy Directors, in the November 1, 2024 letter from counsel to the Legacy Directors to counsel to the New Directors and in the November 7, 2024 letter from counsel to the New Directors to counsel to the Legacy Directors. The fund governance issues and the types of differences in the positions of the New Directors and the Legacy Directors reflected in the Filing continue, along with the associated extraordinary legal expenses. The Board of the Company may not be able to reach a consensus or take action respecting certain Company matters. By extension, the reported disagreements may affect and possibly limit the actions or activities of the Company and its personnel. See Note 4.

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 beyond those already included elsewhere in the financial statements.

NET ASSET VALUE

$ 27.68

ASA SHARE PRICE

$ 24.41

PREMIUM / (DISCOUNT)

$ (3.27)

PERCENTAGE PREMIUM / (DISCOUNT)

% (11.81)

Gold and Precious Metals Limited

ASA Gold and Precious Metals Limited

P.O. Box 588

Portland, ME, U.S.A. 04101 (800) 432-3378

Canon's Court 22 Victoria Street

Hamilton HM 12, Bermuda

Tait, Weller & Baker LLP, Philadelphia, PA, U.S.A.

Appleby, Hamilton, Bermuda

K&L Gates LLP, Washington, DC, U.S.A.

JPMorgan Chase Bank, N.A.

New York, NY, U.S.A.

Computershare Trust Company, N.A.

P.O. Box 505000

Louisville, KY, U.S.A. 40233-5000 (800) 317-4445

Website: https://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 or other institutions where their shares of the Company are held of any change of address.

Disclaimer

ASA Gold and Precious Metals Limited published this content on April 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2025 at 19:16 UTC.