ASA Gold and Precious Metals : Monthly Factsheet December 2021

Published: 2022-01-13 10:31:17 ET ASA

December 31, 2021

Shares

Ticker

ASA

Net assets

$486 million

NAV

$25.19

Share price

$21.09

Discount

16.28%

Management since April, 2019

Adviser

Merk Investments

Portfolio Manager

Peter Maletis

CIO

Axel Merk

Contact

ASA Gold & Precious Metals Limited c/o Apex Fund Services

3 Canal Plaza, Suite 600

Portland, Maine 04101

Websitewww.asaltd.com

Toll-free(800)432-3378

Dividends

Distributions Semi-annual

11/24/21$.01

05/21/21$.01

11/25/20$.01

05/22/20$.01

Statistics

Beta10.99

R-squared20.86

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 DECEMBER 31, 2021

Average Annual Total Returns

1 Year

3 Years

5 Years

10 Years

15 Years

Inception

NAV

-5.6%

31.0%

14.9%

-0.7%

1.4%

8.6%

Share Price

-3.5%

30.8%

14.1%

-1.6%

1.1%

8.4%

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.

Performance shown since Peter Maletis became portfolio manager of ASA

HISTORICAL DISCOUNT

0%

-5%

-10%

-15%

-20%

-25%

-30%

Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21

Discount

For the period 3/31/08 - 12/31/21

12-week Moving Average

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

December 31, 2021

Websitewww.asaltd.com

Toll-free(800)432-3378

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.

Primary Commodity

% of NAV

Gold

74.7%

Diversified Miners

18.8%

Silver

5.7%

Platinum & Palladium

0.7%

Net Liquid Assets

0.1%

Type

% of NAV

Exploration Companies

43.2%

Mining Companies

39.3%

Development Companies

17.1%

Royalty Companies

0.2%

Net Liquid Assets

0.1%

Stage of Development

% of NAV

Exploration Companies

42.7%

Development Companies

17.1%

Production < 500k ounces

16.2%

Production >1mm ounces

14.1%

Production 500k - 1mm ounces

9.6%

Royalty Companies

0.2%

Net Liquid Assets

0.1%

Country of Incorporation

% of NAV

Canada

73.1%

Australia

15.4%

South Africa

7.5%

Cayman Islands

3.9%

Net Liquid Assets

0.1%

United States

0.0%

Type of Security

% of NAV

Equity Securities

94.7%

Warrants

5.1%

Net Liquid Assets

0.1%

Convertible

0.0%

Capitalization

% of NAV

Market Cap < $2bn

76.2%

Market Cap $2bn - $10bn

18.8%

Market Cap >$10bn

4.9%

Net Liquid Assets

0.1%

Holdings

Ticker

% of NAV

Orla Mining Ltd

OLA CN

6.4%

Prime Mining

PRYM CN

4.1%

Endeavour Mining

EDV CT

3.9%

SSR Mining Inc

SSRM

3.8%

Aya Gold & Silver Inc

AYA CN

3.7%

Anglogold Ashant - Adr

ANG SJ

3.4%

Gold Fields Ltd-Adr

GFI

3.4%

Emerald Resources

EMR AU

2.8%

Barrick Gold Corp

GOLD

2.7%

Perseus Mining Ltd

PRU AU

2.7%

Marathon Gold Corp

MOZ CN

2.7%

Predictive Discovery

PDI AU

2.6%

Calibre Mining Corp

CXBSR CN

2.4%

G Mining Ventures Inc

GMIN CN

2.4%

Arizona Metals Corp

AMC CN

2.4%

Probe Metals Inc

PRB CN

2.2%

Agnico Eagle Mines Ltd

AEM

2.2%

Benchmark Metals Inc

BNCH CN

2.2%

Discovery Silver Corp

DSV CN

2.0%

Alamos Gold Inc

AGI

1.9%

Liberty Gold Corp-Plc

LGD CN

1.7%

K92 Mining Inc

KNT CN

1.6%

B2Gold Corp

BTO CT

1.6%

Skeena Resources Ltd

SKE CN

1.5%

Integra Resources Corp

ITR CN

1.4%

Gogold Resources Inc

GGD CN

1.4%

Millennial Precious Metals

MPM CN

1.4%

Thesis Gold Inc

TAU CN

1.4%

Emerita Resources

EMOT CN

1.3%

Aya Gold & Silver Inc Wrnt

AYA CN

1.2%

Silver Tiger Metals

SLVR CN

1.2%

Bellevue Gold Ltd

BGL AU

1.1%

Red Dirt Metals Cvt

RDT AU

1.1%

Adriatic Metals Plc

ADT AU

0.9%

Sable Resources Ltd

SAE CN

0.8%

Bunker Hill Mining Corp

BNKR CN

0.8%

Pan Global Resources

PGZ CN

0.8%

Adventus Mining Corp

ADZN CN

0.8%

Pantoro Ltd

PNR AU

0.8%

Auteco Minerals Ltd

AUT AU

0.8%

Americas Gold & Silver Corp

USA

0.8%

O3 Mining Inc

OIII CN

0.7%

Osino Resources

OSI CN

0.7%

Sibanye Stillwater- Adr

SSW SJ

0.7%

Tdg Gold Corp

TDG CN

0.7%

American Pacific Mining

USGD CN

0.6%

Monarch Mining Corp

GBAR CN

0.6%

Holdings

Ticker

% of NAV

Highgold Mining Inc

HIGH CN

0.6%

Arizona Metals Corp Wrnt

AMC CN

0.6%

Roscan Gold Corp

ROS CN

0.6%

Nighthawk Gold Corp

NHK CN

0.6%

Andean Precious Metals

APM CN

0.6%

Geopacific Resources Ltd

GPR AU

0.6%

Los Cerros Ltd

LCL CN

0.5%

Newcore Gold Ltd

NCAU CN

0.5%

Prime Mining Wrnt

PRYM CN

0.5%

Euro Sun Mining Inc

ESM CN

0.5%

Alicanto Minerals Ltd

AQI AU

0.4%

Westhaven Gold Corp

WHN CN

0.4%

Dacian Gold Ltd

DCN AU

0.4%

Castile Resources

CST AU

0.4%

Thesis Gold Inc Wrnt

TAU CN

0.4%

Discovery Silver Corp Wrnt

DSV CN

0.4%

Emerita Resources Wrnt

EMOT CN

0.4%

Desert Gold Ventures Inc

DAU CN

0.3%

Talisker Resources Ltd

TSK CN

0.3%

Mawson Resources Ltd

MAW CN

0.3%

Barton Gold Holdings

BGD AU

0.3%

Huntington Exploration

HEI CN

0.3%

Maverix Metals

MMX CN

0.2%

Prodigy Gold Nl

PRX AU

0.2%

Cygnus Gold Ltd

CY5 AU

0.2%

Red Dirt Metals Wrnt

RDT AU

0.2%

G Mining Ventures Wrnt

GMIN CN

0.2%

Net Cash Or Equivalent

Cash

0.1%

American Pacific Mining Wrnt

USGD CN

0.1%

Silver Tiger Metals Wrnt

SLVR CN

0.1%

Huntsman Exploration

HMAN CN

0.1%

Sable Resources Ltd Wrnt

SAE CN

0.1%

Bunker Hill Mining Corp Wrnt

BNKR

0.0%

Pan American Silver Cvt

PAAS

0.0%

Monarch Mining Corp Wrnt

GBAR CN

0.0%

Pure Gold Mining Inc Wrnt

PGM CN

0.0%

Osino Resources Corp Wrnt

OSI CN

0.0%

Benchmark Metals Inc Wrnt

BNCH CN

0.0%

Nighthawk Gold Corp Wrnt

NHK CN

0.0%

Tdg Gold Corp Wrnt

TDG CN

0.0%

Desert Gold Ventures Inc Wrnt

DAU CN

0.0%

Euro Sun Mining Inc Wrnt

ESM CN

0.0%

Huntsman Exploration Wrnt

HMAN CN

0.0%

Huntington Exploration Wrnt

HEI CN

0.0%

Mawson Resources Wrnt

MAW CN

0.0%

Westhaven Gold Corp Wrnt

WHN CN

0.0%

O3 Mining Inc Wrnt

OIII CN

0.0%

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 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 15:30:02 UTC.