ASA Gold and Precious Metals Limited (ASA) N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on July 22, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON

, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21650

ASA GOLD AND PRECIOUS METALS LIMITED

Three Canal Plaza, Suite 600

Portland, ME  04101

Karen Shaw, Principal Financial Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: November 30

Date of reporting period: December 1 – May 31

ITEM 1. REPORT TO STOCKHOLDERS.

Semi-Annual

Report

and

Financial

Statements

May

31,

2021

(Unaudited)

A

Closed-End

Fund

Specializing

in

Gold

and

Other

Precious

Metals

Investments

1

ASA

Gold

and

Precious

Metals

Limited

Table

of

Contents

Semi-Annual

Report

and

Financial

Statements

May

31,

2021

Letter

to

Shareholders

2

Forward-looking

statements

4

10-Year

performance

returns

(Unaudited)

5

Certain

investment

policies

and

restrictions

6

Report

of

Independent

Registered

Public

Accounting

Firm

6

Schedule

of

investments

(Unaudited)

7

Portfolio

statistics

(Unaudited)

10

Statement

of

assets

and

liabilities

(Unaudited)

11

Statement

of

operations

(Unaudited)

12

Statements

of

changes

in

net

assets

13

Notes

to

financial

statements

(Unaudited)

14

Financial

highlights

21

Certain

tax

information

for

U.S.

shareholders

22

Dividend

reinvestment

and

stock

purchase

plan

22

Privacy

notice

23

Board

consideration

of

Investment

Advisory

Agreement

23

Results

of

the

proposals

presented

at

the

annual

general

meeting

of

shareholders

25

Form

N-PX/proxy

voting

25

Form

N-PORT/portfolio

holdings

25

Share

repurchase

25

2

Dear

Shareholder,

During

the

six-month

fiscal

period

ending

May

31,

2021,

the

gold

price

increased

7.8%,

helping

gold

mining

equities

achieve

solid

returns

over

the

period.

The

fiscal

year

started

off

with

a

strong

rally

in

gold

prices

and

gold

mining

equities.

U.S.

10-year

real

interest

rates

continued

to

decline

as

inflation

expectations

increased

more

than

nominal

yields.

The

U.S.

dollar

resumed

its

downtrend,

continuing

what

we

view

as

a

new

secular

bear

market

that

started

in

March

2020.

ASA

Gold

and

Precious

Metals

Limited

(“ASA”

or

the

“Company”)

reported

a

net

asset

value

(“NAV”)

of

$28.31

per

share

on

May

31,

2021,

for

a

six-month

total

return

of

17.8%

versus

a

total

return

of

14.2%

for

the

NYSE

Arca

Gold

Miners

Index.

The

ASA

share

price

closed

at

$24.31,

a

total

return

of

22.2%

for

the

six-month

period

ending

May

31,

2021.

The

discount

at

which

ASA’s

shares

traded

in

the

market

ended

the

first

half

of

fiscal

2021

at

14.1%,

a

decrease

from

17.2%

at

the

beginning

of

the

fiscal

year.

During

this

period,

the

discount

averaged

14.6%,

ranging

between

11.6%

and

18.1%.

At

the

end

of

first

half

of

the

fiscal

year,

total

net

assets

of

ASA

were

$546

million,

an

increase

of

$82

million

as

compared

to

fiscal

year-end

2020.

During

the

last

six

months,

ASA

distributed

$0.01

per

share

to

shareholders,

the

same

amount

as

the

last

six

months

of

fiscal

2020.

Portfolio

Performance

and

Attribution

The

move

by

the

Fund

into

mid-

and

small-

capitalization

companies

continues

to

be

positive

for

portfolio

performance.

The

primary

driver

of

performance

was

our

large

allocation

to

small

capitalization

companies

which

had

outsized

returns.

We

continue

to

believe

that

the

names

we

have

invested

in,

not

only

may

perform

well

in

a

positive

gold

market,

but

may

have

catalysts

that

will

enhance

performance

and

prove

to

have

better

leverage

to

the

gold

price

than

the

larger

capitalization

stocks

that

the

Fund

historically

invested

in.

Broken

down

further,

we

continue

to

believe

that

the

best

value

is

in

the

smaller

producers,

exploration

and

development

companies.

They

drove

the

majority

of

our

performance

over

the

first

half

of

the

fiscal

year.

The

Fund

has

been

investing

with

teams

and

in

assets

that

we

believe

have

the

potential

to

be

the

next

stage

of

growth

for

the

mid

and

large

cap

companies,

who

have

grossly

underinvested

in

their

future

pipeline.

In

our

view,

these

companies

provide

the

most

compelling

reward-to-risk

profile.

Our

equity

investments

are

intended

to

be

used

to

expand

drill

programs

and

build

mines.

Upside

catalysts

will

likely

continue

throughout

the

year

and

generate

interest

from

corporations

and

larger

institutional

investors.

3

As

the

chart

below

shows,

exploration

dollars

have

been

increasing

significantly

in

the

last

two

years,

and

the

Fund

has

been

investing

alongside

these

explorers.

Typically,

it

takes

up

to

six

months

from

an

equity-raise

for

a

company

to

deploy

the

capital

and

generate

and

compile

the

data

for

a

comprehensive

release.

The

Fund

has

had

success

with

this

type

of

investment

over

the

last

two

years.

We

have

equity

investments

that

have

yet

to

release

data

and

future

data

releases

have

the

potential

to

be

positive

catalysts

for

appreciation.

As

previously

mentioned,

lack

of

investment

in

exploration

and

development

by

the

larger

companies

has

created

a

scarcity

of

growth

that,

in

our

assessment,

those

companies

will

need

to

address.

Exploration

is

the

first

stage

in

that

process.

Following

successful

exploration

and

development

of

new

mines,

it

is

our

opinion

that

the

next

step

is

mergers

and

acquisitions.

The

chart

below

shows

the

lack

of

transactions

since

the

last

cycle.

When

you

back

out

the

large

Barrick/Newmont

JV

in

2019,

the

paucity

of

transactions

is

even

greater.

The

combination

of

improved

operations,

deleveraged

balance

sheets

and

increased

free

cash

flows,

positions

most

companies

to

improve

their

growth

pipeline

without

taking

on

undue

risk

like

in

previous

cycles.

We

believe

that

ASA

is

well

positioned

to

benefit

from

any

improvements

in

the

deal

pipeline.

4

As

such,

we

at

Merk

Investments

believe

investors

in

ASA

are

well

positioned

to

participate

in

a

positive

gold

environment.

We

are

always

available

to

discuss

the

market

and

any

questions

that

you

have.

Peter

Maletis,

Portfolio

Manager

Axel

Merk,

Chief

Investment

Officer

Merk

Investments

LLC

Merk

Investments

LLC

Forward-Looking

Statements

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.

5

Performance

Returns

(Unaudited)

The

performance

data

quoted

represent

past

performance

and

do

not

indicate

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

For

more

current

performance

data,

please

visit

http://www.asaltd.com/investor-information/factsheets.

The

results

shown

in

the

table

reflect

the

reinvestment

of

income

dividends

and

other

distributions,

if

any.

The

results

do

not

reflect

the

effect

of

taxes

a

shareholder

would

pay

on

Company

distributions

or

on

the

sale

of

the

Company’s

common

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

.

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

.

Average

Annual

Total

Returns

For

the

periods

ended

May

31,

2021

1

Year

3

Year

5

Year

10

Year

ASA

Gold

and

Precious

Metals

-

NAV

50.09%

32.92%

16.25%

-1.10%

ASA

Gold

and

Precious

Metals

-

Share

Price

59.04%

32.92%

15.88%

-1.56%

FTSE

Gold

Mines

Index(1)

13.02%

22.41%

12.23%

-2.62%

NYSE

ARCA

Gold

Miners

Index

(NTR)(1)

15.37%

21.74%

12.75%

7.10%

(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.

6

Certain

Investment

Policies

and

Restrictions

The

following

is

a

summary

of

certain

of

the

Company’s

investment

policies

and

restrictions

and

is

subject

to

the

more

complete

statements

contained

in

documents

filed

with

the

Securities

and

Exchange

Commission.

The

concentration

of

investments

in

a

particular

industry

or

group

of

industries.

It

is

a

fundamental

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

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

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Directors

and

Shareholders

of

ASA

Gold

and

Precious

Metals

Limited

Results

of

Interim

Financial

Information

We

have

reviewed

the

statement

of

assets

and

liabilities

of

ASA

Gold

and

Precious

Metals

Limited

(the

“Company”),

including

the

schedule

of

investments,

as

of

May

31,

2021,

and

the

related

statement

of

operations

for

the

six

month

period

ended

May

31,

2021,

the

statement

of

changes

in

net

assets

for

the

six

month

period

ended

May

31,

2021,

the

financial

highlights

for

the

six

month

period

ended

May

31,

2021,

and

the

related

notes

(collectively

referred

to

as

the

interim

financial

statements).

Based

on

our

review,

we

are

not

aware

of

any

material

modifications

that

should

be

made

to

the

accompanying

interim

financial

statements

for

them

to

be

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

We

have

previously

audited,

in

accordance

with

the

standards

of

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB),

the

statement

of

changes

in

net

assets

for

the

year

ended

November

30,

2020

and

the

financial

highlights

for

each

year

in

the

five

year

period

ended

November

30,

2020;

and

in

our

report

dated

January

21,

2021,

we

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Review

Results

These

interim

financial

statements

are

the

responsibility

of

the

Company’s

management.

We

conducted

our

review

in

accordance

with

the

standards

of

the

PCAOB.

A

review

of

interim

financial

information

consists

principally

of

applying

analytical

procedures

and

making

inquiries

of

persons

responsible

for

financial

and

accounting

matters.

It

is

substantially

less

in

scope

than

an

audit

conducted

in

accordance

with

standards

of

the

PCAOB,

the

objective

of

which

is

the

expression

of

an

opinion

regarding

the

financial

statements

taken

as

a

whole.

Accordingly,

we

do

not

express

such

an

opinion.

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

Company

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

TAIT,

WELLER

&

BAKER

LLP

Philadelphia,

Pennsylvania

July

15,

2021

7

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Schedule

of

Investments

(Unaudited)

Schedule

of

investments

(Unaudited)

May

31,

2021

Name

of

Company

Shares

Value

%

of

Net

Assets

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

Australia

Alicanto

Minerals,

Ltd.

(1)

21,346,119

$

1,974,687‌

0.4‌

%

Bellevue

Gold,

Ltd.

(1)

7,666,667

5,526,069‌

1.0‌

Bellevue

Gold,

Ltd.

(1)

1,300,000

937,029‌

0.2‌

Cygnus

Gold,

Ltd.

(1)

6,658,721

590,319‌

0.1‌

Dacian

Gold,

Ltd.

(1)

13,842,639

3,041,319‌

0.6‌

Emerald

Resources

NL

(1)

17,125,000

13,003,639‌

2.4‌

Pantoro

,

Ltd.

(1)

16,000,000

2,960,256‌

0.5‌

Perseus

Mining,

Ltd.

(1)

11,000,000

11,871,861‌

2.2‌

Predictive

Discovery,

Ltd.

(1)

63,850,000

4

,

479

,

199‌

0.

8‌

Prodigy

Gold

NL

(1)

38,750,000

1,672,853‌

0.3‌

46,057,231‌

8.5‌

Canada

Agnico

Eagle

Mines,

Ltd.

225,000

16,143,750‌

3.0‌

Alamos

Gold,

Inc.

1,200,000

10,956,000‌

2.0‌

Aya

Gold

&

Silver,

Inc.

(1)

2,400,000

14,741,112‌

2.7‌

B2Gold

Corp.

2,000,000

10,200,000‌

1.9‌

Barrick

Gold

Corp.

700,000

16,856,000‌

3.1‌

Calibre

Mining

Corp.

(1)

11,083,000

19,357,750‌

3.5‌

Centerra

Gold,

Inc.

675,000

5,486,942‌

1.0‌

Corvus

Gold,

Inc.

(1)

2,000,000

6,191,797‌

1.1‌

Desert

Gold

Ventures,

Inc.

(1)

13,400,000

1,941,145‌

0.4‌

Dundee

Precious

Metals,

Inc.

70,000

510,492‌

0.1‌

G

Mining

Ventures

Corp.

(1)

10,843,965

8,078,779‌

1.5‌

GoGold

Resources,

Inc.

(1)

2,857,140

6,409,378‌

1.2‌

Golden

Star

Resources,

Ltd.

(1)

1,850,000

6,086,500‌

1.1‌

HighGold

Mining,

Inc.

(1)

3,000,000

3,625,678‌

0.7‌

K92

Mining,

Inc.

(1)

1,725,000

12,294,400‌

2.3‌

Liberty

Gold

Corp.

(1)

10,256,000

14,772,104‌

2.7‌

Marathon

Gold

Corp.

(1)

4,201,700

10,364,692‌

1.9‌

Mawson

Gold,

Ltd.

(1)

8,600,000

1,850,917‌

0.3‌

Millennial

Precious

Metals

Corp.

(1)

12,333,333

5,104,645‌

0.9‌

Newcore

Gold,

Ltd.

(1)

3,750,000

1,955,631‌

0.4‌

O3

Mining,

Inc.

(1)

2,223,000

4,784,405‌

0.9‌

Orla

Mining,

Ltd.

(1)

8,200,000

40,387,401‌

7.4‌

Osino

Resources

Corp.

(1)

4,000,000

5,066,015‌

0.9‌

Prime

Mining

Corp.

(1)

5,425,000

18,187,368‌

3.3‌

Probe

Metals,

Inc.

(1)

4,725,000

7,001,159‌

1.3‌

Pure

Gold

Mining,

Inc.

(1)

3,000,000

3,973,345‌

0.7‌

Roscan

Gold

Corp.

(1)

10,886,900

4,415,861‌

0.8‌

Roxgold

,

Inc.

(1)

3,000,000

5,786,184‌

1.1‌

Skeena

Resources,

Ltd.

(1)

3,210,000

10,362,981‌

1.

9‌

SSR

Mining,

Inc.

1,500,000

27

,

814

,

613‌

5.1‌

Talisker

Resources,

Ltd.

(1)

6,500,000

1,748,686‌

0.3‌

Thesis

Gold,

Inc.

(1)

2,000,000

2,483,341‌

0.5‌

Torex

Gold

Resources,

Inc.

(1)

460,000

6,713,133‌

1.2‌

Westhaven

Gold

Corp.

(1)

5,500,000

3,186,954‌

0.6‌

314,839,158‌

57.8‌

Cayman

Islands

Endeavour

Mining

Corp.

989,200

23,746,368‌

4.4‌

8

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Name

of

Company

Shares

Value

%

of

Net

Assets

Common

Shares

(continued)

Gold

mining,

exploration,

development

and

royalty

companies

(continued)

Jersey

Royal

Road

Minerals,

Ltd.

(1)

1,400,000

$

440,379‌

0.1‌

%

South

Africa

AngloGold

Ashanti,

Ltd.

ADR

800,000

19,016,000‌

3.5‌

Gold

Fields,

Ltd.

ADR

1,500,000

18,165,000‌

3.3‌

37,181,000‌

6.8‌

Total

gold

mining,

exploration,

development

and

royalty

companies

(Cost

$188,640,878)

422,264,136‌

77.6‌

Diversified

metals

mining,

exploration,

development

and

royalty

companies

Australia

Auteco

Minerals,

Ltd.

(1)

70,750,750

4

,

908

,

758‌

0.

8‌

Castile

Resources,

Ltd.

(1)

12,500,000

2,505,425‌

0.5‌

Geopacific

Resources,

Ltd.

(1)

17,857,143

4,

680

,

465‌

0.

8‌

12,094,648‌

2.1‌

Canada

Adventus

Mining

Corp.

(1)

5,310,000

5,010,885‌

0.9‌

Americas

Gold

&

Silver

Corp.

(1)

1,975,000

3,436,500‌

0.6‌

Americas

Gold

&

Silver

Corp.

(1)

1,555,000

2,715,989‌

0.5‌

Americas

Gold

&

Silver

Corp.

(2)

1,071,400

1,864,236‌

0.3‌

Arizona

Metals

Corp.

(1)

2,400,000

9,516,162‌

1.7‌

Benchmark

Metals,

Inc.

(1)

7,384,615

8,007,819‌

1.5‌

Euro

Sun

Mining,

Inc.

(1)

11,000,000

3,733,289‌

0.7‌

Huntsman

Exploration,

Inc.

(1)

6,175,000

587,827‌

0.1‌

Integra

Resources

Corp.

(1)

2,679,999

8,563,219‌

1.6‌

Integra

Resources

Corp.

(1)

240,001

770,403‌

0.1‌

Sable

Resources,

Ltd.

(1)

22,000,000

6,191,797‌

1.1‌

50,398,126‌

9.1‌

United

Kingdom

Adriatic

Metals

PLC

(1)

2,500,000

4,933,760‌

0.9‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$46,069,303)

67,426,534‌

12.1‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Andean

Precious

Metals

Corp.

(1)

2,000,000

2,731,675‌

0.5‌

Bunker

Hill

Mining

Corp.

(1)

14,214,957

3,412,390‌

0.6‌

Discovery

Silver

Corp.

(1)

6,000,000

12,168,371‌

2.2‌

Silver

Tiger

Metals,

Inc.

(1)

10,595,333

6,314,838‌

1.2‌

24,627,274‌

4.5‌

South

Africa

Sibanye

Stillwater,

Ltd.

ADR

273,043

5,026,722‌

0.9‌

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$11,320,097)

29,653,996‌

5.4‌

Total

common

shares

(Cost

$246,030,278

)

519,344,666‌

95.1‌

Rights

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Pan

American

Silver

Corp.

(Expiration

Date

2/22/29)

(1)(3)

393,200

197,218‌

0.0‌

Total

rights

(Cost

$136,720)

197,218‌

0.0‌

Warrants

Diversified

metals

mining,

exploration,

development

and

royalty

companies

Canada

Arizona

Metals

Corp.

(Exercise

Price

$3.00,

Exp.

Date

4/22/22)

(1)(3)

1,200,000‌

1,778,072‌

0.3‌

Benchmark

Metals,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

12/18/21)

(1)(3)

5,000,000‌

3,642,233‌

0.7‌

Benchmark

Metals,

Inc.

(Exercise

Price

$1.80,

Exp.

Date

8/15/22)

(1)(3)

3,692,307‌

275,078‌

0.1‌

Euro

Sun

Mining,

Inc.

(Exercise

Price

$0.55,

Exp.

Date

6/5/23)

(1)(3)

5,500,000‌

227,640‌

0.0‌

Schedule

of

Investments

(Unaudited)

(continued)

May

31,

2021

9

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Name

of

Company

Shares

Value

%

of

Net

Assets

Warrants

(continued)

Huntsman

Exploration,

Inc.

(Exercise

Price

$0.35,

Exp.

Date

10/19/23)

(1)(3)

6,175,000‌

$

0‌

–‌

%

Sable

Resources,

Ltd.

(Exercise

Price

$0.20,

Exp.

Date

9/10/23)

(1)(3)

11,000,000‌

1,274,782‌

0.2‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$951,193)

7,197,805‌

1.3‌

Gold

mining,

exploration,

development

and

royalty

companies

Canada

Aya

Gold

&

Silver,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

9/3/23)

(1)(3)

1,200,000‌

4,112,413‌

0.8‌

Bonterra

Resources,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

8/20/21)

(1)(3)

300,000‌

0‌

0.0‌ 

Desert

Gold

Ventures,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

8/21/23)

(1)(3)

6,700,000‌

0‌

0.0‌ 

G

Mining

Ventures

Corp.

(Exercise

Price

$0.80,

Exp.

Date

5/25/22)

(1)(3)

5,421,982‌

942,524‌

0.2‌

Liberty

Gold

Corp.

(Exercise

Price

$0.60,

Exp.

Date

10/2/21)

(1)(3)

826,000‌

786,308‌

0.1‌

Marathon

Gold

Corp.

(Exercise

Price

$1.32,

Exp.

Date

9/30/21)

(1)(3)

837,500‌

1,019,101‌

0.2‌

Maverix

Metals,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

12/23/21)

(1)(3)

250,000‌

749,141‌

0.1‌

Mawson

Resources,

Ltd.

(Exercise

Price

$0.45,

Exp.

Date

5/20/22)

(1)(3)

4,300,000‌

0‌

0.0‌ 

O3

Mining,

Inc.

(Exercise

Price

$3.25,

Exp.

Date

6/18/22)

(1)(3)

740,000‌

61,256‌

0.0‌

Osino

Resources

Corp.

(Exercise

Price

$1.05,

Exp.

Date

1/30/22)

(1)(3)

1,000,000‌

389,057‌

0.1‌

Osino

Resources

Corp.

(Exercise

Price

$1.50,

Exp.

Date

7/14/21)

(1)(3)

1,000,000‌

57,945‌

0.0‌

Prime

Mining

Corp.

(Exercise

Price

$1.10,

Exp.

Date

6/10/25)

(1)(3)

920,000‌

2,269,442‌

0.4‌

Prime

Mining

Corp.

(Exercise

Price

$5.00,

Exp.

Date

4/27/24)

(1)(3)

400,000‌

175,489‌

0.0‌

Probe

Metals,

Inc.

(Exercise

Price

$1.30,

Exp.

Date

12/10/21)

(1)(3)

2,362,500‌

997,372‌

0.2‌

Pure

Gold

Mining,

Inc.

(Exercise

Price

$0.85,

Exp.

Date

7/18/22)

(1)(3)

1,500,000‌

943,670‌

0.2‌

Talisker

Resources,

Ltd.

(Exercise

Price

$0.70,

Exp.

Date

8/14/21)

(1)(3)

3,250,000‌

0‌

0.0‌ 

Thesis

Gold,

Inc.

(Exercise

Price

$0.75,

Exp.

Date

10/31/22)

(1)(3)

2,000,000‌

1,324,448‌

0.2‌

Westhaven

Gold

Corp.

(Exercise

Price

$1.00,

Exp.

Date

2/3/23)

(1)(3)

2,750,000‌

68,292‌

0.0‌

Total

gold

mining,

exploration,

development

and

royalty

companies

(Cost

$2,266,838)

13,896,458‌

2.5‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Bunker

Hill

Mining

Corp.

(Exerci

se

Price

$0.50,

Exp.

Date

8/15/23)

(1)(3)

9,500,000‌

78,639‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.50,

Exp.

Date

8/15/23)

(1)(3)

3,464,957‌

28,682‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.60,

Exp.

Date

2/9/26)

(1)(3)

1,250,000‌

20,694‌

0.0‌

Discovery

Silver

Corp.

(Exercise

Price

$0.77,

Exp.

Date

5/28/22)

(1)(3)

1,454,545‌

2,058,915‌

0.4‌

Discovery

Silver

Corp.

(Exercise

Price

$1.75,

Exp.

Date

8/7/22)

(1)(3)

975,000‌

629,527‌

0.1‌

Silver

Tiger

Metals,

Inc.

(Exercise

Price

$0.50,

Exp.

Date

7/31/23)

(1)(3)

1,666,666‌

344,908‌

0.1‌

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$487,699)

3,161,365‌

0.6‌

Total

warrants

(Cost

$3,705,730)

24,255,628‌

4.4‌

Money

Market

Fund

Federated

US

Treasury

Cash

Reserve

Fund

–

Institutional

Shares,

0.01%

(4)

(Cost

$941,963)

941,963‌

941,963‌

0.2‌ 

Investments,

at

value

(Cost

$250,814,691)

544,739,475‌

99.7‌

Cash,

receivables

and

other

assets

less

other

liabilities

1,405,506‌

0.3‌

Net

assets

$

546,144,981‌

100.0‌%

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

(1)

Non-income

producing

security.

(2)

Restricted

security.

(3)

Security

fair

valued

in

accordance

with

procedures

adopted

by

the

Board

of

Directors.

At

the

period

end,

the

value

of

these

securities

amounted

to

$24,452,846

or

4.5%

of

net

assets.

(4)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

May

31,

2021.

Schedule

of

Investments

(Unaudited)

(continued)

May

31,

2021

10

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Portfolio

Statistics

(Unaudited)

Portfolio

statistics

(Unaudited)

May

31,

2021

*Geographic

breakdown,

which

is

based

on

company

domiciles,

is

expressed

as

a

percentage

of

total

net

assets

including

cash.

Geographic

Breakdown*

Australia

10.

6‌

%

Canada

75.

8‌

Cayman

Islands

4.

4‌

Jersey

0.1‌ 

South

Africa

7.7‌

United

Kingdom

0.

9‌

Cash

0.

5‌

100.0‌%

11

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Statement

of

Assets

and

Liabilities

(Unaudited)

May

31,

2021

The

closing

price

of

the

Company’s

shares

on

the

New

York

Stock

Exchange

was

$24.31

on

May

31,

2021.

Assets

Investments,

at

value

(Cost

$250,814,692)

$

544,739,475‌

Cash

80,719‌

Foreign

currency

(Cost

$1,867,878)

1,858,934‌

Dividends

receivable,

net

of

withholding

taxes

payable

281,622‌

Prepaid

expenses

45,291‌

Total

assets

$

547,006,041‌

Liabilities

Accrued

investment

adviser

fees

298,778‌

Accrued

fund

service

fees

37,005‌

Accrued

director’s

fees

and

expenses

350‌

Liability

for

retirement

benefits

due

to

retired

directors

352,

300‌

Other

expenses

172,627‌

Total

liabilities

861,060‌

Net

assets

$

546,144,981‌

Common

shares

$1

par

value

Authorized:

40,000,000

shares

Issued

and

Outstanding:

19,289,905

shares

$

19,289,905‌

Share

premium

(capital

surplus)

1,372,500‌

Distributable

earnings

525,482,576‌

Net

assets

$

546,144,981‌

Net

asset

value

per

share

$

28.31‌

12

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Statement

of

Operations

(Unaudited)

For

the

six

months

ended

May

31,

2021

Investment

income

Dividend

income

(net

of

withholding

taxes

of

$372,392)

$

1,598,159‌

Total

investment

income

1,598,159‌

Expenses

Lease

property

expense

(Note

10)

57,956‌

Investment

adviser

fees

1,689,558‌

Fund

services

fees

121,287‌

Compliance

services

fees

37,405‌

Transfer

agent

fees

15,807‌

Custodian

fees

61,913‌

Directors'

fees

and

expenses

88,177‌

Retired

directors'

fees

37,673‌

Insurance

fees

66,375‌

Legal

fees

49,601‌

Audit

fees

17,379‌

Shareholder

reports

and

proxy

expenses

26,919‌

Dues

and

listing

fees

12,466‌

Other

expenses

43,041‌

Total

expenses

2,325,557‌

Change

in

retirement

benefits

due

to

retired

directors

(17,492‌)

Investment

adviser

fees

waived

(48,799‌)

Net

expenses

2,259,266‌

Net

investment

loss

(661,107‌)

Net

realized

and

unrealized

gain

(loss)

from

investments

and

foreign

currency

transactions

Proceeds

from

sales

40,464,873‌

Cost

of

securities

sold

(24,374,477‌)

Net

realized

gain

from

investments

16,090,396‌

Net

realized

gain

from

foreign

currency

transactions

Investments

3,922‌

Foreign

currency

(161,611‌)

Net

realized

loss

from

foreign

currency

transactions

(157,689‌)

Net

increase

in

unrealized

appreciation

(depreciation)

on

investments

Balance,

beginning

of

period

226,785,880‌

Balance,

end

of

period

293,924,783‌

Net

increase

in

unrealized

appreciation

(depreciation)

on

investments

67,138,903‌

Net

unrealized

loss

on

translation

of

assets

and

liabilities

in

foreign

currency

(

8,946‌

)

Net

realized

and

unrealized

gain

(loss)

from

investments

and

foreign

currency

transactions

83,062,664‌

Net

increase

in

net

assets

resulting

from

operations

$

82,401,557‌

13

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Statements

of

Changes

in

Net

Assets

Six

Months

Ended

May

31,

2021

(Unaudited)

Year

Ended

November

30,

2020

Net

investment

loss

$

(661,107‌)

$

(2,573,199‌)

Net

realized

gain

16,090,396‌

35,275,757‌

Net

realized

gain

(loss)

from

foreign

currency

transactions

(157,689‌)

989,453‌

Net

increase

in

unrealized

appreciation

(depreciation)

on

investments

67,138,903‌

144,741,384‌

Net

unrealized

gain

(loss)

on

translation

of

assets

and

liabilities

in

foreign

currency

(8,946‌)

9,506‌

Net

increase

in

net

assets

resulting

from

operations

82,401,557‌

178,442,901‌

Dividends

paid/payable

(192,899‌)

(385,798‌)

Net

increase

in

net

assets

82,208,658‌

178,057,103‌

Net

assets,

beginning

of

period

463,936,323‌

285,879,220‌

Net

assets,

end

of

period

$

546,144,981‌

$

463,936,323‌

14

++++++++++++++++++++++

14

Notes

to

Financial

Statements

(Unaudited)

Six

months

ended

May

31,

2021

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.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

(“NAV”).

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.

15

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

months

ended

May

31,

2021

B.

Restricted

securities

At

May

31,

2021,

the

Company

held

investments

in

restricted

securities

of

0

.

34

%

of

net

assets

valued

in

accordance

with

procedures

approved

by

the

Company’s

Board

of

Directors

as

follows:

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.

Shares

Cost

Issuer

Value

per

Unit

Value

Acquisition

Date

1,071,400

$2,142,800

Americas

Gold

&

Silver

Corp.

$1.740

$1,864,236

5/7/20

3.

Summary

of

significant

accounting

policies

(continued)

16

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

months

ended

May

31,

2021

The

following

is

a

summary

of

the

inputs

used

as

of

May

31

,

2021

in

valuing

the

Company’s

investments

at

fair

value:

The

following

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

*

The

change

in

unrealized

appreciation/(depreciation)

is

included

in

net

change

in

unrealized

appreciation/(depreciation)

of

investments

in

the

accompanying

Statement

of

Operations.

Investment

in

Securities

(1)

Measurements

at

May

31,

2021

Level

1

Level

2

Level

3

Total

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

$

422

,

264

,

136

$

–

$

–

$

422

,

264

,

136

Diversified

metals

mining,

exploration,

development

and

royalty

companies

67

,

426

,

534

–

–

67

,

426

,

534

Silver

mining,

exploration,

development

and

royalty

companies

29

,

653

,

996

–

–

29

,

653

,

996

Rights

Silver

mining,

exploration,

development

and

royalty

companies

–

–

197,218

197,218

Warrants

Diversified

metals

mining,

exploration,

development

and

royalty

companies

–

–

7

,

197

,

805

7

,

197

,

805

Gold

mining,

exploration,

development

and

royalty

companies

–

–

1

3

,

896

,

458

1

3

,

896

,

458

Silver

mining,

exploration,

development

and

royalty

companies

–

–

3,161,365

3,161,365

Money

Market

Fund

941,963

–

–

941,963

Total

Investments

$

520

,

286

,

629

$

–

$

24,

452

,

846

$

544

,

739

,

475

(1)

See

schedule

of

investments

for

country

classifications.

Common

Stock

-

Canada

Rights

-

Canada

Warrants

-

Canada

Balance

November

30,

2020

$

770,001

$

173,123

$

11,181,970

Purchases

-

-

237,562

Sales

-

-

(130,555)

Realized

gain

-

-

17,174

Transfers

out

(770,001)

-

-

Net

change

in

unrealized

appreciation

(depreciation)

-

24,095

12,949,477

Balance

May

31,

2021

$

-

$

197,218

$

24

,

255

,

628

Net

change

in

unrealized

appreciation

(depreciation)

from

investments

held

as

of

May

31,

2021*

$

-

$

24,095

$

12,949,477

3.

Summary

of

significant

accounting

policies

(continued)

C.

Fair

value

measurement

(continued)

17

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

months

ended

May

31,

2021

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

May

31,

2021

are

as

follows:

1

Fair

valued

rights

are

valued

based

on

the

specifics

of

the

rights

at

a

discount

to

the

market

price

of

the

underlying

security.

2

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.

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.

E.

Securities

Transactions

and

Investment

Income

During

the

six

months

ended

May

31,

2021,

sales

and

purchases

of

portfolio

securities

(other

than

temporary

short-term

investments)

amounted

to

$40,464,873

and

$36,356,861,

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.

F.

Dividends

to

Shareholders

Dividends

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

reporting

for

financial

statement

purposes

of

dividends

paid

from

net

investment

income

and/or

net

realized

gains

may

differ

from

their

ultimate

reporting

for

U.S.

federal

income

tax

purposes,

primarily

because

of

the

separate

line

item

reporting

for

financial

statement

purposes

of

foreign

exchange

gains

or

losses.

G.

Use

of

Estimates

The

preparation

of

the

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

amounts

reported

in

the

financial

statements

and

accompanying

notes.

Actual

results

could

differ

from

those

estimates.

It

is

management’s

opinion

that

all

adjustments

necessary

for

a

fair

statement

of

the

results

of

the

interim

periods

presented

have

been

made.

All

adjustments

are

of

a

normal

recurring

nature.

H.

Basis

of

Presentation

The

financial

statements

are

presented

in

U.S.

dollars.

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

(2017-2020).

As

of

May

31,

2021,

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.

Asset

Categories

Fair

Value

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Rights

1

-

Canada

1

9

7

,

218

Market

transaction

Discount

70%

(70%)

Warrants

2

-

Canada

24,255,628

Black

Scholes

Method

Volatility

20%

-

50%

(

3

6

%

)

3.

Summary

of

significant

accounting

policies

(continued)

C.

Fair

value

measurement

(continued)

18

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

months

ended

May

31,

2021

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.

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

net

assets

exceeding

$300

million,

and

an

additional

0.10%

of

the

Company’s

net

assets

exceeding

$500

million.

The

Adviser

waived

$48,799

for

the

six

months

ended

May

31,

2021.

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.

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

May

31

,

2021

was

$

3

5

2

,

300

.

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.

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.

19

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

months

ended

May

31,

2021

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.

Geographic

Investment

Risk

To

the

extent

that

the

Company

invests

a

significant

portion

of

its

assets

in

the

securities

of

companies

of

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region.

As

of

May

31,

2021,

a

significant

portion

of

the

Company’s

assets

consisted

of

securities

of

Canadian

issuers.

Canada

Risk.

The

Canadian

economy

is

susceptible

to

adverse

changes

in

certain

commodities

markets,

including

those

related

to

the

natural

resources

and

mining

industries.

It

is

also

heavily

dependent

on

trading

with

key

partners.

Any

adverse

events

that

affect

Canada’s

major

industries

may

have

a

negative

impact

on

the

overall

Canadian

economy

and

the

Company’s

investments

in

Canadian

issuers.

E.

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.

As

of

May

31,

2021,

a

significant

portion

of

the

Company’s

assets

consisted

of

securities

of

junior

and

intermediate

mining

company

issuers.

F.

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.

G.

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.

H.

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.

I.

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.

8.

Risks

(continued)

20

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

months

ended

May

31,

2021

J.

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.

K.

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.

L.

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

was

terminated

as

of

February

28,

2021.

11.

Share

repurchase

The

Company

may

from

time

to

time

purchase

its

common

shares

at

a

discount

to

NAV

on

the

open

market

in

such

amounts

and

at

such

prices

as

the

Company

may

deem

advisable.

The

Company

had

19,289,905

shares

outstanding

as

of

May

31

,

2021

.

There

were

no

repurchases

during

the

six

months

ended

May

31

,

2021

.

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.

8.

Risks

(continued)

21

Financial

Highlights

(Unaudited)

Six

months

ended

May

31,

Years

ended

November

30,

Per

share

operating

performance

(1)

2021

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

$24.05

$14.82

$10.10

$12.66

$12.61

$8.33

Net

investment

loss

(0.03)

(0.13)

(0.06)

(0.07)

(0.09)

(0.10)

Net

realized

gain

(loss)

from

investments

0.83

1.83

0.09

(0.47)

(0.36)

(0.79)

Net

realized

gain

(loss)

from

foreign

currency

transactions

(0.01)

0.05

(0.06)

0.01

0.01

(0.14)

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

3.48

7.50

4.77

(2.00)

0.53

5.35

Net

unrealized

gain

on

translation

of

assets

and

liabilities

in

foreign

currency

0.00

0.00

0.00

0.00

0.00

0.00

Net

increase

(decrease)

in

net

assets

resulting

from

operations

4.27

9.25

4.74

(2.53)

0.09

4.32

Dividends

From

net

investment

income

–‌

(0.02)

(0.02)

(0.03)

(0.04)

(0.04)

From

net

realized

gain

on

investments

(0.01)

–‌

–‌

–‌

–‌

–‌

Net

asset

value,

end

of

period

$28.31

$24.05

$14.82

$10.10

$12.66

$12.61

Market

value

per

share,

end

of

period

$24.31

$19.91

$12.20

$8.66

$11.05

$10.81

Total

investment

return

Based

on

market

price

(2)

22.15%

(3)

63.38%

41.14%

(21.39)%

2.57%

51.50%

Based

on

net

asset

value

(4)

17.76%

(3)

62.46%

47.01%

(19.97)%

0.74%

51.86%

Ratio

of

average

net

assets

Expenses

(5)

0.96

%

(6)

1.02%

1.38%

1.35%

1.19%

1.26%

Net

expenses

0.94%

(6)

1.02%

1.38%

1.35%

1.19%

1.26%

Net

investment

loss

(0.27)%

(6)

(0.67)%

(0.44)%

(0.63)%

(0.65)%

(0.79)%

Supplemental

data

Net

assets,

end

of

period

(000

omitted)

$546‌,145

$463‌,936

$285‌,879

$194‌,834

$244‌,202

$243‌,229

Portfolio

turnover

rate

8%

(3)

31‌%

45‌%

3‌%

9‌%

10‌%

Shares

outstanding

(000

omitted)

19‌,290

19‌,290

19‌,290

19‌,290

19‌,290

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)

Not

annualized.

(4)

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.

(5)

Reflects

the

expense

ratio

excluding

any

waivers.

(6)

Annualized.

22

Certain

Tax

Information

for

U.S.

Shareholders

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

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.

23

Privacy

Notice

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.

Board

Consideration

of

Investment

Advisory

Agreement

Board

consideration

of

Investment

Advisory

Agreement

At

its

March

18-19,

2021

meeting,

the

Board

of

Directors

(the

“Board”)

of

ASA

Gold

and

Precious

Metals

Limited

(“ASA”

or

the

“Company”),

consisting

of

Directors

who

are

not

“interested

persons”

of

the

Company

or

of

Merk

Investments

LLC

(“Merk”

or

the

“Adviser”)

(“Independent

Directors”),

considered

and

approved

the

continuation

of

the

Investment

Advisory

Agreement

(“Advisory

Agreement”)

between

the

Company

and

Merk.

In

preparation

for

its

deliberations,

the

Board

requested

and

reviewed

extensive

materials

from

the

Adviser.

The

Independent

Directors

received

a

memorandum

reviewing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

from

counsel

that

is

experienced

in

Investment

Company

Act

of

1940

matters

and

that

is

independent

of

Merk

(“Independent

Counsel”)

and

discussed

these

standards

and

the

material

submitted

by

the

Adviser

with

Independent

Counsel.

The

Board

considered

the

broad

range

of

information

that

is

provided

to

the

Board

(including

its

Nominating,

Audit

and

Ethics

Committee)

at

meetings

throughout

the

year,

including

reports

on

investment

performance

based

on

net

asset

value

and

common

stock

market

prices,

portfolio

information

and

risks,

information

regarding

share

prices

relative

to

net

asset

values

(discounts

and/or

premiums),

as

well

as

periodic

reports

on,

among

other

matters,

pricing

and

valuation,

quality

and

cost

of

portfolio

trade

execution,

and

compliance,

all

of

which

the

Board

deemed

relevant

to

its

evaluation

of

the

Advisory

Agreement

and

its

continuation.

The

Board

recognized

the

Company’s

unique

structure

as

a

Bermuda

corporation

that

operates

as

a

closed-end

investment

company

pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

pursuant

to

Section

7(d)

of

the

1940

Act,

which

requires,

among

other

things,

that

the

Company

comply

with

certain

requirements

relating

to

the

custody

of

assets

and

settlement

of

securities

transactions

outside

of

the

United

States

that

are

different

than

those

required

of

other

registered

investment

companies.

The

Board

noted

that

the

exemptive

order

imposes

tasks

and

obligations

on

the

Company,

the

Board

and

its

service

providers

beyond

those

required

of

registered

investment

companies

organized

within

the

United

States.

The

Board

considered

the

Company’s

transition,

in

2019,

to

an

external

management

structure

during

the

initial

period

of

the

Advisory

Agreement,

noting

its

continued

satisfaction

with

that

structure,

along

with

Merk’s

work

during

the

transition

as

well

as

Merk’s

substantial

re-positioning

of

the

Company’s

portfolio

after

assuming

responsibility

as

adviser.

The

Independent

Directors

evaluated

the

following

factors

in

connection

with

their

consideration

and

approval

of

the

Advisory

Agreement:

(1)

the

nature,

extent,

and

quality

of

the

services

to

be

provided

by

Merk;

(2)

the

performance

of

ASA

compared

to

a

relevant

market

index

and

a

peer

group

of

investment

companies;

(3)

the

costs

of

the

services

provided,

including

a

comparison

of

advisory

fees

to

those

of

similar

funds,

and

the

profits

realized

by

Merk;

(4)

the

extent

to

which

economies

of

scale

might

be

realized

as

ASA

grows,

including

whether

fee

levels

reflect

any

such

potential

economies

of

scale

for

the

benefit

of

investors

in

ASA;

and

(5)

any

indirect

benefits

to

Merk

attributable

to

its

relationship

with

ASA.

In

their

deliberations,

the

Independent

Directors

did

not

identify

any

particular

information

or

factor

that

was

all-important

or

controlling,

and

each

Independent

Director

may

have

attributed

different

weights

to

the

various

factors.

Nature,

Extent,

and

Quality

of

the

Services

and

Performance

Following

discussions

with

Merk,

the

Independent

Directors

determined

the

firm

to

be

capable

and

qualified

to

continue

to

perform

the

services

under

the

Advisory

Agreement

and

that

the

services

provided

by

Merk

were

of

high

quality.

The

Independent

Directors

considered

that

after

the

Board’s

initial

approval

of

the

Advisory

Agreement

in

December

2018

(and

before

shareholder

approval

of

the

Advisory

Agreement

in

March

2019)

Merk

hired

additional

professionals,

consisting

of

an

experienced

portfolio

manager

and

a

staff

member

of

previous

management,

and

worked

diligently

and

24

consistently

on

behalf

of

the

Company

throughout

the

transition

process

of

the

Company

from

its

previous

internally

managed

structure

through

the

present.

The

Independent

Directors

considered

the

asset

size

of

the

Company

relative

to

Merk’s

other

clients,

and

that

Merk

has

a

significant

incentive

to

work

proactively

and

effectively

with

ASA.

They

also

observed

that

the

Adviser

had

consistently

engaged

in

informative

reporting

to

the

Independent

Directors,

and

its

continued

efforts

to

support

the

Company’s

website

and

to

provide

information

to

shareholders.

The

Board

considered

that

Merk

assumes

significant

ongoing

entrepreneurial

and

business

risks

as

the

investment

adviser

and

sponsor

to

the

Company,

for

which

it

is

entitled

to

reasonable

compensation.

The

Board

evaluated

Merk’s

activities

under

its

contractual

obligation

to

oversee

the

Company’s

various

outside

service

providers

and

considered

Merk’s

ongoing

development

of

its

own

infrastructure

and

information

technology

to

support

the

Company

through,

among

other

things,

business

continuity

planning,

positive

adaptation

of

its

compliance

program

to

support

the

Company

and

risk

management.

The

Board

particularly

noted

Merk’s

general

responsiveness

to

the

Board

and

its

seamless

implementation

of

its

business

continuity

plan

in

response

to

the

COVID-19

pandemic.

The

Board

considered

the

general

structure

of

portfolio

manager

compensation

and

whether

this

structure

provides

appropriate

incentives

to

act

in

the

best

interests

of

the

Company.

In

addition,

the

Board

noted

that

Merk

actively

monitors

the

discounts

from

net

asset

value

per

share

at

which

the

Company’s

common

shares

trade

and

makes

continuing

efforts

to

provide

information

about

the

Company

and

the

investment

environment

to

shareholders

and

potential

investors

that

might

encourage

interest

in

the

Company.

The

Board

considered

information

regarding

the

Company’s

performance

on

a

net

asset

value

and

market

price

basis,

including

net

asset

value

relative

to

the

performance

of

peer

investment

companies

and

market

benchmark

indices,

as

well

as

relative

alpha

and

risk-adjusted

performance

based

on

the

peer

group

and

market

benchmark

indices

presented

by

the

Adviser.

The

Board

reviewed

Company

performance

on

a

calendar

year

and

cumulative

basis

from

the

time

the

Adviser

began

managing

the

Company

as

well

as

performance

data

for

the

three-,

five-,

and

ten-year

cumulative

periods

through

December

31,

2020.

The

Independent

Directors

considered

that

there

are

no

similar

gold

closed-end

funds

and

that

all

of

the

peer

funds

are

open-end

mutual

funds,

but

that

the

peer

group

information

was

relevant

to

their

discussion.

They

noted

the

above

average

performance

of

the

Company

relative

to

the

peer

group

since

the

Adviser

assumed

its

role

in

the

spring

of

2019,

and

discussed

the

Adviser’s

investment

strategy

that

included

investing

in

junior

and

exploration

small

and

mid-cap

issuers,

and

that

this

strategy

was

instrumental

in

meeting

the

Company’s

investment

objective

of

long-term

capital

appreciation.

Costs

of

Providing

Services

and

Profitability

The

Independent

Directors

noted

that,

unlike

the

funds

in

the

peer

group,

the

Company

is

a

passive

foreign

investment

company

and

closed-end

fund

operating

pursuant

to

exemptive

relief.

The

Independent

Directors

determined

that

the

peer

group

information

was

nonetheless

relevant

to

their

considerations

and

useful

in

evaluating

the

Company

from

both

an

investment

and

expense

perspective.

They

observed

that

Merk

had

submitted

information

about

the

fees

paid

by

its

other

clients

and

stated

that

its

advisory

services

to

the

Company

involved

distinct

investment

objectives,

policies

and

strategies,

concluding

that

the

fees

paid

by

other

Merk

clients

were

not

comparable

to

those

paid

by

the

Company

or

relevant,

other

than

to

provide

information

about

the

Adviser.

They

considered

that

the

Adviser

had

put

in

place

a

voluntary

fee

waiver

effective

December

1,

2020,

which

the

Adviser

had

agreed

to

continue

until

the

next

contract

renewal

in

2022.

They

noted

that

the

advisory

fee

paid

by

the

Company

is

slightly

below

the

peer

group’s

average,

while

acknowledging

that

the

peers

have

different

fees

and

expenses

and

asset

flows.

The

Independent

Directors

reviewed

profitability

analyses

and

related

information

provided

by

the

Adviser

in

connection

with

the

provision

of

services

to

the

Company.

They

recognized

(i)

the

challenges

of

allocating

the

Adviser’s

costs,

(ii)

that

there

is

no

single

uniform

methodology

regarding

the

allocation

of

firm-wide

expenses

within

the

asset

management

industry

for

determining

profitability

and

(iii)

that

different

reasonable

methodologies

can

lead

to

different

profit

and

loss

results.

The

Board

noted

that

the

Adviser

was

operating

in

a

highly

competitive

business

environment

and

is

entitled

to

earn

profits

for

its

services,

concluding

that

the

Adviser

was

not

in

a

position

to

derive

excessive

profits

from

the

Company

and

that

the

Adviser’s

reported

level

of

profitability

was

not

unreasonable.

Economies

of

Scale

The

Board

evaluated

whether

there

were

apparent

or

anticipated

economies

of

scale

in

relation

to

the

services

Merk

provides

to

the

Company

and

noted

that

there

is

little

expectation

that

economies

of

scale

could

be

achieved

by

Merk

with

regard

to

the

Company,

given

its

closed-end

structure,

costs

and

size.

25

Other

Benefits

The

Independent

Directors

considered

other

ways

that

Merk

could

benefit

from

its

relationship

with

the

Company

and

noted

that

other

than

the

advisory

fee,

there

was

no

compensation

or

soft

dollar

received

or

receivable

by

Merk

from

the

Company,

concluding

that

Merk

derived

no

special

or

indirect

benefits

from

the

Company.

Conclusion

In

approving

the

continuation

of

the

Advisory

Agreement,

the

Board

concluded

that,

in

its

business

judgment,

the

terms

of

the

Advisory

Agreement

are

fair

and

reasonable

to

the

Company

and

that

approval

of

the

continuation

of

the

Advisory

Agreement

is

in

the

best

interests

of

the

Company

and

its

shareholders.

Results

of

the

proposals

presented

at

the

annual

general

meeting

of

shareholders

Results

of

the

proposals

presented

at

the

annual

general

meeting

of

shareholders

The

following

votes

were

cast

at

the

Annual

General

Meeting

of

Shareholders

held

on

March

19,

2021:

Election

of

Directors

Appointment

of

Independent

Registered

Public

Accounting

Firm

Form

N-PX/Proxy

Voting

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

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

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

six

months

ended

May

3

1

,

20

2

1

.

The

Company

had

19,289,905

shares

outstanding

on

May

3

1

,

20

2

1

.

For

Against

Abstain

Anthony

Artabane

12,877,095

229,301

99,517

William

Donovan

12,865,705

242,555

97,653

Bruce

Hansen

12,782,645

269,849

153,419

Mary

Joan

Hoene

12,851,498

263,494

90,921

For

Against

Abstain

Tait,

Weller

&

Baker

LLP

12,870,230

241,903

93,780

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.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of directors determined that Bruce Hansen, Chairman of the registrant’s Audit and Ethics Committee, is an “audit committee financial expert” as defined in the instructions to Item 3 of Form N-CSR. Mr. Hansen is “independent” as defined in Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)

Included as part of the report to shareholders under Item 1.

(b)

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

During the period covered by this report, there were no purchases made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under Securities Exchange Act of 1934 (the “Exchange Act”), of any common shares of the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant provided disclosure in response to Item 22(b)(15) of Schedule 14A in its proxy statement dated February 21, 2019.

ITEM 11. CONTROLS AND PROCEDURES

(a) The Principal Executive Officer and the Principal Financial Officer, in their capacities as principal executive officer and principal financial officer of the registrant, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

The Registrant did not participate in securities lending activities during the six months ended May 31, 2021.

ITEM 13. EXHIBITS.

(a)(1)  Not applicable.

(a)(2) 

The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3)  Not applicable.

(a)(4)  Not applicable.

(b) 

The certifications required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) under the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code are attached hereto. These certifications are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant              ASA Gold and Precious Metals Limited

By          /s/ Axel Merk                                                      

               Axel Merk, Principal Executive Officer

Date       7/20/21                                                                 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By          /s/ Axel Merk                                                      

               Axel Merk, Principal Executive Officer

Date       7/20/21                                                                 

By          /s/ Karen Shaw                                                    

               Karen Shaw, Principal Financial Officer

Date       7/20/21