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

As filed with the Securities and Exchange Commission on January 26, 2022

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 – November 30

ITEM 1. REPORT TO STOCKHOLDERS.

Annual

Report

and

Financial

Statements

November

30,

2021

A

Closed-End

Fund

Specializing

in

Gold

and

Other

Precious

Metals

Investments

1

ASA

Gold

and

Precious

Metals

Limited

Table

of

Contents

Annual

Report

and

Financial

Statements

November

30,

2021

Letter

to

Shareholders

(Unaudited)

2

Forward-looking

statements

4

10-Year

performance

returns

(Unaudited)

5

Certain

investment

policies

and

restrictions

(Unaudited)

7

Report

of

Independent

Registered

Public

Accounting

Firm

8

Schedule

of

investments

9

Portfolio

statistics

(Unaudited)

12

Statement

of

assets

and

liabilities

13

Statement

of

operations

14

Statements

of

changes

in

net

assets

15

Notes

to

financial

statements

16

Financial

highlights

21

Certain

tax

information

for

U.S.

shareholders

(Unaudited)

22

Dividend

reinvestment

and

stock

purchase

plan

(Unaudited)

22

Privacy

notice

(Unaudited)

23

Form

N-PX/proxy

voting

(Unaudited)

23

Form

N-PORT/portfolio

holdings

(Unaudited)

23

Share

repurchase

(Unaudited)

23

Company

investment

objective,

investment

strategy

and

risks

(Unaudited)

23

Board

of

directors

and

officers

(Unaudited)

26

2

Dear

Shareholder,

Fiscal

2021

was

a

volatile

period

for

gold.

In

the

last

twelve

months,

there

were

nine

price

moves

greater

than

$100/oz,

yet

the

price

of

gold

was

essentially

flat.

The

gold

price

ranged

from

a

high

of

$1,959

to

a

low

of

$1,677,

ending

the

fiscal

year

at

$1,775.

Price

fluctuations

were

attributed

to

concerns

and

optimism

surrounding

Covid-19,

conflicting

economic

data,

the

Federal

Reserve’s

(the

“Fed”)

tapering,

and

questions

around

when

the

Fed

will

begin

to

increase

interest

rates.

Gold

decreased

0.1%

during

the

fiscal

year

ended

November

30,

2021,

while

ASA

Gold

and

Precious

Metals

Limited

(“ASA”,

the

“Fund”

or

the

“Company”)

reported

a

total

return

of

4.0%

based

on

its

net

asset

value

(“NAV”),

compared

to

a

total

return

decrease

of

7.3%

for

the

NYSE

Arca

Gold

Miners

Index

(the

“Index”).

Total

return

of

ASA’s

share

price

for

the

fiscal

year

was

4.1%.

At

fiscal

year-end,

total

net

assets

of

ASA

were

$481

million,

an

increase

of

$17

million

as

compared

to

fiscal

year-end

2020.

The

Company’s

average

expense

ratio

dropped

to

0.91%

during

the

2021

fiscal

year

from

1.02%

during

fiscal

year

2020

due

to

investment

performance

and

the

corresponding

increase

in

assets.

For

the

fiscal

year

ended

November

30,

2021,

Merk

Investments

(“Merk”),

the

Fund’s

investment

adviser,

proactively

agreed

to

a

scaled

decrease

in

investment

adviser

fees

on

an

asset

level

basis

above

$300

million

in

net

assets,

which

also

benefited

the

expense

ratio.

Separately,

investment

income

increased

to

$2.7

million

during

fiscal

year

2021

from

$1.3

million

during

2020,

which

was

primarily

due

to

some

of

the

producing

companies

in

the

portfolio

increasing

dividend

payouts.

The

discount

at

which

ASA’s

shares

traded

in

the

market

fluctuated

during

the

year

from

a

high

of

18.1%

to

a

low

of

10.1%

and

ended

the

fiscal

year

at

17.1%.

The

Board

of

Directors

of

ASA

and

Merk

monitor

the

Company’s

share

price

and

discount

to

NAV

on

an

ongoing

basis.

Annual

portfolio

turnover

has

somewhat

stabilized

since

Merk

took

over

the

management

of

the

portfolio

in

2019.

We

are

pleased

with

the

current

construction

of

the

portfolio

and

now

are

at

a

point

where

we

constantly

manage

risk

versus

reward

when

adding

or

subtracting

names.

Although

the

Company

does

not

maintain

a

formal

distribution

policy,

the

Company

has

paid

uninterrupted

distributions

since

1959,

and

expects

to

make

distributions

on

a

semi-annual

basis

(in

May

and

November)

to

shareholders.

The

Company’s

distributions

have

been

the

same

amount

per

share

since

November

2018,

including

the

most

recent

distribution,

paid

on

November

24,

2021.

In

general,

these

distributions

do

not

affect

the

Company’s

investment

strategy

and

may

reduce

the

Fund’s

NAV.

 For

the

12-month

period

ended

November

30,

2021,

none

of

the

Company’s

distributions

will

be

treated

as

a

return

of

capital

for

tax

purposes.  

You

should

not

draw

any

conclusions

about

the

Company’s

investment

performance

from

the

source

or

amount

of

the

distributions.

We

continue

to

believe

that

the

U.S.

dollar

is

in

a

long-term

bear

market.

Also,

we

think

the

price

of

gold

should

be

supported

by

ongoing

negative

real

interest

rates

(i.e.,

nominal

interest

rates

below

inflation

rates).

If

the

Fed

hikes

interest

rates

faster

than

currently

anticipated

by

the

market,

it

may

hasten

an

economic

downturn

that

leads

to

rates

going

back

down

to

near-zero.

Overall,

we

expect

volatility

in

the

gold

price

to

continue

and

believe

that

company

specific

catalysts

will

provide

outperformance.

As

we

have

stated

in

previous

letters

and

shown

over

the

last

twelve

months,

the

Fund

has

moved

into

a

position

where

we

believe

there

is

better

leverage

to

the

gold

price.

Stock

selection

on

the

smaller

capitalization

companies

has

shown

to

be

the

right

decision.

The

following

table

shows

the

breakdown

by

stage

of

company

and

the

performance

attribution

for

each

over

the

last

fiscal

year:

3

Large:

annual

production

>

1,000,000

ounces

Medium:

annual

production

500,000

–

1,000,000

ounces

Small:

annual

production

<

500,000

ounces

Attribution:

a

measure

of

the

relative

contribution

to

the

performance

Our

thesis

is

that

larger

capitalization

companies

are

more

inclined

to

perform

in

line

with

the

gold

price,

whereas

the

exploration,

development

and

smaller

producers

have

catalysts

that

will

drive

outperformance.

The

attribution

table

above

shows

the

effect

on

our

portfolio.

A

number

of

our

exploration

holdings

have

had

success

with

the

drill

bit

and

driven

the

majority

of

our

annual

performance.

The

development

companies

are

in

the

build

out

stage

and

we

believe

they

should

start

to

see

improved

performance

as

the

ramp

up

to

production

is

closer.

Additionally,

a

timely

move

into

silver

and

copper/gold

projects

has

been

encouraging

for

the

Fund.

Operationally,

we

believe

most

of

the

producing

companies

have

been

performing

well

and

generating

free

cash

flow

with

nice

dividends.

Unfortunately,

their

performance

has

been

driven

mostly

by

the

commodity.

We

continue

to

believe

that

these

companies

need

to

find

new

projects

to

improve

their

growth

pipeline.

In

that

vein,

mergers

and

acquisition

(M&A)

activity

has

been

increasing

throughout

the

year,

with

a

number

of

deals

in

the

smaller

capitalization

part

of

the

sector.

The

Agnico

Eagle/Kirkland

Lake

transaction

in

the

fourth

quarter,

though,

was

primarily

done

to

appease

the

generalist

investor

and

create

a

new

alternative

to

the

largest

companies

–

Newmont

Mining

and

Barrick

Gold.

It

does

not

solve

what

we

see

as

the

increasing

irrelevance

of

the

mid-capitalization

companies.

In

that

environment,

we

believe

our

portfolio

is

positioned

to

benefit

with

projects

that

could

be

a

source

of

growth

to

companies

that

are

showing

little

future

growth

in

their

production

pipelines.

We

continue

to

wish

everyone

health

and

safety

during

this

period

of

global

uncertainty.

As

always,

please

reach

out

to

us

if

you

have

any

questions.

Peter

Maletis,

Portfolio

Manager

Axel

Merk,

Chief

Investment

Officer

Merk

Investments

LLC

Merk

Investments

LLC

4

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

10-Year

Performance

Returns

Comparison

of

Change

in

Value

of

a

$10,000

Investment

ASA

Gold

and

Precious

Metals

–

Share

Price

and

NYSE

ARCA

Gold

Miners

Index(1)

The

following

chart

reflects

the

change

in

the

value

of

a

hypothetical

$10,000

investment,

including

reinvested

dividends

and

distributions,

in

ASA

Gold

and

Precious

Metals,

Ltd.

(the

“Company”)

compared

with

the

performance

of

the

benchmark,

NYSE

ARCA

Gold

Miners

Index,

over

the

past

ten

fiscal

years.

The

total

return

of

the

index

includes

the

reinvestment

of

dividends

and

income.

The

total

return

of

the

Company

includes

operating

expenses

that

reduce

returns,

while

the

total

return

of

the

indices

do

not

include

expenses.

The

Company

is

professionally

managed,

while

the

index

is

unmanaged

and

is

not

available

for

investment.

Fiscal

Year

Total

Returns

Best

Quarter

(NAV):

Q2

2020

80.11%

Worst

Quarter

(NAV):

Q2

2013

-34.36%

6

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

years

ended

November

30,

2021

1

Year

3

Year

5

Year

10

Year

ASA

Gold

and

Precious

Metals

-

NAV

3.96%

35.41%

14.89%

-2.07%

ASA

Gold

and

Precious

Metals

-

Share

Price

4.06%

33.88%

14.11%

-2.75%

FTSE

Gold

Mines

Index(1)

-9.92%

19.26%

9.54%

-5.17%

NYSE

ARCA

Gold

Miners

Index

(NTR)(1)

-7.25%

19.50%

9.84%

3.97%

(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.

7

Certain

Investment

Policies

and

Restrictions

The

following

is

a

summary

of

certain

of

the

Company’s

investment

policies

and

restrictions

and

is

subject

to

the

more

complete

statements

contained

in

documents

filed

with

the

Securities

and

Exchange

Commission.

The

concentration

of

investments

in

a

particular

industry

or

group

of

industries.

It

is

a

fundamental

policy

(i.e.,

a

policy

that

may

be

changed

only

by

shareholder

vote)

of

the

Company

that

at

least

80%

of

its

total

assets

be

(i)

invested

in

common

shares

or

securities

convertible

into

common

shares

of

companies

engaged,

directly

or

indirectly,

in

the

exploration,

mining

or

processing

of

gold,

silver,

platinum,

diamonds

or

other

precious

minerals,

(ii)

held

as

bullion

or

other

direct

forms

of

gold,

silver,

platinum

or

other

precious

minerals,

(iii)

invested

in

instruments

representing

interests

in

gold,

silver,

platinum

or

other

precious

minerals

such

as

certificates

of

deposit

therefor,

and/or

(iv)

invested

in

securities

of

investment

companies,

including

exchange

traded

funds,

or

other

securities

that

seek

to

replicate

the

price

movement

of

gold,

silver

or

platinum

bullion.

Compliance

with

the

percentage

limitation

relating

to

the

concentration

of

the

Company’s

investments

will

be

measured

at

the

time

of

investment.

If

investment

opportunities

deemed

by

the

Company

to

be

attractive

are

not

available

in

the

types

of

securities

referred

to

above,

the

Company

may

deviate

from

the

investment

policy

outlined

in

that

paragraph

and

make

temporary

investments

of

unlimited

amounts

in

securities

issued

by

the

U.S.

Government,

its

agencies

or

instrumentalities

or

other

high

quality

money

market

instruments.

The

percentage

of

voting

securities

of

any

one

issuer

that

the

company

may

acquire.

It

is

a

non-fundamental

policy

(i.e.,

a

policy

that

may

be

changed

by

the

Board

of

Directors)

of

the

Company

that

the

Company

shall

not

purchase

a

security

if,

at

the

time

of

purchase,

more

than

20%

of

the

value

of

its

total

assets

would

be

invested

in

securities

of

the

issuer

of

such

security.

8

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

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

ASA

Gold

and

Precious

Metals

Limited

(the

“Company”),

including

the

schedule

of

investments,

as

of

November

30,

2021,

the

related

statement

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Company

as

of

November

30,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Company’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Company’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

have

served

as

the

Company’s

auditor

since

2012.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Company

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Company’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

November

30,

2021

by

correspondence

with

the

custodians.

We

believe

that

our

audit

provide

a

reasonable

basis

for

our

opinion.

TAIT,

WELLER

&

BAKER

LLP

Philadelphia,

Pennsylvania

January

19,

2022

9

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Schedule

of

Investments

Schedule

of

investments

November

30,

2021

Name

of

Company

Shares

Value

%

of

Net

Assets

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

Australia

Alicanto

Minerals,

Ltd.

(1)

25,000,004

$

2,227,656‌

0.5‌

%

Barton

Gold

Holdings,

Ltd.

(1)

8,600,000

1,287,407‌

0.3‌

Bellevue

Gold,

Ltd.

(1)

7,666,667

4,344,820‌

0.9‌

Bellevue

Gold,

Ltd.

(1)

1,300,000

736,730‌

0.2‌

Cygnus

Gold,

Ltd.

(1)

7,500,000

1,015,811‌

0.2‌

Dacian

Gold,

Ltd.

(1)

13,842,639

2,022,883‌

0.4‌

Emerald

Resources

NL

(1)

17,125,000

13,001,044‌

2.7‌

Los

Cerros

,

Ltd.

(1)

28,437,500

2,635,317‌

0.5‌

Los

Cerros

,

Ltd.

(1)

2,187,500

202,717‌

0.0‌

Pantoro

,

Ltd.

(1)

16,000,000

3,763,847‌

0.8‌

Perseus

Mining,

Ltd.

11,000,000

12,859,811‌

2.7‌

Predictive

Discovery,

Ltd.

(1)

63,850,000

10,696,133‌

2.2‌

Predictive

Discovery,

Ltd.

(1)

4,000,000

670,079‌

0.1‌

Prodigy

Gold

NL

(1)

38,750,000

1,022,048‌

0.2‌

56

,

486

,

303‌

11

.

7‌

Canada

Agnico

Eagle

Mines,

Ltd.

200,000

9,960,000‌

2.1‌

Alamos

Gold,

Inc.

1,200,000

9,168,000‌

1.9‌

B2Gold

Corp.

2,000,000

7,880,000‌

1.6‌

Barrick

Gold

Corp.

700,000

13,293,000‌

2.8‌

Calibre

Mining

Corp.

(1)

11,083,000

11,712,435‌

2.4‌

Desert

Gold

Ventures,

Inc.

(1)

13,400,000

1,363,654‌

0.3‌

G

Mining

Ventures

Corp.

(1)

17,843,965

12,012,846‌

2.5‌

GoGold

Resources,

Inc.

(1)

2,857,140

7,291,304‌

1.5‌

HighGold

Mining,

Inc.

(1)

3,000,000

3,616,580‌

0.7‌

K92

Mining,

Inc.

(1)

1,725,000

9,992,563‌

2.1‌

Liberty

Gold

Corp.

(1)

11,082,000

9,369,103‌

1.9‌

Marathon

Gold

Corp.

(1)

5,039,200

11,873,648‌

2.5‌

Mawson

Gold,

Ltd.

(1)

8,600,000

1,077,146‌

0.2‌

Millennial

Precious

Metals

Corp.

(1)

12,333,333

5,116,965‌

1.1‌

Monarch

Mining

Corp.

(1)

5,600,000

3,156,288‌

0.6‌

Newcore

Gold,

Ltd.

(1)

5,750,000

2,385,612‌

0.5‌

Nighthawk

Gold

Corp.

(1)

4,348,000

2,927,144‌

0.6‌

O3

Mining,

Inc.

(1)

2,223,000

3,619,586‌

0.7‌

Orla

Mining,

Ltd.

(1)

8,200,000

35,112,137‌

7.3‌

Osino

Resources

Corp.

(1)

4,000,000

3,694,861‌

0.8‌

Prime

Mining

Corp.

(1)

6,450,000

23,680,379‌

4.9‌

Probe

Metals,

Inc.

(1)

4,725,000

6,731,770‌

1.4‌

Roscan

Gold

Corp.

(1)

10,886,900

2,982,829‌

0.6‌

Skeena

Resources,

Ltd.

(1)

700,000

6,678,000‌

1.4‌

SSR

Mining,

Inc.

1,050,000

19,067,692‌

4.0‌

Talisker

Resources,

Ltd.

(1)

6,500,000

1,602,802‌

0.3‌

TDG

Gold

Corp.

(1)

6,977,925

2,731,193‌

0.6‌

Thesis

Gold,

Inc.

(1)

4,400,000

4,408,783‌

0.9‌

Westhaven

Gold

Corp.

(1)

5,500,000

1,851,344‌

0.4‌

234,357,664‌

48.6‌

Cayman

Islands

Endeavour

Mining

PLC

860,000

20,176,289‌

4.2‌

10

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)

South

Africa

AngloGold

Ashanti,

Ltd.

ADR

800,000

$

16,752,000‌

3.5‌

%

Gold

Fields,

Ltd.

ADR

1,500,000

17,010,000‌

3.5‌

33,762,000‌

7.0‌

Total

gold

mining,

exploration,

development

and

royalty

companies

(Cost

$179,729,468)

3

44

,

782

,

256‌

7

1

.

5‌

Diversified

metals

mining,

exploration,

development

and

royalty

companies

Australia

Auteco

Minerals,

Ltd.

(1)

70,750,750

3,580,861‌

0.7‌

Castile

Resources,

Ltd.

(1)

12,500,000

1,782,125‌

0.4‌

Geopacific

Resources,

Ltd.

(1)

17,857,143

2,673,187‌

0.6‌

Red

Dirt

Metals,

Ltd.

(1)

11,338,600

5,900,385‌

1.2‌

13

,

936

,

558‌

2

.

9‌

Canada

Adventus

Mining

Corp.

(1)

5,310,000

3,782,614‌

0.8‌

Americas

Gold

&

Silver

Corp.

(1)

1,975,000

1,599,553‌

0.3‌

Americas

Gold

&

Silver

Corp.

(1)

1,555,000

1,278,132‌

0.3‌

Americas

Gold

&

Silver

Corp.

(1)(2)

1,071,400

867,727‌

0.2‌

Arizona

Metals

Corp.

(1)

2,400,000

9,788,250‌

2.0‌

Aya

Gold

&

Silver,

Inc.

(1)

2,400,000

18,261,380‌

3.8‌

Benchmark

Metals,

Inc.

(1)

7,384,615

6,301,014‌

1.3‌

Bunker

Hill

Mining

Corp.

(1)

14,214,957

2,893,177‌

0.6‌

Emerita

Resources

Corp.

(1)

2,750,000

6,888,724‌

1.4‌

Euro

Sun

Mining,

Inc.

(1)

11,000,000

2,454,108‌

0.5‌

Huntington

Exploration,

Inc.

(1)

7,900,000

1,236,839‌

0.3‌

Huntsman

Exploration,

Inc.

(1)

6,175,000

290,031‌

0.1‌

Integra

Resources

Corp.

(1)

2,679,999

5,874,200‌

1.2‌

Integra

Resources

Corp.

(1)

550,001

1,199,002‌

0.2‌

Pan

Global

Resources,

Inc.

(1)

6,667,000

3,548,914‌

0.7‌

Sable

Resources,

Ltd.

(1)

26,160,000

4,300,442‌

0.9‌

70

,

564

,

107‌

1

4

.

6‌

United

Kingdom

Adriatic

Metals

PLC

(1)

2,500,000

4,722,630‌

1.0‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$63,437,782)

8

9

,

223

,

295‌

1

8

.

5‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Andean

Precious

Metals

Corp.

(1)

2,000,000

2,270,148‌

0.5‌

Discovery

Silver

Corp.

(1)

1,555,556

2,301,461‌

0.5‌

Discovery

Silver

Corp.

(1)

4,444,444

6,575,599‌

1.4‌ 

Silver

Tiger

Metals,

Inc.

(1)

10,595,333

4,893,535‌

1.0‌

1

6

,

040

,

743‌

3

.

4‌

South

Africa

Sibanye

Stillwater,

Ltd.

ADR

273,043

3,396,654‌

0.7‌

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$7,876,838)

19

,

437

,

397‌

4.

1‌

Total

common

shares

(Cost

$251,044,088

)

453,442,948‌

94.1‌

Rights

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Pan

American

Silver

Corp.

(Expiration

Date

2/22/29)

(1)(3)

393,200

149,731‌

0.0‌

Total

rights

(Cost

$136,720)

149,731‌

0.0‌

Schedule

of

Investments

(continued)

November

30,

2021

11

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Name

of

Company

Shares

Value

%

of

Net

Assets

Warrants

Diversified

metals

mining,

exploration,

development

and

royalty

companies

Australia

Red

Dirt

Metals,

Ltd.

(Exercise

Price

$0.25,

Exp.

Date

11/19/24)

(1)(3)

2,834,650‌

$

990,133‌

0.2‌

%

Canada

Arizona

Metals

Corp.

(Exercise

Price

$3.00,

Exp.

Date

4/22/22)

(1)(3)

1,200,000‌

2,085,405‌

0.4‌

Aya

Gold

&

Silver,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

9/8/23)

(1)(3)

1,200,000‌

6,077,733‌

1.3‌

Benchmark

Metals,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

12/23/21)

(1)(3)

5,000,000‌

2,700,693‌

0.6‌

Benchmark

Metals,

Inc.

(Exercise

Price

$1.80,

Exp.

Date

9/15/22)

(1)(3)

3,692,307‌

57,808‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.60,

Exp.

Date

2/9/26)

(1)(3)

1,250,000‌

9,785‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.50,

Exp.

Date

8/15/23)

(1)(3)

3,464,957‌

0‌

0.0‌ 

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.50,

Exp.

Date

8/15/23)

(1)(3)

9,500,000‌

0‌

0.0‌ 

Emerita

Resources

Corp.

(Exercise

Price

$1.50,

Exp.

Date

7/15/23)

(1)(3)

1,375,000‌

1,937,454‌

0.4‌

Euro

Sun

Mining,

Inc.

(Exercise

Price

$0.55,

Exp.

Date

6/5/23)

(1)(3)

5,500,000‌

43,055‌

0.0‌

Huntington

Exploration,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

6/17/23)

(1)(3)

3,950,000‌

0‌

0.0‌ 

Huntsman

Exploration,

Inc.

(Exercise

Price

$0.35,

Exp.

Date

10/22/23)

(1)(3)

6,175,000‌

0‌

0.0‌ 

Sable

Resources,

Ltd.

(Exercise

Price

$0.20,

Exp.

Date

9/10/23)

(1)(3)

11,000,000‌

344,436‌

0.1‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$1,806,421)

1

4

,246,5

02‌

3

.

0‌

Gold

mining,

exploration,

development

and

royalty

companies

Canada

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

636,657‌

0.1‌

G

Mining

Ventures

Corp.

(Exercise

Price

$1.90,

Exp.

Date

9/9/24)

(1)(3)

3,500,000‌

273,983‌

0.1‌

Maverix

Metals,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

12/23/21)

(1)(3)

250,000‌

504,912‌

0.1‌

Mawson

Resources,

Ltd.

(Exercise

Price

$0.45,

Exp.

Date

5/20/22)

(1)(3)

4,300,000‌

0‌

0.0‌ 

Monarch

Mining

Corp.

(Exercise

Price

$1.05,

Exp.

Date

6/29/23)

(1)(3)

2,500,000‌

117,421‌

0.0‌

Nighthawk

Gold

Corp.

(Exercise

Price

$1.50,

Exp.

Date

7/7/23)

(1)(3)

2,174,000‌

17,018‌

0.0‌

O3

Mining,

Inc.

(Exercise

Price

$3.25,

Exp.

Date

6/18/22)

(1)(3)

740,000‌

0‌

0.0‌ 

Osino

Resources

Corp.

(Exercise

Price

$1.05,

Exp.

Date

1/30/22)

(1)(3)

1,000,000‌

109,593‌

0.0‌

Prime

Mining

Corp.

(Exercise

Price

$1.10,

Exp.

Date

6/10/25)

(1)(3)

920,000‌

2,599,867‌

0.5‌

Prime

Mining

Corp.

(Exercise

Price

$5.00,

Exp.

Date

4/27/24)

(1)(3)

400,000‌

241,105‌

0.1‌

Probe

Metals,

Inc.

(Exercise

Price

$1.30,

Exp.

Date

12/10/21)

(1)(3)

2,362,500‌

998,669‌

0.2‌

Pure

Gold

Mining,

Inc.

(Exercise

Price

$0.85,

Exp.

Date

7/18/22)

(1)(3)

1,500,000‌

105,679‌

0.0‌

Thesis

Gold,

Inc.

(Exercise

Price

$0.75,

Exp.

Date

10/31/22)

(1)(3)

2,000,000‌

861,091‌

0.2‌

Westhaven

Gold

Corp.

(Exercise

Price

$1.00,

Exp.

Date

2/4/23)

(1)(3)

2,750,000‌

0‌

0.0‌ 

Total

gold

mining,

exploration,

development

and

royalty

companies

(Cost

$2,213,098)

6

,

465

,

995‌

1.

3‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Discovery

Silver

Corp.

(Exercise

Price

$0.77,

Exp.

Date

5/28/22)

(1)(3)

1,454,545‌

1,275,268‌

0.3‌

Discovery

Silver

Corp.

(Exercise

Price

$1.75,

Exp.

Date

8/7/22)

(1)(3)

975,000‌

198,442‌

0.1‌

Silver

Tiger

Metals,

Inc.

(Exercise

Price

$0.50,

Exp.

Date

7/31/23)

(1)(3)

1,666,666‌

156,562‌

0.0‌

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$137,059)

1,6

30

,

272‌

0.4‌

Total

warrants

(Cost

$4,156,578)

22,342,769‌

4.7‌

Money

Market

Fund

Federated

US

Treasury

Cash

Reserve

Fund

-

Institutional

Shares,

0.01%

(Cost

$6,337,406)

(4)

6,337,406‌

6,337,406‌

1.3‌ 

Investments,

at

value

(Cost

$261,674,792)

482,272,854‌

100.1‌

Cash,

receivables

and

other

assets

less

other

liabilities

(374,399‌)

(0.1‌)

Net

assets

$

481,898,455‌

100.0‌%

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

Schedule

of

Investments

(continued)

November

30,

2021

12

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Portfolio

Statistics

(Unaudited)

Portfolio

statistics

(Unaudited)

November

30,

2021

*Geographic

breakdown,

which

is

based

on

company

domiciles,

is

expressed

as

a

percentage

of

total

net

assets

including

cash.

(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

$22,492,500

or

4.7%

of

net

assets.

(4)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

November

30,

2021.

Geographic

Breakdown*

Australia

14.8‌%

Canada

71.1‌ 

Cayman

Islands

4.2‌ 

South

Africa

7.7‌ 

United

Kingdom

1.0‌ 

Cash

1.2‌ 

100.0‌%

Schedule

of

Investments

(continued)

November

30,

2021

13

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Statement

of

Assets

and

Liabilities

November

30,

2021

The

closing

price

of

the

Company’s

shares

on

the

New

York

Stock

Exchange

was

$20.70

on

November

30,

2021.

Assets

Investments,

at

value

(Cost

$261,674,792)

$

482,272,854‌

Cash

79,943‌

Foreign

currency

(Cost

$411)

401‌

Dividends

receivable,

net

of

withholding

taxes

payable

236,792‌

Prepaid

expenses

104,177‌

Total

assets

$

482,694,167‌

Liabilities

Accrued

investment

adviser

fees

276,001‌

Accrued

fund

service

fees

39,353‌

Liability

for

retirement

benefits

due

to

retired

directors

333,458‌

Other

expenses

146,900‌

Total

liabilities

795,

7

12‌

Net

assets

$

481,

898

,

455‌

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

461,

236

,

050‌

Net

assets

$

481,898,455‌

Net

asset

value

per

share

$

24.98‌

14

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Statement

of

Operations

For

the

year

ended

November

30,

2021

Investment

income

Dividend

income

(net

of

withholding

taxes

of

$619,443)

$

2,673,970‌

Total

investment

income

2,673,970‌

Expenses

Lease

property

expense

(Note

8)

57,956‌

Investment

adviser

fees

3,361,800‌

Fund

services

fees

241,746‌

Compliance

services

fees

73,510‌

Transfer

agent

fees

33,800‌

Custodian

fees

125,000‌

Directors'

fees

and

expenses

181,413‌

Retired

directors'

fees

75,000‌

Insurance

fees

132,501‌

Legal

fees

108,333‌

Audit

fees

35,000‌

Shareholder

reports

and

proxy

expenses

31,865‌

Dues

and

listing

fees

25,000‌

Other

expenses

10,030‌

Total

expenses

4,492,954‌

Change

in

retirement

benefits

due

to

retired

directors

(36,334‌)

Investment

adviser

fees

waived

(95,530‌)

Net

expenses

4,361,090‌

Net

investment

loss

(1,687,120‌)

Net

realized

and

unrealized

gain

(loss)

from

investments

and

foreign

currency

transactions

Proceeds

from

sales

88,022,608‌

Cost

of

securities

sold

(61,590,514‌)

Net

realized

gain

from

investments

26,432,094‌

Net

realized

gain

(loss)

from

foreign

currency

transactions

Investments

44,945‌

Foreign

currency

(253,585‌)

Net

realized

loss

from

foreign

currency

transactions

(208,640‌)

Net

increase

in

unrealized

appreciation

(depreciation)

on

investments

Balance,

beginning

of

year

226,785,880‌

Balance,

end

of

year

220,598,062‌

Net

decrease

in

unrealized

appreciation

(depreciation)

on

investments

(6,187,818‌)

Net

unrealized

loss

on

translation

of

assets

and

liabilities

in

foreign

currency

(586‌)

Net

realized

and

unrealized

gain

(loss)

from

investments

and

foreign

currency

transactions

20,035,050‌

Net

increase

in

net

assets

resulting

from

operations

$

18,347,930‌

15

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Statements

of

Changes

in

Net

Assets

Year

Ended

November

30,

2021

Year

Ended

November

30,

2020

Net

investment

loss

$

(1,687,120‌)

$

(2,573,199‌)

Net

realized

gain

26,432,094‌

35,275,757‌

Net

realized

gain

(loss)

from

foreign

currency

transactions

(208,640‌)

989,453‌

Net

increase

(decrease)

in

unrealized

appreciation

(depreciation)

on

investments

(6,187,818‌)

144,741,384‌

Net

unrealized

gain

(loss)

on

translation

of

assets

and

liabilities

in

foreign

currency

(586‌)

9,506‌

Net

increase

in

net

assets

resulting

from

operations

18,347,930‌

178,442,901‌

Dividends

paid/payable

(385,798‌)

(385,798‌)

Net

increase

in

net

assets

17,962,132‌

178,057,103‌

Net

assets,

beginning

of

year

463,936,323‌

285,879,220‌

Net

assets,

end

of

year

$

481,898,455‌

$

463,936,323‌

16

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

16

Notes

to

Financial

Statements

Year

ended

November

30,

2021

1.

Organization

ASA

Gold

and

Precious

Metals

Limited

(the

“Company”)

is

a

non-diversified,

closed-end

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Company

was

initially

organized

as

a

public

limited

liability

company

in

the

Republic

of

South

Africa

in

June

1958.

On

November

11,

2004,

the

Company’s

shareholders

approved

a

proposal

to

move

the

Company’s

place

of

incorporation

from

the

Republic

of

South

Africa

to

the

Commonwealth

of

Bermuda

by

reorganizing

itself

into

an

exempted

limited

liability

company

formed

in

Bermuda.

The

Company

is

registered

with

the

Securities

and

Exchange

Commission

(the

“SEC”)

pursuant

to

an

order

under

Section

7(d)

of

the

1940

Act.

The

Company

seeks

long-term

capital

appreciation

primarily

through

investing

in

companies

engaged

in

the

exploration

for,

development

of

projects

or

mining

of

precious

metals

and

minerals.

The

Company

is

managed

by

Merk

Investments

LLC

(the

“Adviser”).

2.

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.

B.

Restricted

securities

At

November

30,

2021,

the

Company

held

investments

in

restricted

securities

of

0.18

%

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

Shares

Cost

Issuer

Value

per

Unit

Value

Acquisition

Date

1,071,400

$2,142,800

Americas

Gold

&

Silver

Corp.

$0.8099

$867,727

5/7/20

17

Notes

to

Financial

Statements

(continued)

Year

ended

November

30,

2021

classification

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Company’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below.

Level

1

–

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Company

has

the

ability

to

access.

Level

2

–

Observable

inputs

other

than

quoted

prices

included

in

level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

identical

instruments

on

an

inactive

market,

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

3

–

Unobservable

inputs

for

the

assets

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Company’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

following

is

a

summary

of

the

inputs

used

as

of

November

30

,

2021

in

valuing

the

Company’s

investments

at

fair

value:

Investment

in

Securities

(1)

Measurements

at

November

30,

2021

Level

1

Level

2

Level

3

Total

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

$

344,782,256

$

–

$

–

$

344,782,256

Diversified

metals

mining,

exploration,

development

and

royalty

companies

89,223,295

–

–

89,223,295

Silver

mining,

exploration,

development

and

royalty

companies

19,437,397

–

–

19,437,397

Rights

Silver

mining,

exploration,

development

and

royalty

companies

–

–

149,731

149,731

Warrants

Diversified

metals

mining,

exploration,

development

and

royalty

companies

–

–

14,246,502

14,246,502

Gold

mining,

exploration,

development

and

royalty

companies

–

–

6,465,995

6,465,995

Silver

mining,

exploration,

development

and

royalty

companies

–

–

1,630,272

1,630,272

Money

Market

Fund

6,337,406

–

–

6,337,406

Total

Investments

$

4

59

,

780

,

354

$

–

$

22

,

492

,

500

$

4

82

,

272

,

854

(1)

See

schedule

of

investments

for

country

classifications.

2.

Summary

of

significant

accounting

policies

(continued)

C.

Fair

value

measurement

(continued)

18

Notes

to

Financial

Statements

(continued)

Year

ended

November

30,

2021

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.

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

November

30,

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

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

year

ended

November

30,

2021,

sales

and

purchases

of

portfolio

securities

(other

than

temporary

short-term

investments)

amounted

to

$86,792,341

and

$79,367,697,

respectively.

As

of

November

30,

2021,

a

significant

portion

of

the

Company’s

assets

consisted

of

securities

of

junior

and

intermediate

mining

company

issuers.

Dividend

income

is

recorded

on

the

ex-dividend

date,

net

of

withholding

taxes

or

ADR

fees,

if

any.

Interest

income

is

recognized

on

the

accrual

basis.

Common

Stock

Rights

Warrants

Balance

November

30,

2020

$

770,001

$

173,123

$

11,181,970

Purchases

-

-

1,255

,

755

Sales

-

-

(

567,029

)

Realized

gain

-

-

(

113,697

)

Transfers

out

(770,001)

-

-

Net

change

in

unrealized

appreciation

(depreciation)

-

(

23

,

392

)

10,585,770

Balance

November

30,

2021

$

-

$

1

49

,

731

$

22

,

342

,

769

Net

change

in

unrealized

appreciation

(depreciation)

from

investments

held

as

of

November

30,

2021*

$

-

$

(

23,392

)

$

1

0,585,770

Asset

Categories

Fair

Value

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Rights

1

$

1

49

,

731

Market

transaction

Discount

70%

(70%)

Warrants

2

2

2,342,769

Black

Scholes

Method

Volatility

20

%

-

50

%

(

37

%)

2.

Summary

of

significant

accounting

policies

(continued)

C.

Fair

value

measurement

(continued)

19

Notes

to

Financial

Statements

(continued)

Year

ended

November

30,

2021

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

(2018-2021).

As

of

November

30,

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.

3.

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.

4.

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

$95,530

for

the

year

ended

November

30,

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.

5.

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.

2.

Summary

of

significant

accounting

policies

(continued)

20

Notes

to

Financial

Statements

(continued)

Year

ended

November

30,

2021

6.

Retirement

plans

The

Company

has

recorded

a

liability

for

retirement

benefits

due

to

retired

directors.

The

liability

for

these

benefits

at

November

30,

2021

was

$

333,458

.

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.

7.

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.

8.

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.

9.

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

November

3

0

,

2021

.

There

were

no

repurchases

during

the

year

ended

November

3

0

,

2021

.

10.

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.

The

Company

believes

that

there

are

no

material

events

that

would

require

disclosure.

21

Financial

Highlights

Years

ended

November

30,

Per

share

operating

performance

(1)

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$24.05

$14.82

$10.10

$12.66

$12.61

Net

investment

loss

(0.09)

(0.13)

(0.06)

(0.07)

(0.09)

Net

realized

gain

(loss)

from

investments

1.37

1.83

0.09

(0.47)

(0.36)

Net

realized

gain

(loss)

from

foreign

currency

transactions

(0.01)

0.05

(0.06)

0.01

0.01

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

(0.32)

7.50

4.77

(2.00)

0.53

Net

unrealized

gain

on

translation

of

assets

and

liabilities

in

foreign

currency

0.00

0.00

0.00

0.00

0.00

Net

increase

(decrease)

in

net

assets

resulting

from

operations

0.95

9.25

4.74

(2.53)

0.09

Dividends

From

net

investment

income

–‌

(0.02)

(0.02)

(0.03)

(0.04)

From

net

realized

gain

on

investments

(0.02)

–‌

–‌

–‌

–‌

Net

asset

value,

end

of

year

$24.98

$24.05

$14.82

$10.10

$12.66

Market

value

per

share,

end

of

year

$20.70

$19.91

$12.20

$8.66

$11.05

Total

investment

return

Based

on

market

price

(2)

4.06%

63.38%

41.14%

(21.39)%

2.57%

Based

on

net

asset

value

(3)

3.96%

62.46%

47.01%

(19.97)%

0.74%

Ratio

of

average

net

assets

Expenses

(4)

0.94%

1.02%

1.38%

1.35%

1.19%

Net

expenses

0.91%

1.02%

1.38%

1.35%

1.19%

Net

investment

loss

(0.35)%

(0.67)%

(0.44)%

(0.63)%

(0.65)%

Supplemental

data

Net

assets,

end

of

period

(000

omitted)

$481‌,898

$463‌,936

$285‌,879

$194‌,834

$244‌,202

Portfolio

turnover

rate

17‌%

31‌%

45‌%

3‌%

9‌%

Shares

outstanding

(000

omitted)

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)

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.

(4)

Reflects

the

expense

ratio

excluding

any

waivers.

22

Certain

Tax

Information

for

U.S.

Shareholders

(Unaudited)

Certain

tax

information

for

U.S.

shareholders

(Unaudited)

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

(Unaudited)

Dividend

reinvestment

and

stock

purchase

plan

(Unaudited)

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

(Unaudited)

Privacy

notice

(Unaudited)

The

Company

is

committed

to

protecting

the

financial

privacy

of

its

shareholders.

We

do

not

share

any

nonpublic,

personal

information

that

we

may

collect

about

shareholders

with

anyone,

including

our

affiliates,

except

to

service

and

administer

shareholders’

share

accounts,

to

process

transactions,

to

comply

with

shareholders’

requests

of

legal

requirements

or

for

other

limited

purposes

permitted

by

law.

For

example,

the

Company

may

disclose

a

shareholder’s

name,

address,

social

security

number

and

the

number

of

shares

owned

to

its

administrator,

transfer

agent

or

other

service

providers

in

order

to

provide

the

shareholder

with

proxy

statements,

tax

reporting

forms,

annual

reports

or

other

information

about

the

Company.

This

policy

applies

to

all

of

the

Company’s

shareholders

and

former

shareholders.

We

keep

nonpublic

personal

information

in

a

secure

environment.

We

restrict

access

to

nonpublic

personal

information

to

Company

employees,

agents

and

service

providers

who

have

a

need

to

know

the

information

based

on

their

role

in

servicing

or

administering

shareholders’

accounts.

The

Company

also

maintains

physical,

electronic

and

procedural

safeguards

to

protect

the

confidentiality

of

nonpublic

personal

information.

Form

N-PX/Proxy

Voting

(Unaudited)

Form

N-PX/proxy

voting

(Unaudited)

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

(Unaudited)

Form

N-PORT/portfolio

holdings

(Unaudited)

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

(Unaudited)

Share

repurchase

(Unaudited)

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

November

3

0

,

20

2

1

.

The

Company

had

19,289,905

shares

outstanding

on

November

3

0

,

20

2

1

.

Company

Investment

Objective,

Investment

Strategy

and

Risks

(Unaudited)

Company

investment

objective,

investment

strategy

and

risks

(Unaudited)

Investment

Objective

The

Company’s

investment

objective

is

long-term

capital

appreciation

through

investment

primarily

in

companies

engaged

in

the

exploration

for,

development

of

projects

or

mining

of

precious

metals

and

minerals.

Investment

Strategy

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.

24

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

3)

and

its

reliance

on

an

SEC

exemptive

order

(see

Note

5).

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.

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.

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.

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.

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

November

30,

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.

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.

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.

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.

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.

25

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.

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.

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.

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.

26

Board

of

Directors

and

Officers

of

ASA

Gold

and

Precious

Metals

Limited

(Unaudited)

Board

of

directors

and

officers

(Unaudited)

Directors

are

elected

at

each

annual

general

meeting

of

shareholders

to

serve

until

the

next

annual

general

meeting.

The

address

of

each

director

and

officer

is

c/o

ASA

Gold

and

Precious

Metals

Limited,

Three

Canal

Plaza,

Suite

600,

Portland,

ME

04101.

Independent

Directors

Other

Officers

Mary

Joan

Hoene

(72)

Position

held

with

the

Company:

Chair

(non-executive)

since

January

2019.

Deputy

Chair

(non-executive)

2016

to

2018.

Director

since

2014.

Principal

occupations

during

past

5

years:

Counsel,

Carter

Ledyard

&

Milburn

LLP

2010

to

2021.

Other

Directorships

held

by

Director:

None.

Bruce

Hansen

(64)

Position

held

with

the

Company:

Director

since

2014.

Principal

occupations

during

past

5

years:

Chief

Executive

Officer,

General

Moly,

Inc.

2007

to

2020.

Other

Directorships

held

by

Director:

Director,

Energy

Fuels

Inc.

since

2006;

Director,

General

Moly

Inc.

2007

to

2020;

Director

and

past

Chairman

(2011),

Nevada

Mining

Association

2010

to

2019;

Director,

New

Moly

LLC

since

2021.

Anthony

Artabane

(67)

Position

held

with

the

Company:

Director

since

2019.

Principal

occupations

during

past

5

years:

Managing

Member,

Anthony

Artabane

CPA,

PLLC

since

2014.

Other

Directorships

held

by

Director:

None.

William

Donovan

(62)

Position

held

with

the

Company:

Director

since

2020.

Principal

occupations

during

past

5

years:

President,

United

States

Steel

and

Carnegie

Pension

Fund

2011

to

2017.

Other

Directorships

held

by

Director:

None.

Axel

Merk

(52)

Position

held

with

the

Company:

Chief

Operating

Officer

since

March

2019.

Principal

occupations

during

past

5

years:

Founder,

President

and

Chief

Investment

Officer,

Merk

Investments

since

1994.

Karen

Shaw

(49)

Position

held

with

the

Company:

Chief

Financial

Officer

since

March

2019.

Principal

occupations

during

past

5

years:

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008

to

2019.

Peter

Maletis

(51)

Position

held

with

the

Company:

President

since

March

2019.

Principal

occupations

during

past

5

years:

Vice

President,

Merk

Investments

since

March

2019;

Research

Analyst,

Franklin

Templeton

Investments

2010

to

2019.

Jack

Huntington

(51)

Position

held

with

the

Company:

Chief

Compliance

Officer

since

September

2015.

Principal

occupations

during

past

5

years:

Fund

Chief

Compliance

Officer,

Foreside

Fund

Officer

Services,

LLC

since

2015;

Senior

Vice

President

and

Counsel,

Citi

Fund

Services

2008

to

2015.

Zachary

Tackett

(33)

Position

held

with

the

Company:

Corporate

Secretary

since

November

2019.

Principal

occupations

during

past

5

years:

Senior

Counsel,

Apex

Fund

Services

since

2019;

Counsel,

Atlantic

Fund

Services

2014

to

2019.

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

Menlo

Park,

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.

(a)The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer.

(b)Not applicable.

(c)During the period covered by this report, there was no amendment to the code of ethics referred to in this paragraph (a) of this Item that apply to a covered person and relate to any element of such code set forth in paragraph (b) of this Item 2.

(d)During the period covered by this report, there were no waivers to the provisions of the code of ethics referred to in paragraph (a) of this Item.

(e)Not applicable.

(f)A copy of the registrant’s code of ethics is filed herewith.

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.

(a)Audit Fees. The aggregate fees billed for professional services rendered by the independent auditors for the audit of the registrant’s annual financial statements and review of the semi-annual financial statements and services rendered in connection with statutory or regulatory filings for 2021 and 2020 were $30,000 and $30,000, respectively.

(b)Audit-Related Fees – There were no fees billed for assurance and related services rendered by the independent auditors that were reasonably related to the performance of the audit or review of the registrant’s financial statements for 2021 and 2020.

(c)Tax Fees – The aggregate fees billed for professional services rendered by the independent auditors in connection with tax compliance, tax advice and tax planning for 2021 and 2020 were $5,000 and $5,000, respectively. The figures for 2021 and 2020 include fees billed for U.S. tax advisory services.

(d)All Other Fees – There were no non-audit fees not disclosed above that were billed for products and services provided by the independent auditors for 2021 and 2020.

(e)(1)  The Audit and Ethics Committee (“Committee”) of the registrant has the sole authority to pre-approve all audit and non-audit services to be provided by the independent auditors, subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)B of the Securities Exchange Act of 1934 (“Exchange Act”) which are approved by the Committee prior to the completion of the audit. Any individual project that does not exceed $25,000 may be pre-approved by the Chairman of the Committee. Any such pre-approval by the Chairman of the Committee must be presented to the full Committee at its next scheduled meeting. Any proposed services exceeding that cost level requires specific pre-approval by the Committee. Pre-approval of audit and non-audit services shall not be required if the engagement to render the services is entered into pursuant to pre-approved policies and procedures established by the Committee, provided the Committee is informed of each such service. The Committee has not established such policies and procedures.

(e)(2)  None of the services described in paragraphs (b) – (d) above were approved by the Audit and Ethics Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)Not applicable.

(g)The aggregate fees billed by the independent auditors for non-audit services rendered to the registrant for 2021 and 2020 were $5,000 and $5,000, respectively.

(h)Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a)The registrant has a standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the audit committee are: Messrs. Bruce Hansen (Chair), Anthony Artabane, William Donovan and Ms. Mary Joan Hoene, which comprise the entire board of directors.

(b)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.

ASA Gold and Precious Metals Limited

Proxy Voting Policies and Procedures

The following is a statement of the proxy voting policies and procedures of ASA Gold and Precious Metals Limited (“ASA”). 

Proxy Administration

ASA’s portfolio is primarily comprised of holdings in precious metals companies, and thus proxy voting will be done on proposals made by these issuing companies (“portfolio company” or “portfolio companies”).

Authority and responsibility to vote proxies with respect to ASA’s portfolio securities has been delegated to Merk Investments LLC (the “Adviser”). In evaluating proxy proposals, the Adviser may consider information from various sources, including the Board of Directors (“Board”) of ASA presenting a proposal, as well as independent sources.  The ultimate decision rests with the Adviser, who is accountable to the Board.

The Adviser understands its proxy voting responsibilities and that proxy voting decisions may affect the long-term interests of ASA’s shareholders.   The Adviser attempts to process every proxy vote it receives on behalf of ASA.  However, voting proxies for shares of certain non-U.S. companies may involve significantly greater effort and cost than voting proxies for shares of U.S. companies.   There may be situations where the Adviser  may not or cannot vote a proxy.  For example, the Adviser may receive proxy material too late to act upon or the cost of voting may outweigh the benefit of voting.  In addition, the Adviser may not receive proxy materials when it holds depository receipts, (“ADRs”) as opposed to the underlying securities.  Certain issuers do not instruct the holding banks to solicit proxies from depository receipt holders.

General Principles

For the purposes of ASA, a “portfolio company” is defined as a company in which ASA holds securities or assets.

In voting proxies, the Adviser  will act solely in the best economic interests of ASA’s shareholders with the goal of maximizing the value of ASA’s portfolio.  These policies and procedures are designed to promote accountability of a portfolio company’s management and board to its shareholders and to align the interests of those portfolio companies and their management with those of shareholders.  These policies and procedures recognize that a portfolio company’s managers are entrusted with the day-to-day operations of the company, as well as longer-term strategic planning, subject to the oversight of that company’s board.

ASA believes that the quality and depth of a portfolio company’s management and its board is an important consideration in determining the desirability of an investment.  Accordingly, the recommendations of the portfolio company’s board on many issues are given substantial weight in determining how to vote a proxy.  However, each issue is considered on its own merits, and the position of the portfolio company’s board will not be supported whenever it is determined not to be in the best interests of ASA and its shareholders.

Specific Policies

A.Routine Matters

1.Election of Directors.  In general, the Adviser will vote in favor of the board’s director nominees if they are running unopposed.   ASA believes that the board is in the best position to evaluate the qualifications of its directors and the needs of a particular board.  Nevertheless, the Adviser will vote against, or withhold its vote for, any nominee whom the Adviser considers  is not qualified or appears to lacks sufficient independence.  When the board’s nominees are opposed in a proxy contest, the Adviser will evaluate which nominee’s publicly-announced management policies and goals are most likely to maximize shareholder value, as well as the past performance of the incumbent.

2.Ratification of Selection of Auditors.  In general, the Adviser will rely on the judgment of the board in selecting the independent auditors.  Nevertheless, the Adviser will examine the recommendation of the board in appropriate cases (e.g., where there has been a change in auditors based upon a disagreement on accounting matters).

3.Stock Option and Other Equity Based Compensation Plan Proposals.   The Adviser will generally approve the board’s recommendations with respect to the adoption or amendment of stock option plans and other equity based compensation plans, provided that the total number of shares reserved under all of a company’s plans is reasonable and not excessively dilutive.

B.Acquisitions, Mergers, Reincorporations, Reorganizations and Other Transactions

Because voting on transactions such as acquisitions, mergers, reincorporations and reorganizations involve considerations unique to each transaction, ASA does not have a general policy in regard to voting on those transactions.   The Adviser will vote on a case-by-case basis on each transaction.

C.Changes in Capital Structure

The Adviser evaluates proposed capital actions on a case-by-case basis and will generally defer to the business analysis of the portfolio company’s board in support of such actions.  In cases where proposed capital actions support proxy defenses or act to reduce or limit shareholder rights, particular consideration will be given to all the effects of the action, and the Adviser’s vote will be made in a manner consistent with the objective of maximizing long-term shareholder value for ASA.

D.Anti-Takeover Proposals

In general, the Adviser will vote against any proposal which the Adviser believes would materially contribute to preventing a potential acquisition or takeover of the portfolio company, including proposals to:

·

Stagger the board;

·

Introduce cumulative voting;

·

Introduce unequal voting rights;

·

Create supermajority voting;

·

Establish preemptive rights.

In general, the Adviser will vote in favor of any proposals to reverse the above.

E.Shareholder Proposals Involving Social, Moral or Ethical Matters

In general, the Adviser will vote in accordance with the recommendation of the portfolio company’s board on issues that primarily involve social, moral or ethical matters, although exceptions may be made in certain instances where the Adviser believes a proposal has substantial economic implications.

F.Conflict of Interest

Any actual or potential conflicts of interest between the Adviser and the Company’s shareholders arising from the proxy voting process will be addressed by the Adviser and the Adviser’s application of its proxy voting procedures pursuant to the delegation of proxy voting responsibilities to the Adviser. In the event that the Adviser notifies the CCO that a conflict of interest cannot be resolved under the Adviser’s Proxy Voting Procedures, the CCO is responsible for notifying the Chair of the Board of the irreconcilable conflict of interest and assisting the Chair with any actions she or he determines are necessary.

A “conflict of interest” includes, for example, any circumstance when the Company, the Adviser or one or more of their affiliates (including officers, directors and employees) knowingly does business with, receives compensation from, or sits on the board of, a particular issuer or closely affiliated entity, and therefore, may appear to have a conflict of interest between its own interests and the interests of Company shareholders in how proxies of that issuer are voted. Situations where the issuer seeking the proxy vote is also a client of the Adviser are deemed to be potential conflicts of interest. Potential conflicts of interest may also arise in connection with consent solicitations relating to debt securities where the issuer of debt is also a client of the Adviser.

In cases of a conflict of interest, a record shall be maintained confirming that the Adviser’s vote was made solely in the interests of ASA and without regard to any other consideration.

G.      Recordkeeping

The Adviser uses ProxyEdge, a third party automated proxy voting service.  Where appropriate, rationales for “No” votes cast by the Adviser will be supported by footnoted documentation on ProxyEdge.  According to the Proxy Edge website, this service is a “suite of electronic voting services that help simplify the management of institutional proxies.  The system manages the process of meeting notifications, voting, tracking, mailing, reporting, record maintenance and even vote disclosure rules enacted by the SEC.”  

Revised and Re-Approved December 12, 2019

Proxy Voting

The following is a statement of the proxy voting policies and procedures of registrant’s investment adviser, Merk Investments LLC (“Merk”).

Introduction

Merk exercises its voting authority with a goal of maintaining or enhancing shareholder value of the companies in which it has invested Advisory Client assets. Unless an Advisory Client specifically reserves the right, in writing, to vote its own proxies, Merk will vote proxies in accordance with its proxy voting policy.  Merkiscommittedtominimizingconflictsofinterestwhenvotingproxies onbehalfof

Advisory

Clientsand strivestoensurethatproxiesarevotedinthebestinterests of Advisory Clients, including investors in the Private Funds. Merk hasadoptedthefollowing:

·

Forroutinematters,asthequalityanddepthofmanagementisaprimaryfactor consideredwheninvestinginanissuer,therecommendationoftheissuer'smanagement onanyissuewillbegivensubstantialweight.Thepositionoftheissuer'smanagement willnotbesupportedinanysituationwhereMerkassessesthatitisnotinthebest interestsofClients and investors.

·

Fornon-routinematters,suchproposalsshouldbeexaminedonacase-by-casebasis.

·

Merkmayabstainfromvotingaproxyifsuchvotecannotbe castwithcommerciallyreasonableeffortsorifMerkdeemsittobein thebestinterestofAdvisory Clients and investors toabstainfromvotingaproxy.

·

Merk may choose to abstain from voting for routine matters when it agrees with the recommendation of the issuer's management.

Responsibility

The CCOhastheresponsibilityformonitoring

compliance with

our proxyvotingpolicy,practices,disclosuresandrecordkeeping,includingoutliningourvoting guidelinesinourprocedures.

Procedure

As a general rule, conflicts of interest will be resolved by Merkvoting in accordance with its proxy voting policy when: Merk manages the account of a corporation or a pension fund sponsored by a corporation in which Advisory Clients of Merkalso own stock; a Supervised Person or a member of his/her immediate family is on the Board of Directors or a member of senior management of the company that is the issuer of securities held in an Advisory Client’s account; or Merkhas a material relationship with a corporation whose securities are the subject of the proxy.

If Merk determines that it has a conflict of interest with respect to voting proxies on behalf of the Merk Mutual Funds, the CIO or CCO shall contact the Chairman of the Board of Registered Funds to seek their voting recommendation.  Merk shall vote the proposal according the determination of the Board and maintain records relating to this process.

Advisory Clients that wish to obtain information on how specific proxies were voted, or a copy of Merk’s   proxy voting policy, may contact the CCO.

Recordkeeping

Merk shallretainthefollowingproxyrecordsinaccordancewiththeSEC’s five-yearretentionrequirement:

·

Thesepoliciesandproceduresandanyamendments;

·

Eachproxystatementthatthe Firmreceives;

·

Arecordofeachvotethatthe Firmcasts;

·

AnydocumentspreparedbytheFirmthatwerematerialtomakingadecisionhowto voteproxies,orthatmemorializesthebasisofthatdecision.

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

Unless otherwise indicated, the information set forth below is as of November 30, 2021.

(a)(1) As of the date of this filing, on form N-CSR, Peter J. Maletis, President of the registrant since March 2019, is responsible for the day-to-day management of the registrant’s portfolio (the “Portfolio Manager”). Mr. Maletis joined the Merk Investments as Vice President in March 2019. He served as Research Analyst at Franklin Templeton Investments from 2010 to 2019.

(a)(2) Other Accounts Managed by the Portfolio Manager. The chart below shows the number of other accounts managed by the Portfolio Manager as of November 30, 2021.

PORTFOLIO MANAGER	REGISTERED INVESTMENT COMPANIES ($)	OTHER POOLED INVESTMENT VEHICLES ($)	OTHER ACCOUNTS ($)
Peter J. Maletis	None	None	None

(a)(3) Compensation of the Portfolio Manager.  The compensation of the Portfolio Manager is comprised of a fixed annual salary and a variable compensation based on the assets of the Fund. The Portfolio Manager may be eligible to receive additional compensation based on certain factors, including but not limited to, the economic performance of the Adviser. Any amounts earned by the Portfolio Manager are payable by the Adviser and not by the Fund.

(a)(4) Beneficial Ownership by Portfolio Manager.  As of November 30, 2021, the dollar range of shares of the Registrant owned by the Portfolio manager was $10,001 - $50,000.

(b)       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 year ended November 30, 2021.

ITEM 13. EXHIBITS.

(a)(1)  The code of ethics that is the subject of disclosure under Item 2 above is attached hereto.

(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       1/25/2022                                                                             

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       1/25/2022                                                                             

By          /s/ Karen Shaw                                                                    

               Karen Shaw, Principal Financial Officer

Date       1/25/2022