ASA Gold and Precious Metals Limited (ASA) NPORT-P Asa Gold & Precious Metals LTD (Aug 2021 report)

1

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Schedule

of

Investments

(Unaudited)

Schedule

of

investments

August

31,

2021

Name

of

Company

Shares

Value

%

of

Net

Assets

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

Australia

Alicanto

Minerals,

Ltd.

(1)

21,346,119

$

1,873,890‌

0.4‌

%

Barton

Gold

Holdings,

Ltd.

(1)

8,600,000

1,226,809‌

0.3‌

Bellevue

Gold,

Ltd.

(1)

7,666,667

5,412,249‌

1.2‌

Bellevue

Gold,

Ltd.

(1)

1,300,000

917,729‌

0.2‌

Cygnus

Gold,

Ltd.

(1)

6,658,721

633,254‌

0.1‌

Dacian

Gold,

Ltd.

(1)

13,842,639

2,430,379‌

0.5‌

Emerald

Resources

NL

(1)

17,125,000

10,022,232‌

2.2‌

Los

Cerros

,

Ltd.

(1)

28,437,500

3,016,500‌

0.6‌

Pantoro

,

Ltd.

(1)

16,000,000

2,282,435‌

0.5‌

Perseus

Mining,

Ltd.

(1)

11,000,000

12,472,924‌

2.7‌

Predictive

Discovery,

Ltd.

(1)

63,850,000

6,305,776‌

1.4‌

Predictive

Discovery,

Ltd.

(1)

4,000,000

395,037‌

0.1‌

Prodigy

Gold

NL

(1)

38,750,000

1,133,902‌

0.2‌

48,123,116‌

10.4‌

Canada

Agnico

Eagle

Mines,

Ltd.

225,000

12,942,000‌

2.8‌

Alamos

Gold,

Inc.

1,200,000

9,480,000‌

2.0‌

B2Gold

Corp.

2,000,000

7,780,000‌

1.7‌

Barrick

Gold

Corp.

700,000

14,049,000‌

3.0‌

Calibre

Mining

Corp.

(1)

11,083,000

14,670,162‌

3.2‌

Desert

Gold

Ventures,

Inc.

(1)

13,400,000

1,593,152‌

0.3‌

G

Mining

Ventures

Corp.

(1)

10,843,965

8,165,313‌

1.8‌

GoGold

Resources,

Inc.

(1)

2,857,140

7,020,278‌

1.5‌

Golden

Star

Resources,

Ltd.

(1)

1,850,000

4,662,000‌

1.0‌

HighGold

Mining,

Inc.

(1)

3,000,000

3,281,417‌

0.7‌

K92

Mining,

Inc.

(1)

1,725,000

10,104,030‌

2.2‌

Liberty

Gold

Corp.

(1)

10,256,000

9,348,393‌

2.0‌

Marathon

Gold

Corp.

(1)

4,201,700

10,190,783‌

2.2‌

Mawson

Gold,

Ltd.

(1)

8,600,000

1,533,706‌

0.3‌

Millennial

Precious

Metals

Corp.

(1)

12,333,333

3,763,590‌

0.8‌

Monarch

Mining

Corp.

(1)

5,000,000

3,051,559‌

0.7‌

Monarch

Mining

Corp.

(1)

600,000

366,187‌

0.1‌

Newcore

Gold,

Ltd.

(1)

5,750,000

2,552,213‌

0.6‌

Nighthawk

Gold

Corp.

(1)

4,348,000

3,101,653‌

0.7‌

O3

Mining,

Inc.

(1)

2,223,000

3,893,972‌

0.8‌

Orla

Mining,

Ltd.

(1)

8,200,000

32,302,144‌

7.0‌

Osino

Resources

Corp.

(1)

4,000,000

3,741,133‌

0.8‌

Prime

Mining

Corp.

(1)

6,450,000

18,097,729‌

3.9‌

Probe

Metals,

Inc.

(1)

4,725,000

7,228,035‌

1.6‌

Roscan

Gold

Corp.

(1)

10,886,900

2,502,438‌

0.5‌

Skeena

Resources,

Ltd.

(1)

666,667

7,651,357‌

1.7‌

Skeena

Resources,

Ltd.

(1)

33,333

382,567‌

0.1‌

SSR

Mining,

Inc.

1,049,200

17,536,367‌

3.8‌

Talisker

Resour

ces,

Ltd.

(1)

6,500,000

1,545,595‌

0.3‌

TDG

Gold

Corp.

(1)

6,977,925

3,041,936‌

0.7‌

Thesis

Gold,

Inc.

(1)

4,400,000

5,231,245‌

1.1‌

Torex

Gold

Resources,

Inc.

(1)

300,000

3,352,752‌

0.7‌

Westhaven

Gold

Corp.

(1)

5,500,000

2,266,873‌

0.5‌

236,429,579‌

51.1‌

2

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)

Cayman

Islands

Endeavour

Mining

PLC

989,200

$

24,172,343‌

5.2‌

%

South

Africa

AngloGold

Ashanti,

Ltd.

ADR

800,000

13,664,000‌

2.9‌

Gold

Fields,

Ltd.

ADR

1,500,000

14,220,000‌

3.1‌

27,884,000‌

6.0‌

Total

gold

mining,

exploration,

development

and

royalty

companies

(Cost

$185,946,212)

336,609,038‌

72.7‌

Diversified

metals

mining,

exploration,

development

and

royalty

companies

Australia

Auteco

Minerals,

Ltd.

(1)

70,750,750

4,606,435‌

1.0‌

Castile

Resources,

Ltd.

(1)

12,500,000

2,011,762‌

0.4‌

Geopacific

Resources,

Ltd.

(1)

17,857,143

4,180,284‌

0.9‌

10,798,481‌

2.3‌

Canada

Adventus

Mining

Corp.

(1)

5,310,000

3,703,721‌

0.8‌

Americas

Gold

&

Silver

Corp.

(1)

1,975,000

2,054,000‌

0.4‌

Americas

Gold

&

Silver

Corp.

(1)

1,555,000

1,614,592‌

0.3‌

Americas

Gold

&

Silver

Corp.

(2)

1,071,400

1,114,256‌

0.2‌

Arizona

Metals

Corp.

(1)

2,400,000

8,065,628‌

1.7‌

Aya

Gold

&

Silver,

Inc.

(1)

2,400,000

19,098,799‌

4.1‌

Benchmark

Metals,

Inc.

(1)

7,384,615

5,970,204‌

1.3‌

Discovery

Metals

Corp.

(1)

4,444,444

6,129,539‌

1.3‌

Emerita

Resources

Corp.

(1)

2,750,000

3,858,043‌

0.8‌

Euro

Sun

Mining,

Inc.

(1)

11,000,000

3,313,122‌

0.7‌

Huntington

Exploration,

Inc.

(1)

7,900,000

1,596,719‌

0.3‌

Huntsman

Exploration,

Inc.

(1)

6,175,000

367,079‌

0.1‌

Integra

Resources

Corp.

(1)

2,679,999

7,498,432‌

1.6‌

Integra

Resources

Corp.

(1)

240,001

672,003‌

0.1‌

Pan

Global

Resources,

Inc.

(1)

6,667,000

3,276,297‌

0.7‌

Sable

Resources,

Ltd.

(1)

22,000,000

4,184,996‌

0.9‌

Sable

Resources,

Ltd.

(1)

4,160,000

791,345‌

0.2‌

73,308,775‌

15.5‌

United

Kingdom

Adriatic

Metals

PLC

(1)

2,500,000

5,084,271‌

1.1‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$59,529,459)

89,191,527‌

18.9‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Andean

Precious

Metals

Corp.

(1)

2,000,000

2,187,611‌

0.5‌

Bunker

Hill

Mining

Corp.

(1)

14,214,957

2,591,400‌

0.6‌

Discovery

Silver

Corp.

(1)

1,555,556

2,145,339‌

0.5‌

Silver

Tiger

Metals,

Inc.

(1)

10,595,333

4,618,898‌

1.0‌

11,543,248‌

2.6‌

South

Africa

Sibanye

Stillwater,

Ltd.

ADR

273,043

4,480,636‌

1.0‌

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$9,805,404)

16,023,884‌

3.6‌

Total

common

shares

(Cost

$255,281,075

)

441,824,449‌

95.2‌

Rights

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Pan

American

Silver

Corp.

(Expiration

Date

2/22/29)

(1)(3)

393,200

152,076‌

0.0‌

Total

rights

(Cost

$136,720)

152,076‌

0.0‌

Schedule

of

Investments

(Unaudited)

(continued)

August

31,

2021

3

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

Canada

Arizona

Metals

Corp.

(Exercise

Price

$3.00,

Exp.

Date

4/22/22)

(1)(3)

1,200,000‌

$

1,217,453‌

0.3‌

%

Aya

Gold

&

Silver,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

9/8/23)

(1)(3)

1,200,000‌

6,467,721‌

1.4‌

Benchmark

Metals,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

12/23/21)

(1)(3)

5,000,000‌

2,496,730‌

0.5‌

Benchmark

Metals,

Inc.

(Exercise

Price

$1.80,

Exp.

Date

9/15/22)

(1)(3)

3,692,307‌

58,531‌

0.0‌

Emerita

Resources

Corp.

(Exercise

Price

$1.50,

Exp.

Date

7/15/23)

(1)(3)

1,375,000‌

643,007‌

0.2‌

Euro

Sun

Mining,

Inc.

(Exercise

Price

$0.55,

Exp.

Date

6/5/23)

(1)(3)

5,500,000‌

130,781‌

0.0‌

Huntington

Exploration,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

6/17/23)

(1)(3)

3,950,000‌

31,308‌

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

523,124‌

0.1‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$1,414,772)

11,568,655‌

2.5‌

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

816,531‌

0.2‌

Liberty

Gold

Corp.

(Exercise

Price

$0.60,

Exp.

Date

10/2/21)

(1)(3)

826,000‌

360,084‌

0.1‌

Marathon

Gold

Corp.

(Exercise

Price

$1.60,

Exp.

Date

9/30/21)

(1)(3)

837,500‌

969,167‌

0.2‌

Maverix

Metals,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

12/23/21)

(1)(3)

250,000‌

497,365‌

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

178,338‌

0.0‌

Nighthawk

Gold

Corp.

(Exercise

Price

$1.50,

Exp.

Date

7/7/23)

(1)(3)

2,174,000‌

34,463‌

0.0‌

O3

Mining,

Inc.

(Exercise

Price

$3.25,

Exp.

Date

6/18/22)

(1)(3)

740,000‌

11,731‌

0.0‌

Osino

Resources

Corp.

(Exercise

Price

$1.05,

Exp.

Date

1/30/22)

(1)(3)

1,000,000‌

134,744‌

0.0‌

Prime

Mining

Corp.

(Exercise

Price

$1.10,

Exp.

Date

6/10/25)

(1)(3)

920,000‌

1,837,594‌

0.4‌

Prime

Mining

Corp.

(Exercise

Price

$5.00,

Exp.

Date

4/27/24)

(1)(3)

400,000‌

98,284‌

0.0‌

Probe

Metals,

Inc.

(Exercise

Price

$1.30,

Exp.

Date

12/10/21)

(1)(3)

2,362,500‌

1,198,431‌

0.3‌

Pure

Gold

Mining,

Inc.

(Exercise

Price

$0.85,

Exp.

Date

7/18/22)

(1)(3)

1,500,000‌

404,233‌

0.1‌

Thesis

Gold,

Inc.

(Exercise

Price

$0.75,

Exp.

Date

10/31/22)

(1)(3)

2,000,000‌

1,188,919‌

0.3‌

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

$2,229,632)

7,729,884‌

1.7‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.60,

Exp.

Date

2/9/26)

(1)(3)

1,250,000‌

9,908‌

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 

Discovery

Silver

Corp.

(Exercise

Price

$0.77,

Exp.

Date

5/28/22)

(1)(3)

1,454,545‌

1,118,304‌

0.3‌

Discovery

Silver

Corp.

(Exercise

Price

$1.75,

Exp.

Date

8/7/22)

(1)(3)

975,000‌

154,560‌

0.0‌

Silver

Tiger

Metals,

Inc.

(Exercise

Price

$0.50,

Exp.

Date

7/31/23)

(1)(3)

1,666,666‌

118,892‌

0.0‌

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$487,699)

1,401,664‌

0.3‌

Total

warrants

(Cost

$4,132,103)

20,700,203‌

4.5‌

Money

Market

Fund

Federated

US

Treasury

Cash

Reserve

Fund

-

Institutional

Shares,

0.01%

(Cost

$1,770,234)

(4)

1,770,234‌

1,770,234‌

0.

4‌

Investments,

at

value

(Cost

$261,320,132)

464,446,962‌

100.1‌

Liabilities,

less

receivables

and

other

assets

(438,424‌)

(0.1‌)

Net

assets

$

464,008,538‌

100.0‌%

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

Schedule

of

Investments

(Unaudited)

(continued)

August

31,

2021

4

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

(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

$20,852,279

or

4.5%

of

net

assets.

(4)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

August

31,

2021.

Schedule

of

Investments

(Unaudited)

(continued)

August

31,

2021

5

Notes

to

Financial

Statements

Nine

months

ended

August

31,

2021

1.

Organization

ASA

Gold

and

Precious

Metals

Limited

(the

“Company”)

is

a

closed-end

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Company

was

initially

organized

as

a

public

limited

liability

company

in

the

Republic

of

South

Africa

in

June

1958.

On

November

11,

2004,

the

Company’s

shareholders

approved

a

proposal

to

move

the

Company’s

place

of

incorporation

from

the

Republic

of

South

Africa

to

the

Commonwealth

of

Bermuda

by

reorganizing

itself

into

an

exempted

limited

liability

company

formed

in

Bermuda.

The

Company

is

registered

with

the

Securities

and

Exchange

Commission

(the

“SEC”)

pursuant

to

an

order

under

Section

7(d)

of

the

1940

Act.

2.

Investment

objective

and

strategy

The

Company

is

a

non-diversified,

closed-end

fund

that

seeks

long-term

capital

appreciation

primarily

through

investing

in

companies

engaged

in

the

exploration

for,

development

of

projects

or

mining

of

precious

metals

and

minerals.

The

Company

is

managed

by

Merk

Investments

LLC

(the

“Adviser”).

It

is

a

fundamental

policy

of

the

Company

that

at

least

80%

of

its

total

assets

must

be

(i)

invested

in

common

shares

or

securities

convertible

into

common

shares

of

companies

engaged,

directly

or

indirectly,

in

the

exploration,

mining

or

processing

of

gold,

silver,

platinum,

diamonds

or

other

precious

minerals,

(ii)

held

as

bullion

or

other

direct

forms

of

gold,

silver,

platinum

or

other

precious

minerals,

(iii)

invested

in

instruments

representing

interests

in

gold,

silver,

platinum

or

other

precious

minerals

such

as

certificates

of

deposit

therefor,

and/or

(iv)

invested

in

securities

of

investment

companies,

including

exchange

traded

funds,

or

other

securities

that

seek

to

replicate

the

price

movement

of

gold,

silver

or

platinum

bullion.

The

Company

employs

bottom-up

fundamental

analysis

and

relies

on

detailed

primary

research

including

meetings

with

company

executives,

site

visits

to

key

operating

assets,

and

proprietary

financial

analysis

in

making

its

investment

decisions.

3.

Summary

of

significant

accounting

policies

The

following

is

a

summary

of

the

significant

accounting

policies:

A.

Security

valuation

The

net

asset

value

of

the

Company

generally

is

determined

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(the

“NYSE”)

on

the

date

for

which

the

valuation

is

being

made

(the

“Valuation

Time”).

Portfolio

securities

listed

on

U.S.

and

foreign

stock

exchanges

generally

are

valued

at

the

last

reported

sale

price

as

of

the

Valuation

Time

on

the

exchange

on

which

the

securities

are

primarily

traded,

or

the

last

reported

bid

price

if

a

sale

price

is

not

available.

Securities

traded

over

the

counter

are

valued

at

the

last

reported

sale

price

or

the

last

reported

bid

price

if

a

sale

price

is

not

available.

Securities

listed

on

foreign

stock

exchanges

may

be

fair

valued

based

on

significant

events

that

have

occurred

subsequent

to

the

close

of

the

foreign

markets.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

(“NAV”).

To

value

its

warrants,

the

Company's

valuation

committee

typically

utilizes

the

Black-

Scholes

model

using

the

listed

price

for

the

underlying

common

shares.

The

valuation

is

a

combination

of

value

of

the

stock

price

less

the

exercise

price,

plus

some

value

related

to

the

volatility

of

the

stock

over

the

remaining

time

period

prior

to

expiration.

Securities

for

which

current

market

quotations

are

not

readily

available

are

valued

at

their

fair

value

as

determined

in

accordance

with

procedures

approved

by,

the

Company’s

Board

of

Directors.

If

a

security

is

valued

at

a

“fair

value,”

that

value

may

be

different

from

the

last

quoted

price

for

the

security.

Various

factors

may

be

reviewed

in

order

to

make

a

good

faith

determination

of

a

security’s

fair

value.

These

factors

include,

but

are

not

limited

to,

the

nature

of

the

security;

relevant

financial

or

business

developments

of

the

issuer;

actively

traded

similar

or

related

securities;

conversion

rights

on

the

security;

and

changes

in

overall

market

conditions.

The

difference

between

cost

and

market

value

is

reflected

separately

as

net

unrealized

appreciation

(depreciation)

on

investments.

The

net

realized

gain

or

loss

from

the

sale

of

securities

is

determined

for

accounting

purposes

on

the

identified

cost

basis.

6

Notes

to

Financial

Statements

(continued)

Nine

months

ended

August

31,

2021

B.

Restricted

securities

At

August

31,

2021,

the

Company

held

investments

in

restricted

securities

of

0

.

2

4

%

of

net

assets

valued

in

accordance

with

procedures

approved

by

the

Company’s

Board

of

Directors

as

follows:

C.

Fair

value

measurement

In

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

fair

value

is

defined

as

the

price

that

the

Company

would

receive

to

sell

an

investment

or

pay

to

transfer

a

liability

in

a

timely

transaction

with

an

independent

buyer

in

the

principal

market,

or

in

the

absence

of

a

principal

market

the

most

advantageous

market

for

the

investment

or

liability.

U.S.

GAAP

establishes

a

three-tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances

(unobservable

inputs)

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Company’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below.

Level

1

–

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Company

has

the

ability

to

access.

Level

2

–

Observable

inputs

other

than

quoted

prices

included

in

level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

identical

instruments

on

an

inactive

market,

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

3

–

Unobservable

inputs

for

the

assets

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Company’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Shares

Cost

Issuer

Value

per

Unit

Value

Acquisition

Date

1,071,400

$2,142,800

Americas

Gold

&

Silver

Corp.

$1.040

$1,114,256

5/7/20

3.

Summary

of

significant

accounting

policies

(continued)

7

Notes

to

Financial

Statements

(continued)

Nine

months

ended

August

31,

2021

The

following

is

a

summary

of

the

inputs

used

as

of

August

31,

2021

in

valuing

the

Company’s

investments

at

fair

value:

The

following

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

*

The

change

in

unrealized

appreciation/(depreciation)

is

included

in

net

change

in

unrealized

appreciation/(depreciation)

of

investments

in

the

accompanying

Statement

of

Operations.

Investment

in

Securities

(1)

Measurements

at

August

31,

2021

Level

1

Level

2

Level

3

Total

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

$

336,609,038

$

–

$

–

$

336,609,038

Diversified

metals

mining,

exploration,

development

and

royalty

companies

89,191,527

–

–

89,191,527

Silver

mining,

exploration,

development

and

royalty

companies

16,023,884

–

–

16,023,884

Rights

Silver

mining,

exploration,

development

and

royalty

companies

–

–

152,076

$

152,076

Warrants

Gold

mining,

exploration,

development

and

royalty

companies

–

–

14,197,605

14,197,605

Silver

mining,

exploration,

development

and

royalty

companies

–

–

1,401,664

1,401,664

Diversified

metals

mining,

exploration,

development

and

royalty

companies

–

–

5,100,934

5,100,934

Money

Market

Fund

1,770,234

–

–

1,770,234

Total

Investments

$

443

,

594

,

683

$

–

$

2

0

,

852

,

279

$

464,

446

,

962

(1)

See

schedule

of

investments

for

country

classifications.

Common

Stock

-

Canada

Rights

-

Canada

Warrants

-

Canada

Balance

November

30,

2020

$

770,001

$

173,123

$

11,181,970

Purchases

-

-

827

,56

3

Sales

-

-

(130,555)

Realized

gain

-

-

(146

,

453)

Transfers

out

(770,001)

-

-

Net

change

in

unrealized

appreciation

(depreciation)

-

(21

,0

47)

8

,9

67

,

678

Balance

August

31,

2021

$

-

$

1

52

,

076

$

20

,

700

,

203

Net

change

in

unrealized

appreciation

(depreciation)

from

investments

held

as

of

August

31,

2021*

$

-

$

(21

,0

47)

$

12,949,477

3.

Summary

of

significant

accounting

policies

(continued)

C.

Fair

value

measurement

(continued)

8

Notes

to

Financial

Statements

(continued)

Nine

months

ended

August

31,

2021

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

August

31,

2021

are

as

follows:

1

Fair

valued

rights

are

valued

based

on

the

specifics

of

the

rights

at

a

discount

to

the

market

price

of

the

underlying

security.

2

Warrants

are

priced

based

on

the

Black

Scholes

Method;

the

key

input

to

this

method

is

modeled

volatility

of

the

investment;

the

lower

the

modeled

volatility,

the

lower

the

valuation

of

the

warrant.

Asset

Categories

Fair

Value

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Rights

1

-

Canada

$

1

52

,

076

Market

transaction

Discount

70%

(70%)

Warrants

2

-

Canada

2

0,700,203

Black

Scholes

Method

Volatility

20%

-

50%

(

38

%)

3.

Summary

of

significant

accounting

policies

(continued)

C.

Fair

value

measurement

(continued)