ASA Gold and Precious Metals Limited (ASA) NPORT-P Asa Gold & Precious Metals LTD (Feb 2023 report)

1

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Schedule

of

Investments

(Unaudited)

Schedule

of

investments

February

28,

2023

Name

of

Company

Shares

Value

%

of

Net

Assets

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

Australia

Alicanto

Minerals,

Ltd.

(1)

38,000,004

$

1,431,931‌

0.4‌

%

Barton

Gold

Holdings,

Ltd.

(1)

8,600,000

1,244,192‌

0.4‌

Bellevue

Gold,

Ltd.

(1)

8,966,667

6,425,858‌

2.0‌

Cygnus

Metals,

Ltd.

(1)

16,850,000

3,288,126‌

1.0‌

Emerald

Resources

NL

(1)

17,125,000

15,210,904‌

4.7‌

Los

Cerros

,

Ltd.

(1)

30,625,000

680,050‌

0.2‌

Pantoro

,

Ltd.

(1)

16,000,000

624,451‌

0.2‌

Perseus

Mining,

Ltd.

9,000,000

11,900,236‌

3.7‌

Predictive

Discovery,

Ltd.

(1)

81,850,000

9,363,067‌

2.9‌

Prodigy

Gold

NL

(1)

116,250,000

860,471‌

0.3‌

51,029,286‌

15.8‌

Canada

Agnico

Eagle

Mines,

Ltd.

195,000

8,975,850‌

2.8‌

Alamos

Gold,

Inc.

1,150,000

11,707,000‌

3.6‌

American

Pacific

Mining

Corp.

144A

(1)(2)

3,000,000

813,485‌

0.2‌

Angel

Wing

Metals,

Inc.

(1)

7,900,000

636,863‌

0.2‌

Atex

Resources,

Inc.

(1)

2,300,000

2,005,863‌

0.6‌

B2Gold

Corp.

2,000,000

6,780,000‌

2.1‌

Barrick

Gold

Corp.

650,000

10,478,000‌

3.2‌

Calibre

Mining

Corp.

(1)

11,083,000

9,259,524‌

2.9‌

Desert

Gold

Ventures,

Inc.

(1)

14,588,264

588,021‌

0.2‌

G

Mining

Ventures

Corp.

(1)

23,265,947

15,345,806‌

4.7‌

GoGold

Resources,

Inc.

(1)

2,857,140

4,397,211‌

1.4‌

Gold

Mountain

Mining

Corp.

(1)

3,108,000

250,553‌

0.1‌

HighGold

Mining,

Inc.

(1)

3,000,000

1,582,997‌

0.5‌

Lahontan

Gold

Corp.

(1)

8,400,000

615,610‌

0.2‌

Liberty

Gold

Corp.

(1)

12,482,000

4,848,267‌

1.5‌

Lotus

Gold

Corp.

(1)(3)

4,900,000

1,580,066‌

0.5‌

Marathon

Gold

Corp.

(1)

6,389,200

4,167,379‌

1.3‌

Mawson

Gold,

Ltd.

(1)

10,600,000

1,631,367‌

0.5‌

Millennial

Precious

Metals

Corp.

(1)

15,711,663

1,957,481‌

0.6‌

Monarch

Mining

Corp.

(1)

7,300,000

320,997‌

0.1‌

Newcore

Gold,

Ltd.

(1)

5,750,000

969,219‌

0.3‌

Nighthawk

Gold

Corp.

(1)

6,148,000

2,027,556‌

0.6‌

O3

Mining,

Inc.

(1)

2,223,000

2,427,461‌

0.7‌

Orla

Mining,

Ltd.

(1)

7,200,000

31,396,116‌

9.7‌

Osino

Resources

Corp.

(1)

5,000,000

3,114,694‌

1.0‌

Prime

Mining

Corp.

(1)

7,150,000

10,637,230‌

3.3‌

Probe

Gold,

Inc.

(1)

7,087,500

7,012,184‌

2.2‌

Roscan

Gold

Corp.

(1)

10,886,900

1,436,161‌

0.4‌

Skeena

Resources,

Ltd.

(1)

700,000

3,626,000‌

1.1‌

Talisker

Resources,

Ltd.

(1)

12,500,000

870,282‌

0.2‌

TDG

Gold

Corp.

(1)

9,227,925

2,299,373‌

0.7‌

Thesis

Gold,

Inc.

(1)

7,400,000

5,152,071‌

1.6‌

Westhaven

Gold

Corp.

(1)

5,500,000

1,390,619‌

0.4‌

160,301,306‌

49.4‌

Cayman

Islands

Endeavour

Mining

PLC

700,000

14,569,439‌

4.5‌

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)

South

Africa

AngloGold

Ashanti,

Ltd.

ADR

400,000

$

6,664,000‌

2.0‌

%

Gold

Fields,

Ltd.

ADR

600,000

5,454,000‌

1.7‌

12,118,000‌

3.7‌

United

States

SSR

Mining,

Inc.

800,000

10,941,208‌

3.4‌

Total

gold

mining,

exploration,

development

and

royalty

companies

(Cost

$186,648,844)

248,959,239‌

76.8‌

Diversified

metals

mining,

exploration,

development

and

royalty

companies

Australia

Auteco

Minerals,

Ltd.

(1)

89,200,750

2,400,927‌

0.7‌

Bellavista

Resources

ltd

(1)

1,625,000

185,889‌

0.0‌

Castile

Resources,

Ltd.

(1)

15,143,255

978,230‌

0.3‌

Genesis

Minerals,

Ltd.

(1)

1,166,934

879,457‌

0.3‌

Geopacific

Resources,

Ltd.

(1)

17,857,143

192,257‌

0.1‌

Red

Dirt

Metals,

Ltd.

(1)

11,338,600

3,090,046‌

0.9‌

7,726,806‌

2.3‌

Canada

Adventus

Mining

Corp.

(1)

5,310,000

2,101,429‌

0.6‌

Americas

Gold

&

Silver

Corp.

(1)

4,601,400

2,298,136‌

0.7‌

Arizona

Metals

Corp.

(1)

2,500,000

8,281,422‌

2.6‌

Aya

Gold

&

Silver,

Inc.

(1)

2,300,000

13,484,793‌

4.2‌

Benchmark

Metals,

Inc.

(1)

15,384,615

4,115,342‌

1.3‌

Bunker

Hill

Mining

Corp.

(1)

19,214,957

1,689,846‌

0.5‌

Emerita

Resources

Corp.

(1)

2,750,000

1,813,851‌

0.6‌

Euro

Sun

Mining,

Inc.

(1)

7,000,000

307,805‌

0.1‌

Huntsman

Exploration,

Inc.

(1)

6,175,000

22,627‌

0.0‌

Integra

Resources

Corp.

(1)

3,230,000

1,680,503‌

0.5‌

Max

Resource

Corp.

(1)

8,200,000

1,141,810‌

0.3‌

Pan

Global

Resources,

Inc.

(1)

6,667,000

1,856,695‌

0.6‌

Sable

Resources,

Ltd.

(1)

26,160,000

1,342,030‌

0.4‌

40,136,289‌

12.4‌

United

States

Bendito

Resources,

Inc.

144A

(1)(2)(3)

4,288,000

1,072,000‌

0.3‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$76,812,182)

48,935,095‌

15.0‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Andean

Precious

Metals

Corp.

(1)

2,000,000

1,231,220‌

0.4‌

Discovery

Silver

Corp.

(1)

7,154,545

6,134,714‌

1.9‌

Silver

Mountain

Resources,

Inc.

(1)

10,000,000

1,905,460‌

0.6‌

Silver

Tiger

Metals,

Inc.

(1)

14,795,333

3,198,698‌

1.0‌

12,470,092‌

3.9‌

South

Africa

Sibanye

Stillwater,

Ltd.

ADR

273,043

2,211,648‌

0.7‌

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$13,652,663)

14,681,740‌

4.6‌

Total

common

shares

(Cost

$277,113,689

)

312,576,074‌

96.4‌

Rights

(1)(3)

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Pan

American

Silver

Corp.

(Exp.

Date

2/22/29)

393,200

87,118‌

0.0‌

Total

rights

(Cost

$136,720)

87,118‌

0.0‌

Schedule

of

Investments

(Unaudited)

(continued)

February

28,

2023

3

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Warrants

(1)(3)

Diversified

metals

mining,

exploration,

development

and

royalty

companies

Australia

Red

Dirt

Metals,

Ltd.

(Exercise

Price

$0.25,

Exp.

Date

11/18/24)

2,834,650‌

$

343,338‌

0.1‌

%

Canada

Angel

Wing

Metals,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

6/17/23)

3,950,000‌

0‌

0.0‌

Aya

Gold

&

Silver,

Inc.

(Exercise

Price

$3.30,

Exp.

Date

9/8/23)

1,200,000‌

4,212,532‌

1.3‌

Benchmark

Metals,

Inc.

(Exercise

Price

$0.65,

Exp.

Date

9/28/24)

1,500,000‌

21,986‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.50,

Exp.

Date

8/15/23)

3,464,957‌

0‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.60,

Exp.

Date

2/9/26)

1,250,000‌

0‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.37,

Exp.

Date

4/1/25)

5,000,000‌

0‌

0.0‌

Bunker

Hill

Mining

Corp.

(Exercise

Price

$0.50,

Exp.

Date

8/15/23)

9,500,000‌

0‌

0.0‌

Emerita

Resources

Corp.

(Exercise

Price

$1.50,

Exp.

Date

7/15/23)

1,375,000‌

50,385‌

0.0‌

Euro

Sun

Mining,

Inc.

(Exercise

Price

$0.55,

Exp.

Date

6/5/23)

5,500,000‌

0‌

0.0‌

Huntsman

Exploration,

Inc.

(Exercise

Price

$0.35,

Exp.

Date

10/19/23)

6,175,000‌

0‌

0.0‌

Max

Resource

Corp.

(Exercise

Price

$0.85,

Exp.

Date

5/18/23)

8,200,000‌

0‌

0.0‌

Sable

Resources,

Ltd.

(Exercise

Price

$0.20,

Exp.

Date

9/10/23)

11,000,000‌

0‌

0.0‌

4,284,903‌

1.3‌

Total

diversified

metals

mining,

exploration,

development

and

royalty

companies

(Cost

$1,647,758)

4,628,241‌

1.4‌

Gold

mining,

exploration,

development

and

royalty

companies

Canada

American

Pacific

Mining

Corp.

(Exercise

Price

$1.40,

Exp.

Date

12/10/23)

1,500,000‌

0‌

0.0‌

Atex

Resources,

Inc.

(Exercise

Price

$1.00,

Exp.

Date

8/31/25)

675,000‌

168,194‌

0.1‌

Desert

Gold

Ventures,

Inc.

(Exercise

Price

$0.40,

Exp.

Date

8/28/23)

6,700,000‌

0‌

0.0‌

Desert

Gold

Ventures,

Inc.

(Exercise

Price

$0.25,

Exp.

Date

12/31/24)

594,132‌

0‌

0.0‌

G

Mining

Ventures

Corp.

(Exercise

Price

$1.90,

Exp.

Date

9/9/24)

3,500,000‌

128,252‌

0.0‌

Gold

Mountain

Mining

Corp.

(Exercise

Price

$1.75,

Exp.

Date

4/21/24)

2,200,000‌

0‌

0.0‌

Lahontan

Gold

Corp.

(Exercise

Price

$0.18,

Exp.

Date

2/28/26)

1,950,000‌

7,146‌

0.0‌

Lahontan

Gold

Corp.

(Exercise

Price

$0.65,

Exp.

Date

3/24/24)

2,250,000‌

0‌

0.0‌

Lotus

Gold

Corp.

(Exercise

Price

$0.75,

Exp.

Date

8/16/23)

2,200,000‌

32,246‌

0.0‌

Marathon

Gold

Corp.

(Exercise

Price

$1.35,

Exp.

Date

9/20/24)

1,675,000‌

98,205‌

0.0‌

Millennial

Precious

Metals

Corp.

(Exercise

Price

$0.55,

Exp.

Date

6/16/24)

1,689,165‌

0‌

0.0‌

Monarch

Mining

Corp.

(Exercise

Price

$0.95,

Exp.

Date

4/6/27)

1,700,000‌

0‌

0.0‌

Monarch

Mining

Corp.

(Exercise

Price

$1.05,

Exp.

Date

6/29/23)

2,500,000‌

0‌

0.0‌

Nighthawk

Gold

Corp.

(Exercise

Price

$1.50,

Exp.

Date

7/7/23)

2,174,000‌

0‌

0.0‌

Nighthawk

Gold

Corp.

(Exercise

Price

$1.05,

Exp.

Date

5/3/24)

900,000‌

0‌

0.0‌

Prime

Mining

Corp.

(Exercise

Price

$1.10,

Exp.

Date

6/10/25)

920,000‌

714,694‌

0.2‌

Prime

Mining

Corp.

(Exercise

Price

$2.00,

Exp.

Date

12/22/25)

450,000‌

178,087‌

0.1‌

Prime

Mining

Corp.

(Exercise

Price

$5.00,

Exp.

Date

4/27/24)

400,000‌

0‌

0.0‌

TDG

Gold

Corp.

(Exercise

Price

$0.75,

Exp.

Date

12/22/23)

225,000‌

0‌

0.0‌

1,326,824‌

0.4‌

Total

gold

mining,

exploration,

development

and

royalty

companies

(Cost

$2,004,509)

1,326,824‌

0.4‌

Silver

mining,

exploration,

development

and

royalty

companies

Canada

Silver

Mountain

Resources,

Inc.

(Exercise

Price

$0.50,

Exp.

Date

1/31/24)

5,000,000‌

0‌

0.0‌

Silver

Tiger

Metals,

Inc.

(Exercise

Price

$0.50,

Exp.

Date

7/31/23)

1,666,666‌

0‌

0.0‌

0‌

0.0‌ 

Total

silver

mining,

exploration,

development

and

royalty

companies

(Cost

$260,869)

0‌

0.0‌ 

Total

warrants

(Cost

$3,913,136)

5,955,065‌

1.8‌

Money

Market

Fund

Federated

US

Treasury

Cash

Reserve

Fund,

Institutional

Shares,

4.38%

(4)

478,764‌

478,764‌

0.2‌

Total

money

market

fund

(Cost

$478,764)

478,764‌

0.2‌

Investments,

at

value

(Cost

$281,642,309)

319,097,021‌

98.4‌

Cash,

receivables

and

other

assets

less

other

liabilities

5,

087

,

640‌

1.6‌

Net

assets

$

324,

184

,

661‌

100.0‌%

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

Schedule

of

Investments

(Unaudited)

(continued)

February

28,

2023

4

The

notes

to

financial

statements

form

an

integral

part

of

these

statements.

Portfolio

Statistics

(Unaudited)

Portfolio

statistics

(Unaudited)

February

28,

2023

*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)

Security

exempt

from

registration

under

Rule

144A

under

the

Securities

Act

of

1933.

At

the

period

end,

the

value

of

these

securities

amounted

to

$1,885,485

or

0.6%

of

net

assets.

(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

$8,694,249

or

2.7%

of

net

assets.

(4)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

February

28,

2023.

Geographic

Breakdown*

Australia

1

8

.

2‌

%

Canada

67.4‌

Cayman

Islands

4.5‌

South

Africa

4.4‌

United

States

3.7‌

Cash

1

.

8‌

100.0‌%

Schedule

of

Investments

(Unaudited)

(continued)

February

28,

2023

5

Notes

to

Financial

Statements

Three

months

ended

February

28,

2023

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.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Company’s

Board

of

Directors

(the

"Board")

has

designated

the

Adviser,

as

defined

in

Note

4,

as

the

Company’s

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Company.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser's

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

the

Company’s

compliance

program

and

will

review

any

changes

made

to

the

procedures.

Securities

traded

over

the

counter

are

valued

at

the

last

reported

sale

price

or

the

last

reported

bid

price

if

a

sale

price

is

not

available.

Securities

listed

on

foreign

stock

exchanges

may

be

fair

valued

at

a

value

other

than

the

last

reported

sale

price

or

last

reported

bid

price

based

on

significant

events

that

have

occurred

subsequent

to

the

close

of

the

foreign

markets.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

(“NAV”).

To

value

its

warrants,

the

Company's

valuation

designee

typically

utilizes

the

Black-Scholes

model

using

the

listed

price

for

the

underlying

common

shares.

The

valuation

is

a

combination

of

value

of

the

stock

price

less

the

exercise

price,

plus

some

value

related

to

the

volatility

of

the

stock

over

the

remaining

time

period

prior

to

expiration.

Securities

for

which

current

market

quotations

are

not

readily

available

are

valued

at

their

fair

value

as

determined

in

accordance

with

procedures

approved

by

the

Board.

If

a

security

is

valued

at

a

“fair

value,”

that

value

may

be

different

from

the

last

quoted

price

for

the

security.

Various

factors

may

be

reviewed

in

order

to

make

a

good

faith

determination

of

a

security’s

fair

value.

These

factors

include,

but

are

not

limited

to,

the

nature

of

the

security;

relevant

financial

or

business

developments

of

the

issuer;

actively

traded

similar

or

related

securities;

conversion

rights

on

the

security;

and

changes

in

overall

market

conditions.

The

difference

between

cost

and

market

value

is

reflected

separately

as

net

unrealized

appreciation

(depreciation)

on

investments.

The

net

realized

gain

or

loss

from

the

sale

of

securities

is

determined

for

accounting

purposes

on

the

identified

cost

basis.

B.

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

6

Notes

to

Financial

Statements

(continued)

Three

months

ended

February

28,

2023

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances

(unobservable

inputs)

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Company’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below.

Level

1

–

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Company

has

the

ability

to

access.

Level

2

–

Observable

inputs

other

than

quoted

prices

included

in

level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

identical

instruments

on

an

inactive

market,

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

3

–

Unobservable

inputs

for

the

assets

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Company’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

following

is

a

summary

of

the

inputs

used

as

of

February

28,

2023

in

valuing

the

Company’s

investments

at

fair

value:

Investment

in

Securities

(1)

Measurements

at

February

28,

2023

Level

1

Level

2

Level

3

Total

Common

Shares

Gold

mining,

exploration,

development

and

royalty

companies

$

2

47

,

379

,

173

$

–

$

1,580,066

$

248,959,239

Diversified

metals

mining,

exploration,

development

and

royalty

companies

47,863,095

–

1,072,000

48,935,095

Silver

mining,

exploration,

development

and

royalty

companies

14,681,740

–

–

14,681,740

Rights

Silver

mining,

exploration,

development

and

royalty

companies

–

–

87,118

87,118

Warrants

Diversified

metals

mining,

exploration,

development

and

royalty

companies

–

–

4,628,241

4,628,241

Gold

mining,

exploration,

development

and

royalty

companies

–

–

1,326,824

1,326,824

Silver

mining,

exploration,

development

and

royalty

companies

–

–

0

0

Money

Market

Fund

478,764

–

–

478,764

Total

Investments

$

3

10

,

402

,

772

$

–

$

8,694,249

$

319,097,021

(1)

See

schedule

of

investments

for

country

classifications.

2.

Summary

of

significant

accounting

policies

(continued)

B.

Fair

value

measurement

(continued)

7

Notes

to

Financial

Statements

(continued)

Three

months

ended

February

28,

2023

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

designee

for

Level

3

investments

held

at

February

28,

2023

are

as

follows:

1

Fair

valued

common

stocks

with

no

public

market

are

valued

based

on

transaction

cost

and

may

be

adjusted

by

the

valuation

designee,

including

for

subsequent

known

market

transactions.

2

Fair

valued

rights

are

valued

based

on

the

specifics

of

the

rights

at

a

discount

to

the

market

price

of

the

underlying

security.

3

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.

Common

Stock

Rights

Warrants

Balance

November

30,

2022

$

2,511,245

$

96

,

088

$

5

,

939

,

911

Purchases

183

,

217

-

83,766

Sales

-

-

-

Realized

loss

-

-

(

85,968

)

Net

change

in

unrealized

appreciation

(depreciation)

(42

,

39

6

)

(

8

,

970

)

17,356

Balance

February

28,

2023

$

2

,

652

,

066

$

87

,

118

$

5,

955

,

065

Net

change

in

unrealized

appreciation

(depreciation)

from

investments

held

as

of

February

28,

2023*

$

(4

2

,

39

6

)

$

(

8

,

970

)

$

17,356

Asset

Categories

Fair

Value

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Common

Shares

1

$

2

,

652

,

066

Transaction

cost

None

None

Rights

2

87

,

118

Market

transaction

Discount

70%

(70%)

Warrants

3

5

,

955

,

065

Black

Scholes

Method

Volatility

20

%

-

50

%

(

38

%)

2.

Summary

of

significant

accounting

policies

(continued)

B.

Fair

value

measurement

(continued)