N-Q 1 asanq.htm 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON
, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 
811-21650
 

ASA GOLD AND PRECIOUS METALS LIMITED

Three Canal Plaza, Suite 600
Portland, Maine 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: February 29, 2020
 

Item 1.  Schedule of Investments.
1
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Schedule
of
Investments
(Unaudited)
Schedule
of
investments
February
29,
2020
Name
of
Company
Shares
Value
%
of
Net
Assets
Common
Shares
Australia
Bellevue
Gold,
Ltd.
(1)
6,000,000
$
2,345,220‌
0.9‌
%
Dacian
Gold,
Ltd.
(1)
5,000,000
4,560,151‌
1.6‌
Emerald
Resources
NL
(1)
72,130,500
1,879,577‌
0.7‌
Northern
Star
Resources,
Ltd.
1,333,333
11,691,355‌
4.2‌
Pantoro
,
Ltd.
(1)
16,000,000
844,279‌
0.3‌
Perseus
Mining,
Ltd.
(1)
11,000,000
7,416,760‌
2.7‌
Prodigy
Gold
NL
(1)
38,750,000
1,363,159‌
0.5‌
Westgold
Resources,
Ltd.
(1)
3,000,000
3,967,331‌
1.4‌
34,067,832‌
12.3‌
Canada
Adventus
Mining
Corp.
(1)
3,598,000
2
,
198
,
070‌
0.
8‌
Agnico
Eagle
Mines,
Ltd.
400,000
19,012,000‌
6.9‌
Alacer
Gold
Corp.
(1)
2,500,000
11,305,644‌
4.1‌
Alamos
Gold,
Inc.
1,750,000
10,202,500‌
3.7‌
B2Gold
Corp.
3,000,000
11,979,885‌
4.3‌
Barrick
Gold
Corp.
900,000
17,136,000‌
6.2‌
Calibre
Mining
Corp.
(1)
11,083,000
6,853,336‌
2.5‌
Centerra
Gold,
Inc.
(1)
875,000
5,528,031‌
2.0‌
Corvus
Gold,
Inc.
(1)
2,000,000
2,890,669‌
1.0‌
GoGold
Resources,
Inc.
(1)
1,904,760
823,066‌
0.3‌
Golden
Star
Resources,
Ltd.
(1)
1,850,000
5,032,000‌
1.8‌
HighGold
Mining,
Inc.
(1)
1,600,000
1,072,825‌
0.4‌
Integra
Resources
Corp.
(1)
4,955,814
3,802,934‌
1.
4‌ 
Integra
Resources
Corp.
(1)(2)
1,744,186
1,338,433‌
0.5‌ 
K92
Mining,
Inc.
(1)
1,725,000
4,292,419‌
1.5‌
Kirkland
Lake
Gold,
Ltd.
195,435
6,303,134‌
2.3‌
Liberty
Gold
Corp.
(1)
9,256,000
7,585,472‌
2.7‌
Marathon
Gold
Corp.
(1)
1,675,000
1,572,360‌
0.6‌
Maverix
Metals,
Inc.
1,500,000
5,956,416‌
2.1‌
OceanaGold
Corp.
2,154,013
3,145,365‌
1.1‌
Orla
Mining,
Ltd.
(1)
6,500,000
11,234,867‌
4.1‌
Osino
Resources
Corp.
(1)
2,000,000
998,324‌
0.4‌
Pretium
Resources,
Inc.
(1)
500,000
3,550,000‌
1.3‌
Probe
Metals,
Inc.
(1)
4,725,000
3,308,996‌
1.2‌
Pure
Gold
Mining,
Inc.
(1)
3,000,000
1,452,785‌
0.5‌
Roxgold
,
Inc.
(1)
7,200,000
4,613,150‌
1.7‌
SEMAFO,
Inc.
(1)
1,750,000
3,468,057‌
1.2‌
SilverCrest
Metals,
Inc.
(1)
425,000
2,726,206‌
1.0‌
SSR
Mining,
Inc.
(1)
600,000
9,498,000‌
3.4‌
Teranga
Gold
Corp.
(1)
405,000
2,036,692‌
0.7‌
Torex
Gold
Resources,
Inc.
(1)
460,000
6
,
093
,
351‌
2
.
2‌
177,010,987‌
63.9‌
Cayman
Islands
Endeavour
Mining
Corp.
(1)
550,000
9,711,306‌
3.5‌
South
Africa
AngloGold
Ashanti,
Ltd.
898,420
15,997,059‌
5.8‌
Gold
Fields,
Ltd.
1,029,577
6,086,384‌
2.2‌
Gold
Fields,
Ltd.
ADR
670,423
3,975,608‌
1.4‌
Sibanye
Stillwater,
Ltd.
(1)
1,092,174
2,203,251‌
0.8‌
28,262,302‌
10.2‌
2
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Name
of
Company
Shares
Value
%
of
Net
Assets
Common
Shares
(continued)
United
States
Newmont
Corp.
150,000
$
6,694,500‌
2.4‌
%
Total
gold
mining,
exploration,
development
and
royalty
companies
(Cost
$189,369,989)
255,746,927‌
92.3‌
Australia
Castile
Resources
Pty,
Ltd.
(1)
12,500,000
1,302,900‌
0.5‌
Canada
Americas
Gold
&
Silver
Corp.
(1)
1,475,000
3,461,538‌
1.2‌
Benchmark
Metals,
Inc.
(1)
10,000,000
2,272,304‌
0.8‌
Discovery
Metals
Corp.
(1)
4,444,444
1,589,371‌
0.6‌
Gatling
Exploration,
Inc.
(1)
4,000,000
1,028,124‌
0.4‌
8,351,337‌
3.0‌
United
Kingdom
Adriatic
Metals
PLC
(1)
2,500,000
2,035,781‌
0.8‌
Total
diversified
metals
mining,
exploration,
development
and
royalty
companies
(Cost
$11,320,423)
11,690,018‌
4.3‌
Canada
MAG
Silver
Corp.
(1)
325,000
2,733,250‌
1.0‌
Total
silver
mining,
exploration
and
development
and
royalty
companies
(Cost
$2,541,688)
2,733,250‌
1.0‌
Total
common
shares
(Cost
$203,232,100)
270,170,195‌
97.6‌
Rights
Silver
mining,
exploration,
development
and
royalty
companies
Pan
American
Silver
Corp.
(Expiration
Date
2/22/29)
(1)(3)
393,200
116,080‌
0.0‌
Total
rights
(Cost
$136,720)
116,080‌
0.0‌
Warrants
Diversified
metals
mining,
exploration,
development
and
royalty
companies
Canada
Benchmark
Metals,
Inc.
(Exercise
Price
$0.40,
Expiration
Date
12/18/21)
(1)(3)
5,000,000‌
37,251‌
0.0‌
Gold
mining,
exploration,
development
and
royalty
companies
Canada
Bonterra
Resources,
Inc.
(Exercise
Price
$3.10,
Expiration
Date
8/20/21)
(1)(3)
300,000‌
93,872‌
0.0‌
GoGold
Resources,
Inc.
(Exercise
Price
$0.85,
Expiration
Date
2/25/22)
(1)(3)
952,380‌
113,526‌
0.0‌
Marathon
Gold
Corp.
(Exercise
Price
$1.32,
Expiration
Date
9/30/21)
(1)(3)
837,500‌
187,186‌
0.1‌
Maverix
Metals,
Inc.
(Exercise
Price
$1.65,
Expiration
Date
12/23/21)
(1)(3)
250,000‌
411,622‌
0.2‌
Osino
Resources
Corp.
(Exercise
Price
$1.05,
Expiration
Date
1/30/22)
(1)(3)
1,000,000‌
44,701‌
0.0‌
Probe
Metals,
Inc.
(Exercise
Price
$1.30,
Expiration
Date
12/10/21)
(1)(3)
2,362,500‌
352,021‌
0.1‌
Pure
Gold
Mining,
Inc.
(Exercise
Price
$0.85,
Expiration
Date
7/18/22)
(1)(3)
1,500,000‌
156,454‌
0.1‌
Total
warrants
(Cost
$1,461,789)
1,396,633‌
0.5‌
Investments,
at
value
(Cost
$204,830,609)
271,682,908‌
98.1‌
Cash,
receivables
and
other
assets
less
other
liabilities
5,265,414‌
1.9‌
Net
assets
$
276,948,322‌
100.0‌%
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
(1)
Non-income
producing
security.
(2)
Restricted
security.
(3)
Security
fair
valued
in
accordance
with
procedures
adopted
by
the
Board
of
Directors.
At
the
period
end,
the
value
of
these
securities
amounted
to
$1,512,713
or
0.6%
of
net
assets.
Schedule
of
Investments
(Unaudited)
(continued)
February
29,
2020
3
Notes
to
Financial
Statements
Three
months
ended
February
29,
2020
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”),
and
was
organized
as
an
exempted
limited
liability
company
under
the
laws
of
Bermuda.
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.
Securities
for
which
current
market
quotations
are
not
readily
available
are
valued
at
their
fair
value
as
determined
in
good
faith
by,
or
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
February
29,
2020,
the
Company
held
investments
in
restricted
securities
of
0
.48
%
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
Shares
Cost
Issuer
Value
per
Unit
Value
Acquisition
Date
1,
744
,186
$1,131,222
Integra
Resources
Corp.
$0.77
$1,338,433
11/26/19
4
Notes
to
Financial
Statements
(continued)
Three
months
ended
February
29,
2020
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.
The
following
is
a
summary
of
the
inputs
used
as
of
February
29,
2020
in
valuing
the
Company’s
investments
at
fair
value:
Investment
in
Securities
(1)
Measurements
at
February
29,
2020
Level
1
Level
2
Level
3
Total
Common
Shares
Gold
mining,
exploration,
development
and
royalty
companies
$
255,746,927
$
–
$
–
$
255,746,927
Diversified
metals
mining,
exploration,
development
and
royalty
companies
11,690,018
–
–
11,690,018
Silver
mining,
exploration
and
development
and
royalty
companies
2,733,250
–
–
2,733,250
Rights
Silver
mining,
exploration
and
development
companies
–
–
116,080
116,080
Warrants
Diversified
metals
mining,
exploration,
development
and
royalty
companies
–
–
37,251
37,251
Gold
mining,
exploration,
development
and
royalty
companies
–
–
1,359,382
1,359,382
Total
Investments
$
270,170,195
$
–
$
1,512,713
$
271,682,908
(1)
See
schedules
of
investments
for
country
classifications.
3.
Summary
of
significant
accounting
policies
(continued)
C.
Fair
value
measurement
(continued)
5
Notes
to
Financial
Statements
(continued)
Three
months
ended
February
29,
2020
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.
The
Level
3
investments
for
the
Company
represented
0
.55
%
of
net
assets
and
did
not
warrant
a
disclosure
of
significant
unobservable
inputs.
Rights
Warrants
Balance
November
30,
2019
$
1
12
,
855
$
858
,
052
Purchases
-
555
,
249
Net
change
in
unrealized
appreciation
(depreciation)
3
,
22
5
(
1
6
,
6
68
)
Balance
February
29,
2020
$
1
16
,
080
$
1,396
,
6
33
Net
change
in
unrealized
appreciation
(depreciation)
from
investments
held
as
of
February
29,
2020*
$
3
,
22
5
$
(
1
6
,
6
68
)
3.
Summary
of
significant
accounting
policies
(continued)
C.
Fair
value
measurement
(continued)
 
Item 2.  Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer 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 “Act”)) are effective, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of 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 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 3.  Exhibits
Certifications as required by Rule 30a-2(a) under the Act.
 

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.
 
 
ASA GOLD AND PRECIOUS METALS LIMITED
 
By
/s/ Axel Merk
 
 
Axel Merk, Principal Executive Officer
 
 
 
 
Date
4/8/2020
 
 
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
4/8/2020
 
 
By
/s/ Karen Shaw
 
 
Karen Shaw, Principal Financial Officer
 
 
 
 
Date
4/8/2020