About ASA

Investment Fund Focused on Gold Mining companies
Established in 1958, ASA Gold and Precious Metals Limited ("ASA") is a closed-end precious metals fund. The common shares of ASA are listed on the New York Stock Exchange under the ticker symbol “ASA”.

New Management
In April of 2019, shareholders approved Merk Investments LLC ("Merk") as advisor to ASA. As a firm, Merk brings a long history of portfolio management of registered investment companies, and research that includes primary research on central banks and their impact on the price of gold. Portfolio Manager Peter Maletis joined Merk after 8 years at Franklin Templeton, where he was precious metals analyst. He spent much of his time at Franklin meeting with the management of gold companies from around the world as well as on due diligence site visits, where he developed an intimate understanding of the many companies in the precious metals sector. It is with that background that Peter is influencing changes to the ASA portfolio, also leveraging on the resources made available by Merk.

Portfolio Changes
It is our opinion that with the increasing price of gold, companies with better leverage to gold exist in the small and mid-capitalization companies and that the portfolio will exhibit improved leverage to the price of gold by investing in such companies; as a result, we have increased select holdings in the small and mid-cap space. These companies, while showing improving margins and solid balance sheets, also have growing production and development pipelines relative to the larger cap names.

Furthermore, we are looking for, and have taken positions in, development and exploration companies that have strong partners, who can support these capital-intensive developments in a time when sector funds and generalist investors are unable to perform the part of capital providers in the size that they have in previous cycles.

Trading at a discount
Closed-end funds historically often trade at a discount to Net Asset Value, and ASA is no exception. At Merk, we believe reducing the discount is a process. In our Letter to Shareholders in the 2021 Annual Report, we detail how, first and foremost, we will continue to foucs on execution of our investment process; and second, how we have undertaken several initiatives to increase public communication, including listing all of ASA's holdings on a monthly basis in ASA's Fact Sheet.

Investment Opportunity?
If you agree with us that ASA's portfolio may be well positioned for the environment to come, and that our management and initiatives may help reduce the discount, you can interpret this as an opportunity. Please browse this website to learn more about ASA; you are welcome to reach out to us as well.

Tax Note
ASA is one of the oldest investment management firms focused solely on the precious metals and mining industry: incorporated in South Africa in 1958, ASA moved its domicile to Bermuda in 2004. Because of its Bermuda domicile, please consider the following tax information: ASA is a “passive foreign investment company” for United States federal income tax purposes. As a result, United States shareholders holding shares in taxable accounts are encouraged to consult their tax advisors regarding the tax consequences of their investment in the ASA’s common shares.

Forward-Looking Statements
This page 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 ASA, 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. ASA'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. ASA's performance or results can fluctuate from month to month depending on a variety of factors, a number of which are beyond ASA's control and/or are difficult to predict, including without limitation: ASA'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. ASA may or may not revise, correct or update the forward-looking statements as a result of new information, future events or otherwise.

ASA 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. ASA is a non-diversified fund and, as such, may invest in fewer investments than that of a diversified portfolio. ASA 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 information does not constitute an offer to sell or solicitation of an offer to buy any securities.