ASA Gold and Precious Metals Limited

Annual Report and Financial Statements

November 2017

In 2017, the strong global economic environment, characterized by modest inflation, slowly rising interest rates and one of the strongest equity markets on record, provided little reason for investors to seek gold as a hedge. As a result of these positive economic trends, the gold price was less volatile in 2017 than prior years. The performance of the gold mining shares varied significantly across companies with returns being driven primarily by company specific activities as opposed to sector momentum.

For the fiscal year ended November 30, 2017, ASA Gold and Precious Metals Limited (“ASA” or the “Company”) reported a total return of 0.7% based on its net asset value (“NAV”), including reinvested dividends, compared with a total return of 8.7% for the FTSE Gold Mines Total Return Index (the “FTGMI”). ASA’s investments in diamonds and larger weighting towards junior gold producers versus the FTGMI, negatively affected ASA’s relative performance. The failure of issuers of several important investments to deliver their projects on time, combined with a significant increase in political risk associated with mining, also contributed to the underperformance. The total return for the fiscal year, based on ASA’s share price, was 2.6%. The gold price increased 8.7% during the one year period ending November 30, 2017.

At fiscal year-end, total net assets of ASA were $244.2 million, $1.0 million higher than fiscal year-end 2016. The average expense ratio improved to 1.19% during the 2017 fiscal year from 1.26% during fiscal year 2016 as a result of the increase in asset values and a decrease in ASA’s operating expenses.

Investment income generated by dividends received from portfolio investments improved modestly to $1.4 million during fiscal year 2017 from $1.2 million during 2016. Cost savings throughout the gold mining industry combined with increased demands for dividends from shareholders helped to drive this improvement. While an improvement in dividend income is possible during the coming year, additional progress is needed to make a meaningful impact to ASA’s dividend distribution.

The discount at which ASA’s shares traded in the market fluctuated during the year from a high of 14.4% to a low of 9.4% and ended the fiscal year at 12.7%. The Board of Directors monitors the Company’s share price and discount to NAV on an ongoing basis and has, in the past, authorized tender offers and created a Share Repurchase Program. At present, the Board does not believe that either a tender offer or share repurchases would significantly benefit long-term shareholders, or accomplish a meaningful narrowing of the discount.

Geopolitical Risk

Geopolitical risk was at the forefront of the mining industry in 2017. The management of government and community relations have always been a key aspect of operating a successful mining company. It is a delicate balance to maintain harmony amongst the key stake holders of a mining project and this year witnessed several significant missteps. Mine blockades, revisions to

mining codes and failure to receive permits have negatively affected the performance of miners around the world. Mining companies with a single asset or single country exposure have likely felt the impact of these issues more significantly.

Incidents in Europe, Africa, Asia and the Americas have reminded investors of the importance of managing geopolitical risk. Investors have a renewed interest in assets perceived to be in “safe” jurisdictions with well-defined mining codes, government stability and rule of law. A number of recent acquisitions of assets in the U.S., Canada and Australia are believed to be an attempt by mining companies to diversify their portfolio and minimize risk.

ASA’s management closely monitors the exposure across the world and attempts to achieve portfolio diversification in terms of project stage, size and location. In 2017, some investments were negatively impacted by geopolitical problems but others benefited from the renewed interest in North American assets and royalty companies as investors sought the perceived safety of these investments.

Chart 1: Holdings by Individual Project Location

Source: ASA, As of fiscal year-end 2017

We anticipate the heightened geopolitical sensitivity to continue in 2018 as many of the issues from 2017 remain unresolved. We will continue to closely monitor the portfolio in an attempt to navigate the incidents of geopolitical unrest.

Management evaluates not only geographical exposure, but allocation across stage of production. The Company is diversified amongst senior producers, junior producers, royalty companies, developers and exploration companies. In 2017, many of the developers in the portfolio entered production and a number of them encountered operational hiccups as production rates increased. Mine start-ups are difficult for even the most senior companies, but missteps are highlighted at single asset companies as balance sheets can quickly become strained and investors spooked at these early stages of

production. Management of ASA maintains regular contact with our portfolio companies in an attempt to monitor the issues, understand their implications for the long term success of the operation, and manage the portfolio’s exposure. Chart 2 below, highlights the Company’s allocation across the various stages of project development.

Chart 2: Holdings by Stage of Development

Source: ASA, As of fiscal year-end 2017

Portfolio Changes

While diversification has mitigated the impact of the start-up and geopolitical issues, the portfolio has not been immune to these matters in the last year. The Company has invested in some companies that we believe can improve their projects and work through their issues to generate solid returns for investors. We have exited those we believe no longer offer an attractive risk return profile. In addition, the Company has maintained or increased investments in companies delivering on their operating plans while selling positions that may have limited upside or whose weighting with in the portfolio needed adjustment.

ASA increased its position in Pretium Resources Inc. in the second half of 2017. Pretium is a developer that entered production in late 2017. ASA anticipates that the stock’s valuation will re-rate to higher producer peer levels as the company continues to ramp up and start to generate free cash flow.

ASA also added to its position in OceanaGold Corporation during 2017. OceanaGold is well diversified with assets in New Zealand, the Philippines and the U.S. The company was negatively impacted during 2017 following political comments made by the then-Minister of Mines in the Philippines and a slower than anticipated start-up at their new project in the United States. ASA believes the solid operating team has navigated these issues well and that the company is well positioned for the future.

MAG Silver Corp. is a developer with an attractive silver project in Mexico. ASA increased its investment after the company released an expansion study indicating improved economics and the company secured financing for the project.

In the second half of the fiscal year ASA also increased its position in Torex Gold Resources Inc., a newer gold producer in Mexico. Torex’s start-up challenges and an illegal blockade by a competing labor union negatively impacted the stock price. However, we believe these issues to be temporary and that the share price will improve following the recommencement of production.

The final addition to the portfolio in the second half of 2017 was through the exercise of warrants in Lydian International. Lydian is currently constructing a project in Armenia that remains on track and on budget for 2018. The additional financing provided by the exercise of warrants will help facilitate the completion of project construction.

Sales of some investments during 2017 were to manage the weighting of the portfolio. As positions grew too large or valuations appeared high, they were trimmed and cash was reallocated to other opportunities. Several of the positions we exited completely had experienced a negative shift in strategy or decrease in opportunity due to asset quality, management ability or political risk.

Chart 3: Investment Holdings by Sector

Source: ASA, As of fiscal year-end 2017

We appreciate the support of both the Board of Directors and our shareholders over the past year. Shareholders are encouraged to contact us directly with any questions that they may have either through the company website at www.asaltd.com or by calling us at 1-800-432-3378.

David Christensen

President, Chief Executive Officer and Chief Investment Officer

January 18, 2018

Copies of financial reports for ASA Gold and Precious Metals Limited, as well as its latest net asset value, may be requested from ASA Gold and Precious Metals Limited, 400 S. El Camino Real, Suite 710, San Mateo, CA (650) 376-3135 or (800) 432-3378, and may be found on the Company’s website (www.asaltd.com). We would like to call to your attention the availability of the Dividend Reinvestment and Stock Purchase Plan. See page 19 of this report for information on how shareholders can participate in this plan.

* * * * * *

The Annual General Meeting of Shareholders will be held on Thursday, March 15, 2018 at 10:00 a.m. EST at the offices of K&L Gates LLP, 599 Lexington Avenue, 32nd Floor, New York, New York, USA. We look forward to your attendance.

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.

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 move-

ment 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 in the preceding paragraph, 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.

To the Board of Directors and Shareholders

ASA Gold and Precious Metals Limited

We have audited the accompanying statements of assets and liabilities of ASA Gold and Precious Metals Limited (the “Company”) including the schedules of investments, as of November 30, 2017 and November 30, 2016, and the related statements of operations and the statements of changes in 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. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as

well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2017, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Company, as of November 30, 2017 and November 30, 2016, and the results of its operations and 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.

TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 18, 2018

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.

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.

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.

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.

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-Q. The Company’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Company’s Forms N-Q 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-Q 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.

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 twelve months ended November 30, 2017 or November 30, 2016. The Company had 19,289,905 shares outstanding on November 30, 2017.

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, 400 S. El Camino Real, Suite 710, San Mateo, CA 94402.

Interested Director*
David Christensen (55)

Position held with the Company: Director since 2008;
President, Chief Executive Officer and Chief Investment Officer since February 2009.

Other Directorships held by Director: Director of Denver Gold Group from 2010 to 2015.

Independent Directors
Robert Pilkington (72)

Position held with the Company: Chairman (non-executive) since 2016. Deputy Chairman (non-executive) from 2014 to 2016. Director since 2004 (Director ASA Limited South Africa from 1979 to 2004).

Principal occupations during past 5 years: Investment Banker and Senior Advisor from 2011 to 2015 and prior thereto was Managing Director of UBS Securities LLC.

Other Directorships held by Director: Director of Avocet Mining PLC from 1996 to 2014.

Mary Joan Hoene, (68)

Position held with the Company: Deputy Chairman (non-executive) since 2016. Director since 2014.

Principal occupations during past 5 years: Counsel, Carter Ledyard & Milburn LLP since 2010.

Other Directorships held by Director: None.

Gary Glynn (71)

Position held with the Company: Director since 2013. Chairman (non-executive) from 2014 to 2016.

Principal occupations during past 5 years: Retired.

Other Directorships held by Director: Director of Taiwan Opportunities Fund Ltd. since 2012.

Bruce Hansen (60)

Position held with the Company: Director since 2014. Principal occupations during past 5 years: Chief Executive Officer, General Moly, Inc. since 2007.

Other Directorships held by Director: Director of Energy Fuels Inc. since 2006; Director of General Moly Inc. since 2007; Director and past Chairman (2011) of the Nevada Mining Association since 2010.

Other Officers
Jack Huntington (47)

Position held with the Company: Chief Compliance Officer since September 2015.

Principal occupations during past 5 years: Fund Chief Compliance Officer at Foreside Fund Officer Services, LLC since 2015; Senior Vice President and Counsel at Citi Fund Services from 2008 to 2015.

Danielle Kulp (37)**

Position held with the Company: Corporate Secretary since December 2017 and Deputy Chief Compliance Officer since December 2017.

Principal occupations during past 5 years: Director, Fund Governance Services at Foreside Financial Group since 2016; Consultant and Senior Paralegal in the Legal Department of Lincoln Financial Group from 2013 to 2016.

Sara Heston (38)

Position held with the Company: Vice President Investments since December 2013; Analyst from January 2010 to December 2013.

Other Directorships held by Officer: Director of Denver Gold Group since December 2017.

David Lin (39)

Position held with the Company: Chief Financial Officer since December 2015; Controller from September 2014 to December 2015.

Other principal occupations during past 5 years: Director of Finance from 2012 to 2014 and Controller from 2008 to 2012 at White Oak Global Advisors, LLC; Chief Financial Officer at White Oak Merchant Partners, LLC from 2010 to 2014.

Other Information

Executive Office and Shareholder Services

ASA Gold and Precious Metals Limited
400 S. El Camino Real, Suite 710
San Mateo, CA 94402 U.S.A.

(800) 432-3378

Registered Office

Canon’s Court
22 Victoria Street
Hamilton HM 12, Bermuda

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 Accountants

ALPS Alternative Investment Services, LLC
Miami, FL, U.S.A.

Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 505000, Louisville, KY 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.