Gold and Precious Metals : ASA Monthly Factsheet August 2020

August 31, 2020

Shares

Ticker	ASA
Net assets	$523 million
NAV	$27.09
Share price	$23.28
Discount	14.06%
Management since April, 2019
Adviser	Merk Investments
Portfolio Manager	Peter Maletis
CIO	Axel Merk

Contact

ASA Gold & Precious Metals Limited c/o Apex Fund Services

3 Canal Plaza, Suite 600

Portland, Maine 04101

Websitewww.asaltd.com

Toll-free[phone]

Dividends

Distributions Semi-annual

05/22/20$.01

11/12/19$.01

05/10/19$.01

11/13/18$.01

Statistics

Beta11.01

R-squared20.91

1. Source: Bloomberg. Beta measures the Company's market-related risk over a three-year period relative to its benchmark, the NYSE Arca Gold Miners Total Return Index. A beta lower than 1 indicates historically lower volatility than the index; greater than 1 indicates higher volatility. ASA's beta versus the FTSE Gold Mines Total Return Index (the "Old Benchmark") is 1.01.
2. Source: Bloomberg. R-squared is a measure of the percentage of a company's share price movement that can be attributed to its benchmark index. It can range from 0 and 1; 1 indicates a perfect correlation. ASA's R-squared versus the Old Benchmark is 0.88.

Established in 1958, ASA Gold and Precious Metals Limited is a closed-end precious metals and mining fund (NYSE: ASA) registered with the United States Securities and Exchange Commission and domiciled in Bermuda. The Company is one of the oldest investment management firms focused on the precious metals and mining industry. ASA 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.

PERFORMANCE AS OF AUGUST 31, 2020

		Average Annual Total Returns
	1 Year	3 Years	5 Years	10 Years	15 Years	Inception
NAV	68.7%	24.3%	25.3%	-0.4%	5.4%	8.9%
Share Price	75.3%	23.1%	24.1%	-1.2%	5.4%	8.7%

Includes the reinvestment of dividends. Inception is from December 11, 1958, the date on which the Company's shares were listed for trading on the NYSE.

GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION

$2,510,000

$2,010,000

$1,510,000

$1,010,000

$510,000

$10,000 Dec-58Dec-63Dec-68Dec-73Dec-78Dec-83Dec-88Dec-93Dec-98Dec-03Dec-08Dec-13Dec-18

For the period 12/11/1958 - 08/31/2020

Share Price Total Return

NAV Total Return

Gold Bullion

HISTORICAL DISCOUNT

0%
-5%
-10%
-15%
-20%
-25%
Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15	Mar-16Mar-17Mar-18Mar-19	Mar-20
Discount	For the period 3/31/08 - 08/31/20
12-week Moving Average

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 that shown. The Company concentrates 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. ASA Gold and Precious Metals Limited 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. This document may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those contemplated by the forward-looking statements. This document does not constitute an offer to sell or solicitation of an offer to buy any securities.

Certain 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 Company's common shares.

Not FDIC Insured | No Bank Guarantee | May Lose Value

August 31, 2020

Websitewww.asaltd.com

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.

		Toll-free	[phone]					Holdings	Ticker	% of NAV
								Orla Mining Ltd	OLA CN	6.8%
								Agnico Eagle Mines Ltd	AEM	6.3%
								Anglogold Ashant	ANG SJ	5.0%
								Barrick Gold Corp	GOLD	4.8%
	Primary Commodity	% of NAV
								Endeavour Mining	EDV CT	4.2%
								Liberty Gold Corp-Plc	LGD CN	3.2%
	Gold		87.5%
					B2Gold Corp	BTO CT	3.2%
								Alamos Gold Inc	AGI	3.2%
	Silver		7.0%
					Calibre Mining Corp	CXBSR CN	3.1%
								Alacer Gold Corp	ASR CN	2.6%
	Diversified Miners		3.7%
					Gold Fields Ltd	GFI SJ	2.5%
								SSR Mining Inc	SSRM	2.5%
	Net Liquid Assets		1.1%
					Perseus Mining Ltd	PRU AU	2.2%
								Centerra Gold Inc	CG CN	2.2%
	Platinum & Palladium	0.6%
				Benchmark Metals Inc	BNCH CN	2.1%
								Discovery Metals Corp-Plc	DSV CN	2.0%
								K92 Mining Inc	KNT CN	2.0%
	Type		% of NAV
		Auteco Minerals Ltd	AUT AU	1.8%
								Integra Resources Corp	ITR CN	2.0%
	Mining Companies		58.0%
								Americas Gold & Silver Corp	USA	1.7%
								Roxgold Inc	ROXG CN	1.7%
	Exploration Companies	26.1%
								Gold Fields Ltd-Adr	GFI	1.7%
								Golden Star Resources Ltd	GSS	1.6%
	Development Companies	13.5%
				Emerald Resources	EMR AU	1.6%
	Bellevue Gold Ltd	BGL AU	1.3%
	Royalty Companies		1.3%
					Maverix Metals Inc	MMX CN	1.2%
								Marathon Gold Corp	MOZ CN	1.2%
	Net Liquid Assets		1.1%
					Corvus Gold Inc	KOR CN	1.2%
								Skeena Resources Ltd	SKE CN	1.2%
								Probe Metals Inc	PRB CN	1.1%
	Stage of Development	% of NAV	Net Cash Or Equivalent	Cash	1.1%
	Bunker Hill Mining Corp	BNKR CN	1.0%
	Exploration Companies	26.1%				Highgold Mining Inc	HIGH CN	1.0%
				Kirkland Lake Gold Ltd	KL CN	1.0%
	Production 500k - 1mm ounces	21.6%				Adventus Mining Corp	ADZN CN	1.0%
				Torex Gold Resources	TXG CN	1.0%
	Production >1mm ounces	21.4%				Pure Gold Mining Inc	PGM CN	0.9%
				Osino Resources	OSI CN	0.9%
	Production < 500k ounces	15.0%
				Westgold Resources Ltd	WGX AU	0.9%
								Teranga Gold Corp	TGZ CN	0.9%
	Development Companies	13.5%
								Adriatic Metals Plc	ADT AU	0.8%
								Euro Sun Mining Inc	ESM CN	0.8%
	Royalty Companies		1.3%
								Resolute Mining Ltd	RSG AU	0.7%
								Prime Mining	PRYM CN	0.7%
	Net Liquid Assets		1.1%
					Dacian Gold Ltd	DCN AU	0.7%
		Sibanye Stillwater	SSW SJ	0.6%
								Mawson Resources Ltd	MAW CN	0.6%
	Country of Incorporation	% of NAV	Pantoro Ltd	PNR AU	0.6%
	Benchmark Metals Inc Wrnt	BNCH CN	0.5%
								O3 Mining Inc	OIII CN	0.5%
	Canada		73.1%
					Castile Resources	CST AU	0.5%
								Desert Gold Ventures Inc	DAU CN	0.5%
	Australia		11.7%
					Silvercrest Metals Inc	SIL CN	0.5%
	South Africa		9.9%				Gogold Resources Inc	GGD CN	0.5%
					Prodigy Gold Nl	PRX AU	0.4%
	Cayman Islands		4.2%				Discovery Metals Corp Plc Wrnt	DSV CN	0.4%
					Torex Gold Res	TXG CT	0.4%
	Net Liquid Assets		1.1%				Roscan Gold Corp	ROS CN	0.4%
					Talisker Resources Ltd	TSK CN	0.4%
	United States		0.0%
								Mag Silver Corp	MAG	0.3%
								Silver Tiger Metals	SLVR CN	0.3%
								Pure Gold Mining Inc Wrnt	PGM CN	0.3%
								Bunker Hill Mining Corp Wrnt	BNKR	0.2%
	Type of Security		% of NAV
								Newcore Gold Ltd	NCAU CN	0.2%
								Marathon Gold Corp Wrnt	MOZ CN	0.2%
	Equity Securities		96.4%
					Liberty Gold Corp-Plc Wrnt	LGD CN	0.2%
								Probe Metals Inc Wrnt	PRB CN	0.1%
	Warrants		2.5%
					Prime Mining Wrnt	PRYM CN	0.1%
								Gogold Resources Inc Wrnt	GGD CN	0.1%
	Net Liquid Assets		1.1%
					Maverix Metals Inc Wrnt	MMX CN	0.1%
	Contingent Value Securities	0.0%				Euro Sun Mining Inc Wrnt	ESM CN	0.1%
				Osino Resources Corp Wrnt	OSI CN	0.1%
								Royal Road Minerals	RYR CN	0.1%
								Mawson Resources Wrnt	MAW CN	0.1%
	Capitalization		% of NAV				Gatling Exploration	GTR CN	0.1%
				Alicanto Minerals Ltd	AQI AU	0.0%
	Market Cap < $2bn		61.6%				Cygnus Gold Ltd	CY5 AU	0.0%
								Pan American Silver Cvr	PAAS	0.0%
	Market Cap >$10bn		21.4%				Dundee Precious Metals Wrnt	DPM CN	0.0%
					O3 Mining Inc Wrnt	OIII CN	0.0%
	Market Cap $2bn - $10bn	16.0%				Desert Gold Ventures Inc Wrnt	DAU CN	0.0%
								Silver Tiger Metals Wrnt	SLVR CN	0.0%
	Net Liquid Assets		1.1%
								Talisker Resources Ltd Wrnt	TSK CN	0.0%
								Bonterra Resources Wrnt	BTR CN	0.0%

Warrants and Contingent Value Securities (annotated as Wrnt and Cvr, respectively) may not be publicly traded; ticker symbols referenced may refer to to issuer of the respective Warrant or Contingent Value Security. References to 0.0% of NAV are non-zero amounts rounded to 0.0%. Please see other side for additional important disclosure.