As filed with the Securities and Exchange Commission on January 26, 2022
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 
Investment Company Act file number 811-21650
 
ASA GOLD AND PRECIOUS METALS LIMITED
Three Canal Plaza, Suite 600
Portland, ME  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: December 1 – November 30
 
 

ITEM 1. REPORT TO STOCKHOLDERS.
 
Annual
Report
and
Financial
Statements
November
30,
2021
A
Closed-End
Fund
Specializing
in
Gold
and
Other
Precious
Metals
Investments
1
ASA
Gold
and
Precious
Metals
Limited
Table
of
Contents
Annual
Report
and
Financial
Statements
November
30,
2021
Letter
to
Shareholders
(Unaudited)
2
Forward-looking
statements
4
10-Year
performance
returns
(Unaudited)
5
Certain
investment
policies
and
restrictions
(Unaudited)
7
Report
of
Independent
Registered
Public
Accounting
Firm
8
Schedule
of
investments
9
Portfolio
statistics
(Unaudited)
12
Statement
of
assets
and
liabilities
13
Statement
of
operations
14
Statements
of
changes
in
net
assets
15
Notes
to
financial
statements
16
Financial
highlights
21
Certain
tax
information
for
U.S.
shareholders
(Unaudited)
22
Dividend
reinvestment
and
stock
purchase
plan
(Unaudited)
22
Privacy
notice
(Unaudited)
23
Form
N-PX/proxy
voting
(Unaudited)
23
Form
N-PORT/portfolio
holdings
(Unaudited)
23
Share
repurchase
(Unaudited)
23
Company
investment
objective,
investment
strategy
and
risks
(Unaudited)
23
Board
of
directors
and
officers
(Unaudited)
26
2
Dear
Shareholder,
Fiscal
2021
was
a
volatile
period
for
gold.
In
the
last
twelve
months,
there
were
nine
price
moves
greater
than
$100/oz,
yet
the
price
of
gold
was
essentially
flat.
The
gold
price
ranged
from
a
high
of
$1,959
to
a
low
of
$1,677,
ending
the
fiscal
year
at
$1,775.
Price
fluctuations
were
attributed
to
concerns
and
optimism
surrounding
Covid-19,
conflicting
economic
data,
the
Federal
Reserve’s
(the
“Fed”)
tapering,
and
questions
around
when
the
Fed
will
begin
to
increase
interest
rates.
Gold
decreased
0.1%
during
the
fiscal
year
ended
November
30,
2021,
while
ASA
Gold
and
Precious
Metals
Limited
(“ASA”,
the
“Fund”
or
the
“Company”)
reported
a
total
return
of
4.0%
based
on
its
net
asset
value
(“NAV”),
compared
to
a
total
return
decrease
of
7.3%
for
the
NYSE
Arca
Gold
Miners
Index
(the
“Index”).
Total
return
of
ASA’s
share
price
for
the
fiscal
year
was
4.1%.
At
fiscal
year-end,
total
net
assets
of
ASA
were
$481
million,
an
increase
of
$17
million
as
compared
to
fiscal
year-end
2020.
The
Company’s
average
expense
ratio
dropped
to
0.91%
during
the
2021
fiscal
year
from
1.02%
during
fiscal
year
2020
due
to
investment
performance
and
the
corresponding
increase
in
assets.
For
the
fiscal
year
ended
November
30,
2021,
Merk
Investments
(“Merk”),
the
Fund’s
investment
adviser,
proactively
agreed
to
a
scaled
decrease
in
investment
adviser
fees
on
an
asset
level
basis
above
$300
million
in
net
assets,
which
also
benefited
the
expense
ratio.
Separately,
investment
income
increased
to
$2.7
million
during
fiscal
year
2021
from
$1.3
million
during
2020,
which
was
primarily
due
to
some
of
the
producing
companies
in
the
portfolio
increasing
dividend
payouts.
The
discount
at
which
ASA’s
shares
traded
in
the
market
fluctuated
during
the
year
from
a
high
of
18.1%
to
a
low
of
10.1%
and
ended
the
fiscal
year
at
17.1%.
The
Board
of
Directors
of
ASA
and
Merk
monitor
the
Company’s
share
price
and
discount
to
NAV
on
an
ongoing
basis.
Annual
portfolio
turnover
has
somewhat
stabilized
since
Merk
took
over
the
management
of
the
portfolio
in
2019.
We
are
pleased
with
the
current
construction
of
the
portfolio
and
now
are
at
a
point
where
we
constantly
manage
risk
versus
reward
when
adding
or
subtracting
names.
Although
the
Company
does
not
maintain
a
formal
distribution
policy,
the
Company
has
paid
uninterrupted
distributions
since
1959,
and
expects
to
make
distributions
on
a
semi-annual
basis
(in
May
and
November)
to
shareholders.
The
Company’s
distributions
have
been
the
same
amount
per
share
since
November
2018,
including
the
most
recent
distribution,
paid
on
November
24,
2021.
In
general,
these
distributions
do
not
affect
the
Company’s
investment
strategy
and
may
reduce
the
Fund’s
NAV.
 For
the
12-month
period
ended
November
30,
2021,
none
of
the
Company’s
distributions
will
be
treated
as
a
return
of
capital
for
tax
purposes.  
You
should
not
draw
any
conclusions
about
the
Company’s
investment
performance
from
the
source
or
amount
of
the
distributions.
We
continue
to
believe
that
the
U.S.
dollar
is
in
a
long-term
bear
market.
Also,
we
think
the
price
of
gold
should
be
supported
by
ongoing
negative
real
interest
rates
(i.e.,
nominal
interest
rates
below
inflation
rates).
If
the
Fed
hikes
interest
rates
faster
than
currently
anticipated
by
the
market,
it
may
hasten
an
economic
downturn
that
leads
to
rates
going
back
down
to
near-zero.
Overall,
we
expect
volatility
in
the
gold
price
to
continue
and
believe
that
company
specific
catalysts
will
provide
outperformance.
As
we
have
stated
in
previous
letters
and
shown
over
the
last
twelve
months,
the
Fund
has
moved
into
a
position
where
we
believe
there
is
better
leverage
to
the
gold
price.
Stock
selection
on
the
smaller
capitalization
companies
has
shown
to
be
the
right
decision.
The
following
table
shows
the
breakdown
by
stage
of
company
and
the
performance
attribution
for
each
over
the
last
fiscal
year:
3
Large:
annual
production
>
1,000,000
ounces
Medium:
annual
production
500,000
1,000,000
ounces
Small:
annual
production
<
500,000
ounces
Attribution:
a
measure
of
the
relative
contribution
to
the
performance
Our
thesis
is
that
larger
capitalization
companies
are
more
inclined
to
perform
in
line
with
the
gold
price,
whereas
the
exploration,
development
and
smaller
producers
have
catalysts
that
will
drive
outperformance.
The
attribution
table
above
shows
the
effect
on
our
portfolio.
A
number
of
our
exploration
holdings
have
had
success
with
the
drill
bit
and
driven
the
majority
of
our
annual
performance.
The
development
companies
are
in
the
build
out
stage
and
we
believe
they
should
start
to
see
improved
performance
as
the
ramp
up
to
production
is
closer.
Additionally,
a
timely
move
into
silver
and
copper/gold
projects
has
been
encouraging
for
the
Fund.
Operationally,
we
believe
most
of
the
producing
companies
have
been
performing
well
and
generating
free
cash
flow
with
nice
dividends.
Unfortunately,
their
performance
has
been
driven
mostly
by
the
commodity.
We
continue
to
believe
that
these
companies
need
to
find
new
projects
to
improve
their
growth
pipeline.
In
that
vein,
mergers
and
acquisition
(M&A)
activity
has
been
increasing
throughout
the
year,
with
a
number
of
deals
in
the
smaller
capitalization
part
of
the
sector.
The
Agnico
Eagle/Kirkland
Lake
transaction
in
the
fourth
quarter,
though,
was
primarily
done
to
appease
the
generalist
investor
and
create
a
new
alternative
to
the
largest
companies
Newmont
Mining
and
Barrick
Gold.
It
does
not
solve
what
we
see
as
the
increasing
irrelevance
of
the
mid-capitalization
companies.
In
that
environment,
we
believe
our
portfolio
is
positioned
to
benefit
with
projects
that
could
be
a
source
of
growth
to
companies
that
are
showing
little
future
growth
in
their
production
pipelines.
We
continue
to
wish
everyone
health
and
safety
during
this
period
of
global
uncertainty.
As
always,
please
reach
out
to
us
if
you
have
any
questions.
Peter
Maletis,
Portfolio
Manager
Axel
Merk,
Chief
Investment
Officer
Merk
Investments
LLC
Merk
Investments
LLC
4
Forward-Looking
Statements
Forward-looking
statements
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.
5
10-Year
Performance
Returns
Comparison
of
Change
in
Value
of
a
$10,000
Investment
ASA
Gold
and
Precious
Metals
Share
Price
and
NYSE
ARCA
Gold
Miners
Index(1)
The
following
chart
reflects
the
change
in
the
value
of
a
hypothetical
$10,000
investment,
including
reinvested
dividends
and
distributions,
in
ASA
Gold
and
Precious
Metals,
Ltd.
(the
“Company”)
compared
with
the
performance
of
the
benchmark,
NYSE
ARCA
Gold
Miners
Index,
over
the
past
ten
fiscal
years.
The
total
return
of
the
index
includes
the
reinvestment
of
dividends
and
income.
The
total
return
of
the
Company
includes
operating
expenses
that
reduce
returns,
while
the
total
return
of
the
indices
do
not
include
expenses.
The
Company
is
professionally
managed,
while
the
index
is
unmanaged
and
is
not
available
for
investment.
Fiscal
Year
Total
Returns
Best
Quarter
(NAV):
Q2
2020
80.11%
Worst
Quarter
(NAV):
Q2
2013
-34.36%
6
The
performance
data
quoted
represent
past
performance
and
do
not
indicate
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
For
more
current
performance
data,
please
visit
http://www.asaltd.com/investor-information/factsheets.
The
results
shown
in
the
table
reflect
the
reinvestment
of
income
dividends
and
other
distributions,
if
any.
The
results
do
not
reflect
the
effect
of
taxes
a
shareholder
would
pay
on
Company
distributions
or
on
the
sale
of
the
Company’s
common
shares.
The
investment
return
and
market
price
will
fluctuate
and
the
Company’s
common
shares
may
trade
at
prices
above
or
below
NAV.
The
Company’s
common
shares,
when
sold,
may
be
worth
more
or
less
than
their
original
cost
.
For
more
complete
information
about
the
Company,
please
call
us
directly
at
1-800-432-3378,
or
visit
the
Company’s
website
at
www.asaltd.com
.
Average
Annual
Total
Returns
For
the
years
ended
November
30,
2021
1
Year
3
Year
5
Year
10
Year
ASA
Gold
and
Precious
Metals
-
NAV
3.96%
35.41%
14.89%
-2.07%
ASA
Gold
and
Precious
Metals
-
Share
Price
4.06%
33.88%
14.11%
-2.75%
FTSE
Gold
Mines
Index(1)
-9.92%
19.26%
9.54%
-5.17%
NYSE
ARCA
Gold
Miners
Index
(NTR)(1)
-7.25%
19.50%
9.84%
3.97%
(1)
The
FTSE
Gold
Mines
Total
Return
Index
(“FTSE
Gold
Index”)
encompasses
gold
mining
companies
that
have
a
sustainable,
attributable
gold
production
of
at
least
300,000
ounces
a
year
and
that
derive
51%
or
more
of
their
revenue
from
mined
gold.
Please
note
that
the
Index
is
unmanaged,
and
does
not
take
into
account
any
fees
and
expenses
or
any
tax
consequences
of
investing
in
the
individual
securities
that
it
tracks
and
one
cannot
invest
directly
in
the
Index.
The
NYSE
Arca
Gold
Miners
Index
(the
“Index”)
is
a
net
total
return
modified
capitalization
weighted
index
comprised
of
publicly
traded
companies
primarily
involved
in
the
mining
of
gold
and
silver
in
locations
around
the
world.
The
Company
does
not
attempt
to
replicate
the
FTSE
Gold
Index
or
the
Index.
The
FTSE
Gold
Index
and
Index
do
not
necessarily
reflect
investments
in
other
precious
metals
companies
(e.g.,
silver,
platinum,
and
diamonds)
in
which
the
Company
may
invest.
Data
about
the
performance
of
the
FTSE
Gold
Index
and
Index
are
prepared
or
obtained
by
Management
and
include
reinvestment
of
all
income
dividends
and
other
distributions,
if
any.
The
Fund
may
invest
in
securities
not
included
in
the
FTSE
Gold
Index
or
Index
and
does
not
invest
in
all
securities
included
in
the
FTSE
Gold
Index
or
Index.
7
Certain
Investment
Policies
and
Restrictions
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
movement
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
above,
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.
8
Report
of
Independent
Registered
Public
Accounting
Firm
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Directors
and
Shareholders
of
ASA
Gold
and
Precious
Metals
Limited
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
ASA
Gold
and
Precious
Metals
Limited
(the
“Company”),
including
the
schedule
of
investments,
as
of
November
30,
2021,
the
related
statement
of
operations
for
the
year
then
ended,
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Company
as
of
November
30,
2021,
the
results
of
its
operations
for
the
year
then
ended,
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.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Company’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Company’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
have
served
as
the
Company’s
auditor
since
2012.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Company
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
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.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
November
30,
2021
by
correspondence
with
the
custodians.
We
believe
that
our
audit
provide
a
reasonable
basis
for
our
opinion.
TAIT,
WELLER
&
BAKER
LLP
Philadelphia,
Pennsylvania
January
19,
2022
9
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Schedule
of
Investments
Schedule
of
investments
November
30,
2021
Name
of
Company
Shares
Value
%
of
Net
Assets
Common
Shares
Gold
mining,
exploration,
development
and
royalty
companies
Australia
Alicanto
Minerals,
Ltd.
(1)
25,000,004
$
2,227,656‌
0.5‌
%
Barton
Gold
Holdings,
Ltd.
(1)
8,600,000
1,287,407‌
0.3‌
Bellevue
Gold,
Ltd.
(1)
7,666,667
4,344,820‌
0.9‌
Bellevue
Gold,
Ltd.
(1)
1,300,000
736,730‌
0.2‌
Cygnus
Gold,
Ltd.
(1)
7,500,000
1,015,811‌
0.2‌
Dacian
Gold,
Ltd.
(1)
13,842,639
2,022,883‌
0.4‌
Emerald
Resources
NL
(1)
17,125,000
13,001,044‌
2.7‌
Los
Cerros
,
Ltd.
(1)
28,437,500
2,635,317‌
0.5‌
Los
Cerros
,
Ltd.
(1)
2,187,500
202,717‌
0.0‌
Pantoro
,
Ltd.
(1)
16,000,000
3,763,847‌
0.8‌
Perseus
Mining,
Ltd.
11,000,000
12,859,811‌
2.7‌
Predictive
Discovery,
Ltd.
(1)
63,850,000
10,696,133‌
2.2‌
Predictive
Discovery,
Ltd.
(1)
4,000,000
670,079‌
0.1‌
Prodigy
Gold
NL
(1)
38,750,000
1,022,048‌
0.2‌
56
,
486
,
303‌
11
.
7‌
Canada
Agnico
Eagle
Mines,
Ltd.
200,000
9,960,000‌
2.1‌
Alamos
Gold,
Inc.
1,200,000
9,168,000‌
1.9‌
B2Gold
Corp.
2,000,000
7,880,000‌
1.6‌
Barrick
Gold
Corp.
700,000
13,293,000‌
2.8‌
Calibre
Mining
Corp.
(1)
11,083,000
11,712,435‌
2.4‌
Desert
Gold
Ventures,
Inc.
(1)
13,400,000
1,363,654‌
0.3‌
G
Mining
Ventures
Corp.
(1)
17,843,965
12,012,846‌
2.5‌
GoGold
Resources,
Inc.
(1)
2,857,140
7,291,304‌
1.5‌
HighGold
Mining,
Inc.
(1)
3,000,000
3,616,580‌
0.7‌
K92
Mining,
Inc.
(1)
1,725,000
9,992,563‌
2.1‌
Liberty
Gold
Corp.
(1)
11,082,000
9,369,103‌
1.9‌
Marathon
Gold
Corp.
(1)
5,039,200
11,873,648‌
2.5‌
Mawson
Gold,
Ltd.
(1)
8,600,000
1,077,146‌
0.2‌
Millennial
Precious
Metals
Corp.
(1)
12,333,333
5,116,965‌
1.1‌
Monarch
Mining
Corp.
(1)
5,600,000
3,156,288‌
0.6‌
Newcore
Gold,
Ltd.
(1)
5,750,000
2,385,612‌
0.5‌
Nighthawk
Gold
Corp.
(1)
4,348,000
2,927,144‌
0.6‌
O3
Mining,
Inc.
(1)
2,223,000
3,619,586‌
0.7‌
Orla
Mining,
Ltd.
(1)
8,200,000
35,112,137‌
7.3‌
Osino
Resources
Corp.
(1)
4,000,000
3,694,861‌
0.8‌
Prime
Mining
Corp.
(1)
6,450,000
23,680,379‌
4.9‌
Probe
Metals,
Inc.
(1)
4,725,000
6,731,770‌
1.4‌
Roscan
Gold
Corp.
(1)
10,886,900
2,982,829‌
0.6‌
Skeena
Resources,
Ltd.
(1)
700,000
6,678,000‌
1.4‌
SSR
Mining,
Inc.
1,050,000
19,067,692‌
4.0‌
Talisker
Resources,
Ltd.
(1)
6,500,000
1,602,802‌
0.3‌
TDG
Gold
Corp.
(1)
6,977,925
2,731,193‌
0.6‌
Thesis
Gold,
Inc.
(1)
4,400,000
4,408,783‌
0.9‌
Westhaven
Gold
Corp.
(1)
5,500,000
1,851,344‌
0.4‌
234,357,664‌
48.6‌
Cayman
Islands
Endeavour
Mining
PLC
860,000
20,176,289‌
4.2‌
10
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
800,000
$
16,752,000‌
3.5‌
%
Gold
Fields,
Ltd.
ADR
1,500,000
17,010,000‌
3.5‌
33,762,000‌
7.0‌
Total
gold
mining,
exploration,
development
and
royalty
companies
(Cost
$179,729,468)
3
44
,
782
,
256‌
7
1
.
5‌
Diversified
metals
mining,
exploration,
development
and
royalty
companies
Australia
Auteco
Minerals,
Ltd.
(1)
70,750,750
3,580,861‌
0.7‌
Castile
Resources,
Ltd.
(1)
12,500,000
1,782,125‌
0.4‌
Geopacific
Resources,
Ltd.
(1)
17,857,143
2,673,187‌
0.6‌
Red
Dirt
Metals,
Ltd.
(1)
11,338,600
5,900,385‌
1.2‌
13
,
936
,
558‌
2
.
9‌
Canada
Adventus
Mining
Corp.
(1)
5,310,000
3,782,614‌
0.8‌
Americas
Gold
&
Silver
Corp.
(1)
1,975,000
1,599,553‌
0.3‌
Americas
Gold
&
Silver
Corp.
(1)
1,555,000
1,278,132‌
0.3‌
Americas
Gold
&
Silver
Corp.
(1)(2)
1,071,400
867,727‌
0.2‌
Arizona
Metals
Corp.
(1)
2,400,000
9,788,250‌
2.0‌
Aya
Gold
&
Silver,
Inc.
(1)
2,400,000
18,261,380‌
3.8‌
Benchmark
Metals,
Inc.
(1)
7,384,615
6,301,014‌
1.3‌
Bunker
Hill
Mining
Corp.
(1)
14,214,957
2,893,177‌
0.6‌
Emerita
Resources
Corp.
(1)
2,750,000
6,888,724‌
1.4‌
Euro
Sun
Mining,
Inc.
(1)
11,000,000
2,454,108‌
0.5‌
Huntington
Exploration,
Inc.
(1)
7,900,000
1,236,839‌
0.3‌
Huntsman
Exploration,
Inc.
(1)
6,175,000
290,031‌
0.1‌
Integra
Resources
Corp.
(1)
2,679,999
5,874,200‌
1.2‌
Integra
Resources
Corp.
(1)
550,001
1,199,002‌
0.2‌
Pan
Global
Resources,
Inc.
(1)
6,667,000
3,548,914‌
0.7‌
Sable
Resources,
Ltd.
(1)
26,160,000
4,300,442‌
0.9‌
70
,
564
,
107‌
1
4
.
6‌
United
Kingdom
Adriatic
Metals
PLC
(1)
2,500,000
4,722,630‌
1.0‌
Total
diversified
metals
mining,
exploration,
development
and
royalty
companies
(Cost
$63,437,782)
8
9
,
223
,
295‌
1
8
.
5‌
Silver
mining,
exploration,
development
and
royalty
companies
Canada
Andean
Precious
Metals
Corp.
(1)
2,000,000
2,270,148‌
0.5‌
Discovery
Silver
Corp.
(1)
1,555,556
2,301,461‌
0.5‌
Discovery
Silver
Corp.
(1)
4,444,444
6,575,599‌
1.4‌ 
Silver
Tiger
Metals,
Inc.
(1)
10,595,333
4,893,535‌
1.0‌
1
6
,
040
,
743‌
3
.
4‌
South
Africa
Sibanye
Stillwater,
Ltd.
ADR
273,043
3,396,654‌
0.7‌
Total
silver
mining,
exploration,
development
and
royalty
companies
(Cost
$7,876,838)
19
,
437
,
397‌
4.
1‌
Total
common
shares
(Cost
$251,044,088
)
453,442,948‌
94.1‌
Rights
Silver
mining,
exploration,
development
and
royalty
companies
Canada
Pan
American
Silver
Corp.
(Expiration
Date
2/22/29)
(1)(3)
393,200
149,731‌
0.0‌
Total
rights
(Cost
$136,720)
149,731‌
0.0‌
Schedule
of
Investments
(continued)
November
30,
2021
11
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Name
of
Company
Shares
Value
%
of
Net
Assets
Warrants
Diversified
metals
mining,
exploration,
development
and
royalty
companies
Australia
Red
Dirt
Metals,
Ltd.
(Exercise
Price
$0.25,
Exp.
Date
11/19/24)
(1)(3)
2,834,650‌
$
990,133‌
0.2‌
%
Canada
Arizona
Metals
Corp.
(Exercise
Price
$3.00,
Exp.
Date
4/22/22)
(1)(3)
1,200,000‌
2,085,405‌
0.4‌
Aya
Gold
&
Silver,
Inc.
(Exercise
Price
$3.30,
Exp.
Date
9/8/23)
(1)(3)
1,200,000‌
6,077,733‌
1.3‌
Benchmark
Metals,
Inc.
(Exercise
Price
$0.40,
Exp.
Date
12/23/21)
(1)(3)
5,000,000‌
2,700,693‌
0.6‌
Benchmark
Metals,
Inc.
(Exercise
Price
$1.80,
Exp.
Date
9/15/22)
(1)(3)
3,692,307‌
57,808‌
0.0‌
Bunker
Hill
Mining
Corp.
(Exercise
Price
$0.60,
Exp.
Date
2/9/26)
(1)(3)
1,250,000‌
9,785‌
0.0‌
Bunker
Hill
Mining
Corp.
(Exercise
Price
$0.50,
Exp.
Date
8/15/23)
(1)(3)
3,464,957‌
0‌
0.0‌ 
Bunker
Hill
Mining
Corp.
(Exercise
Price
$0.50,
Exp.
Date
8/15/23)
(1)(3)
9,500,000‌
0‌
0.0‌ 
Emerita
Resources
Corp.
(Exercise
Price
$1.50,
Exp.
Date
7/15/23)
(1)(3)
1,375,000‌
1,937,454‌
0.4‌
Euro
Sun
Mining,
Inc.
(Exercise
Price
$0.55,
Exp.
Date
6/5/23)
(1)(3)
5,500,000‌
43,055‌
0.0‌
Huntington
Exploration,
Inc.
(Exercise
Price
$0.40,
Exp.
Date
6/17/23)
(1)(3)
3,950,000‌
0‌
0.0‌ 
Huntsman
Exploration,
Inc.
(Exercise
Price
$0.35,
Exp.
Date
10/22/23)
(1)(3)
6,175,000‌
0‌
0.0‌ 
Sable
Resources,
Ltd.
(Exercise
Price
$0.20,
Exp.
Date
9/10/23)
(1)(3)
11,000,000‌
344,436‌
0.1‌
Total
diversified
metals
mining,
exploration,
development
and
royalty
companies
(Cost
$1,806,421)
1
4
,246,5
02‌
3
.
0‌
Gold
mining,
exploration,
development
and
royalty
companies
Canada
Desert
Gold
Ventures,
Inc.
(Exercise
Price
$0.40,
Exp.
Date
8/21/23)
(1)(3)
6,700,000‌
0‌
0.0‌ 
G
Mining
Ventures
Corp.
(Exercise
Price
$0.80,
Exp.
Date
5/25/22)
(1)(3)
5,421,982‌
636,657‌
0.1‌
G
Mining
Ventures
Corp.
(Exercise
Price
$1.90,
Exp.
Date
9/9/24)
(1)(3)
3,500,000‌
273,983‌
0.1‌
Maverix
Metals,
Inc.
(Exercise
Price
$3.30,
Exp.
Date
12/23/21)
(1)(3)
250,000‌
504,912‌
0.1‌
Mawson
Resources,
Ltd.
(Exercise
Price
$0.45,
Exp.
Date
5/20/22)
(1)(3)
4,300,000‌
0‌
0.0‌ 
Monarch
Mining
Corp.
(Exercise
Price
$1.05,
Exp.
Date
6/29/23)
(1)(3)
2,500,000‌
117,421‌
0.0‌
Nighthawk
Gold
Corp.
(Exercise
Price
$1.50,
Exp.
Date
7/7/23)
(1)(3)
2,174,000‌
17,018‌
0.0‌
O3
Mining,
Inc.
(Exercise
Price
$3.25,
Exp.
Date
6/18/22)
(1)(3)
740,000‌
0‌
0.0‌ 
Osino
Resources
Corp.
(Exercise
Price
$1.05,
Exp.
Date
1/30/22)
(1)(3)
1,000,000‌
109,593‌
0.0‌
Prime
Mining
Corp.
(Exercise
Price
$1.10,
Exp.
Date
6/10/25)
(1)(3)
920,000‌
2,599,867‌
0.5‌
Prime
Mining
Corp.
(Exercise
Price
$5.00,
Exp.
Date
4/27/24)
(1)(3)
400,000‌
241,105‌
0.1‌
Probe
Metals,
Inc.
(Exercise
Price
$1.30,
Exp.
Date
12/10/21)
(1)(3)
2,362,500‌
998,669‌
0.2‌
Pure
Gold
Mining,
Inc.
(Exercise
Price
$0.85,
Exp.
Date
7/18/22)
(1)(3)
1,500,000‌
105,679‌
0.0‌
Thesis
Gold,
Inc.
(Exercise
Price
$0.75,
Exp.
Date
10/31/22)
(1)(3)
2,000,000‌
861,091‌
0.2‌
Westhaven
Gold
Corp.
(Exercise
Price
$1.00,
Exp.
Date
2/4/23)
(1)(3)
2,750,000‌
0‌
0.0‌ 
Total
gold
mining,
exploration,
development
and
royalty
companies
(Cost
$2,213,098)
6
,
465
,
995‌
1.
3‌
Silver
mining,
exploration,
development
and
royalty
companies
Canada
Discovery
Silver
Corp.
(Exercise
Price
$0.77,
Exp.
Date
5/28/22)
(1)(3)
1,454,545‌
1,275,268‌
0.3‌
Discovery
Silver
Corp.
(Exercise
Price
$1.75,
Exp.
Date
8/7/22)
(1)(3)
975,000‌
198,442‌
0.1‌
Silver
Tiger
Metals,
Inc.
(Exercise
Price
$0.50,
Exp.
Date
7/31/23)
(1)(3)
1,666,666‌
156,562‌
0.0‌
Total
silver
mining,
exploration,
development
and
royalty
companies
(Cost
$137,059)
1,6
30
,
272‌
0.4‌
Total
warrants
(Cost
$4,156,578)
22,342,769‌
4.7‌
Money
Market
Fund
Federated
US
Treasury
Cash
Reserve
Fund
-
Institutional
Shares,
0.01%
(Cost
$6,337,406)
(4)
6,337,406‌
6,337,406‌
1.3‌ 
Investments,
at
value
(Cost
$261,674,792)
482,272,854‌
100.1‌
Cash,
receivables
and
other
assets
less
other
liabilities
(374,399‌)
(0.1‌)
Net
assets
$
481,898,455‌
100.0‌%
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
Schedule
of
Investments
(continued)
November
30,
2021
12
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Portfolio
Statistics
(Unaudited)
Portfolio
statistics
(Unaudited)
November
30,
2021
*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)
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
$22,492,500
or
4.7%
of
net
assets.
(4)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
November
30,
2021.
Geographic
Breakdown*
Australia
14.8‌%
Canada
71.1‌ 
Cayman
Islands
4.2‌ 
South
Africa
7.7‌ 
United
Kingdom
1.0‌ 
Cash
1.2‌ 
100.0‌%
Schedule
of
Investments
(continued)
November
30,
2021
13
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.