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 28, 2019




Item 1.  Schedule of Investments.

ASA Gold and Precious Metals Limited
                      
Schedules of Investments (Unaudited)
                      
February 28, 2019 and February 28, 2018
                      
                           
     
2019
          
2018
        
Name of Company
Shares / Warrants
Value
Percent of Net Assets
Shares / Warrants
Value
Percent of Net Assets
                           
Common Shares
                      
                           
Gold and Silver Investments
                      
 
Gold mining, exploration, development and royalty companies
                      
                           
 
Australia
                      
 
Newcrest Mining Limited
   1,015,000
$
   17,483,375
       7.7
 %
   1,015,000
$
   16,737,350
       7.3
 %
         
   17,483,375
       7.7
       
   16,737,350
       7.3
 
                           
 
Canada
                      
 
Agnico Eagle Mines Limited
      450,000
 
   19,107,000
       8.4
   
      450,000
 
   17,140,500
       7.5
 
 
Alacer Gold Corp., (1)
   2,500,000
 
     6,243,832
       2.7
   
   2,500,000
 
     3,935,167
       1.7
 
 
Alamos Gold Inc.
      875,000
 
     4,224,550
       1.9
   
      875,000
 
     4,445,570
       1.9
 
 
Atlantic Gold Corporation – 144A, (1)(2)
   2,750,000
 
     4,634,480
       2.0
   
   2,750,000
 
     3,278,657
       1.4
 
 
B2Gold Corp., (1)
   1,594,338
 
     5,010,673
       2.2
   
   1,594,338
 
     4,733,443
       2.1
 
 
Barrick Gold Corporation
   2,278,924
 
   28,805,599
     12.7
   
   1,125,000
 
   12,960,000
       5.7
 
 
Belo Sun Mining Corp., (1)
   2,387,000
 
       543,612
       0.2
   
   2,600,000
 
       688,849
       0.3
 
 
Detour Gold Corporation, (1)
      450,000
 
     4,550,216
       2.0
   
      450,000
 
     4,102,704
       1.8
 
 
Eldorado Gold Corporation
              -  
 
                -  
        -  
   
   1,296,570
 
     1,374,364
       0.6
 
 
Franco-Nevada Corporation
      160,000
 
   12,041,600
       5.3
   
      160,000
 
   11,211,096
       4.9
 
 
Goldcorp Inc.
      932,400
 
     9,827,496
       4.3
   
      932,400
 
   11,664,324
       5.1
 
 
Golden Star Resource Ltd., (1)
      580,000
 
     2,204,000
       1.0
   
              -  
 
                -  
        -  
 
 
Guyana Goldfields Inc., (1)
      619,500
 
       681,906
       0.3
   
      619,500
 
     2,404,044
       1.1
 
 
IAMGOLD Corp., (1)
      675,000
 
     2,254,500
       1.0
   
      290,400
 
     1,527,504
       0.7
 
 
Kinross Gold Corporation, (1)
      800,000
 
     2,664,000
       1.2
   
      800,000
 
     2,864,000
       1.3
 
 
New Gold Inc., (1)
              -  
 
                -  
        -  
   
      500,000
 
     1,260,000
       0.6
 
 
OceanaGold Corporation
   2,154,013
 
     6,933,132
       3.0
   
   2,654,013
 
     7,072,956
       3.1
 
 
Pretium Resources Inc., (1)
      725,000
 
     5,865,250
       2.6
   
      725,000
 
     4,632,750
       2.0
 
 
Roxgold Inc., (1)
   2,827,200
 
     1,845,739
       0.8
   
   2,827,200
 
     2,489,469
       1.1
 
 
Semafo Inc., (1)
      900,000
 
     2,527,898
       1.1
   
      900,000
 
     2,398,504
       1.0
 
 
Tahoe Resources Inc.
              -  
 
                -  
        -  
   
      708,200
 
     3,465,671
       1.5
 
 
TMAC Resources Inc., (1)
        26,500
 
       119,092
       0.1
   
        26,500
 
       181,719
       0.1
 
 
TMAC Resources Inc. – 144A, (1)(2)
      185,000
 
       831,398
       0.4
   
      185,000
 
     1,268,604
       0.6
 
 
Torex Gold Resources Inc., (1)
      330,000
 
     3,988,158
       1.8
   
      330,000
 
     2,571,495
       1.1
 
 
Torex Gold Resources Inc. - 144A, (1)(2)
      130,000
 
     1,571,092
       0.7
   
      125,000
 
     1,013,013
       0.4
 
         
 126,475,224
     55.6
       
 108,684,406
     47.6
 
                           
 
Cayman Islands
                      
 
Endeavour Mining Corporation, (1)
      375,000
 
     5,696,311
       2.5
   
      250,000
 
     4,714,408
       2.1
 
                           
 
Channel Islands
                      
 
Centamin plc
   1,500,000
 
     1,821,908
       0.8
   
              -  
 
                -  
        -  
 
 
Lydian International Limited, (1)            
   1,780,000
 
       195,931
       0.1
   
   1,780,000
 
       644,978
       0.3
 
 
Lydian International Limited – 144A, (1)(2)  
 7,500,500
 
       825,607
       0.4
   
 12,593,775
 
     4,563,318
       2.0
 
 
Randgold Resources Limited - ADRs
              -  
 
                -  
        -  
   
      229,100
 
   18,561,682
       8.1
 
         
     2,843,446
       1.3
       
   23,769,977
     10.4
 
                           
 
Peru
                        
 
Compañia de Minas Buenaventura S.A.A. - ADRs
      699,000
 
   11,631,360
       5.1
   
      699,000
 
   10,869,450
       4.8
 
                           
 
South Africa
                      
 
AngloGold Ashanti Limited
      898,420
 
   12,730,611
       5.6
   
      898,420
 
     8,391,243
       3.7
 
 
Gold Fields Limited
   1,029,577
 
     4,252,153
       1.9
   
   1,029,577
 
     4,035,942
       1.8
 
 
Sibanye-Stillwater
   1,092,174
 
     1,193,200
       0.5
   
   1,050,168
 
     1,021,288
       0.4
 
         
   18,175,964
       8.0
       
   13,448,473
       5.9
 
                           
 
United States
                      
 
Newmont Mining Corporation
      570,368
 
   19,460,956
       8.6
   
      570,368
 
   21,788,058
       9.5
 
 
Royal Gold, Inc.
      165,000
 
   14,587,650
       6.4
   
      190,000
 
   15,346,300
       6.7
 
         
   34,048,606
     15.0
       
   37,134,358
     16.3
 
                           
 
Total gold mining, exploration, development and royalty companies                        
(Cost $179,398,536 - 2019, $200,774,981 - 2018)
 216,354,287
     95.1
       
 215,358,422
     94.3
 
                           
 
Silver mining, exploration and development companies
                      
 
Canada
                      
 
MAG Silver Corp., (1)
      325,000
 
     3,182,646
       1.4
   
      325,000
 
     3,398,660
       1.5
 
                           
 
Mexico
                      
 
Fresnillo PLC
      250,000
 
     2,851,330
       1.3
   
              -  
 
                -  
        -  
 
                           
                           
                           
 
    The notes to financial statements form an integral part of these statements.
                     
                           
ASA Gold and Precious Metals Limited
                      
Schedules of Investments (Unaudited) (Continued)
                      
February 28, 2019 and February 28, 2018
                      
                           
     
2019
          
2018
        
Name of Company
Shares / Warrants
Value
Percent of Net Assets
Shares / Warrants
Value
Percent of Net Assets
                           
 
Total silver mining, exploration and development companies                                                      
(Cost $5,398,077 - 2019, $2,541,688 - 2018)
     6,033,976
       2.7
       
     3,398,660
       1.5
 
                           
 
 Total gold and silver investments                                                                                  (Cost $184,796,613 - 2019, $203,316,669 - 2018)
$
 222,388,263
     97.7
 %
 
$
 218,757,081
     95.8
 %
                           
Diamond Mining, Exploration and Development Companies
                      
 
Bermuda
                      
 
Petra Diamonds Limited, (1)
              -  
$
                -  
        -  
 %
   1,000,000
 
       846,897
       0.4
%
                           
                           
 
Canada
                      
 
Stornoway Diamond Corporation, (1)
   1,389,500
 
       200,414
       0.1
   
   1,389,500
 
       649,653
       0.3
 
 
Stornoway Diamond Corporation – 144A, (1)(2)
   9,698,550
 
     1,398,865
       0.6
   
   9,698,550
 
     4,534,505
       2.0
 
         
     1,599,278
       0.7
       
     5,184,158
       2.3
 
                           
 
Total diamond mining, exploration and development companies                              (Cost $7,024,044 - 2019, $10,222,660 - 2018)
     1,599,278
       0.7
       
     6,031,055
       2.6
 
                           
 
Total common shares                                                                                                 (Cost $191,820,657 - 2019, $213,539,329 - 2018)
 223,987,542
     98.4
       
 224,788,137
     98.4
 
                           
Contingent Value Rights
                      
                           
 
Gold mining, exploration, and development companies
                      
                           
 
Canada
                      
 
Pan American Silver Corporation, Contingent Value Right, 2/22/2019, (1)
      393,200
 
         78,325
 0.0
   
              -  
 
                -  
        -  
 
 
 (Cost $136,720 - 2019, $0 - 2018)
                      
                           
 
Total investments (Cost $191,957,377 - 2019, $213,539,329 - 2018), (3)
    
 224,065,866
     98.4
       
 224,788,137
     98.4
 
 
Cash, receivables, and other assets less liabilities
    
     3,453,457
       1.5
       
     3,641,017
       1.6
 
 
Net assets
  
$
 227,519,323
   100.0
 %
 
$
 228,429,154
   100.0
 %
                           
 
   (1)
Non-income producing security.
                      
 
   (2)
Restricted security.
                      
 
   (3)
Cost of investments shown approximates adjusted basis for U.S. federal income tax purposes, determined in accordance with U.S. federal income tax principles. 
 
   
Gross unrealized appreciation of investments and gross unrealized depreciation of investments at February 28, 2019 were $74,098,158 and $41,989,669,
   
   
respectively, resulting in net unrealized appreciation on investments of $32,108,489. Gross unrealized appreciation of investments and gross unrealized
    
   
depreciation of investments at February 28, 2018 were $71,361,910 and $60,113,103, respectively, resulting in net unrealized appreciation on investments
   
   
of $11,248,807.
                      
                           
 
    ADR - American Depository Receipt.
                      
                           
 
    May not total due to independent rounding.
                     
                           
 
    The notes to financial statements form an integral part of these statements.
                     


Notes to Financial Statements

Three months ended February 28, 2019 and February 28, 2018


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.
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”) or the Toronto Stock Exchange (the “TSX”), whichever is later, 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.
Where the Company holds securities listed on foreign stock exchanges and American Depository Receipts (“ADRs”) representing these securities are actively traded in U.S. markets, the securities normally are fair valued based on the last reported sales price of the ADRs.
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 28, 2019 and February 28, 2018, the Company held investments in restricted securities of 4.07% and 6.42% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of Directors as follows:


Restricted Securities
February 28, 2019
Shares/ Warrants
Cost
Issuer
Value Per Unit
Value
Acquisition Date
5,000
  $51,131
Torex Gold Resources, Inc. – 144A
  $12.09
$60,427
01/31/2018
621,200
202,751
Lydian International Limited – 144A
0.11
68,378
11/21/2017
1,841,350
1,490,038
Stornoway Diamond Corporation – 144A
0.14
265,586
06/21/2016
6,879,300
1,269,275
Lydian International Limited – 144A
0.11
757,230
05/26/2016
2,750,000
1,285,447
Atlantic Gold Corporation – 144A
1.69
4,634,480
05/09/2016
185,000
898,101
TMAC Resources, Inc. – 144A
4.49
831,398
06/26/2015
7,857,200
4,641,822
Stornoway Diamond Corporation – 144A
0.14
1,133,279
07/08/2014
125,000
  1,351,000
Torex Gold Resources, Inc. – 144A
  12.09
1,510,666
01/22/2014

Restricted Securities
February 28, 2018
Shares/ Warrants
Cost
Issuer
Value Per Unit
Value
Acquisition Date
5,000
$51,131
Torex Gold Resources, Inc. – 144A
$7.79
$38,962
01/31/2018
5,714,475
1,869,119
Lydian International Limited – 144A
0.36
2,070,623
11/21/2017
1,841,350
$1,490,038
Stornoway Diamond Corporation – 144A
0.47
860,913
06/21/2016
6,879,300
1,269,275
Lydian International Limited – 144A
0.36
2,492,694
05/26/2016
2,750,000
1,285,447
Atlantic Gold Corporation – 144A
1.19
3,278,657
05/09/2016
185,000
898,101
TMAC Resources, Inc. – 144A
6.86
1,268,604
06/26/2015
7,857,200
  4,641,822
Stornoway Diamond Corporation – 144A
  0.47
   3,673,592
07/08/2014
125,000
  1,351,000
Torex Gold Resources, Inc. – 144A
7.79
  974,051
01/22/2014

C. Fair value measurement
In accordance with 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 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 28, 2019 and February 28, 2018 in valuing the Company’s investments at fair value:

Investment in Securities
Measurements at February 28, 2019
Description (1)
Level 1
  
Level 2
  
Level 3
  
Total
Common Shares
              
Gold and Silver Investments
              
Gold mining, exploration, development and royalty companies
$172,832,371
  
$  43,521,916
  
$               -
  
$216,354,287
Silver mining, exploration and development companies
6,033,976
  
-
  
-
  
6,033,976
Diamond Mining, Exploration and Development Companies
 
200,414
  
1,398,864
  
                -
  
1,599,278
Total Common Shares
179,066,761
  
  44,920,780
      
223,987,541
               
Contingent Value Rights
              
Gold mining, exploration, development
-
  
-
  
     78,325
  
78,325
   and royalty companies
              
Total Investments
$179,066,761
  
$  44,920,780
  
$      78,325
  
$224,065,866
               
Transfers into and out of levels are recognized at the end of the period.   During the three months ended February 28, 2019, there were no transfers into and out of Levels 1, 2, and 3.
(1) See schedules of investments for country classifications.
May not total due to independent rounding.
 
 
 
 
 
 

Investment in Securities
Measurements at February 28, 2018
Description (1)
Level 1
  
Level 2
  
Level 3
  
Total
Common Shares
              
Gold and Silver Investments
              
Gold mining, exploration, development and royalty companies
$175,049,007
  
$40,309,415
  
$               -
  
$215,358,422
Silver mining, exploration and development companies
3,398,660
  
-
  
-
  
3,398,660
Diamond Mining, Exploration and Development Companies
1,496,550
  
4,534,505
  
                -
  
6,031,055
Total Investments
$179,944,217
  
$  44,843,920
  
$               -
  
$224,788,137
               
Transfers into and out of levels are recognized at the end of the period.   During the three months ended February 28, 2018, there were no transfers into and out of Levels 1, 2, and 3.
(1) See schedules of investments for country classifications.
May not total due to independent rounding.






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
 April 23, 2019
 

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
 April 23, 2019
 

By
 /s/ Karen Shaw
 
 
Karen Shaw, Principal Financial Officer
  
     
Date
 April 23, 2019