Several of the themes that we outlined in the past few years continued to have a strong influence on the gold price in 2016. The strength of the U.S. dollar and U.S. economic environment, the U.S. Federal Reserve (the “Fed”) activities and the health of leading world economies all impacted investor demand for gold in 2016. In early 2016, we saw a rapid increase in the gold price to a high of $1,366 on the back of dovish Fed actions and concerns about global economic growth and stability. During the last few months of 2016, the gold price retreated to end the fiscal year at $1,178 in response to surprising U.S. election results, positive U.S. economic news and hawkish Fed intentions. Investor activity, both via ETFs and the physical metal, were the primary source of demand for gold during the last year and we believe that these investors and, subsequently, the price of gold, will continue to be influenced by U.S. and global economic indicators.

For the fiscal year ended November 30, 2016, ASA Gold and Precious Metals Limited (“ASA” or the “Company”) reported a total return of 51.9% based on its net asset value (“NAV”), including reinvested dividends, compared with a total return of 57.9% for the FTSE Gold Mines Total Return Index (the “FTGMI”). ASA’s broader diversification across marketcap and metals, as compared to FTGMI, negatively affected the performance of the Company. The total return for the fiscal year, based on ASA’s share price, was 51.5%. The gold price increased 10.9% during the one year period ending November 30, 2016.

At fiscal year-end, total net assets of ASA were $243.2 million, an $82.5 million improvement from the $160.7 million total net assets at fiscal year-end 2015. The average expense ratio improved to 1.26% during the 2016 fiscal year from 1.64% during fiscal year 2015 as a result of the increase in asset values and a decrease in ASA’s operating expenses.

Investment income generated by dividends declined by 27.3% during fiscal year 2016. While gold mining industry cash flow has improved due to significant cost reductions over the last few years, cash flow continued to be deployed for debt repayment and towards exploration and development. Even with a rise in prices, we believe it will be a while before a meaningful increase in dividend distributions.

The discount at which ASA’s shares traded in the market fluctuated during the fiscal year from a high of 17.1% to a low of 4.4% and ended the fiscal year at 14.3%. 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 benefit shareholders, or accomplish a meaningful narrowing of the discount.

The Industry Slowly Improves

The last twelve months have witnessed a slow, but steady improvement in the financial health of the gold mining industry. Senior gold producers continued to shed

non-core assets in an effort to streamline operations and improve balance sheets. Companies generally used cash generated from asset sales and operations to pay off their near term and most expensive debt. Net debt of the top 10 senior gold mining companies decreased by 34% from the end of 2014 through Q3 2016. We believe that companies are finding their current debt loads more manageable and are beginning to look at other uses for cash, such as exploration, acquisitions and dividends.

Chart 1: Net Debt of Senior Gold Mining Companies

Source: ASA, Bloomberg

The improving financial position of the industry comes at a time when many large gold mining companies face a future of declining gold production. Gold production of the top 10 senior gold producers is expected to decline by 13% from 2015 to 2020, according to RBC Capital Markets. In addition, development capital spending declined by 90% from its peak in Q4 2012 as gold miners postponed investments in large, long lived assets due to the combination of lower returns and a higher cost of capital. The underinvestment in exploration and development and the divestiture of assets over the past four years has left gold mining companies with few opportunities for profitable, organic production growth. We anticipate that the senior and mid-tier mining companies will not only ramp up exploration and development spending in the coming years, but must also look externally to acquire producers, developers or exploration companies that can boost their production and cash flow profiles.

Portfolio Changes

Over the past two years, ASA has built positions in development companies that we believe could be the target of acquisitions for some of the senior and mid-tier companies seeking growth. We believe these high quality companies offer attractive returns in the current environment.

During the second half of 2016, ASA acquired a position in Roxgold Inc., a small single asset producer with a strong management team and an asset that has the potential to grow over time. Roxgold’s Yaramoko project in Burkina Faso is a high-grade underground operation with good margins that recently declared commercial pro-

duction. The strong economics and exploration potential at Yaramoko make Roxgold an attractive investment opportunity.

Pretium Resources Inc. was another new investment for ASA during the second half of 2016. Pretium is completing the development of its high-grade, underground Brucejack project in British Columbia. Once in full production in 2018, the project is anticipated to produce over 400 thousand ounces a year at very attractive production costs. As the project continues to be de-risked and moves towards production, we anticipate an increase in the share price to trade in line with producing peers.

Earlier stage exploration projects remain attractive opportunities for companies looking to improve their production profile 5 to 10 years out. In April 2016, one of ASA’s investments, Amara Mining plc, was purchased for a 38% premium by Perseus Mining Limited. Amara’s exploration success on the Yaoure project in Cote d’Ivoire attracted Perseus, who plans to have the asset in production by 2020.

Chart 2: Holdings by Stage of Development

As of fiscal year-end 2016

Source: ASA

In 2016, new and additional investments were made in Asanko Gold Inc., Integra Gold Corp., TMAC Resources Inc., MAG Silver Corp., Atlantic Gold Corporation and Lydian International Limited to increase the Company’s exposure to the junior and developer segments of the industry. Capital for these investments was reallocated from larger producers that were either outsized in the portfolio or facing certain headwinds. ASA believes that these investments in developers and junior producers continue to have strong return potential.

ASA also made significant adjustments to its investments in the platinum and palladium sector in 2016. Early in the year we sold our investments in Anglo American Platinum Limited and Impala Platinum Holdings Limited, and in the second half of the year we exited our investment in the ETFS Physical Palladium Shares and ETFS Physical Platinum Shares. Much of the capital from these sales was redeployed into Stillwater Mining Company. Stillwater has done an excellent job of cutting costs and

we believed that its risk and return profile made it a more optimal investment for platinum and palladium exposure. Subsequent to the end of the fiscal year, Stillwater received a take-over offer from Sibanye Gold Limited at a 23% premium. The transaction is expected to close during the first half of 2017.

Chart 3: Investment Holdings by Sector

As of fiscal year-end 2016

Source: ASA

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 directly at 1-800-432-3378.

David Christensen

President, Chief Executive Officer and Chief Investment Officer

January 17, 2017

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 16, 2017 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.

We have audited the accompanying statements of assets and liabilities of ASA Gold and Precious Metal Limited (the “Company”) including the schedules of investments, as of November 30, 2016 and November 30, 2015, 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, 2016, by correspondence with the custodian and brokers. 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, 2016 and November 30, 2015, 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 17, 2017

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.

For the purpose of making purchases, Computershare will commingle each participant’s funds with those of all other participants in the CIP. The price per share of shares purchased for each participant’s account shall be the weighted average price of all shares purchased in the open market with the net funds available from a cash dividend and any voluntary cash purchases being invested. 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 $3.00 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. 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 30170, College Station, TX 77842-3170. 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.

Board of Directors and Officers
of ASA Gold and Precious
Metals Limited

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 (54)

Position held with the Company: Director since 2008; President, Chief Executive Officer and Chief Investment Officer since February 2009; Vice President Investments from May 2007 to February 2009.

Other Directorships held by Director: Director of Hecla Mining Company from 2002 to 2011; Director of Denver Gold Group from 2010 to 2015.

Independent Directors
Robert Pilkington (71)

Position held with the Company: Chairman (non-executive) since 2016. Deputy Chairman (non-executive) from 2014 to 2016. Director since 2004 (Director of 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, (67)

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 (70)

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

Principal occupations during past 5 years: President and Chief Investment Officer of U.S. Steel and Carnegie Pension Fund, 1985-2011.

Other Directorships held by Director: Director of Taiwan Opportunities Fund Ltd. since 2012; Director of Trustee of Steelworkers Pension Trust from 2009 to 2011.

Bruce Hansen (59)

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 (46)

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.

James Nash (36)

Position held with the Company: Corporate Secretary since March 2016 and Deputy Chief Compliance Officer since June 2016.

Principal occupations during past 5 years: Fund Chief Compliance Officer at Foreside Fund Officer Services, LLC since 2016; Regulatory Administration Advisor with JPMorgan Chase Bank, N.A. from 2014 to 2016; Product Analyst with Linedata Services, Inc. from 2011 to 2014.

Sara Heston (37)

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

David Lin (38)

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 30170, College Station, TX, 77842-3170

(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.