ASA Gold and Precious Metals : Monthly Factsheet September 2025
|
Market Closed –
|
5-day change | 1st Jan Change | ||
|
45.90 USD |
+1.98% | -1.40% | +127.00% | |
Published on 11/07/2025
at 05:06 pm EST
Publicnow
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.
September 30, 2025
|
PERFORMANCE AS OF SEPTEMBER 30, 2025
Average Annual Total Returns |
||||||
|
1 Year |
3 Years |
5 Years |
10 Years |
15 Years |
Inception |
|
|
NAV |
115.8% |
50.7% |
15.1% |
19.7% |
3.5% |
9.3% |
|
Share Price |
120.9% |
54.3% |
16.7% |
19.6% |
3.4% |
9.2% |
|
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. |
||||||
|
Website |
https://www.asaltd.com |
|
Toll-free |
(800)432-3378 |
|
Dividends |
|
|
Distributions |
Semi-annual |
|
05/14/25 |
$.03 |
|
11/20/24 |
$.02 |
|
05/16/24 |
$.02 |
|
11/22/23 |
$.01 |
|
Statistics |
|
|
Beta1 |
0.92 |
|
R-squared2 |
0.78 |
Shares
Ticker
Net assets NAV
Share price
Discount
ASA
$949 million
$50.25
$45.80 8.86%
Management
Adviser Merk Investments Portfolio Managers Peter Maletis
James Holman
CIO Axel Merk
Contact
ASA Gold & Precious Metals Limited c/o Apex Fund Services
3 Canal Plaza, Suite 600
Portland, Maine 04101
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.
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.
HISTORICAL DISCOUNT
0%
-5%
-10 %
-15 %
-20 %
-25 %
-30 %
Mar-0 8 Mar-0 9 Mar-1 0 Mar-1 1 Mar-1 2 Mar-1 3 Mar-1 4 Mar-1 5 Mar-1 6 Mar-1 7 Mar-1 8 Mar-1 9 Mar-2 0 Mar-2 1 Mar-2 2 Mar-2 3 Mar-2 4 Mar-2 5 Mar-2 6
Discount For the period 3/31/08 – 09/30/25
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
On April 12, 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.
September 30, 2025
Website
Toll-free
https://www.asaltd.com
(800)432-3378
|
Primary Commodity |
% of NAV |
|
Gold |
63.6% |
|
Diversified Miners |
28.8% |
|
Net Liquid Assets |
4.0% |
|
Silver |
3.6% |
|
Platinum & Palladium |
0.0% |
|
Type |
% of NAV |
|
Mining Companies |
59.3% |
|
Exploration Companies |
26.8% |
|
Development Companies |
7.8% |
|
Net Liquid Assets |
4.0% |
|
Royalty Companies |
2.1% |
|
Stage of Development |
% of NAV |
|
Production < 500k ounces |
46.1% |
|
Exploration Companies |
26.8% |
|
Production 500k – 1mm ounces |
8.6% |
|
Development Companies |
7.8% |
|
Production >1mm ounces |
4.6% |
|
Net Liquid Assets |
4.0% |
|
Royalty Companies |
2.1% |
|
Country of Incorporation |
% of NAV |
|
Canada |
85.0% |
|
Australia |
9.9% |
|
Net Liquid Assets |
4.0% |
|
South Africa |
1.1% |
|
Type of Security |
% of NAV |
|
Equity Securities |
92.3% |
|
Net Liquid Assets |
4.0% |
|
Convertible |
1.9% |
|
Warrants |
1.4% |
|
Capitalization |
% of NAV |
|
Market Cap < $2bn |
61.3% |
|
Market Cap $2bn – $10bn |
31.1% |
|
Net Liquid Assets |
4.0% |
|
Market Cap >$10bn |
3.6% |
|
Holdings |
Ticker |
% of NAV |
|
G Mining Ventures Corp |
GMIN CN |
12.6% |
|
Americas Gold & Silver Corp |
USA |
10.1% |
|
Orla Mining Ltd |
OLA CN |
7.1% |
|
Equinox Gold Corp |
EQX CN |
5.8% |
|
Net Cash Or Equivalent |
Cash |
4.0% |
|
San Cristobal Mining |
PRIVATE |
3.5% |
|
Predictive Discovery |
PDI AU |
3.2% |
|
Westgold Resources Ltd |
WGX CN |
3.0% |
|
Robex Resources Inc |
RBX CN |
2.9% |
|
Prime Mining Corp |
PRYM CN |
2.8% |
|
Alamos Gold Inc |
AGI |
2.8% |
|
Agnico Eagle Mines Ltd |
AEM |
2.5% |
|
Thesis Gold Inc |
TAU CN |
2.4% |
|
Discovery Silver Corp |
DSV CN |
2.1% |
|
Atex Resources Inc |
ATX CN |
2.0% |
|
Metalla Royalty & Streaming Ltd |
MTA CN |
2.0% |
|
Minera Alamos Inc |
MAI CN |
1.8% |
|
Probe Gold Inc |
PRB CN |
1.7% |
|
Southwest Critical Minerals Llc |
PRIVATE |
1.6% |
|
Orla Mining Ltd Cvt |
OLA CN |
1.4% |
|
Integra Resources Corp |
ITR CN |
1.2% |
|
Magnetic Resources Nl |
MAU AU |
1.2% |
|
Andean Precious Metals |
APM CN |
1.1% |
|
Gold Fields Ltd-Adr |
GFI |
1.1% |
|
Bellevue Gold Ltd |
BGL AU |
1.1% |
|
Tdg Gold Corp |
TDG CN |
1.1% |
|
B2Gold Corp |
BTO CT |
1.0% |
|
Silver Tiger Metals |
SLVR CN |
1.0% |
|
Gold Candle Ltd |
PRIVATE |
0.9% |
|
Firefly Metals |
FFM AU |
0.9% |
|
Barton Gold Holdings |
BGD AU |
0.9% |
|
Gogold Resources Inc |
GGD CN |
0.7% |
|
G2 Goldfields Inc |
GTWO |
0.7% |
|
Liberty Gold Corp-Plc |
LGD CN |
0.6% |
|
New Found Gold Corp |
NFG CA |
0.6% |
|
Fuerte Metals |
FMT CN |
0.5% |
|
Andean Silver Ltd |
ASL CN |
0.5% |
|
Newcore Gold Ltd |
NCAU CN |
0.5% |
|
Lahontan Gold Corp |
LAHO CN |
0.4% |
|
Orla Mining Ltd Wrnt |
OLA CN |
0.4% |
|
Magna Mining Inc Cvt |
NICU CN |
0.4% |
|
Robex Resources Inc Wrnt |
RBX CN |
0.4% |
|
Laurentian Mountain Resources |
PRIVATE |
0.4% |
|
Red Pine Exploration Inc |
RPX CN |
0.4% |
|
Cygnus Gold Ltd |
CY5 AU |
0.3% |
|
I-80 Gold Corp 8% Cvt |
I80 CN |
0.3% |
|
Midas Minerals Ltd |
MM1 AU |
0.3% |
|
Emerita Resources |
EMOT CN |
0.3% |
|
Lithium Africa Resources Corp |
PRIVATE |
0.3% |
|
Tier One Silver Inc |
TSLV CN |
0.3% |
|
Talisker Resources Ltd |
TSK CN |
0.3% |
|
Minera Alamos Inc Wrnt |
MAI CN |
0.2% |
|
Holdings |
Ticker |
% of NAV |
|
Bendito Resources Inc |
PRIVATE |
0.2% |
|
Lotus Gold Corp |
PRIVATE |
0.2% |
|
Pecoy Copper Limited |
PCU CN |
0.2% |
|
Alicanto Minerals Ltd |
AQI AU |
0.2% |
|
Geopacific Resources Ltd |
GPR AU |
0.2% |
|
Delta Lithium Ltd |
DLI AU |
0.2% |
|
Silver Mountain Resources Inc |
AGMR CN |
0.2% |
|
Ridgeline Minerals |
RDG CN |
0.2% |
|
Nexus Minerals Limited |
NXM AU |
0.2% |
|
Guanajuato Silver Company Ltd |
GSVR CN |
0.2% |
|
Gorilla Gold Mines Ltd |
GG8 AU |
0.1% |
|
Stllr Gold Inc |
STLR CN |
0.1% |
|
Bendito Resources Inc Cvt |
PRIVATE |
0.1% |
|
South Pacific Metals Corp |
SPMC CN |
0.1% |
|
Bellavista Resources |
BVRZZ AU |
0.1% |
|
Castile Resources |
CST AU |
0.1% |
|
Tier One Silver Inc Wrnt |
TSLV CN |
0.1% |
|
Evolve Strategic Element Royalties |
PRIVATE |
0.1% |
|
Sable Resources Ltd |
SAE CN |
0.1% |
|
Cartier Resources Inc |
ECR CN |
0.1% |
|
Onyx Gold Corp |
ONYX CN |
0.1% |
|
Ballard Mining Ltd |
BM1 AU |
0.1% |
|
Bunker Hill Mining Corp |
BNKR CN |
0.1% |
|
Westhaven Gold Corp |
WHN CN |
0.1% |
|
Desert Gold Ventures Inc |
DAU CN |
0.1% |
|
Max Resource Corp |
MAX CN |
0.1% |
|
Pan Global Resources |
PGZ CN |
0.1% |
|
Wolfram Limited |
PRIVATE |
0.1% |
|
Integra Resources Corp Wrnt |
ITR CN |
0.1% |
|
Prodigy Gold Nl |
PRX AU |
0.0% |
|
American Pacific Mining |
USGD CN |
0.0% |
|
Carcetti Capital Corp |
CART CN |
0.0% |
|
Guanajuato Silver Company Ltd Wrnt |
GSVR CN |
0.0% |
|
Culico Metals Inc |
CLCO CN |
0.0% |
|
Pan American Silver Cvt |
PAAS |
0.0% |
|
Cartier Resources Inc Wrnt |
ECR CN |
0.0% |
|
Lahontan Gold Corp Wrnt |
LAHO CN |
0.0% |
|
Silver Mountain Resources Wrnt |
AGMR CN |
0.0% |
|
Lcl Resources Ltd |
LCL CN |
0.0% |
|
Lithium Africa Resources Corp Wrnt |
PRIVATE |
0.0% |
|
Angel Wing Metals Inc |
AWM CN |
0.0% |
|
Ridgeline Minerals Wrnt |
RDG CN |
0.0% |
|
Lux Metals Corp |
LXM CN |
0.0% |
|
Red Pine Exploration Inc Wrnt |
RPX CN |
0.0% |
|
South Pacific Metals Corp Wrnt |
SPMC CN |
0.0% |
|
Sua Holdings Limited |
PRIVATE |
0.0% |
|
Lotus Gold Corp Wrnt |
PRIVATE |
0.0% |
|
Prodigy Gold Wrnt |
PRX AU |
0.0% |
|
Monarch Mining Corp |
GBAR CN |
0.0% |
|
Laurentian Mountain Resources Wrnt |
PRIVATE |
0.0% |
|
Bunker Hill Mining Corp Wrnt |
BNKR |
0.0% |
|
Monarch Mining Corp Wrnt |
GBAR CN |
0.0% |
Warrants and Convertible Securities (annotated as Wrnt and Cvt, respectively) may not be publicly traded; ticker symbols referenced may refer to to issuer of the respective Warrant or Convertible Security. References to 0.0% of NAV are non-zero amounts rounded to 0.0%. Please see other side for additional important disclosure.
Attachments
- Original document
- Permalink
Disclaimer
ASA Gold and Precious Metals Limited published this content on November 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 07, 2025 at 22:05 UTC.
ASA Gold and Precious Metals Limited is a non-diversified, closed-end investment company. The Company’s investment objective is long-term capital appreciation primarily through investing in companies engaged in the exploration for, development of projects or mining of precious metals and minerals. The Company invests approximately 80% of its total assets 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; held as bullion or other direct forms of gold, silver, platinum or other precious minerals; in instruments representing interests in gold, silver, platinum or other precious minerals, and/or 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 Companyâs investment adviser is Merk Investments LLC.
Select your edition
All financial news and data tailored to specific country editions
