# EDGAR Filing Document

**Accession Number:** 0001230869
**File Stem:** 0001049169-26-000926
**Filing Date:** 2026-4
**Character Count:** 92362
**Document Hash:** 7a96ea76ca4c362922024f196b0fee6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000926.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001049169-26-000926

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**PERIOD START**: 20261130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASA Gold & Precious Metals Ltd
- **CENTRAL INDEX KEY:** 0001230869

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21650
- **FILM NUMBER:** 26909048

**BUSINESS ADDRESS:**
- **STREET 1:** APEX FUND SERVICES
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 207-347-2000

**MAIL ADDRESS:**
- **STREET 1:** APEX FUND SERVICES
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASA LTD
- **DATE OF NAME CHANGE:** 20070301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASA BERMUDA LTD
- **DATE OF NAME CHANGE:** 20030505

## Nport-Ex

**ASA Gold and Precious Metals Limited**

**Schedule of Investments**

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Company** | **Principal<br> Amount** | **Value** | **% of Net Assets** |
| **Corporate Convertible Bond** | **Corporate Convertible Bond** | **Corporate Convertible Bond** | **Corporate Convertible Bond** |
| &nbsp;&nbsp;&nbsp;**Gold mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orla Mining, Ltd., 4.50%, 3/1/30<sup>(1)</sup> | 10010000 | $27403205 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Ocean Minerals Corp.<sup>(1)</sup> | 24000000 | 24000000 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bendito Resources, Inc., 9.47%, 12/31/25<sup>(1)(2)</sup> | 1200000 | 600000 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i-80 Gold Corp., 8.00%, 2/22/27<sup>(1)(2)</sup> | 3000000 | 3503100 | 0.2 |
|  |  | 28103100 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Gold mining, exploration, development and royalty companies (Cost $35,103,413) |  | 55506305 | 3.2 |
| &nbsp;&nbsp;&nbsp;**Diversified metals mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna Mining, Inc., 10.00%, 3/5/29<sup>(1)</sup> | 4300000 | 4933470 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Corporate Convertible Bond (Cost $38,030,239) |  | 60439775 | 3.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name of Company** | **Shares** | **Value** | **% of Net Assets** |
| **Common Shares** | **Common Shares** | **Common Shares** | **Common Shares** |
| &nbsp;&nbsp;&nbsp;**Gold mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alicanto Minerals, Ltd.<sup>(4)</sup> | 8406789 | 13640489 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballard Mining, Ltd.<sup>(4)</sup> | 2033793 | 1317083 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barton Gold Holdings, Ltd.<sup>(4)</sup> | 11000000 | 9393748 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gorilla Gold Mines, Ltd.<sup>(4)</sup> | 5263158 | 1797846 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCL Resources, Ltd.<sup>(4)</sup> | 36750000 | 209224 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midas Minerals, Ltd.<sup>(4)</sup> | 10200000 | 7113629 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prodigy Gold NL<sup>(4)</sup> | 17366291 | 790955 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tolu Minerals, Ltd.<sup>(3)(4)</sup> | 25000000 | 22861677 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. | 9475000 | 52257168 | 3.0 |
|  |  | 109381819 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | 80000 | 20128000 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 450000 | 24385500 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Pacific Mining Corp.<sup>(4)</sup> | 3000000 | 428870 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atex Resources, Inc.<sup>(4)</sup> | 12975000 | 41092336 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp. | 2000000 | 12320000 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinox Gold Corp. | 4900000 | 91961438 | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(4)</sup> | 4200000 | 171996628 | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G2 Goldfields, Inc.<sup>(4)</sup> | 2550000 | 13104725 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(4)</sup> | 9357140 | 25106948 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Candle, Ltd. 144A<sup>(1)(4)(5)</sup> | 4483209 | 9038396 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hemlo Mining Corp.<sup>(4)</sup> | 11928000 | 63485415 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lahontan Gold Corp.<sup>(3)(4)</sup> | 41259000 | 13762578 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera Alamos, Inc.<sup>(3)(4)</sup> | 5555790 | 29692247 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monarch Mining Corp.<sup>(1)(4)</sup> | 7300000 | 0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Found Gold Corp.<sup>(4)</sup> | 4750000 | 13197830 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newcore Gold, Ltd.<sup>(4)</sup> | 7040000 | 4232103 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onyx Gold Corp.<sup>(4)</sup> | 675000 | 960009 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orla Mining, Ltd. | 6200000 | 134044000 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robex Resources, Inc.<sup>(4)</sup> | 14507718 | 82930817 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPX Gold, Inc.<sup>(3)(4)</sup> | 36806783 | 6880781 | 0.4 |

---

**ASA Gold and Precious Metals Limited**

**Schedule of Investments**

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Company** | **Shares** | **Value** | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Gold mining, exploration, development and royalty companies (continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable Resources, Ltd.<sup>(3)(4)</sup> | 26160000 | $1630145 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Resources, Ltd.<sup>(3)(4)</sup> | 23000000 | 843078 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Pacific Metals Corp.<sup>(4)</sup> | 3900000 | 1715480 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STLLR Gold, Inc.<sup>(4)</sup> | 1291080 | 1959265 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talisker Resources, Ltd.<sup>(4)</sup> | 2500000 | 3353983 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TDG Gold Corp.<sup>(4)</sup> | 9227925 | 5682678 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc. | 637200 | 38823864 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versamet Royalties Corp.<sup>(4)</sup> | 1400000 | 14081595 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westhaven Gold Corp.<sup>(4)</sup> | 5500000 | 1249954 | 0.1 |
|  |  | 828088663 | 48.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Gold mining, exploration, development and royalty companies <br> (Cost $258,324,007) |  | 937470482 | 54.4 |
| &nbsp;&nbsp;&nbsp;**Diversified metals mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellavista Resources, Ltd.<sup>(4)</sup> | 6149955 | 3676344 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castile Resources, Ltd.<sup>(4)</sup> | 19143255 | 1498558 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cygnus Metals, Ltd.<sup>(4)</sup> | 47670615 | 7124182 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Lithium, Ltd.<sup>(4)</sup> | 17412850 | 3035994 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(4)</sup> | 13511413 | 21179846 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geopacific Resources, Ltd.<sup>(4)</sup> | 75617820 | 2798288 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetic Resources Corp.<sup>(4)</sup> | 11538462 | 16504749 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexus Minerals, Ltd.<sup>(3)(4)</sup> | 36000000 | 1818971 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Predictive Discovery, Ltd.<sup>(4)</sup> | 106183334 | 74053806 | 4.3 |
|  |  | 131690738 | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas Gold & Silver Corp.<sup>(3)(4)</sup> | 19392000 | 189884367 | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Wing Metals, Inc.<sup>(4)</sup> | 4650000 | 136359 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blossom Gold, Inc.<sup>(4)</sup> | 13030000 | 25027382 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cartier Resources, Inc.<sup>(4)</sup> | 6923100 | 1471866 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayenne Copper, Ltd. 144A<sup>(1)(3)(4)(5)</sup> | 34000000 | 6873037 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Culico Metals, Inc.<sup>(4)</sup> | 1906250 | 586947 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desert Gold Ventures, Inc.<sup>(4)</sup> | 14569264 | 1388515 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerita Resources Corp.<sup>(4)</sup> | 2602950 | 935043 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolve Royalties, Ltd.<sup>(4)</sup> | 1682640 | 4317466 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuerte Metals Corp.<sup>(4)</sup> | 1200000 | 9492321 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getty Copper, Inc.<sup>(1)(4)</sup> | 35000000 | 3079066 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integra Resources Corp.<sup>(4)</sup> | 2562527 | 11121825 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Gold Corp.<sup>(4)</sup> | 12482000 | 14458092 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithium Africa Corp.<sup>(4)</sup> | 1529650 | 2579227 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Metals Corp.<sup>(4)</sup> | 617500 | 113174 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Max Resource Corp.<sup>(4)</sup> | 2050000 | 601151 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metalla Royalty & Streaming, Ltd.<sup>(4)</sup> | 3000000 | 27150000 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ongwe Minerals, Inc.<sup>(3)(4)</sup> | 2074556 | 1825056 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan Global Resources, Inc.<sup>(4)</sup> | 6350000 | 698288 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pecoy Copper Corp.<sup>(4)</sup> | 3250000 | 5122613 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridgeline Minerals Corp.<sup>(3)(4)</sup> | 13350000 | 2202082 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roxmore Resources, Inc.<sup>(3)(4)</sup> | 4800000 | 11506910 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUA Holdings, Ltd.<sup>(1)(4)</sup> | 10600000 | 15542 | 0.0 |

---

**ASA Gold and Precious Metals Limited**

**Schedule of Investments**

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Company** | **Shares** | **Value** | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Diversified metals mining, exploration, development and royalty companies (continued)** | &nbsp;&nbsp;&nbsp;**Diversified metals mining, exploration, development and royalty companies (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thesis Gold & Silver, Inc.<sup>(3)(4)</sup> | 16866668 | $43772592 | 2.5% |
|  |  | 364358921 | 21.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bendito Resources, Inc. 144A<sup>(1)(2)(4)(5)</sup> | 8688000 | 543000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q-Gold Resources, Ltd.<sup>(3)(4)</sup> | 18000000 | 2771159 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Cristobal Mining, Inc. 144A<sup>(1)(4)(5)</sup> | 2783332 | 44533312 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Critical Materials 144A<sup>(1)(4)(5)</sup> | 15000000 | 15000000 | 0.9 |
|  |  | 62847471 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Diversified metals mining, exploration, development and royalty companies<br> (Cost $180,749,665) |  | 558897130 | 32.5 |
| &nbsp;&nbsp;&nbsp;**Silver mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andean Silver, Ltd.<sup>(4)</sup> | 7800000 | 13544076 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andean Precious Metals Corp.<sup>(4)</sup> | 1823200 | 14034383 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunker Hill Mining Corp.<sup>(4)</sup> | 6250000 | 1053847 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery Silver Corp.<sup>(4)</sup> | 5400000 | 44615667 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guanajuato Silver Co., Ltd.<sup>(4)</sup> | 24167000 | 14173674 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Mountain Resources, Inc.<sup>(4)</sup> | 1828166 | 7920869 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Tiger Metals, Inc.<sup>(4)</sup> | 22000000 | 17096147 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier One Silver, Inc.<sup>(4)</sup> | 25500000 | 2383527 | 0.1 |
|  |  | 101278114 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Silver mining, exploration, development and royalty companies <br> (Cost $36,760,246) |  | 114822190 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Shares (Cost $475,833,918) |  | 1611189802 | 93.6 |
| **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
| &nbsp;&nbsp;&nbsp;**Gold mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laurentian Mountain Resources 144A<sup>(1)(4)(5)</sup> | 3640959 | 3640959 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Shares (Cost $3,500,000) |  | 3640959 | 0.2 |
| **Rights** | **Rights** | **Rights** | **Rights** |
| &nbsp;&nbsp;&nbsp;**Silver mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. (Exercise Price $1.00, Exp. Date 02/22/2029)<sup>(1)(4)</sup> | 393200 | 402761 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights (Cost $136,720) |  | 402761 | 0 |
| **Warrants** | **Warrants** | **Warrants** | **Warrants** |
| &nbsp;&nbsp;&nbsp;**Gold mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prodigy Gold NL (Exercise Price $0.10, Exp. Date 11/30/2027)<sup>(1)(4)</sup> | 1937500 | 1379 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atex Resources (Exercise Price $4.00, Exp. Date 11/06/2029)<sup>(1)(4)</sup> | 1900000 | 2149261 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoGold Resources, Inc. (Exercise Price $3.50, Exp. Date 11/27/2028)<sup>(1)(4)</sup> | 2875000 | 2318463 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lahontan Gold Corp. (Exercise Price $0.10, Exp. Date 04/30/2027)<sup>(1)(3)(4)</sup> | 2550000 | 669257 | 0.1 |

---

**ASA Gold and Precious Metals Limited**

**Schedule of Investments**

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Company** | **Shares** | **Value** | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Gold mining, exploration, development and royalty companies (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lahontan Gold Corp. (Exercise Price $0.12, Exp. Date 09/01/2026)<sup>(1)(3)(4)</sup> | 4150000 | $1022250 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laurentian Mountain Resources (Exercise Price $1.00, Exp. Date 12/31/2049)<sup>(1)(4)</sup> | 3500000 | 0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera Alamos, Inc. (Exercise Price $7.05, Exp. Date 9/17/2028)<sup>(1)(3)(4)</sup> | 5555790 | 8492227 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monarch Mining Corp. (Exercise Price $0.95, Exp. Date 04/06/2027)<sup>(1)(4)</sup> | 1700000 | 0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Found Gold Corp. (Exercise Price $0.01, Exp. Date 12/31/2049)<sup>(1)(4)</sup> | 1200000 | 184744 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orla Mining, Ltd. (Exercise Price $11.5, Exp. Date 03/01/2030)<sup>(1)(4)</sup> | 836278 | 11982125 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPX Gold, Inc. (Exercise Price $0.15, Exp. Date 07/08/2028)<sup>(1)(3)(4)</sup> | 3884868 | 321829 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Resources, Ltd. (Exercise Price $0.10, Exp. Date 10/29/2026)<sup>(1)(3)(4)</sup> | 11500000 | 0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Pacific Metals Corp. (Exercise Price $0.01, Exp. Date 12/31/2049)<sup>(1)(4)</sup> | 900000 | 5278 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Pacific Metals Corp. (Exercise Price $0.90, Exp. Date 02/03/2027)<sup>(1)(4)</sup> | 1050000 | 770 | 0.0 |
|  |  | 27146204 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Gold mining, exploration, development and royalty companies (Cost $3,743,979) |  | 27147583 | 1.6 |
| &nbsp;&nbsp;&nbsp;**Diversified metals mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cartier Resources, Inc. (Exercise Price $0.18, Exp. Date 04/14/2030)<sup>(1)(4)</sup> | 6923100 | 654727 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integra Resources Corp. (Exercise Price $1.20, Exp. Date 03/13/2027)<sup>(1)(4)</sup> | 275000 | 959239 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithium Africa Corp. (Exercise Price $37.00, Exp. Date 04/22/2030)<sup>(1)(4)</sup> | 611000 | 47033 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithium Africa Corp. (Exercise Price $3.70, Exp. Date 08/29/2030)<sup>(1)(4)</sup> | 107000 | 9491 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ongwe Minerals, Inc. (Exercise Price $2.65,Exp. Date 02/16/2027)<sup>(1)(3)(4)</sup> | 623060 | 0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ongwe Minerals, Inc. (Exercise Price $2.65,Exp. Date 06/08/2027)<sup>(1)(3)(4)</sup> | 143375 | 0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridgeline Minerals Corp. (Exercise Price $0.25, Exp. Date 02/13/2027)<sup>(1)(3)(4)</sup> | 4500000 | 32990 | 0.0 |
|  |  | 1703480 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Diversified metals mining, exploration, development and royalty companies (Cost $300,055) |  | 1703480 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Silver mining, exploration, development and royalty companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guanajuato Silver Co., Ltd. (Exercise Price $0.65, Exp. Date 10/09/2028)<sup>(1)(4)</sup> | 10000000 | 2104028 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guanajuato Silver Co., Ltd. (Exercise Price $0.35, Exp. Date 10/30/2026)<sup>(1)(4)</sup> | 2083500 | 696511 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Mountain Resources, Inc. (Exercise Price $0.01, Exp. Date 11/18/2027)<sup>(1)(4)</sup> | 961500 | 1795698 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Mountain Resources, Inc. (Exercise Price $2.20, Exp. Date 04/24/2028)<sup>(1)(4)</sup> | 200000 | 563616 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier One Silver, Inc. (Exercise Price $0.01, Exp. Date 12/31/2049)<sup>(1)(4)</sup> | 25500000 | 579524 | 0.0 |
|  |  | 5739377 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Silver mining, exploration, development and royalty companies <br> (Cost $1,049,969) |  | 5739377 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Warrants (Cost $5,094,003) |  | 34590440 | 2.0 |

---

**ASA Gold and Precious Metals Limited**

**Schedule of Investments**

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **% of Net Assets** |
| **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes US Treasury Cash Reserves - Institutional Shares, 3.59%<sup>(6)</sup> | 145007 | 145007 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Money Market Fund (Cost $145,007) |  | $145007 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost 522,739,887) |  | 1710408744 | 99.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, receivables and other assets less other liabilities |  | 11851406 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets |  | $1722260150 | **100.0%** |

---

<sup>(1)</sup> *Security fair valued in accordance with procedures adopted by the Board of Directors. At the period end, the value of these securities amounted to $178,156,288 or 10.34% of net assets.*

<sup>(2)</sup> *Interest paid at maturity*

<sup>(3)</sup> *Investment in affiliate. See Note 2 Summary of Significant Accounting Policies.*

<sup>(4)</sup> *Non-income producing security.*

<sup>(5)</sup> *Security exempt from registration under Rule 144A under the securities act of 1933. At the period end, the value of these securities amounted to $79,628,704 or 4.62% of net assets.*

<sup>(6)</sup> *Dividend yield changes daily to reflect current market conditions. Rate was quoted yield as of February 28, 2026.*

ADR American Depository Receipt

PLC Public Limited Company

**Portfolio Statistics (Unaudited)**

February 28, 2026

**Geographic Breakdown**

---

| | |
|:---|:---|
| Australia | 14.6% |
| Canada | 79.2 |
| United States | 5.5 |
| Other assets less other liabilities | 0.7 |
|  | 100.0% |

---

**ASA Gold and Precious Metals Limited**

**Notes to Financial Statements**

**February 28, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Organization** 

ASA Gold and Precious Metals Limited (the "Company") is a non-diversified, closed-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act").

The Company was initially organized as a public limited liability company in the Republic of South Africa in June 1958. On November 11, 2004, the Company's shareholders approved a proposal to move the Company's place of incorporation from the Republic of South Africa to the Commonwealth of Bermuda by reorganizing itself into an exempted limited liability company formed in Bermuda. The Company is registered with the Securities and Exchange Commission (the "SEC") pursuant to an order under Section 7(d) of the 1940 Act.

The Company 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. The Company is managed by Merk Investments LLC (the "Adviser").

The Company included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Company are used by the Adviser, to make investment decisions, and the results of the operations, as shown on the Statement of Operations and the financial highlights for the Company are the information utilized for the day-to-day management of the Company. The Company is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Company based on performance measurements. Due to the significance of oversight and their role in the investment decision-making process, the Adviser's Chief Investment Officer is deemed to be the Chief Operating Decision Maker.

&nbsp;&nbsp;&nbsp;&nbsp;2. **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") 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.

Pursuant to Rule 2a-5 under the Investment Company Act, the Company's Board of Directors (the "Board") has designated the Adviser, as defined in Note 1, as the Company's valuation designee to perform any fair value determinations for securities and other assets held by the Company. The Adviser is subject to the oversight of the Board and certain reporting and other requirements intended to provide the Board the information needed to oversee the Adviser's fair value determinations. The Adviser is responsible for determining the fair value of investments in accordance with policies and procedures that have been approved by the Board. Under these procedures, the Adviser convenes on a regular and ad hoc basis to review such investments and considers a number of factors, including valuation methodologies and unobservable inputs, when arriving at fair value. The Board has approved the Adviser's fair valuation procedures as a part of the Company's compliance program and will review any changes made to the procedures.

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 at a value other than the last reported sale price or last reported bid price based on significant events that have occurred subsequent to the close of the foreign markets. Shares of non-exchange traded open-end mutual funds are valued at net asset value ("NAV"). To value its warrants, the Company's valuation designee typically utilizes the Black-Scholes model using the listed price for the underlying common shares. The valuation is a combination of value of the stock price less the exercise price, plus some value related to the volatility of the stock over the remaining time period prior to expiration.

Securities for which current market quotations are not readily available are valued at their fair value as determined in accordance with procedures approved by the Board. 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.

**ASA Gold and Precious Metals Limited**

**Notes to Financial Statements**

**February 28, 2026 (Unaudited)**

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. Fair value measurement*

In accordance with accounting principles generally accepted in the United States of America ("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.

**ASA Gold and Precious Metals Limited**

**Notes to Financial Statements**

**February 28, 2026 (Unaudited)**

The following is a summary of the inputs used as of February 28, 2026 in valuing the Company's investments at fair value:

**Investment in Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Measurements at February 28, 2026** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Common Shares** |  |  |  |  |
| Gold mining, exploration, development and royalty companies | $928432086 | $– | $9038396 | $937470482 |
| Diversified metals mining, exploration, development and royalty companies | 488853173 |  | 70043957 | 558897130 |
| Silver mining, exploration, development and royalty companies | 114822190 |  |  | 114822190 |
| **Corporate Convertible Bond** |  |  |  |  |
| Diversified metals mining, exploration, development and royalty companies |  |  | 4933470 | 4933470 |
| Gold mining, exploration, development and royalty companies |  |  | 55506305 | 55506305 |
| **Money Market Fund** |  |  |  |  |
| Total Investments | 145007 |  |  | 145007 |
| **Warrants** |  |  |  |  |
| Diversified metals mining, exploration, development and royalty companies |  |  | 1703480 | 1703480 |
| Gold mining, exploration, development and royalty companies |  |  | 27147583 | 27147583 |
| Silver mining, exploration, development and royalty companies |  |  | 5739377 | 5739377 |
| **Preferred Shares** |  |  |  |  |
| Gold mining, exploration, development and royalty companies |  |  | 3640959 | 3640959 |
| **Rights** |  |  |  |  |
| Silver mining, exploration, development and royalty companies | – | – | 402761 | 402761 |
|  | $1532252456 | $– | $178156288 | $1710408744 |

---

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Convertible<br> Corporate Bonds** | **Common and**<br> **Preferred Shares** | **Rights** | **Warrants** |
| Balance November 30, 2025 | $26398772 | $124423020 | $267745 | $13880518 |
| Purchases | 24000000 | 8130614 |  | 662912 |
| Sales |  | (47907665) |  | (21518) |
| Transfer into Level 3 |  |  |  |  |
| Realized loss |  |  |  |  |
| Accretion of discount | 7685 |  |  |  |
| Net change in unrealized appreciation (depreciation) | 10033318 | (1922657) | 135016 | 20068528 |
| Balance February 28, 2026 | $60439775 | $82723312 | $402761 | $34590440 |
| Net change in unrealized appreciation (depreciation) from investments held as of February 28, 2026 | $10033318 | $34991343 | $135016 | $20454513 |

---

Significant unobservable inputs developed by the valuation designee for Level 3 investments held at February 28, 2026 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Categories** | **Fair Value** | **Valuation**<br> **Technique(s)** | **Unobservable <br> Input** | **Range <br> (Weighted Average)** | **Impact to Valuation from**<br> **an Increase in Input<sup>1</sup>** |
| Corporate Convertible Bond<sup>2</sup> | $35839775 | Implied Interest Rate | Discount | 5.6% - 18.8% (7.5%) | Decrease |
| Corporate Convertible Bond<sup>2</sup> | 24000000 | Transaction Cost |  |  |  |
| Corporate Convertible Bond | 600000 | Expected Recovery |  |  |  |
| Common and Preferred<sup>2</sup> Shares<sup>3</sup> | 82723312 | Transaction Cost/Latest Round of Financing |  |  |  |
| Rights<sup>4</sup> | 402761 | Discount to underlying security | Discount | 70% (70%) | Decrease |
| Warrants<sup>5</sup> | 34590440 | Black Scholes Method | Volatility | 0% - 40% (38%) | Increase |

---

*<sup>1</sup>* *This column represents the directional change in the fair value of the level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect*

*<sup>2</sup>* *Fair valued corporate convertible bonds are valued based transaction cost or by applying a fixed discount rate to the fixed income portion, which represents the implied interest rate that would have valued the entire corporate convertible bond at the time of issuance.*

*<sup>3</sup>* *Fair valued common and preferred shares with no public market are valued based on transaction cost or latest round of financing.*

**ASA Gold and Precious Metals Limited**

**Notes to Financial Statements**

**February 28, 2026 (Unaudited)**

<sup>4</sup> *Fair valued rights are valued based on the specifics of the rights at a discount to the market price of the underlying security.*

<sup>5</sup> *Warrants are priced based on the Black Scholes Method; the key input to this method is modeled volatility of the investment; the lower the modeled volatility, the lower the valuation of the warrant.*

**ASA Gold and Precious Metals Limited**

**Notes to Financial Statements**

**February 28, 2026 (Unaudited)**

*C. Affiliated Companies*

The Investment Company Act of 1940 defines affiliates as companies in which the Company owns at least 5% of the outstanding voting securities. The following is a summary of transactions with each affiliated company during the three months ended February 28, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance as of**<br> **Nov 30, 2025** | **Transfers In** | **Transfer Out** | **Purchases** | **Sales/**<br> **Corporate**<br> **Actions** | **Net realized**<br> **gain/loss on**<br> **investments** | **Net change**<br> **in unrealized**<br> **appreciation/**<br> **depreciation** | **Balance as of**<br> **February 28,**<br> **2025** |
| Americas Gold & Silver Corp. | Americas Gold & Silver Corp. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 114026394 |  |  | 3000107 | (44875910) | 39819322 | 77914454 | 189884367 |
| &nbsp;&nbsp;&nbsp;Cost | 22264210 |  |  | 3000107 | (5056112) |  |  | 20208205 |
| &nbsp;&nbsp;&nbsp;Shares | 25679000 |  |  | 750000 | (7037000) |  |  | 19392000 |
| Cayenne Copper Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 6750854 |  |  |  |  |  | 122183 | 6873037 |
| &nbsp;&nbsp;&nbsp;Cost | 6789409 |  |  |  |  |  |  | 6789409 |
| &nbsp;&nbsp;&nbsp;Shares | 34000000 |  |  |  |  |  |  | 34000000 |
| Desert Gold Ventures, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 677664 |  | (1388515) |  |  |  | 710851 |  |
| &nbsp;&nbsp;&nbsp;Cost | 2909628 |  | (2909628) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares | 14569264 |  | (14569264) |  |  |  |  |  |
| Lahontan Gold Corp. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 4871541 |  |  |  |  |  | 8891037 | 13762578 |
| &nbsp;&nbsp;&nbsp;Cost | 2892132 |  |  |  |  |  |  | 2892132 |
| &nbsp;&nbsp;&nbsp;Shares | 41259000 |  |  |  |  |  |  | 41259000 |
| Ongwe Minerals, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value |  |  |  | 2233929 |  |  | (408873) | 1825056 |
| &nbsp;&nbsp;&nbsp;Cost |  |  |  | 2233929 |  |  |  | 2233929 |
| &nbsp;&nbsp;&nbsp;Shares |  |  |  | 2074556 |  |  |  | 2074556 |
| Minera Alamos, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 16896567 |  |  |  |  |  | 12795679 | 29692246 |
| &nbsp;&nbsp;&nbsp;Cost | 12970716 |  |  |  |  |  |  | 12970716 |
| &nbsp;&nbsp;&nbsp;Shares | 55557900 |  |  |  | (50002110) |  |  | 5555790 |
| Nexus Minerals |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 1816073 |  |  |  |  |  | 2898 | 1818971 |
| &nbsp;&nbsp;&nbsp;Cost | 1625022 |  |  |  |  |  |  | 1625022 |
| &nbsp;&nbsp;&nbsp;Shares | 36000000 |  |  |  |  |  |  | 36000000 |
| Q-Gold Resources Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 2404379 |  |  | 867585 |  |  | (500805) | 2771159 |
| &nbsp;&nbsp;&nbsp;Cost | 1269545 |  |  | 867585 | 21518 |  |  | 2158648 |
| &nbsp;&nbsp;&nbsp;Shares | 12000000 |  |  | 6000000 |  |  |  | 18000000 |
| RPX Gold, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 3950780 |  |  |  |  |  | 2930001 | 6880781 |
| &nbsp;&nbsp;&nbsp;Cost | 3989368 |  |  |  |  |  |  | 3989368 |
| &nbsp;&nbsp;&nbsp;Shares | 36806783 |  |  |  |  |  |  | 36806783 |
| Ridgeline Minerals Corp. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 2256610 |  |  | 190546 |  |  | (245074) | 2202082 |
| &nbsp;&nbsp;&nbsp;Cost | 1201893 |  |  | 190546 |  |  |  | 1392439 |
| &nbsp;&nbsp;&nbsp;Shares | 11900000 |  |  | 1450000 |  |  |  | 13350000 |
| Roxmore Resources, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 6629218 |  |  |  |  |  | 4877692 | 11506910 |
| &nbsp;&nbsp;&nbsp;Cost | 5834197 |  |  |  |  |  |  | 5834197 |
| &nbsp;&nbsp;&nbsp;Shares | 4800000 |  |  |  |  |  |  | 4800000 |
| Sable Resources Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 748792 |  |  |  |  |  | 881353 | 1630145 |
| &nbsp;&nbsp;&nbsp;Cost | 3354140 |  |  |  |  |  |  | 3354140 |
| &nbsp;&nbsp;&nbsp;Shares | 26160000 |  |  |  |  |  |  | 26160000 |
| Signature Resources Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 1069806 |  |  |  |  |  | (226728) | 843078 |
| &nbsp;&nbsp;&nbsp;Cost | 907688 |  |  |  |  |  |  | 907688 |
| &nbsp;&nbsp;&nbsp;Shares | 23000000 |  |  |  |  |  |  | 23000000 |

---

**ASA Gold and Precious Metals Limited**

**Notes to Financial Statements**

**February 28, 2026 (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Thesis Gold, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 22932246 |  |  |  |  | 20840346 | 43772592 |
| &nbsp;&nbsp;&nbsp;Cost | 14459007 |  |  |  |  |  | 14459007 |
| &nbsp;&nbsp;&nbsp;Shares | 16866668 |  |  |  |  |  | 16866668 |
| Tolu Minerals Ltd. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 21128560 |  |  |  |  | 1733117 | 22861677 |
| &nbsp;&nbsp;&nbsp;Cost | 19549450 |  |  |  |  |  | 19549450 |
| &nbsp;&nbsp;&nbsp;Shares | 25000000 |  |  |  |  |  | 25000000 |
| Warrants |  |  |  |  |  |  |  |
| Lahontan Gold Corp. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 125908 |  |  |  |  | 543349 | 669257 |
| &nbsp;&nbsp;&nbsp;Cost | 9329 |  |  |  |  |  | 9329 |
| &nbsp;&nbsp;&nbsp;Shares | 2550000 |  |  |  |  |  | 2550000 |
| Lahontan Gold Corp. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 145515 |  |  |  |  | 876735 | 1022250 |
| &nbsp;&nbsp;&nbsp;Cost | 30509 |  |  |  |  |  | 30509 |
| &nbsp;&nbsp;&nbsp;Shares | 4150000 |  |  |  |  |  | 4150000 |
| Minera Alamos, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 2107101 |  |  |  |  | 6385126 | 8492227 |
| &nbsp;&nbsp;&nbsp;Cost | 1373845 |  |  |  |  |  | 1373845 |
| &nbsp;&nbsp;&nbsp;Shares | 55557900 |  |  | (50002110) |  |  | 5555790 |
| Ongwe Minerals, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value |  |  | 34936 |  |  | (34936) |  |
| &nbsp;&nbsp;&nbsp;Cost |  |  | 34936 |  |  |  | 34936 |
| &nbsp;&nbsp;&nbsp;Shares |  |  | 623060 |  |  |  | 623060 |
| Ongwe Minerals, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value |  |  | 3720 |  |  | (3720) |  |
| &nbsp;&nbsp;&nbsp;Cost |  |  | 3720 |  |  |  | 3720 |
| &nbsp;&nbsp;&nbsp;Shares |  |  | 143375 |  |  |  | 143375 |
| Q-Gold Resources |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 386418 |  |  |  | (21518) | (364900) |  |
| &nbsp;&nbsp;&nbsp;Cost | 21518 |  |  | (21518) |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares | 6000000 |  |  | (6000000) |  |  |  |
| RPX Gold, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 63939 |  |  |  |  | 257889 | 321828 |
| &nbsp;&nbsp;&nbsp;Cost | 28425 |  |  |  |  |  | 28425 |
| &nbsp;&nbsp;&nbsp;Shares | 3884868 |  |  |  |  |  | 3884868 |
| Ridgeline Minerals Corp. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 112705 |  |  |  |  | (79715) | 32990 |
| &nbsp;&nbsp;&nbsp;Cost | 3172 |  |  |  |  |  | 3172 |
| &nbsp;&nbsp;&nbsp;Shares | 4500000 |  |  |  |  |  | 4500000 |
| Ridgeline Minerals Corp. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 90272 |  |  |  |  | (90272) |  |
| &nbsp;&nbsp;&nbsp;Cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares | 1450000 |  |  |  | (1450000) |  |  |
| Signature Resources Ltd. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares | 11500000 |  |  |  |  |  | 11500000 |
| Total Securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value | 209191342 | (1388515) | 6330823 | (44875910) | 39797804 | 137807687 | 346863231 |
| &nbsp;&nbsp;&nbsp;Cost | 101483203 | (2909628) | 6330823 | (5056112) |  |  | 99848286 |
| &nbsp;&nbsp;&nbsp;Shares | 453191383 | (14569264) | 11040991 | (113041220) | (1450000) |  | 335171890 |

---

At February 28, 2026, the value of investments in affiliated companies was $346,863,231, representing 20.1% of net assets and the total cost was $99,848,286.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ASA GOLD & PRECIOUS METALS LTD

- **b. Investment Company Act file number:** 811-21650

- **c. CIK number of Registrant:** 0001230869

- **d. LEI of Registrant:** 254900VOUR4617HGCL14

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 190 MIDDLE ST SUITE 101

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

  - **Telephone number:** 2073472000

**Item A.2. Information about the Series.**

- **a. Name of Series:** ASA Gold and Precious Metals LTD Fund

- **c. LEI of Series:** 254900VOUR4617HGCL14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1723904988.36

**Total Liabilities:** $1644838.03

**Net Assets:** $1722260150.33

**Cash Not Reported:** $13141499.70

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 13.18%               | 8.16%                | 25.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16502642.72             | $131928359.77                              |
| Month 2  | $806196.09               | $155043607.80                              |
| Month 3  | $59961939.97             | $255488560.45                              |

### Schedule of Portfolio Investments

| Name                                       | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                        | Cartier Resources, Inc. Warrants                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   6923100 | NC      | $654726.66    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Sua Holdings Ltd                           | SUA Holdings, Ltd.                                                       | CUSIP: 78485H102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |  10600000 | NS      | $15541.95     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Magna Mining                               | Magna Mining, Inc., 10.00%, 3/5/29                                       | CUSIP: 55925FAA0<br>LEI: 391200LYB0MF13ZWII58 | Long             | DBT              | CORP              | CA        |   4300000 | PA      | $4933470.18   | 0.29%             | 2029-03-05      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines, Ltd.                                                 | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     80000 | NS      | $20128000.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                            | Alamos Gold, Inc.                                                        | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    450000 | NS      | $24385500.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Mountain Resources Inc              | Silver Mountain Resources, Inc.                                          | CUSIP: 828042507<br>LEI: 529900FZCY72N73U9N27 | Long             | EC               | CORP              | CA        |   1828166 | NS      | $7920868.78   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Silver Mountain Resources, Inc.                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    480750 | NC      | $943137.71    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Silver Mountain Resources, Inc.                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    480750 | NC      | $852559.84    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | American Ocean Minerals Corporation                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  24000000 | PA      | $24000000.00  | 1.39%             | 2027-12-30      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Andean Precious Metals Corp                | Andean Precious Metals Corp.                                             | CUSIP: 03349X101<br>LEI: 254900ZH5MOB7VSCSG15 | Long             | EC               | CORP              | CA        |   1823200 | NS      | $14034382.90  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alicanto Minerals Ltd                      | Alicanto Minerals, Ltd.                                                  | CUSIP: N/A<br>LEI: 529900Q4LAMYP8APXF47       | Long             | EC               | CORP              | AU        |   8406789 | NS      | $13640489.13  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Andean Silver Ltd                          | Andean Silver, Ltd.                                                      | CUSIP: N/A<br>LEI: 25490044GUNE4S2E6K11       | Long             | EC               | CORP              | AU        |   7800000 | NS      | $13544075.89  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Atex Resources Inc                         | Atex Resources, Inc.                                                     | CUSIP: 04681A105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |  11075000 | NS      | $35074960.60  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Atex Resources, Inc.                                                     | CUSIP: BJLHNG9U2<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1900000 | NS      | $6017374.73   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Atex Resources Warrants                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   1900000 | NC      | $2149261.39   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Angel Wing Metals Inc                      | Angel Wing Metals, Inc.                                                  | CUSIP: 03464G206<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   4650000 | NS      | $136358.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Magnetic Resources Corp.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  11538462 | NS      | $16504749.27  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogold Resources Inc.                      | GoGold Resources, Inc. Warrants                                          | CUSIP: B60BNP0W2<br>LEI: 549300PNCGJ26Y676N19 | N/A              | DE               | CORP              | CA        |   2875000 | NC      | $2318463.40   | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Bendito Resources, Inc., 9.47%, 12/31/25                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1200000 | PA      | $600000.00    | 0.03%             | 2026-12-31      | Fixed         | 6.47%                 | No            |                  3 | On Loan: No      |
| Benchmark Electronics, Inc.                | Bendito Resources, Inc.                                                  | CUSIP: N/A<br>LEI: 549300W18RHYZOZKOP53       | Long             | EC               | CORP              | US        |   8688000 | NS      | $543000.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Blossom Gold Inc                           | Blossom Gold, Inc.                                                       | CUSIP: 09511B108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |  13030000 | NS      | $25027381.69  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Barton Gold Holdings Ltd                   | Barton Gold Holdings, Ltd.                                               | CUSIP: N/A<br>LEI: 984500B2B88B9509FF55       | Long             | EC               | CORP              | AU        |  11000000 | NS      | $9393747.46   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ballard Mining Ltd                         | Ballard Mining, Ltd.                                                     | CUSIP: N/A<br>LEI: 529900ZNIAHYGAP1M324       | Long             | EC               | CORP              | AU        |   2033793 | NS      | $1317082.84   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Mountain Resources Inc              | Silver Mountain Resources, Inc.                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    200000 | NC      | $563615.70    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Bunker Hill Mining Corp                    | Bunker Hill Mining Corp.                                                 | CUSIP: 120613823<br>LEI: 529900BF5UJW4BBXO348 | Long             | EC               | CORP              | US        |   6250000 | NS      | $1053847.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | South Pacific Metals Corp.                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   1050000 | NC      | $769.77       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Integra Resources Corporation              | Integra Resources Corp.                                                  | CUSIP: BRK42Y8W2<br>LEI: 529900MC191X8CY3P306 | N/A              | DE               | CORP              | CA        |    275000 | NC      | $959239.03    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| B2gold Corp                                | B2Gold Corp.                                                             | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   2000000 | NS      | $12320000.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Prodigy Gold Nl                            | Prodigy Gold NL                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | AU        |   1937500 | NC      | $1378.82      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bellavista Resources Ltd                   | Bellavista Resources, Ltd.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   6149955 | NS      | $3676344.27   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Orla Mining, Ltd. Warrants 03/01/2030                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    836278 | NC      | $11982124.72  | 0.70%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Cayenne Copper, Ltd.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |  34000000 | NS      | $6873037.48   | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Culico Metals Inc                          | Culico Metals, Inc.                                                      | CUSIP: 22989Q101<br>LEI: 2549005B5ATUIJJB6L88 | Long             | EC               | CORP              | CA        |   1906250 | NS      | $586946.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Castile Resources Ltd                      | Castile Resources, Ltd.                                                  | CUSIP: N/A<br>LEI: 529900TDTNKDC8JAPZ38       | Long             | EC               | CORP              | AU        |  19143255 | NS      | $1498557.53   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cygnus Metals Ltd                          | Cygnus Metals, Ltd.                                                      | CUSIP: N/A<br>LEI: 5299005QXKBNT6HKPX05       | Long             | EC               | CORP              | AU        |  47670615 | NS      | $7124181.89   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Desert Gold Ventures Inc                   | Desert Gold Ventures, Inc.                                               | CUSIP: 25039N408<br>LEI: 549300MQKAYD1XTYMJ96 | Long             | EC               | CORP              | CA        |  14569264 | NS      | $1388515.32   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Lithium Ltd                          | Delta Lithium, Ltd.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  17412850 | NS      | $3035993.89   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Silver Corp                      | Discovery Silver Corp.                                                   | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |   5400000 | NS      | $44615666.58  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartier Resources Inc.                     | Cartier Resources, Inc.                                                  | CUSIP: N/A<br>LEI: 529900UC5WFH8T7VID35       | Long             | EC               | CORP              | CA        |   6923100 | NS      | $1471866.13   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerita Resources Corp                     | Emerita Resources Corp.                                                  | CUSIP: 29102L406<br>LEI: 5299005Y4CA476ALZ566 | Long             | EC               | CORP              | CA        |   2602950 | NS      | $935043.07    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                          | Equinox Gold Corp.                                                       | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   4900000 | NS      | $91961438.36  | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolve Royalties Ltd                       | Evolve Royalties, Ltd.                                                   | CUSIP: 299944108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1682640 | NS      | $4317466.37   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Firefly Metals Ltd                         | FireFly Metals, Ltd.                                                     | CUSIP: N/A<br>LEI: 529900XFOBB3CJ170E75       | Long             | EC               | CORP              | AU        |   8311413 | NS      | $12716812.64  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Firefly Metals Ltd                         | FireFly Metals, Ltd.                                                     | CUSIP: N/A<br>LEI: 529900XFOBB3CJ170E75       | Long             | EC               | CORP              | AU        |   5200000 | NS      | $8463032.88   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuerte Metals Corp                         | Fuerte Metals Corp.                                                      | CUSIP: 35958L101<br>LEI: 529900TQDM0BH3FAGJ98 | Long             | EC               | CORP              | CA        |   1200000 | NS      | $9492320.66   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Mining Corp                        | Monarch Mining Corp.                                                     | CUSIP: 609161104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   7300000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Gorilla Gold Mines Ltd                     | Gorilla Gold Mines, Ltd.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   5263158 | NS      | $1797846.44   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogold Resources Inc                       | GoGold Resources, Inc.                                                   | CUSIP: 38045Y102<br>LEI: 549300PNCGJ26Y676N19 | Long             | EC               | CORP              | CA        |   9357140 | NS      | $25106947.99  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Candle Ltd.                           | Gold Candle, Ltd.                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   4483209 | NS      | $9038396.50   | 0.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| G Mining Ventures Corp                     | G Mining Ventures Corp.                                                  | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   4200000 | NS      | $171996627.69 | 9.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Geopacific Resources Ltd                   | Geopacific Resources, Ltd.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  75617820 | NS      | $2798288.23   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Guanajuato Silver Co Ltd                   | Guanajuato Silver Co., Ltd.                                              | CUSIP: 40066W106<br>LEI: 549300C1VGZKX7N1GH74 | Long             | EC               | CORP              | CA        |  24167000 | NS      | $14173673.99  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Copper Inc                           | Getty Copper, Inc.                                                       | CUSIP: 374271104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |  35000000 | NS      | $3079066.02   | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| G2 Goldfields Inc                          | G2 Goldfields, Inc.                                                      | CUSIP: 36256R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2550000 | NS      | $13104724.90  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemlo Mining Corp                          | Hemlo Mining Corp.                                                       | CUSIP: 42366G104<br>LEI: 529900LAXG9T9UEN3T86 | Long             | EC               | CORP              | CA        |  11928000 | NS      | $63485414.76  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | i-80 Gold Corp., 8.00%, 2/22/27                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3503100.00   | 0.20%             | 2027-02-22      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Integra Resources Corp                     | Integra Resources Corp.                                                  | CUSIP: 45826T509<br>LEI: 529900MC191X8CY3P306 | Long             | EC               | CORP              | CA        |     62527 | NS      | $271826.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra Resources Corp                     | Integra Resources Corp.                                                  | CUSIP: 45826T509<br>LEI: 529900MC191X8CY3P306 | Long             | EC               | CORP              | CA        |   2500000 | NS      | $10849998.25  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithium Africa Corp                        | Lithium Africa Corp.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |   1529650 | NS      | $2579227.30   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Lithium Africa Corp.                                                     | CUSIP: BTJYMB0W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    107000 | NC      | $9491.59      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Lithium Africa Corp.                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    611000 | NC      | $47032.73     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Laurentian Mountain Resources                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   3640959 | NS      | $3640959.00   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                        | Laurentian Mountain Resources Warrants                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |   3500000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Lcl Resources Ltd                          | LCL Resources, Ltd.                                                      | CUSIP: N/A<br>LEI: 213800U3LCURRSJS5R56       | Long             | EC               | CORP              | AU        |  36750000 | NS      | $209224.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lahontan Gold Corp                         | Lahontan Gold Corp.                                                      | CUSIP: 50732M101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |  41259000 | NS      | $13762578.35  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Gold Corp                          | Liberty Gold Corp.                                                       | CUSIP: 53056H104<br>LEI: 549300DY25855R7ZV117 | Long             | EC               | CORP              | CA        |  12482000 | NS      | $14458091.71  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Lahontan Gold Corp.                                                      | CUSIP: BLPP0T5W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |   4150000 | NC      | $1022249.92   | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Lahontan Gold Corp.                                                      | CUSIP: BLPP0T5W3<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |   2550000 | NC      | $669256.99    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Lux Metals Corp                            | Lux Metals Corp.                                                         | CUSIP: 55067G108<br>LEI: 5299007I4RDS7RZ1TA02 | Long             | EC               | CORP              | CA        |    617500 | NS      | $113174.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Minera Alamos Inc                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   5555790 | NS      | $29692246.69  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Minera Alamos, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   5555790 | NC      | $8492226.93   | 0.49%             |  |  |  | No            |                  3 | On Loan: No      |
| Max Resource Corp                          | Max Resource Corp.                                                       | CUSIP: 57772U406<br>LEI: 254900XET56T3KS7G591 | Long             | EC               | CORP              | CA        |   2050000 | NS      | $601150.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Guanajuato Silver Company Ltd              | Guanajuato Silver Co., Ltd.                                              | CUSIP: BMDM727W2<br>LEI: 549300C1VGZKX7N1GH74 | N/A              | DE               | CORP              | CA        |  10000000 | NC      | $2104028.44   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Guanajuato Silver Co., Ltd.                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   2083500 | NC      | $696511.12    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Dundee Corp.                               | New Found Gold Corp. Warrants                                            | CUSIP: N/A<br>LEI: 549300LX18ZNW1LEMU13       | N/A              | DE               | CORP              | CA        |   1200000 | NC      | $184743.96    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Ridgeline Minerals Corp.                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   4500000 | NC      | $32989.99     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Midas Minerals Ltd                         | Midas Minerals, Ltd.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  10200000 | NS      | $7113628.76   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Ltd            | Metalla Royalty & Streaming, Ltd.                                        | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |   3000000 | NS      | $27150000.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd                           | Newcore Gold, Ltd.                                                       | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |   7040000 | NS      | $4232102.93   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| New Found Gold Corp                        | New Found Gold Corp.                                                     | CUSIP: 64440N103<br>LEI: 98450056568BF2A90783 | Long             | EC               | CORP              | CA        |   4750000 | NS      | $13197829.99  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| RPX Gold Inc.                              | Red Pine Exploration, Inc. Warrants 07/08/2028                           | CUSIP: BNGDW18W2<br>LEI: 529900U8LGGUG3E2NC68 | N/A              | DE               | CORP              | CA        |   3884868 | NC      | $321828.44    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Monarch Mining Corp. Warrants 04/06/2027                                 | CUSIP: BNM54P6W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |   1700000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Nexus Minerals Ltd                         | Nexus Minerals, Ltd.                                                     | CUSIP: N/A<br>LEI: 529900MVDT6BSPWKD554       | Long             | EC               | CORP              | AU        |  36000000 | NS      | $1818971.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ongwe Minerals Inc                         | Ongwe Minerals, Inc.                                                     | CUSIP: 682950100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2074556 | NS      | $1825055.68   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Ongwe Minerals Inc                                                       | CUSIP: BSD5HT5W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    143375 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | Ongwe Minerals Inc                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    623060 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Onyx Gold Corp                             | Onyx Gold Corp.                                                          | CUSIP: 68339G103<br>LEI: 529900LI2BU0WQI1I448 | Long             | EC               | CORP              | CA        |    675000 | NS      | $960008.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Orla Mining Ltd                            | Orla Mining, Ltd.                                                        | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |   6200000 | NS      | $134044000.00 | 7.78%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Orla Mining, Ltd., 4.50%, 3/1/30                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |  10010000 | PA      | $27403205.16  | 1.59%             | 2030-03-01      | Fixed         | 4.50%                 | No            |                  3 | On Loan: No      |
| Pecoy Copper Corp                          | Pecoy Copper Corp.                                                       | CUSIP: 70529A102<br>LEI: 984500E4Z2A4EBECED27 | Long             | EC               | CORP              | CA        |   3250000 | NS      | $5122612.81   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Predictive Discovery Ltd                   | Predictive Discovery, Ltd.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 106183334 | NS      | $74053805.76  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan Global Resources Inc                   | Pan Global Resources, Inc.                                               | CUSIP: 69806A108<br>LEI: 54930008OSFWQ6KCRG64 | Long             | EC               | CORP              | CA        |   6350000 | NS      | $698288.19    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Signature Resources, Ltd. Warrants                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |  11500000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Prodigy Gold Nl                            | Prodigy Gold NL                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  17366291 | NS      | $790955.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Q-gold Resources Ltd                       | Q-Gold Resources, Ltd.                                                   | CUSIP: 747269504<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |  18000000 | NS      | $2771159.41   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Pan American Silver Corp. RTS                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    393200 | NC      | $402761.44    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Robex Resources Inc                        | Robex Resources, Inc.                                                    | CUSIP: 76125Y600<br>LEI: 529900UBILRW1I57HF58 | Long             | EC               | CORP              | CA        |  12900000 | NS      | $74143909.68  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ridgeline Minerals Corp                    | Ridgeline Minerals Corp.                                                 | CUSIP: 766087100<br>LEI: 529900ZN0PWN2EIUEE75 | Long             | EC               | CORP              | CA        |  13350000 | NS      | $2202082.04   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | South Pacific Metals Corp. Warrants                                      | CUSIP: BRK3922W2<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    900000 | NC      | $5278.40      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Roxmore Resources Inc                      | Roxmore Resources, Inc.                                                  | CUSIP: 780017109<br>LEI: 529900WXU2EXI7C00O27 | Long             | EC               | CORP              | CA        |   4800000 | NS      | $11506909.57  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Rpx Gold Inc                               | RPX Gold, Inc.                                                           | CUSIP: 74984K100<br>LEI: 529900U8LGGUG3E2NC68 | Long             | EC               | CORP              | CA        |  36806783 | NS      | $6880781.25   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Robex Resources, Inc. Units                                              | CUSIP: BQXNZ24U2<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1607718 | NS      | $8786907.28   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sable Resources Ltd                        | Sable Resources, Ltd.                                                    | CUSIP: 785713306<br>LEI: 3912006PLR1HF7YCRK43 | Long             | EC               | CORP              | CA        |  26160000 | NS      | $1630145.52   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| San Cristobal Mining Inc.                  | San Cristobal Mining, Inc. 144A                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   2783332 | NS      | $44533312.00  | 2.59%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Signature Resources Ltd                    | Signature Resources, Ltd.                                                | CUSIP: 82670U308<br>LEI: 2549001KDYST60X3OE03 | Long             | EC               | CORP              | CA        |  23000000 | NS      | $843077.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Tiger Metals Inc                    | Silver Tiger Metals, Inc.                                                | CUSIP: 82831T109<br>LEI: 2549009QDIU00MWT6U57 | Long             | EC               | CORP              | CA        |  22000000 | NS      | $17096147.50  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| South Pacific Metals Corp                  | South Pacific Metals Corp.                                               | CUSIP: 83914U104<br>LEI: 9845009036F7F4558753 | Long             | EC               | CORP              | CA        |   3900000 | NS      | $1715479.64   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Stllr Gold Inc                             | STLLR Gold, Inc.                                                         | CUSIP: 86101P101<br>LEI: 254900DJACV32N4WRJ73 | Long             | EC               | CORP              | CA        |   1291080 | NS      | $1959265.13   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Southwest Critical Materials                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   3750000 | NS      | $3750000.00   | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                        | Southwest Critical Materials                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  11250000 | NS      | $11250000.00  | 0.65%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Thesis Gold & Silver Inc                   | Thesis Gold & Silver, Inc.                                               | CUSIP: 883922106<br>LEI: 529900EDQ993Q6M6BH62 | Long             | EC               | CORP              | CA        |  16866668 | NS      | $43772592.44  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tdg Gold Corp                              | TDG Gold Corp.                                                           | CUSIP: 87190J105<br>LEI: 2549000YY74BDNRBVC95 | Long             | EC               | CORP              | CA        |   9227925 | NS      | $5682678.05   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tolu Minerals Ltd                          | Tolu Minerals, Ltd.                                                      | CUSIP: N/A<br>LEI: 529900GTAE7MCGHVUG46       | Long             | EC               | CORP              | PG        |  25000000 | NS      | $22861677.07  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Talisker Resources Ltd                     | Talisker Resources, Ltd.                                                 | CUSIP: 87425A887<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2500000 | NS      | $3353982.63   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tier One Silver Inc                        | Tier One Silver, Inc.                                                    | CUSIP: 88651M108<br>LEI: 98450052DEED9G036371 | Long             | EC               | CORP              | CA        |  25500000 | NS      | $2383527.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Tier One Silver, Inc. Warrants                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |  25500000 | NC      | $579524.21    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Torex Gold Resources Inc                   | Torex Gold Resources, Inc.                                               | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |    637200 | NS      | $38823864.23  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Americas Gold & Silver Corp                | Americas Gold & Silver Corp.                                             | CUSIP: 03062D803<br>LEI: 5493005AKGOT669Z4P51 | Long             | EC               | CORP              | CA        |    642000 | NS      | $6302100.36   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Americas Gold & Silver Corp                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    750000 | NS      | $7362266.78   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Americas Gold & Silver Corp                | Americas Gold & Silver Corp.                                             | CUSIP: 03062D803<br>LEI: 5493005AKGOT669Z4P51 | Long             | EC               | CORP              | CA        |  18000000 | NS      | $176220000.00 | 10.23%            |  |  |  | No            |                  1 | On Loan: No      |
| American Pacific Mining Corp               | American Pacific Mining Corp.                                            | CUSIP: 028791200<br>LEI: 5493007S3WLRTQ5XL220 | Long             | EC               | CORP              | CA        |   3000000 | NS      | $428869.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Us Treasury Cash Reserves | Federated Hermes US Treasury Cash Reserves - Institutional Shares, 3.59% | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        |    145007 | NS      | $145006.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Versamet Royalties Corp                    | Versamet Royalties Corp.                                                 | CUSIP: 92528V200<br>LEI: 529900W4YMNK6YDBX055 | Long             | EC               | CORP              | CA        |   1400000 | NS      | $14081595.25  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Westgold Resources Ltd.                    | Westgold Resources, Ltd.                                                 | CUSIP: N/A<br>LEI: 2549003AMX9BL7CKBQ74       | Long             | EC               | CORP              | AU        |   9475000 | NS      | $52257168.07  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Westhaven Gold Corp                        | Westhaven Gold Corp.                                                     | CUSIP: 960350106<br>LEI: 2549006LQ1TAHZLTOF64 | Long             | EC               | CORP              | CA        |   5500000 | NS      | $1249954.18   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** ASA GOLD & PRECIOUS METALS LTD

**Signature:** Thomas Perugini

**Name of Signer:** Thomas Perugini

**Title:** Principal Financial Officer