ASA Gold and Precious Metals Limited Announces Distribution Declaration and Adviser Voluntary Fee Waiver

ASA Gold and Precious Metals Limited (the "Company") ASA declared a distribution of $0.01 per common share of the Company. The distribution is payable on November 25, 2020 to shareholders of record as of the close of business on November 16, 2020. Due to a continued low level of dividends received by the portfolio, this distribution will be paid from accumulated undistributed net investment income. Should current market conditions persist, future distributions, if any, from this source may be unsustainable. The Company has paid uninterrupted distributions since 1959.

In addition, Merk Investments LLC ("Merk"), the investment adviser for the Company, announced that it has voluntarily agreed to waive a portion of its advisory fee, equal to an annual rate of 0.05% of the Company's managed net assets exceeding $300 million, and an additional 0.10% of the Company's managed net assets exceeding $500 million, effective at the beginning of the Company's upcoming fiscal year, starting December 1, 2020.

The Company is a non-diversified, closed-end fund that seeks long-term capital appreciation primarily through investing in companies engaged in the exploration for, development of projects in, or mining of precious metals and minerals.

It is a fundamental policy of the Company that at least 80% of its total assets must be (i) invested in common shares or securities convertible into common shares of companies engaged, directly or indirectly, in the exploration, mining or processing of gold, silver, platinum, diamonds or other precious minerals, (ii) held as bullion or other direct forms of gold, silver, platinum or other precious minerals, (iii) invested in instruments representing interests in gold, silver, platinum or other precious minerals such as certificates of deposit therefor, and/or (iv) invested in securities of investment companies, including exchange traded funds, or other securities that seek to replicate the price movement of gold, silver or platinum bullion.

The Company employs bottom-up fundamental analysis and relies on detailed primary research including meetings with company executives, site visits to key operating assets, and proprietary financial analysis in making its investment decisions.

Investors are encouraged to visit the Company's website for additional information, including historical and current share prices, news releases, financial statements, tax and supplemental information. The site may be found at www.asaltd.com or you may contact ASA directly at (800) 432-3378.

Investment advisory services for the Company are provided by Merk, an SEC registered investment adviser. Merk provides investment advice on liquid global markets, including domestic and international equities, fixed income, commodities and currencies and their respective derivative markets.

Certain Tax Information

The Company is a "passive foreign investment company" for United States federal income tax purposes. As a result, United States shareholders holding shares in taxable accounts are encouraged to consult their tax advisors regarding the tax consequences of their investment in the Company's common shares.

Forward-Looking Statement

This press release includes forward-looking statements within the meaning of U.S. federal securities laws that are intended to be covered by the safe harbors created thereunder. The Company's actual performance or results may differ from its beliefs, expectations, estimates, goals and projections, and consequently, investors should not rely on these forward-looking statements as predictions of future events.

This press release does not constitute an offer to sell or solicitation of an offer to buy any securities.

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