ASA Gold and Precious Metals Limited Announces the Appointment of Paul Kazarian as President and Principal Executive Officer; and the Establishment of an Investment Committee to Manage the Company’s Portfolio Internally on an Interim Basis

PORTLAND, Maine--(BUSINESS WIRE)--ASA Gold and Precious Metals Limited (NYSE: ASA) (the “Company”), a registered closed-end management investment company listed on the New York Stock Exchange, today announced that Paul Kazarian has been appointed President and Principal Executive Officer (“PEO”) of the Company. Axel Merk and Peter Maletis no longer serve as officers of the Company.

The Company also announced that, as the Special Committee of the Board of Directors continues its work evaluating the potential external management arrangements for the Company, the Company will be managed internally in the interim. In that connection, the Board has established an investment committee (the “Investment Committee”) comprised of the following Board Members:

• Paul Kazarian, Chair of the Investment Committee
• Ketu Desai, Member of the Investment Committee
• Neal Neilinger, Member of the Investment Committee

Subject to the oversight and discretion of the Board, the Investment Committee is responsible for managing and overseeing the Company’s investment portfolio until such time that an external investment manager is retained by the Company (the “Interim Period”).

The Board has also approved the Company’s retention of Saba Capital Management, L.P. (“Saba”) to provide certain administrative, compliance and trade execution support services during this Interim Period. Saba is not entitled to compensation for such services, but will be reimbursed for its out of pocket costs in providing such services.

The Board will provide further updates regarding the Special Committee’s work in evaluating potential external management arrangements as appropriate.

About ASA Gold and Precious Metals Limited. ASA Gold and Precious Metals Limited is a publicly-traded registered closed-end management investment company. The Company’s common shares trade on the New York Stock Exchange under the ticker symbol “ASA”.

Forward-Looking Statements. This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including but not limited to statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including whether there will, in fact, be changes to management of the Company. These factors are identified from time to time in the Company’s filings with the Securities and Exchange Commission as well as the materials on the Company’s website. The Company undertakes no obligation to update such statements to reflect subsequent events, except as may be required by law.