BDC Conversion to Create an Income-Focused ASA Designed to Enhance Shareholder Value

Board Votes to Select Saba as New Investment Manager

Based on the unanimous recommendation of its Special Committee, the Board of Directors (the "Board") of ASA Gold and Precious Metals Limited (NYSE:ASA) (the "Company") is pleased to announce that it has approved a proposal to convert the Company from a registered closed-end investment company focused on the gold and precious-metals sector into a business development company ("BDC") with a yield-oriented, credit-focused strategy (the "BDC Conversion").

As part of the BDC Conversion, the Board has also voted to redomicile the Company from Bermuda to Delaware and to make certain changes to the Company’s investment program and management structure, including selecting Saba Capital Management, L.P. ("Saba") to serve as the BDC’s investment manager. In connection with the BDC Conversion, the Company also expects to change its U.S. federal income tax status from a "passive foreign investment company" ("PFIC") to a "regulated investment company" ("RIC").

The Board’s decision represents the conclusion of a months-long strategic review conducted by the Special Committee, which was advised by its financial advisor and independent legal counsel. The Special Committee and the Board believe the BDC Conversion is in the best interests of ASA and its shareholders and provides a compelling opportunity to reposition the Company as an income-focused investment vehicle for the future.

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