[SCHEDULE 13D/A] ASA GOLD AND PRECIOUS METALS LIMITED SEC Filing

Rhea-AI Filing Summary

Saba Capital Management, Saba Capital Management GP, LLC and Boaz R. Weinstein jointly report beneficial ownership of 3,686,546 common shares of ASA Gold and Precious Metals Limited, equal to 19.53% of the outstanding class based on 18,872,332 shares as of 5/31/25. The filing shows shared voting and shared dispositive power over these shares.

Funds used to acquire the position came from investor subscription proceeds, capital appreciation and margin borrowings, and the Reporting Persons paid approximately $64,022,223 to acquire the reported shares. Item 4 lists the purpose as Not Applicable, and the open-market transactions are detailed in Schedule A.

Positive

• Material stake disclosed: 3,686,546 shares representing 19.53% of ASA's common stock based on 18,872,332 shares outstanding as of 5/31/25
• Clear financing disclosure: Purchases funded by investor subscription proceeds, capital appreciation and margin borrowings; total paid ~$64,022,223
• Economic rights retained: Funds advised by Saba Capital have the right to receive dividends and proceeds from sales of the reported shares

Negative

• No purpose disclosed: Item 4 is listed as "Not Applicable," so the Reporting Persons did not state an intention or plan regarding the stake
• Shared, not sole, control: The filing shows shared voting and dispositive power rather than sole control, leaving uncertainty about who directs actions
• Transaction detail resides in Schedule A: This amendment references open-market transactions set forth in Schedule A rather than listing them inline in this filing

Insights

Financial Analyst

TL;DR: Saba holds a material 19.53% stake in ASA, purchased for about $64.0M; no purpose disclosed, limiting immediate signal.

The filing documents a substantial institutional stake: 3,686,546 shares equal to 19.53% of the class using the 18,872,332 share base reported as of 5/31/25. The position was acquired with subscription capital, capital appreciation and margin borrowings, with an aggregate purchase cost of approximately $64,022,223. Voting and dispositive powers are shared, not sole, and dividends/proceeds rights are retained by advised funds. Because Item 4 states "Not Applicable," the filing does not state any strategic intent, which leaves investors to interpret implications from stake size and financing structure.

Corporate Governance Expert

TL;DR: A nearly 20% stake with shared voting power but no disclosed purpose raises governance and disclosure questions for ASA shareholders.

The disclosure is material from a governance standpoint: a 19.53% beneficial position typically warrants scrutiny of potential influence on board composition, strategy or shareholder proposals. Here, control is not asserted—voting and dispositive power are shared—and the filer explicitly lists Item 4 as "Not Applicable," providing no clarity on intentions. The filing confirms rights to dividends and sale proceeds for advised accounts, and indicates acquisitions were made in the open market and summarized in Schedule A. From a governance perspective, ASA shareholders should note the stake size and absence of an expressed plan.

08/12/2025 - 12:22 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

ASA Gold and Precious Metals Limited

(Name of Issuer)

Common Shares, $1 par value

(Title of Class of Securities)

G3156P103

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/11/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,686,546.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,686,546.00

11

Aggregate amount beneficially owned by each reporting person

3,686,546.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.53 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,686,546.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,686,546.00

11

Aggregate amount beneficially owned by each reporting person

3,686,546.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.53 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,686,546.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,686,546.00

11

Aggregate amount beneficially owned by each reporting person

3,686,546.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.53 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $1 par value
(b)	Name of Issuer: ASA Gold and Precious Metals Limited
(c)	Address of Issuer's Principal Executive Offices: Three Canal Plaza, Suite 600, Portland, MAINE , 04101.
Item 1 Comment: This Amendment No. 12 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $64,022,223 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 8/7/25 by the Reporting Persons to 8/11/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 7 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	08/12/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/12/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/12/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many ASA (ASA) shares does Saba Capital report owning?

The Reporting Persons disclose beneficial ownership of 3,686,546 shares, representing 19.53% of the class based on 18,872,332 shares outstanding as of 5/31/25.

How much did Saba Capital pay to acquire its ASA position?

The filing states that approximately $64,022,223 was paid to acquire the reported Common Shares.

What voting or disposal rights does Saba have over ASA shares?

The Reporting Persons report shared voting power and shared dispositive power over the 3,686,546 shares; no sole voting or dispositive power is reported.

Did Saba disclose a purpose or plan for the ASA stake?

No. Item 4 of the amendment is listed as Not Applicable, so the Reporting Persons did not disclose a purpose or specific plans.

How were the ASA shares purchased?

The filing states the relevant transactions were executed in the open market and are set forth in Schedule A incorporated into the amendment.

Who are the Reporting Persons named in the Schedule 13D/A for ASA?

The filing is jointly made by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein.