Logo

ASA

ASA Gold and Precious Metals Limited

ASA

ASA Gold and Precious Metals Limited • NYSE
$52.72 ▲ 3.53% (+1.80)
Market Cap $994.95 M
52w High $53.76
52w Low $19.37
Dividend Yield 0.06%
P/E 3.78
Volume 32.74K
Outstanding Shares 18.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $841.119K ▼ $5.344M ▲ $141.251M ▲ 16.793K% ▲ $7.48 ▲ $0
Q1-2025 $1.977M ▲ $1.058M ▲ $81.71M ▲ 4.134K% ▲ $4.32 ▲ $0
Q4-2024 $638.71K ▲ $1.018M ▼ $24.118M ▲ 3.776K% ▲ $1.27 ▲ $0
Q3-2024 $467.084K ▲ $1.28M ▲ $16.743M ▼ 3.585K% ▼ $0.88 ▼ $0 ▼
Q2-2024 $38.32K $-44.976K $98.204M 256.273K% $5.09 $76.637M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $4.107M ▲ $666.13M ▲ $2.951M ▲ $663.179M ▲
Q1-2025 $158.625K ▼ $524.75M ▲ $1.086M ▼ $523.665M ▲
Q4-2024 $4.751M ▲ $445.398M ▲ $1.245M ▼ $444.154M ▲
Q3-2024 $845.868K ▲ $425.136M ▲ $2.913M ▲ $422.223M ▲
Q2-2024 $77.926K $410.052M $1.091M $408.961M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $141.251M ▲ $0 $0 $0 $0 $0
Q1-2025 $81.71M ▲ $0 $0 $0 $0 $0
Q4-2024 $24.118M ▲ $0 $0 $0 $0 $0
Q3-2024 $16.743M ▼ $0 $0 $0 $0 $0
Q2-2024 $98.204M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement ASA’s financial results move sharply up and down from year to year, which is typical for a fund tied to gold and mining stocks. It has swung from solid profits to a notable loss and back to strong profitability more recently. That pattern suggests earnings are driven far more by market performance of its holdings and metal prices than by steady fee income. In other words, results are highly cyclical and investment‑market dependent, not smooth or predictable like a traditional operating business.

Balance Sheet

Balance Sheet The balance sheet is simple and conservative. Assets and shareholders’ equity are almost the same, and there is no financial debt reported, which means the fund is essentially unleveraged. There is also effectively no idle cash; most capital appears to be invested in the portfolio. This structure limits balance‑sheet risk but also means there is little cash buffer—performance is closely tied to how the underlying investments behave.

Cash Flow

Cash Flow Reported cash flow items are effectively flat, which is typical for an investment fund where the focus is on portfolio value rather than operating cash generation. There is no traditional capital spending, and free cash flow metrics are not very meaningful in the usual corporate sense. What matters more is how well the portfolio appreciates over time and how effectively the fund manages distributions and expenses relative to its assets.

Competitive Edge

Competitive Edge ASA occupies a narrow but well‑defined niche: a long‑standing, specialized fund focused on gold and precious‑metal investments. Its edge comes from deep sector focus, decades of relationships in the mining world, and a concentrated, research‑driven approach rather than broad diversification. The closed‑end structure can make its shares trade away from underlying asset value, which can be either an opportunity or a frustration for shareholders. The main competitive risk is its heavy dependence on a single, highly cyclical sector and on the skill of the external manager to pick winners within it.

Innovation and R&D

Innovation and R&D ASA does not innovate through physical products or traditional R&D. Its “innovation” is intellectual: a detailed research process, proprietary valuation models for mining assets, direct engagement with company managements, and on‑the‑ground due diligence. The manager refines this process over time, including attention to sustainability and governance issues in mining. The moat here is know‑how and discipline rather than technology—hard for generalist rivals to copy, but still exposed to sector cycles and human judgement.

Summary

ASA is essentially a specialized investment vehicle rather than a conventional operating company. Financial results are volatile and closely tied to precious‑metal and mining stock cycles, not to recurring business revenues. The balance sheet is clean, with no obvious leverage, and capital is largely fully invested, amplifying the impact of market moves. Its strengths lie in long experience, narrow focus, and a well‑developed research process; its main vulnerabilities are concentration in a volatile sector and reliance on active management skill. Overall, ASA offers focused exposure to precious metals through an actively managed, closed‑end structure, with relatively low balance‑sheet risk but high market and sector risk.

NEWS

November 27, 2025 · 2:50 PM UTC

Vow ASA: Mandatory notification of trade by primary insiders and their close associates

Read more

November 27, 2025 · 10:17 AM UTC

Mowi ASA – Successful placement of new senior unsecured green bonds

Read more

November 26, 2025 · 10:55 AM UTC

Vow ASA: Contract of EUR 13.8 million awarded for equipment deliveries to four cruise newbuilds, additional six options to be called upon

Read more

November 25, 2025 · 2:00 AM UTC

Equinor ASA: Share buy-back – fourth tranche for 2025

Read more

November 25, 2025 · 1:30 AM UTC

Mowi ASA – Green Bond Mandate Announcement and Fixed Income Investor Meetings

Read more