Saba Capital Management, L.P. → ASA Gold & Precious Metals Ltd ASA

On January 21, 2026, Saba Capital submitted a proposal to the Board recommending that the Board conduct a comprehensive strategic review, including an assessment of strategic and structural alternatives, with a focus on reevaluating the fund's gold-equity mandate to consider alternative, more income-oriented exposures, such as credit, and evaluating potential changes to ASA's offshore structure, including a redomiciliation to Delaware and a change from its current passive foreign investment company (PFIC) status to that of a regulated investment company (RIC), which could reduce tax friction, improve accessibility for U.S. investors, narrow NAV discounts and enhance distribution flexibility. The foregoing summary of what Saba proposed to the Board does not purport to be complete and is qualified in its entirety by reference to the full text of the proposal, which is attached as Exhibit 15 hereto.