12. Investments in associates

		2019		2018
		$		$
Balance - January 1		304,911		257,433
	Acquisitions	37,335		87,134
	Interests receivable paid in shares	1,820		-
	Exercise of warrants	2,209		-
	Transfers from other investments	-		7,048
	Share of loss, net	(22,209	)	(9,013	)
	Share of other comprehensive income (loss), net	(352	)	433
	Net gain (loss) on ownership dilution	(3,687	)	1,545
	Disposals (Note 22)	(84,293	)	-
	Loss on disposals	(2,440	)	-
	Deemed disposal (Note 7)	(77,123	)	-
	Gain (loss) on deemed disposals ⁽ⁱ⁾	(24,255	)	6,956
	Impairment ⁽ⁱⁱ⁾	(12,500	)	-
	Transfers to other investments	(9,676	)	(46,625	)
	Deemed repurchase of Osisko common shares held by an associate ⁽ⁱⁱⁱ⁾	(6,100	)	-
Balance - December 31		103,640		304,911

(i) Refer to Note 7 for the 2019 loss on deemed disposals.

On September 7, 2018, Orion announced the completion of the acquisition and privatization of Dalradian Resources Inc. ("Dalradian"), an associate of Osisko, for cash consideration of $1.47 per common share. The common shares held by Osisko were not acquired in the transaction. Following the transaction, Osisko had a put right on its Dalradian shares, which was exercised in 2019 (Note 21), allowing Osisko to sell them at a price of $1.47 per share. Following the 2018 transaction, management had concluded that it had lost its significant influence over Dalradian and had transferred its investments from associates to other investments. This transfer from investments from associates to other investments resulted in a deemed disposal of the shares and the recognition of the difference between the carrying amount of the Dalradian investment under the equity method before the transaction and the fair value of the other investment after the transaction.

(ii) On September 30, 2019, the Company determined that its net investment in Falco was impaired. This determination was made considering, among other factors, the duration and extent to which the fair value of an investment is less than its carrying amount, the volatility of the share price and the business outlook for the investee, including factors such as the current and expected status of the investee's development projects. The net investment in Falco was written down to its estimated fair value and, therefore, an impairment charge of $12.5 million ($10.8 million, net of income taxes) was recorded during the three months ended September 30, 2019.

(iii) Osisko Mining Inc. ("Osisko Mining"), an associate of Osisko, held common shares of Barkerville prior to the acquisition (Note 7). Following the acquisition of Barkerville, Osisko Mining has received common shares of Osisko, which resulted in a deemed repurchase of common shares by the Company and a related reduction in the net investment in Osisko Mining, based on the 15.9% interest held in Osisko Mining.

Material investments

Osisko Mining Inc.

Osisko Mining is a Canadian gold exploration and development company focused on its Windfall Lake gold project. Osisko holds a 2.0% - 3.0% NSR royalty on the Windfall Lake gold project, for which a positive preliminary economic assessment was released in July 2019, and a 1% NSR royalty on other properties held by Osisko Mining. The Company invested $18.0 million in Osisko Mining in 2018 and an additional $7.7 million in 2019.

As at December 31, 2019, the Company holds 45,969,569 common shares representing a 15.9% interest in Osisko Mining (16.7% as at December 31, 2018). Based on the fact that some directors of Osisko are also directors of Osisko Mining, and because of other facts and circumstances, the Company concluded that it exercises significant influence over Osisko Mining and accounts for its investment using the equity method.

Osisko Metals Incorporated

Osisko Metals Incorporated ("Osisko Metals") is a Canadian base metal exploration and development company with a focus on zinc mineral assets. The company's flagship properties are the Pine Point mining camp, located in the Northwest Territories and the Bathurst mining camp, located in northern New Brunswick. The Company owns a 1.5% NSR royalty on the Pine Point mining camp (acquired in January 2020 for $6.5 million) and a 1% NSR royalty on the Bathurst mining camp. The Company invested $3.0 million in Osisko Metals in 2018 and an additional $7.8 million in 2019.

As at December 31, 2019, the Company holds 29,877,397 common shares representing a 17.9% interest in Osisko Metals (12.7% as at December 31, 2018). Based on the fact that some officers and directors of Osisko are also directors of Osisko Metals, and because of other facts and circumstances, the Company concluded that it exercises significant influence over Osisko Metals and accounts for its investment using the equity method.

The financial information of the individually material associates is as follows and includes adjustments to the accounting policies of the associates to conform to those of Osisko (in thousands of dollars):

	Osisko Mining				Osisko Metals				Barkerville				Victoria				Falco
	2019⁽ⁱ⁾		2018⁽ⁱⁱ⁾		2019⁽ⁱ⁾		2018⁽ⁱⁱ⁾^,(vii)		2019⁽ⁱⁱⁱ⁾		2018⁽ⁱⁱ⁾		2019^(iv)		2018^(v)		2019^(vi)		2018⁽ⁱⁱ⁾
	$		$		$		$		$		$		$		$		$		$

Current assets	130,495		121,424		13,166		27,397		n/a		32,533		n/a		50,084		n/a		9,209
Non-current assets	526,926		411,548		81,337		59,827		n/a		166,995		n/a		427,529		n/a		132,255
Current liabilities	25,833		13,540		6,139		10,867		n/a		17,196		n/a		90,527		n/a		40,415
Non-current liabilities	68,773		29,434		3,246		500		n/a		14,172		n/a		87,811		n/a		9,758
Revenues	-		-		-		-		-		-		-		-		-		-
Net earnings (loss) from continuing operations and net income (loss)	(82,554	)	(19,022	)	(4,280	)	(2,819	)	(842	)	8,907		(8,587	)	(1,278	)	(8,589	)	(6,713	)
Other comprehensive income (loss)	(4,453	)	(7,843	)	(327	)	837		10		(181	)	(81	)	(307	)	-		-
Comprehensive income (loss)	(87,007	)	(26,865	)	(4,607	)	(1,982	)	(832	)	8,726		(8,668	)	(1,585	)	(8,589	)	(6,713	)

Carrying value of investment^(vⁱⁱⁱ⁾	73,967		89,766		15,389		8,625		n/a		95,695		n/a		56,972		n/a		21,128
Fair value of investment^(vⁱⁱⁱ⁾	186,177		131,673		12,698		7,510		n/a		65,146		n/a		44,558		n/a		10,449

(i) Information is for the reconstructed twelve months ended September 30, 2019 and as at September 30, 2019.

(ii) Information is for the reconstructed twelve months ended September 30, 2018 and as at September 30, 2018.

(iii) Information is for the reconstructed twelve months ended September 30, 2019. Following the acquisition of Barkerville on November 21, 2019 (Note 7), Barkerville became a wholly-owned subsidiary of Osisko.

(iv) Information is for the reconstructed six months ended May 31, 2019. The Victoria investment was disposed on July 15, 2019 (Note 21).

(v) Information is for the reconstructed twelve months ended November 30, 2018 and as at November 30, 2018.

(vi) Information is for the reconstructed twelve months ended September 30, 2019. Falco is not considered an individually material associate since October 1, 2019, following an impairment charge on the net investment of $12.5 million.

(vii) Osisko Metals became an individually material associate during the three months period ended December 31, 2019.

(viii) As at December 31, 2019 and 2018.

Investments in immaterial associates

The Company has interests in a number of individually immaterial associates that are accounted for using the equity method. The aggregate financial information on these associates is as follows:

	2019		2018
	$		$
Aggregate amount of the Company's share of net loss	(2,058	)	(4,194	)
Aggregate amount of the Company's share of other comprehensive income	-		897
Aggregate carrying value of investments	14,284		41,351
Aggregate fair value of investments	21,166		41,198