9. Investments in associates

	2022		2021
	$		$

Balance - January 1	125,354		119,219
Acquisitions	2,361		4,478
Exercises of warrants	-		1,437
Share of loss	(2,438	)	(3,950	)
Share of other comprehensive loss	(1,368	)	(1,665	)
Net gain on ownership dilution	3,604		1,847
Gain on deemed disposal ⁽ⁱ⁾	11,854		-
Transfers to other investments (Note 10) ⁽ⁱ⁾	(15,343	)	-
Deemed issuance of Osisko common shares held by an associate	-		6,100
Impairments	(2,361	)	(2,112	)
Investments in associates held by Osisko Development and deconsolidated on September 30, 2022 (Note 31)	(8,900	)	-
Reclassification of interest held by the Company in Osisko Development (Note 31)	207,000		-
Balance - December 31	319,763		125,354

(i) In 2022, the gain on deemed disposal is related to an investment in an associate that was transferred to other investments as the Company has considered that it has lost its significant influence over the investee.

Material investments

Osisko Development Corp.

Osisko Development is a Canadian gold exploration and development company focused on the acquisition, exploration and development of precious metals resource properties in North America. The main projects held by Osisko Development are the Cariboo gold project ("Cariboo") in British Columbia, Canada, the San Antonio gold project ("San Antonio") in Sonora, Mexico, and the Trixie property in Utah ("Trixie"), United States. Osisko owns a 5% NSR royalty on the Cariboo gold project, a 15% gold and silver stream on the San Antonio gold project and a 2.5% metals stream on the Trixie property.

As at December 31, 2022, the Company held 33,333,366 common shares representing a 44.1% interest in Osisko Development (75.1% as at December 31, 2021). Following the deconsolidation of Osisko Development as at September 30, 2022, the Company concluded that it exercises significant influence over Osisko Development and accounts for its investment using the equity method since October 1, 2022 (Note 31).

Osisko Mining Inc.

Osisko Mining is a Canadian gold exploration and development company focused on its Windfall gold project in Québec, Canada. Osisko holds a 2.0% - 3.0% NSR royalty on the Windfall gold project and a 1% NSR royalty on other properties held by Osisko Mining.

As at December 31, 2022, the Company holds 50,023,569 common shares representing a 14.4% interest in Osisko Mining (14.4% as at December 31, 2021). The Company concluded that it exercises significant influence over Osisko Development 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 Development ⁽ⁱ⁾^,(ii)				Osisko Mining ⁽ⁱ⁾				Osisko Metals ⁽ⁱ⁾^,(iii)
	2022		2021		2022		2021		2022	2021
	$		$		$		$		$	$

Current assets	168,104		61,425		175,012		185,307		n/a	5,659
Non-current assets	839,811		641,699		796,242		664,544		n/a	89,006
Current liabilities	53,275		41,854		28,244		31,440		n/a	2,676
Non-current liabilities	160,802		77,068		230,200		109,502		n/a	1,607
Revenues	47,801		4,681		-		-		n/a	-

Net loss	(184,016	)	(84,620	)	(2,947	)	(8,149	)	n/a	(4,618	)
Other comprehensive income (loss)	14,927		(12,846	)	(4,570	)	(9,816	)	n/a	(36	)
Comprehensive loss	(169,089	)	(97,466	)	(7,517	)	(17,965	)	n/a	(4,654	)

Carrying value of investment ⁽ⁱ^v⁾	207,000		n/a		99,714		98,885		n/a	13,470
Fair value of investment ⁽ⁱ^v⁾	192,334		n/a		175,082		190,590		n/a	12,140

(i) Information is for the reconstructed twelve months ended September 30, 2022 and 2021.

(ii) Osisko Development was deconsolidated and became a material associate on September 30, 2022 (Note 31).

(iii) Osisko Metals ceased to be a material associate in 2022.

(iv) As at December 31, 2022 and 2021.

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:

	2022	2021
	$	$
Aggregate amount of the Company's share of net loss	456	(583	)
Aggregate amount of the Company's share of other comprehensive loss	-	-
Aggregate carrying value of investments ⁽ⁱ⁾	13,049	12,999
Aggregate fair value of investments ⁽ⁱ⁾	6,676	45,426

(i) As at December 31, 2022 and 2021.