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LEASES | 12 Months Ended
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Dec. 31, 2023
Presentation of leases for lessee [abstract] |
LEASES |
11. | LEASES
(a) | Right-of-use assets
|  | December 31, 2023 |  |  | December 31, 2022 |
Right-of-use assets, beginning of period |  | $ | 1,933 |  |  | $ | 2,640 |
Additions |  |  | 246 |  |  |  | - |
Depreciation |  |  | (705) |  |  |  | (707) |
Balance, end of period |  | $ | 1,474 |  |  | $ | 1,933 |
The right-of-use assets recognized by the Company are comprised of $1,474 (December 31, 2022 - $1,933) related to corporate office and warehouse leases, and are included in the office, furniture and leasehold improvements category in Note 7.
(b) | Lease receivable
On April 5, 2023 NexGen completed a purchase agreement whereby the Company acquired $4,100 of equipment and immediately thereafter leased the equipment to a third party. The lease payments commence the first day of the month following the six-month anniversary of the date the equipment was delivered. The discounted and undiscounted value of the remaining lease payments as at December 31, 2023 is as follows:
|  | Less than 1 year |  |  |  |  |  | 1 to 3 years |  |  |  |  |  | 4 to 5 years |  |  |  |  |  | Over 5 years |  |  |  |  |  | Total |
Lease receivable |  | $ | 512 |  |  |  |  |  |  | $ | 769 |  |  |  |  |  |  | $ | 1,025 |  |  |  |  |  |  | $ | 1,708 |  |  |  |  |  |  | $ | 4,014 |
|  | December 31, 2023 |  |  |  |  | December 31, 2022 |
Current portion |  |  | 512 |  |  |  |  |  | - |
Non-current portion |  |  | 3,502 |  |  |  |  |  | - |
Balance, end of period |  | $ | 4,014 |  |  |  |  | $ | - |
(c) | Lease liabilities
|  | December 31, 2023 |  |  |  |  | December 31, 2022 |
Lease liabilities, beginning of period |  | $ | 2,463 |  |  |  |  | $ | 3,169 |
Additions |  |  | 254 |  |  |  |  |  | - |
Interest expense on lease liabilities |  |  | 153 |  |  |  |  |  | 207 |
Payment of lease liabilities |  |  | (928) |  |  |  |  |  | (913) |
Balance, end of period |  | $ | 1,942 |  |  |  |  | $ | 2,463 |
Current portion |  |  | 926 |  |  |  |  |  | 775 |
Non-current portion |  |  | 1,016 |  |  |  |  |  | 1,688 |
Balance, end of period |  | $ | 1,942 |  |  |  |  | $ | 2,463 |
The undiscounted value of the lease liabilities as at December 31, 2023 was $2,952 (December 31, 2022 - $3,920).
(d) | Amounts recognized in consolidated statements of net income (loss)
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |
Expense relating to variable lease payments |  | $ | 417 |  |  | $ | 417 |
The Company engages drilling companies to carry out its drilling programs o n its exploration and evaluation properties. The drilling companies provide all required equipment for these drilling programs. These contracts are short-term in nature and the Company has elected not to recognize right-of-use assets and associated lease liabilities in respect to these contracts but rather to recognize lease payments associated with these leases as incurred over the lease term. Payments by the Company to the drilling companies for the year ended December 31, 2023 were $1,909 (year ended December 31, 2022 - $3,205). The Company expensed $102 related to short-term leases during the period.

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