LEASES

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

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

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.