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9. INVESTMENTS

12 Months Ended

Dec. 31, 2017

The investments balance consists of:

		At December 31		At December 31
(in thousands)		2017		2016

Investments:
Equity instruments-fair value through profit and loss	$	5,846	$	3,745
Equity instruments-available for sale		20		15
Debt instruments-fair value through profit and loss		30,136		-
	$	36,002	$	3,760

Investments-by duration
Current	$	30,136	$	-
Long-term		5,866		3,760
	$	36,002	$	3,760

The investments continuity summary is as follows:

(in thousands)		2017		2016

Balance-January 1	$	3,760	$	7,778
Purchases
Equity instruments		149		215
Debt instruments		29,740		-
Sales
Equity instruments		-		(760)
Debt instruments		(1,967)		(7,763)
Acquisition, divestitures
Receipts from option agreement		-		1,242
Receipts from African Mining Division divestiture		-		1,162
Fair value changes through profit and loss		1,891		1,473
Fair value changes through OCI		4		3
Foreign exchange		2,425		410
Balance-December 31	$	36,002	$	3,760

Equity instruments consist of investments in publicly-traded companies. The debt instruments at December 31, 2017 consists of a 5 year redeemable guaranteed investment certificate (“GIC”) with guaranteed early redemption rates of interest ranging between 0.25% and 1.60% per annum.

Investment purchases, sales, impairments and other movements

During 2017, the Company purchased debt instruments, consisting of GIC’s, at a cost of $29,740,000 and it purchased additional equity instruments in Skyharbour Resources Ltd (“Skyharbour”) at a cost of $149,000. During 2016, the Company received GoviEx Consideration Warrants valued at $1,162,000 in connection with the sale of the Africa Mining Division (see note 5) and received shares of Skyharbour valued at $1,242,000 pursuant to an option agreement involving Denison’s Moore Lake property (see note 12). The Company purchased GoviEx Concurrent Warrants at a cost of $215,000 during 2016 (see note 5).

During 2017, the Company sold debt instruments of $1,967,000. During 2016, the Company sold debt instruments of $7,763,000 and sold equity instruments for $760,000.