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RESTRICTED CASH AND INVESTMENTS | 12 Months Ended
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Dec. 31, 2021
RESTRICTED CASH AND INVESTMENTS |
RESTRICTED CASH AND INVESTMENTS |
9. | RESTRICTED CASH AND INVESTMENTS
| The Company has certain restricted cash and investments deposited to collateralize a portion of its reclamation obligations. The restricted cash and investments balance consists of:
|  | At December 31 |  |  | At December 31 |
(in thousands) |  | 2021 |  |  | 2020 |
Cash and cash equivalents |  | $ | 2,866 |  |  | $ | 2,883 |
Investments |  |  | 9,135 |  |  |  | 9,135 |
|  | $ | 12,001 |  |  | $ | 12,018 |
Restricted cash and investments-by item: |  |  |  |  |  |  |  |
Elliot Lake reclamation trust fund |  | $ | 2,866 |  |  | $ | 2,883 |
Letters of credit facility pledged assets |  |  | 9,000 |  |  |  | 9,000 |
Letters of credit additional collateral |  |  | 135 |  |  |  | 135 |
|  | $ | 12,001 |  |  | $ | 12,018 |
| At December 31, 2021 and December 31, 2020, investments consist of guaranteed investment certificates with maturities of less than 90 days.
| Elliot Lake reclamation trust fund
| The Company has the obligation to maintain its decommissioned Elliot Lake uranium mine pursuant to a Reclamation Funding Agreement effective December 21, 1995 (“Reclamation Agreement”) with the Governments of Canada and Ontario. The Reclamation Agreement, as further amended in February 1999, requires the Company to maintain funds in the reclamation trust fund equal to estimated reclamation spending for the succeeding six calendar years, less interest expected to accrue on the funds during the period. Withdrawals from this reclamation trust fund can only be made with the approval of the Governments of Canada and Ontario to fund Elliot Lake monitoring and site restoration costs.
| In 2021, the Company deposited an additional $793,000 into the Elliot Lake reclamation trust fund and withdrew $815,000. In 2020, the Company deposited an additional $803,000 into the Elliot Lake reclamation trust fund and withdrew $811,000. Letters of credit facility pledged assets At December 31, 2021, the Company had $9,000,000 in cash on deposit with the Bank of Nova Scotia (“BNS”) as pledged restricted cash and investments pursuant to its obligations under an amended and extended letters of credit facility (see notes 14 and 16). Letters of credit additional collateral At December 31, 2021, the Company had an additional $135,000 of cash on deposit with BNS as collateral for the portion of its issued reclamation letters of credit in excess of the amount available under its letters of credit facility (see notes 14 and 16).

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- Definition The disclosure of restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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