

	At December 31		At December 31
(in thousands)	2023		2022

Investments:
Equity instruments
Shares	$	10,390	$	8,022
Warrants		127		87
Convertible Debentures		15,565		—
Physical Uranium		276,815		162,536
	$	302,897	$	170,645

Investments-by balance sheet presentation:
Current	$	10,400	$	8,022
Long-term		292,497		162,623
	$	302,897	$	170,645



	Equity			Convertible	Physical		Total
(in thousands)	Instruments			Debentures	Uranium		Investments

Balance-January 1, 2022	$	14,578	$	—	$	133,114	$	147,692
Change in fair value gain to profit and (loss) (note 20)		(6,469)		—		29,422		22,953
Balance-December 31, 2022	$	8,109	$	—	$	162,536	$	170,645
Purchase of investments		2,417		15,000		—		17,417
Sale of investments		—		—		(19,901)		(19,901)
Change in fair value gain to profit and (loss) (note 20)		(9)		565		134,180		134,736
Balance-December 31, 2023	$	10,517	$	15,565	$	276,815	$	302,897

At December 31, 2023, the Company holds equity instruments consisting of shares and warrants in publicly traded companies as well as convertible debt instruments. Non-current instruments consist of warrants in publicly traded companies exercisable for a period more than one year after the balance sheet date as well as convertible debt instruments convertible and redeemable for a period more than one year after the balance sheet date.

During the year ended December 31, 2023, the Company sold 200,000 pounds of physical uranium as uranium oxide concentrates (“U₃O₈”) at a weighted average price of $99.50 (US$73.38) per pound. As at December 31, 2023, the Company holds a total of 2,300,000 pounds of physical uranium as U₃O₈ at a cost of $84,377,000 (US$68,240,000 or US$29.67 per pound U₃O₈), including purchase commissions. Refer to note 26 for additional details.

During the year ended December 31, 2023, the Company completed a $15,000,000 strategic investment in F3 Uranium Corp. (“F3”) in the form of unsecured convertible debentures (the “Debentures”). The Debentures carry a 9% coupon (the “Interest”), payable quarterly over a 5-year term and will be convertible at Denison’s option into common shares of F3 at a conversion price of $0.56 per share. F3 has, at its sole discretion, the right to pay up to one-third of the Interest in common shares of F3 issued at a price per common share equal to the volume weighted average share price of F3’s common shares on the TSX Venture Exchange for the 20 trading days ending on the day prior to the date on which such payment of Interest is due. F3 will also have certain redemption rights on or after the third anniversary of the date of issuance of the Debentures and/or in the event of an F3 change of control. This investment is classified as financial assets measured at fair value through profit or loss. At December 31, 2023, the fair value of the Debentures was estimated to be $15,565,000, and a gain of $565,000 was recorded in the Consolidated Statements of Income and Comprehensive Income. Refer to note 20 and note 23 for additional details.