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OTHER INCOME | 9 Months Ended
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Sep. 30, 2022
OTHER INCOME |
OTHER INCOME | NOTE 4 OTHER INCOME The following is a summary of other income for the three and nine months ended September 30, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
COVID-19 Relief | ​ | $ | — | ​ | $ | 611 | ​ | $ | — | ​ | $ | 3,447
Unrealized and realized gain (loss) on investments | ​ | ​ | (1,367) | ​ | ​ | 18 | ​ | ​ | (754) | ​ | ​ | 20
Foreign currency gain on Blue Chip Swap | ​ | ​ | 5,721 | ​ | ​ | — | ​ | ​ | 12,309 | ​ | ​ | —
Foreign currency gain, other | ​ | ​ | 1,412 | ​ | ​ | 654 | ​ | ​ | 3,880 | ​ | ​ | 751
Other income (loss), net | ​ | ​ | 562 | ​ | ​ | (19) | ​ | ​ | 565 | ​ | ​ | 2,253
Total other income | ​ | $ | 6,328 | ​ | $ | 1,264 | ​ | $ | 16,000 | ​ | $ | 6,471
​ During the three and nine months ended September 30, 2022, the Company recognized $nil (three and nine months ended September 30, 2021 - $0.6 million and $3.4 million, respectively) of other income through COVID-19 relief from the Canadian government via the Canadian Emergency Wage Subsidy and Canada Emergency Rent Subsidy programs. ​ From time to time, the Company may acquire and transfer marketable securities (“Blue Chip Swap”) to facilitate intragroup funding transfers between the U.S. parent and its Argentine subsidiary. The Blue Chip Swap transaction utilizes the existing loan structure between the Company’s Canadian, Cayman Islands, and Argentina entities. The Company does not acquire marketable securities or engage in these transactions for speculative purposes. Under this strategy, the Company generally uses marketable securities of large, well-established companies, with high trading volumes and low volatility. The Company does this to improve cash management for funding its Argentinean subsidiary. Nonetheless, as the process to acquire, transfer and ultimately sell the marketable securities occurs over several days, some fluctuations are unavoidable. ​ As the marketable securities are acquired with the intention of a near term sale, generally less than seven days, they are considered financial instruments that are held for trading. Accordingly, all changes in the fair value of the instruments, between acquisition and disposition, are recognized through operations in the Consolidated Statements of Operations. Upon receipt of the transferred equity instruments by the local investment broker, the Company realizes an immediate foreign exchange impact. This foreign exchange impact is incurred directly as a result of holding equity instruments with the intention of trading, and as such the foreign exchange impact is also recognized through operations. ​ For the nine months ended September 30, 2022, the Company completed eight blue chip swap transactions to transfer funds from its Canadian USD bank account to Argentina. These funds were used for the continued development of the Los Azules Copper project. For the three and nine months ended September 30, 2022, the Company realized a net gain of $5.5 million and $11.6 million, respectively. The net gain for the three and nine months ended September 30, 2022 was comprised of a foreign currency gain of $5.7 million and $12.3 million and a realized loss on investments of $0.2 million and $0.7 million, respectively, including the impact of fees and commissions. No similar transactions occurred in 2021.

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- Definition The entire disclosure for the components of non-operating income or non-operating expense, including, but not limited to, amounts earned from dividends, interest on securities, gain (loss) on securities sold, equity earnings of unconsolidated affiliates, gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
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