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MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2025

MARKETABLE SECURITIES

MARKETABLE SECURITIES

NOTE 5 MARKETABLE SECURITIES

The following is a summary of the activity in marketable securities for the six months ended June 30, 2025, and 2024:

As at

Additions/

Disposals/

Unrealized

As at

December 31,

transfers during

gain on

June 30,

2024

period

securities held

2025

Equity securities

1,206

7,463

(168)

5,386

13,887

Warrants

411

982

(380)

1,067

2,080

Total marketable securities

1,617

8,445

(548)

6,453

15,967


	As at		Additions/		Disposals/		Unrealized		As at
	December 31,		transfers during		transfers during		gain on		June 30,
	2023		period		period		securities held		2024
Equity securities	$	1,743	$	—	$	(82)	$	284	$	1,945

On March 10, 2025, the Company acquired 5,181,347 units of Goliath Resources Limited (TSX-V: GOT) (“Goliath Resources”) in exchange for 868,056 common shares of the Company. Each unit consists of one common share and one-half of one warrant. Each whole warrant entitles the Company to purchase one common share of Goliath Resources at a price of C$2.50 for a period of twelve months following the closing of the offering, expiring on March 10, 2026. The acquired securities were subject to a contractual sale restriction for a period of four months following the closing date. Following the closing, as at March 10, 2025, the Company held an approximate 4% ownership interest in Goliath Resources. The Company recognized a day one gain of $0.9 million on the difference between the transaction price and fair value of units received.

On March 27, 2025, the Company participated in two private placement offerings by Canadian Gold Corp (TSX-V: CGC) (“Canadian Gold”), acquiring 8,823,529 common shares and 2,941,176 units for a total investment of $1.4 million. Each unit consists of one common share and one non-transferable share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of C$0.22 per share up to March 27, 2026. The acquired securities are subject to a contractual sale restriction for a period of four months following the closing date. Following the

closing, as at March 27, 2025, the Company held an approximate 6% ownership interest in Canadian Gold. The Company recognized a day one gain of $0.5 million on the difference between the transaction price and fair value of units received.

On April 28, 2025, the Company exercised 9,200,000 warrants of Inventus Mining Corp. (TSX-V: IVS) to acquire an equal number of common shares at an exercise price of C$0.09 per warrant, for total consideration of $0.6 million. In connection with this transaction, the Company also received 9,200,000 additional warrants of Inventus Mining Corp., each entitling the holder to acquire one common share at an exercise price of C$0.12 per share, expiring on November 6, 2026.

Subsequent to June 30, 2025, the Company exercised 800,000 warrants of Inventus Mining Corp. (TSX-V: IVS) to acquire an equal number of common shares at an exercise price of C$0.09 per warrant, for total consideration of $0.1 million.