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LONGTERM INVESTMENTS | 3 Months Ended
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Mar. 31, 2022
Long Term Investments |
7. | LONG-TERM INVESTMENTS
The Company classifies its long-term investments as designated at fair value through profit and loss under IFRS 9. Long-term investments are the three months ended March 31, 2022 are summarized as follows:
|  | Fair Value January 1, |  |  |  |  |  | Movements in foreign |  |  | Fair value adjustments |  |  | Fair Value March 31, |
|  | 2022 |  |  | Net Additions |  |  | exchange |  |  | for the period |  |  | 2022 |
Talisker Resources Common Shares |  | $ | 3,880 |  |  | $ | - |  |  | $ | 48 |  |  | $ | (689 | ) |  | $ | 3,239 |
Silver Wolf Exploration Ltd. Common Shares |  |  | 59 |  |  |  | 31 |  |  |  | - |  |  |  | 3 |  |  |  | 93 |
|  | $ | 3,939 |  |  | $ | 31 |  |  | $ | 48 |  |  | $ | (686 | ) |  | $ | 3,332 |
During the three months ended March 31, 2022, the Company received 250,000 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd,,. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments. For the year ended December 31, 2021:
|  | Fair Value January 1, |  |  |  |  |  | Movements in foreign |  |  | Fair value adjustments |  |  | Fair Value December 31, |
|  | 2021 |  |  | Net Additions |  |  | exchange |  |  | for the period |  |  | 2021 |
Talisker Resources Common Shares |  | $ | 4,176 |  |  | $ | - |  |  | $ | 21 |  |  | $ | (317 | ) |  | $ | 3,880 |
Silver Wolf Exploration Ltd. Common Shares |  |  | - |  |  |  | 109 |  |  |  | 2 |  |  |  | (52 | ) |  |  | 59 |
|  | $ | 4,176 |  |  | $ | 109 |  |  | $ | 23 |  |  | $ | (369 | ) |  | $ | 3,939 |
During the year ended December 31, 2021, the Company received 131,718 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd., as well as 300,000 share purchase warrants at an exercise price of C$0.20. On October 21, 2021 the Company exercised the 300,000 share purchase warrants. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments. See Note 8 for full details of the Option Agreement.

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