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LONGTERM INVESTMENTS
 3 Months Ended
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.