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LONGTERM INVESTMENTS

9 Months Ended

Sep. 30, 2022

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 summarized as follows:

	Fair Value December 31,		Net		Movements in foreign			Fair value adjustments			Fair Value September 30,
	2021		Additions		exchange			for the period			2022
Talisker Resources Common Shares	$	3,880	$	-	$	(132	)	$	(2,475	)	$	1,273
Silver Wolf Exploration Ltd. Common Shares		59		31		(5	)		(34	)		51
Endurance Gold Corp. Common Shares		-		26		(3	)		6			29
	$	3,939	$	57	$	(140	)	$	(2,503	)	$	1,353

Silver Wolf Exploration Ltd.

During the nine months ended September 30, 2022, the Company received 250,000 common shares (September 30, 2021 - received 131,718 common shares and 300,000 share purchase warrant at an exercise price of C$0.20) as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd. Upon acquisition, the fair value of these common shares 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.

Endurance Gold Corp.

During the nine months ended September 30, 2022, the Company received 100,000 common shares as part of the terms of the Option Agreement with Endurance Gold Corp. Upon acquisition, the fair value of these common shares were recorded as “Other Income” on the statement of profit and loss. 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.