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INVESTMENTS | 12 Months Ended
--- | ---
Dec. 31, 2021
INVESTMENTS |
INVESTMENTS |
5. | INVESTMENTS
The Company classifies its investments at FVTPL. Realized gains and losses on disposal of investments and unrealized gains and losses in the fair value of investments are reflected in the statement of loss and comprehensive loss in the period in which they occur. Investments consisted of the following as at December 31, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021 | ​ | December 31, 2020
​ |  | $ |  | $
Equities held (i) | ​ | 28,578,556 |  | 21,089,997
Warrants held (ii) | ​ | 3,363,902 |  | —
Total Investments | ​ | 31,942,458 |  | 21,089,997
​ (i) Equities held The Company held the following equities as at December 31, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |  | ​ | Fair Value
​ | ​ | ​ | ​ | ​ | ​ | December 31,
​ | ​ | ​ | ​ | Cost | ​ | 2021
​ |  | Quantity |  | $ |  | $
Exploits Discovery Corp. |  | 13,229,466 | ​ | 8,462,704 |  | 7,276,206
Labrador Gold Corp. |  | 12,555,556 | ​ | 8,850,000 |  | 11,300,000
Long Range |  | 5,000,000 | ​ | 500,000 |  | 500,000
Novo Resources Corp. |  | 6,645,000 | ​ | 16,014,450 |  | 9,502,350
Total Equities | ​ | ​ | ​ | 33,827,154 |  | 28,578,556
​ ​
5. | INVESTMENTS (continued)
​ (i) Equities held (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |  | ​ | Fair Value
​ | ​ | ​ | ​ | ​ | ​ | December 31,
​ | ​ | ​ | ​ | Cost | ​ | 2020
​ |  | Quantity |  | $ |  | $
Exploits Discovery Corp. (i) |  | 6,562,799 | ​ | 4,462,703 |  | 3,957,368
MetalsTech Limited |  | 3,000,000 | ​ | 586,920 |  | 604,852
Novo Resources Corp. |  | 6,944,444 | ​ | 16,736,110 |  | 16,527,777
Total Equities |  | ​ | ​ | 21,785,733 |  | 21,089,997
(i) | The Exploits Discovery Corp. investment is subject to certain resale restrictions expiring December 8, 2021 and trading restrictions expiring April 8, 2021 and was discounted in the amount of $439,708.
Investments in Exploits Discovery Corp., MetalsTech Limited, Labrador Gold Corp. and Novo Resources Corp. represent investments in public companies that are quoted on an active exchange and are measured using the quoted market price of these companies. Long Range is a private company without observable market prices for its common shares and is measured at its estimated fair value based on valuation techniques that use inputs derived by management and is considered Level 3 in the fair value hierarchy (Note 16). (ii) Warrants held The Company held the following warrants as at December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |  | ​ | Fair Value
​ | ​ | ​ | ​ | ​ | ​ | December 31,
​ | ​ | ​ | ​ | Cost | ​ | 2021
​ |  | Quantity |  | $ |  | $
Exploits Discovery Corp. |  | 6,666,667 | ​ | — |  | 837,381
Labrador Gold Corp. |  | 6,277,778 | ​ | — |  | 2,526,521
Total Warrants | ​ | ​ | ​ | — |  | 3,363,902
​ The Company did not hold any investments in warrants as at December 31, 2020. Warrants held by the Company are classified at fair value through profit or loss, with any gains or losses arising on remeasurement recognized in profit or loss. Warrants that do not have a quoted market price are valued using a Black-Scholes option pricing model using assumptions including risk free interest rate, expected dividend yield, expected volatility, and expected remaining life of the warrant, which are supported by observable market conditions. ​
5. | INVESTMENTS (continued)
​ (ii) Warrants held (continued) ​ An analysis of investments including related gains and losses for the years ended December 31, 2021 and 2020 is as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2021 |  | 2020
​ | ​ | $ | ​ | $
Investments, beginning of year | ​ | 21,089,997 | ​ | 114,937
Investments received in private placement | ​ | — |  | 16,736,110
Investments received in sale of exploration and evaluation assets | ​ | 500,000 |  | 4,462,704
Purchases of investments | ​ | 12,850,001 | ​ | —
Disposition of investments | ​ | (1,313,462) |  | —
Realized gain on investments | ​ | 192,114 |  | —
Unrealized (loss) on investments | ​ | (1,376,192) |  | (223,754)
Investments, end of year | ​ | 31,942,458 |  | 21,089,997
​

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