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Sale of Homestake Resources | 12 Months Ended
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Dec. 31, 2023
Disclosure Of Sale Of Homestake Resources [Abstract] |
Sale of homestake resources [Text Block] |
Note 6: Sale of Homestake Resources
On February 25, 2022, the Company completed the sale of Homestake Resources to Dolly Varden for cash proceeds of $5,000 and 76,504,590 common shares of Dolly Varden (note 1). The Company's resulting interest in Dolly Varden represented approximately 35.3% of the issued and outstanding common shares of Dolly Varden on February 25, 2022, which has been accounted for using the equity method (note 3i). The Company recognized a gain of $48,390, net of transaction costs of $589, on the date of disposition, calculated as follows:
Net assets derecognized: |  | Total |
Mineral interests |  | $ | 16,460 |
Reclamation bond |  |  | 68 |
|  | $ | 16,528 |
Net proceeds: |  |  |
Cash |  | $ | 5,000 |
Working capital adjustment |  |  | 68 |
76,504,590 common shares of Dolly Varden |  |  | 60,439 |
Transaction costs |  |  | (589 | )
|  | $ | 64,918 |
Net gain on disposition |  | $ | 48,390 |
The fair value of the common shares of Dolly Varden received on date of disposition is based on the market price of the shares at the date of disposition of $0.79 per share. The Company had sufficient non-capital losses at December 31, 2022 to offset the capital gain arising on disposition of Homestake Resources. As such, there was nil tax payable on the sale of Homestake Resources.

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