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Note 12 - Investments in Associates | 12 Months Ended
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Dec. 31, 2024
Statement Line Items [Line Items] |
Disclosure of associates [text block] | Note 12: Investments in associates
| (a) | Summarized financial information of the Company’s investments in associates:
The carrying amounts of the Company’s investments in associates were as follows:
|  | Dolly Varden |  |  | UMS |  |  | Total |
Carrying amount at December 31, 2022 |  | $ | 42,303 |  |  | $ | 127 |  |  | $ | 42,430 |
Company’s share of net loss of associates |  |  | (6,177 | ) |  |  | (5 | ) |  |  | (6,182 | )
Carrying amount at December 31, 2023 |  | $ | 36,126 |  |  | $ | 122 |  |  | $ | 36,248 |
Company’s share of net loss of associates |  |  | (3,837 | ) |  |  | (21 | ) |  |  | (3,858 | )
Disposition |  |  | (5,017 | ) |  |  | - |  |  |  | (5,017 | )
Dilution gain |  |  | 2,083 |  |  |  | - |  |  |  | 2,083 |
Carrying amount at December 31, 2024 |  | $ | 29,355 |  |  | $ | 101 |  |  | $ | 29,456 |
The quoted fair market value of the Company’s equity interest in Dolly Varden at December 31, 2024 was $49,012 ( December 31, 2023 - $51,769) based on the closing share price on the TSX Venture Exchange on that date. During the year ended December 31, 2024 the Company sold an aggregate of 8,450,000 shares of Dolly Varden for net proceeds of $7,042. The Company’s investment was also diluted through financing rounds by Dolly Varden in which the Company did not participate. As a results, the Company had a Gain on investments of $4,109 consisting of a realized gain on disposal of $2,026 and a gain on dilution of $2,083. On October 13, 2022, the Company completed the sale of 17,000,000 common shares of Dolly Varden, comprising 22.2% of the Company’s equity interest in Dolly Varden acquired as part of the disposition of Homestake Resources (note 1), for total gross proceeds of $6,800. As at September 30, 2022, the sale was considered highly probable; therefore, the partial investment in associate represented by the 17,000,000 common shares was classified as an asset held for sale. The Company remeasured the carrying amount of the shares held for sale as the lower of cost and FVLCD and recognized an impairment expense of $5,506 in respect of the disposal. A reconciliation of the impairment expense is as follows:
Carrying amount, investment in Dolly Varden |  | $ | 55,265 |
Equity interest transferred to held for sale |  |  | 22.2 | %
Carrying amount transferred to asset held for sale |  |  | 12,280 |
Less: FVLCD |  |  | (6,774 | )
Impairment expense recognized |  | $ | 5,506 |
For the year ended December 31, 2024, the Company’s equity share of net loss of the Company’s associates on a 100% basis were as follows:
|  | Dolly Varden |  |  | UMS |  |  | Total |
Cost recoveries |  | $ | - |  |  | $ | (3,508 | ) |  | $ | (3,508 | )
Exploration and evaluation |  |  | 17,875 |  |  |  | 1,208 |  |  |  | 19,083 |
Marketing |  |  | 1,781 |  |  |  | 131 |  |  |  | 1,912 |
Share-based compensation |  |  | 2,601 |  |  |  | - |  |  |  | 2,601 |
Administrative and other |  |  | (1,608 | ) |  |  | 2,255 |  |  |  | 647 |
Net loss of associate, 100% |  |  | 20,649 |  |  |  | 86 |  |  |  | 20,735 |
Average equity interest for the period |  |  | 18.58 | % |  |  | 25 | % |  |  |  |
Company’s share of net loss of associates |  | $ | 3,837 |  |  | $ | 21 |  |  | $ | 3,858 |
For the year ended December 31, 2023, the Company’s equity share of net loss of the Company’s associates on a 100% basis were as follows:
|  | Dolly Varden |  |  | UMS |  |  | Total |
Cost recoveries |  | $ | - |  |  | $ | (5,517 | ) |  | $ | (5,517 | )
Exploration and evaluation |  |  | 24,806 |  |  |  | 1,907 |  |  |  | 26,713 |
Marketing |  |  | 1,409 |  |  |  | 464 |  |  |  | 1,873 |
Share-based compensation |  |  | 1,971 |  |  |  | - |  |  |  | 1,971 |
Administrative and other |  |  | (1,536 | ) |  |  | 3,166 |  |  |  | 1,630 |
Net loss of associate, 100% |  |  | 26,650 |  |  |  | 20 |  |  |  | 26,670 |
Average equity interest for the period |  |  | 23.18 | % |  |  | 25 | % |  |  |  |
Company’s share of net loss of associates |  | $ | 6,177 |  |  | $ | 5 |  |  | $ | 6,182 |
For the year ended December 31, 2022, the Company’s equity share of net loss of the Company’s associates on a 100% basis were as follows:
|  | Dolly Varden |  |  | UMS |  |  | Total |
Cost recoveries |  | $ | - |  |  | $ | (4,412 | ) |  | $ | (4,412 | )
Exploration and evaluation |  |  | 16,936 |  |  |  | 1,642 |  |  |  | 18,578 |
Marketing |  |  | 1,057 |  |  |  | 312 |  |  |  | 1,369 |
Share-based compensation |  |  | 1,786 |  |  |  | 2,433 |  |  |  | 4,219 |
Administrative and other |  |  | (508 | ) |  |  | 121 |  |  |  | (387 | )
Net loss of associate, 100% |  |  | 19,271 |  |  |  | 96 |  |  |  | 19,367 |
Average equity interest for the year |  |  | 30.4 | % |  |  | 25 | % |  |  |  |
Company’s share of net loss of associates |  | $ | 5,856 |  |  | $ | 24 |  |  | $ | 5,880 |
The Company’s equity share of net assets of associates at December 31, 2024, is as follows:
|  | Dolly Varden |  |  | UMS |
Current assets |  | $ | 34,573 |  |  | $ | 934 |
Non-current assets |  |  | 151,170 |  |  |  | 2,043 |
Current liabilities |  |  | (4,400 | ) |  |  | (1,345 | )
Non-current liabilities |  |  | - |  |  |  | (1,231 | )
Net assets, 100% |  |  | 181,343 |  |  |  | 401 |
Company’s equity share of net assets of associate |  | $ | 29,355 |  |  | $ | 101 |
The Company’s equity share of net assets of associates at December 31, 2023, is as follows:
|  | Dolly Varden |  |  | UMS |
Current assets |  | $ | 11,468 |  |  | $ | 844 |
Non-current assets |  |  | 153,296 |  |  |  | 2,468 |
Current liabilities |  |  | (804 | ) |  |  | (1,484 | )
Non-current liabilities |  |  | - |  |  |  | (1,340 | )
Net assets, 100% |  |  | 163,960 |  |  |  | 488 |
Company’s equity share of net assets of associate |  | $ | 36,126 |  |  | $ | 122 |
(b) | Services rendered and balances with UMS
|  | Years ended December 31 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Exploration and evaluation costs |  | $ | 233 |  |  | $ | 872 |  |  | $ | 590 |
General and administration |  |  | 307 |  |  |  | 714 |  |  |  | 841 |
Total transactions for the year |  | $ | 540 |  |  | $ | 1,586 |  |  | $ | 1,431 |
The outstanding balance owing at December 31, 2024 was $90 ( December 31, 2023 – $103, December 31, 2022 – $240) which is included in accounts payable. As part of the UMS arrangement, the Company is contractually obliged to pay certain rental expenses in respect of a ten-year office lease entered into by UMS on July 1, 2021. As at December 31, 2024, the Company expects to incur approximately $91 in respect of its share of future rental expense of UMS. The Company issues share options to certain UMS employees, including key management personnel of the Company (note 20). The Company recognized a share-based compensation recovery of $3 for the year ended December 31, 2024, in respect of share options issued to UMS employees ( December 31, 2023 - $317 expense, December 31, 2022 - $483 expense) which is included within employee benefits and exploration and evaluation costs.

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