Investment in associate

12 Months Ended

Dec. 31, 2023

7. Investment in associate

The Company acquired 25,687,444 common shares of VZZ as part of the acquisition of Golden Valley. On March 18, 2022, the Company participated a VZZ private placement offering and acquired 3,277,606 units at a price of C$0.16 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable for the purchase of one common share of VZZ at a per share price of C$0.20 until March 18, 2024.As at December 31, 2023, the Company has a 35.09% equity interest in VZZ.

The following table summarizes the changes to investment in associates for the period from September 30, 2021 to December 31, 2023:


	($)
Balance at September 30, 2021		—
Acquisition of Golden Valley		1,360
Addition		409
Share of loss in associate		(296	)
Dilution gain		100
Translation gain		(144	)
Balance at September 30, 2022		1,429
Share of gain in associate		1
Translation gain		29
Balance at December 31, 2022		1,459
Share of gain in associate		172
Dilution gain		12
Translation gain		38
Balance at December 31, 2023		1,681