INVESTMENTS

12 Months Ended

Dec. 31, 2021

10.INVESTMENTS


	As at December 31,		As at December 31,
	2021		2020
Equity securities	$	268,950	$	282,356
Share purchase warrants		74,559		92,747
Total investments	$	343,509	$	375,103

The following table sets out details of the Company's investments:


	As at December 31, 2021
			Share purchase
	Equity securities		warrants		Total
Orla Mining Ltd.	$	89,974	$	26,317	$	116,291
Rupert Resources Ltd.		76,883		42,768		119,651
White Gold Corp.		17,403		99		17,502
Royal Road Minerals Ltd.		12,849		—		12,849
Other⁽ⁱ⁾		71,841		5,375		77,216
Total investments	$	268,950	$	74,559	$	343,509


	As at December 31, 2020
			Share purchase
	Equity securities		warrants		Total
Orla Mining Ltd.	$	113,460	$	47,329	$	160,789
Rupert Resources Ltd.		65,461		39,280		104,741
White Gold Corp.		13,419		—		13,419
Royal Road Minerals Ltd.		12,801		—		12,801
Other⁽ⁱ⁾		77,215		6,138		83,353
Total investments	$	282,356	$	92,747	$	375,103

Note:

(i)The balance is comprised of 20 (2020 — 17) equity investments that are each individually immaterial.

Disposal of Equity Securities

During the year ended December 31, 2021, the Company sold its interest in certain equity securities as they no longer fit the Company’s investment strategy. The fair value at the time of sale was $4.3 million and the Company recognized a cumulative net loss on disposal of $5.9 million ($5.1 million, net of tax) which was transferred from other reserves to deficit in the consolidated balance sheets.

There were no disposals of equity securities in the year ended December 31, 2020.