INVESTMENTS

9 Months Ended

Sep. 30, 2019

INVESTMENTS

INVESTMENTS

NOTE 4 INVESTMENTS

The following is a summary of the activity in investments for the nine months ended September 30, 2019 and 2018:

	As at		Additions/		Net gain		Disposals/		Unrealized		Fair value
	December 31,		transfers during		(loss) on		transfers during		gain (loss) on		September 30,
	2018		period		securities sold		period		securities held		2019
Marketable equity securities	$	2,718	$	2,314	$	3,375	$	(5,653)	$	470	$	3,224
Warrants		413		—		—		(1,540)		1,127		—
Investments	$	3,131	$	2,314	$	3,375	$	(7,193)	$	1,597	$	3,224

	As at		Additions/		Net gain		Disposals/		Unrealized		Fair value
	December 31,		transfers during		(loss) on		transfers during		gain (loss) on		September 30,
	2017		period		securities sold		period		securities held		2018
Marketable equity securities	$	6,404	$	1,882	$	(767)	$	(2,895)	$	(1,795)	$	2,829
Warrants		1,567		201		—		(704)		(731)		333
Investments	$	7,971	$	2,083	$	(767)	$	(3,599)	$	(2,526)	$	3,162

The cost of marketable equity securities and warrants at September 30, 2019 was $2.4 million (December 31, 2018 – $2.9 million).

During the three months ended September 30, 2019, the Company exercised all 393,093 warrants of Great Bear Resources Ltd. for the same amount of shares for $0.5 million; the fair value of warrants at exercise date of $1.5 million was transferred to marketable equity securities.

During the three and nine months ended September 30, 2019, the Company sold marketable equity securities for $5.7 million ($0.9 million received subsequent to quarter end) and realized a gain of $3.4 million (nine months ended September 30, 2018 – sale proceeds of $3.7 million and realized a loss of $0.8 million; three months ended September 30, 2018 – $nil).

During the three months ended September 30, 2019, the Company recognized a $0.2 million unrealized loss on investments (same period in 2018 – $nil), which included a $0.9 million unrealized loss on equity securities and a $0.7 million gain on warrants.