OTHER (EXPENSE) INCOME

12 Months Ended

Dec. 31, 2023

OTHER (EXPENSE) INCOME

OTHER (EXPENSE) INCOME

NOTE 4 OTHER (EXPENSE) INCOME

The following is a summary of other expense (income) for the years ended December 31, 2023, 2022 and 2021:

	Year ended December 31,
	2023		2022		2021
Unrealized and realized gain (loss) on investments (Note 5)	$	20,462	$	(511)	$	28
Foreign currency gain on Blue Chip Swap		7,993		19,772		—
Foreign currency (loss) gain		(59,503)		4,030		513
COVID-19 relief		—		—		3,541
Other income (loss), net		1,072		(353)		2,199
Total other (expense) income	$	(29,976)	$	22,938	$	6,281

Foreign currency gain on Blue Chip Swap represents the realized foreign exchange gain from the transfer of marketable securities to facilitate intragroup funding transfers between the US parent and its Argentine subsidiary (“Blue Chip Swap”). The Blue Chip Swap transaction is the fund transfer vehicle provided by a financial institution, which utilizes the existing loan structure between the Company’s Canadian, Cayman Islands, and Argentina subsidiaries. The Company does not acquire marketable securities or engage in these transactions for speculative purposes.

For the year ended December 31, 2023, the Company completed two Blue Chip Swap transactions to transfer funds from its Canadian USD bank account to Argentina (December 31, 2022 – eleven transactions). These funds are intended to be used for the continued development of the Los Azules Copper project. For the year ended December 31, 2023, the Company realized net gains of $7.6 million comprised of foreign currency gains of $8.0 million and realized losses on investments of $0.4 million. For the year ended December 31, 2022, the Company realized net gains of $18.8 million comprised of foreign currency gains of $19.8 million and realized losses on investments of $1.0 million including the impact of fees and commissions. No similar transactions occurred in 2021.