OTHER INCOME (EXPENSE)

12 Months Ended

Dec. 31, 2024

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)

NOTE 18 OTHER INCOME (EXPENSE)

The following is a summary of other income (expense) for the years ended December 31, 2024, 2023 and 2022:

	Year ended December 31,
	2024		2023		2022
Unrealized and realized gain (loss) on investments	$	433	$	20,462	$	(511)
Foreign currency gain on Blue Chip Swap		—		7,993		19,772
Foreign currency gain (loss)		1,459		(59,503)		4,030
Other income (expense)		759		1,072		(353)
Total other income (expense)	$	2,651	$	(29,976)	$	22,938

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 comprising 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 2024.