Short-term and Other Investments

3 Months Ended

Mar. 31, 2020

Short-term and Other Investments

Short-term and Other Investments

3. Short-term and Other Investments

Short-term investments

As of March 31,  2020, and December 31, 2019, the amortized cost basis of our short-term investments was $961 and $3,260, respectively. The amortized cost basis approximates fair value at March 31,  2020 and December 31, 2019. Short-term investments at March 31,  2020 and December 31, 2019 were comprised of U.S. and Australian government treasury bills and/or notes, all of which had maturity dates on the date of purchase greater than 90 days but less than one year. Investments with maturity dates of 90 days or less are included in cash and cash equivalents.

Other investments

The Company’s investments in Midas Gold Shares and Nusantara Resources Limited shares (“Nusantara Shares”) were recorded at fair value in the Condensed Consolidated Balance Sheets. Subsequent changes in fair value are recorded in the Condensed Consolidated Statements of Comprehensive Income/(Loss) in the period in which they occur. 

As of March 31,  2020, and December 31, 2019, the Company held 6,240,115 and 6,882,115 shares of Midas Gold, respectively. The Company also held 1,333,334 Nusantara Shares as of March 31, 2020 and December 31, 2019. The value of other investments was $2,247 and $3,676 as of March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020, the Company sold 642,000 Midas Gold Shares for net proceeds of $300 and a loss of $15 compared to the most recent measurement period. Cumulative realized loss since acquisition of these Midas Gold Shares was $2,577, of which $2,562 was recognized in previous periods as unrealized loss, net. No Midas Gold Shares were sold during the three months ended March 31, 2019.