MARKETABLE EQUITY SECURITIES

3 Months Ended

Sep. 30, 2019

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES

4.  MARKETABLE EQUITY SECURITIES

As of September 30, 2019, the Company’s marketable equity securities include 809,744 common shares of Contango Ore, Inc. (“CORE”), 3,949,575 common shares of Rubicon Minerals Corporation, and warrants to purchase up to 11,784,000 common shares of TriStar.  Our marketable equity securities are measured at fair value (Note 11) each reporting period with any changes in fair value recognized in net income.  

The decrease in fair value of our marketable equity securities was approximately $1.4 million and $1.5 million for the three months ended September 30, 2019 and 2018, respectively, and is included in Fair value changes in equity securities on our consolidated statements of operations and comprehensive income.  The carrying value of the Company’s marketable equity securities as of September 30, 2019 and June 30, 2019 was $15.0 million and $16.0 million, respectively, and is included in Other assets on the Company’s consolidated balance sheets.