MARKETABLE EQUITY SECURITIES

9 Months Ended

Mar. 31, 2020

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES

4.  MARKETABLE EQUITY SECURITIES

As of March 31, 2020, the Company’s marketable equity securities include 809,744 common shares of Contango Ore, Inc., 3,949,575 common shares of Rubicon Minerals Corporation, and warrants to purchase up to 19,640,000 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 fair value of our marketable equity securities decreased $3.8 million and $5.0 million for the three and nine months ended March 31, 2020, respectively, and increased $1.8 million and decreased $3.3 million for the three and nine months ended March 31, 2019, 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 March 31, 2020 and June 30, 2019 was $11.5 million and $16.0 million, respectively, and is included in Other assets on the Company’s consolidated balance sheets.