The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies.


	At September 30, 2022
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	70,560	$	(34,305)	$	—	$	36,255
Integra Resources Corp.	9,455		(7,415)		—		2,040
Avino Silver & Gold Mines Ltd	13,720		(6,580)		—		7,140
Other	2,233		(2,120)		—		113
Equity securities	$	95,968	$	(50,420)	$	—	$	45,548


	At December 31, 2021
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	128,710	$	(4,499)	$	—	$	124,211
Integra Resources Corp.	9,455		(1,469)		—		7,986
Equity securities	$	138,165	$	(5,968)	$	—	$	132,197

Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net. See Note 12 -- Fair Value Measurements for additional details.

On June 28, 2022, the Company entered into an agreement to sell 5,000,000 shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $8.34 per Victoria Gold Common Share, which settled on July 5, 2022 for net

proceeds of $40.5 million. The Company realized a loss of $17.7 million on the sale of the Victoria Gold Common Shares, which are recognized in Fair value adjustments, net.

On March 21, 2022, the Company closed the sale of its La Preciosa silver project. In connection with the closing of the transaction, the Company received 14,000,000 common shares of Avino Silver & Gold Mines Ltd. (“Avino”) (representing approximately 12.0% of Avino’s outstanding common shares). See Note 19 -- Dispositions for additional details on the sale.