Note 12. Interests in Resource Properties

The Group’s interests in resource properties as at December 31, 2024 and 2023 comprised the following:

​

​

The movements in the iron ore royalty interest during the year ended December 31, 2024 were as follows:

​

​

​

The movements in the iron ore royalty interest during the year ended December 31, 2023 were as follows:

​

​

​

Iron ore royalty interest

The Group derives revenue from a mining sub-lease on an iron ore mine situated in the Province of Newfoundland and Labrador, Canada. The sub-lease expires in 2055. The iron ore deposit is currently sub-leased to a third-party entity under certain lease agreements which will also expire in 2055. Pursuant and subject to the terms of the lease agreements, the Group collects royalty payments directly from a third-party operator based on a pre-determined formula, with a minimum payment of $3,250 per year.

Management performed assessments on December 31, 2024, 2023 and 2022 utilizing the value-in-use methodology using a pre-tax discount rate of 10.42%, 10.39% and 13.18%, respectively, and concluded that there was no impairment on those dates.