
	As at April 30, 2026 ($)			As at April 30, 2025 ($)
Fair value, at the beginning of the year		5,179			6,636
Additions for the year		25,000			419
Disposals for the year		(26,561	)		—
Gain (loss) on investment in equity securities for the year		8,908			(1,848	)
Impact of foreign currency translation		(144	)		(28	)
Fair value, at the end of the year		12,382			5,179

The Company’s investments in equity securities are Level 1 financial instruments, which were re-valued using quoted share prices.

As of April 30, 2026, the fair value of the Company’s investment in Queen’s Road Capital Investment Ltd. (“QRC”) is $12,382 (April 30, 2025: $5,179). The common shares of QRC are listed on the TSX.

During the year ended April 30, 2026, the Company recognized a gain of $7,066 (2025: loss of $1,848) from the change in fair value of its investment in QRC and gain of $1,842 in relation to Sprott Physical Uranium Trust, which was sold during the period.