During the three months ended July 31, 2026, the changes in the Company’s investments in equity securities are as follows:


	As at July 31, 2026 ($)
Fair value, at the beginning of the period		12,382
Loss on investment in equity securities for the period		(1,109	)
Impact of foreign currency translation		(305	)
Fair value, at the end of the period		10,968

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

As at July 31, 2026, the fair value of the Company's investment in Queen's Road Capital Investment Ltd. ("QRC") is $10,968 (April 30, 2026: $12,382). The common shares of QRC are listed on the TSX.

During the three months ended July 31, 2026, the Company recognized a loss of $1,109 (2025: loss of $929) from the change in fair value of its investment in QRC.