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EXPLORATION AND EVALUATION ASSETS | 12 Months Ended
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Dec. 31, 2021
EXPLORATION AND EVALUATION ASSETS |
EXPLORATION AND EVALUATION ASSETS |
3. | EXPLORATION AND EVALUATION ASSETS
The schedules below summarize the carrying costs of acquisition costs and exploration expenditures incurred to date for each exploration and evaluation asset that the Company is continuing to explore as at December 31, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Newfoundland | ​ | ​ | ​ | ​
​ | ​ | Queensway(i) | ​ | Other(ii) | ​ | Ontario(iii) | ​ | Total
Year ended December 31, 2021 |  | $ |  | $ |  | $ |  | $
Exploration and evaluation assets |  |  |  |  | ​ |  |  |
Balance as at December 31, 2020 | ​ | 685,930 |  | 13,100 | ​ | 300,204 |  | 999,234
Additions | ​ |  |  |  | ​ |  |  |
Acquisition costs | ​ | 7,444,306 |  | — | ​ | — |  | 7,444,306
Claim staking and license renewal costs | ​ | 106,530 |  | 4,600 | ​ | — |  | 111,130
Disposal of exploration and evaluation assets | ​ | (585) |  | — | ​ | — |  | (585)
Impairment of exploration and evaluation assets | ​ | — |  | — | ​ | (28,604) |  | (28,604)
Balance as at December 31, 2021 | ​ | 8,236,181 |  | 17,700 | ​ | 271,600 |  | 8,525,481
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exploration and evaluation expenditures | ​ |  |  |  | ​ |  |  |
Cumulative exploration expense – December 31, 2020 | ​ | 10,245,545 |  | 45,851 | ​ | 1,286,951 |  | 11,578,347
Assays | ​ | 5,611,068 |  | — | ​ | 53,447 |  | 5,664,515
Drilling | ​ | 19,102,621 |  | — | ​ | 277,748 |  | 19,380,369
Environmental studies | ​ | 395,015 | ​ | — | ​ | — | ​ | 395,015
Geophysics | ​ | 3,257,813 |  | — | ​ | 374,660 |  | 3,632,473
Imagery and mapping | ​ | 104,665 | ​ | — | ​ | — | ​ | 104,665
Office and general | ​ | 512,922 |  | — | ​ | 1,631 |  | 514,553
Property taxes, mining leases and rent | ​ | 59,997 |  | — | ​ | — |  | 59,997
Petrography | ​ | — | ​ | — | ​ | 7,996 | ​ | 7,996
Reclamation | ​ | 335,783 |  | — | ​ | 732 |  | 336,515
Salaries and consulting | ​ | 6,391,133 |  | 12,295 | ​ | 165,863 |  | 6,569,291
Supplies and equipment | ​ | 3,893,748 |  | 923 | ​ | 62,338 |  | 3,957,009
Technical reports | ​ | 854,541 | ​ | — | ​ | 22,479 | ​ | 877,020
Travel and accommodations | ​ | 742,796 |  | 577 | ​ | 18,641 |  | 762,014
Trenching | ​ | 9,860 |  | — | ​ | 77,715 |  | 87,575
Exploration cost recovery | ​ | (77,550) | ​ | — | ​ | — | ​ | (77,550)
​ | ​ | 41,194,412 |  | 13,795 | ​ | 1,063,250 |  | 42,271,457
Cumulative exploration expense – December 31, 2021 | ​ | 51,439,957 |  | 59,646 | ​ | 2,350,201 |  | 53,849,804
​
3. | EXPLORATION AND EVALUATION ASSETS (continued)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Newfoundland | ​ | ​ | ​ | ​
​ | ​ | Queensway (i) | ​ | Other(ii) | ​ | Ontario(iii) | ​ | Total
Year ended December 31, 2020 |  | $ |  | $ |  | $ |  | $
Exploration and evaluation assets | ​ |  |  |  |  |  | ​ |
Balance as at December 31, 2019 | ​ | 658,700 | ​ | 16,500 |  | 425,516 | ​ | 1,100,716
Additions | ​ |  | ​ |  |  |  | ​ |
Acquisition costs | ​ | 75,000 | ​ | — |  | 25,000 | ​ | 100,000
Claim staking and license renewal costs | ​ | 37,230 | ​ | 2,100 |  | 3,600 | ​ | 42,930
Disposal of exploration and evaluation assets | ​ | (75,000) | ​ | (2,750) |  | — | ​ | (77,750)
Impairment of exploration and evaluation assets | ​ | (10,000) | ​ | (2,750) |  | (153,912) | ​ | (166,662)
Balance as at December 31, 2020 | ​ | 685,930 | ​ | 13,100 |  | 300,204 | ​ | 999,234
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exploration and evaluation expenditures | ​ |  | ​ |  |  |  | ​ |
Cumulative exploration expense – December 31, 2019 | ​ | 2,633,775 | ​ | — |  | 837,133 | ​ | 3,470,908
Assays | ​ | 848,000 | ​ | 963 |  | 209,159 | ​ | 1,058,122
Drilling | ​ | 2,560,406 | ​ | — |  | — | ​ | 2,560,406
Geochemistry | ​ | — | ​ | — |  | 5,330 | ​ | 5,330
Geophysics | ​ | 838,235 | ​ | — |  | — | ​ | 838,235
Office and general | ​ | 47,130 | ​ | 499 |  | 714 | ​ | 48,343
Property taxes, mining leases and rent | ​ | 46,217 | ​ | — |  | 5,812 | ​ | 52,029
Reclamation | ​ | 163,598 | ​ | — |  | — | ​ | 163,598
Salaries and consulting | ​ | 1,801,863 | ​ | 37,870 |  | 115,985 | ​ | 1,955,718
Supplies and equipment | ​ | 879,816 | ​ | 6,470 |  | 80,803 | ​ | 967,089
Travel and accommodations | ​ | 225,550 | ​ | 49 |  | 150 | ​ | 225,749
Trenching | ​ | 231,635 | ​ | — |  | 31,865 | ​ | 263,500
Exploration cost recovery | ​ | (30,680) | ​ | — |  | — | ​ | (30,680)
​ | ​ | 7,611,770 | ​ | 45,851 |  | 449,818 | ​ | 8,107,439
Cumulative exploration expense – December 31, 2020 | ​ | 10,245,545 | ​ | 45,851 |  | 1,286,951 | ​ | 11,578,347
(i)Queensway Project – Gander, Newfoundland As at December 31, 2021, the Company owns a 100% interest in 86 (December 31, 2020 – 86) mineral licenses including 6,041 (December 31, 2020 – 6,041) claims comprising 151,030 (December 31, 2020 – 151,030) hectares of land located in Gander, Newfoundland. The project rights were acquired by map staking mineral licenses and making staged payments in cash and common shares of the Company from 2016 through 2019 under nine separate, fully executed option agreements. The Queensway Project carries various net smelter return (“NSR”) royalties ranging from 0.6% to 2.5% which can be reduced to 0.5% to 1.6%, at the Company’s option, with payments ranging from $250,000 to $1,000,000 to the optionors. The total cost of the NSR’s that may be purchased at the Company’s discretion is $5,250,000. During the year ended December 31, 2021, the Company entered into three royalty purchase agreements with arm’s length royalty holders (together, the “Vendors” and each, a “Vendor”), to purchase 100% of each Vendor’s royalty interests, each equal to 0.2%, for an aggregate of 0.6% of net returns from the Company’s Linear and JBP Linear properties (the “Royalty Interests”) for cash consideration of $1,300,000 (paid) and the issuance of 152,941 common shares (issued) in the capital of the Company to each Vendor, for aggregate cash consideration of $3,900,000 and aggregate share consideration of 458,823 common shares with a value of $3,505,408. The Company also incurred $38,898 in legal and filing fees in connection with the transaction. The royalty purchase was completed on November 25, 2021.The total amount of the consideration paid of $7,444,306 is included in mineral property acquisition costs at December 31, 2021. ​
3. | EXPLORATION AND EVALUATION ASSETS (continued)
Disposal of Newfoundland Properties During the year ended December 31, 2021, the Company sold a stand-alone claim that was part of the Queensway Project (claim 023951M also known as Unknown Brooke claim) to Long Range Exploration Corporation (“Long Range”) for non-cash consideration of 5,000,000 common shares of Long Range valued at $500,000 (Note 5). The Company recognized a gain on sale of exploration and evaluation assets in the amount of $499,415 and derecognized exploration and evaluation assets at their carrying value of $585. The Company retained a 1% NSR on future production from the mineral claim, 0.5% of which can be repurchased by Long Range for $750,000. During the year ended December 31, 2020, the Company recognized a gain on disposal of certain Newfoundland exploration and evaluation assets of $4,384,953. The Company received total non-cash consideration comprised of investments having a fair value of $4,462,703, and derecognized exploration and evaluation assets at their carrying value of $77,750. The Company retained a 2% net smelter returns royalty on future production from the mineral claims. Impairment of Newfoundland Properties During the year ended December 31, 2021, the Company recorded an impairment of $Nil (2020 - $10,000) in acquisition costs related to projects no longer being explored. (ii)Other Projects - Newfoundland Impairment of Newfoundland Properties During the year ended December 31, 2021, the Company recorded an impairment of $Nil (2020 - $2,750) in acquisition costs related to projects no longer being explored. (iii)Ontario Projects As at December 31, 2021, the Company owns a 100% interest in the Lucky Strike project in Kirkland Lake, Ontario comprising 11,684 hectares, as well as a portfolio of mining and royalty interests throughout northeastern Ontario. The project rights were acquired by map staking mineral licenses and making staged payments in cash and common shares of the Company from 2016 through 2019 under a fully executed option agreement. The optioned lands carry an NSR ranging from 1% to 2%. During the year ended December 31, 2021, the Company recorded an impairment of $28,604 (2020 - $153,912) in acquisition costs related to projects no longer being explored.

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