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FLOW-THROUGH SHARE PREMIUM | 12 Months Ended
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Dec. 31, 2021
FLOW-THROUGH SHARE PREMIUM |
FLOW-THROUGH SHARE PREMIUM |
7. | FLOW-THROUGH SHARE PREMIUM
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Issued |  | Issued |  | Issued |  | Issued |  | Issued |  | ​
​ | ​ | June 4, 2020 | ​ | June 10, 2020 | ​ | April 8, 2021 | ​ | August 24, 2021 | ​ | November 25, 2021 | ​ | Total
​ | ​ | $ | ​ | $ | ​ | $ | ​ | $ | ​ | $ | ​ | $
Balance at December 31, 2019 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Liability incurred on flow-through shares issued |  | 1,697,704 |  | 259,915 |  | — |  | — |  | — |  | 1,957,619
Settlement of flow-through share premium on expenditures incurred |  | (1,536,893) |  | (235,295) |  | — |  | — |  | — |  | (1,772,188)
Balance at December 31, 2020 |  | 160,811 |  | 24,620 |  | — |  | — |  | — |  | 185,431
Liability incurred on flow-through shares issued |  | — |  | — |  | 1,971,330 |  | 14,590,165 |  | 12,600,000 |  | 29,161,495
Settlement of flow-through share premium on expenditures incurred |  | (160,811) |  | (24,620) |  | (1,971,330) |  | (4,460,969) |  | — |  | (6,617,730)
Balance at December 31, 2021 |  | — |  | — |  | — |  | 10,129,196 |  | 12,600,000 |  | 22,729,196
​ Flow-through share arrangements entitle the holder of the flow-through share to a 100% tax deduction in respect of qualifying Canadian exploration expenses as defined in the Income Tax Act, Canada (“Qualifying CEE”). ​
7. | FLOW-THROUGH SHARE PREMIUM (continued)
​ During the year ended December 31, 2021, the Company incurred $33,254,971 (2020 – $6,443,941) in Qualifying CEE and amortized a total of $6,617,730 (2020 - $1,772,188) of its flow-through liabilities. The flow-through premium liability does not represent a cash liability to the Company and is to be fully amortized to the statement of loss and comprehensive loss pro-rata with the amount of qualifying expenditures that will be incurred. As at December 31, 2021, the Company must spend another $39,920,949 of Qualifying CEE within one year to satisfy its remaining current flow-through liability of $10,129,196. The Company must also spend another $48,000,000 of Qualifying CEE by November 24, 2023 to satisfy its remaining non-current flow-through liability of $12,600,000. ​

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