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RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended
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Dec. 31, 2021
RELATED PARTY BALANCES AND TRANSACTIONS |
RELATED PARTY BALANCES AND TRANSACTIONS |
10. | RELATED PARTY BALANCES AND TRANSACTIONS
All transactions with related parties have occurred in the normal course of operations and on terms and conditions that are similar to those of transactions with unrelated parties and are measured at the amount of consideration paid or received. A summary of the Company’s related party transactions with corporations having similar directors and officers, being Goldspot Discoveries Inc. and Mexican Gold Mining Corp., is as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31,
​ |  | 2021 |  | 2020
​ | ​ | $ | ​ | $
Amounts paid to Goldspot Discoveries Inc. (i) for administration, exploration and evaluation |  | (1,356,384) |  | (147,690)
Amounts paid to Mexican Gold Mining Corp. (ii) for legal fees |  | — |  | (127,234)
Options exercised by members of key management |  | 666,875 |  | 5,753,625
(i) | Goldspot Discoveries Inc. is a related entity having the following common director and officer to the Company: Denis Laviolette, Director and President.
(ii) | Mexican Gold Mining Corp. is a related entity having the following common director and officer to the Company: John Anderson, Director, Michael Kanevsky, Chief Financial Officer.
As at December 31, 2021, $225,619 is included in accounts payable and accrued liabilities for amounts owed to Goldspot Discoveries Inc. (December 31, 2020 - $Nil owed to related corporations). There are no ongoing contractual commitments resulting from these transactions with related parties. ​
10. | RELATED PARTY BALANCES AND TRANSACTIONS (continued)
Key management personnel compensation Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company’s Board of Directors and corporate officers. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Year ended
​ | ​ | Salaries and | ​ | Share-based | ​ | ​ | ​ | December 31,
​ | ​ | Consulting | ​ | compensation | ​ | Bonus | ​ | 2021
​ | ​ | $ | ​ | $ | ​ | $ | ​ | $
Executive Chairman |  | 300,000 |  | 1,291,220 |  | 100,000 |  | 1,691,220
Chief Executive Officer |  | 300,000 |  | 1,291,220 |  | 100,000 |  | 1,691,220
President |  | 210,000 |  | 1,291,220 |  | 70,000 |  | 1,571,220
Chief Financial Officer |  | 72,000 |  | — |  | — |  | 72,000
Chief Operating Officer |  | 195,000 |  | 544,192 |  | 65,000 |  | 804,192
Non-executive directors |  | 80,129 |  | 1,546,426 |  | — |  | 1,626,555
Total |  | 1,157,129 |  | 5,964,278 |  | 335,000 |  | 7,456,407
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Year ended
​ | ​ | Salaries and | ​ | Share-based | ​ | ​ | ​ | December 31,
​ | ​ | Consulting | ​ | compensation | ​ | Bonus | ​ | 2020
​ |  | $ |  | $ |  | $ |  | $
Executive Chairman |  | 269,070 |  | 15,233,481 | ​ | 75,000 | ​ | 15,577,551
Chief Executive Officer |  | 250,000 |  | 4,722,549 | ​ | 325,000 | ​ | 5,297,549
President |  | 195,000 |  | 1,281,825 | ​ | 75,000 | ​ | 1,551,825
Chief Financial Officer |  | 72,900 |  | — | ​ | — | ​ | 72,900
Chief Operating Officer |  | 157,083 |  | 291,310 | ​ | 33,000 | ​ | 481,393
Non-executive directors |  | 20,000 |  | 886,614 | ​ | — | ​ | 906,614
Total |  | 964,053 |  | 22,415,779 | ​ | 508,000 | ​ | 23,887,832
​ As at December 31, 2021 and 2020, there were no amounts payable to key management personnel in respect of key management compensation. Under the terms of their management agreements, certain officers of the Company are entitled to 18 months of base pay in the event of their agreements being terminated without cause.

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