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RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended
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Dec. 31, 2023
RELATED PARTY BALANCES AND TRANSACTIONS |
RELATED PARTY BALANCES AND TRANSACTIONS |
12. | 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 is as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31,
​ |  | 2023 |  | 2022
​ | ​ | $ | ​ | $
Amounts paid to EarthLabs Inc. (i) for exploration and evaluation |  | 18,000 |  | 266,737
Amounts paid to DigiGeoData Inc. (i) for corporate development and investor relations |  | — |  | 1,800
Amounts paid to Notz Capital Corp. (ii) for corporate development and investor relations | ​ | 104,637 | ​ | —
| (i) | EarthLabs Inc. is a related entity having the following common director and officer to the Company: Denis Laviolette, Director and President. DigiGeoData Inc. is a subsidiary of EarthLabs Inc.
| (ii) | Notz Capital Corp. is a related entity of the Executive Chairman and Chief Executive Officer.
There are no ongoing contractual commitments resulting from these transactions with related parties. 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 | ​ | 2023
​ | ​ | $ | ​ | $ | ​ | $ | ​ | $
Executive Chairman and Chief Executive Officer |  | 388,800 |  | — |  | 129,600 |  | 518,400
President |  | 272,160 |  | — |  | 90,720 |  | 362,880
Chief Financial Officer |  | 116,640 |  | — |  | 38,880 |  | 155,520
Chief Operating Officer |  | 252,720 |  | — |  | 84,240 |  | 336,960
Chief Development Officer | ​ | 336,960 | ​ | 235,560 | ​ | 112,320 | ​ | 684,840
Non-executive directors |  | 216,000 |  | — |  | — |  | 216,000
Total |  | 1,583,280 |  | 235,560 |  | 455,760 |  | 2,274,600
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Year ended
​ | ​ | Salaries and | ​ | Share-based | ​ | ​ | ​ | December 31,
​ | ​ | Consulting | ​ | compensation | ​ | Bonus | ​ | 2022
​ |  | $ |  | $ |  | $ |  | $
Executive Chairman and Chief Executive Officer |  | 360,000 |  | 1,844,584 |  | 180,000 |  | 2,384,584
Former Chief Executive Officer | ​ | 105,000 |  | — |  | — |  | 105,000
President |  | 252,000 |  | 1,291,209 |  | 126,000 |  | 1,669,209
Chief Financial Officer |  | 108,000 |  | 507,261 |  | 54,000 |  | 669,261
Chief Operating Officer |  | 234,000 |  | 461,146 |  | 117,000 |  | 812,146
Chief Development Officer |  | 182,000 | ​ | 391,207 | ​ | 78,000 | ​ | 651,207
Non-executive directors |  | 113,110 |  | 1,390,778 |  | — |  | 1,503,888
Total |  | 1,354,110 |  | 5,886,185 |  | 555,000 |  | 7,795,295
​
12. | RELATED PARTY BALANCES AND TRANSACTIONS (continued)
As at December 31, 2023, there was $18,888 payable to key management personnel in respect of key management compensation and expense reimbursements included in accounts payable and accrued liabilities (December 31, 2022 - $276,016). The amounts are unsecured, non-interest bearing and without fixed terms of repayment. 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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