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FLOW-THROUGH SHARE PREMIUM | 12 Months Ended
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Dec. 31, 2023
FLOW-THROUGH SHARE PREMIUM |
FLOW-THROUGH SHARE PREMIUM |
9. | FLOW-THROUGH SHARE PREMIUM
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Issued |  | Issued | ​ | Issued |  | Issued |  | ​
​ | ​ | August 24, | ​ | November 25, |  | December 14, | ​ | November 6, | ​ | ​
​ | ​ | 2021 | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | Total
​ | ​ | $ | ​ | $ | ​ | $ | ​ | $ | ​ | $
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2021 |  | 10,129,196 |  | 12,600,000 |  | — |  | — |  | 22,729,196
Liability incurred on flow-through shares issued |  | — |  | — |  | 14,500,000 |  | — |  | 14,500,000
Settlement of flow-through share premium on expenditures incurred |  | (10,129,196) |  | (7,036,650) |  | — |  | — |  | (17,165,846)
Balance at December 31, 2022 |  | — |  | 5,563,350 |  | 14,500,000 |  | — |  | 20,063,350
Liability incurred on flow-through shares issued |  | — |  | — |  | — |  | 15,295,500 |  | 15,295,500
Settlement of flow-through share premium on expenditures incurred |  | — |  | (5,563,350) |  | (14,500,000) |  | (2,869,178) |  | (22,932,528)
Balance at December 31, 2023 | ​ | — |  | — |  | — |  | 12,426,322 |  | 12,426,322
​ 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”). During the year ended December 31, 2023, the Company incurred $81,699,542 (2022 – $66,727,234) in Qualifying CEE and amortized a total of $22,932,528 (2022 - $17,165,846) 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. During the year ended December 31, 2023, the Company incurred $584,120 (2022 - $Nil) in Part XII.6 tax in respect of unspent flow-through proceeds renounced in year 1 under the Look-Back Rule, in accordance with the Income Tax Act of Canada. As at December 31, 2023, the Company must spend another $45,500,423 of Qualifying CEE by December 31, 2024 to satisfy its remaining current flow-through liability of $12,426,322.

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