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EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2023
EXPLORATION AND EVALUATION ASSETS |
Schedule of summary of the carrying costs of acquisition costs and exploration expenditures incurred to date for each exploration and evaluation asset | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Newfoundland | ​ | ​ | ​ | ​
​ | ​ | Queensway(i) | ​ | Other | ​ | Ontario(ii) | ​ | Total
Year ended December 31, 2023 |  | $ |  | $ |  | $ |  | $
Exploration and evaluation assets |  |  |  |  | ​ |  |  |
Balance as at December 31, 2022 | ​ | 8,616,693 |  | 47,916 | ​ | 272,000 |  | 8,936,609
Additions | ​ | ​ |  | ​ | ​ | ​ |  | ​
Acquisition costs | ​ | 381,220 |  | 30,793 | ​ | — |  | 412,013
Claim staking and license renewal costs | ​ | 16,565 |  | — | ​ | — |  | 16,565
Disposals | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Disposal of exploration and evaluation assets | ​ | — |  | — | ​ | (264,000) |  | (264,000)
Impairment of exploration and evaluation assets | ​ | — |  | — | ​ | (8,000) |  | (8,000)
Balance as at December 31, 2023 | ​ | 9,014,478 |  | 78,709 | ​ | — |  | 9,093,187
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exploration and evaluation expenditures | ​ | ​ |  | ​ | ​ | ​ |  | ​
Cumulative exploration expense – December 31, 2022 | ​ | 121,302,318 |  | 539,998 | ​ | 3,428,034 |  | 125,270,350
Assays | ​ | 16,102,874 |  | 14,515 | ​ | — |  | 16,117,389
Drilling | ​ | 41,121,168 |  | — | ​ | — |  | 41,121,168
Environmental studies | ​ | 1,280,147 | ​ | — | ​ | — | ​ | 1,280,147
Geochemistry | ​ | 857,555 |  | — | ​ | — |  | 857,555
Geophysics | ​ | 814,877 |  | — | ​ | — |  | 814,877
Imagery and mapping | ​ | 644,205 | ​ | 9,932 | ​ | — | ​ | 654,137
Metallurgy | ​ | 950,855 | ​ | — | ​ | — | ​ | 950,855
Office and general | ​ | 855,902 |  | — | ​ | 144 |  | 856,046
Other | ​ | 590,575 | ​ | — | ​ | — | ​ | 590,575
Permitting | ​ | 225,162 | ​ | — | ​ | — | ​ | 225,162
Property taxes, mining leases and rent | ​ | 143,010 |  | — | ​ | 5,915 |  | 148,925
Reclamation | ​ | 2,122,598 |  | — | ​ | — |  | 2,122,598
Salaries and consulting | ​ | 13,243,577 |  | 10,103 | ​ | 13,850 |  | 13,267,530
Seismic survey | ​ | 8,118,668 | ​ | — | ​ | — | ​ | 8,118,668
Supplies and equipment | ​ | 4,438,579 |  | — | ​ | 480 |  | 4,439,059
Technical reports | ​ | 55,025 | ​ | — | ​ | — | ​ | 55,025
Travel and accommodations | ​ | 1,481,399 |  | 309 | ​ | 155 |  | 1,481,863
Trenching | ​ | 982,148 |  | — | ​ | — |  | 982,148
Exploration cost recovery | ​ | (45,450) | ​ | — | ​ | — | ​ | (45,450)
​ | ​ | 93,982,874 |  | 34,859 | ​ | 20,544 |  | 94,038,277
Cumulative exploration expense – December 31, 2023 | ​ | 215,285,192 |  | 574,857 | ​ | 3,448,578 |  | 219,308,627
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Newfoundland | ​ | ​ | ​ | ​
​ | ​ | Queensway (i) | ​ | Other | ​ | Ontario(ii) | ​ | Total
Year ended December 31, 2022 |  | $ |  | $ |  | $ |  | $
Exploration and evaluation assets | ​ |  |  |  |  |  | ​ |
Balance as at December 31, 2021 | ​ | 8,236,181 | ​ | 17,700 |  | 271,600 | ​ | 8,525,481
Additions | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Acquisition costs | ​ | 364,738 | ​ | 30,096 |  | — | ​ | 394,834
Claim staking and license renewal costs | ​ | 15,774 | ​ | 120 |  | 400 | ​ | 16,294
Balance as at December 31, 2022 | ​ | 8,616,693 | ​ | 47,916 |  | 272,000 | ​ | 8,936,609
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exploration and evaluation expenditures | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Cumulative exploration expense – December 31, 2021 | ​ | 51,439,957 | ​ | 59,646 |  | 2,350,201 | ​ | 53,849,804
Assays | ​ | 9,741,609 | ​ | 12,545 |  | 233,314 | ​ | 9,987,468
Drilling | ​ | 36,118,624 | ​ | 352,056 |  | 449,063 | ​ | 36,919,743
Environmental studies | ​ | 537,234 | ​ | — | ​ | — | ​ | 537,234
Geochemistry | ​ | 48,116 | ​ | — |  | — | ​ | 48,116
Geophysics | ​ | 1,894,010 | ​ | — |  | 177,916 | ​ | 2,071,926
Imagery and mapping | ​ | 95,893 | ​ | — | ​ | — | ​ | 95,893
Metallurgy | ​ | 65,644 | ​ | — | ​ | — | ​ | 65,644
Office and general | ​ | 672,019 | ​ | 50 |  | 4,811 | ​ | 676,880
Property taxes, mining leases and rent | ​ | 103,750 | ​ | — |  | 3,205 | ​ | 106,955
Petrography | ​ | 9,372 | ​ | — | ​ | — | ​ | 9,372
Reclamation | ​ | 2,464,985 | ​ | — |  | — | ​ | 2,464,985
Salaries and consulting | ​ | 11,166,116 | ​ | 43,866 |  | 155,729 | ​ | 11,365,711
Supplies and equipment | ​ | 5,204,988 | ​ | 71,187 |  | 35,182 | ​ | 5,311,357
Technical reports | ​ | 458,439 | ​ | — | ​ | 9,567 | ​ | 468,006
Travel and accommodations | ​ | 1,341,562 | ​ | 648 |  | 9,046 | ​ | 1,351,256
Exploration cost recovery | ​ | (60,000) | ​ | — |  | — | ​ | (60,000)
​ | ​ | 69,862,361 | ​ | 480,352 |  | 1,077,833 | ​ | 71,420,546
Cumulative exploration expense – December 31, 2022 | ​ | 121,302,318 | ​ | 539,998 |  | 3,428,034 | ​ | 125,270,350
​ (i)Queensway Project – Gander, Newfoundland As at December 31, 2023, the Company owns a 100% interest in 96 (December 31, 2022 – 94) mineral licenses including 6,659 (December 31, 2022 – 6,649) claims comprising 166,475 (December 31, 2022 – 166,225) 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 2022 under ten separate option agreements, of which nine are completed. The Queensway Project carries various net smelter return (“NSR”) royalties ranging from 0.4% to 2.5% and include buy-back provisions that allows the Company, at its option, to reduce the NSR by making lump-sum payments ranging from $250,000 to $1,000,000 to the holders of the royalties.The total cost of the NSR’s if the Company were to exercise all of its buy-back rights is $5,250,000 resulting in NSR’s ranging from 0.4% to 1.5% for the mineral licenses subsect to an NSR royalty. ​
3. | EXPLORATION AND EVALUATION ASSETS (continued)
(i)Queensway Project – Gander, Newfoundland (continued) On November 2, 2022, the Company entered into a definitive property option agreement to acquire a 100% interest in five mineral licenses located in Gander, Newfoundland. Under the terms of this agreement, the Company may exercise the option by issuing an aggregate of 487,078 common shares in the capital of the Company and making aggregate cash payments of $2,350,000 to the optionors as follows:
| ● | $200,000 (paid) and 39,762 common shares (issued) on the later of (i) staking confirmation date as defined in the Option Agreement and (ii) the receipt of the TSX-Venture Exchange’s approval;
| ● | $200,000 (paid) and 39,762 common shares on or before November 2, 2023 (issued);
| ● | $250,000 and 69,583 common shares on or before November 2, 2024;
| ● | $300,000 and 89,463 common shares on or before November 2, 2025;
| ● | $600,000 and 129,224 common shares on or before November 2, 2026; and
| ● | $800,000 and 119,284 common shares on or before November 2, 2027.
(ii)Ontario Projects Disposal of Lucky Strike During the year ended December 31, 2023, the Company recognized a gain on disposal of its Lucky Strike project in Kirkland Lake, Ontario of $4,217,935. The Company received total non-cash consideration having a fair value of $4,657,482 consisting of 28,612,500 common shares of Kirkland Lake Discoveries Corp. and a 1.0% net smelter return royalty on future production from the mineral claims. The Company recognized $175,547 of professional fees in connection with the transaction and derecognized the Lucky Strike project at its carrying value of $264,000. Refer to Note 7 for further information. As at December 31, 2022, the Company owned 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 carried an NSR ranging from 1% to 2%. Impairment of Ontario Properties During the year ended December 31, 2023, the Company recorded an impairment of $8,000 (December 31, 2023 - $Nil) in acquisition costs related to projects no longer being explored.

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