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Note 13 - Flow-through Share Premium Liability

12 Months Ended

Dec. 31, 2024

Note 13: Flow-through share premium liability

Flow-through shares are issued at a premium, calculated as the difference between the price of a flow-through share and the price of a common share at that date. Tax deductions generated by eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced.

On March 23, 2023, the Company completed an offering (note 18) and raised $8,750 through the issuance of 6,076,500 common shares designated as flow-through shares. The flow-through proceeds were used for mineral exploration in Quebec.

On June 13, 2024, the Company completed an offering (note 18) and raised $5,001 through the issuance of 5,320,000 common shares designated as flow-through shares. The flow-through proceeds will be used for mineral exploration in Quebec. The Company is committed to incur the full exploration expenditures of $5,001 before December 31, 2025.

The flow-through share funding and expenditures along with the corresponding impact on the flow-through share premium liability were as follows:

	Flow-through funding (expenditures)			Flow-through premium liability
Balance at December 31, 2021	$	7,290		$	3,124
Flow-through eligible expenditures		(7,290	)		(3,124	)
Balance at December 31, 2022	$	-		$	-
Flow-through funds raised		8,750			3,889
Flow-through eligible expenditures		(7,527	)		(3,345	)
Balance at December 31, 2023	$	1,223		$	544
Flow-through eligible expenditures		(1,223	)		(544	)
Flow-through funds raised		5,001			2,022
Flow-through eligible expenditures		(2,666	)		(1,078	)
Balance at December 31, 2024	$	2,335		$	944