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Related Party Transactions
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14: Related Party Transactions

 

During the periods presented, the Company shared personnel, including key management personnel, office space, equipment, and various administrative services with other companies, including GoldMining. Costs incurred by GoldMining were allocated between its related subsidiaries based on an estimate of time incurred and use of services and are charged at cost. During the three months ended March 31, 2024, the allocated costs from GoldMining to the Company were $10,966 ($44,894 for the three months ended March 31, 2023). $7,266 of the allocated costs were noncash share-based compensation costs ($26,755 for the three months ended March 31, 2023). During the one month ended December 31, 2023, the allocated costs from GoldMining to the Company were $6,888 ($15,924 for the one month ended December 31, 2022). $5,615 of the allocated costs were noncash share-based compensation costs ($9,882 for the one month ended December 31, 2022). The allocated costs from GoldMining were treated as a capital contribution, as there is no obligation or intent regarding the repayment of such amounts by the Company.

 

For the three months ended March 31, 2024, and for the one month ended December 31, 2023, the amounts advanced to the Company or paid on its behalf by GoldMining were $nil ($363,692 for the three months ended March 31, 2023, and $532,337 for the one month ended December 31, 2022). In May 2023 the Company repaid GoldMining $1,680,925, for amounts previously advanced to the Company. The amount paid represented the full amount of the outstanding loan from GoldMining at the time.

 

During the three months ended March 31, 2024, the Company incurred $100,820 ($2,154 during the three months ended March 31, 2023), and during the one month ended December 31, 2023, the Company incurred $33,125 ($nil during the one month ended December 31, 2022), in general and administrative costs, paid to Blender, for various services, including information technology, corporate branding, sponsorships and advertising, media, website design, maintenance and hosting, provided by Blender to the Company. As at March 31, 2024, prepaid expenses included service fees prepaid to Blender in the amount of $37,399 (December 31, 2023: $136,774, November 30, 2023: $169,899) (Note 4).

 

During the three months ended March 31, 2024, share-based compensation costs included $2,991 (three months ended March 31, 2023, $1,185), and during the one month ended December 31, 2023, share-based compensation costs included $1,127 (one month ended December 31, 2022, $408), in amounts incurred for the co-chairman and a director of GoldMining for Restricted Shares granted in September 2022 (Note 10.3).

 

Related party transactions are based on the amounts agreed to by the parties. During the quarters ended March 31, 2024, and 2023 and for the one month ended December 31, 2023, and 2022 the Company did not enter into any contracts or undertake any commitment or obligation with any related parties other than as described herein.