| RELATED PARTY TRANSACTIONS |
17. | RELATED PARTY TRANSACTIONS |
During the year ended December 31, 2025, the Company’s related parties include its subsidiaries, key management personnel and companies having common directors and officers. All transactions with related parties have occurred in the normal course of operations 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 | | | 2025 | | 2024 | PJH Consulting, LLC (1) | | $ | 84,093 | | $ | — | EarthLabs Inc. (2) | | | — | | | 18,000 | Notz Capital Corp. (3) | | | 46,921 | | | 177,310 |
| (1) | Amounts incurred for administrative services provided by a close family member of Paul Huet, Chair of the Board of directors. PJH Consulting, LLC is a related entity of Paul Huet, Chair of the Board of Directors. These charges were included in general and administrative expenses. |
| (2) | EarthLabs Inc. is a related entity having the following common former director and officer to the Company: Denis Laviolette, Former Director and President. These costs were charged to exploration and evaluation expenses. |
| (3) | Notz Capital Corp. is a related entity of a director. These charges were charged to general and administrative expenses. |
There are no ongoing contractual commitments resulting from these transactions with related parties. 17. | RELATED PARTY TRANSACTIONS (continued) |
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 directors and members of executive management. The remuneration of the Company’s directors and other key management personnel during the years ended December 31, 2025 and 2024 were as follows: Year ended December 31, 2025 | | | | | | | | | | | | | | | Salaries and | | Share-based | | | | | | | | | Consulting | | Compensation | | Bonus | | Total | Keith Boyle, Chief Executive Officer | | $ | 425,806 | | $ | 763,501 | | $ | — | | $ | 1,189,307 | Collin Kettell, Former Executive Chairman and Chief Executive Officer | | | 38,400 | | | — | | | 1,031,760 | | | 1,070,160 | Melissa Render, President | | | 360,000 | (1) | | 392,015 | | | — | | | 752,015 | Hashim Ahmed, Chief Financial Officer | | | 106,795 | | | 86,273 | | | — | | | 193,068 | Robert Assabgui, Chief Operating Officer | | | 94,792 | | | 2,704 | | | — | | | 97,496 | Greg Matheson, Former Chief Operating Officer | | | 471,200 | (2) | | — | | | — | | | 471,200 | Ron Hampton, Former Chief Development Officer | | | 562,529 | (1)(3) | | — | | | — | | | 562,529 | Michael Kanevsky, Former Chief Financial Officer | | | 262,440 | (4) | | — | | | — | | | 262,440 | Vijay Mehta, Former Director | | | 51,000 | | | 357,057 | | | — | | | 408,057 | Chad Williams, Director | | | 75,000 | | | 308,404 | | | — | | | 383,404 | William Hayden, Director | | | 84,000 | | | 457,216 | | | — | | | 541,216 | Tamara Brown, Director | | | 30,900 | | | 178,999 | | | — | | | 209,899 | Dr. Andrew Furey, Director | | | 36,000 | | | 169,162 | | | — | | | 205,162 | Paul Huet, Director | | | 168,186 | | | 3,470,771 | | | — | | | 3,638,957 | Allen Palmiere, Director | | | 15,000 | | | 74,577 | | | — | | | 89,577 | | | $ | 2,782,048 | | $ | 6,260,679 | | $ | 1,031,760 | | $ | 10,074,487 |
| (1) | Salary recorded in exploration and evaluation expenses in the consolidated statement of loss and comprehensive loss. |
| (2) | Includes termination benefits of $424,080 in accordance with the terms of their management agreement. |
| (3) | Includes termination benefits of $505,440 in accordance with the terms of their management agreement. |
| (4) | Includes termination benefits of $174,960 in accordance with the terms of their management agreement. |
17. | RELATED PARTY TRANSACTIONS (continued) |
Key management personnel compensation (continued) Year ended December 31, 2024 | | | | | | | | | | | | | | | Salaries and | | Share-based | | | | | | | | | Consulting | | Compensation | | Bonus | | Total | Colin Kettel, Executive Chairman and Chief Executive Officer | | $ | 388,800 | | $ | — | | $ | 129,600 | | $ | 518,400 | Melissa Render, President | | | 15,000 | (1) | | — | | | — | | | 15,000 | Denis Laviolette, Former President | | | 261,917 | | | — | | | 90,720 | | | 352,637 | Michael Kanevsky, Chief Financial Officer | | | 116,640 | | | — | | | 38,880 | | | 155,520 | Greg Matheson, Chief Operating Officer | | | 270,220 | | | — | | | 84,240 | | | 354,460 | Ronald Hampton, Chief Development Officer | | | 336,960 | (1) | | 96,083 | | | 112,320 | (1) | | 545,363 | Non-Executive Directors | | | 83,440 | | | — | | | — | | | 83,440 | Former Non-Executive Directors | | | 138,580 | | | — | | | — | | | 138,580 | | | $ | 1,611,557 | | $ | 96,083 | | $ | 455,760 | | $ | 2,163,400 |
| (1) | Salary and bonus recorded in exploration and evaluation expenses in the consolidated statement of loss and comprehensive loss. |
During the year ended December 31, 2025, $922,529 (2024 - $449,280) of management compensation was recorded in exploration and evaluation expenses in the consolidated statements of loss and comprehensive loss. At December 31, 2025, there was $3,989 (2024 - $56,040) payable to management and directors for accrued salaries and expense reimbursements of travel expenditures included in accounts payable and accrued liabilities. The amounts are unsecured, non-interest bearing and without fixed terms of repayment.
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