ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

6 Months Ended

Jun. 30, 2022

ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

7. ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

NOTE 7 – ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

Changes in the asset retirement obligation for the three and six months ended June 30, 2022 and 2021 are as follows:

	Three months ended June 30,
	2022		2021
Asset retirement obligation, beginning of period	$	192,881	$	184,219
Change in estimate of asset retirement obligation		15,596		-
Accretion expense		9,680		1,732
Asset retirement obligation, end of period	$	218,157	$	185,951

	Six months ended June 30,
	2022		2021
Asset retirement obligation, beginning of period	$	191,149	$	184,219
Change in estimate of asset retirement obligation		15,596		-
Accretion expense		11,412		1,732
Asset retirement obligation, end of period	$	218,157	$	185,951

The Company’s total asset retirement obligation and accrued reclamation costs of $325,657 and $298,649, at June 30, 2022 and December 31, 2021, respectively, includes reclamation obligations for the Idaho and Montana operations of $107,500.