ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

9 Months Ended

Sep. 30, 2022

ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

8. ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

NOTE 8 – ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

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

	Three months ended September 30,
	2022		2021
Asset retirement obligation, beginning of period	$	218,157	$	187,683
Accretion expense		3,177		1,733
Asset retirement obligation, end of period	$	221,334	$	189,416

	Nine months ended September 30,
	2022		2021
Asset retirement obligation, beginning of period	$	191,149	$	184,219
Change in estimate of asset retirement obligation		15,596		-
Accretion expense		14,589		5,197
Asset retirement obligation, end of period	$	221,334	$	189,416

The Company’s total asset retirement obligation and accrued reclamation costs of $328,834 and $298,649, at September 30, 2022 and December 31, 2021, respectively, includes reclamation obligations for the Idaho and Montana operations of $107,500.