ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

12 Months Ended

Dec. 31, 2022

ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

NOTE 8 – ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

Changes in the asset retirement obligation for the year ended December 31, 2022 and 2021 are as follows:

	Year ended December 31,
	2022		2021
Asset retirement obligation, beginning of period	$	191,149	$	184,219
Change in estimated retirement costs		15,596		-
Accretion expense		17,766		6,930
Asset retirement obligation, end of period	$	224,511	$	191,149

The Company’s total asset retirement obligation and accrued reclamation costs of $332,011 and $298,649, at December 31, 2022 and December 31, 2021, respectively, include reclamation obligations for the Idaho and Montana operations of $107,500.

During the year ended December 31, 2022, the Company revised its estimate on asset retirement costs.