ASSET RETIREMENT OBLIGATION

12 Months Ended

Sep. 30, 2022

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION

NOTE 6 – ASSET RETIREMENT OBLIGATION:

Remediation, reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties as well as remediation costs for inactive properties. The Company uses assumptions about future costs, capital costs and reclamation costs. Such assumptions are based on the Company’s current mining plan and the best available information for making such estimates.

On an ongoing basis, management evaluates its estimates and assumptions; however, actual amounts could differ from those based on such estimates and assumptions. Changes to the Company’s asset retirement obligation on its mineral properties are as follows:

	2022		2021
Beginning balance	$	118,247	$	112,615
Accretion expense		5,912		5,632
Ending balance	$	124,159	$	118,247

Management’s evaluation of the ARO at September 30, 2022 and 2021, did not indicate that a revision to the ARO was needed.