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Asset Retirement Obligation (“ARO”)
 12 Months Ended
Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation (“ARO”) Asset Retirement Obligation (“ARO”)
The following table summarizes changes in the Company’s ARO (dollars in thousands):
Year Ended December 31,
20222021
Balance, beginning of period$5,193 $4,785 
Accretion 408 408 
Changes in estimates4,701 — 
Balance, end of period$10,302 $5,193 
During the year ended December 31, 2022, the Company recorded a change in estimate to the ARO of $4.7 million. The change in estimate was due to updated assumptions regarding cost estimate, regulatory changes requiring additional sloping, and timing of costs for reclamation activities associated with the Crofoot leach pad prior to recommencing operations. In accordance with the change in estimate, the Company recorded an expense of $4.7 million as the Company does not have mineral reserves and accordingly all costs are expensed until such time that it declares mineral reserves. The Company estimates that no significant reclamation expenditures associated with the ARO will be made until 2026 and that reclamation work will be completed by the end of 2065.
Any underestimate or unanticipated reclamation costs or any changes in governmental reclamation requirements could require us to record or incur additional reclamation costs.