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Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation Asset Retirement Obligation
The following table summarizes changes in the Company’s Asset Retirement Obligation (“ARO”) (in thousands):
Year Ended December 31,
20232022
Balance, beginning of period$10,302 $5,193 
Accretion 1,087 408 
Liabilities reduced(529)— 
10,860 5,601 
Changes in estimates(2,887)4,701 
Total, end of period$7,973 $10,302 
Current$3,172 $— 
Non-current$4,801 $10,302 
During the years ended December 31, 2023 and 2022, the Company recorded a change in estimate to the ARO of a $2.9 million reduction and $4.7 million increase, respectively.
The change in estimate during the year ended December 31, 2023, reflected a net decrease in estimate attributable to the completion of part of the Crofoot leach pad re-sloping and the change in timing of water treatment Phases 2 and 3, and evaporation over a three-year period at the end of the mine life, partly offset by increased labor and equipment costs. In accordance with the change in estimate, the Company recorded a reduction in expense of $2.9 million as the Company does not have mineral reserves, and accordingly, all costs are expensed until such time that it declares mineral reserves. The change in estimate during the year ended December 31, 2022, 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. 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 reclamation expenditures will be made in 2024 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.