The following table summarizes changes in the Company’s Asset retirement obligation (“ARO”) (in thousands):


	September 30, 2024		December 31, 2023
Balance, beginning of period	$	7,973	$	10,302
Accretion	899		1,087
Spending	(394)		(529)
Change in estimates	6,261		(2,887)
Balance, end of period	$	14,739	$	7,973

Current	$	4,044	$	3,172
Non-current	$	10,695	$	4,801

During the three and nine months ended September 30, 2024, the Company recognized an Asset retirement obligation adjustment in accordance with the change in estimate of $2.3 million and $6.3 million, respectively.

The change in estimate for the three months ended September 30, 2024, was primarily due to:

•Increased labor, laboratory testing, equipment, and material costs for reclamation activities based on the new 2024 Standardized Reclamation Cost Estimator Unit Cost Data.

•A changed scope of work requiring additional volumes of cover material for the Crofoot Heap Leach Pad.

The change in estimate for the nine months ended September 30, 2024, was primarily due to:

•The above factors during the three months ended September 30, 2024.

•A revised engineering design change required by the Nevada Department of Environmental Protection for the placement of an impervious cover on the Crofoot Heap Leach Pad.

•Adjustments to the project timeline, with work now scheduled to begin in 2024 and be completed by the end of 2027.

•As a result of the project now scheduled to begin in 2024, the Company reached out for third-party quotes, which identified the need for additional equipment, longer haul distances, and other costs exceeding prior estimates.

The Company does not have mineral reserves, and accordingly, all related costs are expensed until mineral reserves are established.