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


	Year Ended December 31,
	2024		2023
Balance, beginning of period	$	7,973	$	10,302
Accretion	1,253		1,087
Spending	(1,938)		(529)
Changes in estimates	5,863		(2,887)
Balance, end of period	$	13,151	$	7,973

Current	$	179	$	3,172
Non-current	$	12,972	$	4,801

During the years ended December 31, 2024 and 2023, the Company recognized spending of $1.9 million related to the placement of an impervious cover on the Crofoot heap leach pad and $0.5 million related to Crofoot sloping work.

During the years ended December 31, 2024 and 2023, the Company recognized an increase of $5.9 million and a decrease of $2.9 million, respectively, as changes in estimates.

The change in estimate for the year ended December 31, 2024, was primarily due to:

•Increased labor, equipment, and material costs for reclamation activities based on the updated 2024 Standardized Reclamation Cost Estimator (“SRCE”) Unit Cost Data issued annually by the Nevada Department of Environmental Protection (“NDEP”).

•A changed scope of work requiring additional volumes of cover material, as well as a revised engineering design mandated by the NDEP for the placement of an impervious cover on the Crofoot heap leach pad.

•Adjustments to the project timeline, with work that commenced in 2024 and is scheduled for completion by the end of 2027.

•Increased costs due to additional equipment, longer haul distances, and other costs exceeding prior estimates.

The change in estimate for the year ended December 31, 2023 was primarily due to:

•Completion of a portion of the Crofoot heap leach pad re-sloping.

•Adjustments to the timing of water treatment for Phases 2 and 3, as well as evaporation over a three-year period at the end of the mine life.

The Company does not have mineral reserves; accordingly, all related costs are expensed until mineral reserves are established. Any underestimated or unanticipated reclamation costs or any changes in governmental reclamation requirements could require us to record or incur additional reclamation costs.