Reclamation and Closure Cost Provisions

12 Months Ended

Dec. 31, 2023

RECLAMATION AND CLOSURE COST PROVISIONS


	USA		Mexico		Brazil		Canada		Total
Balance – December 31, 2021	$	28,474	$	31,903	$	36,206	$	2,565	$	99,148
Accretion	699		2,869		1,967		83		5,618
Disposals	—		332		—		—		332
Change in estimates	(1,442)		(5,200)		(4,298)		3,451		(7,489)
Reclamation expenditures	—		(442)		(1,809)		—		(2,251)
Foreign exchange loss (gain)	—		1,931		1,809		(259)		3,481
Foreign currency translation	—		—		—		(123)		(123)
Balance – December 31, 2022	27,731		31,393		33,875		5,717		98,716
Accretion	1,002		2,993		2,041		228		6,264
Change in estimates	3,725		(9,687)		6,979		22,168		23,185
Reclamation expenditures	—		(435)		(1,021)		(64)		(1,520)
Foreign exchange loss	—		4,312		3,239		33		7,584
Foreign currency translation	—		—		—		751		751
Balance – December 31, 2023	$	32,458	$	28,576	$	45,113	$	28,833	$	134,980

At December 31							2023		2022
Classified and presented as:
Current(1)							$	14,897	$	3,202
Non-current							120,083		95,514
Total reclamation and closure cost provisions							$	134,980	$	98,716

(1) Included in other current liabilities.

The Company’s reclamation and closure cost provisions at December 31, 2023 were calculated as the present value of the expected future cash flows estimated using inflation rates of 2.0% to 3.5% (2022 – 2.0% to 5.5%) and discount rates of 3.0% to 9.0% (2022 – 2.9% to 11.7%) depending on the region in which the costs will be incurred. At December 31, 2023, the total undiscounted expected future cash flows of the Company’s reclamation and closure cost provisions were $214.9 million (2022 – $186.6 million).

The Company is required to post security for reclamation and closure costs for certain of its mineral properties. At December 31, 2023, the Company had met its security requirements in the form of bonds posted through surety underwriters totaling $54.6 million (2022 – $41.8 million).