ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2021

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS

NOTE 11 ASSET RETIREMENT OBLIGATIONS

The Company is responsible for the reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Gold Bar and Tonkin properties in Nevada, the Timmins properties in Canada and the El Gallo Project in Mexico.

A reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2021 and for the year ended December 31, 2020 are as follows:

	March 31, 2021		December 31, 2020
Asset retirement obligation liability, beginning balance	$	34,000	$	32,201
Settlements		(80)		(267)
Accretion of liability		487		1,901
Adjustment reflecting updated estimates		425		(54)
Foreign exchange revaluation		152		219
Asset retirement obligation liability, ending balance	$	34,984	$	34,000
Less current portion		3,817		3,232
Long-term portion	$	31,167	$	30,768

The Company’s reclamation expenses for the periods presented consisted of the following:

	Three months ended March 31,
	2021		2020
Reclamation adjustment reflecting updated estimates	$	425	$	203
Reclamation accretion		486		457
Total	$	911		660