ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 and for the year ended December 31, 2021 are as follows:

	Six months ended June 30, 2022		Year ended December 31, 2021
Asset retirement obligation liability, beginning balance	$	35,452	$	34,000
Settlements		(256)		(2,225)
Accretion of liability		1,047		2,405
Revisions to estimates and discount rate		2,240		1,257
Foreign exchange revaluation		(215)		15
Asset retirement obligation liability, ending balance	$	38,268	$	35,452
Less current portion		11,239		5,761
Long-term portion	$	27,029	$	29,691

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

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Reclamation adjustment reflecting updated estimates	$	986	$	—	$	986	$	425
Reclamation accretion		520		505		1,047		991
Total	$	1,506	$	505	$	2,033		1,416