ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2023

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 Fox Complex 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, 2023 and for the year ended December 31, 2022 are as follows:

	Three months ended March 31, 2023		Year ended December 31, 2022
Asset retirement obligation liability, beginning balance	$	41,846	$	35,452
Settlements		(270)		(774)
Accretion of liability		610		2,354
Revisions to estimates and discount rate		20		5,664
Foreign exchange revaluation		1		(850)
Asset retirement obligation liability, ending balance	$	42,207	$	41,846
Less current portion		12,797		12,576
Long-term portion	$	29,410	$	29,270

Reclamation expense in the Statement of Operations includes adjustments for updates in the reclamation liability for properties that do not have reserves in compliance with S-K 1300. Reclamation accretion for all properties is as follows:

	Three months ended March 31,
	2023		2022
Reclamation adjustment reflecting updated estimates	$	20	$	—
Reclamation accretion		610		527
Total	$	630		527