ASSET RETIREMENT OBLIGATIONS

9 Months Ended

Sep. 30, 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 properties subject to these obligations are the Gold Bar and Tonkin properties in Nevada, the Fox Complex properties in Canada and the El Gallo mine in Mexico.

A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2023, and for the year ended December 31, 2022, is as follows:

		Nine months ended		Year ended
		September 30, 2023		December 31, 2022
Reclamation and remediation liability, beginning balance	$	41,846	$	35,452
Settlements		(1,215)		(774)
Accretion of liability		1,874		2,354
Revisions to estimates and discount rate		(300)		5,664
Foreign exchange revaluation		51		(850)
Reclamation and remediation liability, ending balance	$	42,256	$	41,846
Less: current portion		2,434		12,576
Long-term portion	$	39,822	$	29,270

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

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Reclamation adjustment reflecting updated estimates	$	136	$	—	$	156	$	986
Reclamation accretion		624		526		1,874		1,573
Total	$	760	$	526	$	2,030	$	2,559