RECLAMATION AND REMEDIATION LIABILITIES

12 Months Ended

Dec. 31, 2023

RECLAMATION AND REMEDIATION LIABILITIES

RECLAMATION AND REMEDIATION LIABILITIES

NOTE 12 RECLAMATION AND REMEDIATION LIABILITIES

The Company is responsible for 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 reclamation and remediation liabilities for the years ended December 31, 2023, and 2022, is as follows:

		Year ended		Year ended
		December 31, 2023		December 31, 2022
Reclamation and remediation liabilities, beginning balance	$	41,846	$	35,452
Settlements		(1,358)		(774)
Accretion of liability		2,536		2,354
Revisions to estimates and discount rate		(300)		5,664
Foreign exchange revaluation		297		(850)
Reclamation and remediation liabilities, ending balance	$	43,021	$	41,846
Less: current portion		3,105		12,576
Long-term portion	$	39,916	$	29,270

Revisions to estimates and discount rates for the year ended December 31, 2023 consisted of a $1.5 million increase in obligations at Gold Bar, a $0.2 million decrease at Tonkin Springs and a $1.6 million decrease at El Gallo. For the year ended December 31, 2022, revisions to estimates and discount rates consisted of a $3.2 million increase in obligations at Gold Bar, a $1.2 million increase at Tonkin Springs, and a $1.3 million increase at El Gallo.

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:

	Year ended December 31,
	2023		2022		2021
Reclamation adjustment reflecting updated estimates	$	157	$	991	$	1,045
Reclamation accretion		2,536		2,354		2,405
Total	$	2,693	$	3,345	$	3,450