ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024, and for the year ended December 31, 2023, is as follows:

		Three months ended		Year ended
		March 31, 2024		December 31, 2023
Reclamation and remediation liabilities, beginning balance	$	43,021	$	41,846
Settlements		(122)		(1,358)
Accretion of liability		690		2,536
Revisions to estimates and discount rate		(17)		(300)
Foreign exchange revaluation		(313)		297
Reclamation and remediation liabilities, ending balance	$	43,259	$	43,021
Less: current portion		4,235		3,105
Long-term portion	$	39,024	$	39,916

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 March 31,
	2024		2023
Reclamation adjustment reflecting updated estimates	$	—	$	20
Reclamation accretion		690		610
Total	$	690	$	630