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Environmental Reclamation Liability
 9 Months Ended
Sep. 30, 2024
Environmental Reclamation Liability  
Environmental Reclamation Liability

5.Environmental Reclamation Liability

On January 15, 2021, the Company agreed to an ASAOC. The Company has accounted for its obligation under the ASAOC as an environmental reclamation liability. The provision for the liability associated with the terms of the ASAOC is based on cost estimates developed with the use of engineering consultants, independent contractor quotes and the Company’s internal development team. The timing of cash flows is based on the latest schedule for early action items. The estimated environmental reclamation liability may be subject to change based on changes to cost estimates and is adjusted for actual work performed. During the nine months ended September 30, 2024, the Company spent $1.9 million on ASAOC activities and estimates a remaining environmental liability of $0.2 million, all of which is expected to be incurred in 2024. Movements in the environmental reclamation liability during the nine months ended September 30, 2024 and 2023 are as follows:

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Nine months ended September 30, 

​

    

2024

    

2023

Balance at beginning of period

    

$

764,607

​

$

10,800,936

Additions

 

​

1,422,288

​

 

604,222

Work performed on early action items

 

​

(1,937,538)

​

 

(8,650,891)

Balance at end of period

 

$

249,357

​

$

2,754,267

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​

​

​

​

​

​

Current portion

 

$

249,357

​

$

2,297,523

Non-current portion

​

​

—

​

​

456,744

Balance at end of period

​

$

249,357

​

$

2,754,267

​

In 2021, the Company provided $7.5 million in financial assurance for Phase 1 projects under the ASAOC. The Company paid $3.0 million in cash collateral for a surety bond related to the ASAOC statement of work in early 2021.