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ENVIRONMENTAL REHABILITATION

12 Months Ended

Mar. 31, 2022

Disclosure of interest in funds [text block] [Abstract]

11.

ENVIRONMENTAL REHABILITATION

The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties:

	Total
Balance, April 1, 2020	$	8,700
Reclamation expenditures		(189	)
Unwinding of discount of environmental rehabilitation		251
Revision of provision		(1,610	)
Foreign exchange impact		711
Balance, March 31, 2021	$	7,863
Reclamation expenditures		(467	)
Unwinding of discount of environmental rehabilitation		269
Revision of provision		812
Foreign exchange impact		262
Balance, March 31, 2022	$	8,739

As at March 31, 2022, the total undiscounted amount of estimated cash flows required to settle the Company’s environmental rehabilitation provision was $12.3 million (March 31, 2021 - $10.5 million) over the next twenty-five years, which has been discounted using an average discount rate of 3.01% (March 31, 2021 – 3.39%).

During the year ended March 31, 2022, the Company incurred actual reclamation expenditures of $0.5 million (year ended March 31, 2021 - $0.2 million), paid reclamation deposit of $0.3 million (year ended March 31, 2021 - $0.5 million) and received nil reclamation deposit refund (year ended March 31, 2021 - $1.9 million).

Estimated future reclamation costs are based on the extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company’s environmental policies. In view of uncertainties concerning environmental rehabilitation obligations, the ultimate costs could be materially different from the amounts estimated.