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MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

NOTE 8 MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

The cost and carrying value of mineral property interests and plant and equipment at December 31, 2022 and 2021 are as follows:


	December 31, 2022		December 31, 2021
Mineral property interests, cost	$	359,845	$	344,529
Less: accumulated depletion		(58,700)		(47,197)
Mineral property interests, carrying value	$	301,145	$	297,332

Plant and equipment, cost
Land	$	17,850	$	8,949
Construction in progress		8,408		4,078
Plant and equipment		73,740		76,887
Subtotal	$	99,998	$	89,914
Less: accumulated depreciation		(54,862)		(44,942)
Plant and equipment, carrying value	$	45,136	$	44,972

Mineral property interests and plant and equipment, carrying value	$	346,281	$	342,303

Mineral property interest carrying value at December 31, 2022 and 2021 includes the following:


Name of Property/Complex	State/Province	Country	2022		2021
Fox Complex	Ontario	Canada	$	40,413	$	37,678
Lexam Exploration Properties	Ontario	Canada		41,595		41,595
Los Azules Copper Project	San Juan	Argentina		191,490		191,490
Tonkin Properties	Nevada	United States		4,833		4,833
Gold Bar Mine	Nevada	United States		12,982		11,790
Elder Creek Exploration Property	Nevada	United States		785		785
Fenix Project Properties	Sinaloa	Mexico		9,047		9,160
Total mineral property interests			$	301,145	$	297,332

Gold Bar mineral property interests are depleted based on the units of production method from the production commencement date over the estimated proven and probable reserves.

The El Gallo mine and Fox Complex are depleted and depreciated using the straight line or units-of-production method over the stated mine life, as the projects do not have proven and probable reserves compliant with S-K 1300.

The definition of proven and probable reserves is set forth in the S-K 1300. If proven and probable reserves exist at the Company’s properties, the relevant capitalized mineral property interests and asset retirement costs are charged to expense based on the units of production method upon commencement of production. The Company’s Gold Bar Mine and San José properties have proven and probable reserves estimated in accordance with S-K 1300.

The Company conducts a review of potential triggering events for impairment for all its mineral projects on a quarterly basis or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During the year ended December 31, 2022 and 2021, no impairment has been noted for any of the Company’s mineral property interests.