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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2023
Asset Retirement Obligations [Abstract] |
Asset retirement obligations |
| 11. | Asset retirement obligations
The Company is obligated by various federal and state mining laws and regulations which require the Company to reclaim surface areas and restore underground water quality for certain assets in Texas, Wyoming, Utah and Colorado. These projects must be returned to the pre-existing or background average quality after completion of mining. The Company updates these reclamation provisions based on cash flow estimates, and changes in regulatory requirements and settlements annually. The Company used an inflation factor of 2.5% per year and a discount rate of 11% in estimating the present value of its future cash flows. The asset retirement obligations balance by project is as follows:
|  | December 31, 2023 $ |  |  | December 31, 2022 $ |
Kingsville |  |  | 2,458,564 |  |  |  | 3,151,875 |
Rosita |  |  | 1,485,560 |  |  |  | 1,298,397 |
Vasquez |  |  | 40,896 |  |  |  | 34,274 |
Alta Mesa |  |  | 6,574,980 |  |  |  | - |
Centennial |  |  | 168,806 |  |  |  | 168,806 |
Gas Hills |  |  | 63,000 |  |  |  | 63,000 |
Ticaboo |  |  | 36,000 |  |  |  | 36,000 |
Asset retirement obligations |  |  | 10,827,806 |  |  |  | 4,752,352 |
The asset retirement obligations continuity summary is as follows:
Asset retirement obligation |  |  | $ |
Balance, December 31, 2021 |  |  | 4,176,493 |
Accretion |  |  | 429,956 |
Settlement |  |  | (11,324 | )
Change in estimates |  |  | 157,227 |
Balance, December 31, 2022 |  |  | 4,752,352 |
Additions (Note 9) |  |  | 5,488,969 |
Accretion |  |  | 1,099,119 |
Settlement |  |  | (291,449 | )
Change in estimates |  |  | (221,185 | )
Balance, December 31, 2023 |  |  | 10,827,806 |
At the year end, the undiscounted cash flows total $17,130,164 (December 31, 2022: $6,345,630).

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