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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2022
Asset Retirement Obligations  
Asset Retirement Obligations

7. Asset Retirement Obligations

 

The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently is operations. Obligations were established for the New Jersey mill in 2014 and the Golden Chest mine in 2016. Activity for the years ended December 31, 2022 and 2021 is as follows:

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Balance at January 1

 

$172,348

 

 

$173,001

 

Accretion expense

 

 

12,691

 

 

 

9,953

 

Change in asset retirement obligation estimate

 

 

77,178

 

 

 

(10,606)

Balance at December 31

 

$262,217

 

 

$172,348

 

 

The change in the asset retirement obligation estimate during the year ended December 31, 2022 related to the addition of and asset retirement obligation with our New Jersey Mill Tailings expansion and a revision to the estimated start of the reclamation process to a later date at our Golden Chest properties. The change in the asset retirement obligation estimate during the year ended December 31, 2021 related to a revision to the estimated start of the reclamation process to a later date at our Golden Chest properties.