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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2023
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 in 2016. Activity for the years ended December 31, 2023 and 2022 is as follows:

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Balance at January 1

 

$262,217

 

 

$172,348

 

Accretion expense

 

 

15,952

 

 

 

12,691

 

Change in asset retirement obligation estimate

 

 

8,479

 

 

 

77,178

 

Balance at December 31

 

$286,648

 

 

$262,217

 

 

The change in the asset retirement obligations estimate during the year ended December 31, 2022 related to the addition of an 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 property. The change in the asset retirement obligation estimate during the year ended December 31, 2023 related to revised a revision to the estimated start of the reclamation process and an updated reclamation cost estimate.