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Reclamation and Remediation

12 Months Ended

Dec. 31, 2022

Reclamation and Remediation

Reclamation and Remediation

11. Reclamation and Remediation

The following table presents the changes in the Company’s reclamation and remediation obligations for the years ended December 31, 2022 and 2021:

​

​	​	​	​	​	​	​
​	​	2022		​	2021
​	​	(in thousands)
Reclamation liabilities – balance at beginning of period	​	$	1,833	​	$	1,890
Foreign currency exchange loss (gain)	​	​	116	​	​	(57)
Reclamation liabilities – balance at end of period	​	​	1,949	​	​	1,833
​	​	​	​	​	​	​
Asset retirement obligation – balance at beginning of period	​	​	1,279	​	​	1,208
Changes in estimate	​	​	6,384	​	​	-
Accretion	​	​	668	​	​	109
Foreign currency exchange loss (gain)	​	​	86	​	​	(38)
Asset retirement obligation – balance at end of period	​	​	8,417	​	​	1,279
Total period end balance	​	$	10,366	​	$	3,112

​

The Company’s undiscounted reclamation liabilities of $1.9 million and $1.8 million as of December 31, 2022 and 2021, respectively, are related to DDGM in Mexico. These represent reclamation liabilities that were expensed through 2013 before proven and probable Mineral Reserves were established and the Company was considered to be a development stage entity; therefore, most of the costs, including asset retirement costs, were not allowed to be capitalized as part of our property, plant, and mine development. In 2022, the Company updated its closure plan study, which resulted in a $6.4 million increase in the estimated liability. This increase is a result of formalizing a tailings storage facility closure plan, the addition of the dry stack facility and the filtration plant, and the increase of inflation in Mexico.

 The Company’s asset retirement obligations reflect the additions to the asset for reclamation and remediation costs in property, plant & mine development, post 2013 development stage status, which were discounted using a credit adjusted risk-free rate of 8%. As of December 31, 2022, and 2021, the Company’s asset retirement obligation related to the Don David Gold Mine in Mexico was $8.4 million and $1.3 million, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=2175671

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

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