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Precious Metal Concentrate | 12 Months Ended
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Dec. 31, 2021
Precious Metal Concentrate |
Precious Metal Concentrate | Note 7. Precious Metal Concentrate Precious metal concentrate includes metal concentrates located at the Company’s facilities. Concentrates consist of gold, silver, platinum, palladium, and rhodium. Precious metal concentrate was acquired from our funding agreements for extraction operations with Vivaventures Precious Metals LLC from 2013 through 2016. Our precious metal concentrate requires further refining to be sold as a finished product and is valued at the lower of cost or market (net realizable value). As of December 31, 2021 and 2020, the Company carried a refining reserve of $1,166,709 against its precious metal concentrate asset based on estimates that the Company received if it were to sell the precious metal concentrate in its current concentrated form to processing refineries. The Company intends to sell our precious metal concentrate in its current state or refine it into dore bars for sale or monetization and investment purposes. In July 2020, the Company entered into an agreement with International Metals Exchange, LLC (“IME”, a related party) giving IME the option to purchase approximately 1,331 ounces of our precious metal concentrate for approximately $2,800,000. The option agreement expired on December 31, 2020. For the year ended December 31, 2020, the Company sold $54,250 of the precious metal concentrate through this option. As of December 31, 2021 and 2020 the net realizable value of our precious metal concentrate is $1,166,709.

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