Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations (Tables)

v3.21.2
Asset Retirement Obligations (Tables)
 6 Months Ended
Jun. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Fair value of Asset Retirement Obligations

For the Canadian properties, abandonment and reclamation liabilities are prescribed by the province in which the Company operates in. For the purpose of determining the fair value of AROs incurred during the years presented, the Company used the following assumptions:

 

      June 30, 2020  
Inflation rate     1.92 - 2.15 %
Estimated asset life     15 - 21 years  
Schedule of Asset Retirement Obligations

The following table shows the change in the Company’s ARO liability:

 

    Canadian properties     United States properties     Total  
Asset retirement obligations, December 31, 2018   $ 1,258,399     $ 251,223     $ 1,509,622  
Accretion expense     123,474       26,150       149,624  
Foreign currency translation     64,118       —       64,118  
Asset retirement obligations, December 31, 2019     1,445,991       277,373       1,723,364  
Acquisition of Canadian property - Utikuma     906,146                  
Accretion expense     100,535       14,080       114,615  
Foreign currency translation     (64,380 )     —       (64,380 )
Asset retirement obligations, June 30, 2020   $ 2,388,292     $ 291,453     $ 2,679,745