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| Asset Retirement Obligation | 10. Asset Retirement Obligation The following table presents the changes in the Company’s asset retirement obligation for the three months ended March 31, 2026 and year ended December 31, 2025:
As of March 31, 2026 and December 31, 2025, the Company had off-balance sheet arrangements for a surety bond for its Isabella Pearl Mine of $23.1 million. As of March 31, 2026 and December 31, 2025, the bond is offset by asset retirement obligations for future reclamation of $10.8 million and $10.5 million. The Company’s asset retirement obligations were discounted using a credit adjusted risk-free rate of 11%. As of March 31, 2026 and December 31, 2025, the Company had off-balance sheet arrangements for a surety bond for its County Line property of $5 million. As of March 31, 2026 and December 31, 2025, the bond is offset by asset retirement obligations for future reclamation of $0.5 million and $0.4 million, respectively. The Company’s asset retirement obligations were discounted using a credit adjusted risk-free rate of 11%.
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