The following table summarizes changes in the Company’s Asset retirement obligation (in thousands):


	June 30, 2026		December 31, 2025
Balance, beginning of period	$	11,773	$	13,151
Accretion	612		1,297

Change in estimates	(5,736)		(2,675)
Balance, end of period	$	6,649	$	11,773

Current	$	—	$	22
Non-current	6,649		11,751

During the three and six months ended June 30, 2026, the Company recognized an Asset retirement obligation (“ARO”) downward adjustment of $5.7 million resulting from a change in estimate related to the extension of the life of mine from 34 years to 51 years based on the May 2026 Hycroft TRS. No such adjustments were recognized during the three and six months ended June 30, 2025.

As of June 30, 2026, the ARO was measured using a weighted-average inflation rate of 3.42% to escalate estimated ARO costs to their expected settlement dates and a weighted-average credit-adjusted risk-free rate of 10.78% to discount those costs to present value. The Company estimates undiscounted ARO costs of $333.5 million, including $6.6 million expected to be incurred in the second half of 2027, with substantially all remaining costs expected to be incurred in later periods.

The Company does not have mineral reserves, and all costs related to the initial recognition and subsequent remeasurement of its ARO are recognized in earnings as incurred.