in Argentina. During each of the three months ended March 31, 2023, and 2022, approximately $0.0 million and $0.2 million respectively of costs actually incurred were offset by reimbursements from Barrick as discussed above.
Administrative expense. Administrative expenses totaled $1.3 million for each of the three months ended March 31, 2023, and 2022. Administrative expenses, including costs associated with being a public company, are incurred primarily by our corporate activities in support of the Rodeo Property, Velardeña Properties, El Quevar project and our exploration portfolio.
Stock-based compensation. During each of the three months ended March 31, 2023, and 2022, we incurred approximately $0.2 million of expense related to stock-based compensation. Stock-based compensation varies from period to period depending on the number and timing of shares granted, the type of grant, the market value of the shares on the date of grant and other variables.
Reclamation and accretion expense. During each of the three months ended March 31, 2023, and 2022, we incurred approximately $0.1 million of reclamation expense related to the accretion of an asset retirement obligation at the Velardeña Properties and environmental liabilities associated with the Rodeo operation.
Other operating income (expense), net. We recorded $0.0 million of other operating income for the three months ended March 31, 2023. For the three months ended March 31, 2022, we recorded $0.4 million of other operating income primarily related to the amortization of deferred income related to the option agreement for the sale of the Santa Maria property described in our 10-K report for the year ended December 31, 2022.
Depreciation, depletion and amortization. During each of the three months ended March 31, 2023, and 2022, we incurred depreciation, depletion and amortization expense of approximately $0.1 million.
Interest and other expense, net. We recorded a nominal amount of interest and other expense, net for each of the three months ended March 31, 2023, and 2022.
Gain (Loss) on foreign currency losses. During each of the three months ended March 31, 2023, and 2022, we recorded a nominal amount of foreign exchange gains. Foreign currency gains and losses are primarily related to the effect of currency fluctuations on monetary transactions incurred by our foreign subsidiaries that are denominated in currencies other than US dollars.
Income taxes. We recorded a $51,000 tax expense for the three months ended March 31, 2023. We recorded a $85,000 tax expense for the three months ended March 31, 2022.
Liquidity, Capital Resources and Going Concern
2023 Liquidity Forecast and Going Concern Qualification
Our forecasted expenditures during the 12 months ending March 31, 2024, excluding Rodeo and Velardeña cost of metals sold which is included in our forecast of net operating margin discussed below, total approximately $7.6 million. These forecasted expenditures include: (i) exploration expenses of $2.1 million, (ii) Velardeña care and maintenance costs of $0.3 million, (iii) El Quevar spending (net of Barrick reimbursements) of $0.3 million and (iv) general and administrative expenses, including general and administrative expenses in Mexico of $4.9 million. The actual amount of cash expenditures that we incur during the twelve-month period ending March 31, 2024 may vary significantly from the amounts specified above and will depend on a number of factors, including variations in the anticipated administrative costs, care and maintenance costs at the Velardeña Properties or at El Quevar, and costs for continued exploration, project assessment, and advancement of our other exploration properties.
We do not currently have sufficient resources to meet our expected cash needs during the twelve months ended March 31, 2024. At March 31, 2023, we had cash resources of approximately $2.0 million. The forecasted net operating margin from the Rodeo Property during the twelve-month period is expected to be between $0.0 million $0.5 million. The forecasted net operating margin from the Velardeña Property during the twelve-month period is expected to be between $5.0 million and $5.5 million (see MD&A 2023 Highlights for Velardeña). Net operating margin is defined as revenue from the sale of metals less the cost of metals sold. Our estimate for Rodeo assumes gold prices per ounce during the period of between $1,950 and $1,990 and silver prices per ounce of $25.00. Our estimate for Velardeña assumes gold prices average $1,900 per ounce and silver prices average $22.50 per ounce. The actual amount that we receive in net