Financial Performance - For the three months ended September 30, 2025, the net loss was $4,324,338, an increase of 175% compared to a net loss of $1,572,138 for the same period in 2024[86]. - Exploration expenses increased by 43% to $566,096 for the three months ended September 30, 2025, compared to $395,298 in the prior year[87]. - Reclamation expenses decreased by 30% to $37,880 for the three months ended September 30, 2025, down from $53,937 in 2024[88]. - Land holding costs rose to $188,608 for the three months ended September 30, 2025, an increase of $22,043 from $166,565 in the previous year[89]. - Professional fees increased by $73,051 to $245,048 for the three months ended September 30, 2025, compared to $171,997 in the prior year[92]. Cash Position - Cash and cash equivalents increased to $4,165,894 as of September 30, 2025, compared to $1,351,001 as of June 30, 2025[94]. - The company had working capital of approximately $1,256,051 as of September 30, 2025[94]. Future Expenditures - The company expects to incur $2.6 million in cash expenditures for corporate, land claim maintenance, and general expenses over the next twelve months[99]. - The company anticipates $2 million in cash expenditures for discretionary exploration and development activities on the Grassy Mountain Project[99]. Financial Instruments - For warrants that do not meet equity classification criteria, they are recorded as liabilities at their initial fair value and remeasured at each balance sheet date[108]. - Changes in the fair value of warrants are recognized as unrealized gains or losses in Other Expense on the condensed consolidated interim statement of operations[108]. Company Classification and Disclosures - The company is classified as a smaller reporting company, thus certain market risk disclosures are not applicable[110]. - The company does not currently have any off-balance sheet arrangements that could materially affect its financial condition or results of operations[109]. - The company issued 2,146,561 shares under its equity offering program for net proceeds of $1,895,932 during the three months ended September 30, 2025[95].

Financial Performance - The net loss for the year ended June 30, 2025, was $9,050,423, an increase of approximately 12% from the net loss of $8,056,445 in the previous year[218]. Expenses - Exploration and development expenses for the year ended June 30, 2025, were $2,603,457, representing a 26% increase from $2,061,618 in the prior year[220]. - Reclamation expenses at the Sleeper Gold Project decreased by 92% to $200,950 from $2,605,799 in the prior year[222]. - Land holding costs increased by 15% from $647,497 to $743,119 due to increased holding costs per claim enacted by the BLM[223]. - Directors' compensation increased by 61% to $320,848 from $199,590 in the prior year due to higher equity-based compensation[225]. - Professional fees increased by 32% to $446,723 from $337,628 in the prior year, primarily due to consulting and legal fees[226]. Cash Position - Cash and cash equivalents decreased to $1,351,001 as of June 30, 2025, from $5,423,059 as of June 30, 2024[230]. Equity and Future Expenditures - The company issued 4,728,165 shares under its equity offering program for net proceeds of $2,356,709 during the fiscal year ended June 30, 2025[231]. - The company anticipates cash expenditures of $2.7 million for corporate, land claim maintenance, and general expenses for the fiscal year ending June 30, 2026[235]. Asset Retirement Obligation - The asset retirement obligation for the Sleeper Gold Project increased to $2,293,765 from $2,270,288 in the prior year[228].

Core Viewpoint - Gold mining stocks experienced a significant increase, driven by a rise in spot gold prices, which reached a historical high and has seen a 42% increase this year [1] Group 1: Company Performance - Paramount Gold Nevada (PZG.US) rose over 6% [1] - Barrick Gold (B.US) increased by more than 5% [1] - Harmony Gold (HMY.US) saw an increase of over 4% [1] Group 2: Market Trends - Spot gold prices rose nearly 1%, continuing to set historical highs [1] - Year-to-date, gold prices have increased by 42% [1]

Core Points - Paramount Gold Nevada Corp. announced the release of the draft Environmental Impact Statement (DEIS) for its Grassy Mountain gold project in Oregon, marking a significant milestone in the permitting process [1][4] - The DEIS assesses potential environmental impacts and outlines mitigation measures, initiating a 30-day public comment period [2][3] - The final Environmental Impact Statement (EIS) and the Federal Record of Decision (ROD) are expected to be published in December 2025, completing the federal permitting process [3] Company Overview - Paramount Gold Nevada Corp. is a U.S.-based precious metals exploration and development company focused on creating shareholder value through the exploration and development of mineral properties [5] - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak, with Grassy Mountain covering approximately 8,200 acres [6] - The Sleeper Gold Project is located in Northern Nevada and includes the former producing Sleeper mine, while the Bald Peak Project is drill-ready and consists of approximately 2,260 acres [7]

Core Insights - Paramount Gold Nevada Corp. has received a two-year extension for its Conditional Use Permit and Sage Grouse Permit, facilitating the development of the Grassy Mountain project [1][2] - The CEO of Paramount expressed gratitude for the support from Malheur County and emphasized the company's commitment to collaborate with federal and state agencies for final permitting [2] - Paramount holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak, with Grassy Mountain being a significant gold-silver deposit [3][4] Project Details - The Grassy Mountain Gold Project spans approximately 8,200 acres and is located on private and BLM land in Malheur County, Oregon, with a positive Feasibility Study already released [3] - The Sleeper Gold Project, located in Northern Nevada, includes the former producing Sleeper mine and consists of 2,474 unpatented mining claims covering about 44,917 acres [4] - The Bald Peak Project in Nevada is drill-ready and encompasses approximately 2,260 acres [4]

Core Viewpoint - Paramount Gold Nevada Corp. is progressing towards the publication of the draft Environmental Impact Statement (DEIS) for the Grassy Mountain Gold Project, with expectations for its release in early August 2025, followed by the final EIS and Record of Decision (ROD) in December 2025 [1][2]. Company Overview - Paramount Gold Nevada Corp. is a U.S.-based precious metals exploration and development company focused on creating shareholder value through the exploration and development of its mineral properties [3]. - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak [4]. Project Details - The Grassy Mountain Gold Project spans approximately 8,200 acres in Malheur County, Oregon, containing a gold-silver deposit located entirely on private land, with a positive Feasibility Study already released [4]. - The Sleeper Gold Project, located in Northern Nevada, includes the former producing Sleeper mine and consists of 2,474 unpatented mining claims covering about 44,917 acres [5]. - The Bald Peak Project in Nevada is drill-ready and encompasses approximately 2,260 acres [5]. Regulatory and Environmental Review - The U.S. Bureau of Land Management (BLM) has facilitated an accelerated pathway for the Environmental Impact Statement (EIS) process, ensuring environmental standards are maintained [2]. - The inclusion of the Grassy Mountain project on the Federal Government's FAST-41 transparency list has enhanced public access to the environmental review and authorization schedule [2].

Core Points - Paramount Gold Nevada Corp. announced that the U.S. Bureau of Land Management (BLM) will publish the draft Environmental Impact Statement (DEIS) for the Grassy Mountain Gold Project in early August 2025, with the final EIS and Record of Decision (ROD) expected in December 2025 [1][2] - The company has received significant support from the BLM in Oregon, facilitating an accelerated pathway for the EIS while maintaining environmental standards [2] - Paramount Gold Nevada Corp. is focused on creating shareholder value through exploration and development of its mineral properties, with strategies including asset sales, joint ventures, and operating its own mines [3] Company Overview - Paramount Gold Nevada Corp. holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak [4] - The Grassy Mountain Gold Project spans approximately 8,200 acres and contains a gold-silver deposit, with a positive Feasibility Study already released [4] - The Sleeper Gold Project includes the former producing Sleeper mine and totals approximately 44,917 acres, while the Bald Peak Project consists of about 2,260 acres [5]

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited interim financials show decreased assets, increased net losses, and reduced cash, raising going concern doubts [Condensed Consolidated Interim Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheets) Total assets decreased to **$52.6 million** from **$56.4 million**, driven by reduced cash, with equity declining Balance Sheet Summary | | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $2,843,630 | $6,742,802 | | **Total Assets** | $52,619,457 | $56,361,612 | | **Total Current Liabilities** | $661,422 | $683,806 | | **Total Liabilities** | $18,580,027 | $18,206,172 | | **Total Stockholders' Equity** | $34,039,430 | $38,155,440 | [Condensed Consolidated Interim Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Operations) Net loss increased to **$2.62 million** for the quarter and **$6.22 million** for nine months, driven by higher interest expense Statements of Operations Summary | | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Expenses** | $2,196,170 | $2,201,155 | $4,819,726 | $6,842,486 | | **Net Loss** | $2,618,307 | $1,814,045 | $6,221,934 | $5,462,764 | | **Basic and diluted EPS** | $0.04 | $0.03 | $0.09 | $0.09 | [Condensed Consolidated Interim Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity declined to **$34.04 million** due to a **$6.22 million** net loss, partially offset by financing - The number of common shares issued and outstanding increased from **65,044,305** at June 30, 2024, to **70,874,776** at March 31, 2025, due to shares issued for financing, payment of interest, and stock-based compensation[16](index=16&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) Net cash used in operations was **$3.56 million**, resulting in a **$3.28 million** decrease in cash, ending at **$2.14 million** Statement of Cash Flows Summary | | Nine Months Ended March 31, 2025 | Nine Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Cash used in operating activities** | $(3,564,009) | $(3,064,814) | | **Cash used in investing activities** | $(159,098) | $(100,000) | | **Cash provided by financing activities** | $439,564 | $9,352,259 | | **Change in cash during period** | $(3,283,543) | $6,187,445 | | **Cash at end of period** | $2,139,516 | $7,012,365 | [Notes to Condensed Consolidated Interim Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Notes detail business, going concern doubt due to losses, and specifics on debenture, fair value, and mineral costs - The company has not generated revenue and has incurred losses since inception. Management has concluded there is **substantial doubt** about the Company's ability to continue as a going concern for twelve months after the financial statements are issued[26](index=26&type=chunk)[27](index=27&type=chunk)[30](index=30&type=chunk) - In December 2023, the company closed a **$15 million** Secured Royalty Convertible Debenture with Sprott, bearing **10%** annual interest. The debenture is convertible into a **4.75%** gross revenue royalty on the Grassy Mountain Gold Mine[58](index=58&type=chunk) Mineral Property Costs | Mineral Property | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Sleeper and other Nevada based Projects | $25,783,685 | $25,733,685 | | Grassy Mountain and other Oregon based Projects | $23,435,728 | $23,335,728 | | **Total** | **$49,219,413** | **$49,069,413** | - The company has an obligation to Seabridge Gold Inc., which holds a put option to sell its Net Profit Interest (NPI) in the Grassy Mountain Project to Paramount for **C$10 million** upon a positive production decision[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A details increased net losses, decreased reclamation expenses, and significant liquidity concerns, reiterating going concern risk - A key operational highlight was the approval of the Environmental Evaluation (EE) for the Grassy Mountain project by Oregon's Technical Review Team, which initiated a **225-day** timeline for the state to draft permits[87](index=87&type=chunk) Net Loss Comparison | Period | Net Loss (2025) | Net Loss (2024) | % Change | | :--- | :--- | :--- | :--- | | Three Months Ended Mar 31 | $2,618,307 | $1,814,045 | +44% | | Nine Months Ended Mar 31 | $6,221,934 | $5,462,764 | +14% | - Reclamation expenses for the nine months ended March 31, 2025, decreased by **97%** to **$84,550** from **$2,469,126** in the prior year, as a one-time pond conversion project was substantially completed[96](index=96&type=chunk) - As of March 31, 2025, the company had cash of **$2,139,516** and working capital of approximately **$2,182,208**. It continues to utilize its 'at the market' (ATM) equity offering program to raise capital, generating net proceeds of **$439,564** during the nine-month period[106](index=106&type=chunk)[107](index=107&type=chunk) - Anticipated cash expenditures for the next twelve months include **$3 million** for corporate and maintenance costs and a discretionary **$2.5 million** for Grassy Mountain permitting, subject to available cash[112](index=112&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - The company is a smaller reporting company and is not required to provide the information under this item[123](index=123&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective with no material changes in internal control - Management evaluated the effectiveness of disclosure controls and procedures and determined they were **effective** as of the end of the period covered by the report[124](index=124&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[125](index=125&type=chunk) [PART II OTHER INFORMATION](index=29&type=section&id=PART%20II%20OTHER%20INFORMATION) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the Annual Report on Form 10-K - There have been **no material changes** in risk factors from those disclosed in the Annual Report on Form 10-K for the year ended June 30, 2024[128](index=128&type=chunk) [Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company for this reporting period - This item is not applicable[130](index=130&type=chunk) [Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section indexes exhibits, including CEO/CFO certifications and Inline XBRL financial data files - The exhibits filed with this report include: * Certifications from the CEO and CFO pursuant to Sarbanes-Oxley Sections 302 and 906 * Inline XBRL Instance Document and related taxonomy files[133](index=133&type=chunk) [Signatures](index=31&type=section&id=Signatures)

Core Insights - Paramount Gold Nevada Corp. announced that its Grassy Mountain gold project has been included in the federal government's FAST-41 program, which aims to streamline the permitting process for significant infrastructure projects [1][2]. Company Overview - Paramount Gold Nevada Corp. is a U.S.-based precious metals exploration and development company focused on creating shareholder value through the exploration and development of its mineral properties [3]. - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak [4]. Project Details - The Grassy Mountain Gold Project spans approximately 8,200 acres in Malheur County, Oregon, and contains a gold-silver deposit located entirely on private land. A positive Feasibility Study has been released, and key permitting milestones have been achieved [4]. - The Sleeper Gold Project, located in Northern Nevada, includes the former producing Sleeper mine and consists of 2,474 unpatented mining claims covering approximately 44,917 acres [5]. - The Bald Peak Project in Nevada is drill-ready and consists of approximately 2,260 acres [5].

Core Viewpoint - Paramount Gold Nevada Corp. announces the immediate retirement of Mr. Glen Van Treek, President and COO, who has played a significant role in advancing the company's key projects, particularly the Grassy Mountain Gold Project in Oregon [1][2]. Company Overview - Paramount Gold Nevada Corp. is a U.S.-based precious metals exploration and development company focused on creating shareholder value through the exploration and development of its mineral properties [5]. - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak [6]. Key Projects - The Grassy Mountain Gold Project spans approximately 8,200 acres in Oregon and contains a gold-silver deposit, with a positive Feasibility Study already released [6]. - The Sleeper Gold Project, located in Northern Nevada, includes the former producing Sleeper mine and consists of 2,474 unpatented mining claims covering about 44,917 acres [7]. - The Bald Peak Project in Nevada is drill-ready and consists of approximately 2,260 acres [7]. Leadership Transition - Mr. Van Treek will assist management during the transition period through a consulting agreement, while CEO Ms. Rachel Goldman will oversee permitting activities for the Grassy Mountain project [3]. - The company anticipates securing all major permits for the Grassy Mountain project throughout 2025, amidst efforts to streamline permitting processes in the U.S. [4].