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].

Core Viewpoint - Paramount Gold Nevada Corp. has received unanimous approval from state agencies for its Grassy Mountain mining project, confirming its commitment to environmentally responsible practices and efficient project design [1][3]. Group 1: Project Approval and Environmental Responsibility - The Technical Review Team voted unanimously to approve all components of Paramount's mining, processing, and closure scenarios for the Grassy Mountain operation [1]. - The project design adheres to the best available, practicable, and necessary technologies (BAPNT) to minimize environmental impact [2]. - The Environmental Evaluation for Grassy Mountain was completed by Stantec and approved by the Oregon Department of Geology and Mineral Industries, assessing significant processes and alternatives [3]. Group 2: Project Details and Future Steps - Grassy Mountain consists of approximately 8,200 acres and contains a gold-silver deposit, with a positive Feasibility Study already released [5]. - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak, with the Sleeper project located in Northern Nevada [6]. - The company is on track to receive draft permits in Q2, which is a critical step in the project development [3][4]. Group 3: Market Context and Strategic Goals - The recent increase in gold prices to record highs highlights the potential value of the Grassy Mountain project for stakeholders [4]. - Paramount's strategy focuses on creating shareholder value through exploration and development, with options to sell assets, enter joint ventures, or operate mines independently [4].

Financial Performance - For the three months ended December 31, 2024, the net loss was $2,031,489, an increase of 29% compared to a net loss of $1,574,559 for the same period in 2023[86] - For the six months ended December 31, 2024, the net loss was $3,603,627, a slight decrease of 1% compared to a net loss of $3,648,719 for the same period in 2023[86] Expenses - Exploration expenses for the three months ended December 31, 2024 were $377,112, representing a 24% increase from $304,033 in the same period in 2023[88] - Reclamation expenses for the three months ended December 31, 2024 were $16,420, a significant decrease of 99% from $1,469,897 in the same period in 2023[89] - Land holding costs for the three months ended December 31, 2024 increased by 19% to $186,389 from $157,143 in the same period in 2023[90] - Directors' compensation expenses for the three months ended December 31, 2024 were $48,447, an increase of 67% compared to $28,951 in the same period in 2023[97] - Professional fees for the six months ended December 31, 2024 were $257,231, an increase of 68% compared to $153,567 in the same period in 2023[101] Cash Position - As of December 31, 2024, the company had cash and cash equivalents of $3,405,400, down from $5,423,059 as of June 30, 2024[103] Future Expenditures - The company expects to incur $4.1 million in cash expenditures for corporate, land claim maintenance, and general expenses over the next twelve months[109] - The company anticipates $1.95 million in cash expenditures for state and federal permitting activities related to the Grassy Mountain Project over the next twelve months[109] Accounting and Financial Reporting - The Company capitalizes mineral property acquisition costs and amortizes them over the useful life of a property once production commences[113] - Exploration expenses are recorded as incurred, with no proven or probable reserves established to date, leading to continued expensing of exploration costs[114] - The fair value of the Company's asset retirement obligation (ARO) is estimated using discounted cash flows, reflecting significant judgments and estimates[115] - Convertible debt with embedded conversion features is assessed for separate accounting as derivatives, impacting the financial results based on fair value changes[116] - The Company does not currently engage in any off-balance sheet arrangements that could materially affect its financial condition or results[117]

Core Points - Paramount Gold Nevada Corp. held its annual general meeting on December 12, 2024, with 66,058,111 shares outstanding, of which 37,451,869 shares (56.70%) voted [1] - Eight individuals were elected to the Board of Directors for a one-year term, including Rudi Fronk and Glen Van Treek [2] - The voting results showed high approval rates for the elected directors, with Glen Van Treek receiving 98.41% of votes in favor [3] - Moss Adams LLP was ratified as the independent registered public accounting firm for the fiscal year ending June 30, 2025, with 99.17% voting in favor [4] Company Overview - Paramount Gold Nevada Corp. is a U.S.-based precious metals exploration and development company focused on creating shareholder value through various strategies, including asset sales and joint ventures [5] - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak, with Grassy Mountain being a significant gold-silver deposit [6][7][8]

Financial Performance - The net loss for the year ended June 30, 2024, was $8,056,445, an increase of approximately 25% compared to a net loss of $6,450,531 in the previous year[147]. Expenses - Exploration and development expenses for the year ended June 30, 2024, were $2,061,618, a decrease of 15% or $361,938 from $2,423,556 in the prior year[148]. - Reclamation expenses at the Sleeper Gold Project increased by 1414% to $2,605,799 from $172,153 in the prior year, primarily due to the conversion of historical collection ponds[148]. - Directors' compensation increased by 39% to $199,590 from $143,192 in the prior year due to higher cash retainers and equity-based compensation[150]. - Professional fees decreased by 11% to $337,628 from $377,822 in the prior year, attributed to one-time consulting and legal fees incurred previously[151]. Cash Position - Cash and cash equivalents at June 30, 2024, were $5,423,059, significantly up from $824,920 as of June 30, 2023[153]. Share Issuance - The company issued 6,379,754 shares during the fiscal year for net proceeds of $1,923,120 under its equity offering program[154]. Future Expenditures - The company anticipates twelve-month cash expenditures of $4.0 million for corporate, land claim maintenance, and general expenses for the fiscal year ending June 30, 2025[156]. - The company expects to budget $1.8 million for state and federal permitting activities at the Grassy Mountain Project[156]. Asset Retirement Obligation - The asset retirement obligation for the Sleeper Gold Project decreased to $2,270,288 from $4,436,902, a net decrease of $2,166,614[152].

Core Viewpoint - Paramount Gold Nevada Corp. has secured a joint reclamation bond agreement with the Oregon Department of Geology and Mineral Industries and the Bureau of Land Management, which will reduce capital requirements and administrative burdens for the Grassy Mountain gold mine project [1][2][3] Group 1: Joint Reclamation Bond Agreement - The Memorandum of Understanding (MOU) between DOGAMI and BLM allows Paramount to post a single reclamation bond instead of two, streamlining the process [1][2] - This approach mirrors the environmental bonding practices in Nevada, a mining-friendly jurisdiction [2] - The MOU establishes joint responsibilities for monitoring and managing mining disturbances on both federal and private lands, preventing delays from administrative duplication [3] Group 2: Company Overview - Paramount Gold Nevada Corp. is focused on precious metals exploration and development, aiming to create shareholder value through asset sales, joint ventures, or operating its own mines [4] - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak, with Grassy Mountain covering approximately 8,200 acres [5][6] - The Sleeper Gold Project includes 2,474 unpatented mining claims in Northern Nevada, while the Bald Peak Project consists of about 2,260 acres [6]

Financial Performance - For the three months ended March 31, 2024, the net loss was $1,814,045, an increase of 10% compared to a net loss of $1,647,760 for the same period in 2023[91] - For the nine months ended March 31, 2024, the net loss was $5,462,764, an increase of 11% compared to a net loss of $4,920,461 for the same period in 2023[91] - The company expects to incur losses for the foreseeable future as it continues with its planned exploration and development programs[92] - There is substantial doubt about the Company's ability to continue as a going concern within twelve months after the issuance of financial statements due to potential capital shortages[112] Exploration Expenses - Exploration expenses for the three months ended March 31, 2024 were $965,938, a 62% increase from $597,315 in the same period in 2023[93] - Exploration expenses for the nine months ended March 31, 2024 were $3,999,659, a 110% increase from $1,902,312 in the same period in 2023[95] - Exploration expenses are recorded as incurred, with no proven or probable reserves established to date[117] Cash and Financing - Cash and cash equivalents as of March 31, 2024 were $7,012,365, a significant increase from $824,920 as of June 30, 2023[105] - The company closed a $15 million financing with Sprott through the issuance of a Debenture to fund the permitting of the Grassy Mountain Gold Mine[87] - The Company relies on equity financing, debt arrangements, and royalty sales for capital needs, with no assurance of future availability[112] Operating and Administrative Expenses - Directors' compensation expenses for the three months ended March 31, 2024 were $90,076, a 63% increase from $55,366 in the same period in 2023[99] - General and administration expenses decreased by 39% to $148,306 for the three months ended March 31, 2024, down from $242,858 in the same period in 2023[103] - The Company used $3,064,814 in cash for operating activities, primarily for permitting and exploration activities, employee salaries, and general administration costs[113] - The company anticipates twelve-month cash expenditures of $4.0 million on corporate, land claim maintenance, and general expenses[111] Investment Activities - Cash used in investing activities amounted to $100,000 for the purchase agreements of Bald Peak and Frost claims[113] - The Company spent $1.8 million on Grassy Mountain Project permitting activities and $1.7 million on Bald Peak Project[114] Asset Management - The Company capitalizes mineral property acquisition costs and amortizes them over the useful life of the property once production commences[116] - The fair value of the Company's asset retirement obligation is estimated using discounted cash flows, reflecting credit-adjusted risk-free rates and inflation[118] - Management's estimates and assumptions significantly impact the financial statements, particularly regarding reclamation obligations and impairment assessments[115] - The Company is not currently involved in any off-balance sheet arrangements that could materially affect its financial condition[120]