Financial Performance - The net loss for the year ended June 30, 2023, was $6,450,531, a decrease of approximately 18% from the net loss of $7,837,316 in the previous year[198]. - Exploration and development expenses for the year ended June 30, 2023, were $2,595,709, representing a decrease of 41% or $1,840,557 from $4,436,266 in the prior year[199]. - Directors' compensation increased by 26% or $29,475 from the prior year, reflecting higher stock-based compensation[203]. - Professional fees increased by 189% to $377,822 due to audit fees and one-time consulting and legal fees[204]. - The asset retirement obligation for the Sleeper Gold Project decreased to $4,436,902 from $4,475,270 in the prior year[206]. Cash and Financing - The company had cash and cash equivalents of $824,920 as of June 30, 2023, down from $2,484,156 at the same date in 2022[208]. - The company expects to incur approximately $6.0 million in capital to repay the 2019 convertible notes and the note payable to Seabridge due in September 2024 and November 2023, respectively[213]. - For the fiscal year ending June 30, 2024, the company anticipates cash expenditures of $4.1 million on corporate, land claim maintenance, and general expenses[214]. - The company plans to fund operations through equity and debt financing, with substantial doubt about its ability to continue as a going concern if additional financing is not secured[217]. Operations and Projects - The company completed various permitting activities for the Grassy Mountain Project, with the Federal Bureau of Land Management accepting the Plan of Operation as complete[198]. Asset Management - The fair value of the Company's asset retirement obligation (ARO) is measured by discounting expected cash flows using a credit-adjusted risk-free rate of interest[223]. - The Company does not currently engage in any off-balance sheet arrangements that could materially affect its financial condition or operations[225]. - The Company holds cash balances in both U.S. and Canadian dollars, with most transactions conducted in U.S. dollars[226]. - Strengthening of the U.S. dollar positively impacts expenses in Canadian dollars, while weakening may increase those expenses[227]. - The Company's investment policy focuses on capital preservation and liquidity, with interest earned on cash balances affected by U.S. interest rate fluctuations[228].
Paramount Gold Nevada(PZG) - 2023 Q4 - Annual Report