Paramount Gold Nevada(PZG) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended September 30, 2023, the net loss was $2,074,160, an increase of 11% compared to a net loss of $1,840,216 for the same period in 2022 [73]. - Exploration expenses for the three months ended September 30, 2023, were $1,259,793, representing a 50% increase of $420,199 from $839,594 in the prior year [74]. - General and administration expenses decreased by 16% to $133,632 for the three months ended September 30, 2023, down from $159,174 in the prior year [79]. - Directors' compensation expenses decreased by 18% to $29,033 for the three months ended September 30, 2023, compared to $35,341 in the previous year [77]. - Professional fees decreased by $78,076 to $55,252 for the three months ended September 30, 2023, from $133,328 in the prior year [78]. Cash and Capital - Cash and cash equivalents as of September 30, 2023, were $1,014,128, up from $824,920 as of June 30, 2023 [80]. - The company had negative working capital of approximately $7.7 million, primarily due to accounts payable and current obligations [80]. - The company issued 3,515,257 shares under its equity offering program for net proceeds of $1,088,528 during the three months ended September 30, 2023 [82]. - 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 [88]. Project and Exploration Activities - The company plans to allocate $2.3 million for permitting activities on the Grassy Mountain Project and $1.5 million for E-Cell conversions at the Sleeper Gold Project [89]. - The company has not established any proven or probable reserves and continues to expense exploration costs as incurred [94]. Asset Retirement Obligation - The fair value of the asset retirement obligation (ARO) is measured by discounting expected cash flows, considering the credit-adjusted risk-free rate and inflation [95]. Off-Balance Sheet Arrangements - The company is not involved in any off-balance sheet arrangements that could materially affect its financial condition or results of operations [96].