Paramount Gold Nevada Corp.
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Feb 12, 2025
PZG$0.97+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0000950170-24-125424
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-02-12.
0000950170-25-018900
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 67 previous paragraphs and 75 current paragraphs.
46 unchanged; 21 reworded; 0 added; 0 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (21)
Previous wording
We are a company engaged in the business of acquiring, exploring and developing precious metal projects in the United States of America. Paramount owns advanced stage exploration projects in the states of Nevada and Oregon. We enhance the value of our projects by implementing exploration and engineering programs that have the goal to expand and upgrade known mineralized material to reserves. The following discussion updates our outlook and plan of operations for the foreseeable future. It also analyzes our financial condition and summarizes the results of our operations for the three months ended September 30, 2024 and compares these results to the results of the prior year three months ended September 30, 2023.
Current wording
We are a company engaged in the business of acquiring, exploring and developing precious metal projects in the United States of America. Paramount owns advanced stage exploration projects in the states of Nevada and Oregon. We enhance the value of our projects by implementing exploration and engineering programs that have the goal to expand and upgrade known mineralized material to reserves. The following discussion updates our outlook and plan of operations for the foreseeable future. It also analyzes our financial condition and summarizes the results of our operations for the three and six months ended December 31, 2024 and compares these results to the results of the prior year three and six months ended December 31, 2023.
Previous wording
For the three months ended September 30, 2024, the Company highlights include:
Current wording
For the three and six months ended December 31, 2024, the Company highlights include:
Previous wording
Comparison of Operating Results for the three months ended September 30, 2024 and 2023
Current wording
Comparison of Operating Results for the six months ended December 31, 2024 and 2023
Previous wording
We did not earn any revenue from mining operations for the three months ended September 30, 2024 and 2023.
Current wording
We did not earn any revenue from mining operations for the six months ended December 31, 2024 and 2023.
Previous wording
Our net loss for three months ended September 30, 2024 was $1,572,138 compared to a net loss of $2,074,160 in the previous three months ended September 30, 2023. The drivers of the decrease in net loss of 24% are fully described below.
Current wording
Our net loss for the three months ended December 31, 2024 was $2,031,489 compared to a net loss of $1,574,559 in the three months ended December 31, 2023. The drivers of the increase in net loss of 29% are fully described below.
Previous wording
For the three months ended September 30, 2024 and 2023, exploration expenses were $395,298 and $513,097, respectively. This represents an decrease of 23% or $117,799. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors. At Grassy Mountain, the Company continued with permitting activities with state and federal permitting agencies and these expenses totaled $337,069. A significant amount of the expenses incurred were related to the State of Oregon completing its environmental evaluation of the proposed gold mine at Grassy Mountain. At Sleeper, expense of $58,229 were related to general maintenance of operations and mining claims.
Current wording
For the three months ended December 31, 2024 and 2023, exploration expenses were $377,112 and $304,033, respectively. This represents an increase of 24% or $73,079. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors. At Grassy Mountain, the Company continued with permitting activities with state and federal permitting agencies and these expenses totaled $357,038. A significant amount of the expenses incurred were related to the State of Oregon completing its environmental evaluation of the proposed gold mine at Grassy Mountain. At Sleeper, expense of $20,074 were related to general maintenance of operations and mining claims.
Previous wording
For the three months ended September 30, 2024 and 2023, reclamation expenses were $53,937 and $746,696, respectively. This represents a decrease of 93% or $ 692,759. The decrease in reclamation expenses reflects that in the previous year comparable period the Company was conducting a one-time conversion of historical mining collection ponds to e-cell conversion ponds. This work was substantially completed in the previous fiscal year. On-going regular monitoring activities for the Sleeper Gold project continue year to year.
Current wording
For the three months ended December 31, 2024 and 2023, reclamation expenses were $16,420 and $1,469,897, respectively. This represents a decrease of 99% or $ 1,453,477. The decrease in reclamation expenses reflects that in the previous year comparable period the Company was conducting a one-time conversion of historical mining collection ponds to e-cell conversion ponds. This work was substantially completed in the previous fiscal year. On-going regular monitoring activities for the Sleeper Gold project continue year to year.
Previous wording
For the three months ended September 30, 2024 and 2023, land holding costs were $166,565 and $157,143, respectively. The increase in land holding costs of $9,422 from the previous period relates to the increase in holding costs imposed by the BLM commencing in September 2024.
Current wording
For the three months ended December 31, 2024 and 2023, land holding costs were $186,389 and $157,143, respectively. The increase in land holding costs of $29,246 from the previous period relates to the increase in holding costs per claim enacted by the BLM commencing in September 2024.
Previous wording
For the three month period ended September 30, 2024 and 2023, salary and benefits were $288,480 and $279,596, respectively. This represents an increase of 3%. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The increase primarily reflects increases to base salaries paid to employees in the three month period ended September 30, 2024 compared to the three month period ended September 30, 2023. Included in the salary and benefits expense amount for the three months ended September 30, 2024 and 2023 was non-cash equity based compensation of $47,830 and $63,254, respectively.
Current wording
For the three month periods ended December 31, 2024 and 2023, salary and benefits were $280,711 and $259,194, respectively. This represents an increase of 8%. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The increase primarily reflects increases to base salaries paid to employees in the three month period ended December 31, 2024 compared to the three month period ended December 31, 2023. Included in the salary and benefits expense amount for the three months ended December 31, 2024 and 2023 was non-cash equity based compensation of $46,077 and $40,084, respectively.
Previous wording
For the three month period ended September 30, 2024 and 2023, directors’ compensation expenses were $51,530 and $29,033, respectively. This represents an increase of 77%. Directors’ compensation consists of cash and stock-based compensation of the Company’s board of directors. The increase reflects higher equity based compensation recorded in the current quarter compared to the prior year’s comparable period.
Current wording
For the three month periods ended December 31, 2024 and 2023, directors’ compensation expenses were $48,447 and $28,951, respectively. This represents an increase of 67%. Directors’ compensation consists of cash and stock-based compensation of the Company’s board of directors. The increase reflects higher equity based compensation recorded in the current quarter compared to the prior year’s comparable period.
Previous wording
For the three months ended September 30, 2024 and 2023, professional fees were $171,997 and $55,252, respectively. This represents an increase of $116,745. The increase was mainly due to consulting fees and legal fees incurred in the current period that were not incurred in the previous year comparable period. Professional fees include legal, audit, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.
Current wording
For the six months ended December 31, 2024 and 2023, professional fees were $257,231 and $153,567, respectively. This represents an increase of $103,664. The increase was mainly due to consulting fees and legal fees incurred in the current period that were not incurred in the previous year comparable period. Professional fees include legal, audit, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.
Previous wording
For the three months ended September 30, 2024 and 2023, general and administration expenses increased by 38% to $188,313 from $136,283. The increase in general and administration expenses from the previous year’s comparable period was mainly due to higher insurance, marketing and travel costs.
Current wording
For the six months ended December 31, 2024 and 2023, general and administration expenses increased by 14% to $367,260 from $321,866. The increase in general and administration expenses from the previous year’s comparable period was mainly due to higher insurance costs.
Previous wording
As an exploration and development company, Paramount funds its operations, reclamation activities and discretionary exploration programs with its cash on hand. At September 30, 2024, we had cash and cash equivalents of $4,293,941 compared to $5,423,059 as at June 30, 2024. We had working capital of approximately $4,838,147. Our plans to manage our liquidity position is described below under Going Concern and Capital Resources.
Current wording
As an exploration and development company, Paramount funds its operations, reclamation activities and discretionary exploration programs with its cash on hand. At December 31, 2024, we had cash and cash equivalents of $3,405,400 compared to $5,423,059 as at June 30, 2024. As of December 31, 2024, we had working capital of approximately $3,716,907. Our plans to manage our liquidity position is described below under Going Concern and Capital Resources.
Previous wording
In May 2020, the Company established an $8.0 million “at the market” equity offering program with Cantor Fitzgerald & Co. ("Cantor") and Canaccord Genuity LLC to proactively increase its financial flexibility. In May 2024, the Company established a new $7 million "at the market" offering program with Cantor and A.G.P./Alliance Global Partners. During the three months ended September 30, 2024, the Company issued 114,918 shares under the program for net proceeds of $46,358.
Current wording
In May 2020, the Company established an $8.0 million “at the market” equity offering program with Cantor Fitzgerald & Co. ("Cantor") and Canaccord Genuity LLC to proactively increase its financial flexibility. In May 2024, the Company established a new $7 million "at the market" offering program with Cantor and A.G.P./Alliance Global Partners. During the six months ended December 31, 2024, the Company issued shares 252,052 under the program for net proceeds of $104,228.
Previous wording
The main uses of cash for the three months ended September 30, 2024 were:
Current wording
The main uses of cash for the six months ended December 31, 2024 were:
Previous wording
Cash used in operating activities of $1,167,455 were mainly used to fund our permitting and exploration activities at our projects, salary and benefits costs of our employees and ongoing general and administration costs.
Current wording
Cash used in operating activities of $2,062,789 were mainly used to fund our permitting and exploration activities at our projects, salary and benefits costs of our employees and ongoing general and administration costs.
Previous wording
Cash used in investing activities of $8,021 for the purchase of computer equipment.
Current wording
Cash used in investing activities of $59,098 for the purchase of computer equipment and purchase of mineral property.
Previous wording
In addition to cash used in operating and investing activities, the Company received cash during the three months ended September 30, 2024 as follows:
Current wording
In addition to cash used in operating and investing activities, the Company received cash during the six months ended December 31, 2024 as follows:
Previous wording
Cash provided by financing activities of $46,358 from sales under the ATM program.
Current wording
Cash provided by financing activities of $104,228 from sales under the ATM program.
Previous wording
$3.9 million on corporate, land claim maintenance and general expenses
Current wording
$4.1 million on corporate, land claim maintenance and general expenses
Previous wording
$1.8 million on the Grassy Mountain Project state and federal permitting activities
Current wording
$1.95 million on the Grassy Mountain Project state and federal permitting activities
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Our net loss for the six months ended December 31, 2024 was $3,603,627 compared to a net loss of $3,648,719 in the six months ended December 31, 2023. The drivers of the decrease in net loss of 1% are fully described below.
Current report — wording carried from elsewhere
For the six months ended December 31, 2024 and 2023, exploration expenses were $772,410 and $817,127, respectively. This represents a decrease of 5% or $44,717. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors. At Grassy Mountain the Company continued with permitting activities with state and federal permitting agencies. These expenses totaled $694,107. At Sleeper, the Company completed an updated TRS with expenses totaling $78,303.
Current report — wording carried from elsewhere
For the six months ended December 31, 2024 and 2023, reclamation expenses were $70,357 and $2,216,593, respectively. This represents a decrease of 97% or $2,146,236. The decrease in reclamation expenses reflects that in the previous year comparable period the Company was conducting a one-time conversion of historical mining collection ponds to e-cell conversion ponds. This work was substantially completed in the previous fiscal year. On-going regular monitoring activities for the Sleeper Gold project continue year to year.
Current report — wording carried from elsewhere
For the six months ended December 31, 2024 and 2023, land holding costs were $352,954 and $314,287, respectively. This represents and increase of 12% or $38,667. The increase in land holding costs of $38,667 from the previous period relates to the increase in holding costs per claim enacted by the BLM commencing in September 2024.
Current report — wording carried from elsewhere
For the six months ended December 31, 2024 and 2023, salary and benefits were $569,191 and $538,790, respectively. This represents an increase of 6% or $30,401. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The increase primarily reflects increases to base salaries paid to employees in the six months ended December 31, 2024 compared to the six months ended December 31, 2023. Included in the salary and benefits expense amount for the six months ended December 31, 2024 and 2023 was non-cash equity based compensation of $93,907 and $103,337, respectively.
Current report — wording carried from elsewhere
For the six months ended December 31, 2024 and 2023, directors' compensation expenses were $99,978 and $57,984, respectively. This represents an increase of 72%. The increase reflects higher equity based compensation recorded in the current quarter compared to the prior year’s comparable period.
Current report — wording carried from elsewhere
For the three months ended December 31, 2024 and 2023, professional fees were $85,234 and $98,315, respectively. This represents a decrease of $13,081. The decrease was mainly due legal fees incurred in the previous period that were not incurred in the previous year comparable period. Professional fees include legal, audit, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.
Current report — wording carried from elsewhere
For the three months ended December 31, 2024 and 2023, general and administration expenses decreased by 3% to $178,949 from $184,727. The decrease in general and administration expenses from the previous year’s comparable period was mainly due to lower travel costs.