Paramount Gold Nevada(PZG) - 2024 Q3 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the net loss was $1,814,045, an increase of 10$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$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$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$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$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]