Thu, Sep 26, 8:12 PM (85 days ago)
Paramount Gold Nevada Corp. reported a net loss of $8.06 million for the fiscal year ended June 30, 2024, compared to a loss of $6.45 million in 2023, primarily due to increased reclamation expenses. The company did not generate any revenue from mining operations during this period. Exploration and development costs decreased to $2.06 million, while reclamation expenses surged to $2.61 million, reflecting significant work on environmental compliance at the Sleeper Gold Project. The company raised $15 million through a secured royalty convertible debenture to fund permitting for the Grassy Mountain Project and repay existing debts. As of June 30, 2024, Paramount held cash of $5.4 million and faced substantial doubt about its ability to continue as a going concern due to ongoing losses and reliance on external financing. The company owns two main projects, Grassy Mountain and Sleeper, but neither has proven reserves. Future plans include further exploration and permitting activities, contingent on securing additional funding.