Tue, May 14, 8:17 PM (73 days ago)
Paramount Gold Nevada Corp.'s 10-Q report for the quarter ended March 31, 2024, reveals significant financial and operational updates. The company reported a net loss of $1,814,045 for the quarter, an increase from the $1,647,760 loss in the same quarter of 2023. For the nine months ended March 31, 2024, the net loss was $5,462,764, up from $4,920,461 in the prior year. This increase is attributed to higher exploration expenses, which rose by 110% to $3,999,659, driven by activities at the Grassy Mountain and Sleeper projects. Cash and cash equivalents increased to $7,012,365 from $824,920 as of June 30, 2023, primarily due to a $15 million financing from Sprott through a Secured Royalty Convertible Debenture. This financing was used for permitting activities and to repay existing debt. Despite the cash influx, the company's working capital remains a concern, with substantial doubt about its ability to continue as a going concern without additional financing. Key operational highlights include the initiation of an Environmental Impact Statement for the Grassy Mountain project and the completion of an updated technical report for the Sleeper Gold Property. The company plans to fund its operations through existing cash, equity financings, and insurance proceeds for reclamation obligations.