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What changed in Paramount Gold Nevada Corp.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Paramount Gold Nevada Corp.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+97 added−101 removedSource: 10-K (2025-06-30) vs 10-K (2024-06-30)

Top changes in Paramount Gold Nevada Corp.'s 2025 10-K

97 paragraphs added · 101 removed · 86 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

6 edited+0 added−0 removed36 unchanged
Biggest changeReclamation activities are conducted in accordance in with detailed plans which must be reviewed and approved by the both the BLM and NDEP. Additional information regarding our reclamation activities at Sleeper on Page 24 . HUMAN CAPITAL RESOURCES As of June 30, 2024, we employed six full-time employees and one consultant.
Biggest changeReclamation activities are conducted in accordance in with detailed plans which must be reviewed and approved by both the BLM and NDEP. Additional information regarding our reclamation activities at Sleeper can be found on Page 24 . HUMAN CAPITAL RESOURCES As of June 30, 2025, we employed four full-time employees and one consultant.
The costs to comply with government regulations are substantial and possible future regulation could cause additional expenditures, restrictions and delays in the exploration and development of our properties. We cannot predict to extent future regulations might have an impact.
The costs to comply with government regulations are substantial and possible future regulation could cause additional expenditures, restrictions and delays in the exploration and development of our properties. We cannot predict to the extent future regulations might have an impact.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE RESPONSIBILITY At Paramount, we are committed to ensuring our business practices integrate to the fullest extent our corporate sustainability policy and environmental, social and governance priorities ("ESG"). Our sustainability framework was developed by engaging our key stakeholders with to goal of integrating sustainability into the Paramount business planning process.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE RESPONSIBILITY At Paramount, we are committed to ensuring our business practices integrate to the fullest extent our corporate sustainability policy and environmental, social and governance priorities ("ESG"). Our sustainability framework was developed by engaging our key stakeholders with the goal of integrating sustainability into the Paramount business planning process.
We enhance the value of our projects by implementing exploration and engineering programs that are likely to expand and upgrade known mineral resources to mineral reserves. To further advance our projects towards the production decision, we manage the completion of the appropriate technical studies including feasibility studies and undertake permitting processes with the relevant local, state and federal regulators.
We enhance the value of our projects by implementing exploration and engineering programs that are likely to expand and upgrade known mineral resources into mineral reserves. To further advance our projects towards the production decision, we manage the completion of the appropriate technical studies including feasibility studies and undertake permitting processes with the relevant local, state and federal regulators.
We believe we have or can acquire on reasonable terms the equipment, technical expertise and materials necessary to explore and develop our current properties. GOVERNMENT REGULATION General Our business is subject to extensive federal, state and local laws governing the exploring, development, production, mine closure and reclamation, labor standards, taxes, protection of wildlife and other matters.
We believe we have or can acquire on reasonable terms the equipment, technical expertise and materials necessary to explore and develop our current properties. GOVERNMENT REGULATION General Our business is subject to extensive federal, state and local laws governing the exploration, development, production, mine closure and reclamation, labor standards, taxes, protection of wildlife and other matters.
Annual Payments we have made to federal and other state agencies to maintain our claims for the upcoming 2024-25 year are as follows: Property Number of Claims 1 Total Annual Payment to Maintain Claims 2 Sleeper Gold Project and Other Nevada Claims 2,623 $ 584,064 Grassy Mountain Project and Other Oregon Claims 548 $ 116,493 Total Annual Payment to Maintain Mining Claims $ 700,557 1.
Annual Payments we have made to federal and other state agencies to maintain our claims for the upcoming 2025-26 year are as follows: Property Number of Claims 1 Total Annual Payment to Maintain Claims 2 Sleeper Gold Project and Other Nevada Claims 2,623 $ 584,414 Grassy Mountain Project and Other Oregon Claims 548 $ 116,568 Total Annual Payment to Maintain Mining Claims $ 700,982 1.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

20 edited+1 added−4 removed84 unchanged
Biggest changeEven if our drilling programs identify gold, silver or other mineral deposits, there can be no assurance that we will be able to commercially exploit these resources, generate any revenues or generate sufficient revenues to operate profitably. 9 We will require significant additional capital to continue our exploration activities, and, if warranted, to develop mining operations.
Biggest changeWe have incurred losses in the past, and we will likely continue to incur losses in the future. Even if our drilling programs identify gold, silver or other mineral deposits, there can be no assurance that we will be able to commercially exploit these resources, generate any revenues or generate sufficient revenues to operate profitably.
If any members of our senior management team become unable or unwilling to continue in their present positions, our financial results and our business could be materially adversely affected. We operate in a regulated industry and changes in regulations or violations of regulations may result in increased costs or sanctions that could reduce our revenues.
If any members of our senior management team become unable or unwilling to continue in their present positions, our financial results and our business could be materially adversely affected. 12 We operate in a regulated industry and changes in regulations or violations of regulations may result in increased costs or sanctions that could reduce our revenues.
The nature of these risks is such that liabilities may exceed policy limits, in which event the Company would incur substantial uninsured losses. We are subject to numerous environmental and other regulatory requirements. All phases of mining and exploration operations are subject to governmental regulation including environmental regulation.
The nature of these risks is such that liabilities may exceed policy limits, in which event the Company would incur substantial uninsured losses. 8 We are subject to numerous environmental and other regulatory requirements. All phases of mining and exploration operations are subject to governmental regulation including environmental regulation.
We cannot predict whether we would be able to refinance debt, issue equity or debt securities or dispose of assets to raise funds on a timely basis or on satisfactory terms. In a rising interest rate environment, the costs of borrowing additional funds or refinancing outstanding indebtedness would also be expected to increase.
We cannot predict whether we would be able to refinance debt, issue equity or debt securities or dispose of assets to raise funds on a timely basis or on satisfactory terms. In a rising interest rate 13 environment, the costs of borrowing additional funds or refinancing outstanding indebtedness would also be expected to increase.
Unless we can establish and exploit reserves before our sources of funds are exhausted, we will have to discontinue operations, which could make our stock valueless. 12 The loss of key members of our senior management team could adversely affect the execution of our business strategy and our financial results.
Unless we can establish and exploit reserves before our sources of funds are exhausted, we will have to discontinue operations, which could make our stock valueless. The loss of key members of our senior management team could adversely affect the execution of our business strategy and our financial results.
Although the Company 8 maintains liability coverage in an amount which it considers adequate for its operations, such occurrences, against which the Company may not be able, or may elect not to insure, may result in a material adverse change in the Company’s financial position.
Although the Company maintains liability coverage in an amount which it considers adequate for its operations, such occurrences, against which the Company may not be able, or may elect not to insure, may result in a material adverse change in the Company’s financial position.
Engineers use feasibility studies to derive estimates of cash operating costs based on anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore bodies, expected recovery rates of metal from ore, comparable facility and operating costs and other factors.
Engineers use feasibility studies to derive estimates of cash operating costs based on anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore bodies, expected recovery rates of metal from ore, 11 comparable facility and operating costs and other factors.
As a result of our evaluation of the Company’s liquidity for the next twelve months, we have included a discussion about our ability to continue as a going concern in our consolidated financial statements, and our independent auditor’s report for year ended June 30, 2024 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” Our capital needs have, in recent years, been funded through sales of our debt and equity securities, including debt convertible into royalty interests.
As a result of our evaluation of the Company’s liquidity for the next twelve months, we have included a discussion about our ability to continue as a going concern in our consolidated financial statements, and our independent auditor’s report for year ended June 30, 2025 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” Our capital needs have, in recent years, been funded through sales of our debt and equity securities, including debt convertible into royalty interests.
We are a development stage company and have no ongoing mining operations of any kind. We have interests in mining claims which may or may not lead to production. 10 We have no history of earnings or cash flow from mining operations.
We are a development stage company and have no ongoing mining operations of any kind. We have interests in mining claims which may or may not lead to production. We have no history of earnings or cash flow from mining operations.
Substantial expenditures will be required to determine if proven and probable mineral reserves exist at any of our properties, to develop metallurgical processes to extract metal, to develop the mining and processing facilities and infrastructure at any of our properties or mine sites and, in certain circumstances, to acquire additional property rights.
Substantial expenditures will be required to determine if proven and probable mineral reserves exist at any of our other properties, to develop metallurgical processes to extract metal, to develop the mining and processing facilities and infrastructure at any of our properties or mine sites and, in certain circumstances, to 9 acquire additional property rights.
The supply of and demand for gold and silver, as well as other precious and base metals, are affected by various factors, including political events, economic conditions and production costs in major mineral producing regions. 11 Our estimates of mineral reserves and mineral resources are subject to uncertainty.
The supply of and demand for gold and silver, as well as other precious and base metals, are affected by various factors, including political events, economic conditions and production costs in major mineral producing regions. Our estimates of mineral reserves and mineral resources are subject to uncertainty. Estimates of mineral reserves and other mineral resources are subject to considerable uncertainty.
Factors that could cause exploration and development costs to increase include adverse weather conditions, difficult terrain, increased government regulation and shortages of qualified personnel. Assuming no adverse developments outside of the ordinary course of business, our exploration and development budget will be approximately up to $1.8 million for the next twelve months.
Factors that could cause exploration and development costs to increase include adverse weather conditions, difficult terrain, increased government regulation and shortages of qualified personnel. Assuming no adverse developments outside of the ordinary course of business, our exploration and development budget will be approximately up to $2.0 million for the next twelve months.
If our exploration and development costs are higher than anticipated, then our profitability will be adversely affected. We are currently proceeding with plans to explore and develop our mineral properties on the basis of estimated costs. If our exploration and development costs are greater than anticipated, then we will have fewer capital resources for other expenses and losses could increase.
We are currently proceeding with plans to explore and develop our mineral properties on the basis of estimated costs. If our exploration and development costs are greater than anticipated, then we will have fewer capital resources for other expenses and losses could increase.
Even if we are successful in identifying mineral reserves that can be commercially developed, there can be no assurances that we will generate any revenues and therefore our losses will continue. No revenue generated from operations. We have not generated any revenues from operations. Our net loss for the fiscal year ended June 30, 2024 totaled $8.06 million.
Even if we are successful in identifying mineral reserves that can be commercially developed, there can be no assurances that we will generate any revenues and therefore our losses will continue. No revenue generated from operations. We have not generated any revenues from operations. Our net loss for the fiscal year ended June 30, 2025 totaled $9.05 million.
If we are able to proceed to production, commercial viability will be affected by factors that are beyond our control such as the particular attributes of the deposit, the fluctuation in metal prices, the cost of constructing and the operation of a mine, prices and refining facilities, the availability of economic sources for energy, government regulations including regulations relating to prices, royalties, restrictions on production, quotas on exploration of minerals, as well as the costs of protection of the environment.
If we are able to proceed to production, commercial viability will be affected by factors that are beyond our control such as the particular attributes of the deposit, the fluctuation in metal prices, the cost of constructing and the operation of a mine, prices and refining facilities, the availability of economic sources for energy, government regulations including regulations relating to prices, royalties, restrictions on production, quotas on exploration of minerals, as well as the costs of protection of the environment. 10 If our exploration and development costs are higher than anticipated, then our profitability will be adversely affected.
We have incurred significant losses since our inception and expect to continue to incur losses as a result of costs and expenses related to maintaining our properties and general and administrative expenses. As of June 30, 2024, we had cash of approximately $5.4 million and an accumulated deficit of approximately $82.4 million.
We have incurred significant losses since our inception and expect to continue to incur losses as a result of costs and expenses related to maintaining our properties and general and administrative expenses. As of June 30, 2025, we had cash of approximately $1.4 million and an accumulated deficit of approximately $91.4 million.
We cannot be assured that any of our projects are economically feasible or that feasibility studies will accurately forecast operating results. Our future profitability depends on the economic feasibility of our projects. We have completed a feasibility study on our Grassy Mountain Project.
We cannot be assured that any of our projects are economically feasible or that feasibility studies will accurately forecast operating results. Our future profitability depends on the economic feasibility of our projects. We have completed a feasibility study on our Grassy Mountain Project and have not yet completed a feasibility study for the Sleeper Gold Project.
Estimates of mineral reserves and other mineral resources are subject to considerable uncertainty. Such estimates are arrived at using standard acceptable geological techniques and are based on the interpretations of geological data obtained from drill holes and other sampling techniques.
Such estimates are arrived at using standard acceptable geological techniques and are based on the interpretations of geological data obtained from drill holes and other sampling techniques.
We believe investors should expect continued volatility in our stock price. Such volatility may make it difficult or impossible for you to obtain a favorable selling price for our shares. 13 We may not have sufficient cash to meet our debt obligation.
We believe investors should expect continued volatility in our stock price. Such volatility may make it difficult or impossible for you to obtain a favorable selling price for our shares. We may not have sufficient cash to meet our debt obligation. As of June 30, 2025, we have $15 million in outstanding indebtedness in the form of a convertible debenture.
We could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness.
Our ability to repay the outstanding debt on at maturity will depend on the Company having sufficient cash on hand. We could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness.
Removed
Finally, in recent decades, there have been periods of both overproduction and underproduction of both gold and silver resources. Such conditions have resulted in periods of excess supply of and reduced demand on a worldwide basis and on a domestic basis. These periods have been followed by periods of short supply of and increased demand for both gold and silver.
Added
We will require significant additional capital to continue our exploration activities, and, if warranted, to develop mining operations. Currently, our Grassy Mountain Project has proven and probable reserves.
Removed
We have incurred losses in the past, and we will likely continue to incur losses in the future.
Removed
None of our projects currently have proven or probable reserves.
Removed
As of June 30, 2024, we have $15 million in outstanding indebtedness in the form of a convertible debenture. Our ability to repay the outstanding debt on at maturity will depend on the Company having sufficient cash on hand.

Item 2. Properties

Properties — owned and leased real estate

29 edited+3 added−1 removed128 unchanged
Biggest changeThe hydro-cyclone overflow with P80 of 150 mesh (106 µm) will flow to a leach–carbon-in-leach (CIL) recovery circuit via a pre-aeration tank. Gold and silver leached in the CIL circuit will be recovered onto activated carbon and eluted in a pressurized Zadra-style elution circuit and then recovered by electrowinning in the gold room.
Biggest changeThe crushed ore will be ground by a ball mill in closed circuit with a hydro-cyclone cluster. The hydro-cyclone overflow with P80 of 150 mesh (106 µm) will flow to a leach–carbon-in-leach (CIL) recovery circuit via a pre-aeration tank.
Plan of Operations and other required State permits in place for exploration.
Plan of Operations and other required State permits in place for exploration.
Prior to 2018, Calico had an annual lease agreement in place with Sherry & Yates Inc. Under the agreement Calico was required to make annual advance royalty payments at a rate of $100,000 per year. In a mining production scenario, the agreement provided for a production royalty payments based on the price of gold.
Prior to 2018, Calico had an annual lease agreement in place with Sherry & Yates Inc. Under the agreement Calico was required to make annual advance royalty payments at a rate of $100,000 per year. In a mining production scenario, the agreement provided for production royalty payments based on the price of gold.
The Company believes that the resulting data derived from the geophysical program will produce valuable drilling targets. Future drill programs will be designed with the aim identifying new zones of mineralization with an emphasis on areas covered with overburden. In April 2021, we purchased 152 unpatented lode claims from South Sleeper Resources LLC for a total consideration of $365,441.
The Company believes that the resulting data derived from the geophysical program will produce valuable drilling targets. Future drill programs will be designed with the aim of identifying new zones of mineralization with an emphasis on areas covered with overburden. In April 2021, we purchased 152 unpatented lode claims from South Sleeper Resources LLC for a total consideration of $365,441.
To meet the requirement of reasonable prospects for eventual economic extraction, a pit optimization was run using the parameters summarized in following Table: Item Value Unit Mining Cost 2.40 $/tonne Heap Leach Processing cost 3.08 $/tonne processed Bio-oxidation Processing cost 8.52 $/tonne processed Process rate 30,000 tonnes per day processed General and Administration cost 0.46 $/tonne processed 27 Au price 1,800 $/oz Ag price 22 $/oz Au recovery 84.6 percent Ag recovery 52.3 percent Royalty 1.5% NSR • The pit shell created by the optimization was used to constrain the mineral resources, which are reported at a cut-off grade of 0.14 g Au/t for oxide and mixed materials, whereas the sulfide material is reported at a cut-off grade of 0.17 g Au/t.
To meet the requirement of reasonable prospects for eventual economic extraction, a pit optimization was run using the parameters summarized in following Table: Item Value Unit Mining Cost 2.40 $/tonne Heap Leach Processing cost 3.08 $/tonne processed Bio-oxidation Processing cost 8.52 $/tonne processed Process rate 30,000 tonnes per day processed 27 General and Administration cost 0.46 $/tonne processed Au price 1,800 $/oz Ag price 22 $/oz Au recovery 84.6 percent Ag recovery 52.3 percent Royalty 1.5% NSR • The pit shell created by the optimization was used to constrain the mineral resources, which are reported at a cut-off grade of 0.14 g Au/t for oxide and mixed materials, whereas the sulfide material is reported at a cut-off grade of 0.17 g Au/t.
Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of $1,800/oz, a silver price of $22/oz, a throughput rate of 30,000 tonnes/day, assumed metallurgical recoveries of 84.6% for Au and 52.3% for Ag, mining costs of $2.40/tonne mined, heap leach processing costs of $3.08/tonne processed, bio-leach processing costs of $8.52/tonne processed, general and administrative costs of $0.46/tonne processed.
Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of $1,800/oz, a silver price of $22/oz, a throughput rate of 30,000 tonnes/day, assumed metallurgical recoveries of 84.6% for Au and 52.3% for Ag, mining costs of $2.40/tonne mined, heap leach processing costs of $3.08/tonne processed, bio-leach processing costs of $8.52/tonne processed, general and administrative costs of $0.46/tonne processed.
Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation were compiled from Paramount’s databases into RESPEC’s GeoSequel database and reviewed for improbable entries. Written procedures and guidelines are used to support estimation methods and approaches. Estimations include evaluation of modifying and technical factors.
Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation were compiled from Paramount’s databases into RESPEC’s GeoSequel database and reviewed for improbable entries. Written procedures and guidelines are used to support estimation methods and approaches. Estimations include evaluation of modifying and technical factors.
Pursuant to the Debenture, Sprott has advanced $15,000,0000 to Paramount, which will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine in eastern Oregon, for general corporate purposes and has been used for the repayment of the Company’s debt, including its 2019 secured convertible notes and its bridge promissory note in favor of Seabridge Gold Inc. 19 The Debenture carries an interest rate of 10% per annum, which, at Paramount’s discretion, is payable in cash or shares of its common stock at a 7% discount to the 10-day VWAP from the scheduled date of payment of interest.
Pursuant to the Debenture, Sprott has advanced $15,000,000 to Paramount, which will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine in eastern Oregon, for general corporate purposes and has been used for the repayment of the Company’s debt, including its 2019 secured convertible notes and its bridge promissory note in favor of Seabridge Gold Inc. 19 The Debenture carries an interest rate of 10% per annum, which, at Paramount’s discretion, is payable in cash or shares of its common stock at a 7% discount to the 10-day VWAP from the scheduled date of payment of interest.
Mine Type: Open Pit Heap Leach Commodity: Gold, Silver Mineralization Styles: Low Sulfidation, Vein Other: • Certain royalty interests have been granted with respect to the Sleeper Gold Project • A security interest in the Sleeper Gold Project has been granted in favor of Sprott as holder of the Debenture Summary Gold Mineral Resources as of June 30, 2024 (1,2,4,9) : Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.017 363 12,902 0.030 392 34,055 0.022 755 1,151 0.037 42 Sleeper 6, 7, 8 5,403 0.016 85 174,535 0.010 1,812 179,938 0.011 1,897 132,176 0.009 1,214 Total 26,556 0.017 448 187,437 0.012 2,204 213,993 0.012 2,652 133,327 0.009 1,256 Summary of Silver Mineral Resources as of June 30, 2024( 1,2,4,9 ): Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.072 1,529 12,902 0.115 1,480 34,055 0.088 3,009 1,151 0.109 126 Sleeper 6, 7, 8 5,403 0.105 570 174,535 0.118 20,661 179,938 0.118 21,231 132,176 0.071 9,454 Total 26,556 0.079 2,099 187,437 0.118 22,141 213,993 0.113 24,240 133,327 0.071 9,580 16 1.
Mine Type: Open Pit Heap Leach Commodity: Gold, Silver Mineralization Styles: Low Sulfidation, Vein Other: • Certain royalty interests have been granted with respect to the Sleeper Gold Project • A security interest in the Sleeper Gold Project has been granted in favor of Sprott as holder of the Debenture Summary Gold Mineral Resources as of June 30, 2025 (1,2,4,9) : Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.017 363 12,902 0.030 392 34,055 0.022 755 1,151 0.037 42 Sleeper 6, 7, 8 5,403 0.016 85 174,535 0.010 1,812 179,938 0.011 1,897 132,176 0.009 1,214 Total 26,556 0.017 448 187,437 0.012 2,204 213,993 0.012 2,652 133,327 0.009 1,256 Summary of Silver Mineral Resources as of June 30, 2025( 1,2,4,9 ): Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.072 1,529 12,902 0.115 1,480 34,055 0.088 3,009 1,151 0.109 126 Sleeper 6, 7, 8 5,403 0.105 570 174,535 0.118 20,661 179,938 0.118 21,231 132,176 0.071 9,454 Total 26,556 0.079 2,099 187,437 0.118 22,141 213,993 0.113 24,240 133,327 0.071 9,580 16 1.
In this setting the paragenetic relationships of the differing mineralization styles are as follows: • Early – quartz-pyrite-marcasite stockwork; • Intermediate – medium-grade, silica-pyrite-marcasite cemented breccias localized on zones of structural weakness; 28 • Late – high-grade, banded, quartz-adularia-electrum-(sericite) veins; and • Post – alluvial gold-silver deposits in Pliocene gravels.
In this setting the paragenetic relationships of the differing mineralization styles are as follows: • Early – quartz-pyrite-marcasite stockwork; • Intermediate – medium-grade, silica-pyrite-marcasite cemented breccias localized on zones of structural weakness; • Late – high-grade, banded, quartz-adularia-electrum-(sericite) veins; and • Post – alluvial gold-silver deposits in Pliocene gravels.
In November of 2023, DOGAMI issued a Notice to Proceed which deemed Paramount's CPA complete and initiated the preparation of the State of Oregon's Environmental Evaluation. In March of 2024, the BLM issued the Notice of Intent which initiated the EIS process under the National Environmental Policy Act.
In November of 2023, DOGAMI issued a Notice to Proceed which deemed Paramount's CPA complete and initiated the preparation of the State of Oregon's Environmental Evaluation (the "EE"). In March of 2024, the BLM issued the Notice of Intent which initiated the EIS process under the National Environmental Policy Act.
Grassy Mountain Property Summary of Mineral Reserves at the End of June 30, 2024 and 2023 Gold (Au) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.18 47 94.5 % Probable mineral reserves 1,652 0.20 333 94.5 % Total mineral reserves 1,912 0.20 380 94.5 % Total plus mining loss & dilution 2,070 0.19 390 94.5 % Silver (Ag) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.26 68 73.4 % Probable mineral reserves 1,652 0.29 486 73.4 % Total mineral reserves 1,912 0.29 554 73.4 % Total plus mining loss & dilution 2,070 0.28 578 73.4 % 1.
Grassy Mountain Property Summary of Mineral Reserves at the End of June 30, 2025 and 2024 Gold (Au) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.18 47 94.5 % Probable mineral reserves 1,652 0.20 333 94.5 % Total mineral reserves 1,912 0.20 380 94.5 % Total plus mining loss & dilution 2,070 0.19 390 94.5 % Silver (Ag) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.26 68 73.4 % Probable mineral reserves 1,652 0.29 486 73.4 % Total mineral reserves 1,912 0.29 554 73.4 % Total plus mining loss & dilution 2,070 0.28 578 73.4 % 1.
Summary of Sleeper Gold Property Mineral Resources at the End of June 30, 2024 and 2023 Gold (Au) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Measured mineral resources 5,403 0.016 85 Indicated mineral resources 174,535 0.010 1,812 Measured + Indicated mineral resources 179,938 0.011 1,897 Inferred mineral resources 132,176 0.009 1,214 Silver (Ag) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Measured mineral resources 5,403 0.105 570 Indicated mineral resources 174,535 0.118 20,661 Measured + Indicated mineral resources 179,938 0.118 21,231 Inferred mineral resources 132,176 0.071 9,454 1.
Summary of Sleeper Gold Property Mineral Resources at the End of June 30, 2025 and 2024 Gold (Au) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Measured mineral resources 5,403 0.016 85 Indicated mineral resources 174,535 0.010 1,812 Measured + Indicated mineral resources 179,938 0.011 1,897 Inferred mineral resources 132,176 0.009 1,214 Silver (Ag) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Measured mineral resources 5,403 0.105 570 Indicated mineral resources 174,535 0.118 20,661 Measured + Indicated mineral resources 179,938 0.118 21,231 Inferred mineral resources 132,176 0.071 9,454 1.
The claims are located approximately 2 miles south of past producing Sleeper Gold Mine. The purchased claims carry a mineral production royalty based on a Net Smelter Returns (“NSR”) of one percent (1%). The purchased claims are without known mineral reserves. As of June 30, 2024, the net book value of the Sleeper Gold Property was approximately $25.6 million.
The claims are located approximately 2 miles south of the past producing Sleeper Gold Mine. The purchased claims carry a mineral production royalty based on a Net Smelter Returns (“NSR”) of one percent (1%). The purchased claims are without known mineral reserves. As of June 30, 2025, the net book value of the Sleeper Gold Property was approximately $25.6 million.
Summary Gold Mineral Reserves as of June 30, 2024( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Total 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Summary Silver Mineral Reserves as of June 30, 2024( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.26 68 1,652 0.29 486 1,911 0.29 554 Total 260 0.26 68 1,652 0.29 486 1,911 0.29 554 17 1.
Summary Gold Mineral Reserves as of June 30, 2025( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Total 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Summary Silver Mineral Reserves as of June 30, 2025( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.26 68 1,652 0.29 486 1,911 0.29 554 Total 260 0.26 68 1,652 0.29 486 1,911 0.29 554 17 1.
Grassy Mountain Property Summary of Mineral Resources at the End of June 30, 2024 and June 2023 Note to Reader: Based on the assessment of the QPs and the Company it was determined that there were no material changes to the Grassy Mountain Property that required an updated Grassy TRS.
Grassy Mountain Property Summary of Mineral Resources at the End of June 30, 2025 and June 2024 Note to Reader: Based on the assessment of the QPs and the Company it was determined that there were no material changes to the Grassy Mountain Property that required an updated Grassy TRS.
As of June 30, 2024, the net book value of the Grassy Mountain Property was approximately $23.2 million.
As of June 30, 2025, the net book value of the Grassy Mountain Property was approximately $23.2 million.
The Grassy Mountain mine will be an underground operation accessed via one decline and a system of internal ramps. One ventilation raise is included in the design to be used for ventilation and secondary egress. The mechanized cut-and-fill mining method was selected. The mining direction will be underhand. Cemented rock fill (CRF) will be used for backfill.
For more information, see Exhibit 96.1. The Grassy Mountain mine will be an underground operation accessed via one decline and a system of internal ramps. One ventilation raise is included in the design to be used for ventilation and secondary egress. The mechanized cut-and-fill mining method was selected. The mining direction will be underhand.
A total consideration of $250,000 payable to Nevada Select will be based on certain events over time. Nevada Select will retain a 2% NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1% for a payment of $1 million. 30 Item 3. Legal Proceedings. None Item 4. Mine Saf ety Disclosures.
A total consideration of $250,000 payable to Nevada Select will be based on certain events over time. Nevada Select will retain a 2% NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1% for a payment of $1 million.
Gland water will be supplied from the raw-water tank. Process water will primarily consist of TSF reclaim water. Reagents will include lime, sodium cyanide, sodium hydroxide, copper sulfate, hydrochloric acid and sodium metabisulfite. A summary of the forecast project economics are as follows: Area Item Units LOM Total/Avg.
Reagents will include lime, sodium cyanide, sodium hydroxide, copper sulfate, hydrochloric acid and sodium metabisulfite. A summary of the forecast project economics are as follows: Area Item Units LOM Total/Avg.
Technical Report Summary The following is a brief summary of the proposed mining operation as detailed in the Technical Report Summary (the "Grassy TRS") on the Grassy Mountain Project, Oregon U.S.A. prepared for the Company by QP, Ausenco with an effective date of June 30, 2022. For more information, see Exhibit 96.1.
In October of 2024, the State of Oregon's TRT approved and completed the EE. Technical Report Summary The following is a brief summary of the proposed mining operation as detailed in the Technical Report Summary (the "Grassy TRS") on the Grassy Mountain Project, Oregon U.S.A. prepared for the Company by QP, Ausenco with an effective date of June 30, 2022.
The mechanized cut-and-fill method is highly flexible and can achieve high recovery rates in deposits with complex geometries, as is the case at the Grassy Mountain deposit. The estimated mine life is eight years The process plant will be designed with conventional processing unit operations frequently used within the gold processing industry.
Cemented rock fill (CRF) will be used for backfill. The mechanized cut-and-fill method is highly flexible and can achieve high recovery rates in deposits with complex geometries, as is the case at the Grassy Mountain deposit. The estimated mine life is eight years.
Gold and silver commodity prices were selected based on analysis of the three-year running average at the end of August 2023 for the mineral resources at June 30, 2023. 29 Internal Controls - Sleeper Gold Property Paramount’s internal controls at the Sleeper project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices.
Internal Controls - Sleeper Gold Property Paramount’s internal controls at the Sleeper project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices.
Four main types of gold mineralization are found within the Sleeper Gold Project deposit and may represent a continuum as the system evolved from a high level, high sulfidation system dominated by intrusion related fluids and volatiles to a low sulfidation meteoric water dominant system.
The geological structures that underlie Desert Valley appear to have been down-dropped 3,000 to 3,300 feet along the north-to northeast-trending normal faults along the western edge of the Slumbering Hills. 28 Four main types of gold mineralization are found within the Sleeper Gold Project deposit and may represent a continuum as the system evolved from a high level, high sulfidation system dominated by intrusion related fluids and volatiles to a low sulfidation meteoric water dominant system.
The plant feed will be trucked from the underground mine to a modular crushing facility that will include a jaw crusher as the primary stage and a cone crusher for secondary size reduction. The crushed ore will be ground by a ball mill in closed circuit with a hydro-cyclone cluster.
The plant will have average head grades of 0.206 oz/ton Au and 0.293 oz/ton Ag. The plant feed will be trucked from the underground mine to a modular crushing facility that will include a jaw crusher as the primary stage and a cone crusher for secondary size reduction.
Any deleterious metals present in the ore such as Mercury will be abated by specialized equipment installed in the process plant and are not expected to impact payability terms. The plant will have average head grades of 0.206 oz/ton Au and 0.293 oz/ton Ag.
The major equipment within the process plant is specified in accordance with the climate, site conditions, metal grades and metallurgical performance outlined in this report. Any deleterious metals present in the ore such as Mercury will be abated by specialized equipment installed in the process plant and are not expected to impact payability terms.
The installed power for the process plant will be 4,445 hp and the power consumption is estimated to be 72 kWh/ton processed. Raw water will be pumped from borehole wells to a raw-water storage tank. Potable water will be sourced from the raw water tank and treated by a potable water treatment plant.
Raw water will be pumped from borehole wells to a raw-water storage tank. Potable water will be sourced from the raw-water tank and treated by a potable water treatment plant. Gland water will be supplied from the raw-water tank. Process water will primarily consist of TSF reclaim water.
The gold–silver precipitate will be dried in a mercury retort oven and then mixed with fluxes and smelted in a furnace to pour doré bars. Carbon will be re-activated in a carbon regeneration kiln before being returned to the CIL circuit. CIL tails will be treated for cyanide destruction prior to pumping to the tailings storage facility (TSF) for disposal.
Carbon will be re-activated in a carbon regeneration kiln before being returned to the CIL circuit. CIL tails will be treated for cyanide destruction prior to pumping to the tailings storage facility (TSF) for disposal. The installed power for the process plant will be 4,445 hp and the power consumption is estimated to be 72 kWh/ton processed.
The process plant will treat 750 tons/d and will operate with two shifts per day, 365 days per year, producing gold doré bars. The major equipment within the process plant is specified in accordance with the climate, site conditions, metal grades and metallurgical performance outlined in this report.
The process plant will be designed with conventional processing unit operations frequently used within the gold processing industry. The process plant will treat 750 tons/d and will operate with two shifts per day, 365 days per year, producing gold doré bars.
Removed
The geological structures that underlie Desert Valley appear to have been down-dropped 3,000 to 3,300 feet along the north-to northeast-trending normal faults along the western edge of the Slumbering Hills.
Added
Gold and silver leached in the CIL circuit will be recovered onto activated carbon and eluted in a pressurized Zadra-style elution circuit and then recovered by electrowinning in the gold room. The gold–silver precipitate will be dried in a mercury retort oven and then mixed with fluxes and smelted in a furnace to pour doré bars.
Added
Gold and silver commodity prices were selected based on analysis of the three-year running average at the end of August 2023 for the mineral resources at June 30, 2023. 29 7. Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content.
Added
For fiscal year ended June 30, 2025, the Company has made all required payments under the agreement and own 100% of the Frost Project. 30 Item 3. Legal Proceedings. None Item 4. Mine Saf ety Disclosures. Not applicable. 31 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+0 added−1 removed2 unchanged
Biggest changeRECENT SALE OF UNREGISTERED SECURITIES AND USE OF PROCEEDS During the year-ended June 30, 2024, we issued 1,111,571 shares of common stock for payment of interest accrued and owing on our outstanding 2019 Convertible Notes and 2,031,232 shares of common stock for payment of interest accrued and owing on our outstanding Secured Royalty Convertible Debenture.
Biggest changeDIVIDENDS We currently do not anticipate paying cash dividends for the foreseeable future. RECENT SALE OF UNREGISTERED SECURITIES AND USE OF PROCEEDS During the year-ended June 30, 2025, we issued 3,845,273 shares of common stock for payment of interest accrued and owing on our on our outstanding Secured Royalty Convertible Debenture.
In issuing the foregoing securities, we relied on the exemptive provisions of Section 4(a)(2) of the Securities Act and Rule 506 thereunder. EQUITY COMPENSATION PLAN Set out below is information as of June 30, 2024 with respect to compensation plans (including individual compensation arrangements) under which our equity securities are authorized for issuance under our Equity Incentive Plan.
In issuing the foregoing securities, we relied on the exemptive provisions of Section 4(a)(2) of the Securities Act and Rule 506 thereunder. EQUITY COMPENSATION PLAN Set out below is information as of June 30, 2025 with respect to compensation plans (including individual compensation arrangements) under which our equity securities are authorized for issuance under our Equity Incentive Plan.
Equity Compensation Plan Information Plan Category Number of securities to be issued upon exercise of outstanding options and RSUs Weighted- average exercise price per share of outstanding options and RSUs Number of securities remaining available for future issuance under equity compensation plans Equity compensation plans approved by security holders 3,130,000 $ 1.05 1,094,000 Equity compensation plans not approved by security holders — $ — — TOTAL 3,130,000 1,094,000 As of June 30, 2024, 1,725,000 restricted share units ("RSUs") were outstanding and 1,405,000 stock options were outstanding under our Equity Incentive Plans to acquire 3,130,000 Common Shares. 32 Item 6. [ Reserved].
Equity Compensation Plan Information Plan Category Number of securities to be issued upon exercise of outstanding options and RSUs Weighted- average exercise price per share of outstanding options and RSUs Number of securities remaining available for future issuance under equity compensation plans Equity compensation plans approved by security holders 1,610,000 $ 1.09 811,000 Equity compensation plans not approved by security holders — $ — — TOTAL 1,610,000 811,000 As of June 30, 2025, 845,000 restricted share units ("RSUs") were outstanding and 765,000 stock options were outstanding under our Equity Incentive Plans to acquire 1,610,000 Common Shares. 32 Item 6. [ Reserved].
High Low Year Ended June 30, 2024 First Quarter $ 0.35 $ 0.27 Second Quarter $ 0.42 $ 0.27 Third Quarter $ 0.42 $ 0.30 Fourth Quarter $ 0.69 $ 0.40 Year Ended June 30, 2023 First Quarter $ 0.49 $ 0.28 Second Quarter $ 0.42 $ 0.29 Third Quarter $ 0.43 $ 0.29 Fourth Quarter $ 0.42 $ 0.24 HOLDERS As of September 14, 2024, there were 109 registered shareholders of our common stock.
High Low Year Ended June 30, 2025 First Quarter $ 0.51 $ 0.38 Second Quarter $ 0.46 $ 0.31 Third Quarter $ 0.43 $ 0.32 Fourth Quarter $ 0.65 $ 0.34 Year Ended June 30, 2024 First Quarter $ 0.35 $ 0.27 Second Quarter $ 0.42 $ 0.27 Third Quarter $ 0.42 $ 0.30 Fourth Quarter $ 0.69 $ 0.40 HOLDERS As of August 12, 2025, there were 98 registered shareholders of our common stock.
Removed
DIVIDENDS We currently do not anticipate paying cash dividends for the foreseeable future.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

27 edited+7 added−9 removed18 unchanged
Biggest changeLiquidity and Capital Resources Operating, Investing and Financing Activities At June 30, 2024, we had cash and cash equivalents of $5,423,059 compared to $824,920 as at June 30, 2023. In May 2024, the Company continued with an established “at the market” equity offering program (“ATM”) with Cantor Fitzgerald & Co. and 34 A.G.P/Alliance Global Partners to proactively increase financial flexibility.
Biggest changeIn May 2024, the Company continued with an established “at the market” equity offering program (“ATM”) with Cantor Fitzgerald & Co. and A.G.P/Alliance Global Partners to proactively increase financial flexibility. During the fiscal year ended June 30, 2025, the Company issued 4,728,165 shares (2024 - 6,379,754 shares) for net proceeds of $2,356,709 (2024 - $1,923,120) under the program.
On an ongoing basis, management evaluates these estimates, including those related the adequacy of the Company’s reclamation and environmental obligation, and assessment of impairment of mineral properties.
On an ongoing basis, management evaluates these estimates, including those related to the adequacy of the Company’s reclamation and environmental obligation, and assessment of impairment of mineral properties.
Subsequent to September 26, 2024, the Company expects to fund operations as follows: • Existing cash on hand and working capital. • The existing ATM with Cantor Fitzgerald & Co. and A.G.P/Alliance Global Partners. • Insurance proceeds to fund reclamation and environmental obligations at its Sleeper Gold Project. • Equity financings and sale of royalties. 35 Historically, we have been successful in accessing capital through equity and debt financing arrangements or by the sale of royalties on our mineral properties, no assurance can be given that additional financing will be available to it in amounts sufficient to meet our needs, or on terms acceptable to the Company.
Subsequent to September 25, 2025, the Company expects to fund operations as follows: • Existing cash on hand and working capital. • The existing ATM with Cantor Fitzgerald & Co. and A.G.P/Alliance Global Partners. • Insurance proceeds to fund reclamation and environmental obligations at its Sleeper Gold Project. • Equity financings and sale of royalties. 35 Historically, we have been successful in accessing capital through equity and debt financing arrangements or by the sale of royalties on our mineral properties, no assurance can be given that additional financing will be available to it in amounts sufficient to meet our needs, or on terms acceptable to the Company.
Comparison of Operating Results for the year ended June 30, 2024 as compared to June 30, 2023 Results of Operations We did not earn any revenue from mining operations for the years ended June 30, 2024 and 2023. During the year ended June 30, 2024, we completed various activities and milestones as described above in operating highlights.
Comparison of Operating Results for the year ended June 30, 2025 as compared to June 30, 2024 Results of Operations We did not earn any revenue from mining operations for the years ended June 30, 2025 and 2024. During the year ended June 30, 2025, we completed various activities and milestones as described above in operating highlights.
Going Concern The Consolidated Financial Statements of the Company have been prepared on a “going concern” basis, which means that the continuation of the Company is presumed even though events and conditions exist that, when considered in aggregate, raise substantial doubt about the Company’s ability to continue as a going concern because it is possible that the Company will be required to adversely change its current business plan or man be unable to meet its obligations as they become due within one year after the date that these financial statements were issued.
Going Concern and Capital Resources The Consolidated Financial Statements of the Company have been prepared on a “going concern” basis, which means that the continuation of the Company is presumed even though events and conditions exist that, when considered in aggregate, raise substantial doubt about the Company’s ability to continue as a going concern because it is possible that the Company will be required to adversely change its current business plan or may be unable to meet its obligations as they become due within one year after the date that these financial statements were issued.
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 years ended June 30, 2024 and 2023 and compares each year’s results to the results of the prior year.
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 years ended June 30, 2025 and 2024 and compares each year’s results to the results of the prior year.
Salary and benefits are comprised of cash and stock-based compensation of the Company’s executive and corporate administration teams. The increase reflects increases in base salaries, higher cash bonuses netted against lower equity based compensation recorded in the current year compared to the previous comparable year.
Salary and benefits are comprised of cash and stock-based compensation of the Company’s executive and corporate administration teams. The increase reflects lower cash bonuses netted against higher equity based compensation recorded in the current year compared to the previous comparable year.
We anticipate our twelve-month cash expenditures for our fiscal year ending June 30, 2025 to be as follows: • $4.0 million on corporate, land claim maintenance and general expenses For discretionary exploration and development, subject to available cash on hand and additional share issuances, we are budgeting the following amounts: • $1.8 million on the Grassy Mountain Project state and federal permitting activities For the planned reclamation activities required by state and federal regulators at Sleeper, the Company expects that these expenditures will be reimbursed by insurance proceeds.
We anticipate our twelve-month cash expenditures for our fiscal year ending June 30, 2026 to be as follows: • $2.7 million on corporate, land claim maintenance and general expenses For discretionary exploration and development, subject to available cash on hand and additional share issuances, we are budgeting the following amounts: • $2.0 million to complete the state and federal permitting process at the Grassy Mountain Project For the planned reclamation activities required by state and federal regulators at Sleeper, the Company expects that these expenditures will be reimbursed by insurance proceeds.
We will continue to incur losses for the foreseeable future as we continue with our planned exploration and development programs. 33 Expenses Exploration, Development and Reclamation and Land Holding Costs For the year ended June 30, 2024, exploration and development expenses were $2,061,618 compared to $2,423,556 in the prior year.
We will continue to incur losses for the foreseeable future as we continue with our planned exploration and development programs. 33 Expenses Exploration, Development and Reclamation and Land Holding Costs For the year ended June 30, 2025, exploration and development expenses were $2,603,457 compared to $2,061,618 in the prior year.
The main uses of cash were comprised of the following material amounts: • Cash used to fund our operations, which included general and administration expenses, land holding costs, exploration and development programs at our mineral properties, of $5,409,347.
The main uses of cash were comprised of the following material amounts: • Cash used to fund our operations, which included general and administration expenses, land holding costs, exploration and development programs at our mineral properties, of $6,267,284.
Other normal course of business activities included filing annual mining claim fees with the BLM and reclamation work at the Sleeper mine site. Net Loss Our net loss for the year ended June 30, 2024 was $8,056,445 compared to a net loss of $6,450,531 in the previous year. The increase of approximately 25% is fully described below.
Other normal course of business activities included filing annual mining claim fees with the BLM and reclamation work at the historical Sleeper mine site. Net Loss Our net loss for the year ended June 30, 2025 was $9,050,423 compared to a net loss of $8,056,445 in the previous year. The increase of approximately 12% is fully described below.
A significant amount of these reclamation expenses were related to the Company completing the conversion of several historical collection ponds at the past producing mine site to E-Cell conversion ponds. For the year ended June 30, 2024, land holding costs increased by $15,013 or by 2% from the prior year of $632,484 to $647,497.
A significant amount of these reclamation expenses in the previous year were related to the Company completing the conversion of several historical collection ponds at the past producing mine site to E-Cell conversion ponds. For the year ended June 30, 2025, land holding costs increased by $95,622 or by 15% from the prior year of $647,497 to $743,119.
Asset Retirement Obligation The fair value of the Company’s asset retirement obligation (“ARO”) is measured by discounting the expected cash flows using a discount factor that reflects the credit-adjusted risk free rate of interest, while taking into account the inflation rate.
The amounts recorded as mineral properties reflect actual costs incurred to acquire the properties. Asset Retirement Obligation The fair value of the Company’s asset retirement obligation (“ARO”) is measured by discounting the expected cash flows using a discount factor that reflects the credit-adjusted risk free rate of interest, while taking into account the inflation rate.
Changes in these inputs could result in significant adjustments to the fair value of our derivatives and may impact our financial results. 36 Off-Balance Sheet Arrangements We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, or capital resources.
Off-Balance Sheet Arrangements We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, or capital resources. 36
At Grassy Mountain, the Company continued with permitting activities with state and federal permitting agencies. These expenses totaled $1,613,551. At Sleeper, exploration activities included various activities including general site maintenance and activities to keep the mining claims in good standing. Total exploration expenses at Sleeper were $448,067.
These expenses totaled $2,339,283. At Sleeper, exploration activities included various activities including general site maintenance and activities to keep the mining claims in good standing. Total exploration expenses at Sleeper were $264,174. For the year ended June 30, 2024, at Grassy Mountain the Company continued with permitting activities with state and federal permitting agencies. These expenses totaled $1,613,551.
Operating Highlights: During the fiscal year-ended June 30, 2024, the Company conducted several exploration programs and continued with its permitting at its Grassy Mountain Project.
Operating Highlights: During the fiscal year-ended June 30, 2025, the Company continued with its permitting at its Grassy Mountain Project.
This represents a decrease of 15% or $361,938 which was mainly due to the Company focusing on permitting activities at Grassy Mountain and not performing significant exploration activity at the Sleeper Gold Project. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors.
This represents an increase of 26% or $541,839 which was mainly due to the Company focusing on permitting activities at Grassy Mountain. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors.
Included in the salary and benefits expense amount for the year ended June 30, 2024 and 2023 was non-cash stock based compensation of $225,866 and $317,762 respectively. Directors’ Compensation For the year ended June 30, 2024, directors’ compensation of $199,590 increased from $143,192 from the prior year ended June 30, 2023.
Included in the salary and benefits expense amount for the year ended June 30, 2025 and 2024 was non-cash stock based compensation of $387,052 and $168,471 respectively. Directors’ Compensation For the year ended June 30, 2025, directors’ compensation of $320,848 increased from $199,590 from the prior year ended June 30, 2024.
Outlook: We believe that investors will gain a better understanding of our company if they understand how we measure and talk about our results. As an exploration and development company, we recognize the importance of managing our liquidity and capital resources. We pay close attention to non-discretionary cash expenses and look for ways to minimize them when possible.
As an exploration and development company, we recognize the importance of managing our liquidity and capital resources. We pay close attention to non-discretionary cash expenses and look for ways to minimize them when possible.
The determination of fair value involves the use of estimates, assumptions, and valuation models, including but not limited to discounted cash flow analysis and option pricing models. These estimates and assumptions may include, but are not limited to, future interest rates, volatility of gold and silver prices, and credit spreads.
The determination of fair value involves the use of estimates, assumptions, and valuation models, including but not limited to discounted cash flow analysis and option pricing models.
The increase of 39% or $56,398 is due to higher annual cash retainers and higher equity based compensation recorded in the current year-ended June 30, 2024. Professional Fees and General and Administration For the year ended June 30, 2024, professional fees were $337,628 compared to $377,822 in the prior year. This represents a decrease of 11% or $40,194.
The increase of 61% or $121,258 is due to higher equity based compensation recorded in the current year-ended June 30, 2025. Professional Fees and General and Administration For the year ended June 30, 2025, professional fees were $446,723 compared to $337,628 in the prior year. This represents an increase of 32% or $109,095.
In addition to cash used in operating activities, the Company used and received cash as follows: • Cash used to purchase mining claims and increase reclamation bonds of $100,000; • Cash received from equity financings and issuance of note payable of $10,107,486 net of debt repayments and debt issuance costs.
In addition to cash used in operating activities, the Company used and received cash as follows: • Cash used to purchase mining claims and equipment of $161,483; • Cash received from equity financings of $2,356,709.
The increase is primarily due to an increase in the professional fees incurred to file and maintain the mining claims with the BLM and respective counties. Salaries and Benefits For the year ended June 30, 2024, salary and benefits were $1,505,912 compared to $1,238,895 in the prior year. This represents an increase of 22% or $267,017.
The increase is primarily related to the increase in holding costs per claim enacted by the BLM commencing in September 2024. Salaries and Benefits For the year ended June 30, 2025, salary and benefits were $1,640,394 compared to $1,505,912 in the prior year. This represents an increase of 9% or $134,482.
The decrease is due to one-time consulting and legal fees incurred over the previous period. Professional fees included legal, advisory and consultant expenses incurred on corporate and operational activities on a period-by-period basis. For the year ended June 30, 2024, general and administration expenses decreased by 11% to $688,537 from $774,817 in the prior year.
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 included audit, legal, advisory and consultant expenses incurred on corporate and operational activities on a period-by-period basis.
For the year ended June 30, 2024, reclamation expenses at the Sleeper Gold Project were $2,605,799 compared to $172,153 in the prior year. This represents an increase of 1414% or $2,433,646.
At Sleeper, the Company focused on general site maintenance and other activities to keep the mining claims in good standing incurring expenses of $448,067. For the year ended June 30, 2025, reclamation expenses at the Sleeper Gold Project were $200,950 compared to $2,605,799 in the prior year. This represents a decrease of 92% or $2,404,849.
The decrease is mostly due to lower insurance expenses. In general, these expenses include travel, investor relations, office expenses and information technology costs. Asset Retirement Obligation For the year ended June 30, 2024, the Company's asset retirement obligation for the Sleeper Gold Project decreased to $2,270,288 from $4,436,902 from the prior year ended June 30, 2023.
Asset Retirement Obligation For the year ended June 30, 2025, the Company's asset retirement obligation for the Sleeper Gold Project increased to $2,293,765 from $2,270,288 from the prior year ended June 30, 2024.
The net decrease of $2,166,614 was the result of settlements of $2,524,553 plus a downward revision in estimate of $84,295 offset by current year accretion of $442,234.
The net increase of $23,477 was the result of settlements of $120,000 plus 34 a downward revision in estimate of $81,936 offset by the current year accretion of $225,413. The settlements were a result of the Company completing annual monitoring requirements from the BLM and NDEP.
Removed
Highlights include: • The BLM filed the Notice of Intent in the Federal Registry, initiating the preparation of an Environmental Impact Statement in compliance with the National Environmental Policy Act process for the proposed Grassy Mountain Gold mine. • Paramount closed a $15 million financing with Sprott through the issuance of a Debenture.
Added
Highlights include: • The State of Oregon's Technical Review Team ("TRT") approved the completion of the Environmental Evaluation (“EE”) for the Grassy Mountain project. • The TRT to approved all components of Paramount’s mining, processing and closure scenarios for its proposed Grassy Mountain operation.
Removed
The proceeds of the Debenture will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine and general corporate purposes.
Added
Paramount’s project design used the best available, practicable and necessary technologies (a standard known as “BAPNT”) to minimize environmental impact and ensure responsible extraction, processing and reclamation. • Grassy Mountain project was selected and included in the federal government's FAST-41 program.
Removed
It was also used to repay the Company's outstanding debt. • The State of Oregon issued a Notice to Proceed with the permitting and preparation of draft permits. • The State of Oregon's Technical Review Team determined that Paramount's Consolidated Permit Application for the Grassy Mountain Project is complete.
Added
FAST-41 covered projects are entitled to comprehensive permitting timetables and transparent, collaborative management of those timetables on the Federal Permitting Dashboard. Outlook: We believe that investors will gain a better understanding of our company if they understand how we measure and talk about our results.
Removed
For the year ended June 30, 2023, at Grassy Mountain the Company continued with permitting activities with state and federal permitting agencies and completed a TRS on the property. These expenses totaled $1,466,402. At Sleeper, the Company has re-assayed historical drill holes, digitized and re-verified its geological database and completed a TRS on the property for expenses totaling $957,154.
Added
At Grassy Mountain, the Company continued with permitting activities with state and federal permitting agencies. Permitting activities at the state level resulted in the completion of the EE and the commencement of draft permit writing. At the federal level, activity accelerated in the second half as the BLM prepared to publish the draft EIS for the Grassy Mountain Project.
Removed
The settlements were a result of the Company completing pond conversions as required by NDEP and the costs were reimbursed by the insurance policy held by the Company for government mandated reclamation at the Sleeper Gold Project.
Added
For the year ended June 30, 2025, general and administration expenses increased by 11% to $774,615 from $696,210 in the prior year. The increase in general and administration expenses from the previous year’s comparable period was mainly due to higher insurance, travel and investor relations costs.
Removed
During the fiscal year ended June 30, 2024, the Company issued 6,379,754 shares (2023- 6,996,054 shares) for net proceeds of $1,923,120 (2023 -$2,219,796) under the program. During the month of December 2023, the Company entered into a Debenture in favor of Sprott.
Added
Liquidity and Capital Resources Operating, Investing and Financing Activities At June 30, 2025, we had cash and cash equivalents of $1,351,001 compared to $5,423,059 as at June 30, 2024. As of June 30, 2025, we had working capital of approximately $2,047,379. Our plans to manage our liquidity position is described below under Going Concern and Capital Resources.
Removed
Pursuant to the Debenture, Sprott advanced $15,000,000 to Paramount, which will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine and for general corporate purposes. Proceeds from the Debenture were also used for the repayment of the Company’s outstanding 2019 secured convertible notes and its bridge promissory note in favor of Seabridge Gold Inc.
Added
These estimates and assumptions may include, but are not limited to, future interest rates, volatility of gold and silver prices, and credit spreads and changes in these inputs could result in significant adjustments to the fair value of our derivatives and may impact our financial results.
Removed
The amounts recorded as mineral properties reflect actual costs incurred to acquire the properties and do not indicate any present or future value of economically recoverable reserves. Exploration expenses We record exploration expenses as incurred.
Removed
When we determine that precious metal resource deposit can be economically and legally extracted or produced based on established proven and probable reserves, further exploration expenses related to such reserves incurred after such a determination will be capitalized. To date, we have not established any proven or probable reserves and will continue to expense exploration costs as incurred.

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