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Paramount Gold Nevada Corp. (PZG-3.03%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2,031,489, compared to a net loss of $1,574,559 in the same quarter the previous year. The increase in net loss is attributed to higher exploration and development expenses.
Exploration expenses for the quarter were $377,112, up from $304,033 in the previous year. This increase is primarily related to ongoing permitting activities at the Grassy Mountain project.
Reclamation expenses decreased significantly to $16,420 from $1,469,897, reflecting the completion of one-time conversion work at the Sleeper Gold project in the prior year.
Land holding costs increased to $186,389 from $157,143, due to higher holding costs per claim enacted by the Bureau of Land Management.
Salaries and benefits for the quarter were $280,711, up from $259,194, reflecting increases in base salaries.
Directors' compensation increased to $48,447 from $28,951, due to higher equity-based compensation.
Professional fees decreased to $85,234 from $98,315, while general and administrative expenses decreased slightly to $178,949 from $184,727.
Paramount reported cash and cash equivalents of $3,405,400 as of December 31, 2024, down from $5,423,059 at the end of June 2024.
The company expects to continue incurring losses and plans to fund its operations through existing cash, equity financings, and potential sale of royalties.
Paramount's business plan requires working capital to fund exploration and development activities, with anticipated expenditures of $4.1 million on corporate and general expenses and $1.95 million on Grassy Mountain Project permitting activities over the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Paramount Gold Nevada Corp. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.