Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | PARAMOUNT GOLD NEVADA CORP. | |
Entity Central Index Key | 0001629210 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Trading Symbol | PZG | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36908 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSEAMER | |
Entity Tax Identification Number | 98-0138393 | |
Entity Address, Address Line One | 665 Anderson Street | |
Entity Address, City or Town | Winnemucca | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89445 | |
City Area Code | 775 | |
Local Phone Number | 625-3600 | |
Entity Incorporation, State or Country Code | NV | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock Shares Outstanding | 49,922,401 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 590,505 | $ 2,484,156 |
Prepaid expenses and deposits | 590,742 | 1,280,895 |
Total Current Assets | 1,181,247 | 3,765,051 |
Non-Current Assets | ||
Mineral properties | 51,822,873 | 51,742,873 |
Reclamation bond | 499,476 | 498,276 |
Property and equipment | 5,060 | 6,513 |
Total Non-Current Assets | 52,327,409 | 52,247,662 |
Total Assets | 53,508,656 | 56,012,713 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 657,324 | 638,256 |
Reclamation and environmental obligation, current portion | 3,120,000 | 120,000 |
Convertible debt | 3,608,719 | |
Convertible debt, related parties | 658,363 | |
Notes payable, related party | 1,034,521 | |
Total Current Liabilities | 9,078,927 | 758,256 |
Non-Current Liabilities | ||
Convertible debt | 3,570,430 | |
Convertible debt, related parties | 651,380 | |
Deferred tax liability | 277,627 | 277,627 |
Reclamation and environmental obligation, non-current portion | 1,599,953 | 4,355,270 |
Total Non-Current Liabilities | 1,877,580 | 8,854,707 |
Total Liabilities | 10,956,507 | 9,612,963 |
Commitments and Contingencies (Note 12) | ||
Stockholders' Equity | ||
Common stock, par value $0.01, 200,000,000 authorized shares, 49,209,951 issued and outstanding at March 31, 2023 and 200,000,000 authorized shares, 46,591,081 issued and outstanding at June 30, 2022 | 492,101 | 465,912 |
Additional paid in capital | 114,851,772 | 113,805,101 |
Accumulated deficit | (72,791,724) | (67,871,263) |
Total Stockholders' Equity | 42,552,149 | 46,399,750 |
Total Liabilities and Stockholders' Equity | $ 53,508,656 | $ 56,012,713 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | ||||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, shares issued | 49,209,951 | 46,591,081 | ||
Common stock, shares outstanding | 49,209,951 | 46,932,378 | 46,591,081 | 40,525,151 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Expenses | ||||
Exploration | $ 597,315 | $ 549,368 | $ 1,902,312 | $ 3,714,035 |
Land holding costs | 157,143 | 163,011 | 475,341 | 477,338 |
Professional fees | 12,919 | 26,510 | 281,542 | 92,523 |
Salaries and benefits | 393,219 | 412,118 | 961,512 | 875,596 |
Directors' compensation | 55,366 | 54,718 | 113,940 | 87,836 |
General and administrative | 242,858 | 210,238 | 616,396 | 606,058 |
Accretion | 111,561 | 45,969 | 334,683 | 137,907 |
Total Expenses | 1,570,381 | 1,461,932 | 4,685,726 | 5,991,293 |
Net Loss before Other Expense | 1,570,381 | 1,461,932 | 4,685,726 | 5,991,293 |
Other Expense (Income) | ||||
Other income | (47,123) | (210,672) | (93,406) | (326,971) |
Interest and service charges | 124,502 | 95,776 | 328,141 | 298,882 |
Net Loss | $ 1,647,760 | $ 1,347,036 | $ 4,920,461 | $ 5,963,204 |
Loss per Common Share | ||||
Basic | $ 0.03 | $ 0.03 | $ 0.10 | $ 0.15 |
Diluted | $ 0.03 | $ 0.03 | $ 0.10 | $ 0.15 |
Weighted Average Number of Common Shares Used in Per Share Calculations | ||||
Basic | 48,452,177 | 43,601,579 | 47,457,781 | 40,947,916 |
Diluted | 48,452,177 | 43,601,579 | 47,457,781 | 40,947,916 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Deficit |
Balance at Jun. 30, 2021 | $ 47,352,730 | $ 381,542 | $ 107,005,135 | $ (60,033,947) |
Balance (in shares) at Jun. 30, 2021 | 38,154,109 | |||
Stock based compensation | 42,671 | 42,671 | ||
Capital issued for financing | 1,829,551 | $ 22,024 | 1,807,527 | |
Capital issued for financing (in shares) | 2,202,352 | |||
Capital issued for payment of interest | 163,642 | $ 1,687 | 161,955 | |
Capital issued for payment of interest (in shares) | 168,690 | |||
Net loss | (1,913,745) | (1,913,745) | ||
Balance at Sep. 30, 2021 | $ 47,474,849 | $ 405,253 | 109,017,288 | (61,947,692) |
Balance (in shares) at Sep. 30, 2021 | 40,525,151 | |||
Balance at Jun. 30, 2021 | $ 47,352,730 | $ 381,542 | 107,005,135 | (60,033,947) |
Balance (in shares) at Jun. 30, 2021 | 38,154,109 | |||
Stock based compensation (in shares) | 266,000 | |||
Net loss | $ (5,963,204) | |||
Balance at Mar. 31, 2022 | 48,246,901 | $ 465,912 | 113,778,140 | (65,997,151) |
Balance (in shares) at Mar. 31, 2022 | 46,591,081 | |||
Balance at Sep. 30, 2021 | $ 47,474,849 | $ 405,253 | 109,017,288 | (61,947,692) |
Balance (in shares) at Sep. 30, 2021 | 40,525,151 | |||
Stock based compensation | $ 41,880 | 41,880 | ||
Capital issued for financing | 68,924 | $ 987 | 67,937 | |
Capital issued for financing (in shares) | 98,706 | |||
Net loss | (2,702,423) | (2,702,423) | ||
Balance at Dec. 31, 2021 | 44,883,230 | $ 406,240 | 109,127,105 | (64,650,115) |
Balance (in shares) at Dec. 31, 2021 | 40,623,857 | |||
Stock based compensation | $ 234,289 | $ 2,660 | 231,629 | |
Stock based compensation (in shares) | 266,000 | 266,000 | ||
Capital issued for financing | $ 4,316,005 | $ 54,653 | 4,261,352 | |
Capital issued for financing (in shares) | 5,465,330 | |||
Capital issued for payment of interest | 160,413 | $ 2,359 | 158,054 | |
Capital issued for payment of interest (in shares) | 235,894 | |||
Net loss | (1,347,036) | (1,347,036) | ||
Balance at Mar. 31, 2022 | 48,246,901 | $ 465,912 | 113,778,140 | (65,997,151) |
Balance (in shares) at Mar. 31, 2022 | 46,591,081 | |||
Balance at Jun. 30, 2022 | $ 46,399,750 | $ 465,912 | 113,805,101 | (67,871,263) |
Balance (in shares) at Jun. 30, 2022 | 46,591,081 | 46,591,081 | ||
Stock based compensation | $ 117,826 | 117,826 | ||
Capital issued for payment of interest | 160,413 | $ 3,413 | 157,000 | |
Capital issued for payment of interest (in shares) | 341,297 | |||
Net loss | (1,840,216) | (1,840,216) | ||
Balance at Sep. 30, 2022 | $ 44,837,773 | $ 469,325 | 114,079,927 | (69,711,479) |
Balance (in shares) at Sep. 30, 2022 | 46,932,378 | |||
Balance at Jun. 30, 2022 | $ 46,399,750 | $ 465,912 | 113,805,101 | (67,871,263) |
Balance (in shares) at Jun. 30, 2022 | 46,591,081 | 46,591,081 | ||
Stock based compensation (in shares) | 425,500 | |||
Net loss | $ (4,920,461) | |||
Balance at Mar. 31, 2023 | $ 42,552,149 | $ 492,101 | 114,851,772 | (72,791,724) |
Balance (in shares) at Mar. 31, 2023 | 49,209,951 | 49,209,951 | ||
Balance at Sep. 30, 2022 | $ 44,837,773 | $ 469,325 | 114,079,927 | (69,711,479) |
Balance (in shares) at Sep. 30, 2022 | 46,932,378 | |||
Stock based compensation | $ 63,005 | 63,005 | ||
Capital issued for financing | 158,513 | $ 4,551 | 153,962 | |
Capital issued for financing (in shares) | 455,099 | |||
Net loss | (1,432,485) | (1,432,485) | ||
Balance at Dec. 31, 2022 | 43,626,806 | $ 473,876 | 114,296,894 | (71,143,964) |
Balance (in shares) at Dec. 31, 2022 | 47,387,477 | |||
Stock based compensation | $ 97,515 | $ 4,255 | 93,260 | |
Stock based compensation (in shares) | 425,500 | 425,500 | ||
Capital issued for financing | $ 315,175 | $ 9,387 | 305,788 | |
Capital issued for financing (in shares) | 938,658 | |||
Capital issued for payment of interest | 160,413 | $ 4,583 | 155,830 | |
Capital issued for payment of interest (in shares) | 458,316 | |||
Net loss | (1,647,760) | (1,647,760) | ||
Balance at Mar. 31, 2023 | $ 42,552,149 | $ 492,101 | $ 114,851,772 | $ (72,791,724) |
Balance (in shares) at Mar. 31, 2023 | 49,209,951 | 49,209,951 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | |||||
Net Loss | $ (4,920,461) | $ (5,963,204) | |||
Adjustments to reconcile net loss to net cash used in operations: | |||||
Depreciation | 1,453 | 1,731 | |||
Stock based compensation | $ 93,260 | $ 231,629 | 278,346 | 318,840 | |
Amortization of debt issuance costs | 45,272 | 45,272 | |||
Interest expense | 278,706 | 244,185 | |||
Accretion expense | 111,561 | 45,969 | 334,683 | 137,907 | $ 183,693 |
Settlement of asset retirement obligations | (90,000) | (33,236) | |||
Change in reclamation bonds accounts | (1,200) | 35,427 | |||
Effect of changes in operating working capital items: | |||||
(Increase)/Decrease in prepaid expenses | 690,153 | 534,378 | |||
Increase/(Decrease) in accounts payable | 95,709 | (158,734) | |||
Cash used in operating activities | (3,287,339) | (4,837,434) | |||
Cash flows from investing activities: | |||||
Purchase of mineral properties | (80,000) | (45,000) | |||
Purchase of equipment | (2,723) | ||||
Cash used in investing activities | (80,000) | (47,723) | |||
Cash flows from financing activities: | |||||
Capital issued for financing, net of share issuance costs | 473,688 | 6,214,480 | |||
Proceeds from notes payable, related parties | 1,000,000 | ||||
Cash provided by financing activities | 1,473,688 | 6,214,480 | |||
Change in cash during period | (1,893,651) | 1,329,323 | |||
Cash at beginning of period | 2,484,156 | 3,113,064 | 3,113,064 | ||
Cash at end of period | $ 590,505 | $ 4,442,387 | $ 590,505 | $ 4,442,387 | $ 2,484,156 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1. Description of Business and Summary of Significant Accounting Policies Paramount Gold Nevada Corp. (the “Company” or “Paramount”), incorporated under Chapter 78 of Nevada Revised Statutes, and its wholly-owned subsidiaries are engaged in the acquisition, exploration and development of precious metal properties. The Company’s wholly owned subsidiaries include New Sleeper Gold LLC, Sleeper Mining Company, LLC, and Calico Resources USA Corp (“Calico”). The Company is in the process of exploring its mineral properties in Nevada and Oregon, United States. The Company’s activities are subject to significant risks and uncertainties, including the risk of failing to secure additional funding to advance its projects and the risks of determining whether these properties contain reserves that are economically recoverable. The Company’s shares of common stock trade on the NYSE American LLC under the symbol “PZG”. Basis of Presentation and Preparation The unaudited condensed consolidated interim financial statements are prepared by management in accordance with accounting principles for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included. The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with U.S. GAAP, are presented in US dollars and follow the same accounting policies and methods of their application as the most recent annual financial statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. The condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes for the year ended June 30, 2022. Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2022 10-K. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Going Concern | Note 2. Going Concern The Company has not generated any revenues or cash flows from operations to date. As such the Company is subject to all the risks associated with development stage companies. Since inception, the Company has incurred losses and negative cash flows from operating activities which have been funded from the issuance of common stock, convertible notes and the sale of royalties on its mineral properties. The Company does not expect to generate positive cash flows from operating activities in the near future, if at all, until such time it successfully initiates production at its Grassy Mountain Project, including obtaining construction financing, completing the construction of the proposed mine and anticipates incurring operating losses for the foreseeable future. The Condensed 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 with one year after the date of that these financial statements were issued. Paramount expects to continue to incur losses as a result of costs and expenses related to maintaining its properties and general and administrative expenses. Since 2015, the Company has relied on equity financings, debt financings and sale of royalties to fund its operations and the Company expects to rely on these forms of financing to fund operations into the near future. The Company will also continue to identify ways to reduce its cash expenditures. Paramount’s current business plan requires working capital to fund non-discretionary expenditures for its exploration and development activities on its mineral properties, mineral property holding costs and general and administrative expenses. It requires approximately $ 5.3 million in capital to repay the 2019 convertible notes and the note payable to Seabridge, both of which become due in September 2023. It also requires approximately $ 3.0 million to complete evaporation pond conversions as part of its reclamation and environmental obligations at its Sleeper Gold Project. Subsequent to May 12, 2023, the Company expects to fund operations as follows: • Existing cash on hand and working capital. • The existing at the market ("ATM") program with Cantor Fitzgerald & Co. and Canaccord Genuity LLC. • The existing Note facility with Seabridge • Insurance proceeds to fund reclamation and environmental obligations at its Sleeper Gold Project • Other debt, equity financings or sale of royalties. Historically, we have been successful in accessing capital through equity and debt financing arrangements or by the sale of royalties on its mineral properties, no assurance can be given that additional financing will be available to it in amounts sufficient to meet its needs, or on terms acceptable to the Company. In the event that we are unable to obtain additional capital or financing, our operations, exploration and development activities will be significantly adversely affected. The continuation of the Company as a going concern is dependent on having sufficient capital to maintain our operations and to repay debt which become due in September 2023. In considering our financing plans, our current working capital position and our ability to reduce operating expenses the Company believes there is substantial doubt about its ability to continue as a going concern twelve months after the date that our financial statements are issued. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs that are both significant to the fair value measurement and unobservable. Financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our financial instruments include cash, accounts payable, accrued liabilities, notes payable and convertible debt. Due to their short maturity of our cash, accounts payable, notes payable and accrued liabilities, we believe that their carrying amounts approximate fair value as of March 31, 2023 and 2022. The carrying amount of convertible debt approximates fair value as the interest rate charged represents a market rate of interest. |
Non-Cash Transactions
Non-Cash Transactions | 9 Months Ended |
Mar. 31, 2023 | |
Nonmonetary Transactions [Abstract] | |
Non-Cash Transactions | Note 4. Non-Cash Transactions For the nine months ended March 31, 2023, the Company issued 799,613 shares for payment of interest accrued on its outstanding 2019 Convertible Notes with a fair value of $ 320,826 . The Company also issued 425,500 shares of Common stock under its equity compensation plans with a fair value of $ 142,650 . For the nine months ended March 31, 2022, the Company issued 404,584 shares for payment of interest accrued on its outstanding 2019 Convertible Notes with a fair value of $ 324,055 . The Company also issued 266,000 shares of Common stock under its equity compensation plans with a fair value of $ 170,240 . |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | Note 5. Capital Stock Authorized Capital Authorized capital stock consists of 200,000,000 common shares with par value of $ 0.01 per common share ( June 30, 2022 – 200,000,000 common shares with par value $ 0.01 per common share). For the three months ended March 31, 2023 , the Company issued 938,658 shares of Common Stock from its ATM program for net proceeds of $ 315,175 and issued 458,316 shares for payment of interest accrued (Note 6) with a fair value of $ 160,413 . The Company also issued 425,500 shares related to awards made under its equity compensation plans. For the three months ended March 31, 2022 , the Company issued 5,465,330 shares of Common Stock from its ATM program for net proceeds of $ 4,316,005 and issued 235,894 shares for payment of interest accrued (Note 6) with a fair value of $ 160,413 . The Company also issued 266,000 shares related to awards made under its equity compensation plans. For the nine months ended March 31, 2023 , the Company issued 799,613 shares for payment of interest accrued (Note 6) with a fair value of $ 320,826 and issued 1,393,667 shares from its ATM program for net proceeds of $ 473,688 . The Company also issued 425,500 shares related to awards made under its equity compensation plans. For the nine months ended March 31, 2022 , the Company issued 404,584 shares for payment of interest accrued (Note 6) with a fair value of $ 324,055 and issued 7,766,388 shares from its ATM for net proceeds of $ 6,214,480 . The Company also issued 266,000 shares related to awards made under its equity compensation plans. Stock Options, Restricted Stock Units and Stock Based Compensation Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options, restricted stock units and stock to its employees and directors for up to 3.5 million shares of common stock. Total stock-based compensation for the three months ended March 31, 2023 and 2022 were $ 93,260 and $ 231,629 , respectively. Total stock-based compensation for the nine months ended March 31, 2023 and 2022 were $ 278,346 and $ 318,840 , respectively. Stock Options Stock option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years. To better align the interests of its key executives, employees and directors with those of its shareholders a significant portion of those share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions. Option and share awards provide for accelerated vesting if there is a change in control (as defined in the Stock Incentive and Compensation Plans). For the three months ended March 31, 2023 , the Company did no t grant stock options (2022 – nil ). For the nine months ended March 31, 2023 , the Company granted 50,000 stock options (2022 - nil ) with an exercise price of $ 0.60 and a term of 5 years . The stock options vested immediately on the date of grant. The fair value for options granted for the nine months ended March 31, 2023 was calculated using the Black-Scholes option valuations method. The weighted average assumptions used were as follows: Nine Months Ended March 31, 2023 Nine Months Ended March 31, 2022 Weighted average risk-free interest rate 2.79 % N/A Weighted-average volatility 58 % N/A Expected dividends 0 N/A Weighted average expected term (years) 5 N/A Weighted average fair value $ 0.19 N/A For the three months ended March 31, 2023, share-based compensation expense relating to service condition options and performance condition options was $ nil and $ 2,856 , respectively (2022 - $ 1,405 and $ 5,462 ). For the nine months ended March 31, 2023, share-based compensation expense relating to service condition options and performance condition options was $ 12,021 and $ 9,689 , respectively (2022 -$ 49,455 and $ 41,962 ). A summary of stock option activity under the Stock Incentive and Compensation Plans as of March 31, 2023 is presented below: Options Options Weighted Price Weighted- Aggregate Value Outstanding at June 30, 2021 1,998,995 $ 1.17 3.31 $ — Granted — — — — Exercised — — — — Forfeited or expired ( 190,000 ) 1.42 1.48 — Outstanding at June 30, 2022 1,808,995 $ 1.14 2.42 $ — Granted 50,000 0.60 4.75 — Exercised — — — — Forfeited or expired ( 303,995 ) 1.40 — — Outstanding at March 31, 2023 1,555,000 $ 1.08 2.11 $ — Exercisable at March 31, 2023 1,096,664 $ 1.08 2.09 $ — A summary of the status of Paramount’s non-vested options as at March 31, 2023 is presented below: Non-vested Options Options Weighted- Grant- Non-vested at June 30, 2021 1,033,998 $ 0.55 Granted — — Vested ( 288,332 ) 0.53 Forfeited or expired ( 88,333 ) 0.73 Non-vested at June 30, 2022 657,333 $ 0.55 Granted 50,000 0.19 Vested ( 95,002 ) 0.28 Forfeited or expired ( 153,995 ) 0.74 Non-vested at March 31, 2023 458,336 $ 0.47 As of March 31, 2023, there was approximately $ 10,204 of unamortized stock-based compensation expense related to non-vested stock options outstanding. The expenses are expected to be recognized over a weighted-average period of 1.18 years. The total fair value of stock based compensation that vested related to outstanding stock options during the three months ended March 31, 2023 and 2022, was $ 16,873 and $ nil , respectively. Restricted Stock Units ("RSUs") RSUs are awards for service and performance which upon vesting and settlement entitle the recipient to receive one common share of the Company's Common Stock for no additional consideration, for each RSU held. For the three months ended March 31, 2023 and 2022 , the Company granted 630,000 and 701,000 respectively. For the three months ended March 31, 2023, share-based compensation expenses related to service condition RSUs and performance condition RSUs was $ 43,896 and $ 28,262 , respectively (2022 - $ nil and $ nil ) For the nine months ended March 31, 2023, share-based compensation expenses related to service condition RSUs and performance condition RSUs was $ 117,116 and $ 116,971 , respectively (2022 -$ nil and $ nil ) A summary of RSUs activity is summarized as follows: Restricted Share Unit Activity Outstanding RSUs Weighted average grant date fair value Outstanding at June 30, 2021 — $ — Granted 701,000 0.65 Vested — — Forfeited — — Outstanding at June 30, 2022 701,000 $ 0.65 Granted 630,000 0.30 Vested 350,500 0.65 Forfeited — — Outstanding at March 31, 2023 980,500 $ 0.43 As of March 31, 2023, there was approximately $ 237,002 of unamortized stock-based compensation expense related to outstanding RSUs. The expenses are expected to be recognized over the remaining weighted-average vesting periods of 1.01 years. |
Convertible Debt
Convertible Debt | 9 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Debt | Note 6. Convertible Debt Debt March 31, 2023 June 30, 2022 Current Non-Current Current Non-Current 2019 Secured Convertible Notes $ 4,277,690 — $ — $ 4,277,690 Less: unamortized discount and issuance costs ( 10,608 ) — — ( 55,880 ) $ 4,267,082 $ — $ — $ 4,221,810 In September 2019, the Company completed a private offering of 5,478 Senior Secured Convertible Notes (“2019 Convertible Notes”) at $ 975 per $ 1,000 face amount due in 2023 . Each 2019 Convertible Note will bear an interest rate of 7.5 % per annum, payable semi-annually . The effective interest rate of the 2019 Convertible Notes is 8.46 %. The principal amount of the 2019 Convertible Notes will be convertible at a price of $ 1.00 per share of Paramount common stock. Unamortized discount and issuance costs of $ 275,883 will be amortized as an additional interest expense over the four year term of the 2019 Convertible Notes. For the nine months ended March 31, 2023 and 2022, the Company amortized $ 45,272 of discount and issuance costs. At any point after the second anniversary of the issuance of the convertible notes, Paramount may force conversion if the share price of its common stock remains above $ 1.75 for 20 consecutive trading days. The convertible notes are secured by a lien on all assets of the Company and the Company is required to maintain a cash balance of $ 250,000 . At March 31, 2023 , excluding the current 2019 Secured Convertible Notes, the cash covenant was met by the Company. During the three and nine months ended March 31, 2023 , there were no conversions of 2019 Convertible Notes to common stock of the Company. As of March 31, 2023, there were 4,278 (2022 - 4278 ) notes outstanding of which 660 (2022 - 660 ) were held by related parties. Related parties consisted of a director of the Company and an affiliated shareholder Seabridge Gold Inc. ("Seabridge"). |
Notes Payable, Related Party
Notes Payable, Related Party | 9 Months Ended |
Mar. 31, 2023 | |
Notes Payable [Abstract] | |
Notes Payable, Related Party | Note 7. Notes Payable, Related Party On December 9, 2022, the Company issued a Bridge Promissory Note (the "Note") to Seabridge, an entity affiliated with the Chairman of our Board of Directors, Rudi Fronk, and an owner of approximately 5.5 % of our outstanding common stock, pursuant to which the Company may borrow, in one or more advances, the principal amount of up to $ 1,500,000 (the "Loan"). The Loan bears interest at a per annum rate of 12 %, payable upon maturity or prepayment, and matures on September 30, 2023 . The Company has the right to prepay the Loan, in whole or in part, at any time without penalty. At March 31, 2023, the balance of the loan including accrued interest was $ 1,034,521 . |
Mineral Properties
Mineral Properties | 9 Months Ended |
Mar. 31, 2023 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Properties | Note 8. Mineral Properties The Company has capitalized acquisition costs on mineral properties as follows: March 31, 2023 June 30, 2022 Sleeper and other Nevada based Projects $ 28,537,145 $ 28,507,145 Grassy Mountain and other Oregon based Projects 23,285,728 23,235,728 $ 51,822,873 $ 51,742,873 Sleeper: Sleeper is located in Humboldt County, Nevada, approximately 26 miles northwest of the town of Winnemucca. Grassy Mountain: The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho. Other Oregon Based Projects During the nine month period ended March 31, 2023, the Company made a payment to Nevada Select Royalty Inc. ("Nevada Select") in the amount of $ 50,000 on the anniversary date of receiving a drill permit for the Frost Project. See Note 12 for a description of the Frost Project. Other Nevada Based Projects During the nine month period ended March 31, 2023, the Company made a payment to Nevada Select in the amount of $ 30,000 after Paramount received a permit to drill the Bald Peak claims from the US Forestry Service. See Note 12 for a description of the Bald Peak claims. Impairment of Mineral Properties The Company reviews and evaluates its long-lived assets for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. For the nine months ended March 31, 2023 and 2022, no events or changes in circumstance are believed to have impacted recoverability of the Company’s long-lived assets. Accordingly, it was determined that no interim impairment was necessary. |
Reclamation and Environmental
Reclamation and Environmental | 9 Months Ended |
Mar. 31, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Environmental | Note 9. Reclamation and Environmental Reclamation and environmental costs are based principally on legal requirements. Management estimates costs associated with reclamation of mineral properties and properties under mine closure. On an ongoing basis the Company evaluates its estimates and assumptions; however, actual amounts could differ from those based on estimates and assumptions. The Company has posted several cash bonds as financial security to satisfy reclamation requirements. The balance of posted cash reclamation bonds at March 31, 2023 is $ 499,476 ( June 30, 2022 - $ 498,276 ). Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the Bureau of Land Management ("BLM") and the Nevada State Department of Environmental Protection (“NDEP”). Paramount has estimated the undiscounted reclamation costs for existing disturbances at the Sleeper Gold Project required by the BLM to be $ 3,639,771 . These costs are expected to be incurred between the calendar years 2023 and 2060. Paramount has also estimated undiscounted reclamation cost as required by the NDEP to be $ 5,280,000 . These costs include on-going monitoring and new requests from the NDEP to convert three processing ponds from the historical operations to evaporation cell ponds ("E-Cell") by the 2nd half of calendar year 2023. On-going monitoring costs are expected to be incurred between 2023 and 2039. The sum of expected costs by year are discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement to the time it incurs the obligation. The reclamation and environmental costs for the Sleeper Gold Project recorded on the balance sheet are equal to the present value of the estimated reclamation costs as required by both the BLM and NDEP. The following variables were used in the calculation for the periods ending March 31, 2023 and June 30, 2022: Nine Months Ended Year Ended June 30, 2022 Weighted-average credit adjusted risk free rate 9.94 % 9.94 % Weighted-average inflation rate 2.32 % 2.32 % Changes to the Company’s reclamation and environmental costs for the Sleeper Gold Mine for the nine-month period ended March 31, 2023 and the year ended June 30, 2022 are as follows: Nine Months Ended Year Ended June 30, 2022 Balance at beginning of period $ 4,475,270 $ 1,849,644 Accretion expense 334,683 183,693 Additions and change in estimates — 2,475,169 Settlements ( 90,000 ) ( 33,236 ) Balance at end of period $ 4,719,953 $ 4,475,270 The balance of the reclamation and environmental obligation of $ 4,719,953 at March 31, 2023 (June 30, 2022 - $ 4,475,270 ) is comprised of a current portion of $ 3,120,000 (June 30, 2022 -$ 120,000 ) and a non-current portion of $ 1,599,953 (June 30, 2022 - $ 4,355,270 ). During the period ended March 31, 2023, the Company, reallocated $ 3,000,000 from the non-current portion of the reclamation and environmental obligation to the current portion to reflect the requirement from NDEP to complete E-Cell conversions within the next twelve months. The Company recorded an accretion expense for the three and nine-month period ended March 31, 2023 of $ 111,561 and $ 334,683 , respectively (2022 - $ 45,969 and $ 137,907 ). |
Other Income
Other Income | 9 Months Ended |
Mar. 31, 2023 | |
Component of Operating Income [Abstract] | |
Other Income | Note 10. Other Income The Company’s other income details for the three and nine-months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 Nine Months Ended Three Months Ended Nine Months Ended Re-imbursement of reclamation costs $ 47,123 $ 87,431 $ 210,672 $ 321,113 Leasing of water rights to third party — 5,975 — 5,858 Total $ 47,123 $ 93,406 $ 210,672 $ 326,971 |
Segmented Information
Segmented Information | 9 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segmented Information | Note 11. Segmented Information Segmented information has been compiled based on the material mineral properties in which the Company performs exploration activities. Expenses and mineral property carrying values by material project for the three and nine months ended March 31, 2023: Exploration Land Holding Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Mineral Properties at March 31, 2023 Sleeper Gold Project and other Nevada based Projects $ 182,626 $ 794,402 $ 118,765 $ 360,206 $ 28,537,145 Grassy Mountain Project and other Oregon based Projects 414,689 1,107,910 38,378 115,135 23,285,728 $ 597,315 $ 1,902,312 $ 157,143 $ 475,341 $ 51,822,873 Expenses for the three and nine-months ended March 31, 2022 and mineral property carrying values at June 30, 2022 by material project: Exploration Land Holding Three Months Ended Nine Months Ended March 31, 2022 Three Months Ended Nine Months Ended March 31, 2022 Mineral Properties As at June 30, 2022 Sleeper Gold Project and other Nevada based Projects $ 244,296 $ 1,228,241 $ 124,633 $ 362,081 $ 28,507,145 Grassy Mountain Project and other Oregon based Projects 305,072 2,485,794 38,378 115,257 23,235,728 $ 549,368 $ 3,714,035 $ 163,011 $ 477,338 $ 51,742,873 Additional operating expenses incurred by the Company are treated as corporate overhead with the exception of accretion expense which is discussed in Note 8. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Other Commitments Paramount has an agreement to acquire 44 mining claims (“Cryla Claims”) covering 589 acres located immediately to the west of the proposed Grassy Mountain site from Cryla LLC. Paramount is obligated to make annual lease payments of $ 60,000 per year until 2033 with an option to purchase the Cryla Claims for $ 560,000 at any time. The term of the agreement is 25 years and commenced in 2018. In the event Paramount exercises its option to acquire the Cryla Claims, all annual payments shall be credited against a production royalty that will be based on a prevailing price of the metals produced from the Cryla Claims. The royalty rate ranges between 2 % and 4 % based on the daily price of gold. The agreement with Cryla can be terminated by Paramount at any time. All lease payments under the agreement are up-to-date and no other payments were made during the three and nine month periods ended March 31, 2023. The Cryla Claims are without known mineral reserves and there is no current exploratory work being performed. Paramount has an agreement with Nevada Select Royalty to purchase 100 % of the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project. 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. For the three and nine-month periods ended March 31, 2023, the Company made a payment of $ 50,000 and all required payments under the agreement are up-to-date. The Frost Claims are without known mineral reserves. The Company has an agreement with Nevada Select to purchase the Bald Peak mining claims in the States of Nevada and California for a total consideration of $ 300,000 . Payments under the agreement will be based on achieving certain events over time. Upon signing the agreement Paramount made a payment to Nevada Select of $ 20,000 . During the nine-month period ended March 31, 2023, a payment was made to Nevada Select for $ 30,000 after the Company received a drill permit from the US Forestry Service. All payments under the agreement are up to date as of March 31, 2023. The Bald Peak Claims are without known mineral reserves. Seabridge Gold Inc. ("Seabridge") holds a Net Profit Interest ("NPI") put option in which during the 30-day period immediately following the day that the Company has delivered notice to Seabridge that a positive production decision has been made and construction financing has been secured with respect to the Grassy Mountain Project, Seabridge may cause the Company to purchase the NPI for CDN$ 10,000,000 . If Seabridge exercises the right to cause the Company to purchase the NPI, the Company would likely need to seek additional equity or other financing to fund the purchase, which financing may not be available to the Company on favorable terms or at all. As of March 31, 2023, Seabridge holds approximately 5.5 % of the outstanding common stock of the Company and three members of Paramount's board of directors are either officers or directors of Seabridge. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events Subsequent to the period end, the Company sold 5,536,790 shares under its at the market program for gross proceeds of $ 1,929,613 . The Company also borrowed $ 500,000 from Seabridge pursuant to the Note described in Note 7. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Preparation | Basis of Presentation and Preparation The unaudited condensed consolidated interim financial statements are prepared by management in accordance with accounting principles for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included. The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with U.S. GAAP, are presented in US dollars and follow the same accounting policies and methods of their application as the most recent annual financial statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. The condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes for the year ended June 30, 2022. |
Significant Accounting Policies | Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2022 10-K. |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity Under Stock Incentive and Compensation Plans | A summary of stock option activity under the Stock Incentive and Compensation Plans as of March 31, 2023 is presented below: Options Options Weighted Price Weighted- Aggregate Value Outstanding at June 30, 2021 1,998,995 $ 1.17 3.31 $ — Granted — — — — Exercised — — — — Forfeited or expired ( 190,000 ) 1.42 1.48 — Outstanding at June 30, 2022 1,808,995 $ 1.14 2.42 $ — Granted 50,000 0.60 4.75 — Exercised — — — — Forfeited or expired ( 303,995 ) 1.40 — — Outstanding at March 31, 2023 1,555,000 $ 1.08 2.11 $ — Exercisable at March 31, 2023 1,096,664 $ 1.08 2.09 $ — |
Summary of Status of Non-Vested Options | A summary of the status of Paramount’s non-vested options as at March 31, 2023 is presented below: Non-vested Options Options Weighted- Grant- Non-vested at June 30, 2021 1,033,998 $ 0.55 Granted — — Vested ( 288,332 ) 0.53 Forfeited or expired ( 88,333 ) 0.73 Non-vested at June 30, 2022 657,333 $ 0.55 Granted 50,000 0.19 Vested ( 95,002 ) 0.28 Forfeited or expired ( 153,995 ) 0.74 Non-vested at March 31, 2023 458,336 $ 0.47 |
Summary of RSUs Activity | A summary of RSUs activity is summarized as follows: Restricted Share Unit Activity Outstanding RSUs Weighted average grant date fair value Outstanding at June 30, 2021 — $ — Granted 701,000 0.65 Vested — — Forfeited — — Outstanding at June 30, 2022 701,000 $ 0.65 Granted 630,000 0.30 Vested 350,500 0.65 Forfeited — — Outstanding at March 31, 2023 980,500 $ 0.43 |
Black-Scholes option valuation model | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Fair Value of Options Calculated Using Black-Scholes Option Valuations Method | The fair value for options granted for the nine months ended March 31, 2023 was calculated using the Black-Scholes option valuations method. The weighted average assumptions used were as follows: Nine Months Ended March 31, 2023 Nine Months Ended March 31, 2022 Weighted average risk-free interest rate 2.79 % N/A Weighted-average volatility 58 % N/A Expected dividends 0 N/A Weighted average expected term (years) 5 N/A Weighted average fair value $ 0.19 N/A |
Convertible Debt (Tables)
Convertible Debt (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | Debt March 31, 2023 June 30, 2022 Current Non-Current Current Non-Current 2019 Secured Convertible Notes $ 4,277,690 — $ — $ 4,277,690 Less: unamortized discount and issuance costs ( 10,608 ) — — ( 55,880 ) $ 4,267,082 $ — $ — $ 4,221,810 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Mineral Industries Disclosures [Abstract] | |
Capitalized Acquisition Costs on Mineral Properties | The Company has capitalized acquisition costs on mineral properties as follows: March 31, 2023 June 30, 2022 Sleeper and other Nevada based Projects $ 28,537,145 $ 28,507,145 Grassy Mountain and other Oregon based Projects 23,285,728 23,235,728 $ 51,822,873 $ 51,742,873 |
Reclamation and Environmental (
Reclamation and Environmental (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Variables of Weighted Average | The following variables were used in the calculation for the periods ending March 31, 2023 and June 30, 2022: Nine Months Ended Year Ended June 30, 2022 Weighted-average credit adjusted risk free rate 9.94 % 9.94 % Weighted-average inflation rate 2.32 % 2.32 % |
Changes to Reclamation and Environmental Costs | Changes to the Company’s reclamation and environmental costs for the Sleeper Gold Mine for the nine-month period ended March 31, 2023 and the year ended June 30, 2022 are as follows: Nine Months Ended Year Ended June 30, 2022 Balance at beginning of period $ 4,475,270 $ 1,849,644 Accretion expense 334,683 183,693 Additions and change in estimates — 2,475,169 Settlements ( 90,000 ) ( 33,236 ) Balance at end of period $ 4,719,953 $ 4,475,270 |
Other Income (Tables)
Other Income (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Component of Operating Income [Abstract] | |
Other Income Details | The Company’s other income details for the three and nine-months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 Nine Months Ended Three Months Ended Nine Months Ended Re-imbursement of reclamation costs $ 47,123 $ 87,431 $ 210,672 $ 321,113 Leasing of water rights to third party — 5,975 — 5,858 Total $ 47,123 $ 93,406 $ 210,672 $ 326,971 |
Segmented Information (Tables)
Segmented Information (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Expenses and Mineral Property Carrying Values by Material Project | Expenses and mineral property carrying values by material project for the three and nine months ended March 31, 2023: Exploration Land Holding Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Mineral Properties at March 31, 2023 Sleeper Gold Project and other Nevada based Projects $ 182,626 $ 794,402 $ 118,765 $ 360,206 $ 28,537,145 Grassy Mountain Project and other Oregon based Projects 414,689 1,107,910 38,378 115,135 23,285,728 $ 597,315 $ 1,902,312 $ 157,143 $ 475,341 $ 51,822,873 Expenses for the three and nine-months ended March 31, 2022 and mineral property carrying values at June 30, 2022 by material project: Exploration Land Holding Three Months Ended Nine Months Ended March 31, 2022 Three Months Ended Nine Months Ended March 31, 2022 Mineral Properties As at June 30, 2022 Sleeper Gold Project and other Nevada based Projects $ 244,296 $ 1,228,241 $ 124,633 $ 362,081 $ 28,507,145 Grassy Mountain Project and other Oregon based Projects 305,072 2,485,794 38,378 115,257 23,235,728 $ 549,368 $ 3,714,035 $ 163,011 $ 477,338 $ 51,742,873 Additional operating expenses incurred by the Company are treated as corporate overhead with the exception of accretion expense which is discussed in Note 8. |
Going Concern - Additional Info
Going Concern - Additional Information (Details) $ in Millions | 9 Months Ended |
Mar. 31, 2023 USD ($) | |
Product Information [Line Items] | |
2019 Secured Convertible Notes, Non-Current | $ 5.3 |
Sleeper Gold Project | |
Product Information [Line Items] | |
Reclamation and environmental obligations | $ 3 |
Non-Cash Transactions - Additio
Non-Cash Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Nonmonetary Transaction [Line Items] | ||||
Shares of common stock issued under equity compensation plans | 425,500 | 266,000 | 425,500 | 266,000 |
Fair value of shares issued for equity compensation plans | $ 142,650 | $ 170,240 | ||
Interest Accrued | ||||
Nonmonetary Transaction [Line Items] | ||||
Number of shares issued | 799,613 | 404,584 | ||
Fair value of shares issued | $ 320,826 | $ 324,055 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Capital stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||
Capital stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Shares of common stock issued under equity compensation plans | 425,500 | 266,000 | 425,500 | 266,000 | |
Options, Granted | 50,000 | ||||
Stock based compensation | $ 93,260 | $ 231,629 | $ 278,346 | $ 318,840 | |
Total unamortized compensation cost related to non-vested share based compensation | 10,204 | $ 10,204 | |||
Expected weighted-average period of unrecognized compensation cost | 1 year 2 months 4 days | ||||
Total fair value of share based compensation arrangements vested | 16,873 | $ 0 | |||
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unamortized compensation cost related to non-vested share based compensation | $ 237,002 | $ 237,002 | |||
Expected weighted-average period of unrecognized compensation cost | 1 year 3 days | ||||
Restricted stock units, Granted | 630,000 | 701,000 | 630,000 | 701,000 | |
Service Condition | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation | $ 0 | $ 1,405 | $ 12,021 | 49,455 | |
Service Condition | Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation | 43,896 | 0 | 117,116 | 0 | |
Performance Condition | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation | 2,856 | 5,462 | 9,689 | 41,962 | |
Performance Condition | Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation | $ 28,262 | $ 0 | $ 116,971 | $ 0 | |
Senior Management | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average remaining contractual term (in years), grants | 5 years | ||||
Exercise price of options granted | $ 0.60 | ||||
Options, Granted | 0 | 0 | 50,000 | 0 | |
2015 and 2016 Stock Incentive and Compensation Plans | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average remaining contractual term (in years), grants | 5 years | ||||
2015 and 2016 Stock Incentive and Compensation Plans | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of options and shares available for grant to employees and directors | 3,500,000 | 3,500,000 | |||
Shares Average Price of $1.16 | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Aggregate number of units issued (in shares) | 938,658 | 5,465,330 | 1,393,667 | 7,766,388 | |
Proceeds from issuance of common stock and warrants | $ 315,175 | $ 4,316,005 | $ 473,688 | $ 6,214,480 | |
Accrued Interest | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Aggregate number of units issued (in shares) | 458,316 | 235,894 | 799,613 | 404,584 | |
Fair value of shares issued | $ 160,413 | $ 160,413 | $ 320,826 | $ 324,055 |
Capital Stock - Schedule of Fai
Capital Stock - Schedule of Fair Value of Options Calculated Using Black-Scholes Option Valuations Method (Details) - Black-Scholes option valuation model | 9 Months Ended |
Mar. 31, 2023 $ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average risk-free interest rate | 2.79% |
Weighted-average volatility | 58% |
Expected dividends | $ 0 |
Weighted average expected term (years) | 5 years |
Weighted average fair value | $ 0.19 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Option Activity Under Stock Incentive and Compensation Plans (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Shares [Abstract] | |||
Options, Granted | 50,000 | ||
Stock Options | |||
Shares [Abstract] | |||
Options, Outstanding, Beginning balance | 1,808,995 | 1,998,995 | |
Options, Granted | 50,000 | ||
Options, Forfeited or expired | (303,995) | (190,000) | |
Options, Outstanding, Ending balance | 1,555,000 | 1,808,995 | 1,998,995 |
Options, Exercisable at March 31, 2023 | 1,096,664 | ||
Weighted-Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Options, Outstanding, Beginning balance | $ 1.14 | $ 1.17 | |
Weighted Average Exercise Price, Options, Granted | 0.60 | ||
Weighted Average Exercise Price, Options, Forfeited or expired | 1.40 | 1.42 | |
Weighted Average Exercise Price, Options, Outstanding, Ending balance | 1.08 | $ 1.14 | $ 1.17 |
Weighted Average Exercise Price, Options, Exercisable at March 31, 2023 | $ 1.08 | ||
Weighted Average Remaining Contractual Term (Years), Options, Outstanding | 2 years 1 month 9 days | 2 years 5 months 1 day | 3 years 3 months 21 days |
Weighted Average Remaining Contractual Term (Years), Options, Granted | 4 years 9 months | ||
Weighted Average Remaining Contractual Term (Years), Options, Forfeited or expired | 1 year 5 months 23 days | ||
Weighted Average Remaining Contractual Term (Years), Options, Exercisable at March 31, 2023 | 2 years 1 month 2 days |
Capital Stock - Summary of Stat
Capital Stock - Summary of Status of Non-Vested Options (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Options [Abstract] | ||
Non-vested Options, Beginning balance | 657,333 | 1,033,998 |
Non-vested Options, Granted | 50,000 | |
Non-vested Options, Vested | (95,002) | (288,332) |
Non-vested Options, Forfeited or expired | (153,995) | (88,333) |
Non-vested Options, Ending balance | 458,336 | 657,333 |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Non-vested Weighted Average Grant Date Fair Value, Beginning balance | $ 0.55 | $ 0.55 |
Non-vested Weight Average Grant Date Fair Value, Granted | 0.19 | |
Non-vested Weighted Average Grant Date Fair Value, Vested | 0.28 | 0.53 |
Non-vested Weighted Average Grant Date Fair Value, Forfeited or expired | 0.74 | 0.73 |
Non-vested Weighted Average Grant Date Fair Value, Ending balance | $ 0.47 | $ 0.55 |
Capital Stock - Summary of RSUs
Capital Stock - Summary of RSUs Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Outstanding RSUs, Beginning Balance | 701,000 | |||
Outstanding RSUs, Granted | 630,000 | 701,000 | 630,000 | 701,000 |
Outstanding RSUs, Vested | 350,500 | |||
Outstanding RSUs, Ending Balance | 980,500 | 980,500 | 701,000 | |
Outstanding RSUs, Weighted average grant date fair value, Beginning Balance | $ 0.65 | |||
Outstanding RSUs, Weighted average grant date fair value, Granted | 0.30 | $ 0.65 | ||
Outstanding RSUs, Weighted average grant date fair value, Vested | 0.65 | |||
Outstanding RSUs, Weighted average grant date fair value, Ending Balance | $ 0.43 | $ 0.43 | $ 0.65 |
Convertible Debt - Summary of C
Convertible Debt - Summary of Convertible Debt (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Debt Instrument [Line Items] | ||
2019 Secured Convertible Notes, Non-Current | $ 5,300,000 | |
2019 Secured Convertible Notes | ||
Debt Instrument [Line Items] | ||
2019 Secured Convertible Notes, Current | 4,277,690 | |
Less: unamortized discount and issuance costs, Current | (10,608) | |
Current Debt | $ 4,267,082 | |
2019 Secured Convertible Notes, Non-Current | $ 4,277,690 | |
Less: unamortized discount and issuance costs, Non-Currrent | (55,880) | |
Non-Current Debt | $ 4,221,810 |
Convertible Debt - Additional I
Convertible Debt - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 USD ($) $ / shares | Mar. 31, 2023 USD ($) ConvertibleNote | Mar. 31, 2023 USD ($) ConvertibleNote Days $ / shares | Mar. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Amortization of debt discount and issuance costs | $ 45,272 | $ 45,272 | ||
2019 Secured Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount of convertible notes | $ 5,478 | |||
Agreed sale price of note | 975 | |||
Principal amount per notes | $ 1,000 | |||
Convertible notes due period | 2023 | |||
Convertible senior notes interest rate | 7.50% | |||
Convertible note, interest payment | semi-annually | |||
Conversion price | $ / shares | $ 1 | |||
Amortization of debt discount and issuance costs | $ 275,883 | $ 45,272 | 45,272 | |
Amortization of debt discount interest expense term | 4 years | |||
Debt instrument, covenant description | At any point after the second anniversary of the issuance of the convertible notes, Paramount may force conversion if the share price of its common stock remains above $1.75 for 20 consecutive trading days. The convertible notes are secured by a lien on all assets of the Company and the Company is required to maintain a cash balance of $250,000. At March 31, 2023, excluding the current 2019 Secured Convertible Notes, the cash covenant was met by the Company. | |||
Debt instrument, interest rate, effective percentage | 8.46% | |||
Convertible note, stock price trigger (in dollars per share) | $ / shares | $ 1.75 | |||
Threshold consecutive trading days for convertible debt | Days | 20 | |||
Convertible note, covenant cash balance | $ 250,000 | $ 250,000 | ||
Number of senior secured convertible notes converted | ConvertibleNote | 0 | 0 | ||
Notes outstanding | $ 4,278 | $ 4,278 | 4,278 | |
Notes held by related parties | $ 660 | $ 660 | $ 660 |
Notes Payable, Related Party -
Notes Payable, Related Party - Additional Information (Details) - Seabridge Gold Inc. - USD ($) | 9 Months Ended | |
Dec. 09, 2022 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||
Percentage of outstanding common stock | 5.50% | |
Notes Payable | Bridge Promissory Note | ||
Debt Instrument [Line Items] | ||
Interest rate of loan | 12% | |
Debt instrument, maturity description | The Loan bears interest at a per annum rate of 12%, payable upon maturity or prepayment, and matures on September 30, 2023. | |
Loan maturity date | Sep. 30, 2023 | |
Balance of loan including accrued interest | $ 1,034,521 | |
Notes Payable | Bridge Promissory Note | Maximum | ||
Debt Instrument [Line Items] | ||
Principal amount of loan | $ 1,500,000 | |
Rudi Fronk | ||
Debt Instrument [Line Items] | ||
Percentage of outstanding common stock | 5.50% |
Mineral Properties - Capitalize
Mineral Properties - Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 51,822,873 | $ 51,742,873 |
Sleeper and Other Nevada Based Projects | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | 28,537,145 | 28,507,145 |
Grassy Mountain and Other Oregon Based Projects | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 23,285,728 | $ 23,235,728 |
Mineral Properties - Additional
Mineral Properties - Additional Information (Details) - Nevada | 9 Months Ended |
Mar. 31, 2023 USD ($) | |
Mineral Properties [Line Items] | |
Related party transaction, payments made | $ 30,000 |
Frost Project | |
Mineral Properties [Line Items] | |
Related party transaction, payments made | $ 50,000 |
Reclamation and Environmental -
Reclamation and Environmental - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Site Contingency [Line Items] | ||||||
Commutation account and reclamation bonds | $ 499,476 | $ 499,476 | $ 498,276 | |||
Reclamation and environmental obligation | 4,719,953 | 4,719,953 | 4,475,270 | $ 1,849,644 | ||
Reclamation and environmental obligation, current | 3,120,000 | 3,120,000 | 120,000 | |||
Reclamation and environmental obligation, noncurrent | 1,599,953 | 1,599,953 | $ 4,355,270 | |||
Non current portion of reclamation and environmental obligation reallocated | 3,000,000 | 3,000,000 | ||||
Accretion expense | 111,561 | $ 45,969 | 334,683 | $ 137,907 | ||
Sleeper Gold Project | ||||||
Site Contingency [Line Items] | ||||||
Undiscounted estimate of reclamation costs | 3,639,771 | 3,639,771 | ||||
Sleeper Gold Project | NDEP | ||||||
Site Contingency [Line Items] | ||||||
Undiscounted estimate of reclamation costs | $ 5,280,000 | $ 5,280,000 |
Reclamation and Environmental_2
Reclamation and Environmental - Schedule of Variables of Weighted Average (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Environmental Remediation Obligations [Abstract] | ||
Weighted-average credit adjusted risk free rate | 9.94% | 9.94% |
Weighted-average inflation rate | 2.32% | 2.32% |
Reclamation and Environmental_3
Reclamation and Environmental - Changes to Reclamation and Environmental Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Balance at beginning of period | $ 4,475,270 | $ 1,849,644 | $ 1,849,644 | ||
Accretion expense | $ 111,561 | $ 45,969 | 334,683 | $ 137,907 | 183,693 |
Additions and change in estimates | 2,475,169 | ||||
Settlements | (90,000) | (33,236) | |||
Balance at end of period | $ 4,719,953 | $ 4,719,953 | $ 4,475,270 |
Other Income - Other Income Det
Other Income - Other Income Details (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Component of Operating Income [Abstract] | ||||
Re-imbursement of reclamation costs | $ 47,123 | $ 210,672 | $ 87,431 | $ 321,113 |
Leasing of water rights to third party | 5,975 | 5,858 | ||
Total | $ 47,123 | $ 210,672 | $ 93,406 | $ 326,971 |
Segmented Information - Schedul
Segmented Information - Schedule of Expenses and Mineral Property Carrying Values by Material Project (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | $ 597,315 | $ 549,368 | $ 1,902,312 | $ 3,714,035 | |
Land Holding Costs | 157,143 | 163,011 | 475,341 | 477,338 | |
Mineral properties, net | 51,822,873 | 51,822,873 | $ 51,742,873 | ||
Sleeper Gold Project and other Nevada based Projects | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 182,626 | 244,296 | 794,402 | 1,228,241 | |
Land Holding Costs | 118,765 | 124,633 | 360,206 | 362,081 | |
Mineral properties, net | 28,537,145 | 28,537,145 | 28,507,145 | ||
Grassy Mountain Project and other Oregon based Projects | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 414,689 | 305,072 | 1,107,910 | 2,485,794 | |
Land Holding Costs | 38,378 | $ 38,378 | 115,135 | $ 115,257 | |
Mineral properties, net | $ 23,285,728 | $ 23,285,728 | $ 23,235,728 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 USD ($) a | Mar. 31, 2023 USD ($) a MiningClaim | Mar. 31, 2023 CAD ($) MiningClaim | |
Seabridge Gold Inc. | |||
Commitments And Contingencies [Line Items] | |||
Percentage of outstanding common stock | 5.50% | 5.50% | |
Nevada | |||
Commitments And Contingencies [Line Items] | |||
Total consideration payable | $ 300,000 | $ 300,000 | |
Total consideration paid | 20,000 | ||
Related party transaction, payments made | $ 30,000 | ||
Grassy Mountain Project | |||
Commitments And Contingencies [Line Items] | |||
Number of mining fields | MiningClaim | 44 | 44 | |
Area covered by mining claims | a | 589 | 589 | |
Annual lease payment, year one | $ 60,000 | $ 60,000 | |
Option to purchase mining claims, price | $ 560,000 | ||
Term of the agreement | 25 years | 25 years | |
Operating lease, payments | $ 0 | $ 0 | |
Grassy Mountain Project | Seabridge Gold Inc. | |||
Commitments And Contingencies [Line Items] | |||
Payment to purchase net profit interest | $ 10,000,000 | ||
Grassy Mountain Project | Minimum | |||
Commitments And Contingencies [Line Items] | |||
Royalty rate | 2% | 2% | |
Grassy Mountain Project | Maximum | |||
Commitments And Contingencies [Line Items] | |||
Royalty rate | 4% | 4% | |
Frost Project | Nevada | |||
Commitments And Contingencies [Line Items] | |||
Total consideration paid | $ 50,000 | $ 50,000 | |
Related party transaction, payments made | $ 50,000 | ||
Frost Project | Nevada | |||
Commitments And Contingencies [Line Items] | |||
Number of mining fields | MiningClaim | 40 | 40 | |
Percentage of mining claim rights acquired | 100% | 100% | |
Total consideration payable | $ 250,000 | $ 250,000 | |
Percentage of Net Smelter Royalty | 2% | 2% | |
Rate of right to reduce net smelter royalty by parent | 1% | 1% | |
Payment to reduce NSR by parent | $ 1,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Apr. 01, 2023 | Mar. 31, 2023 | Jun. 30, 2022 |
Subsequent Event [Line Items] | |||
Common stock, shares issued | 49,209,951 | 46,591,081 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock, shares issued | 5,536,790 | ||
Proceeds from issuance of equity | $ 1,929,613 | ||
Subsequent Event | Bridge Promissory Note | Seabridge Gold Inc. | |||
Subsequent Event [Line Items] | |||
Notes Borrowed | $ 500,000 |