Paramount Gold Nevada (PZG) 10-Q 12 Feb 25 2025 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2024	Feb. 10, 2025
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	2025
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
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		67,602,688

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2024	Jun. 30, 2024
Current Assets
Cash and cash equivalents	$ 3,405,400	$ 5,423,059
Prepaid expenses and deposits	779,615	1,319,743
Total Current Assets	4,185,015	6,742,802
Non-Current Assets
Mineral properties	49,119,413	49,069,413
Reclamation bonds	546,176	546,176
Property and equipment	10,475	3,221
Total Non-Current Assets	49,676,064	49,618,810
Total Assets	53,861,079	56,361,612
Current Liabilities
Accounts payable and accrued liabilities	348,108	563,806
Reclamation and environmental obligation, current portion	120,000	120,000
Total Current Liabilities	468,108	683,806
Non-Current Liabilities
Debt liability of royalty convertible debenture, net	11,543,534	11,456,523
Derivative liability of royalty convertible debenture	3,806,160	3,642,105
Deferred tax liability	273,450	273,450
Reclamation and environmental obligation, non-current portion	2,224,462	2,150,288
Total Non-Current Liabilities	17,847,606	17,522,366
Total Liabilities	18,315,714	18,206,172
Commitments and Contingencies (Note 11)
Stockholders' Equity
Common stock, par value $0.01, 200,000,000 authorized shares, 67,421,774 issued and outstanding at December 31, 2024 and 200,000,000 authorized shares, 65,044,305 issued and outstanding at June 30, 2024	674,218	650,444
Additional paid in capital	120,853,013	119,883,235
Accumulated deficit	(85,981,866)	(82,378,239)
Total Stockholders' Equity	35,545,365	38,155,440
Total Liabilities and Stockholders' Equity	$ 53,861,079	$ 56,361,612

Condensed Consolidated Interi_2

Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2024	Jun. 30, 2024
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	67,421,774	65,044,305
Common stock, shares outstanding	67,421,774	65,044,305

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Expenses
Exploration and development	$ 377,112	$ 304,033	$ 772,410	$ 817,127
Reclamation	16,420	1,469,897	70,357	2,216,593
Land holding costs	186,389	157,143	352,954	314,287
Professional fees	85,234	98,315	257,231	153,567
Salaries and benefits	280,711	259,194	569,191	538,790
Directors' compensation	48,447	28,951	99,978	57,984
General and administrative	178,949	184,727	367,260	321,866
Accretion	45,619	110,558	134,174	221,117
Total Expenses	1,218,881	2,612,818	2,623,555	4,641,331
Net Loss Before Other Expense	1,218,881	2,612,818	2,623,555	4,641,331
Other Expense (Income)
Other income	0	(1,217,131)	(6,217)	(1,302,813)
Change in derivative liability on royalty convertible debenture	400,144		164,055
Interest expense	426,840	178,872	853,680	310,201
Interest income	(14,376)		(31,446)
Net Loss	$ 2,031,489	$ 1,574,559	$ 3,603,627	$ 3,648,719
Loss per Common Share
Basic	$ 0.03	$ 0.03	$ 0.05	$ 0.06
Diluted	$ 0.03	$ 0.03	$ 0.05	$ 0.06
Weighted Average Number of Common Shares Used in Per Share Calculations
Basic	66,190,772	59,077,284	65,682,815	57,688,376
Diluted	66,190,772	59,077,284	65,682,815	57,688,376

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Jun. 30, 2023	$ 42,839,833	$ 548,124	$ 116,613,503	$ (74,321,794)
Balance (in shares) at Jun. 30, 2023		54,812,248
Stock based compensation	66,684	$ 0	66,684
Stock based compensation (in shares)		0
Capital issued for financing	1,088,528	$ 35,153	1,053,375
Capital issued for financing (in shares)		3,515,257
Capital issued for payment of interest	160,413	$ 5,531	154,882
Capital issued for payment of interest (in shares)		553,141
Net loss	(2,074,160)			(2,074,160)
Balance at Sep. 30, 2023	42,081,298	$ 588,808	117,888,444	(76,395,954)
Balance (in shares) at Sep. 30, 2023		58,880,646
Balance at Jun. 30, 2023	42,839,833	$ 548,124	116,613,503	(74,321,794)
Balance (in shares) at Jun. 30, 2023		54,812,248
Net loss	(3,648,719)
Balance at Dec. 31, 2023	40,784,718	$ 596,855	118,158,376	(77,970,513)
Balance (in shares) at Dec. 31, 2023		59,685,334
Balance at Sep. 30, 2023	42,081,298	$ 588,808	117,888,444	(76,395,954)
Balance (in shares) at Sep. 30, 2023		58,880,646
Stock based compensation	43,431		43,431
Capital issued for financing	52,124	$ 2,463	49,661
Capital issued for financing (in shares)		246,258
Capital issued for payment of interest	182,424	$ 5,584	176,840
Capital issued for payment of interest (in shares)		558,430
Net loss	(1,574,559)			(1,574,559)
Balance at Dec. 31, 2023	40,784,718	$ 596,855	118,158,376	(77,970,513)
Balance (in shares) at Dec. 31, 2023		59,685,334
Balance at Jun. 30, 2024	$ 38,155,440	$ 650,444	119,883,235	(82,378,239)
Balance (in shares) at Jun. 30, 2024	65,044,305	65,044,305
Stock based compensation	$ 62,205		62,205
Capital issued for financing	46,358	$ 1,149	45,209
Capital issued for financing (in shares)		114,918
Capital issued for payment of interest	383,334	$ 8,989	374,345
Capital issued for payment of interest (in shares)		898,888
Net loss	(1,572,138)			(1,572,138)
Balance at Sep. 30, 2024	37,075,199	$ 660,582	120,364,994	(83,950,377)
Balance (in shares) at Sep. 30, 2024		66,058,111
Balance at Jun. 30, 2024	$ 38,155,440	$ 650,444	119,883,235	(82,378,239)
Balance (in shares) at Jun. 30, 2024	65,044,305	65,044,305
Net loss	$ (3,603,627)
Balance at Dec. 31, 2024	$ 35,545,365	$ 674,218	120,853,013	(85,981,866)
Balance (in shares) at Dec. 31, 2024	67,421,774	67,421,774
Balance at Sep. 30, 2024	$ 37,075,199	$ 660,582	120,364,994	(83,950,377)
Balance (in shares) at Sep. 30, 2024		66,058,111
Stock based compensation	60,451		60,451
Capital issued for financing	57,870	$ 1,371	56,499
Capital issued for financing (in shares)		137,134
Capital issued for payment of interest	383,334	$ 12,265	371,069
Capital issued for payment of interest (in shares)		1,226,529
Net loss	(2,031,489)			(2,031,489)
Balance at Dec. 31, 2024	$ 35,545,365	$ 674,218	$ 120,853,013	$ (85,981,866)
Balance (in shares) at Dec. 31, 2024	67,421,774	67,421,774

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Statement of Cash Flows [Abstract]
Net Loss			$ (3,603,627)	$ (3,648,719)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation			1,844	683
Stock based compensation			122,656	110,115
Amortization of debt issuance costs			87,011	4,862
Non-cash interest expense			766,668	312,875
Accretion expense	$ 45,619	$ 110,558	134,174	221,117	$ 442,234
Settlement of asset retirement obligations			(60,000)	(60,000)
Change in derivative liability	400,144		164,055
Effect of changes in operating working capital items:
Change in prepaid expenses			540,128	660,825
Change in accounts payable			(215,698)	871,223
Cash used in operating activities			(2,062,789)	(1,527,019)
Cash flows from investing activities:
Purchase of mineral properties			(50,000)	(50,000)
Purchase of equipment			(9,098)
Cash used in investing activities			(59,098)	(50,000)
Cash flows from financing activities:
Capital issued for financing, net of share issuance costs			104,228	1,140,652
Proceeds from royalty convertible debenture				15,000,000
Royalty convertible debenture issuance costs				(870,111)
Repayment of 2019 convertible notes				(4,277,690)
Repayment of notes payable, related parties				(1,667,833)
Cash provided by financing activities			104,228	9,325,018
Change in cash during period			(2,017,659)	7,747,999
Cash at beginning of period			5,423,059	824,920	824,920
Cash at end of period	$ 3,405,400	$ 8,572,919	$ 3,405,400	$ 8,572,919	$ 5,423,059

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,031,489)	$ (1,572,138)	$ (1,574,559)	$ (2,074,160)	$ (3,603,627)	$ (3,648,719)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2024
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, 2024. Reclassification For the fiscal year 2024, the Company reclassified certain amount in the consolidated statement of operations to conform to current period presentation. These reclassifications, including reclamation expenses from exploration and development, had no impact on previously reported Net Loss. Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2024 10-K. Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, 'Disaggregation of Income Statement Expenses,' aimed at enhancing the transparency of expense information in financial statements. The ASU seeks to improve the decision usefulness of expense information by requiring public business entities to disaggregate certain expense captions in the notes to financial statements. This includes detailed disclosures of purchases of inventory, employee compensation, depreciation, amortization, and depletion expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently reviewing the impact of adopting the provisions of this new ASU on our consolidated financial statements and related disclosures.

Going Concern

Going Concern	6 Months Ended
	Dec. 31, 2024
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, note payable 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 Consolidated Interim 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. 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. 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. Subsequent to February 12, 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. At December 31, 2024, the Company’s cash balance was $ 3,405,400 . 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 would be significantly adversely affected. The continuation of the Company as a going concern is dependent on having sufficient capital to maintain our operations. In considering our financing plans and our current working capital position 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	6 Months Ended
	Dec. 31, 2024
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 and cash equivalents, accounts payable, accrued liabilities, the royalty conversion feature on the Debenture (see Note 6) and convertible debt. Due to their short maturity of our cash and cash equivalents, accounts payable and accrued liabilities, we believe that their carrying amounts approximate fair value as of December 31, 2024 and June 30, 2024. The Company determined that the Royalty conversion feature (Note 6) embedded in the Debenture is required to be accounted for separately from the Debenture as a derivative liability and recorded at fair value and the remaining value allocated to the Debenture net the unamortized debt issuance costs. The derivative liability will be fair valued at each reporting period, with changes in fair value recorded as a gain or loss in the Consolidated Statement of Operations. During the three and six month periods ended December 31, 2024, the fair value derivative liability increased by $ 400,144 and $ 164,055 , respectively, and it was recorded in Change in derivative liability on royalty convertible debenture on the Condensed Consolidated Interim Statement of Operations. As of December 31, 2024, the Royalty conversion feature is recorded at $ 3,806,160 (June 30, 2024 - $ 3,642,105 ) and is valued based on Level 3 inputs. Several steps were used to calculate the fair value of the Royalty conversion feature on the Debenture. First utilizing the Royalty Agreement's royalty rate of 4.75 % for the life of mine, the annual gross royalty amounts were calculated from estimated expected gross revenues of the proposed Grassy Mountain Mine. The annual royalty amounts were discounted using a long term stock market rate of return of 10 %. Second, a Black-Scholes model was used to calculate the fair value of the conversion option. The key assumptions in valuing the royalty conversion option derivative include:  December 31, 2024 At June 30, 2024 Cumulative present value of royalty stream $ 15,935,339 $ 15,188,299 Conversion threshold is set as the value of the Debenture $ 15,000,000 $ 15,000,000 Term in years 3.99 4.49 Volatility (A five year portfolio volatility of gold and silver, weighted by relative value in the project, is used as the historical volatility for the royalty stream) 14.99 % 16.65 % Risk-Free Rate (Derived from a term-matched coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve) 4.24 % 4.27 % Dividend yield 1 0 % 0 % 1. Dividend yield is set to 0 % as no value of the royalty is lost given that production is assumed to begin in year 5

Non-Cash Transactions

Non-Cash Transactions	6 Months Ended
	Dec. 31, 2024
Nonmonetary Transactions [Abstract]
Non-Cash Transactions	Note 4. Non-Cash Transactions For the three months ended December 31, 2024, the Company issued 1,226,529 shares of common stock for payment of interest accrued on its outstanding Royalty Convertible Debenture with a fair value of $ 383,334 . For the three months ended December 31, 2023, the Company issued 558,430 shares of common stock for payment of interest accrued on its outstanding 2019 Convertible Notes with a fair value of $ 182,424 . For the six months ended December 31, 2024, the Company issued 2,125,417 shares of common stock for payment of interest accrued on its outstanding Royalty Convertible Debenture with a fair value of $ 766,668 . For the six months ended December 31, 2023, the Company issued 1,111,571 shares of common stock for payment of interest accrued on its outstanding debt (Note 6) with a fair value of $ 342,837 .

Capital Stock

Capital Stock	6 Months Ended
	Dec. 31, 2024
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 as of December 31, 2024 (June 30, 2024 – 200,000,000 common shares with par value $ 0.01 per common share). For the three months ended December 31, 2024, the Company issued 137,134 shares of common stock from its ATM program for net proceeds of $ 57,870 and issued 1,226,529 shares of common stock for payment of interest accrued on its outstanding Royalty Convertible Debenture (Note 6) with a fair value of $ 383,334 . For the three months ended December 31, 2023, the Company issued 246,258 shares of common stock from its ATM program for net proceeds of $ 52,124 and issued 558,430 shares of common stock for payment of interest accrued (Note 6) with a fair value of $ 182,424 . For the six months ended December 31, 2024, the Company issued 252,052 shares of common stock from its ATM program for net proceeds of $ 104,228 and issued 2,125,417 shares of common stock for payment of interest accrued on its outstanding Royalty Convertible Debenture (Note 6) with a fair value of $ 766,668 . For the six months ended December 31, 2023, the Company issued 3,761,515 shares of common stock from its ATM program for net proceeds of $ 1,140,652 and issued 1,111,571 shares of common stock for payment of interest accrued (Note 6) with a fair value of $ 342,837 . 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 5.5 million shares of common stock. Total stock-based compensation for the six months ended December 31, 2024 and 2023 were $ 122,656 and $ 110,115 , 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 six months ended December 31, 2024 , the Company did no t grant stock options (six months ended December 31, 2023 – nil ). For the three months ended December 31, 2024, share-based compensation expense relating to service condition options and performance condition options was $ nil and $ 1,199 , respectively (2023 -$ nil and $ 1,105 ). For the six months ended December 31, 2024 , share-based compensation expense relating to service condition options and performance condition options was $ nil and $ 2,398 , respectively (2023 - $ nil and $ 2,669 ). A summary of stock option activity under the Stock Incentive and Compensation Plans as of December 31, 2024 is presented below: Options Options Weighted Price Weighted- Aggregate Value Outstanding at June 30, 2023 1,405,000 $ 1.05 2.06 $ — Granted — — — — Exercised — — — — Forfeited or expired — — — — Outstanding at June 30, 2024 1,405,000 $ 1.05 1.06 $ — Granted — — — — Exercised — — — — Forfeited or expired ( 535,000 ) 1.00 — — Outstanding at December 31, 2024 870,000 $ 1.08 0.93 $ — Exercisable at December 31, 2024 611,664 $ 1.07 1.00 $ — A summary of the status of Paramount’s non-vested options at December 31, 2024 is presented below: Non-vested Options Options Weighted- Grant- Non-vested at June 30, 2023 458,336 $ 0.47 Granted — — Vested — — Forfeited or expired — — Non-vested at June 30, 2024 458,336 $ 0.47 Granted — — Vested — — Forfeited or expired ( 200,000 ) 0.39 Non-vested at December 31, 2024 258,336 $ 0.55 As of December 31, 2024, there was approximately $ 930 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 0.67 years. The total fair value of stock based compensation that vested related to outstanding stock options during the six months ended December 31, 2024 and 2023, was nil 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 six months ended December 31, 2024 and 2023 , there were no RSUs granted by the Company. For the three months ended December 31, 2024, share-based compensation expenses related to service condition RSUs and performance condition RSUs was $ 32,828 and $ 26,425 , respectively (2023 - $ 32,814 and $ 9,512 ). For the six months ended December 31, 2024, share-based compensation expenses related to service condition RSUs and performance condition RSUs was $ 65,656 and $ 54,603 , respectively (2023 - $ 76,307 and $ 31,138 ). 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, 2023 980,500 $ 0.43 Granted 1,360,000 0.28 Vested ( 615,500 ) 0.42 Forfeited — — Outstanding at June 30, 2024 1,725,000 $ 0.31 Granted — — Vested — — Forfeited — — Outstanding at December 31, 2024 1,725,000 $ 0.31 As of December 31, 2024, there was approximately $ 131,806 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 approximately 1 year.

Debt

Debt	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 6. Debt $15,000,000 Secured Royalty Convertible Debenture Effective as of December 27, 2023, Paramount closed on a Secured Royalty Convertible Debenture (the “Debenture”) with Sprott Private Resource Streaming and Royalty (US Collector), LP (“Sprott”) for $ 15,000,000 . The Debenture bears an interest rate of 10 % per annum, which, at Paramount’s discretion, will be payable in cash or shares of its common stock at a 7 % discount to the 10-day volume weighted average price ("VWAP") from the scheduled date of payment of interest. The Debenture may be repaid in cash or is convertible into a gross revenue royalty (the “Royalty") of 4.75 % of the gold and silver produced from the proposed Grassy Mountain Gold Mine. The Debenture may be repaid in cash or through the issuance of the Royalty at the earlier of the commencement of commercial production or five years from the Debenture closing date. The conversion to the Royalty is at Sprott's sole discretion. Paramount may elect to repay the Debenture by providing 20 business day written notice, in cash only and in whole prior to its maturity at a price equal to the sum of the principal amount plus all accrued and unpaid interest plus a prepayment interest premium of equal to 36 months of interest less interest paid prior to the date of prepayment. Upon a sale of the Sleeper Gold Project, Sprott can elect to have a portion of the Debenture repaid with proceeds from the sale. In the event of default, the debenture will accrue interest at 13 % per annum. In connection with the issuance of the Debenture, the Company incurred $ 870,111 of debt issuance costs which will be reflected as a discount on the Debenture. Unamortized debt issuance costs will be amortized over the five year term of the Debenture and recorded as an interest expense in the Condensed Consolidated Interim Statement of Operations. If the Royalty is issued, Paramount has the option to buy back 50 % of the Royalty by paying either $ 11.25 million on the second (2 nd ) anniversary of the Royalty or $ 12.375 million on the third (3 rd ) anniversary. The Company’s obligations under the Debenture are secured by a pledge of the assets of the Company and its subsidiaries, including without limitation by deeds of trust with respect to the Grassy Mountain project and the Company’s Nevada property, Sleeper. The Company is required to maintain a positive cash balance at all times and shall maintain a positive adjusted working capital amount at the end of each fiscal quarter commencing with the fiscal quarter March 31, 2024. At December 31, 2024, Paramount was in compliance with these loan covenants. The Company has accounted for the Royalty Conversion Option and related Buyback Provision as an embedded derivative in accordance with ASC 815 and recorded the derivative as a separate liability at fair value. The fair value of the derivative was $ 3,806,160 at December 31, 2024 and $ 3,642,105 at June 30, 2024 (Note 3). At December 31, 2024 and June 30, 2024, the Debenture consisted of the following: December 31, 2024 June 30, 2024 Debt liability of royalty convertible debenture before issuance costs $ 12,239,622 $ 12,239,622 Less: unamortized issuance costs ( 696,088 ) ( 783,099 ) Net debt liability of royalty convertible debenture 11,543,534 11,456,523 Derivative liability of royalty convertible debenture 3,806,160 3,642,105 $ 15,349,694 $ 15,098,628 In connection with the Debenture, Paramount and Calico entered into a Mining Right of First Refusal Option to Purchase Agreement (the “ROFR”) in favor of Sprott. Pursuant to the ROFR, we have granted to Sprott the right of first refusal with respect to any proposed grant, sale or issuance to any third party of a stream, royalty or similar interest (a “Mineral Interest”) based on or with reference to future production from the proposed Grassy Mountain gold and silver mine. If the cash equivalent value (with the value of any non-cash consideration of any third party offer (the “Third Party Consideration”) exceeds $ 60,000,000 then Sprott shall have the right to buy a percentage interest of the Mineral Interest equal to the percentage that $ 60,000,000 is to the Third Party Consideration (the “Proportionate Mineral Interest”). If the Third Party Consideration equals or is less than $ 60,000,000 , Sprott shall have the right to buy the entire Mineral Interest subject to such third party offer. The ROFR shall terminate on the date which is the earlier of (i) the seventh (7th) anniversary of the ROFR; (ii) the closing of one or more purchase transactions between us and Sprott in respect of Mineral Interests for an aggregate purchase price of $ 60,000,000 upon the exercise by Sprott of its rights pursuant to the ROFR; and (iii) the closing of a purchase transaction between us and third party in respect of a Mineral Interest for a purchase price in excess of $ 60,000,000 where Sprott does not exercise its right of first refusal pursuant to the ROFR. Interest Expense The following table summarizes the components of recorded interest expense: Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Six Months Ended December 31, 2024 Six Months Ended December 31, 2023 Royalty Convertible Debenture $ 383,334 $ 16,667 $ 766,668 $ 16,667 2019 Secured Convertible Notes (1) — 119,139 — 200,236 Bridge Promissory Note (2) — 43,066 — 88,436 Amortization of issuance costs on Royalty Convertible Debenture 43,506 — 87,012 — Amortization of discount and debt issuance costs on 2019 Secured Convertible Notes — — — 4,862 Total $ 426,840 $ 178,872 $ 853,680 $ 310,201 (1) The 2019 Secured Convertible Notes ("2019 Note") were repaid in December 2023 . The 2019 Notes bore and interest rate of 7.5 % per annum. (2) The Bridge Promissory Note ("Bridge Note") was repaid in December 2023 . The Bridge Note bore an interest rate of 12 % per annum.

Mineral Properties

Mineral Properties	6 Months Ended
	Dec. 31, 2024
Mineral Industries Disclosures [Abstract]
Mineral Properties	Note 7. Mineral Properties The Company has capitalized acquisition costs on mineral properties as follows: December 31, 2024 June 30, 2024 Sleeper and other Nevada based Projects $ 25,783,685 $ 25,733,685 Grassy Mountain and other Oregon based Projects 23,335,728 23,335,728 $ 49,119,413 $ 49,069,413 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 Nevada Based Projects: During the three month period ended December 31, 2024, the Company made a payment to Nevada Select in the amount of $ 50,000 under its option agreement to purchase 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 three and six months ended December 31, 2024 , 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	6 Months Ended
	Dec. 31, 2024
Environmental Remediation Obligations [Abstract]
Reclamation and Environmental	Note 8. 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 December 31, 2024 is $ 546,176 ( June 30, 2024 - $ 546,176 ). Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the 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 $ 3,822,047 . These costs are expected to be incurred between the calendar years 2024 and 2060. At December 31, 2024, Paramount has also estimated undiscounted reclamation cost as required by the NDEP to be $ 2,301,259 . These costs are expected to be incurred between calendar years 2024 and 2041. 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 for the reclamation to the time it incurs the obligation. The asset retirement obligation for the Sleeper Gold Project recorded on the balance sheet is 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 December 31, 2024 and June 30, 2024: Six Months Ended Year Ended June 30, 2024 Weighted-average credit adjusted risk free rate 9.93 % 9.93 % Weighted-average inflation rate 2.53 % 2.53 % Changes to the Company’s reclamation and environmental costs for the Sleeper Gold Mine for the six month period ended December 31, 2024 and the year ended June 30, 2024 are as follows: Six Months Ended Year Ended June 30, 2024 Balance at beginning of period $ 2,270,288 $ 4,436,902 Accretion expense 134,174 442,234 Additions and change in estimates — ( 84,295 ) Settlements ( 60,000 ) ( 2,524,553 ) Balance at end of period $ 2,344,462 $ 2,270,288 The balance of the reclamation and environmental obligation of $ 2,344,462 at December 31, 2024 (June 30, 2024 - $ 2,270,288 ) is comprised of a current portion of $ 120,000 (June 30, 2024 -$ 120,000 ) and a non-current portion of $ 2,224,462 (June 30, 2024 - $ 2,150,288 ). The Company recorded an accretion expense for the three and six months ended December 31, 2024 of $ 45,619 and $ 134,174 , respectively, (three and six months ended December 31, 2023 of $ 110,558 and $ 221,117 , respectively).

Other Income

Other Income	6 Months Ended
	Dec. 31, 2024
Component of Operating Income [Abstract]
Other Income	Note 9. Other Income The Company’s other income details for the three and six months ended December 31, 2024 and 2023 were as follows: Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Six Months Ended Six Months Ended Reimbursement of reclamation costs — $ 1,217,131 $ — $ 1,292,933 Leasing of water rights to third party — — 6,217 6,095 Restitution payment — — — 3,785 Total $ — $ 1,217,131 $ 6,217 $ 1,302,813 The proceeds the Company receives from its reclamation insurance policy for government mandated reclamation at its Sleeper Gold Project is recorded as other income. The corresponding expenses the Company incurs for performing these reclamation expenses are included in exploration costs on the Condensed Consolidated Interim Statement of Operations.

Segmented Information

Segmented Information	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segmented Information	Note 10. Segmented Information Segmented information has been compiled based on the material mineral properties in which the Company performs exploration activities. Expenses by material project for the three and six months ended December 31, 2024: Exploration and Development Expenses Reclamation Expenses Land Holding Costs Three Months Ended December 31, 2024 Six Months Ended December 31, 2024 Three Months Ended December 31, 2024 Six Months Ended December 31, 2024 Three Months Ended December 31, 2024 Six Months Ended December 31, 2024 Sleeper Gold Project and other Nevada based Projects $ 20,074 $ 78,303 $ 16,420 $ 70,357 $ 143,216 $ 269,804 Grassy Mountain Project and other Oregon based Projects 357,038 694,107 — — 43,173 83,150 $ 377,112 $ 772,410 $ 16,420 $ 70,357 $ 186,389 $ 352,954 Expenses by material project for the three and six months ended December 31, 2023: Exploration and Development Expenses Reclamation Expenses Land Holding Costs Three Months Ended December 31, 2023 Six Months Ended December 31, 2023 Three Months Ended December 31, 2023 Six Months Ended December 31, 2023 Three Months Ended December 31, 2023 Six Months Ended December 31, 2023 Sleeper Gold Project and other Nevada based Projects $ 60,140 $ 251,009 $ 1,469,897 $ 2,216,593 $ 118,765 $ 237,530 Grassy Mountain Project and other Oregon based Projects 243,893 566,118 — — 38,378 76,757 $ 304,033 $ 817,127 $ 1,469,897 $ 2,216,593 $ 157,143 $ 314,287 Carrying values of mineral properties by material projects: ` As At December 31, 2024 As At June 30, 2024 Sleeper Gold Project and other Nevada based Projects $ 25,783,685 $ 25,733,685 Grassy Mountain Project and other Oregon based Projects 23,335,728 23,335,728 $ 49,119,413 $ 49,069,413 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	6 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11. 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 six months ended December 31, 2024. 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 six months ended December 31, 2024, 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 three month period ended December 31, 2024, a payment was made to Nevada Select for $ 50,000 under the terms of the agreement. All payments under the agreement are up to date as of December 31, 2024. 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 December 31, 2024 , Seabridge holds approximately 4.4 % 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	6 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events Subsequent to the period end the Company settled 140,000 RSUs and issued 140,000 shares of Common Stock. It also sold 40,914 shares on the ATM for net proceeds of $ 15,955 .

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2024
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, 2024.
Reclassification	Reclassification For the fiscal year 2024, the Company reclassified certain amount in the consolidated statement of operations to conform to current period presentation. These reclassifications, including reclamation expenses from exploration and development, had no impact on previously reported Net Loss.
Significant Accounting Policies	Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2024 10-K.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, 'Disaggregation of Income Statement Expenses,' aimed at enhancing the transparency of expense information in financial statements. The ASU seeks to improve the decision usefulness of expense information by requiring public business entities to disaggregate certain expense captions in the notes to financial statements. This includes detailed disclosures of purchases of inventory, employee compensation, depreciation, amortization, and depletion expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently reviewing the impact of adopting the provisions of this new ASU on our consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Key Assumptions in Valuing the Royalty Conversion Option Derivative	The key assumptions in valuing the royalty conversion option derivative include:  December 31, 2024 At June 30, 2024 Cumulative present value of royalty stream $ 15,935,339 $ 15,188,299 Conversion threshold is set as the value of the Debenture $ 15,000,000 $ 15,000,000 Term in years 3.99 4.49 Volatility (A five year portfolio volatility of gold and silver, weighted by relative value in the project, is used as the historical volatility for the royalty stream) 14.99 % 16.65 % Risk-Free Rate (Derived from a term-matched coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve) 4.24 % 4.27 % Dividend yield 1 0 % 0 % 1. Dividend yield is set to 0 % as no value of the royalty is lost given that production is assumed to begin in year 5

Capital Stock (Tables)

Capital Stock (Tables)	6 Months Ended
	Dec. 31, 2024
Equity [Abstract]
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 December 31, 2024 is presented below: Options Options Weighted Price Weighted- Aggregate Value Outstanding at June 30, 2023 1,405,000 $ 1.05 2.06 $ — Granted — — — — Exercised — — — — Forfeited or expired — — — — Outstanding at June 30, 2024 1,405,000 $ 1.05 1.06 $ — Granted — — — — Exercised — — — — Forfeited or expired ( 535,000 ) 1.00 — — Outstanding at December 31, 2024 870,000 $ 1.08 0.93 $ — Exercisable at December 31, 2024 611,664 $ 1.07 1.00 $ —
Summary of Status of Non-Vested Options	A summary of the status of Paramount’s non-vested options at December 31, 2024 is presented below: Non-vested Options Options Weighted- Grant- Non-vested at June 30, 2023 458,336 $ 0.47 Granted — — Vested — — Forfeited or expired — — Non-vested at June 30, 2024 458,336 $ 0.47 Granted — — Vested — — Forfeited or expired ( 200,000 ) 0.39 Non-vested at December 31, 2024 258,336 $ 0.55
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, 2023 980,500 $ 0.43 Granted 1,360,000 0.28 Vested ( 615,500 ) 0.42 Forfeited — — Outstanding at June 30, 2024 1,725,000 $ 0.31 Granted — — Vested — — Forfeited — — Outstanding at December 31, 2024 1,725,000 $ 0.31

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Summary of Debentures	At December 31, 2024 and June 30, 2024, the Debenture consisted of the following: December 31, 2024 June 30, 2024 Debt liability of royalty convertible debenture before issuance costs $ 12,239,622 $ 12,239,622 Less: unamortized issuance costs ( 696,088 ) ( 783,099 ) Net debt liability of royalty convertible debenture 11,543,534 11,456,523 Derivative liability of royalty convertible debenture 3,806,160 3,642,105 $ 15,349,694 $ 15,098,628
Components of Recorded Interest Expense	The following table summarizes the components of recorded interest expense: Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Six Months Ended December 31, 2024 Six Months Ended December 31, 2023 Royalty Convertible Debenture $ 383,334 $ 16,667 $ 766,668 $ 16,667 2019 Secured Convertible Notes (1) — 119,139 — 200,236 Bridge Promissory Note (2) — 43,066 — 88,436 Amortization of issuance costs on Royalty Convertible Debenture 43,506 — 87,012 — Amortization of discount and debt issuance costs on 2019 Secured Convertible Notes — — — 4,862 Total $ 426,840 $ 178,872 $ 853,680 $ 310,201 (1) The 2019 Secured Convertible Notes ("2019 Note") were repaid in December 2023 . The 2019 Notes bore and interest rate of 7.5 % per annum. (2) The Bridge Promissory Note ("Bridge Note") was repaid in December 2023 . The Bridge Note bore an interest rate of 12 % per annum.

Mineral Properties (Tables)

Mineral Properties (Tables)	6 Months Ended
	Dec. 31, 2024
Mineral Industries Disclosures [Abstract]
Capitalized Acquisition Costs on Mineral Properties	The Company has capitalized acquisition costs on mineral properties as follows: December 31, 2024 June 30, 2024 Sleeper and other Nevada based Projects $ 25,783,685 $ 25,733,685 Grassy Mountain and other Oregon based Projects 23,335,728 23,335,728 $ 49,119,413 $ 49,069,413

Reclamation and Environmental (

Reclamation and Environmental (Tables)	6 Months Ended
	Dec. 31, 2024
Environmental Remediation Obligations [Abstract]
Schedule of Variables of Weighted Average	The following variables were used in the calculation for the periods ending December 31, 2024 and June 30, 2024: Six Months Ended Year Ended June 30, 2024 Weighted-average credit adjusted risk free rate 9.93 % 9.93 % Weighted-average inflation rate 2.53 % 2.53 %
Changes to Reclamation and Environmental Costs	Changes to the Company’s reclamation and environmental costs for the Sleeper Gold Mine for the six month period ended December 31, 2024 and the year ended June 30, 2024 are as follows: Six Months Ended Year Ended June 30, 2024 Balance at beginning of period $ 2,270,288 $ 4,436,902 Accretion expense 134,174 442,234 Additions and change in estimates — ( 84,295 ) Settlements ( 60,000 ) ( 2,524,553 ) Balance at end of period $ 2,344,462 $ 2,270,288

Other Income (Tables)

Other Income (Tables)	6 Months Ended
	Dec. 31, 2024
Component of Operating Income [Abstract]
Other Income Details	The Company’s other income details for the three and six months ended December 31, 2024 and 2023 were as follows: Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Six Months Ended Six Months Ended Reimbursement of reclamation costs — $ 1,217,131 $ — $ 1,292,933 Leasing of water rights to third party — — 6,217 6,095 Restitution payment — — — 3,785 Total $ — $ 1,217,131 $ 6,217 $ 1,302,813

Segmented Information (Tables)

Segmented Information (Tables)	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Expenses by Material Project and Carrying Values of Mineral Properties by Material Projects	Expenses by material project for the three and six months ended December 31, 2024: Exploration and Development Expenses Reclamation Expenses Land Holding Costs Three Months Ended December 31, 2024 Six Months Ended December 31, 2024 Three Months Ended December 31, 2024 Six Months Ended December 31, 2024 Three Months Ended December 31, 2024 Six Months Ended December 31, 2024 Sleeper Gold Project and other Nevada based Projects $ 20,074 $ 78,303 $ 16,420 $ 70,357 $ 143,216 $ 269,804 Grassy Mountain Project and other Oregon based Projects 357,038 694,107 — — 43,173 83,150 $ 377,112 $ 772,410 $ 16,420 $ 70,357 $ 186,389 $ 352,954 Expenses by material project for the three and six months ended December 31, 2023: Exploration and Development Expenses Reclamation Expenses Land Holding Costs Three Months Ended December 31, 2023 Six Months Ended December 31, 2023 Three Months Ended December 31, 2023 Six Months Ended December 31, 2023 Three Months Ended December 31, 2023 Six Months Ended December 31, 2023 Sleeper Gold Project and other Nevada based Projects $ 60,140 $ 251,009 $ 1,469,897 $ 2,216,593 $ 118,765 $ 237,530 Grassy Mountain Project and other Oregon based Projects 243,893 566,118 — — 38,378 76,757 $ 304,033 $ 817,127 $ 1,469,897 $ 2,216,593 $ 157,143 $ 314,287 Carrying values of mineral properties by material projects: ` As At December 31, 2024 As At June 30, 2024 Sleeper Gold Project and other Nevada based Projects $ 25,783,685 $ 25,733,685 Grassy Mountain Project and other Oregon based Projects 23,335,728 23,335,728 $ 49,119,413 $ 49,069,413

Going Concern - Additional Info

Going Concern - Additional Information (Details) - USD ($)	Dec. 31, 2024	Jun. 30, 2024
Product Information [Line Items]
Cash and cash equivalents	$ 3,405,400	$ 5,423,059

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in derivative liability on royalty convertible debenture	$ 400,144	$ 164,055
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Royalty conversion option value	$ 3,806,160	$ 3,806,160	$ 3,642,105
Annual gross royalty amounts, rate	4.75%	4.75%
Annual royalty value long term stock market rate of return	10%	10%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Key Assumptions in Valuing the Royalty Conversion Option Derivative (Details) - Level 3 - Fair Value, Recurring	Dec. 31, 2024 USD ($) yr	Jun. 30, 2024 USD ($) yr
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cumulative present value of royalty	$ 15,935,339	$ 15,188,299
Conversion threshold value	$ 15,000,000	$ 15,000,000
Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of input used to measure derivative royalty | yr	3.99	4.49
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of input used to measure derivative royalty	0.1499	0.1665
Risk-Free Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of input used to measure derivative royalty	0.0424	0.0427
Dividend Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of input used to measure derivative royalty	0	0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Key Assumptions in Valuing the Royalty Conversion Option Derivative - Parenthetical (Details) - Level 3 - Fair Value, Recurring	Dec. 31, 2024 yr	Jun. 30, 2024 yr
Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of input used to measure derivative royalty	3.99	4.49
Time Period for Volatility Calculation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of input used to measure derivative royalty	5	5
Dividend Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of input used to measure derivative royalty	0	0

Non-Cash Transactions - Additio

Non-Cash Transactions - Additional Information (Details) - Interest Accrued - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Nonmonetary Transaction [Line Items]
Number of shares issued	1,226,529	558,430	2,125,417	1,111,571
Fair value of shares issued	$ 383,334	$ 182,424	$ 766,668	$ 342,837

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
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
Options, Granted			0
Stock based compensation			$ 122,656	$ 110,115
Total unamortized compensation cost related to non-vested share based compensation	$ 930		$ 930
Expected weighted-average period of unrecognized compensation cost			8 months 1 day
Total fair value of share based compensation arrangements vested			$ 0	$ 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	131,806		$ 131,806
Expected weighted-average period of unrecognized compensation cost			1 year
Restricted stock units, Granted			0	0	1,360,000
Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	0	$ 0	$ 0	$ 0
Service Condition | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	32,828	32,814	65,656	76,307
Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	1,199	1,105	2,398	2,669
Performance Condition | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	$ 26,425	$ 9,512	$ 54,603	$ 31,138
Senior Management
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Granted			0	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	5,500,000		5,500,000
Shares Average Price of $1.16
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of units issued (in shares)		246,258		3,761,515
Net proceeds from issuance of common stock and warrants		$ 52,124		$ 1,140,652
Accrued Interest
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of units issued (in shares)		558,430		1,111,571
Fair value of shares issued		$ 182,424		$ 342,837
Accrued Interest | Shares Average Price of $1.16
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of units issued (in shares)	1,226,529		2,125,417
Fair value of shares issued	$ 383,334		$ 766,668
Secured Royalty Convertible Debenture | Shares Average Price of $1.16
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of units issued (in shares)	137,134		252,052
Net proceeds from issuance of common stock and warrants	$ 57,870		$ 104,228

Capital Stock - Summary of Stoc

Capital Stock - Summary of Stock Option Activity Under Stock Incentive and Compensation Plans (Details) - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Shares [Abstract]
Options, Granted	0
Employee Stock Option
Shares [Abstract]
Options, Outstanding, Beginning balance	1,405,000	1,405,000
Options, Granted	0
Options, Forfeited or expired	(535,000)
Options, Outstanding, Ending balance	870,000	1,405,000	1,405,000
Options, Exercisable at December 31, 2024	611,664
Weighted-Average Exercise Price [Abstract]
Weighted Average Exercise Price, Options, Outstanding, Beginning balance	$ 1.05	$ 1.05
Weighted Average Exercise Price, Options, Granted	0
Weighted Average Exercise Price, Options, Forfeited or expired	1
Weighted Average Exercise Price, Options, Outstanding, Ending balance	1.08	$ 1.05	$ 1.05
Weighted Average Exercise Price, Options, Exercisable at December 31, 2024	$ 1.07
Weighted Average Remaining Contractual Term (Years), Options, Outstanding	11 months 4 days	1 year 21 days	2 years 21 days
Weighted Average Remaining Contractual Term (Years), Options, Exercisable at December 31, 2024	1 year

Capital Stock - Summary of Stat

Capital Stock - Summary of Status of Non-Vested Options (Details) - $ / shares	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Options [Abstract]
Non-vested Options, Beginning balance	458,336	458,336
Non-vested Options, Granted	0
Non-vested Options, Vested	0
Non-vested Options, Forfeited or expired	(200,000)
Non-vested Options, Ending balance	258,336
Weighted-Average Grant-Date Fair Value [Abstract]
Non-vested Weighted Average Grant Date Fair Value, Beginning balance	$ 0.47	$ 0.47
Non-vested Weight Average Grant Date Fair Value, Granted	0
Non-vested Weighted Average Grant Date Fair Value, Vested	0
Non-vested Weighted Average Grant Date Fair Value, Forfeited or expired	0.39
Non-vested Weighted Average Grant Date Fair Value, Ending balance	$ 0.55

Capital Stock - Summary of RSUs

Capital Stock - Summary of RSUs Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding RSUs, Beginning Balance	1,725,000	980,500	980,500
Outstanding RSUs, Granted	0	0	1,360,000
Outstanding RSUs, Vested	0		(615,500)
Outstanding RSUs, Ending Balance	1,725,000		1,725,000
Outstanding RSUs, Weighted average grant date fair value, Beginning Balance	$ 0.31	$ 0.43	$ 0.43
Outstanding RSUs, Weighted average grant date fair value, Granted	0		0.28
Outstanding RSUs, Weighted average grant date fair value, Vested	0		0.42
Outstanding RSUs, Weighted average grant date fair value, Ending Balance	$ 0.31		$ 0.31

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)		6 Months Ended
	Dec. 27, 2023	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Fair value of derivative		$ 3,806,160	$ 3,642,105
Secured Royalty Convertible Debenture
Debt Instrument [Line Items]
Convertible debenture amount	$ 15,000,000
Convertible debenture interest rate	10%
Debenture discount rate	7%
Convertible debt accrued interest rate	13%
Debt issuance costs in connection with issuance of debenture	$ 870,111
Amortization of debt issuance costs term of debenture	5 years
Percentage of debenture convertible into gross revenue royalty	4.75%
Ownership percentage of option to buy back royalty	50%
Debenture purchase consideration condition		If the cash equivalent value (with the value of any non-cash consideration of any third party offer (the “Third Party Consideration”) exceeds $60,000,000 then Sprott shall have the right to buy a percentage interest of the Mineral Interest equal to the percentage that $60,000,000 is to the Third Party Consideration (the “Proportionate Mineral Interest”). If the Third Party Consideration equals or is less than $60,000,000, Sprott shall have the right to buy the entire Mineral Interest subject to such third party offer.
Aggregate purchase price of debenture	$ 60,000,000
Secured Royalty Convertible Debenture | Second Anniversary
Debt Instrument [Line Items]
Payment for royalty	11,250,000
Secured Royalty Convertible Debenture | Third Anniversary
Debt Instrument [Line Items]
Payment for royalty	$ 12,375,000

Debt - Summary of Debentures (D

Debt - Summary of Debentures (Details) - USD ($)	Dec. 31, 2024	Jun. 30, 2024
Debt Instruments [Abstract]
Debt liability of royalty convertible debenture before issuance costs	$ 12,239,622	$ 12,239,622
Less: unamortized issuance costs	(696,088)	(783,099)
Net debt liability of royalty convertible debenture	11,543,534	11,456,523
Derivative liability of royalty convertible debenture	3,806,160	3,642,105
Total	$ 15,349,694	$ 15,098,628

Debt - Components of Recorded I

Debt - Components of Recorded Interest Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Interest Expense [Line Items]
Amortization of debt discount and issuance costs			$ 87,011	$ 4,862
Total	$ 426,840	$ 178,872	853,680	310,201
Royalty Convertible Debenture
Interest Expense [Line Items]
Interest expense	383,334	16,667	766,668	16,667
Amortization of debt discount and issuance costs	$ 43,506		$ 87,012
2019 Secured Convertible Notes
Interest Expense [Line Items]
Interest expense		119,139		200,236
Amortization of debt discount and issuance costs				4,862
Bridge Promissory Note
Interest Expense [Line Items]
Interest expense		$ 43,066		$ 88,436

Debt - Components of Recorded_2

Debt - Components of Recorded Interest Expense (Parenthetical) (Details)	6 Months Ended
	Dec. 31, 2024
2019 Secured Convertible Notes
Interest Expense [Line Items]
Loan maturity date	Dec. 31, 2023
Interest rate of loan	7.50%
Bridge Promissory Note
Interest Expense [Line Items]
Loan maturity date	Dec. 31, 2023
Interest rate of loan	12%

Mineral Properties - Capitalize

Mineral Properties - Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($)	Dec. 31, 2024	Jun. 30, 2024
Mineral Properties [Line Items]
Mineral properties, net	$ 49,119,413	$ 49,069,413
Sleeper and Other Nevada Based Projects
Mineral Properties [Line Items]
Mineral properties, net	25,783,685	25,733,685
Grassy Mountain and Other Oregon Based Projects
Mineral Properties [Line Items]
Mineral properties, net	$ 23,335,728	$ 23,335,728

Mineral Properties - Additional

Mineral Properties - Additional Information (Details)	3 Months Ended
	Dec. 31, 2024 USD ($)
Nevada
Mineral Properties [Line Items]
Related party transaction, payments made	$ 50,000

Reclamation and Environmental -

Reclamation and Environmental - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Site Contingency [Line Items]
Commutation account and reclamation bonds	$ 546,176		$ 546,176		$ 546,176
Reclamation and environmental obligation	2,344,462		2,344,462		2,270,288	$ 4,436,902
Reclamation and environmental obligation, current	120,000		120,000		120,000
Reclamation and environmental obligation, noncurrent	2,224,462		2,224,462		$ 2,150,288
Accretion expense	45,619	$ 110,558	134,174	$ 221,117
Sleeper Gold Project
Site Contingency [Line Items]
Undiscounted estimate of reclamation costs	3,822,047		3,822,047
Sleeper Gold Project | NDEP
Site Contingency [Line Items]
Undiscounted estimate of reclamation costs	$ 2,301,259		$ 2,301,259

Reclamation and Environmental_2

Reclamation and Environmental - Schedule of Variables of Weighted Average (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Environmental Remediation Obligations [Abstract]
Weighted-average credit adjusted risk free rate	9.93%	9.93%
Weighted-average inflation rate	2.53%	2.53%

Reclamation and Environmental_3

Reclamation and Environmental - Changes to Reclamation and Environmental Costs (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Balance at beginning of period			$ 2,270,288	$ 4,436,902	$ 4,436,902
Accretion expense	$ 45,619	$ 110,558	134,174	$ 221,117	442,234
Additions and change in estimates					(84,295)
Settlements			(60,000)		(2,524,553)
Balance at end of period	$ 2,344,462		$ 2,344,462		$ 2,270,288

Other Income - Other Income Det

Other Income - Other Income Details (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Component of Operating Income [Abstract]
Reimbursement of reclamation costs	$ 0	$ 1,217,131	$ 0	$ 1,292,933
Leasing of water rights to third party	0	0	6,217	6,095
Restitution payment	0	0	0	3,785
Total	$ 0	$ 1,217,131	$ 6,217	$ 1,302,813

Segmented Information - Schedul

Segmented Information - Schedule of Expenses by Material Project and Carrying Values of Mineral Properties by Material Projects (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Segment Reporting Information [Line Items]
Exploration and Development Expenses	$ 377,112	$ 304,033	$ 772,410	$ 817,127
Reclamation Expenses	16,420	1,469,897	70,357	2,216,593
Land Holding Costs	186,389	157,143	352,954	314,287
Carrying Values of Mineral Properties	49,119,413		49,119,413		$ 49,069,413
Sleeper Gold Project and other Nevada based Projects
Segment Reporting Information [Line Items]
Exploration and Development Expenses	20,074	60,140	78,303	251,009
Reclamation Expenses	16,420	1,469,897	70,357	2,216,593
Land Holding Costs	143,216	118,765	269,804	237,530
Carrying Values of Mineral Properties	25,783,685		25,783,685		25,733,685
Grassy Mountain Project and other Oregon based Projects
Segment Reporting Information [Line Items]
Exploration and Development Expenses	357,038	243,893	694,107	566,118
Reclamation Expenses	0	0	0	0
Land Holding Costs	43,173	$ 38,378	83,150	$ 76,757
Carrying Values of Mineral Properties	$ 23,335,728		$ 23,335,728		$ 23,335,728

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended	6 Months Ended
	Dec. 31, 2024 USD ($) a	Dec. 31, 2024 USD ($) a MiningClaim	Dec. 31, 2024 CAD ($) MiningClaim
Seabridge Gold Inc.
Commitments And Contingencies [Line Items]
Percentage of outstanding common stock	4.40%	4.40%
Nevada
Commitments And Contingencies [Line Items]
Related party transaction, payments made	$ 50,000
Option Agreement | Nevada
Commitments And Contingencies [Line Items]
Total consideration payable	$ 300,000	$ 300,000
Total consideration paid		$ 20,000
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
Grassy Mountain Project | Option Agreement | 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]
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) - Subsequent Event	Jan. 01, 2025 USD ($) shares
Subsequent Event [Line Items]
Number of restricted stock units settled	140,000
Number of shares issued	140,000
ATM
Subsequent Event [Line Items]
Number of shares issued	40,914
Net proceeds from issuance of common stock and warrants | $	$ 15,955