Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Feb. 04, 2020 | |
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 | true | |
Entity Ex Transition Period | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
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 | 27,777,962 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 2,007,303 | $ 463,690 |
Prepaid expenses and other | 1,184,146 | 348,771 |
Total Current Assets | 3,191,449 | 812,461 |
Non-Current Assets | ||
Mineral properties (Note 7) | 47,055,132 | 47,055,132 |
Reclamation bond (Note 8) | 1,082,774 | 1,401,833 |
Property and equipment | 8,301 | 6,303 |
Total Non-Current Assets | 48,146,207 | 48,463,268 |
Total Assets | 51,337,656 | 49,275,729 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 418,260 | 980,310 |
Reclamation and environmental obligation, current portion (Note 8) | 97,287 | 97,287 |
Total Current Liabilities | 515,547 | 1,077,597 |
Non-Current Liabilities | ||
Convertible debt (Note 6) | 5,221,836 | |
Reclamation and environmental obligation, non-current portion (Note 8) | 583,897 | 868,390 |
Total Liabilities | 6,321,280 | 1,945,987 |
Stockholders' Equity | ||
Common stock, par value $0.01, 50,000,000 authorized shares, 27,616,745 issued and outstanding at December 31, 2019 and 26,519,954 issued and outstanding at June 30, 2019 | 276,168 | 265,200 |
Additional paid in capital | 95,789,412 | 94,764,730 |
Deficit | (51,049,204) | (47,700,188) |
Total Stockholders' Equity | 45,016,376 | 47,329,742 |
Total Liabilities and Stockholders' Equity | $ 51,337,656 | $ 49,275,729 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2019 | Jun. 30, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 27,616,745 | 26,519,954 |
Common stock, shares outstanding | 27,616,745 | 26,519,954 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | ||||
Other income (Note 9) | $ 306,059 | $ 79,269 | $ 337,418 | $ 183,790 |
Total Revenue | 306,059 | 79,269 | 337,418 | 183,790 |
Expenses | ||||
Exploration | 1,808,632 | 838,354 | 2,267,200 | 1,307,212 |
Land holding costs | 132,137 | 147,143 | 269,714 | 308,918 |
Professional fees | 65,695 | 31,192 | 89,332 | 72,773 |
Salaries and benefits | 303,922 | 237,190 | 511,689 | 485,555 |
Directors compensation | 12,358 | 25,007 | 36,944 | 51,278 |
General and administrative | 150,743 | 168,829 | 262,867 | 315,971 |
Insurance | 33,236 | 32,573 | 68,461 | 64,427 |
Depreciation | 981 | 660 | 1,445 | 1,319 |
Accretion (Note 8) | 23,648 | 41,376 | 47,294 | 82,752 |
Total Expenses | 2,531,352 | 1,522,324 | 3,554,946 | 2,690,205 |
Net Loss before Other Expense | 2,225,293 | 1,443,055 | 3,217,528 | 2,506,415 |
Other Expense (Income) | ||||
Interest income | (5,944) | (14,764) | (12,740) | (21,280) |
Interest and service charges | 123,168 | 2,032 | 144,228 | 4,081 |
Net Loss before Income Taxes | 2,342,517 | 1,430,323 | 3,349,016 | 2,489,216 |
Net Loss and Comprehensive Loss | $ 2,342,517 | $ 1,430,323 | $ 3,349,016 | $ 2,489,216 |
Loss per Common Share | ||||
Basic | $ 0.08 | $ 0.06 | $ 0.12 | $ 0.10 |
Diluted | $ 0.08 | $ 0.06 | $ 0.12 | $ 0.10 |
Weighted Average Number of Common Shares Used in Per Share Calculations | ||||
Basic | 27,616,745 | 25,474,954 | 27,348,508 | 25,331,476 |
Diluted | 27,616,745 | 25,474,954 | 27,348,508 | 25,331,476 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Deficit |
Balance at Jun. 30, 2018 | $ 49,196,107 | $ 230,750 | $ 90,695,497 | $ (41,730,140) |
Balance (in shares) at Jun. 30, 2018 | 23,074,954 | |||
Stock based compensation | 231,527 | 231,527 | ||
Capital issued for financing | 2,911,286 | $ 24,000 | 2,887,286 | |
Capital issued for financing (in shares) | 2,400,000 | |||
Capital issued for warrant exercise | 960,870 | $ 10,450 | 950,420 | |
Capital issued for warrant exercise (in shares) | 1,045,000 | |||
Net loss | (5,970,048) | (5,970,048) | ||
Balance at Jun. 30, 2019 | $ 47,329,742 | $ 265,200 | 94,764,730 | (47,700,188) |
Balance (in shares) at Jun. 30, 2019 | 26,519,954 | 26,519,954 | ||
Stock based compensation | $ 28,310 | 28,310 | ||
Capital issued for services | 976,144 | $ 10,968 | 965,176 | |
Capital issued for services (in shares) | 1,096,791 | |||
Net loss | (1,006,499) | (1,006,499) | ||
Balance at Sep. 30, 2019 | 47,327,697 | $ 276,168 | 95,758,216 | (48,706,687) |
Balance (in shares) at Sep. 30, 2019 | 27,616,745 | |||
Balance at Jun. 30, 2019 | $ 47,329,742 | $ 265,200 | 94,764,730 | (47,700,188) |
Balance (in shares) at Jun. 30, 2019 | 26,519,954 | 26,519,954 | ||
Balance at Dec. 31, 2019 | $ 45,016,376 | $ 276,168 | 95,789,412 | (51,049,204) |
Balance (in shares) at Dec. 31, 2019 | 27,616,745 | 27,616,745 | ||
Balance at Sep. 30, 2019 | $ 47,327,697 | $ 276,168 | 95,758,216 | (48,706,687) |
Balance (in shares) at Sep. 30, 2019 | 27,616,745 | |||
Stock based compensation | 31,196 | 31,196 | ||
Net loss | (2,342,517) | (2,342,517) | ||
Balance at Dec. 31, 2019 | $ 45,016,376 | $ 276,168 | $ 95,789,412 | $ (51,049,204) |
Balance (in shares) at Dec. 31, 2019 | 27,616,745 | 27,616,745 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Statement Of Cash Flows [Abstract] | |||||
Net Loss | $ (3,349,016) | $ (2,489,216) | |||
Adjustment for: | |||||
Depreciation | $ 981 | $ 660 | 1,445 | 1,319 | |
Share based payments | 976,144 | ||||
Stock based compensation | 59,506 | 121,907 | |||
Amortization of debt issuance costs | 20,029 | ||||
Interest expense | 15,758 | ||||
Accretion expense (Note 8) | 23,648 | 41,376 | 47,294 | 82,752 | $ 165,505 |
Interest earned on reclamation bond | (12,728) | (21,246) | |||
(Increase) decrease in accounts receivable | 16,292 | ||||
(Increase) decrease in prepaid expenses | (835,375) | (288,081) | |||
Increase (decrease) in accounts payable | (577,808) | (332,221) | |||
Cash used in operating activities | (3,654,751) | (2,908,494) | |||
Purchase of equipment | (3,443) | ||||
Cash used in investing activities | (3,443) | ||||
Capital issued for financing (Note 5) | 2,911,286 | ||||
Convertible debt issued (Note 6) | 5,201,807 | ||||
Cash provided by financing activities | 5,201,807 | 2,911,286 | |||
Change in cash during period | 1,543,613 | 2,792 | |||
Cash at beginning of period | 463,690 | 297,389 | 297,389 | ||
Cash at end of period | $ 2,007,303 | $ 300,181 | $ 2,007,303 | $ 300,181 | $ 463,690 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2019 | |
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 the General Corporation Law of the State of Nevada, 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 results of operations for interim periods are not necessarily indicative of the operating results of a full year or future years. The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“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, 2019. The Company has conducted a subsequent events review through the date the financial statements were issued, and has concluded that there were no subsequent events requiring adjustments or additional disclosures to the Company’s financial statements at December 31, 2019 except as disclosed in Note 12. Use of Estimates The preparation of these interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in the condensed consolidated interim financial statements include the adequacy of the Company’s reclamation and environmental obligation, share based compensation, warrant valuation, valuation of deferred tax assets and liabilities, and assessment of impairment of mineral properties. Cash and Cash Equivalents All highly liquid cash equivalent investments with maturities of three months or less at the date of purchase are classified as cash and cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents. The Company maintains cash and cash equivalents in accounts which may, at times, exceed federally insured limits. At December 31, 2019, the Company had $1.71 million of balances in excess of federally insured limits. We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize the risk of loss. Fair Value Measurements The Company has adopted FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. The Company applies fair value accounting for all financial assets and liabilities and non – financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as 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. The Company has adopted FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. Stock Based Compensation The Company has adopted the provisions of FASB ASC 718, “ Stock Compensation Mineral Properties Mineral property acquisition costs are capitalized when incurred and will be amortized using the units-of-production method over the estimated life of the ore reserve following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. Exploration Costs Exploration costs, which include maintenance, development and exploration of mineral claims, are expensed as incurred. When it is determined that a mineral deposit can be economically and legally developed as a result of establishing proven and probable reserves, the costs incurred after such determination will be capitalized and amortized over their useful lives. To date, the Company has not established the commercial feasibility of its exploration prospects; therefore, all exploration costs are expensed. Property and Equipment Equipment is recorded at cost less accumulated depreciation. All equipment is depreciated over its estimated useful life at the following annual rates: Computer equipment 30% declining balance Equipment 20% declining balance Reclamation and Environmental Obligation The Company follows the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. The Company’s asset retirement obligations are further described in Note 8. Net Loss per Common Share Basic loss/income per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during each period. Diluted loss or income per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six month periods ended December 31, 2019 and 2018, the shares of common stock equivalents related to outstanding stock options and convertible notes have not been included in the diluted per share calculation as they are anti-dilutive as the Company has recorded a net loss from continuing operations for those periods. |
Recent Accounting Guidance
Recent Accounting Guidance | 6 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Guidance | Note 2. Recent Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. These changes will be effective for the Company's fiscal year beginning July 1, 2019. The Company adoption of this guidance on July 1, 2019 did not have a material effect on the Company's consolidated financial position, results of operations, cash flows and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The changes will be effective for the Company’s fiscal year beginning July 1, 2020. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company is currently evaluating the potential impact. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. These changes will be effective for the Company’s fiscal year beginning July 1, 2020. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. 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 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value of financial assets and liabilities carried at book value by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at December 31, 2019 and June 30, 2019 are presented in the following table: Fair Value at December 31, 2019 June 30, 2019 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,007,303 2,007,303 — — $ 463,690 Convertible debt $ 5,221,836 — 5,221,836 — $ — The Company’s cash and cash equivalents are classified within Level 1 of the fair value hierarchy due to their short-term nature. Convertible debt is classified within Level 2 of the fair value hierarchy, carried at book value and is assumed to approximate fair value due to being recently acquired. . |
Non-Cash Transactions
Non-Cash Transactions | 6 Months Ended |
Dec. 31, 2019 | |
Nonmonetary Transactions [Abstract] | |
Non-Cash Transactions | Note 4. Non-Cash Transactions During the six-month period ended December 31, 2019, the Company issued 1,096,791 shares to Ausenco Engineering USA South Inc. (“Ausenco”) in exchange for services valued at $976,144 to complete a feasibility study at its Grassy Mountain Project. The shares are being held in escrow until Ausenco delivers a feasibility study to the Company. During the six-month period ended December 31, 2018, the Company did not enter into any material non-cash activities. |
Capital Stock
Capital Stock | 6 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | Note 5. Capital Stock Authorized Capital Authorized capital stock consists of 50,000,000 common shares with par value of $0.01 per common share (June 30, 2019 – 50,000,000 common shares with par value $0.01 per common share). During the six-month period ended December 31, 2019, the Company issued 1,096,791 shares at $0.89 to Ausenco in exchange for services to complete a feasibility study at its Grassy Mountain Project (Note 4) . During the six-month period ended December 31, 2018, the Company issued 2,400,000 units at $1.25 per unit for net proceeds of $2,911,286. Each unit consists of one share of common stock and one warrant to purchase one-half of a share of common stock. Each warrant will have a two-year term and will be exercisable at the following exercise prices: in the first year at $1.30 per share and in the second year at $1.50 per share At December 31, 2019 there were 27,616,745 common shares issued and outstanding (June 30, 2019 – 26,519,954 common shares). Warrants A summary of warrants exercisable into common stock activity as of December 31, 2019, and changes during the six month period ended is presented below: Warrants Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2019 1,200,000 $ 1.40 1.03 — Issued — — — — Exercised — — — — Outstanding at December 31, 2019 1,200,000 $ 1.40 0.53 — Stock Options and Stock Based Compensation Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options and stock to its employees for up to 2.169 million shares of common 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 and employees with those of its stockholders, a significant portion of those stock option awards will vest contingent upon meeting certain stock price appreciation performance goals or other performance conditions. Option and stock awards provide for accelerated vesting if there is a change in control (as defined in the employee stock option plan). During the three month period ending December 31, 2019, the Company granted 595,000 The fair value for these options was calculated using the Black-Scholes option valuations method. The weighted average assumptions used for the fiscal years ending June 30, 2020 and 2019 were as follows: 2020 2019 Weighted average risk-free interest rate 1.61 % N/A Weighted-average volatility 61 % N/A Expected dividends $ 0.00 N/A Weighted average expected term (years) 5.00 N/A Weighted average fair value $ 0.37 N/A A summary of option activity under the Stock Incentive and Compensation Plan as of December 31, 2019, and changes during the six month period ended are presented below: Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at July 1, 2019 1,568,995 $ 1.50 1.95 $ — Granted 595,000 1.00 4.95 — Exercised — — — — Forfeited or expired 95,000 1.50 1.04 — Outstanding at December 31, 2019 2,068,995 $ 1.35 2.47 $ — Exercisable at December 31, 2019 1,153,335 $ 1.50 1.05 $ — A summary of the status of Paramount’s non-vested options as of July 1, 2019 and changes during the six month period ended December 31, 2019 is presented below. Non-vested Options Options Weighted- Average Date Fair Value Non-vested at July 1, 2019 340,660 $ 0.79 Granted 595,000 0.37 Vested — — Forfeited 20,000 0.74 Non-vested at December 31, 2019 915,660 $ 0.52 As of December 31, 2019, there was $254,513 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plan. That cost is expected to be recognized over a weighted-average period of 1.32 years. The total fair value of share based compensation arrangements vested during the six month period ended December 31, 2019 and 2018, was $nil and $nil, respectively. |
Convertible Debt
Convertible Debt | 6 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Debt | Note 6. Convertible Debt Debt December 31, 2019 June 30, 2019 Current Non-Current Current Non-Current 2023 Secured Convertible Notes $ — $ 5,477,690 $ — $ — Less: unamortized discount and issuance costs — (255,854 ) — — $ — $ 5,221,836 $ — $ — 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 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. During the six-month period ended December 31, 2019, the Company amortized $20,030 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 working capital balance of $250,000. |
Mineral Properties
Mineral Properties | 6 Months Ended |
Dec. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Properties | Note 7. Mineral Properties The Company has capitalized acquisition costs on mineral properties as follows: December 31, 2019 June 30, 2019 Sleeper $ 23,869,404 $ 23,869,404 Grassy Mountain 23,185,728 23,185,728 $ 47,055,132 $ 47,055,132 Sleeper: Sleeper is located in Humboldt County, Nevada, approximately 26 miles northwest of the town of Winnemucca. The Sleeper Gold Mine consists of 2,322 unpatented mining claims totaling approximately 38,300 acres. 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. It consists of 442 unpatented lode claims, 3 patented lode claims, and various leased fee land surface and surface/mineral rights, all totaling approximately 9,300 acres |
Reclamation and Environmental
Reclamation and Environmental | 6 Months Ended |
Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Environmental | Note 8. Reclamation and Environmental: The Company holds an insurance policy which is in effect until 2033 related to its Sleeper Gold Project. The policy covers reclamation costs up to an aggregate of $25 million in the event the Company’s bond is insufficient to cover any mandated reclamation obligations. As a part of its insurance policy, the Company has funds in a commutation account and reclamation bonds which are used to reimburse reclamation costs and indemnity claims. The balance of the commutation account and reclamation bonds at December 31, 2019 is $1,082,774 (June 30, 2019- $1,401,833). 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 asset retirement obligation at the Sleeper Gold Project has been measured using the following variables: 1) Expected costs for earthwork, re-vegetation, in-pit water treatment, on-going monitoring, labor and management, 2) Inflation adjustment, and 3) Market risk premium. The sum of the expected costs by year is discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement obligation to the time it incurs the obligation. The reclamation and environmental obligation recorded on the balance sheet is equal to the present value of the estimated costs. The current undiscounted estimate of the reclamation costs for existing disturbances at the Sleeper Gold Project is $ 3,977,751 Changes to the Company’s asset retirement obligations for the six-month period ended December 31, 2019 and the year ended June 30, 2019 are as follows: Six Month Period Ended December 31, 2019 Year Ended June 30, 2019 Balance at beginning of period $ 965,677 $ 1,072,551 Accretion expense 47,294 165,505 Payments (331,787 ) (394,785 ) Change in estimate of existing obligation — 122,406 Balance at end of period $ 681,184 $ 965,677 The balance of the asset retirement obligation of $681,184 at December 31, 2019 (June 30, 2019 -$965,677 ) is comprised of a current portion of $97,287 (June 30, 2019 -$97,287 ) and a non-current portion of $583,897 (June 30, 2019 -$868,390). |
Other Income
Other Income | 6 Months Ended |
Dec. 31, 2019 | |
Other Income [Abstract] | |
Other Income | Note 9. Other Income The Company’s other income details for the six-month period ended December 31, 2019 and 2018 were as follows: Six Month Period Six Month Period Ended 2019 Ended 2018 Re-imbursement of reclamation costs $ 331,787 $ 178,270 Leasing of water rights to third party 5,631 5,520 Total $ 337,418 $ 183,790 |
Segmented Information
Segmented Information | 6 Months Ended |
Dec. 31, 2019 | |
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 and mineral property carrying values by material project for the six-month period ended December 31, 2019: Exploration Expenses Land Holding Costs Mineral Properties As at December 31, 2019 Sleeper Gold Project $ 661,309 $ 209,702 $ 23,869,404 Grassy Mountain Project 1,605,891 60,012 23,185,728 $ 2,267,200 $ 269,714 $ 47,055,132 Expenses for the six-month period ended December 31, 2018 and mineral property carrying values as at June 30, 2019 by material project: Exploration Expenses Land Holding Costs Mineral Properties As at June 30, 2019 Sleeper Gold Project $ 457,241 $ 208,435 $ 23,869,404 Grassy Mountain Project 849,971 100,483 23,185,728 $ 1,307,212 $ 308,918 $ 47,055,132 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies: Lease Commitments The Company has an office premise lease that expire on June 30, 2021. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2020 $ 5,182 2021 $ 10,575 During the six month period ended December 31, 2019, $24,452 was recognized as rent expense in the statement of operations and comprehensive loss/income. 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 will make annual lease payments of $40,000 per year for the first two years of the lease term and $60,000 per year thereafter with an option to purchase the Cryla Claims for $560,000 at any time. The term of the agreement is 25 years. 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-month period ending December 31, 2019. 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 (“Nevada Select”) to purchase 100% in 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. All required payments under the agreement are up-to-date as of December 31, 2019. The Frost Claims are without known mineral reserves. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events: Subsequent to the period end, the Company issued 161,217 shares of Common Stock for payment of interest accrued and owing at December 31, 2019 on its outstanding 2023 Secured Convertible Notes. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
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 results of operations for interim periods are not necessarily indicative of the operating results of a full year or future years. The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“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, 2019. The Company has conducted a subsequent events review through the date the financial statements were issued, and has concluded that there were no subsequent events requiring adjustments or additional disclosures to the Company’s financial statements at December 31, 2019 except as disclosed in Note 12. |
Use of Estimates | Use of Estimates The preparation of these interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in the condensed consolidated interim financial statements include the adequacy of the Company’s reclamation and environmental obligation, share based compensation, warrant valuation, valuation of deferred tax assets and liabilities, and assessment of impairment of mineral properties. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid cash equivalent investments with maturities of three months or less at the date of purchase are classified as cash and cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents. The Company maintains cash and cash equivalents in accounts which may, at times, exceed federally insured limits. At December 31, 2019, the Company had $1.71 million of balances in excess of federally insured limits. We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize the risk of loss. |
Fair Value Measurements | Fair Value Measurements The Company has adopted FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. The Company applies fair value accounting for all financial assets and liabilities and non – financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as 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. The Company has adopted FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. |
Stock Based Compensation | Stock Based Compensation The Company has adopted the provisions of FASB ASC 718, “ Stock Compensation |
Mineral Properties | Mineral Properties Mineral property acquisition costs are capitalized when incurred and will be amortized using the units-of-production method over the estimated life of the ore reserve following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. |
Exploration Costs | Exploration Costs Exploration costs, which include maintenance, development and exploration of mineral claims, are expensed as incurred. When it is determined that a mineral deposit can be economically and legally developed as a result of establishing proven and probable reserves, the costs incurred after such determination will be capitalized and amortized over their useful lives. To date, the Company has not established the commercial feasibility of its exploration prospects; therefore, all exploration costs are expensed. |
Property and Equipment | Property and Equipment Equipment is recorded at cost less accumulated depreciation. All equipment is depreciated over its estimated useful life at the following annual rates: Computer equipment 30% declining balance Equipment 20% declining balance |
Reclamation and Environmental Obligation | Reclamation and Environmental Obligation The Company follows the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. The Company’s asset retirement obligations are further described in Note 8. |
Net Loss per Common Share | Net Loss per Common Share Basic loss/income per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during each period. Diluted loss or income per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six month periods ended December 31, 2019 and 2018, the shares of common stock equivalents related to outstanding stock options and convertible notes have not been included in the diluted per share calculation as they are anti-dilutive as the Company has recorded a net loss from continuing operations for those periods. |
Recent Accounting Guidance | In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. These changes will be effective for the Company's fiscal year beginning July 1, 2019. The Company adoption of this guidance on July 1, 2019 did not have a material effect on the Company's consolidated financial position, results of operations, cash flows and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The changes will be effective for the Company’s fiscal year beginning July 1, 2020. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company is currently evaluating the potential impact. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. These changes will be effective for the Company’s fiscal year beginning July 1, 2020. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Fixed Assets | Equipment is recorded at cost less accumulated depreciation. All equipment is depreciated over its estimated useful life at the following annual rates: Computer equipment 30% declining balance Equipment 20% declining balance |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The fair value of financial assets and liabilities carried at book value by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at December 31, 2019 and June 30, 2019 are presented in the following table: Fair Value at December 31, 2019 June 30, 2019 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,007,303 2,007,303 — — $ 463,690 Convertible debt $ 5,221,836 — 5,221,836 — $ — |
Capital Stock (Tables)
Capital Stock (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Under Stock Incentive and Compensation Plan | A summary of option activity under the Stock Incentive and Compensation Plan as of December 31, 2019, and changes during the six month period ended are presented below: Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at July 1, 2019 1,568,995 $ 1.50 1.95 $ — Granted 595,000 1.00 4.95 — Exercised — — — — Forfeited or expired 95,000 1.50 1.04 — Outstanding at December 31, 2019 2,068,995 $ 1.35 2.47 $ — Exercisable at December 31, 2019 1,153,335 $ 1.50 1.05 $ — |
Summary of Status of Non-Vested Options | A summary of the status of Paramount’s non-vested options as of July 1, 2019 and changes during the six month period ended December 31, 2019 is presented below. Non-vested Options Options Weighted- Average Date Fair Value Non-vested at July 1, 2019 340,660 $ 0.79 Granted 595,000 0.37 Vested — — Forfeited 20,000 0.74 Non-vested at December 31, 2019 915,660 $ 0.52 |
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 these options was calculated using the Black-Scholes option valuations method. The weighted average assumptions used for the fiscal years ending June 30, 2020 and 2019 were as follows: 2020 2019 Weighted average risk-free interest rate 1.61 % N/A Weighted-average volatility 61 % N/A Expected dividends $ 0.00 N/A Weighted average expected term (years) 5.00 N/A Weighted average fair value $ 0.37 N/A |
Warrants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Warrants Exercisable into Common Stock Activity | A summary of warrants exercisable into common stock activity as of December 31, 2019, and changes during the six month period ended is presented below: Warrants Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2019 1,200,000 $ 1.40 1.03 — Issued — — — — Exercised — — — — Outstanding at December 31, 2019 1,200,000 $ 1.40 0.53 — |
Convertible Debt (Tables)
Convertible Debt (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | Debt December 31, 2019 June 30, 2019 Current Non-Current Current Non-Current 2023 Secured Convertible Notes $ — $ 5,477,690 $ — $ — Less: unamortized discount and issuance costs — (255,854 ) — — $ — $ 5,221,836 $ — $ — |
Mineral Properties (Tables)
Mineral Properties (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
Capitalized Acquisition Costs on Mineral Properties | The Company has capitalized acquisition costs on mineral properties as follows: December 31, 2019 June 30, 2019 Sleeper $ 23,869,404 $ 23,869,404 Grassy Mountain 23,185,728 23,185,728 $ 47,055,132 $ 47,055,132 |
Reclamation and Environmental (
Reclamation and Environmental (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Changes to Asset Retirement Obligations | Changes to the Company’s asset retirement obligations for the six-month period ended December 31, 2019 and the year ended June 30, 2019 are as follows: Six Month Period Ended December 31, 2019 Year Ended June 30, 2019 Balance at beginning of period $ 965,677 $ 1,072,551 Accretion expense 47,294 165,505 Payments (331,787 ) (394,785 ) Change in estimate of existing obligation — 122,406 Balance at end of period $ 681,184 $ 965,677 |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Other Income [Abstract] | |
Other Income Details | The Company’s other income details for the six-month period ended December 31, 2019 and 2018 were as follows: Six Month Period Six Month Period Ended 2019 Ended 2018 Re-imbursement of reclamation costs $ 331,787 $ 178,270 Leasing of water rights to third party 5,631 5,520 Total $ 337,418 $ 183,790 |
Segmented Information (Tables)
Segmented Information (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
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 six-month period ended December 31, 2019: Exploration Expenses Land Holding Costs Mineral Properties As at December 31, 2019 Sleeper Gold Project $ 661,309 $ 209,702 $ 23,869,404 Grassy Mountain Project 1,605,891 60,012 23,185,728 $ 2,267,200 $ 269,714 $ 47,055,132 Expenses for the six-month period ended December 31, 2018 and mineral property carrying values as at June 30, 2019 by material project: Exploration Expenses Land Holding Costs Mineral Properties As at June 30, 2019 Sleeper Gold Project $ 457,241 $ 208,435 $ 23,869,404 Grassy Mountain Project 849,971 100,483 23,185,728 $ 1,307,212 $ 308,918 $ 47,055,132 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Aggregate Minimum Rentals Payable for Operating Leases | The Company has an office premise lease that expire on June 30, 2021. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2020 $ 5,182 2021 $ 10,575 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2019USD ($) | |
Accounting Policies [Abstract] | |
Concentration of credit risk uninsured cash amount | $ 1,710 |
Cash, Uninsured Amount, Description | We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize the risk of loss |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Fixed Assets (Details) | 6 Months Ended |
Dec. 31, 2019 | |
Computer equipment | |
Property Plant And Equipment [Line Items] | |
Percentage of annual amortization rate on declining balance (in hundredths) | 30.00% |
Equipment | |
Property Plant And Equipment [Line Items] | |
Percentage of annual amortization rate on declining balance (in hundredths) | 20.00% |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 2,007,303 | $ 463,690 |
Convertible debt | 5,221,836 | |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,007,303 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible debt | $ 5,221,836 |
Non-Cash Transactions - Additio
Non-Cash Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonmonetary Transaction [Line Items] | |||
Amount of shares issued in exchange for services | $ 976,144 | ||
Amount of non-cash activities | $ 0 | ||
Ausenco | |||
Nonmonetary Transaction [Line Items] | |||
Number of shares issued in exchange for services | 1,096,791 | ||
Amount of shares issued in exchange for services | $ 976,144 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Capital stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |
Capital stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Aggregate number of units issued (in shares) | 1,096,791 | 2,400,000 | ||
Aggregate number of units issued, per unit ($ per shares) | $ 0.89 | $ 0.89 | $ 1.25 | |
Net proceeds from issuance of common stock and warrants | $ 2,911,286 | |||
Sale of equity units description | Each unit consists of one share of common stock and one warrant to purchase one-half of a share of common stock. | |||
Class of warrant description | Each warrant will have a two-year term and will be exercisable at the following exercise prices: in the first year at $1.30 per share and in the second year at $1.50 per share | |||
Capital stock, shares issued | 27,616,745 | 27,616,745 | 26,519,954 | |
Capital stock, shares outstanding | 27,616,745 | 27,616,745 | 26,519,954 | |
Options, Granted | 595,000 | |||
Total unrecognized compensation cost related to non-vested share based compensation | $ 254,513 | $ 254,513 | ||
Expected weighted-average period of unrecognized compensation cost | 1 year 3 months 25 days | |||
Total fair value of share based compensation arrangements vested | $ 0 | $ 0 | ||
Employees, Directors and Consultants | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options, Granted | 595,000 | |||
Stock options, strike price | $ 1 | $ 1 | ||
Stock options, term | 5 years | |||
Senior Management and Directors | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options, vesting description | Options received by senior management and directors will vest and become exercisable on achieving the following performance conditions: 1) ½ upon the completion of the Grassy Mountain Project feasibility study and 2) ½ on the issuance of mining permits for the Grassy Mountain Project by the State of Oregon. Options received by employees and consultants will vest and become exercisable as follows: 1/3 on the first anniversary of the date of grant, 1/3 on the second anniversary of the date of grant and 1/3 on the third anniversary of the date of grant. | |||
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 stock available for grant to employees | 2,169,000 | 2,169,000 | ||
Exercisable in First Year | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Exercise price of warrants | $ 1.30 | |||
Exercisable in Second Year | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Exercise price of warrants | $ 1.50 | |||
Measurement Input Expected Term | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term of warrant | 2 years |
Capital Stock - Summary of Warr
Capital Stock - Summary of Warrants Exercisable into Common Stock Activity (Details) - Warrants - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Jun. 30, 2019 | |
Class Of Warrant Or Right [Line Items] | ||
Warrants, Outstanding, Beginning Balance | 1,200,000 | |
Warrants, Outstanding, Ending Balance | 1,200,000 | 1,200,000 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 1.40 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ 1.40 | $ 1.40 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 6 months 10 days | 1 year 10 days |
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 - Scenario Forecast | 12 Months Ended |
Jun. 30, 2020$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average risk-free interest rate | 1.61% |
Weighted-average volatility | 61.00% |
Expected dividends | $ 0 |
Weighted average expected term (years) | 5 years |
Weighted average fair value | $ 0.37 |
Capital Stock - Summary of Opti
Capital Stock - Summary of Option Activity Under Stock Incentive and Compensation Plan (Details) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | Jun. 30, 2019$ / sharesshares | |
Shares [Abstract] | ||
Options, Granted | 595,000 | |
Stock Options | ||
Shares [Abstract] | ||
Options, Outstanding, Beginning balance | 1,568,995 | |
Options, Granted | 595,000 | |
Options, Forfeited or expired | 95,000 | |
Options, Outstanding, Ending balance | 2,068,995 | 1,568,995 |
Options, Exercisable at December 31, 2019 | 1,153,335 | |
Weighted-Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Options, Outstanding, Beginning balance | $ / shares | $ 1.50 | |
Weighted Average Exercise Price, Options, Granted | $ / shares | 1 | |
Weighted Average Exercise Price, Options, Forfeited or expired | $ / shares | 1.50 | |
Weighted Average Exercise Price, Options, Outstanding, Ending balance | $ / shares | 1.35 | $ 1.50 |
Weighted Average Exercise Price, Options, Exercisable at December 31, 2019 | $ / shares | $ 1.50 | |
Weighted Average Remaining Contractual Term (Years), Options, Outstanding | 2 years 5 months 19 days | 1 year 11 months 12 days |
Weighted Average Remaining Contractual Term (Years), Options, Granted | 4 years 11 months 12 days | |
Weighted Average Remaining Contractual Term (Years), Options, Forfeited or expired | 1 year 14 days | |
Weighted Average Remaining Contractual Term (Years), Options, Exercisable at December 31, 2019 | 1 year 18 days |
Capital Stock - Summary of Stat
Capital Stock - Summary of Status of Non-Vested Options (Details) | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Options [Abstract] | |
Non-vested Options, Beginning balance | shares | 340,660 |
Non-vested Options, Granted | shares | 595,000 |
Non-vested Options, Forfeited | shares | 20,000 |
Non-vested Options, Ending balance | shares | 915,660 |
Weighted-Average Grant-Date Fair Value [Abstract] | |
Non-vested Options, Beginning balance | $ / shares | $ 0.79 |
Non-vested Options, Granted | $ / shares | 0.37 |
Non-vested Options, Forfeited | $ / shares | 0.74 |
Non-vested Options, Ending balance | $ / shares | $ 0.52 |
Convertible Debt - Summary of C
Convertible Debt - Summary of Convertible Debt (Details) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2023 Secured Convertible Notes | $ 5,221,836 |
2023 Secured Convertible Notes | |
Debt Instrument [Line Items] | |
2023 Secured Convertible Notes | 5,477,690 |
Less: unamortized discount and issuance costs | (255,854) |
Non-Current Debt | $ 5,221,836 |
Convertible Debt - Additional I
Convertible Debt - Additional Information (Details) | 1 Months Ended | 6 Months Ended |
Sep. 30, 2019USD ($)$ / shares | Dec. 31, 2019USD ($)Day$ / shares | |
Debt Instrument [Line Items] | ||
Amortization of debt discount and issuance costs | $ 20,029 | |
2023 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 | $ 20,030 |
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 working capital balance of $250,000. | |
Convertible note, stock price trigger (in dollars per share) | $ / shares | $ 1.75 | |
Threshold consecutive trading days for convertible debt | Day | 20 | |
Convertible note, covenant working capital | $ 250,000 |
Mineral Properties - Capitalize
Mineral Properties - Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 47,055,132 | $ 47,055,132 |
Sleeper Gold Project | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | 23,869,404 | 23,869,404 |
Grassy Mountain Project | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 23,185,728 | $ 23,185,728 |
Mineral Properties - Additional
Mineral Properties - Additional Information (Details) | Dec. 31, 2019aMiningClaim |
Sleeper Gold Project | Nevada | |
Mineral Properties [Line Items] | |
Unpatented mining claims | 2,322 |
Area covered by lode mining claims | a | 38,300 |
Grassy Mountain Project | Oregon | |
Mineral Properties [Line Items] | |
Unpatented lode mining claims | 442 |
Patented lode mining claims | 3 |
Area covered by mining claims | a | 9,300 |
Reclamation and Environmental -
Reclamation and Environmental - Additional Information (Details) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Site Contingency [Line Items] | |||
Commutation account and reclamation bonds | $ 1,082,774 | $ 1,401,833 | |
Asset retirement obligation | 681,184 | 965,677 | $ 1,072,551 |
Asset retirement obligation, current | 97,287 | 97,287 | |
Asset retirement obligation, noncurrent | 583,897 | 868,390 | |
Sleeper Gold Project | |||
Site Contingency [Line Items] | |||
Maximum reclamation costs covered by insurance policy | 25,000,000 | ||
Commutation account and reclamation bonds | 1,082,774 | $ 1,401,833 | |
Undiscounted estimate of reclamation costs | $ 3,977,751 | ||
Inflation rate | 1.10% | 1.10% | |
Sleeper Gold Project | Measurement Input Risk Free Interest Rate | |||
Site Contingency [Line Items] | |||
Credit adjusted risk free rate | 9.76 | 9.76 |
Reclamation and Environmental_2
Reclamation and Environmental - Changes to Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Balance at beginning of period | $ 965,677 | $ 1,072,551 | $ 1,072,551 | ||
Accretion expense | $ 23,648 | $ 41,376 | 47,294 | $ 82,752 | 165,505 |
Payments | (331,787) | (394,785) | |||
Change in estimate of existing obligation | 122,406 | ||||
Balance at end of period | $ 681,184 | $ 681,184 | $ 965,677 |
Other Income - Other Income Det
Other Income - Other Income Details (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income [Abstract] | ||||
Re-imbursement of reclamation costs | $ 331,787 | $ 178,270 | ||
Leasing of water rights to third party | 5,631 | 5,520 | ||
Total | $ 306,059 | $ 79,269 | $ 337,418 | $ 183,790 |
Segmented Information - Schedul
Segmented Information - Schedule of Expenses and Mineral Property Carrying Values by Material Project (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | $ 1,808,632 | $ 838,354 | $ 2,267,200 | $ 1,307,212 | |
Land Holding Costs | 132,137 | $ 147,143 | 269,714 | 308,918 | |
Mineral properties, net | 47,055,132 | 47,055,132 | $ 47,055,132 | ||
Sleeper Gold Project | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 661,309 | 457,241 | |||
Land Holding Costs | 209,702 | 208,435 | |||
Mineral properties, net | 23,869,404 | 23,869,404 | 23,869,404 | ||
Grassy Mountain Project | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 1,605,891 | 849,971 | |||
Land Holding Costs | 60,012 | $ 100,483 | |||
Mineral properties, net | $ 23,185,728 | $ 23,185,728 | $ 23,185,728 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Aggregate Minimum Rentals Payable for Operating Lease (Details) | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 5,182 |
2021 | $ 10,575 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended |
Dec. 31, 2019USD ($)aMiningClaim | |
Commitments And Contingencies [Line Items] | |
Net rental expense | $ 24,452 |
Annual lease payment, year two | $ 10,575 |
Grassy Mountain Project | |
Commitments And Contingencies [Line Items] | |
Number of mining fields | MiningClaim | 44 |
Area covered by mining claims | a | 589 |
Annual lease payment, year one | $ 40,000 |
Annual lease payment, year two | 40,000 |
Annual lease payment, thereafter | 60,000 |
Option to purchase mining claims, price | $ 560,000 |
Term of the agreement | 25 years |
Grassy Mountain Project | Minimum | |
Commitments And Contingencies [Line Items] | |
Royalty rate | 2.00% |
Grassy Mountain Project | Maximum | |
Commitments And Contingencies [Line Items] | |
Royalty rate | 4.00% |
Frost Project | Nevada | |
Commitments And Contingencies [Line Items] | |
Number of mining fields | MiningClaim | 40 |
Percentage of mining claim rights acquired | 100.00% |
Total consideration payable | $ 250,000 |
Percentage of Net Smelter Royalty | 2.00% |
Rate of right to reduce net smelter royalty by parent | 1.00% |
Payment to reduce NSR by parent | $ 1,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Jan. 01, 2020shares |
2023 Secured Convertible Notes | Subsequent Event | |
Subsequent Event [Line Items] | |
Common stock shares issued for payment of interest accrued | 161,217 |