Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
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 | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
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 | 37,696,420 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 4,607,317 | $ 5,434,081 |
Prepaid expenses and other deposits | 479,783 | 442,596 |
Other assets | 18,182 | |
Total Current Assets | 5,105,282 | 5,876,677 |
Non-Current Assets | ||
Mineral properties (Note 7) | 47,333,313 | 47,333,313 |
Reclamation bond (Note 8) | 462,952 | 695,041 |
Property and equipment | 6,583 | 8,467 |
Total Non-Current Assets | 47,802,848 | 48,036,821 |
Total Assets | 52,908,130 | 53,913,498 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 460,992 | 925,260 |
Reclamation and environmental obligation, current portion (Note 8) | 75,000 | 154,231 |
Total Current Liabilities | 535,992 | 1,079,491 |
Non-Current Liabilities | ||
Convertible debt (Note 6) | 4,146,467 | 5,256,228 |
Promissory note | 35,947 | 35,628 |
Reclamation and environmental obligation, non-current portion (Note 8) | 336,143 | 460,939 |
Total Non-Current Liabilities | 4,518,557 | 5,752,795 |
Total Liabilities | 5,054,549 | 6,832,286 |
Stockholders' Equity | ||
Common stock, par value $0.01, 200,000,000 authorized shares, 37,313,267 issued and outstanding at March 31, 2021 and 50,000,000 authorized shares, 32,958,404 issued and outstanding at June 30, 2020 (Note 5) | 373,133 | 329,584 |
Additional paid in capital | 106,071,651 | 100,881,957 |
Deficit | (58,591,203) | (54,130,329) |
Total Stockholders' Equity | 47,853,581 | 47,081,212 |
Total Liabilities and Stockholders' Equity | $ 52,908,130 | $ 53,913,498 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 50,000,000 |
Common stock, shares issued | 37,313,267 | 32,958,404 |
Common stock, shares outstanding | 37,313,267 | 32,958,404 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||||
Other income (Note 9) | $ 391,492 | $ 254,800 | $ 728,910 | |
Total Revenue | 391,492 | 254,800 | 728,910 | |
Expenses | ||||
Exploration | $ 590,245 | 1,068,021 | 2,100,760 | 3,335,221 |
Land holding costs | 130,284 | 131,633 | 391,867 | 401,346 |
Professional fees | 21,812 | 35,477 | 94,964 | 124,809 |
Salaries and benefits | 277,360 | 228,680 | 1,113,237 | 740,369 |
Directors' compensation | 38,891 | 27,555 | 115,002 | 64,499 |
General and administrative | 130,615 | 160,868 | 369,492 | 423,736 |
Insurance | 49,542 | 34,825 | 148,866 | 103,286 |
Depreciation | 624 | 651 | 1,884 | 2,096 |
Accretion (Note 8) | 15,010 | 23,648 | 45,030 | 70,942 |
Total Expenses | 1,254,383 | 1,711,358 | 4,381,102 | 5,266,304 |
Net Loss before Other Expense | 1,254,383 | 1,319,866 | 4,126,302 | 4,537,394 |
Other Expense (Income) | ||||
Interest income | (27) | (1,725) | (2,283) | (14,466) |
Interest and service charges | 100,111 | 122,231 | 336,855 | 266,460 |
Net Loss and Comprehensive Loss | $ 1,354,467 | $ 1,440,372 | $ 4,460,874 | $ 4,789,388 |
Loss per Common Share | ||||
Basic | $ 0.04 | $ 0.05 | $ 0.13 | $ 0.17 |
Diluted | $ 0.04 | $ 0.05 | $ 0.13 | $ 0.17 |
Weighted Average Number of Common Shares Used in Per Share Calculations | ||||
Basic | 36,323,652 | 27,774,419 | 34,783,677 | 27,489,446 |
Diluted | 36,323,652 | 27,774,419 | 34,783,677 | 27,489,446 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Deficit |
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 | |||
Stock based compensation | 203,192 | 203,192 | ||
Capital issued for services | 976,144 | $ 10,968 | 965,176 | |
Capital issued for services (in shares) | 1,096,791 | |||
Capital issued for payment of interest | 119,309 | $ 1,612 | 117,697 | |
Capital issued for payment of interest (in shares) | 161,217 | |||
Capital issued for financing | 4,882,966 | $ 51,804 | 4,831,162 | |
Capital issued for financing (in shares) | 5,180,442 | |||
Net loss | (6,430,141) | (6,430,141) | ||
Balance at Jun. 30, 2020 | $ 47,081,212 | $ 329,584 | 100,881,957 | (54,130,329) |
Balance (in shares) at Jun. 30, 2020 | 32,958,404 | 32,958,404 | ||
Stock based compensation | $ 77,424 | 77,424 | ||
Capital issued for payment of interest | 205,413 | $ 1,834 | 203,579 | |
Capital issued for payment of interest (in shares) | 183,395 | |||
Capital issued for financing | 770,514 | $ 5,953 | 764,561 | |
Capital issued for financing (in shares) | 595,281 | |||
Capital issued on conversion of debt | 192,066 | $ 2,000 | 190,066 | |
Capital issued on conversion of debt (in shares) | 200,000 | |||
Net loss | (1,331,508) | (1,331,508) | ||
Balance at Sep. 30, 2020 | 46,995,121 | $ 339,371 | 102,117,587 | (55,461,837) |
Balance (in shares) at Sep. 30, 2020 | 33,937,080 | |||
Balance at Jun. 30, 2020 | $ 47,081,212 | $ 329,584 | 100,881,957 | (54,130,329) |
Balance (in shares) at Jun. 30, 2020 | 32,958,404 | 32,958,404 | ||
Balance at Mar. 31, 2021 | $ 47,853,581 | $ 373,133 | 106,071,651 | (58,591,203) |
Balance (in shares) at Mar. 31, 2021 | 37,313,267 | 37,313,267 | ||
Balance at Sep. 30, 2020 | $ 46,995,121 | $ 339,371 | 102,117,587 | (55,461,837) |
Balance (in shares) at Sep. 30, 2020 | 33,937,080 | |||
Stock based compensation | 201,465 | 201,465 | ||
Capital issued for services | 181,458 | $ 1,668 | 179,790 | |
Capital issued for services (in shares) | 166,792 | |||
Capital issued for financing | 126,842 | $ 1,325 | 125,517 | |
Capital issued for financing (in shares) | 132,500 | |||
Capital issued on conversion of debt | 337,783 | $ 3,506 | 334,277 | |
Capital issued on conversion of debt (in shares) | 350,609 | |||
Net loss | (1,774,899) | (1,774,899) | ||
Balance at Dec. 31, 2020 | 46,067,770 | $ 345,870 | 102,958,636 | (57,236,736) |
Balance (in shares) at Dec. 31, 2020 | 34,586,981 | |||
Stock based compensation | 80,864 | 80,864 | ||
Capital issued for payment of interest | 193,364 | $ 1,790 | 191,574 | |
Capital issued for payment of interest (in shares) | 179,032 | |||
Capital issued for financing | 2,238,270 | $ 18,979 | 2,219,291 | |
Capital issued for financing (in shares) | 1,897,863 | |||
Capital issued on conversion of debt | 627,780 | $ 6,494 | 621,286 | |
Capital issued on conversion of debt (in shares) | 649,391 | |||
Net loss | (1,354,467) | (1,354,467) | ||
Balance at Mar. 31, 2021 | $ 47,853,581 | $ 373,133 | $ 106,071,651 | $ (58,591,203) |
Balance (in shares) at Mar. 31, 2021 | 37,313,267 | 37,313,267 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Statement Of Cash Flows [Abstract] | |||||
Net Loss | $ (4,460,874) | $ (4,789,388) | |||
Adjustment for: | |||||
Depreciation | $ 624 | $ 651 | 1,884 | 2,096 | |
Share based payments (Note 5) | 181,458 | 976,144 | |||
Stock based compensation (Note 5) | 359,753 | 127,012 | |||
Amortization of debt issuance costs (Note 6) | 47,868 | 37,225 | |||
Interest expense | 278,155 | (102,425) | |||
Accretion expense (Note 8) | 15,010 | 23,648 | 45,030 | 70,942 | $ 94,591 |
Interest earned on reclamation bond | (16,968) | (14,447) | |||
Increase in other assets | (18,182) | ||||
Increase in prepaid expenses | (37,187) | (422,089) | |||
Decrease in accounts payable | (343,327) | (131,540) | |||
Cash used in operating activities | (3,962,390) | (4,246,470) | |||
Purchase of equipment | (4,719) | ||||
Cash used in investing activities | (4,719) | ||||
Capital issued for financing (Note 5) | 3,135,626 | ||||
Convertible debt issued (Note 6) | 5,201,807 | ||||
Cash provided by financing activities | 3,135,626 | 5,201,807 | |||
Change in cash during period | (826,764) | 950,618 | |||
Cash at beginning of period | 5,434,081 | 463,690 | 463,690 | ||
Cash at end of period | $ 4,607,317 | $ 1,414,308 | $ 4,607,317 | $ 1,414,308 | $ 5,434,081 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
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 Company faces various risks related to the COVID-19 global pandemic. The Company cannot at this time predict the impact of the COVID-19 pandemic, but it could have a material adverse effect on the business, financial position, results of operations and/or cash flows. The results of operations for the interim period ended March 31, 2021 is not necessarily indicative of the operating results expected for the year ended June 30, 2021 or for any future period. 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, 2020. Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2020 10-K. |
Recent Accounting Guidance
Recent Accounting Guidance | 9 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Guidance | Note 2. Recent Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The changes were 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 adoption of this guidance on July 1, 2020 did not have a material effect on the Company’s consolidated financial position, results of operations, cash flows and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. These changes were 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 adoption of this guidance on July 1, 2020 did not have a material effect on the Company’s consolidated financial position, results of operations, cash flows and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2021 | |
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). Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at March 31, 2021 and June 30, 2020 are presented in the following table: Fair Value at March 31, 2021 June 30, 2020 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,607,317 4,607,317 — — $ 5,434,081 The carrying values of accounts payable, promissory note and convertible debt (Note 6) approximate fair value as of March 31, 2021 and June 30, 2020. |
Non-Cash Transactions
Non-Cash Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Nonmonetary Transactions [Abstract] | |
Non-Cash Transactions | Note 4. Non-Cash Transactions During the nine-month period ended March 31, 2021, the Company issued 362,427 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes. Additionally, 1,200,000 shares of Common Stock were issued upon the conversion of 1,200 of its outstanding 2019 Convertible Notes. The Company also issued 166,792 shares of Common Stock to Ausenco Engineering USA South Inc. in exchange for services valued at $181,458. During the nine-month period ended March 31, 2020, the Company issued 1,096,791 shares to Ausenco in exchange for services valued at $976,144 to complete a feasibility study at its Grassy Mountain Project. |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | Note 5. Capital Stock Authorized Capital Authorized capital stock consists of 200,000,000 common shares with par value of $0.01 per common share (June 30, 2020 – 50,000,000 common shares with par value $0.01 per common share). An increase to authorized capital stock was approved by the Company’s stockholders during the nine-month period ended March 31, 2021. During the three-month period ended March 31, 2021, the Company issued 1,897,863 shares at an approximate average price of $1.22 for gross proceeds of $2,318,522 through its at-the-market offering. Share issuance costs related to this were $80,252. The Company also issued 179,032 shares for payment of interest accrued and owing at December 31, 2020 (Note 6) with a fair value of $193,364. During the nine-month period ended March 31, 2021, the Company issued 2,625,644 shares at an approximate average price of $1.24 for gross proceeds of $3,266,548 through its at-the-market offering. Share issuance costs related to this were $130,922. The Company issued 166,792 shares at a value of $1.10 for services to complete a feasibility study at its Grassy Mountain Project (Note 4). The Company also issued 362,427 shares for payment of interest accrued and owing at June 30, 2020 and December 31, 2020 (Note 6) with a fair value of $398,777. The Company also issued 1,200,000 shares upon the conversion of 1,200 of the 2019 Senior Secured Convertible Notes (Note 6). During the three and nine-month period ended March 31, 2020, the Company issued 1,096,791 shares at a value of $0.89 per share to Ausenco in exchange for services to complete a feasibility study at its Grassy Mountain Project (Note 4) . At March 31, 2021 there were 37,313,267 common shares issued and outstanding (June 30, 2020 – 32,958,404 common shares). Warrants A summary of warrants exercisable into common stock activity as of March 31, 2021, and changes during the nine-month period ended is presented below: Warrants Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2020 1,200,000 $ 1.40 0.03 — Issued — — — — Expired (1,200,000 ) 1.40 — — Exercised — — — — Outstanding at March 31, 2021 — $ — — — 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 and directors 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, employees and directors 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 ended March 31, 2021, the Company did not grant any stock options. During the three-month period ended March 31, 2021, share-based compensation expense relating to service condition options and performance condition was $45,021 and $35,843, respectively . During the nine-month period ending March 31, 2021, a total of 755,000 stock options were granted by the Company. During the nine-month period ended March 31, 2021, share-based compensation expense relating to service condition options and performance condition was $245,022 and $114,731, respectively (2020- $50,473 and $76,539) . The fair value for these options was calculated using the Black-Scholes option valuations method. The weighted average assumptions used for the nine-month period ended March 31, 2021 and fiscal year ended June 30, 2020 were as follows: 2021 2020 Weighted average risk-free interest rate 0.22 % 1.60 % Weighted-average volatility 60 % 61 % Expected dividends $ 0.00 $ 0.00 Weighted average expected term (years) 5.00 5.00 Weighted average fair value $ 0.57 $ 0.39 A summary of option activity under the Stock Incentive and Compensation Plans as of March 31, 2021, and changes during the nine-month period ended are presented below: Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at July 1, 2020 1,243,995 $ 1.20 3.63 $ 165,600 Granted 755,000 1.13 4.69 — Exercised — — — — Forfeited or expired — — — — Outstanding at March 31, 2021 1,998,995 $ 1.17 3.56 $ — Exercisable at March 31, 2021 964,997 $ 1.19 3.27 $ — A summary of the status of Paramount’s non-vested options as at July 1, 2020 and changes during the nine-month period ended March 31, 2021 is presented below: Non-vested Options Options Weighted- Average Date Fair Value Non-vested at July 1, 2020 943,992 $ 0.51 Granted 755,000 0.57 Vested 664,994 0.50 Forfeited — — Non-vested at March 31, 2021 1,033,998 $ 0.61 As of March 31, 2021, there was $218,173 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plans. That cost is expected to be recognized over a weighted-average period of 0.93 years. The total fair value of stock based compensation arrangements vested during the nine-month period ended March 31, 2021 and 2020, was $332,836 and $49,408, respectively. |
Convertible Debt
Convertible Debt | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Debt | Note 6. Convertible Debt Debt March 31, 2021 June 30, 2020 Current Non-Current Current Non-Current 2019 Secured Convertible Notes $ — $ 4,277,690 $ — $ 5,477,690 Less: unamortized discount and issuance costs — (131,223 ) — (221,462 ) $ — $ 4,146,467 $ — $ 5,256,228 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 nine-month period ended March 31, 2021, the Company amortized $47,868 (2020- $37,225) 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. During the three-month period ended March 31, 2021, 649 of the 2019 Convertible Notes outstanding were converted into 649,391 shares of common stock of the Company (Note 5) and $21,611 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock. During the nine-month period ended March 31, 2021, 1,200 of the 2019 Convertible Notes outstanding were converted into 1,200,000 shares of common stock of the Company (Note 5) and $42,371 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock. |
Mineral Properties
Mineral Properties | 9 Months Ended |
Mar. 31, 2021 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Properties | Note 7. Mineral Properties The Company has capitalized acquisition costs on mineral properties as follows: March 31, 2021 June 30, 2020 Sleeper $ 24,147,585 $ 24,147,585 Grassy Mountain 23,185,728 23,185,728 $ 47,333,313 $ 47,333,313 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, covering approximately 8,300 acres |
Reclamation and Environmental
Reclamation and Environmental | 9 Months Ended |
Mar. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Environmental | Note 8. Reclamation and Environmental The Company has funds in a commutation account which is used to reimburse reclamation costs and indemnity claims at its Sleeper Gold Project. It also has provided financial security for future reclamation work in the form of reclamation bonds held by the U.S Bureau of Land Management (“BLM”) for the Sleeper Gold Project and Grassy Mountain Project. The balance of the commutation account and reclamation bonds at March 31, 2021 is 462,952 (June 30, 2020- $695,041). 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 commutation account is insufficient to cover any mandated reclamation obligations. 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 $ 4,010,403 Changes to the Company’s asset retirement obligations for the nine-month period ended March 31, 2021 and the year ended June 30, 2020 are as follows: Nine-Month Period Ended March 31, 2021 Year Ended June 30, 2020 Balance at beginning of period $ 615,170 $ 965,677 Accretion expense 45,030 94,591 Payments (249,057 ) (723,279 ) Change in estimate of existing obligation — 278,181 Balance at end of period $ 411,143 $ 615,170 The balance of the asset retirement obligation of $411,143 at March 31, 2021 (June 30, 2020 -$615,170 ) is comprised of a current portion of 75,000 (June 30, 2020 -$154,231 ) and a non-current portion of 336,143 (June 30, 2020 -$460,939). The Company recorded an accretion expense for the nine-month period ended March 31, 2021 of $45,030 (March 31, 2020 - $70,942) |
Other Income
Other Income | 9 Months Ended |
Mar. 31, 2021 | |
Other Income [Abstract] | |
Other Income | Note 9. Other Income The Company’s other income details for the three and nine-month period ended March 31, 2021 and 2020 were as follows: Three-Month Period Nine-Month Period Three-Month Period Nine-Month Period Ended March 31, 2021 Ended March 31, 2021 Ended March 31, 2020 Ended March 31, 2020 Re-imbursement of reclamation costs $ — $ 249,057 $ 391,492 $ 723,279 Leasing of water rights to third party — 5,743 — 5,631 Total $ — $ 254,800 $ 391,492 $ 728,910 |
Segmented Information
Segmented Information | 9 Months Ended |
Mar. 31, 2021 | |
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 three and nine-month period ended March 31, 2021: Exploration Expenses Land Holding Costs Three-Month Period Ended March 31, 2021 Nine-Month Period Ended March 31, 2021 Three-Month Period Ended March 31, 2021 Nine-Month Period Ended March 31, 2021 Mineral Properties As at March 31, 2021 Sleeper Gold Project $ 219,185 $ 651,070 $ 106,906 $ 320,715 $ 24,147,585 Grassy Mountain Project 371,060 1,449,690 23,378 71,152 23,185,728 $ 590,245 $ 2,100,760 $ 130,284 $ 391,867 $ 47,333,313 Expenses for the three and nine-month period ended March 31, 2020 and mineral property carrying values as at June 30, 2020 by material project: Exploration Expenses Land Holding Costs Three-Month Period Ended March 31, 2020 Nine-Month Period Ended March 31, 2020 Three-Month Period Ended March 31, 2020 Nine-Month Period Ended March 31, 2020 Mineral Properties As at June 30, 2020 Sleeper Gold Project $ 99,962 $ 761,271 $ 106,903 $ 316,605 $ 24,147,585 Grassy Mountain Project 968,059 2,573,950 24,730 84,741 23,185,728 $ 1,068,021 $ 3,335,221 $ 131,633 $ 401,346 $ 47,333,313 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies: Lease Commitments The Company has an office premise lease that expires on June 30, 2021. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2021 $ 2,644 During the nine-month period ended March 31, 2021, $41,951 was recognized as rent expense in the statement of operations and comprehensive loss. Other Commitments During the three-month period ended March 31, 2021, Paramount entered into an agreement to purchase 152 unpatented lode mining claims (“South Sleeper Claims”) located two miles south of the Company’s Sleeper Gold Project. With an effective date of April 6, 2021 and upon satisfaction of several closing conditions, Paramount has agreed to pay a total consideration of $350,000 in a combination of cash and common stock of the Company. The mining claims are subject to a mineral production royalty based on net smelter returns of 1%. The South Sleeper Claims are without known mineral reserves. 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 $40,000 per year for the first two years of the lease term commencing in 2018 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 nine-month period ended March 31, 2021. 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% 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. During the nine-month period ended March 31, 2021, the Company made a payment to Nevada Select for $15,000 upon receipt of its drilling permit from state and federal regulators and all required payments under the agreement are up-to-date as of March 31, 2021. The Frost Claims are without known mineral reserves. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 Subsequent Events Subsequent to the period-ended March 31, 2021, the Company sold, pursuant to its “at the market” equity offering program, 138,307 shares at an approximate average price of $1.06 per share for gross proceeds of $145,965. Additionally, the Company issued 257,353 shares for the purchase of the South Sleeper Claims. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
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 Company faces various risks related to the COVID-19 global pandemic. The Company cannot at this time predict the impact of the COVID-19 pandemic, but it could have a material adverse effect on the business, financial position, results of operations and/or cash flows. The results of operations for the interim period ended March 31, 2021 is not necessarily indicative of the operating results expected for the year ended June 30, 2021 or for any future period. 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, 2020. |
Significant Accounting Policies | Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2020 10-K. |
Recent Accounting Guidance | In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The changes were 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 adoption of this guidance on July 1, 2020 did not have a material effect on the Company’s consolidated financial position, results of operations, cash flows and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. These changes were 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 adoption of this guidance on July 1, 2020 did not have a material effect on the Company’s consolidated financial position, results of operations, cash flows and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets | Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at March 31, 2021 and June 30, 2020 are presented in the following table: Fair Value at March 31, 2021 June 30, 2020 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,607,317 4,607,317 — — $ 5,434,081 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Under Stock Incentive and Compensation Plans | A summary of option activity under the Stock Incentive and Compensation Plans as of March 31, 2021, and changes during the nine-month period ended are presented below: Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at July 1, 2020 1,243,995 $ 1.20 3.63 $ 165,600 Granted 755,000 1.13 4.69 — Exercised — — — — Forfeited or expired — — — — Outstanding at March 31, 2021 1,998,995 $ 1.17 3.56 $ — Exercisable at March 31, 2021 964,997 $ 1.19 3.27 $ — |
Summary of Status of Non-Vested Options | A summary of the status of Paramount’s non-vested options as at July 1, 2020 and changes during the nine-month period ended March 31, 2021 is presented below: Non-vested Options Options Weighted- Average Date Fair Value Non-vested at July 1, 2020 943,992 $ 0.51 Granted 755,000 0.57 Vested 664,994 0.50 Forfeited — — Non-vested at March 31, 2021 1,033,998 $ 0.61 |
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 nine-month period ended March 31, 2021 and fiscal year ended June 30, 2020 were as follows: 2021 2020 Weighted average risk-free interest rate 0.22 % 1.60 % Weighted-average volatility 60 % 61 % Expected dividends $ 0.00 $ 0.00 Weighted average expected term (years) 5.00 5.00 Weighted average fair value $ 0.57 $ 0.39 |
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 March 31, 2021, and changes during the nine-month period ended is presented below: Warrants Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2020 1,200,000 $ 1.40 0.03 — Issued — — — — Expired (1,200,000 ) 1.40 — — Exercised — — — — Outstanding at March 31, 2021 — $ — — — |
Convertible Debt (Tables)
Convertible Debt (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | Debt March 31, 2021 June 30, 2020 Current Non-Current Current Non-Current 2019 Secured Convertible Notes $ — $ 4,277,690 $ — $ 5,477,690 Less: unamortized discount and issuance costs — (131,223 ) — (221,462 ) $ — $ 4,146,467 $ — $ 5,256,228 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Mineral Industries Disclosures [Abstract] | |
Capitalized Acquisition Costs on Mineral Properties | The Company has capitalized acquisition costs on mineral properties as follows: March 31, 2021 June 30, 2020 Sleeper $ 24,147,585 $ 24,147,585 Grassy Mountain 23,185,728 23,185,728 $ 47,333,313 $ 47,333,313 |
Reclamation and Environmental (
Reclamation and Environmental (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Changes to Asset Retirement Obligations | Changes to the Company’s asset retirement obligations for the nine-month period ended March 31, 2021 and the year ended June 30, 2020 are as follows: Nine-Month Period Ended March 31, 2021 Year Ended June 30, 2020 Balance at beginning of period $ 615,170 $ 965,677 Accretion expense 45,030 94,591 Payments (249,057 ) (723,279 ) Change in estimate of existing obligation — 278,181 Balance at end of period $ 411,143 $ 615,170 |
Other Income (Tables)
Other Income (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Other Income [Abstract] | |
Other Income Details | The Company’s other income details for the three and nine-month period ended March 31, 2021 and 2020 were as follows: Three-Month Period Nine-Month Period Three-Month Period Nine-Month Period Ended March 31, 2021 Ended March 31, 2021 Ended March 31, 2020 Ended March 31, 2020 Re-imbursement of reclamation costs $ — $ 249,057 $ 391,492 $ 723,279 Leasing of water rights to third party — 5,743 — 5,631 Total $ — $ 254,800 $ 391,492 $ 728,910 |
Segmented Information (Tables)
Segmented Information (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Expenses and Mineral Property Carrying Values by Material Project | Expenses and mineral property carrying values by material project for the three and nine-month period ended March 31, 2021: Exploration Expenses Land Holding Costs Three-Month Period Ended March 31, 2021 Nine-Month Period Ended March 31, 2021 Three-Month Period Ended March 31, 2021 Nine-Month Period Ended March 31, 2021 Mineral Properties As at March 31, 2021 Sleeper Gold Project $ 219,185 $ 651,070 $ 106,906 $ 320,715 $ 24,147,585 Grassy Mountain Project 371,060 1,449,690 23,378 71,152 23,185,728 $ 590,245 $ 2,100,760 $ 130,284 $ 391,867 $ 47,333,313 Expenses for the three and nine-month period ended March 31, 2020 and mineral property carrying values as at June 30, 2020 by material project: Exploration Expenses Land Holding Costs Three-Month Period Ended March 31, 2020 Nine-Month Period Ended March 31, 2020 Three-Month Period Ended March 31, 2020 Nine-Month Period Ended March 31, 2020 Mineral Properties As at June 30, 2020 Sleeper Gold Project $ 99,962 $ 761,271 $ 106,903 $ 316,605 $ 24,147,585 Grassy Mountain Project 968,059 2,573,950 24,730 84,741 23,185,728 $ 1,068,021 $ 3,335,221 $ 131,633 $ 401,346 $ 47,333,313 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Aggregate Minimum Rentals Payable for Operating Leases | The Company has an office premise lease that expires on June 30, 2021. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2021 $ 2,644 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Measurements, Recurring - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 4,607,317 | $ 5,434,081 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 4,607,317 |
Non-Cash Transactions - Additio
Non-Cash Transactions - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($)shares | Jun. 30, 2020shares | Mar. 31, 2020shares | Mar. 31, 2021USD ($)ConvertibleNoteshares | Mar. 31, 2020USD ($)shares | Jun. 30, 2020USD ($) | |
Nonmonetary Transaction [Line Items] | ||||||
Amount of shares issued in exchange for services | $ | $ 181,458 | $ 976,144 | ||||
Number of shares issued | 362,427 | 362,427 | 1,096,791 | 166,792 | 1,096,791 | |
Interest Accrued And Owing | ||||||
Nonmonetary Transaction [Line Items] | ||||||
Number of shares issued | 362,427 | |||||
2019 Secured Convertible Notes | ||||||
Nonmonetary Transaction [Line Items] | ||||||
Capital issued for conversion of debt to common stock (in shares) | 1,200,000 | |||||
Number of senior secured convertible notes converted | ConvertibleNote | 1,200 | |||||
Ausenco | ||||||
Nonmonetary Transaction [Line Items] | ||||||
Number of shares issued in exchange for services | 166,792 | 1,096,791 | ||||
Amount of shares issued in exchange for services | $ | $ 181,458 | $ 976,144 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2021USD ($)ConvertibleNote$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)ConvertibleNote$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Capital stock, shares authorized | shares | 200,000,000 | 50,000,000 | 200,000,000 | |||
Capital stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Aggregate number of units issued | shares | 362,427 | 362,427 | 1,096,791 | 166,792 | 1,096,791 | |
Aggregate number of units issued, per unit | $ / shares | $ 1.10 | $ 0.89 | $ 0.89 | |||
Fair value of shares issued | $ | $ 398,777 | $ 398,777 | ||||
Capital stock, shares issued | shares | 37,313,267 | 32,958,404 | 37,313,267 | |||
Capital stock, shares outstanding | shares | 37,313,267 | 32,958,404 | 37,313,267 | |||
Options, Granted | shares | 755,000 | |||||
Stock based compensation (Note 5) | $ | $ 359,753 | $ 127,012 | ||||
Total unrecognized compensation cost related to non-vested share based compensation | $ | $ 218,173 | $ 218,173 | ||||
Expected weighted-average period of unrecognized compensation cost | 11 months 4 days | |||||
Total fair value of share based compensation arrangements vested | $ | $ 332,836 | 49,408 | ||||
Service Condition | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock based compensation (Note 5) | $ | 45,021 | $ 23,029 | 245,022 | 50,473 | ||
Performance Condition | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock based compensation (Note 5) | $ | $ 35,843 | $ 44,477 | $ 114,731 | $ 76,539 | ||
Senior Management | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Options, Granted | shares | 0 | 755,000 | ||||
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 | shares | 2,169,000 | 2,169,000 | ||||
Shares Average Price of $1.16 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Aggregate number of units issued | shares | 1,897,863 | |||||
Aggregate number of units issued, per unit | $ / shares | $ 1.22 | $ 1.22 | ||||
Proceeds from issuance of common stock and warrants | $ | $ 2,318,522 | |||||
Share issuance costs | $ | $ 80,252 | |||||
Shares Average Price of $1.30 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Aggregate number of units issued | shares | 2,625,644 | |||||
Aggregate number of units issued, per unit | $ / shares | $ 1.24 | $ 1.24 | ||||
Proceeds from issuance of common stock and warrants | $ | $ 3,266,548 | |||||
Share issuance costs | $ | $ 130,922 | |||||
Accrued Interest | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Aggregate number of units issued | shares | 179,032 | |||||
Fair value of shares issued | $ | $ 193,364 | |||||
2019 Secured Convertible Notes | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share issued during period shares conversion of convertible securities | shares | 649,391 | 1,200,000 | ||||
Number of senior secured convertible notes converted | ConvertibleNote | 649 | 1,200 |
Capital Stock - Summary of Warr
Capital Stock - Summary of Warrants Exercisable into Common Stock Activity (Details) - Warrants | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | |
Warrants, Outstanding, Beginning Balance | shares | 1,200,000 |
Warrants, Expired | shares | (1,200,000) |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 1.40 |
Weighted Average Exercise Price, Expired | $ / shares | $ 1.40 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 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 - $ / shares | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average risk-free interest rate | 0.22% | 1.60% |
Weighted-average volatility | 60.00% | 61.00% |
Expected dividends | $ 0 | $ 0 |
Weighted average expected term (years) | 5 years | 5 years |
Weighted average fair value | $ 0.57 | $ 0.39 |
Capital Stock - Summary of Opti
Capital Stock - Summary of Option Activity Under Stock Incentive and Compensation Plans (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | |
Shares [Abstract] | ||
Options, Granted | 755,000 | |
Stock Options | ||
Shares [Abstract] | ||
Options, Outstanding, Beginning balance | 1,243,995 | |
Options, Granted | 755,000 | |
Options, Outstanding, Ending balance | 1,998,995 | 1,243,995 |
Options, Exercisable at September 30, 2020 | 964,997 | |
Weighted-Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Options, Outstanding, Beginning balance | $ / shares | $ 1.20 | |
Weighted Average Exercise Price, Options, Granted | $ / shares | 1.13 | |
Weighted Average Exercise Price, Options, Outstanding, Ending balance | $ / shares | 1.17 | $ 1.20 |
Weighted Average Exercise Price, Options, Exercisable at September 30, 2020 | $ / shares | $ 1.19 | |
Weighted Average Remaining Contractual Term (Years), Options, Outstanding | 3 years 6 months 21 days | 3 years 7 months 17 days |
Weighted Average Remaining Contractual Term (Years), Options, Granted | 4 years 8 months 8 days | |
Weighted Average Remaining Contractual Term (Years), Options, Exercisable at September 30, 2020 | 3 years 3 months 7 days | |
Aggregate Intrinsic Value, Options, Outstanding | $ | $ 165,600 | |
Aggregate Intrinsic Value, Options, Outstanding at September 30, 2020 | $ | $ 165,600 | $ 165,600 |
Capital Stock - Summary of Stat
Capital Stock - Summary of Status of Non-Vested Options (Details) | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Options [Abstract] | |
Non-vested Options, Beginning balance | shares | 943,992 |
Non-vested Options, Granted | shares | 755,000 |
Non-vested Options, Vested | shares | 664,994 |
Non-vested Options, Ending balance | shares | 1,033,998 |
Weighted-Average Grant-Date Fair Value [Abstract] | |
Non-vested Options, Beginning balance | $ / shares | $ 0.51 |
Non-vested Options, Granted | $ / shares | 0.57 |
Non-vested Options, Vested | $ / shares | 0.50 |
Non-vested Options, Ending balance | $ / shares | $ 0.61 |
Convertible Debt - Summary of C
Convertible Debt - Summary of Convertible Debt (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||
2019 Secured Convertible Notes | $ 4,146,467 | $ 5,256,228 |
2019 Secured Convertible Notes | ||
Debt Instrument [Line Items] | ||
2019 Secured Convertible Notes | 4,277,690 | 5,477,690 |
Less: unamortized discount and issuance costs | (131,223) | (221,462) |
Non-Current Debt | $ 4,146,467 | $ 5,256,228 |
Convertible Debt - Additional I
Convertible Debt - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)$ / shares | Mar. 31, 2021USD ($)ConvertibleNoteshares | Mar. 31, 2021USD ($)ConvertibleNoteDay$ / sharesshares | Mar. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||
Amortization of debt discount and issuance costs | $ 47,868 | $ 37,225 | ||
2019 Secured Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount of convertible notes | $ 5,478 | |||
Agreed sale price of note | 975 | |||
Principal amount per notes | $ 1,000 | |||
Convertible notes due period | 2023 | |||
Convertible senior notes interest rate | 7.50% | |||
Convertible note, interest payment | semi-annually | |||
Conversion price | $ / shares | $ 1 | |||
Amortization of debt discount and issuance costs | $ 275,883 | $ 47,868 | $ 37,225 | |
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 | $ 250,000 | ||
Number of senior secured convertible notes converted | ConvertibleNote | 649 | 1,200 | ||
Share issued during period shares conversion of convertible securities | shares | 649,391 | 1,200,000 | ||
2019 Secured Convertible Notes | Additional Paid-In Capital | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt discount and issuance costs | $ 21,611 | $ 42,371 |
Mineral Properties - Capitalize
Mineral Properties - Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 47,333,313 | $ 47,333,313 |
Sleeper Gold Project | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | 24,147,585 | 24,147,585 |
Grassy Mountain Project | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 23,185,728 | $ 23,185,728 |
Mineral Properties - Additional
Mineral Properties - Additional Information (Details) | Mar. 31, 2021aMiningClaim |
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 | 8,300 |
Reclamation and Environmental -
Reclamation and Environmental - Additional Information (Details) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Site Contingency [Line Items] | ||||
Commutation account and reclamation bonds | $ 462,952 | $ 695,041 | ||
Reclamation and environmental obligation | 411,143 | 615,170 | $ 965,677 | |
Reclamation and environmental obligation, current | 75,000 | 154,231 | ||
Reclamation and environmental obligation, noncurrent | 336,143 | 460,939 | ||
Accretion expense | 45,030 | $ 70,942 | ||
Sleeper Gold Project | ||||
Site Contingency [Line Items] | ||||
Commutation account and reclamation bonds | 462,952 | $ 695,041 | ||
Maximum reclamation costs covered by insurance policy | 25,000,000 | |||
Undiscounted estimate of reclamation costs | $ 4,010,403 | |||
Inflation rate | 1.60% | 1.60% | ||
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 | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Balance at beginning of period | $ 615,170 | $ 965,677 | $ 965,677 | ||
Accretion expense | $ 15,010 | $ 23,648 | 45,030 | $ 70,942 | 94,591 |
Payments | (249,057) | (723,279) | |||
Change in estimate of existing obligation | 278,181 | ||||
Balance at end of period | $ 411,143 | $ 411,143 | $ 615,170 |
Other Income - Other Income Det
Other Income - Other Income Details (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income [Abstract] | |||
Re-imbursement of reclamation costs | $ 391,492 | $ 249,057 | $ 723,279 |
Leasing of water rights to third party | 5,743 | 5,631 | |
Other income (Note 9) | $ 391,492 | $ 254,800 | $ 728,910 |
Segmented Information - Schedul
Segmented Information - Schedule of Expenses and Mineral Property Carrying Values by Material Project (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | $ 590,245 | $ 1,068,021 | $ 2,100,760 | $ 3,335,221 | |
Land Holding Costs | 130,284 | 131,633 | 391,867 | 401,346 | |
Mineral properties, net | 47,333,313 | 47,333,313 | $ 47,333,313 | ||
Sleeper Gold Project | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 219,185 | 99,962 | 651,070 | 761,271 | |
Land Holding Costs | 106,906 | 106,903 | 320,715 | 316,605 | |
Mineral properties, net | 24,147,585 | 24,147,585 | 24,147,585 | ||
Grassy Mountain Project | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 371,060 | 968,059 | 1,449,690 | 2,573,950 | |
Land Holding Costs | 23,378 | $ 24,730 | 71,152 | $ 84,741 | |
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) | Mar. 31, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 | $ 2,644 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2021USD ($)aMiningClaim | Mar. 31, 2021USD ($)aMiningClaim | |
Commitments And Contingencies [Line Items] | ||
Net rental expense | $ 41,951 | |
Sleeper Gold Project | ||
Commitments And Contingencies [Line Items] | ||
Total consideration payable | $ 350,000 | $ 350,000 |
Unpatented lode mining claims | MiningClaim | 152 | 152 |
Rate of net smelter return | 1.00% | |
Grassy Mountain Project | ||
Commitments And Contingencies [Line Items] | ||
Number of mining fields | MiningClaim | 44 | |
Area covered by mining claims | a | 589 | 589 |
Annual lease payment, year one | $ 40,000 | $ 40,000 |
Annual lease payment, year two | 40,000 | 40,000 |
Annual lease payment, thereafter | $ 60,000 | 60,000 |
Option to purchase mining claims, price | $ 560,000 | |
Term of the agreement | 25 years | 25 years |
Grassy Mountain Project | Minimum | ||
Commitments And Contingencies [Line Items] | ||
Royalty rate | 2.00% | 2.00% |
Grassy Mountain Project | Maximum | ||
Commitments And Contingencies [Line Items] | ||
Royalty rate | 4.00% | 4.00% |
Frost Project | Nevada | ||
Commitments And Contingencies [Line Items] | ||
Total consideration payable | $ 250,000 | $ 250,000 |
Number of mining fields | MiningClaim | 40 | |
Percentage of mining claim rights acquired | 100.00% | |
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 | |
Total consideration paid | $ 15,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Apr. 01, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Subsequent Event [Line Items] | ||||||
Aggregate number of units issued | 362,427 | 362,427 | 1,096,791 | 166,792 | 1,096,791 | |
Aggregate number of units issued, per unit | $ 1.10 | $ 0.89 | $ 0.89 | |||
Capital issued for financing (Note 5) | $ 3,135,626 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate number of units issued | 257,353 | |||||
Subsequent Event | Shares Average Price of $1.06 | ATM | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate number of units issued | 138,307 | |||||
Aggregate number of units issued, per unit | $ 1.06 | |||||
Capital issued for financing (Note 5) | $ 145,965 |