Paramount Gold Nevada (PZG) 10-Q 7 May 21 2021 Q3 Quarterly report Financial data

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