Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2021 | Oct. 25, 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 | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 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 | 40,525,151 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 3,659,067 | $ 3,113,064 |
Prepaid expenses and deposits | 834,566 | 1,152,396 |
Total Current Assets | 4,493,633 | 4,265,460 |
Non-Current Assets | ||
Mineral properties (Note 7) | 49,242,704 | 49,197,704 |
Reclamation bond (Note 8) | 500,738 | 533,703 |
Property and equipment | 7,831 | 5,959 |
Total Non-Current Assets | 49,751,273 | 49,737,366 |
Total Assets | 54,244,906 | 54,002,826 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 697,742 | 638,950 |
Reclamation and environmental obligation, current portion (Note 8) | 316,022 | 310,022 |
Total Current Liabilities | 1,013,764 | 948,972 |
Non-Current Liabilities | ||
Convertible debt (Note 6) | 4,176,703 | 4,161,502 |
Reclamation and environmental obligation, non-current portion (Note 8) | 1,579,591 | 1,539,622 |
Total Non-Current Liabilities | 5,756,294 | 5,701,124 |
Total Liabilities | 6,770,058 | 6,650,096 |
Stockholders' Equity | ||
Common stock, par value $0.01, 200,000,000 authorized shares, 40,525,151 issued and outstanding at September 30, 2021 and 200,000,000 authorized shares, 38,154,109 issued and outstanding at June 30, 2021 (Note 5) | 405,253 | 381,542 |
Additional paid in capital | 109,017,288 | 107,005,135 |
Deficit | (61,947,693) | (60,033,947) |
Total Stockholders' Equity | 47,474,848 | 47,352,730 |
Total Liabilities and Stockholders' Equity | $ 54,244,906 | $ 54,002,826 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,525,151 | 38,154,109 |
Common stock, shares outstanding | 40,525,151 | 38,154,109 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income | ||
Other income (Note 9) | $ 116,299 | $ 68,948 |
Total Revenue | 116,299 | 68,948 |
Expenses | ||
Exploration | 1,256,805 | 636,027 |
Land holding costs | 141,193 | 131,183 |
Professional fees | 44,963 | 44,452 |
Salaries and benefits | 230,749 | 255,941 |
Directors' compensation | 13,837 | 30,942 |
General and administrative | 119,863 | 114,123 |
Insurance | 74,040 | 49,687 |
Depreciation | 851 | 630 |
Accretion (Note 8) | 45,969 | 15,010 |
Total Expenses | 1,928,270 | 1,277,995 |
Net Loss before Other Expense | 1,811,971 | 1,209,047 |
Other Expense (Income) | ||
Interest income | (1,224) | |
Interest and service charges | 101,775 | 123,685 |
Net Loss and Comprehensive Loss | $ 1,913,746 | $ 1,331,508 |
Loss per Common Share | ||
Basic | $ 0.05 | $ 0.04 |
Diluted | $ 0.05 | $ 0.04 |
Weighted Average Number of Common Shares Used in Per Share Calculations | ||
Basic | 38,758,971 | 33,722,635 |
Diluted | 38,758,971 | 33,722,635 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Deficit |
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 | |||
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, 2021 | $ 47,352,730 | $ 381,542 | 107,005,135 | (60,033,947) |
Balance (in shares) at Jun. 30, 2021 | 38,154,109 | 38,154,109 | ||
Stock based compensation | $ 42,671 | 42,671 | ||
Capital issued for payment of interest | 163,642 | $ 1,687 | 161,955 | |
Capital issued for payment of interest (in shares) | 168,690 | |||
Capital issued for financing | 1,829,551 | $ 22,024 | 1,807,527 | |
Capital issued for financing (in shares) | 2,202,352 | |||
Net loss | (1,913,746) | (1,913,746) | ||
Balance at Sep. 30, 2021 | $ 47,474,848 | $ 405,253 | $ 109,017,288 | $ (61,947,693) |
Balance (in shares) at Sep. 30, 2021 | 40,525,151 | 40,525,151 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Statement Of Cash Flows [Abstract] | |||
Net Loss | $ (1,913,746) | $ (1,331,508) | |
Adjustment for: | |||
Depreciation | 851 | 630 | |
Stock based compensation (Note 5) | 42,671 | 77,424 | |
Amortization of debt issuance costs (Note 6) | 15,201 | 17,384 | |
Interest expense | 81,989 | 100,674 | |
Accretion expense (Note 8) | 45,969 | 15,010 | $ 60,040 |
Changes in reclamation bonds and accounts | 32,965 | (1,224) | |
(Increase)/Decrease in prepaid expenses | 272,830 | (279,345) | |
Increase/(Decrease) in accounts payable | 140,445 | (312,162) | |
Cash used in operating activities | (1,280,825) | (1,713,117) | |
Purchase of equipment | (2,723) | ||
Cash used in investing activities | (2,723) | ||
Capital issued for financing (Note 5) | 1,829,551 | 770,514 | |
Cash provided by financing activities | 1,829,551 | 770,514 | |
Change in cash during period | 546,003 | (942,603) | |
Cash at beginning of period | 3,113,064 | 5,434,081 | 5,434,081 |
Cash at end of period | $ 3,659,067 | $ 4,491,478 | $ 3,113,064 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 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’s primary goal during the COVID-19 pandemic is to safeguard the health of our employees, suppliers and the communities where we operate while minimizing business interruption. To date, COVID-19 pandemic has not had a material impact on our business however because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to predict any future impact of the COVID-19 pandemic, but these impacts could have a material adverse effect on the business, financial position, results of operations and/or cash flows. We will continue to monitor the COVID-19 situation closely. The results of operations for the interim period ended September 30, 2021 is not necessarily indicative of the operating results expected 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, 2021. Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2021 10-K. |
Recent Accounting Guidance
Recent Accounting Guidance | 3 Months Ended |
Sep. 30, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Guidance | Note 2. Recent Accounting Guidance In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which addresses the complexity of its guidance for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 removes the accounting models that require beneficial conversion features or cash conversion features associated with convertible instruments to be recognized as a separate component of equity, adds certain disclosure requirements for convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and simplifies the diluted earnings per share calculation for certain situations. This ASU is effective for the Company beginning on January 1, 2024. The Company is currently evaluating the impact of implementing these changes on the Company’s consolidated financial position, operating results and cash-flows. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 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 September 30, 2021 and June 30, 2021 are presented in the following table: Fair Value at September 30, 2021 June 30, 2021 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3,659,067 3,659,067 — — $ 3,113,064 The carrying values of accounts payable and accrued liabilities and convertible debt (Note 6) approximate fair value as of September 30, 2021 and June 30, 2021. |
Non-Cash Transactions
Non-Cash Transactions | 3 Months Ended |
Sep. 30, 2021 | |
Nonmonetary Transactions [Abstract] | |
Non-Cash Transactions | Note 4. Non-Cash Transactions During the three-month period ended September 30, 2021, the Company issued 168,690 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes. During the three-month period ended September 30, 2020, the Company issued 183,395 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes. Additionally, 200,000 shares of Common Stock were issued upon the conversion of 200 of its outstanding 2019 Convertible Notes. |
Capital Stock
Capital Stock | 3 Months Ended |
Sep. 30, 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, 2021 – 200,000,000 common shares with par value $0.01 per common share). During the three-month period ended September 30, 2021, the Company issued 2,202,352 shares at an approximate average price of $0.856 for gross proceeds of $1,886,135 through its at-the-market offering. Share issuance costs related to this were $56,584. The Company also issued 168,690 shares for payment of interest accrued and owing (Note 6) with a fair value of $163,642. During the three month period ended September 30, 2020, the Company issued At September 30, 2021 there were 40,525,151 common shares issued and outstanding (June 30, 2021 – 38,154,109 common shares). 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 shareholders a significant portion of those share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions. Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee share option plan). During the three-month period ended September 30, 2021, the Company did not grant any stock options (2020 – 55,000). During the three-month period ended September 30, 2021, share-based compensation expense relating to service condition options and performance condition was $45,021 and $35,843, respectively (2020- $23,029 and $44,477) . The fair value for these options was calculated using the Black-Scholes option valuations method. The weighted average assumptions used for the three-month period ended September, 2021 and three-month period ended September 30, 2020 were as follows: Three-Months Ended September 30, 2021 Three-Months Ended September 30, 2020 Weighted average risk-free interest rate N/A 0.22 % Weighted-average volatility N/A 63 % Expected dividends N/A $ 0.00 Weighted average expected term (years) N/A 5.00 Weighted average fair value N/A $ 0.64 A summary of option activity under the Stock Incentive and Compensation Plans as of September 30, 2021 is presented below: Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at June 30, 2020 1,243,995 $ 1.20 3.63 $ 165,600 Granted 755,000 1.13 4.44 — Exercised — — — — Forfeited or expired — — — — Outstanding at June 30, 2021 1,998,995 $ 1.17 3.31 $ — Granted — — — $ — Exercised — — — — Forfeited or expired (190,000 ) — — — Outstanding at September 30, 2021 1,808,995 $ 1.14 3.17 $ — Exercisable at September 30, 2021 863,330 $ 1.16 2.94 $ — A summary of the status of Paramount’s non-vested options as at September 30, 2021 is presented below: Non-vested Options Options Weighted- Average Date Fair Value Non-vested at June 30, 2020 943,992 $ 0.51 Granted 755,000 0.56 Vested (664,994 ) 0.50 Forfeited or expired — — Non-vested at June 30, 2021 1,033,998 $ 0.55 Granted — — Vested — — Forfeited or expired (88,333 ) 0.73 Non-vested at September 30, 2021 945,665 $ 0.54 As of September 30, 2021, there was $77,970 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 1.15 years . The total fair value of s tock based compensation arrangements vested during the three -month period ended September 30 , 2021 and 2020 , was $ nil and $ nil , respectively. |
Convertible Debt
Convertible Debt | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Debt | Note 6. Convertible Debt Debt September 30, 2021 June 30, 2021 Current Non-Current Current Non-Current 2019 Secured Convertible Notes $ — $ 4,277,690 $ — $ 4,277,690 Less: unamortized discount and issuance costs — (100,987 ) — (116,188 ) $ — $ 4,176,703 $ — $ 4,161,502 In September 2019, the Company completed a private offering of 5,478 Senior Secured Convertible Notes (“2019 Convertible Notes”) at $975 per $1,000 face amount due in 2023. Each 2019 Convertible Note will bear an interest rate of 7.5% per annum, payable semi-annually. The effective interest rate of the 2019 Convertible Notes in 9.23%. 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 three-month period ended September 30, 2021, the Company amortized $15,201 (2020- $25,318) 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. At September 30, 2021, the working capital covenant was met by the Company. During the three-month period ended September 30, 2021, there were no conversions of 2019 Convertible Notes to common stock of the Company. During the three-month period ended September 30, 2020, 200 of the 2019 Convertible Notes outstanding were converted into 200,000 shares of common stock of the Company (Note 5) and $7,934 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock. |
Mineral Properties
Mineral Properties | 3 Months Ended |
Sep. 30, 2021 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Properties | Note 7. Mineral Properties The Company has capitalized acquisition costs on mineral properties as follows: September 30, 2021 June 30, 2021 Sleeper and other Nevada based Projects $ 26,031,976 $ 26,011,976 Grassy Mountain and other Oregon based Projects 23,210,728 23,185,728 $ 49,242,704 $ 49,197,704 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 | 3 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Environmental | Note 8. Reclamation and Environmental Reclamation and environmental costs are based principally on legal requirements. Management estimates costs associated with reclamation of mineral properties and properties under mine closure. On an ongoing basis the Company evaluates its estimates and assumptions; however, actual amounts could differ from those based on estimates and assumptions. The Company has posted several cash bonds as financial security to satisfy reclamation requirements. The balance of posted cash reclamation bonds at September 30, 2021 is $500,738 (June 30, 2021 - $533,703). Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection (“NDEP”). Paramount has estimated the undiscounted reclamation costs for existing disturbances at the Sleeper Gold Project required by the BLM to be $3,557,944. These costs are expected to be incurred between the calendar years 2021 and 2060. Paramount has also estimated undiscounted reclamation cost as required by the NDEP to be $1,470,000. These costs include on-going monitoring and new requests from the NDEP to convert three processing ponds from the historical operations to evaporation cell ponds by 2023. On-going monitoring costs are expected to be incurred between 2021 and 2039. The sum of expected costs by year are discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement to the time it incurs the obligation. The asset retirement obligation for the Sleeper Gold Project recorded on the balance sheet is equal to the present value of the estimated reclamation costs as required by both the BLM and NDEP. The following variables were used in the calculation for the periods ending September 30, 2021 and June 30, 2021: Three-Months Ended September 30, 2021 Year Ended June 30, 2021 Weighted-average credit adjusted risk free rate 9.89 % 9.89 % Weighted-average inflation rate 2.31 % 2.31 % Changes to the Company’s asset retirement obligations for the Sleeper Gold Mine for the three-month period ended September 30, 2021 and the year ended June 30, 2021 are as follows: Three-Month Period Ended September 30, 2021 Year Ended June 30, 2021 Balance at beginning of period $ 1,849,644 $ 615,170 Accretion expense 45,969 60,040 Additions and change in estimates — 1,498,950 Settlements — (324,516 ) Balance at end of period $ 1,895,613 $ 1,849,644 The balance of the asset retirement obligation of $1,895,613 at September 30, 2021 (June 30, 2021 -$1,849,644 ) is comprised of a current portion of 316,022 (June 30, 2020 -$310,022 ) and a non-current portion of 1,579,591 (June 30, 2020 -$1,539,622). The Company recorded an accretion expense for the three-month period ended September 30, 2021 of $45,969 (September 30, 2020 - $15,010). |
Other Income
Other Income | 3 Months Ended |
Sep. 30, 2021 | |
Other Income [Abstract] | |
Other Income | Note 9. Other Income The Company’s other income details for the three month period ended September 30, 2021 and 2020 were as follows: Three-Month Period Three-Month Period Ended September 30, 2021 Ended September 30, 2020 Re-imbursement of reclamation costs $ 110,441 $ 63,205 Leasing of water rights to third party 5,858 5,743 Total $ 116,299 $ 68,948 |
Segmented Information
Segmented Information | 3 Months Ended |
Sep. 30, 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-month period ended September 30, 2021: Exploration Expenses Land Holding Costs Three-Month Period Ended September 30, 2021 Three-Month Period Ended September 30, 2021 Mineral Properties As at September 30, 2021 Sleeper Gold Project and other Nevada based Projects $ 335,242 $ 112,815 $ 26,031,976 Grassy Mountain Project and other Oregon based Projects 921,563 28,378 23,210,728 $ 1,256,805 $ 141,193 $ 49,242,704 Expenses for the three-month period ended September 30, 2020 and mineral property carrying values as at June 30, 2021 by material project: Exploration Expenses Land Holding Costs Three-Month Period Ended September 30, 2020 Three-Month Period Ended September 30, 2020 Mineral Properties As at June 30, 2021 Sleeper Gold Project and other Nevada based Projects $ 283,263 $ 106,904 $ 26,011,976 Grassy Mountain Project and other Oregon based Projects 352,764 24,279 23,185,728 $ 636,027 $ 131,183 $ 49,197,704 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies: Other Commitments Paramount has an agreement to acquire 44 mining claims (“Cryla Claims”) covering 589 acres located immediately to the west of the proposed Grassy Mountain site from Cryla LLC. Paramount is obligated to make annual lease payments of $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 three-month period ended September 30, 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 September 30, 2021. The Frost Claims are without known mineral reserves. During the three-month period ended September 30, 2021, the Company entered into an option agreement with Nevada Select to purchase the Bald Peak mining claims in the State of Nevada and California for a total consideration of $300,000. Payments under the agreement will be based on achieving certain events over time. Upon signing the agreement Paramount made a payment to Nevada Select of $20,000. The Bald Peak Claims are without known mineral reserves. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 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’s primary goal during the COVID-19 pandemic is to safeguard the health of our employees, suppliers and the communities where we operate while minimizing business interruption. To date, COVID-19 pandemic has not had a material impact on our business however because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to predict any future impact of the COVID-19 pandemic, but these impacts could have a material adverse effect on the business, financial position, results of operations and/or cash flows. We will continue to monitor the COVID-19 situation closely. The results of operations for the interim period ended September 30, 2021 is not necessarily indicative of the operating results expected 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, 2021. |
Significant Accounting Policies | Significant Accounting Policies Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2021 10-K. |
Recent Accounting Guidance | In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which addresses the complexity of its guidance for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 removes the accounting models that require beneficial conversion features or cash conversion features associated with convertible instruments to be recognized as a separate component of equity, adds certain disclosure requirements for convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and simplifies the diluted earnings per share calculation for certain situations. This ASU is effective for the Company beginning on January 1, 2024. The Company is currently evaluating the impact of implementing these changes on the Company’s consolidated financial position, operating results and cash-flows. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 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 September 30, 2021 and June 30, 2021 are presented in the following table: Fair Value at September 30, 2021 June 30, 2021 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3,659,067 3,659,067 — — $ 3,113,064 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Sep. 30, 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 September 30, 2021 is presented below: Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at June 30, 2020 1,243,995 $ 1.20 3.63 $ 165,600 Granted 755,000 1.13 4.44 — Exercised — — — — Forfeited or expired — — — — Outstanding at June 30, 2021 1,998,995 $ 1.17 3.31 $ — Granted — — — $ — Exercised — — — — Forfeited or expired (190,000 ) — — — Outstanding at September 30, 2021 1,808,995 $ 1.14 3.17 $ — Exercisable at September 30, 2021 863,330 $ 1.16 2.94 $ — |
Summary of Status of Non-Vested Options | A summary of the status of Paramount’s non-vested options as at September 30, 2021 is presented below: Non-vested Options Options Weighted- Average Date Fair Value Non-vested at June 30, 2020 943,992 $ 0.51 Granted 755,000 0.56 Vested (664,994 ) 0.50 Forfeited or expired — — Non-vested at June 30, 2021 1,033,998 $ 0.55 Granted — — Vested — — Forfeited or expired (88,333 ) 0.73 Non-vested at September 30, 2021 945,665 $ 0.54 |
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 three-month period ended September, 2021 and three-month period ended September 30, 2020 were as follows: Three-Months Ended September 30, 2021 Three-Months Ended September 30, 2020 Weighted average risk-free interest rate N/A 0.22 % Weighted-average volatility N/A 63 % Expected dividends N/A $ 0.00 Weighted average expected term (years) N/A 5.00 Weighted average fair value N/A $ 0.64 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | Debt September 30, 2021 June 30, 2021 Current Non-Current Current Non-Current 2019 Secured Convertible Notes $ — $ 4,277,690 $ — $ 4,277,690 Less: unamortized discount and issuance costs — (100,987 ) — (116,188 ) $ — $ 4,176,703 $ — $ 4,161,502 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Mineral Industries Disclosures [Abstract] | |
Capitalized Acquisition Costs on Mineral Properties | The Company has capitalized acquisition costs on mineral properties as follows: September 30, 2021 June 30, 2021 Sleeper and other Nevada based Projects $ 26,031,976 $ 26,011,976 Grassy Mountain and other Oregon based Projects 23,210,728 23,185,728 $ 49,242,704 $ 49,197,704 |
Reclamation and Environmental (
Reclamation and Environmental (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Variables of Weighted Average | The following variables were used in the calculation for the periods ending September 30, 2021 and June 30, 2021: Three-Months Ended September 30, 2021 Year Ended June 30, 2021 Weighted-average credit adjusted risk free rate 9.89 % 9.89 % Weighted-average inflation rate 2.31 % 2.31 % |
Changes to Asset Retirement Obligations | Changes to the Company’s asset retirement obligations for the Sleeper Gold Mine for the three-month period ended September 30, 2021 and the year ended June 30, 2021 are as follows: Three-Month Period Ended September 30, 2021 Year Ended June 30, 2021 Balance at beginning of period $ 1,849,644 $ 615,170 Accretion expense 45,969 60,040 Additions and change in estimates — 1,498,950 Settlements — (324,516 ) Balance at end of period $ 1,895,613 $ 1,849,644 |
Other Income (Tables)
Other Income (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Other Income [Abstract] | |
Other Income Details | The Company’s other income details for the three month period ended September 30, 2021 and 2020 were as follows: Three-Month Period Three-Month Period Ended September 30, 2021 Ended September 30, 2020 Re-imbursement of reclamation costs $ 110,441 $ 63,205 Leasing of water rights to third party 5,858 5,743 Total $ 116,299 $ 68,948 |
Segmented Information (Tables)
Segmented Information (Tables) | 3 Months Ended |
Sep. 30, 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-month period ended September 30, 2021: Exploration Expenses Land Holding Costs Three-Month Period Ended September 30, 2021 Three-Month Period Ended September 30, 2021 Mineral Properties As at September 30, 2021 Sleeper Gold Project and other Nevada based Projects $ 335,242 $ 112,815 $ 26,031,976 Grassy Mountain Project and other Oregon based Projects 921,563 28,378 23,210,728 $ 1,256,805 $ 141,193 $ 49,242,704 Expenses for the three-month period ended September 30, 2020 and mineral property carrying values as at June 30, 2021 by material project: Exploration Expenses Land Holding Costs Three-Month Period Ended September 30, 2020 Three-Month Period Ended September 30, 2020 Mineral Properties As at June 30, 2021 Sleeper Gold Project and other Nevada based Projects $ 283,263 $ 106,904 $ 26,011,976 Grassy Mountain Project and other Oregon based Projects 352,764 24,279 23,185,728 $ 636,027 $ 131,183 $ 49,197,704 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Measurements, Recurring - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 3,659,067 | $ 3,113,064 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 3,659,067 |
Non-Cash Transactions - Additio
Non-Cash Transactions - Additional Information (Details) | 3 Months Ended | |
Sep. 30, 2021shares | Sep. 30, 2020ConvertibleNoteshares | |
Interest Accrued And Owing | ||
Nonmonetary Transaction [Line Items] | ||
Number of shares issued | 168,690 | 183,395 |
2019 Secured Convertible Notes | ||
Nonmonetary Transaction [Line Items] | ||
Capital issued for conversion of debt to common stock (in shares) | 200,000 | |
Number of senior secured convertible notes converted | ConvertibleNote | 200 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Capital stock, shares authorized | 200,000,000 | 200,000,000 | ||
Capital stock, par value | $ 0.01 | $ 0.01 | ||
Net proceeds from issuance of common stock and warrants | $ 770,514 | |||
Capital stock, shares issued | 40,525,151 | 38,154,109 | ||
Capital stock, shares outstanding | 40,525,151 | 38,154,109 | ||
Options, Granted | 755,000 | |||
Stock based compensation (Note 5) | $ 42,671 | 77,424 | ||
Total unrecognized compensation cost related to non-vested share based compensation | $ 77,970 | |||
Expected weighted-average period of unrecognized compensation cost | 1 year 1 month 24 days | |||
Service Condition | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation (Note 5) | $ 45,021 | 23,029 | ||
Performance Condition | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation (Note 5) | $ 35,843 | $ 44,477 | ||
Senior Management | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options, Granted | 0 | 55,000 | ||
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 | 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 | 2,202,352 | 595,281 | ||
Aggregate number of units issued, per unit | $ 0.856 | $ 1.3344 | ||
Proceeds from issuance of common stock and warrants | $ 1,886,135 | $ 794,345 | ||
Share issuance costs | $ 56,584 | $ 23,830 | ||
Accrued Interest | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Aggregate number of units issued | 168,690 | 183,395 | ||
Fair value of shares issued | $ 163,642 | |||
2019 Secured Convertible Notes | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share issued during period shares conversion of convertible securities | 200,000 | |||
Number of senior secured convertible notes converted | 200 |
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 | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average risk-free interest rate | 0.22% | |
Weighted-average volatility | 63.00% | |
Expected dividends | $ 0 | |
Weighted average expected term (years) | 0 years | 5 years |
Weighted average fair value | $ 0.64 |
Capital Stock - Summary of Opti
Capital Stock - Summary of Option Activity Under Stock Incentive and Compensation Plans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Shares [Abstract] | |||
Options, Granted | 755,000 | ||
Stock Options | |||
Shares [Abstract] | |||
Options, Outstanding, Beginning balance | 1,998,995 | 1,243,995 | |
Options, Granted | 755,000 | ||
Options, Forfeited or expired | 190,000 | ||
Options, Outstanding, Ending balance | 1,808,995 | 1,998,995 | 1,243,995 |
Options, Forfeited or expired | (190,000) | ||
Options, Exercisable at September 30, 2021 | 863,330 | ||
Weighted-Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Options, Outstanding, Beginning balance | $ 1.17 | $ 1.20 | |
Weighted Average Exercise Price, Options, Granted | 1.13 | ||
Weighted Average Exercise Price, Options, Outstanding, Ending balance | 1.14 | $ 1.17 | $ 1.20 |
Weighted Average Exercise Price, Options, Exercisable at September 30, 2021 | $ 1.16 | ||
Weighted Average Remaining Contractual Term (Years), Options, Outstanding | 3 years 2 months 1 day | 3 years 3 months 21 days | 3 years 7 months 17 days |
Weighted Average Remaining Contractual Term (Years), Options, Granted | 4 years 5 months 8 days | ||
Weighted Average Remaining Contractual Term (Years), Options, Exercisable at September 30, 2021 | 2 years 11 months 8 days | ||
Aggregate Intrinsic Value, Options, Beginning Outstanding | $ 165,600 | ||
Aggregate Intrinsic Value, Options, Ending Outstanding | $ 165,600 |
Capital Stock - Summary of Stat
Capital Stock - Summary of Status of Non-Vested Options (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Options [Abstract] | ||
Non-vested Options, Beginning balance | 1,033,998 | 943,992 |
Non-vested Options, Granted | 755,000 | |
Non-vested Options, Vested | (664,994) | |
Non-vested Options, Forfeited or expired | 88,333 | |
Non-vested Options, Ending balance | 945,665 | 1,033,998 |
Non-vested Options, Vested | 664,994 | |
Non-vested Options, Forfeited or expired | (88,333) | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Non-vested Weighted Average Grant Date Fair Value, Beginning balance | $ 0.55 | $ 0.51 |
Non-vested Weight Average Grant Date Fair Value, Granted | 0.56 | |
Non-vested Weighted Average Grant Date Fair Value, Vested | 0.50 | |
Non-vested Weighted Average Grant Date Fair Value, Forfeited or expired | 0.73 | |
Non-vested Weighted Average Grant Date Fair Value, Ending balance | $ 0.54 | $ 0.55 |
Convertible Debt - Summary of C
Convertible Debt - Summary of Convertible Debt (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Debt Instrument [Line Items] | ||
2019 Secured Convertible Notes | $ 4,176,703 | $ 4,161,502 |
2019 Secured Convertible Notes | ||
Debt Instrument [Line Items] | ||
2019 Secured Convertible Notes | 4,277,690 | 4,277,690 |
Less: unamortized discount and issuance costs | (100,987) | (116,188) |
Non-Current Debt | $ 4,176,703 | $ 4,161,502 |
Convertible Debt - Additional I
Convertible Debt - Additional Information (Details) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2021USD ($)ConvertibleNoteDay$ / shares | Sep. 30, 2020USD ($)ConvertibleNoteshares | |
Debt Instrument [Line Items] | |||
Amortization of debt discount and issuance costs | $ 15,201 | $ 17,384 | |
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 | $ 15,201 | $ 25,318 |
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. At September 30, 2021, the working capital covenant was met by the Company. | ||
Debt instrument, interest rate, effective percentage | 9.23% | ||
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 | ||
Number of senior secured convertible notes converted | ConvertibleNote | 0 | 200 | |
Conversion of convertible notes to shares (in shares) | shares | 200,000 | ||
2019 Secured Convertible Notes | Additional Paid-In Capital | |||
Debt Instrument [Line Items] | |||
Amortization of debt discount and issuance costs | $ 7,934 |
Mineral Properties - Capitalize
Mineral Properties - Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 49,242,704 | $ 49,197,704 |
Sleeper and Other Nevada Based Projects | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | 26,031,976 | 26,011,976 |
Grassy Mountain and Other Oregon Based Projects | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 23,210,728 | $ 23,185,728 |
Mineral Properties - Additional
Mineral Properties - Additional Information (Details) | Sep. 30, 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) - USD ($) | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Site Contingency [Line Items] | ||||
Commutation account and reclamation bonds | $ 500,738 | $ 533,703 | ||
Reclamation and environmental obligation | 1,895,613 | 1,849,644 | $ 615,170 | |
Reclamation and environmental obligation, current | 316,022 | 310,022 | 310,022 | |
Reclamation and environmental obligation, noncurrent | 1,579,591 | $ 1,539,622 | $ 1,539,622 | |
Accretion expense | 45,969 | $ 15,010 | ||
Sleeper Gold Project | ||||
Site Contingency [Line Items] | ||||
Undiscounted estimate of reclamation costs | 3,557,944 | |||
Sleeper Gold Project | NDEP | ||||
Site Contingency [Line Items] | ||||
Undiscounted estimate of reclamation costs | $ 1,470,000 |
Reclamation and Environmental_2
Reclamation and Environmental - Schedule of Variables of Weighted Average (Details) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | ||
Weighted-average credit adjusted risk free rate | 9.89% | 9.89% |
Weighted-average inflation rate | 2.31% | 2.31% |
Reclamation and Environmental_3
Reclamation and Environmental - Changes to Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Balance at beginning of period | $ 1,849,644 | $ 615,170 | $ 615,170 |
Accretion expense | 45,969 | $ 15,010 | 60,040 |
Additions and change in estimates | 1,498,950 | ||
Settlements | (324,516) | ||
Balance at end of period | $ 1,895,613 | $ 1,849,644 |
Other Income - Other Income Det
Other Income - Other Income Details (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income [Abstract] | ||
Re-imbursement of reclamation costs | $ 110,441 | $ 63,205 |
Leasing of water rights to third party | 5,858 | 5,743 |
Other income (Note 9) | $ 116,299 | $ 68,948 |
Segmented Information - Schedul
Segmented Information - Schedule of Expenses and Mineral Property Carrying Values by Material Project (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Exploration Expenses | $ 1,256,805 | $ 636,027 | |
Land Holding Costs | 141,193 | 131,183 | |
Mineral properties, net | 49,242,704 | $ 49,197,704 | |
Sleeper Gold Project and other Nevada based Projects | |||
Segment Reporting Information [Line Items] | |||
Exploration Expenses | 335,242 | 283,263 | |
Land Holding Costs | 112,815 | 106,904 | |
Mineral properties, net | 26,031,976 | 26,011,976 | |
Grassy Mountain Project and other Oregon based Projects | |||
Segment Reporting Information [Line Items] | |||
Exploration Expenses | 921,563 | 352,764 | |
Land Holding Costs | 28,378 | $ 24,279 | |
Mineral properties, net | $ 23,210,728 | $ 23,185,728 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($)aMiningClaim | Mar. 31, 2021USD ($) | |
Option Agreement | Nevada | ||
Commitments And Contingencies [Line Items] | ||
Total consideration payable | $ 300,000 | |
Total consideration paid | $ 20,000 | |
Grassy Mountain Project | ||
Commitments And Contingencies [Line Items] | ||
Number of mining fields | MiningClaim | 44 | |
Area covered by mining claims | a | 589 | |
Annual lease payment, year one | $ 40,000 | |
Annual lease payment, year two | 40,000 | |
Annual lease payment, thereafter | 60,000 | |
Option to purchase mining claims, price | $ 560,000 | |
Term of the agreement | 25 years | |
Operating lease, payments | $ 0 | |
Grassy Mountain Project | Minimum | ||
Commitments And Contingencies [Line Items] | ||
Royalty rate | 2.00% | |
Grassy Mountain Project | Maximum | ||
Commitments And Contingencies [Line Items] | ||
Royalty rate | 4.00% | |
Frost Project | Nevada | ||
Commitments And Contingencies [Line Items] | ||
Number of mining fields | MiningClaim | 40 | |
Percentage of mining claim rights acquired | 100.00% | |
Total consideration payable | $ 250,000 | |
Percentage of Net Smelter Royalty | 2.00% | |
Rate of right to reduce net smelter royalty by parent | 1.00% | |
Payment to reduce NSR by parent | $ 1,000,000 | |
Total consideration paid | $ 15,000 |