10-Q · May 12, 2026
Paramount Gold Nevada reported a net loss of $4,903,148 for the three months ended March 31, 2026, which represents an increase of 87% compared to the loss of $2,618,307 in the same period last year. Despite having a…
Earnings analysis · 10-K
PZG earnings analysis
Filed September 17, 2026 · Our reading of the company's report
The latest report
Paramount made substantial technical and permitting progress, including federal approval of Grassy Mountain, stronger Grassy reserves and feasibility economics, and a preliminary Sleeper restart case. However, the…
Read full summary
Paramount made substantial technical and permitting progress, including federal approval of Grassy Mountain, stronger Grassy reserves and feasibility economics, and a preliminary Sleeper restart case. However, the company remains a pre-revenue developer with a fiscal 2026 net loss of $15.560 million, operating cash use of $7.284 million and an explicit going-concern qualification. Improved cash of $9.931 million provides near-term runway, but the approximately $189.8 million Grassy initial-capital requirement and continued reliance on dilutive financing leave the risk-reward profile bearish despite project-level upside.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.19
- Segment
- Sleeper Gold Project and other Nevada-based projects: $1.315 million net loss in fiscal 2026 versus $1.254 million in fiscal 2025; mineral properties of $25.7 million.
- Segment
- Grassy Mountain Project and other Oregon-based projects: $3.316 million net loss in fiscal 2026 versus $2.532 million in fiscal 2025; mineral properties of $23.4 million.
- Segment
- Corporate: $10.929 million net loss in fiscal 2026 versus $5.264 million in fiscal 2025, including a $4.868 million derivative-liability fair-value loss and $1.695 million of interest expense.
What stood out
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Grassy Mountain Permitting Progresses
Permitting advanced materially at Grassy Mountain: the BLM issued the Record of Decision approving the federal Plan of Operations on January 29, 2026, while Oregon's Draft Consolidated Permit Package was issued in December 2025 and the state process is described as being in its final stages.
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Grassy Study Shows Strong Economics
The updated Grassy Mountain feasibility study projects a 9.3-year mine life, 385,800 ounces of recovered gold, post-tax NPV of $374.7 million, post-tax IRR of 38.9% and initial capital of $189.8 million at a $3,600/oz gold assumption.
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Sleeper Restart Plan Adds Upside
Sleeper's 2026 Initial Assessment outlines a potential 17-year open-pit heap-leach operation with approximately $201 million of initial capital, post-tax IRR of 44.5% and post-tax payback of 1.4 years. The assessment is preliminary and does not support mineral-reserve disclosure.
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Sleeper Resources Expand
The updated resource base expanded at Sleeper: measured and indicated gold resources increased to 1.988 million ounces from 1.897 million ounces, while inferred gold resources increased to 2.303 million ounces from 1.214 million ounces.
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Near-Term Liquidity Improved
Liquidity improved following $13.914 million of net ATM proceeds and $2.000 million from prefunded warrants during fiscal 2026. Cash increased to $9.931 million at June 30, 2026 from $1.351 million a year earlier.
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Grassy Reserves Increased
Grassy Mountain's proven and probable gold reserves increased to 2.207 million ounces from 1.912 million ounces, with reported average grade of 0.184 oz/st and gold recovery of 92.6%.
What to watch
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Going-Concern Risk Persists
The company continues to disclose substantial doubt about its ability to continue as a going concern. It has accumulated a deficit of approximately $107.0 million, generated no operating revenue, and says existing cash is expected to fund operations only through approximately March 2027.
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Losses and Financing Dependence Worsen
Fiscal 2026 net loss increased 72% to $15.560 million from $9.050 million, while cash used in operating activities rose to $7.284 million from $6.267 million. The company expects to continue relying on equity, debt and royalty financings.
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Secured Debt and Royalty Burden
The company has $15.0 million of secured convertible-debenture principal, a 10% annual interest rate and $11.805 million of net debt liability. The debenture is secured by the Grassy Mountain and Sleeper assets, and Sprott may convert it into a 4.75% gross revenue royalty.
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Dilution Remains Material
Fiscal 2026 equity financing increased share count to 86.124 million from 75.421 million, while 8.786 million shares were issued through the ATM and 1.289 million shares were issued for interest payments. The company also has 2.941 million prefunded warrants outstanding.
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Large Development Funding Gap
Grassy Mountain requires approximately $189.8 million of initial capital, $65.1 million of sustaining capital and $21.1 million of closure costs, compared with $9.931 million of cash at June 30, 2026. Management states it will need additional financing to implement mining operations.
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Sleeper Economics Remain Preliminary
The Sleeper Initial Assessment has not established reserves: sulfide resources are excluded from the mine plan, the assessment is preliminary, and estimated AISC is $2,407/oz of gold. Actual economics could differ as the project advances toward a pre-feasibility study.
Management's outlook
No formal revenue or EPS guidance is provided. Management says existing cash is expected to fund operations through approximately March 2027 and outlines fiscal 2027 expenditures of $5.7 million for corporate costs and permitting, plus discretionary budgets of $1.1 million for Grassy Mountain water wells, $1.6 million for Sleeper drilling and $2.5 million for Grassy Mountain power-line materials.
Earlier filings 4
10-Q · November 14, 2025
Paramount Gold Nevada reported a larger quarterly net loss of $4,324,338 (loss per share $0.06) for the three months ended September 30, 2025 versus $1,572,138 (loss per share $0.02) in the prior-year quarter. Cash…
10-K · September 25, 2025
Paramount Gold Nevada (PZG) remains a development-stage precious metals explorer owning the Sleeper (Nevada) and Grassy Mountain (Oregon) projects and reported no operating revenues. The company is maintaining its land…
10-Q · May 12, 2025
Paramount Gold Nevada reported a three‑month net loss of $2,618,307 (Q3 FY2025) or $0.04 per share, versus a loss of $1,814,045 or $0.03 per share in the prior-year quarter, while cash declined to $2,139,516 at March…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.