10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO

Commission File Number 001-36908

PARAMOUNT GOLD NEVADA CORP.

(Exact name of registrant as specified in its charter)

Nevada	98-0138393
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
665 Anderson Street Winnemucca, NV	89445
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (775) 625-3600

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  ☒    NO  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    YES  ☒    NO  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Small reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ☐    NO  ☒

The number of shares of registrant’s Common Stock outstanding, $0.01 par value per share, as of May 4, 2021 was 37,696,420.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value Per Share	PZG	NYSE American

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	2
	Condensed Consolidated Interim Balance Sheets as of March 31, 2021 and June 30, 2020 (Unaudited)	2
	Condensed Consolidated Interim Statements of Operations and Comprehensive Loss for the Three and Nine-Months Ended March 31, 2021 and March 31, 2020 (Unaudited)	3
	Condensed Consolidated Interim Statements of Stockholders’ Equity for the Three Months Ended September 30, 2020, December 31, 2020, and March 31, 2021 and Year ended June 30, 2020 (Unaudited)	4
	Condensed Consolidated Interim Statements of Cash Flows for the Nine-months Ended March 31, 2021 and March 31, 2020 (Unaudited)	5
	Notes to Condensed Consolidated Interim Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	20
PART II	OTHER INFORMATION
Item 1A.	Risk Factors	20
Item 4.	Mine Safety Disclosures	20
Item 6.	Exhibits	21
Signatures	Directors, Executive Officers and Corporate Governance	22

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

PARAMOUNT GOLD NEVADA CORP.

Condensed Consolidated Interim Balance Sheets

(Unaudited)

	Asat March 31,			As at June 30,
	2021			2020
Assets
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
Liabilities and Stockholders' Equity
Liabilities
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

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Subsequent Events: Note 12

2

PARAMOUNT GOLD NEVADA CORP.

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

(Unaudited)

	For the Three-Month Period Ended March 31, 2021			For the Three-Month Period Ended March 31, 2020			For the Nine-Month Period Ended March 31, 2021			For the Nine-Month Period Ended March 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

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

3

PARAMOUNT GOLD NEVADA CORP.

Condensed Consolidated Interim Statements of Stockholders’ Equity

(Unaudited)

	Shares (#)		CommonStock		Additional Paid-InCapital		Deficit			TotalStockholders' Equity
Balance at June 30, 2019		26,519,954	$	265,200	$	94,764,730	$	(47,700,188	)	$	47,329,742
Stock based compensation		—		—		203,192		—			203,192
Capital issued for services		1,096,791		10,968		965,176		—			976,144
Capital issued for payment of interest		161,217		1,612		117,697		—			119,309
Capital issued for financing		5,180,442		51,804		4,831,162		—			4,882,966
Net loss		—		—		—		(6,430,141	)		(6,430,141	)
Balance at June 30, 2020		32,958,404	$	329,584	$	100,881,957	$	(54,130,329	)	$	47,081,212
Stock based compensation		—		—		77,424		—			77,424
Capital issued for payment of interest		183,395		1,834		203,579		—			205,413
Capital issued for financing		595,281		5,953		764,561		—			770,514
Capital issued on conversion of debt		200,000		2,000		190,066		—			192,066
Net loss		—		—		—		(1,331,508	)		(1,331,508	)
Balance at September 30, 2020		33,937,080	$	339,371	$	102,117,587	$	(55,461,837	)	$	46,995,121
Stock based compensation		—		—		201,465		—			201,465
Capital issued for services		166,792		1,668		179,790		—			181,458
Capital issued for financing		132,500		1,325		125,517		—			126,842
Capital issued on conversion of debt		350,609		3,506		334,277		—			337,783
Net loss		—		—		—		(1,774,899	)		(1,774,899	)
Balance at December 31, 2020		34,586,981	$	345,870	$	102,958,636	$	(57,236,736	)	$	46,067,770
Stock based compensation		—		—		80,864		—			80,864
Capital issued for payment of interest		179,032		1,790		191,574		—			193,364
Capital issued for financing		1,897,863		18,979		2,219,291		—			2,238,270
Capital issued on conversion of debt		649,391		6,494		621,286		—			627,780
Net loss		—		—		—		(1,354,467	)		(1,354,467	)
Balance at March 31, 2021		37,313,267	$	373,133	$	106,071,651	$	(58,591,203	)	$	47,853,581

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

4

PARAMOUNT GOLD NEVADA CORP.

Condensed Consolidated Interim Statements of Cash Flows

(Unaudited)

	For the Nine-Month Period Ended March 31, 2021			For the Nine-Month Period Ended March 31, 2020
Net Loss	$	(4,460,874	)	$	(4,789,388	)
Adjustment for:
Depreciation		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)		45,030			70,942
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
Cash at end of period	$	4,607,317		$	1,414,308

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Non-Cash Transactions: Note 4

5

PARAMOUNT GOLD NEVADA CORP.

Notes to Condensed Consolidated Interim Financial Statements

For the Nine-Month Periods Ended March 31, 2021 and 2020

(Unaudited)

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.

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.

6

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.

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.  

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. Additionally, the Company issued 649,391 shares upon the conversion of 649 notes of the 2019 Senior Secured Convertible Notes (Note 6).  

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).

7

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 ExercisePrice		Weighted- Average Remaining Contractual Term (Years)		Aggregate IntrinsicValue ($)
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 (2020- $23,029 and $44,477).

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

8

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 ExercisePrice		Weighted- Average Remaining Contractual Term (Years)		Aggregate IntrinsicValue
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- AverageGrant- 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.

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.

9

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.

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.

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 as required by the BLM and the Nevada Department of Environmental Protection. Assumptions used to compute the asset retirement obligations as at March 31, 2021 and June 30, 2020 for the Sleeper Gold Project included a credit adjusted risk free rate and inflation rate of 9.76% (June 30, 2020– 9.76%) and 1.6% (June 30, 2020 – 1.6%), respectively. Expenses are expected to be incurred between the years 2021 and 2049.

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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)

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

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

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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.

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.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Certain statements in this Quarterly Report on Form 10-Q (“Form 10-Q”) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give the Company's current expectations and forecasts of future events. All statements other than statements of current or historical fact contained in this quarterly report, including statements regarding the Company's future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements are based on the Company's current plans, and the Company's actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Any or all of the forward-looking statements in this quarterly report may turn out to be inaccurate. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and assumptions. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Form 10-Q, and in the risk factors on Form 10-K that was filed with the U.S. Securities and Exchange Commission (SEC) on September 25, 2020. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to U.S. Investors

Paramount is subject to the reporting requirements of the Exchange Act and this filing and other U.S. reporting requirements are governed by the SEC Industry Guide 7.  Additionally, Paramount is subject to certain reporting requirements under applicable Canadian securities laws with respect to our material mineral properties under National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) We caution investors that certain terms used under Canadian reporting requirements and definitions of NI 43-101 to describe mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Therefore, investors are cautioned not to assume that all or any part of the mineralized material contained at any of our material projects will ever be converted to Industry Guide 7 compliant reserves.

Overview

We are a company engaged in the business of acquiring, exploring and developing precious metal projects in the United States of America. Paramount owns advanced stage exploration projects in the states of Nevada and Oregon.  We enhance the value of our projects by implementing exploration and engineering programs that have the goal to expand and upgrade known mineralized material to reserves.  The following discussion updates our outlook and plan of operations for the foreseeable future.  It also analyzes our financial condition and summarizes the results of our operations for the three and nine-month period ended March 31, 2021 and compares these results to the results of the prior year three and nine-month period ended March 31, 2020.

Operating Highlights:

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.  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.  The transaction closed in April 2021 subsequent to the period ending March 31, 2021.

Also, during the three-month period ended March 31, 2021, Paramount continued to progress its permitting activities at its Grassy Mountain Project.  In addition to conducting several meetings with the State of Oregon to address comments Paramount received on its initial Consolidated Mining Application, the Company received acceptance of its wildlife baseline data report for its proposed gold mine in Malheur County.  To date, 20 of 22 baseline data reports have been accepted by the state regulators.   The final two reports, ground water and geochemistry, are expected to be filed in advance of submitting the revised Consolidated Permit Application.

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During the nine-month period ended March 31, 2021, the Company announced that the Oregon Water Resource Department (“OWRD”) had reviewed and approved the plans and specifications for the tailings dam proposed for the Grassy Mountain mine and stated that from a safety perspective the plans are construction ready.  The OWRD reviewed the data within the Consolidated Permit Application which Paramount submitted in November 2019 and which included all tailings design drawings, safety analysis, field data collected and laboratory testing. The OWRD and its engineering team are required to review and evaluate the data and design, classify the hazard level (high, significant, or low hazard rating) and evaluate readiness for construction from a dam safety perspective.  Considering the project’s remote geographic location, low population density, arid nature with no rivers or permanent streams in close proximity, seismic analysis and all other data compiled, OWRD has rated the dam as low hazard, its lowest risk level. The approval for construction is valid for 5 years with extensions possible on request.

In September 2020, we announced the results of a Canadian NI 43-101 Feasibility Study (“FS”) for our Grassy Mountain Project in Oregon. The FS was completed by a group of industry leading consulting firms led by Ausenco Engineering Canada Inc. (“Ausenco”) who managed the overall study and were responsible for processing and infrastructure design and oversaw metallurgical testing; Mine Development Associates (“MDA”) who updated the mineral resource estimate and completed the mine planning and reserves estimation; Golder Associates designed the tailings storage facility and EM Strategies oversaw the environmental aspects of the FS.  

This mining scenario in the FS results in an average annual production of 47,000 ounces of gold and 55,000 ounces of silver for eight years. The metal prices used for the economic analysis includes $1,472 per ounce of gold sold and $16.64 per ounce of silver sold.  The life of mine average cash operating costs are estimated to be $583 per gold ounce including silver revenues as by product credit and the total initial capital requirements are estimated to be $97.5 million resulting in a net present value of $105 million using a 5% discount rate.  In October, 2020, we filed the completed FS on SEDAR as required by Canadian security laws.

Outlook and Plan of Operation:

We believe that investors will gain a better understanding of the Company if they understand how we measure and disclose our results.  As an exploration and development company, we do not generate cash flow from our operations. We recognize the importance of managing our liquidity and capital resources.  We pay close attention to all cash expenses and look for ways to minimize them when possible.  We ensure we have sufficient cash on hand to meet our annual land holding costs as the maintenance of mining claims and leases are essential to preserve the value of our mineral property assets.

As reported in our Annual Report on Form 10-K for the year ended June 30, 2020 the Company expects to undertake the following activities:

Grassy Mountain Project:

Paramount received the final Feasibility Study report from Ausenco during the three-month period ended December 31, 2020 and expects to focus its efforts on continued state and federal mining permitting for the fiscal year ended June 30, 2021.  As a follow up to submitting the Consolidated Permit Application (“CPA”) in November 2019, Paramount will respond to the State of Oregon’s CPA completeness review (“Review”) received in February 2019.  The Review provided requests for additional information required by the Company and its proposed resolutions will assist the Company in submitting a revised CPA.  The Company expects the revised CPA to address all the comments and requests for additional information with the objective of submitting a complete revised CPA that allows the State of Oregon to determine whether to issue a state mining permit for the Grassy Mountain Project.  In addition to the State of Oregon permitting activities, Paramount expects to respond to BLM comments it received on its Plan of Operation (“PoO”).  Once all the comments have been addressed and the PoO is deemed complete, the BLM will register a Notice in the Federal Register.  The Notice initiates the EIS process under the National Environmental Policy Act.   To complete these activities Paramount will engage specialized mining consulting firms, work with State and Federal contracted thirds parties and work directly with both state and federal permitting agencies.

Sleeper Gold Project:

Paramount is planning to initiate several programs during the upcoming fiscal year that it believes will enhance the value of the Sleeper Gold Project.  The programs planned include:  1) a review of all geological, geochemical and geophysical data for the purposes of generating targets for exploration drilling to locate additional higher-grade mineralization in the close proximity of the original Sleeper pit or in the large mining claim package owned by the Company; (2) evaluate the various successful metallurgical tests, previously conducted on the sulfide bearing mineralized material in order to optimize the best economic alternatives and increase the number of gold ounces that could be produced in a proposed mining scenario.  (this could include bio or alkaline oxidation in a heap leach scenario, flotation and oxidation and gold recoveries from concentrates); and (3) update the resource estimation and preliminary economic assessment with the best alternatives identified for the project.

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Frost Project:

The Company will implement an initial reverse circulation drill program to test historical drill results and additional selective targets.

COVID-19 Update

Paramount continues to monitor the evolution of the COVID-19 pandemic and continues to evaluate its business activities and plans.   Our priority is to ensure the health and safety of our employee and consultants.  We continue to perform the majority of our activities remotely with a limited amount of on-site or in-office attendance only when required.   Video conferencing has replaced in-person participation in conferences, permitting and other corporate meeting and activities that typically required corporate travel.

Comparison of Operating Results for the three and nine-months ended March 31, 2021 and 2020

Results of Operations

We did not earn any revenue from mining operations for the three and nine-months ended March 31, 2021 and 2020. During the nine-month period ended March 31, 2021, we completed and filed a comprehensive feasibility study on the Grassy Mountain Project.

Net Loss

Our net loss for the three-months ended March 31, 2021 was $1,354,467 compared to a net loss of $1,440,372 in the previous year. The drivers of the decrease in net loss of 6% are fully described below.  

Our net loss for the nine-months ended March 31, 2021 was $4,460,874 compared to a net loss of $4,789,388 in the previous year.  The decrease in net loss of 7% is fully described below.

The Company expects to incur losses for the foreseeable future as we continue with our planned exploration and development programs.

Expenses

Exploration and Land Holding Costs

For the three-month period ended March 31, 2021, exploration expenses were $590,245 compared to $1,068,021 in the prior year comparable period.  This represents a decrease of 45% or $477,776.  During the three-month period ended March 31, 2021, the Company continued with permitting activities with the State of Oregon and the BLM for its Grassy Mountain Project and began a technical review of its Sleeper Gold Project.  In the prior year comparable period the company incurred full period costs related to completing the feasibility study.  Included were expenses related to the Company’s reclamation activities at the Sleeper Project.  Total exploration expenses at the Grassy Mountain Project during the current three-month period were $371,059.  

For the three-month period ended March 31, 2021, land holding costs were $130,284 compared to $131,633 in the prior year comparable period.  The marginal decrease of land holding costs from the prior year comparable period was due to the expiry of a lease term on non-material BLM mining claims owned by a third party. 

For the nine-month period ended March 31, 2021, exploration expenses were $2,100,760 compared to $3,335,221 in the prior year comparable period.  This represents a decrease of 37% or $1,234,461.  During the nine-month period ended March 31, 2021, the Company completed a feasibility study for its Grassy Mountain project.  The Company also has been working with the State of Oregon to address information requests required to advance the permitting process and submit a revised consolidated permit application. In the prior year comparable period the company incurred full period costs related to completing the feasibility study and incurred a higher level of permitting costs to prepare and submit its comprehensive CPA with the State of Oregon.  Included in the Company’s exploration expenses were costs related to reclamation activities performed at the Sleeper Project.  Total exploration expenses at the Grassy Mountain Project during the current six-month period were $1,449,690.

For the nine-month period ended March 31, 2021, land holding costs were $391,867 compared to $401,346in the prior year comparable period.  The marginal decrease of land holding costs from the prior year comparable period was due to the expiry of a lease term on non-material BLM mining claims owned by a third party.

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Salaries and Benefits

For the three-month period ended March 31, 2021, salary and benefits increased by 21% or by $48,680 to $277,360 from the prior year’s three-month period ended March 31, 2020.  Salary and benefits is comprised of cash and stock based compensation of the Company’s executive and corporate administration teams.  The increase primarily reflects higher stock-based compensation to management and staff that was recorded during the three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020.  Included in the salary and benefits expense amount for the three-month period ended March 31, 2021 and 2020 was a non-cash stock-based compensation of $60,470 and $23,361, respectively.

For the nine-month period ended March 31, 2021, salary and benefits increased by 50% or by $372,868 to $1,113,237 from the prior year’s nine-month period ended March 31, 2020.  The increase primarily reflects higher incentive cash compensation and stock-based compensation to management and staff that was recorded during the nine-month period ended March 31, 2021 compared to the nine-month period ended March 31, 2020.  Included in the salary and benefits expense amount for the nine-month period ended March 31, 2021 and 2020 was a non-cash stock-based compensation of $273,382 and $34,970, respectively.

Directors’ Compensation

For the three-month period ended March 31, 2021, directors’ compensation increased by 41% or by $11,336 to $38,891  from the prior year’s three-month period ended March 31, 2020.  Directors’ compensation consists of cash and stock-based compensation of the Company’s board of directors.  The increase reflects the additional stock-based compensation recorded in the current quarter compared to the prior year’s comparable period.

For the nine-month period March 31, 2021, directors’ compensation increased by 78% or by $50,503 to $115,002 from the prior year’s nine-month period ended March 31, 2020.  The increase reflects the additional stock-based compensation recorded in the current six-month period compared to the prior-year’s comparable period.

Professional Fees and General and Administration

For the three-month period ended March 31, 2021, professional fees were $21,812 compared to $35,477 in the prior year’s comparable period.  This represents a decrease of 39% or $13,665.  Professional fees included legal, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.

For the three-month period ended March 31, 2021, general and administration expenses decreased by 19% to $130,615 from $160,868 in the prior year comparable period.  The decrease in general and administration expenses from the previous year’s comparable period the Company were due to reduced travel related expenses due to the travel restrictions resulting from the COVID-19 global pandemic.  

For the nine-month period ended March 31, 2021, professional fees were $94,964 compared to $124,809 in the prior year’s comparable period.  This represents a decrease of 24%.   Professional fees included legal, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.

For the nine-month period ended March 31, 2021, general and administration expenses decreased by 13% to $369,492 from $423,736 in the prior year comparable period.  The decrease in general and administration expenses from the previous year’s comparable period the Company were due to reduced travel related expenses due to the travel restrictions resulting from the COVID-19 global pandemic.

 Liquidity and Capital Resources

As an exploration and development company, Paramount funds its operations, reclamation activities and discretionary exploration programs with its cash on hand.  At March 31, 2021, we had cash and cash equivalents of $4,607,317 compared to $5,434,081 as at June 30, 2020.  In May 2020, the Company established an $8.0 million “at the market” equity offering program with Cantor Fitzgerald & Co. and Canaccord Genuity LLC to proactively increase its financial flexibility.   During the three and nine-months ended March 31, 2021, the Company issued 1,897,863 and 2,625,644 shares for net proceeds of $2,238,270 and $3,135,626 under the program, respectively.

The main uses of cash for the nine-month period ended March 31, 2021 comprised of the following material amounts:

• Cash used in operating activities which included general and administration expenses, land holding costs, exploration programs at our Grassy Mountain and Sleeper Gold Projects and reclamation activities of $3,962,390

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We anticipate our operating expenditures for the remainder of the fiscal year ended June 30, 2021 to be as follows:  

• $0.5 million on corporate administration expenses (expenses include executive management and employee salaries, legal, audit, marketing and other general and administrative expenses)

• $0.75 million to $1 million on the Sleeper Gold Project (expenses include exploration programs, reclamation costs, employee salary and benefits, and land holding costs) and approximately $0.09 million for the purchase of the South Sleeper claims

• $0.8 million on the Grassy Mountain Project and Frost Project (expenses include consulting fees, land holding costs and general and administration expenses, environmental impact statement preparation, and costs associated with the State of Oregon permit revised CPA)

Our anticipated expenditures will be funded by our cash on hand and by other capital resources.  Historically, we and other similar exploration and development public companies have accessed capital through equity financing arrangements or by the sale of royalties on its mineral properties.  If, however we are unable to obtain additional capital or financing, our exploration and development activities will be significantly adversely affected.

Critical Accounting Policies

Management considers the following policies to be most critical in understanding the judgments that are involved in preparing the Company’s consolidated financial statements and the uncertainties that could impact the results of operations, financial condition and cash flows. Our financial statements are affected by the accounting policies used and the estimates and assumptions made by management during their preparation. Management believes the Company’s critical accounting policies are those related to mineral property acquisition costs, exploration and development cost, stock-based compensation, derivative accounting and foreign currency translation.

Mineral property acquisition costs

The Company capitalizes the cost of acquiring mineral properties and will amortize these costs over the useful life of a property following the commencement of production or expense these costs if it is determined that the mineral property has no future economic value or the properties are sold or abandoned. Costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are recorded in the accounts of the specific mineral property at the time the payments are made.

The amounts recorded as mineral properties reflect actual costs incurred to acquire the properties and do not indicate any present or future value of economically recoverable reserves.

Exploration expenses

We record exploration expenses as incurred. When we determine that a precious metal resource deposit can be economically and legally extracted or produced based on established proven and probable reserves, further exploration expenses related to such reserves incurred after such a determination will be capitalized. To date, we have not established any proven or probable reserves and will continue to expense exploration expenses as incurred.

Stock Based Compensation

For stock option grants with market conditions that affect vesting, the Company uses a lattice approach incorporating a Monte Carlo simulation to value stock option granted.

For stock option grants that have no market conditions that affect vesting, the Company uses the Black-Scholes option valuation model to value stock options granted. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values.

For stock option grants with performance conditions that affect vesting, the Company recognizes the compensation expense when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance condition at each reporting date.

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Use of Estimates

The Company prepares its consolidated financial statements and notes in conformity to United States Generally Accepted Accounting Principles (“U.S. GAAP”) and requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, management evaluates these estimates, including those related to allowances for doubtful accounts receivable, long-lived assets and asset retirement obligations. Management bases these estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Off-Balance Sheet Arrangements

We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, or capital resources.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Foreign Currency Exchange Rate Risk

The Company holds cash balances in both U.S. and Canadian dollars. We transact most of our business in US dollars. We do not manage our foreign currency exchange rate risk through the use of financial or derivative instruments, forward contracts or hedging activities.

In general, the strengthening of the U.S. dollar will positively impact our expenses transacted in Canadian dollars. Conversely, any weakening of the U.S dollar will increase our expenses transacted in Canadian dollars. We do not believe that any weakening of the U.S. dollar as compared to the Canadian dollar will have an adverse material effect on our operations.

Interest Rate Risk

The Company’s investment policy for its cash and cash equivalents is focused on the preservation of capital and supporting the liquidity requirements of the Company. The Company’s interest earned on its cash balances is impacted on the fluctuations of U.S. interest rates. We do not use interest rate derivative instruments to manage exposure to interest rate changes. We do not believe that interest rate fluctuations will have any material effect on our operations.

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Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) and determined that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q. The evaluation considered the procedures designed to ensure that the information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and communicated to our management as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control over Financial Reporting

During the period covered by this Quarterly Report on Form 10-Q, there was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(d) and 13d-15(d) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

(c) Inherent Limitations of Disclosure Controls and Internal Controls over Financial Reporting

Because of its inherent limitations, disclosure controls and internal controls over financial reporting may not prevent or detect misstatements. Projections of any evaluation or effectiveness to future periods are subject to risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PART II – OTHER INFORMATION

Item 1A. Risk Factors.

There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended June 30, 2020.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

Item 4. Mine Safety Disclosures.

Not applicable.

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PART IV

Item 6. Exhibits.

(a) Index to Exhibits

Exhibit Number	Description
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Company Name
Date: May 7, 2021	By:	/s/ Rachel Goldman
		Rachel Goldman
		Chief Executive Officer
Date: May 7, 2021	By:	/s/ Carlo Buffone
		Carlo Buffone
		Chief Financial Officer

22

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Rachel Goldman, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2021 of Paramount Gold Nevada Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and

5. The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Date: May 7, 2021	By:	/s/ Rachel Goldman
		Rachel Goldman
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Carlo Buffone, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2021 of Paramount Gold Nevada Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and

5. The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Date: May 7, 2021	By:	/s/ Carlo Buffone
		Carlo Buffone
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Paramount Gold Nevada Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 7, 2021	By:	/s/ Rachel Goldman
		Rachel Goldman
		Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Paramount Gold Nevada Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 7, 2021	By:	/s/ Carlo Buffone
		Carlo Buffone
		Chief Financial Officer

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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

XML

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

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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

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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

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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

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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

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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.

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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.

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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.

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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.  

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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. Additionally, the Company issued 649,391 shares upon the conversion of 649 notes of the 2019 Senior Secured Convertible Notes (Note 6).  

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 ExercisePrice		Weighted- Average Remaining Contractual Term (Years)		Aggregate IntrinsicValue ($)
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 (2020- $23,029 and $44,477).

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 ExercisePrice		Weighted- Average Remaining Contractual Term (Years)		Aggregate IntrinsicValue
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- AverageGrant- 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.

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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.

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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.

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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 as required by the BLM and the Nevada Department of Environmental Protection. Assumptions used to compute the asset retirement obligations as at March 31, 2021 and June 30, 2020 for the Sleeper Gold Project included a credit adjusted risk free rate and inflation rate of 9.76% (June 30, 2020– 9.76%) and 1.6% (June 30, 2020 – 1.6%), respectively. Expenses are expected to be incurred between the years 2021 and 2049.

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)

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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

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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

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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.

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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.

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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.

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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

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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 ExercisePrice		Weighted- Average Remaining Contractual Term (Years)		Aggregate IntrinsicValue
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- AverageGrant- 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 ExercisePrice		Weighted- Average Remaining Contractual Term (Years)		Aggregate IntrinsicValue ($)
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		—		$	—		—		—

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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

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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

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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

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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

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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

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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

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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

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Non-Cash Transactions - Additional Information (Details)	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($) shares	Jun. 30, 2020 shares	Mar. 31, 2020 shares	Mar. 31, 2021 USD ($) ConvertibleNote shares	Mar. 31, 2020 USD ($) shares	Jun. 30, 2020 USD ($)
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

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Capital Stock - Additional Information (Details)	3 Months Ended				9 Months Ended
	Mar. 31, 2021 USD ($) ConvertibleNote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) ConvertibleNote $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares
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

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Capital Stock - Summary of Warrants Exercisable into Common Stock Activity (Details) - Warrants	9 Months Ended
	Mar. 31, 2021 $ / shares shares
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

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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	$ 0.00	$ 0.00
Weighted average expected term (years)	5 years	5 years
Weighted average fair value	$ 0.57	$ 0.39

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Capital Stock - Summary of Option Activity Under Stock Incentive and Compensation Plans (Details)	9 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares
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

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Capital Stock - Summary of Status of Non-Vested Options (Details)	9 Months Ended
	Mar. 31, 2021 $ / shares shares
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

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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

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Convertible Debt - Additional Information (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares	Mar. 31, 2021 USD ($) ConvertibleNote shares	Mar. 31, 2021 USD ($) ConvertibleNote Day $ / shares shares	Mar. 31, 2020 USD ($)
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	$ 1.00
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

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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

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Mineral Properties - Additional Information (Details)	Mar. 31, 2021 a MiningClaim
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

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Reclamation and Environmental - Additional Information (Details)	9 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
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

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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

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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

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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

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Commitments and Contingencies - Schedule of Aggregate Minimum Rentals Payable for Operating Lease (Details)	Mar. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 2,644

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Commitments and Contingencies - Additional Information (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2021 USD ($) a MiningClaim	Mar. 31, 2021 USD ($) a MiningClaim
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

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Subsequent Events - Additional Information (Details) - USD ($)		3 Months Ended			9 Months Ended
	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