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 September 30, 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 November 8, 2021 was 40,525,151.

Securities registered pursuant to Section 12(b) of the Act:

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 September 30, 2021 and June 30, 2021(Unaudited)	2
	Condensed Consolidated Interim Statements of Operations and Comprehensive Loss for the Three Months Ended September 30, 2021 and September 30, 2021(Unaudited)	3
	Condensed Consolidated Interim Statements of Stockholders’ Equity for the Three Months Ended September 30, 2021 and Year ended June 30, 2021 (Unaudited)	4
	Condensed Consolidated Interim Statements of Cash Flows for the three-months Ended September 30, 2021 and September 30, 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	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	17
Item 4.	Controls and Procedures	18
PART II	OTHER INFORMATION
Item 1A.	Risk Factors	19
Item 4.	Mine Safety Disclosures	19
Item 6.	Exhibits	20
Signatures	Directors, Executive Officers and Corporate Governance	21

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

PARAMOUNT GOLD NEVADA CORP.

Condensed Consolidated Interim Balance Sheets

(Unaudited)

	As at September 30,			As at June 30,
	2021			2021
Assets
Current Assets
Cash and cash equivalents	$	3,659,067		$	3,113,064
Prepaid expenses and deposits		834,566			1,152,396
Total Current Assets		4,493,633			4,265,460
Non-Current Assets
Mineral properties (Note 7)		49,242,704			49,197,704
Reclamation bond (Note 8)		500,738			533,703
Property and equipment		7,831			5,959
Total Non-Current Assets		49,751,273			49,737,366
Total Assets	$	54,244,906		$	54,002,826
Liabilities and Stockholders' Equity
Liabilities
Current Liabilities
Accounts payable and accrued liabilities	$	697,742		$	638,950
Reclamation and environmental obligation, current portion (Note 8)		316,022			310,022
Total Current Liabilities		1,013,764			948,972
Non-Current Liabilities
Convertible debt (Note 6)		4,176,703			4,161,502
Reclamation and environmental obligation, non-current portion (Note 8)		1,579,591			1,539,622
Total Non-Current Liabilities		5,756,294			5,701,124
Total Liabilities		6,770,058			6,650,096
Stockholders' Equity
Common stock, par value $0.01, 200,000,000 authorized shares, 40,525,151 issued and outstanding at September 30, 2021 and 200,000,000 authorized shares, 38,154,109 issued and outstanding at June 30, 2021 (Note 5)		405,253			381,542
Additional paid in capital		109,017,288			107,005,135
Deficit		(61,947,693	)		(60,033,947	)
Total Stockholders' Equity		47,474,848			47,352,730
Total Liabilities and Stockholders' Equity	$	54,244,906		$	54,002,826

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

Commitments and Contingencies: Note 11

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 September 30, 2021		For the Three-Month Period Ended September 30, 2020
Income
Other income (Note 9)	$	116,299	$	68,948
Total Revenue		116,299		68,948
Expenses
Exploration		1,256,805		636,027
Land holding costs		141,193		131,183
Professional fees		44,963		44,452
Salaries and benefits		230,749		255,941
Directors' compensation		13,837		30,942
General and administrative		119,863		114,123
Insurance		74,040		49,687
Depreciation		851		630
Accretion (Note 8)		45,969		15,010
Total Expenses		1,928,270		1,277,995
Net Loss before Other Expense		1,811,971		1,209,047
Other Expense (Income)
Interest income		-		(1,224	)
Interest and service charges		101,775		123,685
Net Loss and Comprehensive Loss	$	1,913,746	$	1,331,508
Loss  per Common Share
Basic	$	0.05	$	0.04
Diluted	$	0.05	$	0.04
Weighted Average Number of Common
Shares Used in Per Share Calculations
Basic		38,758,971		33,722,635
Diluted		38,758,971		33,722,635

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 (#)		Common Stock		Additional Paid-In Capital		Deficit			Total Stockholders' Equity
Balance at June 30, 2021		38,154,109	$	381,542	$	107,005,135	$	(60,033,947	)	$	47,352,730
Stock based compensation		—		—		42,671		—			42,671
Capital issued for financing		2,202,352		22,024		1,807,527		—			1,829,551
Capital issued for payment of interest		168,690		1,687		161,955		—			163,642
Net loss		—		—		—		(1,913,746	)		(1,913,746	)
Balance at September 30, 2021		40,525,151	$	405,253	$	109,017,288	$	(61,947,693	)	$	47,474,848

	Shares (#)		Common Stock		Additional Paid-In Capital		Deficit			Total Stockholders' Equity
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

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 Three-Month Period Ended September 30, 2021			For the Three-Month Period Ended September 30, 2020
Net Loss	$	(1,913,746	)	$	(1,331,508	)
Adjustment for:
Depreciation		851			630
Stock based compensation (Note 5)		42,671			77,424
Amortization of debt issuance costs (Note 6)		15,201			17,384
Interest expense		81,989			100,674
Accretion expense (Note 8)		45,969			15,010
Changes in reclamation bonds and accounts		32,965			(1,224	)
(Increase)/Decrease in prepaid expenses		272,830			(279,345	)
Increase/(Decrease) in accounts payable		140,445			(312,162	)
Cash used in operating activities		(1,280,825	)		(1,713,117	)
Purchase of equipment		(2,723	)		—
Cash used in investing activities		(2,723	)		—
Capital issued for financing (Note 5)		1,829,551			770,514
Cash provided by financing activities		1,829,551			770,514
Change in cash during period		546,003			(942,603	)
Cash at beginning of period		3,113,064			5,434,081
Cash at end of period	$	3,659,067		$	4,491,478

See Note 4 for supplemental cash flow information

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

5

PARAMOUNT GOLD NEVADA CORP.

Notes to Condensed Consolidated Interim Financial Statements

For the Three-Month Period Ended September 30, 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’s primary goal during the COVID-19 pandemic is to safeguard the health of our employees, suppliers and the communities where we operate while minimizing business interruption.   To date, COVID-19 pandemic has not had a material impact on our business however because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to predict any future impact of the COVID-19 pandemic, but these impacts could have a material adverse effect on the business, financial position, results of operations and/or cash flows. We will continue to monitor the COVID-19 situation closely.   The results of operations for the interim period ended September 30, 2021 is not necessarily indicative of the operating results expected for any future period.

The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), are presented in US dollars and follow the same accounting policies and methods of their application as the most recent annual financial statements.   The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.  All significant intercompany accounts and transactions are eliminated in consolidation.  The condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes for the year ended June 30, 2021.

Significant Accounting Policies

Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2021 10-K.

Note 2. Recent Accounting Guidance

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which addresses the complexity of its guidance for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 removes the accounting models that require beneficial conversion features or cash conversion features associated with convertible instruments to be recognized as a separate component of equity, adds certain disclosure requirements for convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and simplifies the diluted earnings per share calculation for certain situations. This ASU is effective for the Company beginning on January 1, 2024.  The Company is currently evaluating the impact of implementing these changes on the Company’s consolidated financial position, operating results and cash-flows.

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Note 3. Fair Value Measurements

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are described below:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at September 30, 2021 and June 30, 2021 are presented in the following table:

			Fair Value at September 30, 2021						June 30, 2021
	Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	3,659,067		3,659,067		—		—	$	3,113,064

The carrying values of accounts payable and accrued liabilities and convertible debt (Note 6) approximate fair value as of September 30, 2021 and June 30, 2021.

Note 4. Non-Cash Transactions

During the three-month period ended September 30, 2021, the Company issued 168,690 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.    

During the three-month period ended September 30, 2020, the Company issued 183,395 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.   Additionally, 200,000 shares of Common Stock were issued upon the conversion of 200 of its outstanding 2019 Convertible Notes.  

Note 5. Capital Stock

Authorized Capital

Authorized capital stock consists of 200,000,000 common shares with par value of $0.01 per common share (June 30, 2021 – 200,000,000 common shares with par value $0.01 per common share). 

During the three-month period ended September 30, 2021, the Company issued 2,202,352 shares at an approximate average price of $0.856 for gross proceeds of $1,886,135 through its at-the-market offering.  Share issuance costs related to this were $56,584.  The Company also issued 168,690 shares for payment of interest accrued and owing (Note 6) with a fair value of $163,642.  

During the three month period ended September 30, 2020, the Company issued   595,281 shares at an approximate average price of $1.3344 for gross proceeds of $794,345.  Share issuance costs including commissions were $23,830 for net proceeds of $770,514.  The Company also issued 183,395 shares for payment of interest accrued and owing at June 30, 2020 (Note 6). The Company also issued 200,000 shares upon the conversion of 200 of the 2019 Senior Secured Convertible Notes (Note 6).

At September 30, 2021 there were 40,525,151 common shares issued and outstanding (June 30, 2021 – 38,154,109 common shares).

Stock Options and Stock Based Compensation

Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options and stock to its employees and directors for up to 2.169 million shares of common stock.  Option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years.  To better align the interests of its key executives, employees and directors with those of its shareholders a significant portion of those

7

share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions. Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee share option plan).

During the three-month period ended September 30, 2021, the Company did not grant any stock options (2020 – 55,000).

During the three-month period ended September 30, 2021, share-based compensation expense relating to service condition options and performance condition was $45,021 and $35,843, respectively (2020- $23,029 and $44,477).

The fair value for these options was calculated using the Black-Scholes option valuations method.  The weighted average assumptions used for the three-month period ended September, 2021 and three-month period ended September  30, 2020 were as follows:

	Three-Months Ended September 30, 2021	Three-Months Ended September 30, 2020
Weighted average risk-free interest rate	N/A		0.22	%
Weighted-average volatility	N/A		63	%
Expected dividends	N/A	$	0.00
Weighted average expected term (years)	N/A		5.00
Weighted average fair value	N/A	$	0.64

A summary of option activity under the Stock Incentive and Compensation Plans as of September 30, 2021 is presented below:

Options	Options			Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at June 30, 2020		1,243,995		$	1.20		3.63	$	165,600
Granted		755,000			1.13		4.44		—
Exercised		—			—		—		—
Forfeited or expired		—			—		—		—
Outstanding at June 30, 2021		1,998,995		$	1.17		3.31	$	—
Granted		—			—		—	$	—
Exercised		—			—		—		—
Forfeited or expired		(190,000	)		—		—		—
Outstanding at September 30, 2021		1,808,995		$	1.14		3.17	$	—
Exercisable at September 30, 2021		863,330		$	1.16		2.94	$	—

A summary of the status of Paramount’s non-vested options as at September 30, 2021 is presented below:

Non-vested Options	Options			Weighted- Average Grant- Date Fair Value
Non-vested at June 30, 2020		943,992		$	0.51
Granted		755,000			0.56
Vested		(664,994	)		0.50
Forfeited or expired		—			—
Non-vested at June 30, 2021		1,033,998		$	0.55
Granted		—			—
Vested		—			—
Forfeited or expired		(88,333	)		0.73
Non-vested at September 30, 2021		945,665		$	0.54

As of September 30, 2021, there was $77,970 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plans. That cost is expected to be recognized over a weighted-

8

average period of 1.15 years. The total fair value of stock based compensation arrangements vested during the three-month period ended September 30, 2021 and 2020, was $nil and $nil, respectively.

Note 6. Convertible Debt

	Debt
	September 30, 2021					June 30, 2021
	Current		Non-Current			Current		Non-Current
2019 Secured Convertible Notes	$	—	$	4,277,690		$	—	$	4,277,690
Less: unamortized discount and issuance costs		—		(100,987	)		—		(116,188	)
	$	—	$	4,176,703		$	—	$	4,161,502

In September 2019, the Company completed a private offering of 5,478 Senior Secured Convertible Notes (“2019 Convertible Notes”) at $975 per $1,000 face amount due in 2023.  Each 2019 Convertible Note will bear an interest rate of 7.5% per annum, payable semi-annually.  The effective interest rate of the 2019 Convertible Notes in 9.23%.  The principal amount of the 2019 Convertible Notes will be convertible at a price of $1.00 per share of Paramount common stock.  Unamortized discount and issuance costs of $275,883 will be amortized as an additional interest expense over the four year term of the 2019 Convertible Notes.  During the three-month period ended September 30, 2021, the Company amortized $15,201 (2020- $25,318) of discount and issuance costs.  At any point after the second anniversary of the issuance of the convertible notes, Paramount may force conversion if the share price of its common stock remains above $1.75 for 20 consecutive trading days. The convertible notes are secured by a lien on all assets of the Company and the Company is required to maintain a working capital balance of $250,000.  At September 30, 2021, the working capital covenant was met by the Company.  

During the three-month period ended September 30, 2021, there were no conversions of 2019 Convertible Notes to common stock of the Company.

During the three-month period ended September 30, 2020, 200 of the 2019 Convertible Notes outstanding were converted into 200,000 shares of common stock of the Company (Note 5) and $7,934 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.

Note 7. Mineral Properties

The Company has capitalized acquisition costs on mineral properties as follows:

	September 30, 2021		June 30, 2021
Sleeper and other Nevada based Projects	$	26,031,976	$	26,011,976
Grassy Mountain and other Oregon based Projects		23,210,728		23,185,728
	$	49,242,704	$	49,197,704

Sleeper:

Sleeper is located in Humboldt County, Nevada, approximately 26 miles northwest of the town of Winnemucca.  The Sleeper Gold Mine consists of 2,322 unpatented mining claims totaling approximately 38,300 acres.

Grassy Mountain:

The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho. It consists of 442 unpatented lode claims, 3 patented lode claims, and various leased fee land surface and surface/mineral rights, covering approximately 8,300 acres.

Note 8. Reclamation and Environmental

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 Reclamation and environmental costs are based principally on legal requirements.  Management estimates costs associated with reclamation of mineral properties and properties under mine closure.  On an ongoing basis the Company evaluates its estimates and assumptions; however, actual amounts could differ from those based on estimates and assumptions.  

The Company has posted several cash bonds as financial security to satisfy reclamation requirements.  The balance of posted cash reclamation bonds at September 30, 2021 is $500,738 (June 30, 2021 - $533,703).

Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection (“NDEP”).  Paramount has estimated the undiscounted reclamation costs for existing disturbances at the Sleeper Gold Project required by the BLM to be $3,557,944.  These costs are expected to be incurred between the calendar years 2021 and 2060.  Paramount has also estimated undiscounted reclamation cost as required by the NDEP to be $1,470,000. These costs include on-going monitoring and new requests from the NDEP to convert three processing ponds from the historical operations to evaporation cell ponds by 2023.  On-going monitoring costs are expected to be incurred between 2021 and 2039.  The sum of expected costs by year are discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement to the time it incurs the obligation.  The asset retirement obligation for the Sleeper Gold Project recorded on the balance sheet is equal to the present value of the estimated reclamation costs as required by both the BLM and NDEP.  

The following variables were used in the calculation for the periods ending September 30, 2021 and June 30, 2021:

	Three-Months Ended September 30, 2021			Year Ended June 30, 2021
Weighted-average credit adjusted risk free rate		9.89	%		9.89	%
Weighted-average inflation rate		2.31	%		2.31	%

Changes to the Company’s asset retirement obligations for the Sleeper Gold Mine for the three-month period ended September 30, 2021 and the year ended June 30, 2021 are as follows:

	Three-Month Period Ended September 30, 2021		Year Ended June 30, 2021
Balance at beginning of period	$	1,849,644	$	615,170
Accretion expense		45,969		60,040
Additions and change in estimates		—		1,498,950
Settlements		—		(324,516	)
Balance at end of period	$	1,895,613	$	1,849,644

The balance of the asset retirement obligation of $1,895,613 at September 30, 2021 (June 30, 2021 -$1,849,644 ) is comprised of a current portion of 316,022 (June 30, 2020 -$310,022 ) and a non-current portion of 1,579,591 (June 30, 2020 -$1,539,622). The Company recorded an accretion expense for the three-month period ended September 30, 2021 of $45,969 (September  30, 2020 - $15,010).

Note 9. Other Income

The Company’s other income details for the three month period ended September 30, 2021 and 2020 were as follows:

	Three-Month Period		Three-Month Period
	Ended September 30, 2021		Ended September 30, 2020
Re-imbursement of reclamation costs	$	110,441	$	63,205
Leasing of water rights to third party		5,858		5,743
Total	$	116,299	$	68,948

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Note 10. Segmented Information:

Segmented information has been compiled based on the material mineral properties in which the Company performs exploration activities.

Expenses and mineral property carrying values by material project for the three-month period ended September 30, 2021:

	Exploration Expenses		Land Holding Costs
	Three-Month Period Ended September 30, 2021		Three-Month Period Ended September 30, 2021		Mineral Properties As at September 30, 2021
Sleeper Gold Project and other Nevada based Projects	$	335,242	$	112,815	$	26,031,976
Grassy Mountain Project and other Oregon based Projects		921,563		28,378		23,210,728
	$	1,256,805	$	141,193	$	49,242,704

Expenses for the three-month period ended September 30, 2020 and mineral property carrying values as at June 30, 2021 by material project:

	Exploration Expenses		Land Holding Costs
	Three-Month Period Ended September 30, 2020		Three-Month Period Ended September 30, 2020		Mineral Properties As at June 30, 2021
Sleeper Gold Project and other Nevada based Projects	$	283,263	$	106,904	$	26,011,976
Grassy Mountain Project and other Oregon based Projects		352,764		24,279		23,185,728
	$	636,027	$	131,183	$	49,197,704

Note 11. Commitments and Contingencies:

Other Commitments

Paramount has an agreement to acquire 44 mining claims (“Cryla Claims”) covering 589 acres located immediately to the west of the proposed Grassy Mountain site from Cryla LLC.  Paramount is obligated to make annual lease payments of $40,000 per year for the first two years of the lease term commencing in 2018 and $60,000 per year thereafter with an option to purchase the Cryla Claims for $560,000 at any time.  The term of the agreement is 25 years.  In the event Paramount exercises its option to acquire the Cryla Claims, all annual payments shall be credited against a production royalty that will be based on a prevailing price of the metals produced from the Cryla Claims.  The royalty rate ranges between 2% and 4% based on the daily price of gold. The agreement with Cryla can be terminated by Paramount at any time. All lease payments under the agreement are up-to-date and no other payments were made during the three-month period ended September 30, 2021.  The Cryla Claims are without known mineral reserves and there is no current exploratory work being performed.

Paramount has an agreement with Nevada Select Royalty (“Nevada Select”) to purchase 100% of the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project.  A total consideration of $250,000 payable to Nevada Select will be based on certain events over time.  Nevada Select will retain a 2% NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1% for a payment of $1 million.  During the nine-month period ended March 31, 2021, the Company made a payment to Nevada Select for $15,000 upon receipt of its drilling permit from state and federal regulators and all required payments under the agreement are up-to-date as of September 30, 2021.  The Frost Claims are without known mineral reserves.

During the three-month period ended September 30, 2021, the Company entered into an option agreement with Nevada Select to purchase the Bald Peak mining claims in the State of Nevada and California for a total consideration of $300,000.  Payments under the agreement will be based on achieving certain events over time.  Upon signing the agreement Paramount made a payment to Nevada Select of $20,000.  The Bald Peak Claims are without known mineral reserves.  

11

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 17, 2021. 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-month period ended September 30, 2021 and compares these results to the results of the prior year three-month period ended September 30, 2020.

Operating Highlights:

During the three-month ended September 30, 2021, the Company conducted several exploration programs and continued with its permitting at its Grassy Mountain Project.  Highlights include:

• Receiving positive assay results from geotechnical drill holes at its Grassy Mountain Project that indicate the potential for additional economic material to be used during mine operations.

• Receiving from Malheur County an extension on the Conditional Use Permit for the proposed Grassy Mountain underground mine.

• Entering into an option agreement with Nevada Select Royalty to purchase 100% interest in the Bald Peak Project (“Bald Peak”) located in Mineral County, Nevada.  Total consideration of $300,000 will paid based on achieving certain milestones over time.

• Commencing a 15-hole reverse circulation drill program at the Frost Project which is located 12 miles from the Company’s Grassy Mountain Project in Eastern Oregon.

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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, 2021 the Company expects to undertake the following activities:

Grassy Mountain Project:

Paramount expects to respond to the State of Oregon’s CPA completeness review (“Review”) received in February 2019 during the three-month period ending December 31, 2021.  The Review provided included proposed resolutions and additional information required by the Company and 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 PoO during the period ending March 31, 2022.  The BLM will register a Notice in the Federal Register once the application is deemed complete.  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 third parties and work directly with both state and federal permitting agencies

Sleeper Gold Project:

During our fiscal year-ended June 30, 2021, Paramount initiated several targeted programs including metallurgical testing to enhance the value of the Sleeper Gold Project.  As a result of a review of all geological, geochemical and geophysical data, the Company has identified several targets for exploration drilling.  The purpose of an exploration drill at the Sleeper Gold Project is 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 and to facilitate further metallurgical testing.  This commencement of this exploration program is subject to having sufficient capital on hand.  

Frost Project:

The Company commenced and will complete 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.  

Comparison of Operating Results for the three months ended September 30, 2021 and 2020

Results of Operations

We did not earn any revenue from mining operations for the three-months ended September 30, 2021 and 2020. 

Net Loss

Our net loss for the three-months ended September 30, 2021 was $1,913,746 compared to a net loss of $1,331,508 in the previous three-month period ended September 30, 2020. The drivers of the increase in net loss of 44% are fully described below.  

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

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Expenses

Exploration and Land Holding Costs

For the three-month period ended September 30, 2021 and 2020, exploration expenses were $1,256,805 and $636,027, repectively.  This represents an increase of 98% or $620,778.  The increase was primarily a result of, the Company continuing with permitting activities with the State of Oregon and the BLM for its Grassy Mountain Project.  Total exploration expenses at the Grassy Mountain Project during the current three-month period were $465,348.  The Company also commenced a drill program at the Frost Project.  Expenses incurred during the period ended September 30, 2021 for the drill program at the Frost Project were $456,215.  Included were expenses related to the Company’s reclamation activities at the Sleeper Project.  In the prior year comparable period the company focused its efforts on completing the feasibility study for the Grassy Mountain Project and incurred expenses related to reclamation activities its Sleeper Gold Project.

For the three-month period ended September 30, 2021 and 2020, land holding costs were $141,193 and $131,183, repectively.  The increase of land holding costs was primarily due to the acquisition of Bald Peak Property in Nevada.

Salaries and Benefits

For the three-month period ended September 30, 2021, salary and benefits decreased by 10% or by $25,192 to $230,749 from the prior year’s three-month period ended September 30, 2020.  Salary and benefits are comprised of cash and stock based compensation of the Company’s executive and corporate administration teams.  The decrease primarily reflects lower stock-based compensation that was recorded during the three-month period ended September 30, 2021 compared to the three-month period ended September 30, 2020.  Included in the salary and benefits expense amount for the three-month period ended September 30, 2021 and 2020 was a non-cash stock-based compensation of $42,671 and $58,929, respectively.

Directors’ Compensation

For the three-month period ended September 30, 2021, directors’ compensation decreased by 55% or by $17,105 to $13,837  from the three-month period ended September 30, 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.

Professional Fees and General and Administration

For the three-month period ended September 30, 2021 and 2020, professional fees were $44,963 and $44,452, respectively.  This represents a increase of 1% or $511.  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 September 30, 2021, general and administration expenses increased by 5% to $119,863 from $114,123 from the three-month period ended September 30, 2020.  The increase in general and administration expenses from the previous year’s comparable period was mainly due to an increase in travel related expenses.  

 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 September 30, 2021, we had cash and cash equivalents of $3,659,067 compared to $3,113,064 as at June 30, 2021.  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-months ended September 30, 2021, the Company issued 2,202,352 shares for net proceeds of $1,829,551 under the program.

The main uses of cash for the three-month period ended September 30, 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 $1,280,825

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We anticipate our cash expenditures for the remainder of our fiscal year ending June 30, 2022 to be as follows:

• $1.8 million on corporate and general expenses

For discretionary exploration and permitting programs, subject to available cash on hand and additional share issuances, we are budgeting the following amounts for the remainder of our fiscal year ending June 30, 2022 as follows:

• $1.5 million on the Grassy Mountain Project state and federal permitting activities

• $0.2 million on the Frost Project exploration programs

• $1.0 million on the Sleeper Gold Project exploration programs

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, asset retirement obligations, 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 options granted.

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, employee and directors with those of its shareholders a significant portion of those share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions. Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee share option plan).  For stock option grants made in the fiscal years ended June 30, 2021 and 2020, the Company used 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.

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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.

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.

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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.

During the period ended September 30, 2021, we issued 168,690 shares of common stock for payment of interest accrued and owing on our outstanding 2019 Convertible Notes.  In issuing the foregoing securities, we relied on the exemptive provisions of Section 4(a)(2) of the Securities Act.

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*	Inline XBRL Instance Document -the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, has been formatted in Inline XBRL.

* 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.

	Paramount Gold Nevada Corp.
Date: November 9, 2021	By:	/s/ Rachel Goldman
		Rachel Goldman
		Chief Executive Officer
Date: November 9, 2021	By:	/s/ Carlo Buffone
		Carlo Buffone
		Chief Financial Officer

21

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 September 30, 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: November 9, 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 September 30, 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: November 9, 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 September 30, 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: November 9, 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 September 30, 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: November 9, 2021	By:	/s/ Carlo Buffone
		Carlo Buffone
		Chief Financial Officer

XML

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Entity Registrant Name	PARAMOUNT GOLD NEVADA CORP.
Entity Central Index Key	0001629210
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Trading Symbol	PZG
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-36908
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSEAMER
Entity Tax Identification Number	98-0138393
Entity Address, Address Line One	665 Anderson Street
Entity Address, City or Town	Winnemucca
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89445
City Area Code	775
Local Phone Number	625-3600
Entity Incorporation, State or Country Code	NV
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock Shares Outstanding		40,525,151

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Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Current Assets
Cash and cash equivalents	$ 3,659,067	$ 3,113,064
Prepaid expenses and deposits	834,566	1,152,396
Total Current Assets	4,493,633	4,265,460
Non-Current Assets
Mineral properties (Note 7)	49,242,704	49,197,704
Reclamation bond (Note 8)	500,738	533,703
Property and equipment	7,831	5,959
Total Non-Current Assets	49,751,273	49,737,366
Total Assets	54,244,906	54,002,826
Current Liabilities
Accounts payable and accrued liabilities	697,742	638,950
Reclamation and environmental obligation, current portion (Note 8)	316,022	310,022
Total Current Liabilities	1,013,764	948,972
Non-Current Liabilities
Convertible debt (Note 6)	4,176,703	4,161,502
Reclamation and environmental obligation, non-current portion (Note 8)	1,579,591	1,539,622
Total Non-Current Liabilities	5,756,294	5,701,124
Total Liabilities	6,770,058	6,650,096
Stockholders' Equity
Common stock, par value $0.01, 200,000,000 authorized shares, 40,525,151 issued and outstanding at September 30, 2021 and 200,000,000 authorized shares, 38,154,109 issued and outstanding at June 30, 2021 (Note 5)	405,253	381,542
Additional paid in capital	109,017,288	107,005,135
Deficit	(61,947,693)	(60,033,947)
Total Stockholders' Equity	47,474,848	47,352,730
Total Liabilities and Stockholders' Equity	$ 54,244,906	$ 54,002,826

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Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	40,525,151	38,154,109
Common stock, shares outstanding	40,525,151	38,154,109

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Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income
Other income (Note 9)	$ 116,299	$ 68,948
Total Revenue	116,299	68,948
Expenses
Exploration	1,256,805	636,027
Land holding costs	141,193	131,183
Professional fees	44,963	44,452
Salaries and benefits	230,749	255,941
Directors' compensation	13,837	30,942
General and administrative	119,863	114,123
Insurance	74,040	49,687
Depreciation	851	630
Accretion (Note 8)	45,969	15,010
Total Expenses	1,928,270	1,277,995
Net Loss before Other Expense	1,811,971	1,209,047
Other Expense (Income)
Interest income		(1,224)
Interest and service charges	101,775	123,685
Net Loss and Comprehensive Loss	$ 1,913,746	$ 1,331,508
Loss per Common Share
Basic	$ 0.05	$ 0.04
Diluted	$ 0.05	$ 0.04
Weighted Average Number of Common Shares Used in Per Share Calculations
Basic	38,758,971	33,722,635
Diluted	38,758,971	33,722,635

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Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Deficit
Balance at Jun. 30, 2020	$ 47,081,212	$ 329,584	$ 100,881,957	$ (54,130,329)
Balance (in shares) at Jun. 30, 2020		32,958,404
Stock based compensation	77,424		77,424
Capital issued for payment of interest	205,413	$ 1,834	203,579
Capital issued for payment of interest (in shares)		183,395
Capital issued for financing	770,514	$ 5,953	764,561
Capital issued for financing (in shares)		595,281
Capital issued on conversion of debt	192,066	$ 2,000	190,066
Capital issued on conversion of debt (in shares)		200,000
Net loss	(1,331,508)			(1,331,508)
Balance at Sep. 30, 2020	46,995,121	$ 339,371	102,117,587	(55,461,837)
Balance (in shares) at Sep. 30, 2020		33,937,080
Balance at Jun. 30, 2021	$ 47,352,730	$ 381,542	107,005,135	(60,033,947)
Balance (in shares) at Jun. 30, 2021	38,154,109	38,154,109
Stock based compensation	$ 42,671		42,671
Capital issued for payment of interest	163,642	$ 1,687	161,955
Capital issued for payment of interest (in shares)		168,690
Capital issued for financing	1,829,551	$ 22,024	1,807,527
Capital issued for financing (in shares)		2,202,352
Net loss	(1,913,746)			(1,913,746)
Balance at Sep. 30, 2021	$ 47,474,848	$ 405,253	$ 109,017,288	$ (61,947,693)
Balance (in shares) at Sep. 30, 2021	40,525,151	40,525,151

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Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Statement Of Cash Flows [Abstract]
Net Loss	$ (1,913,746)	$ (1,331,508)
Adjustment for:
Depreciation	851	630
Stock based compensation (Note 5)	42,671	77,424
Amortization of debt issuance costs (Note 6)	15,201	17,384
Interest expense	81,989	100,674
Accretion expense (Note 8)	45,969	15,010	$ 60,040
Changes in reclamation bonds and accounts	32,965	(1,224)
(Increase)/Decrease in prepaid expenses	272,830	(279,345)
Increase/(Decrease) in accounts payable	140,445	(312,162)
Cash used in operating activities	(1,280,825)	(1,713,117)
Purchase of equipment	(2,723)
Cash used in investing activities	(2,723)
Capital issued for financing (Note 5)	1,829,551	770,514
Cash provided by financing activities	1,829,551	770,514
Change in cash during period	546,003	(942,603)
Cash at beginning of period	3,113,064	5,434,081	5,434,081
Cash at end of period	$ 3,659,067	$ 4,491,478	$ 3,113,064

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Description of Business and Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Note 1. Description of Business and Summary of Significant Accounting Policies

Paramount Gold Nevada Corp. (the “Company” or “Paramount”), incorporated under Chapter 78 of Nevada Revised Statutes, and its wholly-owned subsidiaries are engaged in the acquisition, exploration and development of  precious metal properties. The Company’s wholly owned subsidiaries include New Sleeper Gold LLC, Sleeper Mining Company, LLC, and Calico Resources USA Corp (“Calico”).   The Company is in the process of exploring its mineral properties in Nevada and Oregon, United States. The Company’s activities are subject to significant risks and uncertainties, including the risk of failing to secure additional funding to advance its projects and the risks of determining whether these properties contain reserves that are economically recoverable.  The Company’s shares of common stock trade on the NYSE American LLC under the symbol “PZG”.

Basis of Presentation and Preparation

The unaudited condensed consolidated interim financial statements are prepared by management in accordance with accounting principles for interim financial information and Article 10 of Regulation S-X.  Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements.  In the opinion of management, all the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included.  

The Company faces various risks related to the COVID-19 global pandemic.   The Company’s primary goal during the COVID-19 pandemic is to safeguard the health of our employees, suppliers and the communities where we operate while minimizing business interruption.   To date, COVID-19 pandemic has not had a material impact on our business however because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to predict any future impact of the COVID-19 pandemic, but these impacts could have a material adverse effect on the business, financial position, results of operations and/or cash flows. We will continue to monitor the COVID-19 situation closely.   The results of operations for the interim period ended September 30, 2021 is not necessarily indicative of the operating results expected for any future period.

The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), are presented in US dollars and follow the same accounting policies and methods of their application as the most recent annual financial statements.   The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.  All significant intercompany accounts and transactions are eliminated in consolidation.  The condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes for the year ended June 30, 2021.

Significant Accounting Policies

Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2021 10-K.

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Recent Accounting Guidance

3 Months Ended

Sep. 30, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Guidance

Note 2. Recent Accounting Guidance

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which addresses the complexity of its guidance for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 removes the accounting models that require beneficial conversion features or cash conversion features associated with convertible instruments to be recognized as a separate component of equity, adds certain disclosure requirements for convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and simplifies the diluted earnings per share calculation for certain situations. This ASU is effective for the Company beginning on January 1, 2024.  The Company is currently evaluating the impact of implementing these changes on the Company’s consolidated financial position, operating results and cash-flows.

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Fair Value Measurements

3 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are described below:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at September 30, 2021 and June 30, 2021 are presented in the following table:

			Fair Value at September 30, 2021						June 30, 2021
	Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	3,659,067		3,659,067		—		—	$	3,113,064

The carrying values of accounts payable and accrued liabilities and convertible debt (Note 6) approximate fair value as of September 30, 2021 and June 30, 2021.

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Non-Cash Transactions

3 Months Ended

Sep. 30, 2021

Nonmonetary Transactions [Abstract]

Non-Cash Transactions

Note 4. Non-Cash Transactions

During the three-month period ended September 30, 2021, the Company issued 168,690 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.    

During the three-month period ended September 30, 2020, the Company issued 183,395 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.   Additionally, 200,000 shares of Common Stock were issued upon the conversion of 200 of its outstanding 2019 Convertible Notes.  

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Capital Stock

3 Months Ended

Sep. 30, 2021

Equity [Abstract]

Capital Stock

Note 5. Capital Stock

Authorized Capital

Authorized capital stock consists of 200,000,000 common shares with par value of $0.01 per common share (June 30, 2021 – 200,000,000 common shares with par value $0.01 per common share). 

During the three-month period ended September 30, 2021, the Company issued 2,202,352 shares at an approximate average price of $0.856 for gross proceeds of $1,886,135 through its at-the-market offering.  Share issuance costs related to this were $56,584.  The Company also issued 168,690 shares for payment of interest accrued and owing (Note 6) with a fair value of $163,642.  

During the three month period ended September 30, 2020, the Company issued   595,281 shares at an approximate average price of $1.3344 for gross proceeds of $794,345.  Share issuance costs including commissions were $23,830 for net proceeds of $770,514.  The Company also issued 183,395 shares for payment of interest accrued and owing at June 30, 2020 (Note 6). The Company also issued 200,000 shares upon the conversion of 200 of the 2019 Senior Secured Convertible Notes (Note 6).

At September 30, 2021 there were 40,525,151 common shares issued and outstanding (June 30, 2021 – 38,154,109 common shares).

Stock Options and Stock Based Compensation

Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options and stock to its employees and directors for up to 2.169 million shares of common stock.  Option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years.  To better align the interests of its key executives, employees and directors with those of its shareholders a significant portion of those

share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions. Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee share option plan).

During the three-month period ended September 30, 2021, the Company did not grant any stock options (2020 – 55,000).

During the three-month period ended September 30, 2021, share-based compensation expense relating to service condition options and performance condition was $45,021 and $35,843, respectively (2020- $23,029 and $44,477).

The fair value for these options was calculated using the Black-Scholes option valuations method.  The weighted average assumptions used for the three-month period ended September, 2021 and three-month period ended September  30, 2020 were as follows:

	Three-Months Ended September 30, 2021	Three-Months Ended September 30, 2020
Weighted average risk-free interest rate	N/A		0.22	%
Weighted-average volatility	N/A		63	%
Expected dividends	N/A	$	0.00
Weighted average expected term (years)	N/A		5.00
Weighted average fair value	N/A	$	0.64

A summary of option activity under the Stock Incentive and Compensation Plans as of September 30, 2021 is presented below:

Options	Options			Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at June 30, 2020		1,243,995		$	1.20		3.63	$	165,600
Granted		755,000			1.13		4.44		—
Exercised		—			—		—		—
Forfeited or expired		—			—		—		—
Outstanding at June 30, 2021		1,998,995		$	1.17		3.31	$	—
Granted		—			—		—	$	—
Exercised		—			—		—		—
Forfeited or expired		(190,000	)		—		—		—
Outstanding at September 30, 2021		1,808,995		$	1.14		3.17	$	—
Exercisable at September 30, 2021		863,330		$	1.16		2.94	$	—

A summary of the status of Paramount’s non-vested options as at September 30, 2021 is presented below:

Non-vested Options	Options			Weighted- Average Grant- Date Fair Value
Non-vested at June 30, 2020		943,992		$	0.51
Granted		755,000			0.56
Vested		(664,994	)		0.50
Forfeited or expired		—			—
Non-vested at June 30, 2021		1,033,998		$	0.55
Granted		—			—
Vested		—			—
Forfeited or expired		(88,333	)		0.73
Non-vested at September 30, 2021		945,665		$	0.54

As of September 30, 2021, there was $77,970 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plans. That cost is expected to be recognized over a weighted-

average period of 1.15 years. The total fair value of stock based compensation arrangements vested during the three-month period ended September 30, 2021 and 2020, was $nil and $nil, respectively.

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Convertible Debt

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Convertible Debt

Note 6. Convertible Debt

	Debt
	September 30, 2021					June 30, 2021
	Current		Non-Current			Current		Non-Current
2019 Secured Convertible Notes	$	—	$	4,277,690		$	—	$	4,277,690
Less: unamortized discount and issuance costs		—		(100,987	)		—		(116,188	)
	$	—	$	4,176,703		$	—	$	4,161,502

In September 2019, the Company completed a private offering of 5,478 Senior Secured Convertible Notes (“2019 Convertible Notes”) at $975 per $1,000 face amount due in 2023.  Each 2019 Convertible Note will bear an interest rate of 7.5% per annum, payable semi-annually.  The effective interest rate of the 2019 Convertible Notes in 9.23%.  The principal amount of the 2019 Convertible Notes will be convertible at a price of $1.00 per share of Paramount common stock.  Unamortized discount and issuance costs of $275,883 will be amortized as an additional interest expense over the four year term of the 2019 Convertible Notes.  During the three-month period ended September 30, 2021, the Company amortized $15,201 (2020- $25,318) of discount and issuance costs.  At any point after the second anniversary of the issuance of the convertible notes, Paramount may force conversion if the share price of its common stock remains above $1.75 for 20 consecutive trading days. The convertible notes are secured by a lien on all assets of the Company and the Company is required to maintain a working capital balance of $250,000.  At September 30, 2021, the working capital covenant was met by the Company.  

During the three-month period ended September 30, 2021, there were no conversions of 2019 Convertible Notes to common stock of the Company.

During the three-month period ended September 30, 2020, 200 of the 2019 Convertible Notes outstanding were converted into 200,000 shares of common stock of the Company (Note 5) and $7,934 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.

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Mineral Properties

3 Months Ended

Sep. 30, 2021

Mineral Industries Disclosures [Abstract]

Mineral Properties

Note 7. Mineral Properties

The Company has capitalized acquisition costs on mineral properties as follows:

	September 30, 2021		June 30, 2021
Sleeper and other Nevada based Projects	$	26,031,976	$	26,011,976
Grassy Mountain and other Oregon based Projects		23,210,728		23,185,728
	$	49,242,704	$	49,197,704

Sleeper:

Sleeper is located in Humboldt County, Nevada, approximately 26 miles northwest of the town of Winnemucca.  The Sleeper Gold Mine consists of 2,322 unpatented mining claims totaling approximately 38,300 acres.

Grassy Mountain:

The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho. It consists of 442 unpatented lode claims, 3 patented lode claims, and various leased fee land surface and surface/mineral rights, covering approximately 8,300 acres.

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Reclamation and Environmental

3 Months Ended

Sep. 30, 2021

Environmental Remediation Obligations [Abstract]

Reclamation and Environmental

Note 8. Reclamation and Environmental

 Reclamation and environmental costs are based principally on legal requirements.  Management estimates costs associated with reclamation of mineral properties and properties under mine closure.  On an ongoing basis the Company evaluates its estimates and assumptions; however, actual amounts could differ from those based on estimates and assumptions.  

The Company has posted several cash bonds as financial security to satisfy reclamation requirements.  The balance of posted cash reclamation bonds at September 30, 2021 is $500,738 (June 30, 2021 - $533,703).

Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection (“NDEP”).  Paramount has estimated the undiscounted reclamation costs for existing disturbances at the Sleeper Gold Project required by the BLM to be $3,557,944.  These costs are expected to be incurred between the calendar years 2021 and 2060.  Paramount has also estimated undiscounted reclamation cost as required by the NDEP to be $1,470,000. These costs include on-going monitoring and new requests from the NDEP to convert three processing ponds from the historical operations to evaporation cell ponds by 2023.  On-going monitoring costs are expected to be incurred between 2021 and 2039.  The sum of expected costs by year are discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement to the time it incurs the obligation.  The asset retirement obligation for the Sleeper Gold Project recorded on the balance sheet is equal to the present value of the estimated reclamation costs as required by both the BLM and NDEP.  

The following variables were used in the calculation for the periods ending September 30, 2021 and June 30, 2021:

	Three-Months Ended September 30, 2021			Year Ended June 30, 2021
Weighted-average credit adjusted risk free rate		9.89	%		9.89	%
Weighted-average inflation rate		2.31	%		2.31	%

Changes to the Company’s asset retirement obligations for the Sleeper Gold Mine for the three-month period ended September 30, 2021 and the year ended June 30, 2021 are as follows:

	Three-Month Period Ended September 30, 2021		Year Ended June 30, 2021
Balance at beginning of period	$	1,849,644	$	615,170
Accretion expense		45,969		60,040
Additions and change in estimates		—		1,498,950
Settlements		—		(324,516	)
Balance at end of period	$	1,895,613	$	1,849,644

The balance of the asset retirement obligation of $1,895,613 at September 30, 2021 (June 30, 2021 -$1,849,644 ) is comprised of a current portion of 316,022 (June 30, 2020 -$310,022 ) and a non-current portion of 1,579,591 (June 30, 2020 -$1,539,622). The Company recorded an accretion expense for the three-month period ended September 30, 2021 of $45,969 (September  30, 2020 - $15,010).

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Other Income

3 Months Ended

Sep. 30, 2021

Other Income [Abstract]

Other Income

Note 9. Other Income

The Company’s other income details for the three month period ended September 30, 2021 and 2020 were as follows:

	Three-Month Period		Three-Month Period
	Ended September 30, 2021		Ended September 30, 2020
Re-imbursement of reclamation costs	$	110,441	$	63,205
Leasing of water rights to third party		5,858		5,743
Total	$	116,299	$	68,948

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Segmented Information

3 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segmented Information

Note 10. Segmented Information:

Segmented information has been compiled based on the material mineral properties in which the Company performs exploration activities.

Expenses and mineral property carrying values by material project for the three-month period ended September 30, 2021:

	Exploration Expenses		Land Holding Costs
	Three-Month Period Ended September 30, 2021		Three-Month Period Ended September 30, 2021		Mineral Properties As at September 30, 2021
Sleeper Gold Project and other Nevada based Projects	$	335,242	$	112,815	$	26,031,976
Grassy Mountain Project and other Oregon based Projects		921,563		28,378		23,210,728
	$	1,256,805	$	141,193	$	49,242,704

Expenses for the three-month period ended September 30, 2020 and mineral property carrying values as at June 30, 2021 by material project:

	Exploration Expenses		Land Holding Costs
	Three-Month Period Ended September 30, 2020		Three-Month Period Ended September 30, 2020		Mineral Properties As at June 30, 2021
Sleeper Gold Project and other Nevada based Projects	$	283,263	$	106,904	$	26,011,976
Grassy Mountain Project and other Oregon based Projects		352,764		24,279		23,185,728
	$	636,027	$	131,183	$	49,197,704

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Commitments and Contingencies

3 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. Commitments and Contingencies:

Other Commitments

Paramount has an agreement to acquire 44 mining claims (“Cryla Claims”) covering 589 acres located immediately to the west of the proposed Grassy Mountain site from Cryla LLC.  Paramount is obligated to make annual lease payments of $40,000 per year for the first two years of the lease term commencing in 2018 and $60,000 per year thereafter with an option to purchase the Cryla Claims for $560,000 at any time.  The term of the agreement is 25 years.  In the event Paramount exercises its option to acquire the Cryla Claims, all annual payments shall be credited against a production royalty that will be based on a prevailing price of the metals produced from the Cryla Claims.  The royalty rate ranges between 2% and 4% based on the daily price of gold. The agreement with Cryla can be terminated by Paramount at any time. All lease payments under the agreement are up-to-date and no other payments were made during the three-month period ended September 30, 2021.  The Cryla Claims are without known mineral reserves and there is no current exploratory work being performed.

Paramount has an agreement with Nevada Select Royalty (“Nevada Select”) to purchase 100% of the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project.  A total consideration of $250,000 payable to Nevada Select will be based on certain events over time.  Nevada Select will retain a 2% NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1% for a payment of $1 million.  During the nine-month period ended March 31, 2021, the Company made a payment to Nevada Select for $15,000 upon receipt of its drilling permit from state and federal regulators and all required payments under the agreement are up-to-date as of September 30, 2021.  The Frost Claims are without known mineral reserves.

During the three-month period ended September 30, 2021, the Company entered into an option agreement with Nevada Select to purchase the Bald Peak mining claims in the State of Nevada and California for a total consideration of $300,000.  Payments under the agreement will be based on achieving certain events over time.  Upon signing the agreement Paramount made a payment to Nevada Select of $20,000.  The Bald Peak Claims are without known mineral reserves.  

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Description of Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Preparation

Basis of Presentation and Preparation

The unaudited condensed consolidated interim financial statements are prepared by management in accordance with accounting principles for interim financial information and Article 10 of Regulation S-X.  Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements.  In the opinion of management, all the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included.  

The Company faces various risks related to the COVID-19 global pandemic.   The Company’s primary goal during the COVID-19 pandemic is to safeguard the health of our employees, suppliers and the communities where we operate while minimizing business interruption.   To date, COVID-19 pandemic has not had a material impact on our business however because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to predict any future impact of the COVID-19 pandemic, but these impacts could have a material adverse effect on the business, financial position, results of operations and/or cash flows. We will continue to monitor the COVID-19 situation closely.   The results of operations for the interim period ended September 30, 2021 is not necessarily indicative of the operating results expected for any future period.

The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), are presented in US dollars and follow the same accounting policies and methods of their application as the most recent annual financial statements.   The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.  All significant intercompany accounts and transactions are eliminated in consolidation.  The condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes for the year ended June 30, 2021.

Significant Accounting Policies

Significant Accounting Policies

Please see Note 1- Description of Business and Summary of Significant Accounting Policies contained in the 2021 10-K.

Recent Accounting Guidance

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which addresses the complexity of its guidance for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 removes the accounting models that require beneficial conversion features or cash conversion features associated with convertible instruments to be recognized as a separate component of equity, adds certain disclosure requirements for convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and simplifies the diluted earnings per share calculation for certain situations. This ASU is effective for the Company beginning on January 1, 2024.  The Company is currently evaluating the impact of implementing these changes on the Company’s consolidated financial position, operating results and cash-flows.

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Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at September 30, 2021 and June 30, 2021 are presented in the following table:

			Fair Value at September 30, 2021						June 30, 2021
	Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	3,659,067		3,659,067		—		—	$	3,113,064

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Capital Stock (Tables)

3 Months Ended

Sep. 30, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Option Activity Under Stock Incentive and Compensation Plans

A summary of option activity under the Stock Incentive and Compensation Plans as of September 30, 2021 is presented below:

Options	Options			Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at June 30, 2020		1,243,995		$	1.20		3.63	$	165,600
Granted		755,000			1.13		4.44		—
Exercised		—			—		—		—
Forfeited or expired		—			—		—		—
Outstanding at June 30, 2021		1,998,995		$	1.17		3.31	$	—
Granted		—			—		—	$	—
Exercised		—			—		—		—
Forfeited or expired		(190,000	)		—		—		—
Outstanding at September 30, 2021		1,808,995		$	1.14		3.17	$	—
Exercisable at September 30, 2021		863,330		$	1.16		2.94	$	—

Summary of Status of Non-Vested Options

A summary of the status of Paramount’s non-vested options as at September 30, 2021 is presented below:

Non-vested Options	Options			Weighted- Average Grant- Date Fair Value
Non-vested at June 30, 2020		943,992		$	0.51
Granted		755,000			0.56
Vested		(664,994	)		0.50
Forfeited or expired		—			—
Non-vested at June 30, 2021		1,033,998		$	0.55
Granted		—			—
Vested		—			—
Forfeited or expired		(88,333	)		0.73
Non-vested at September 30, 2021		945,665		$	0.54

Black-Scholes option valuation model

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Fair Value of Options Calculated Using Black-Scholes Option Valuations Method

The fair value for these options was calculated using the Black-Scholes option valuations method.  The weighted average assumptions used for the three-month period ended September, 2021 and three-month period ended September  30, 2020 were as follows:

	Three-Months Ended September 30, 2021	Three-Months Ended September 30, 2020
Weighted average risk-free interest rate	N/A		0.22	%
Weighted-average volatility	N/A		63	%
Expected dividends	N/A	$	0.00
Weighted average expected term (years)	N/A		5.00
Weighted average fair value	N/A	$	0.64

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Convertible Debt (Tables)

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Convertible Debt

	Debt
	September 30, 2021					June 30, 2021
	Current		Non-Current			Current		Non-Current
2019 Secured Convertible Notes	$	—	$	4,277,690		$	—	$	4,277,690
Less: unamortized discount and issuance costs		—		(100,987	)		—		(116,188	)
	$	—	$	4,176,703		$	—	$	4,161,502

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Mineral Properties (Tables)

3 Months Ended

Sep. 30, 2021

Mineral Industries Disclosures [Abstract]

Capitalized Acquisition Costs on Mineral Properties

The Company has capitalized acquisition costs on mineral properties as follows:

	September 30, 2021		June 30, 2021
Sleeper and other Nevada based Projects	$	26,031,976	$	26,011,976
Grassy Mountain and other Oregon based Projects		23,210,728		23,185,728
	$	49,242,704	$	49,197,704

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Reclamation and Environmental (Tables)

3 Months Ended

Sep. 30, 2021

Environmental Remediation Obligations [Abstract]

Schedule of Variables of Weighted Average

The following variables were used in the calculation for the periods ending September 30, 2021 and June 30, 2021:

	Three-Months Ended September 30, 2021			Year Ended June 30, 2021
Weighted-average credit adjusted risk free rate		9.89	%		9.89	%
Weighted-average inflation rate		2.31	%		2.31	%

Changes to Asset Retirement Obligations

Changes to the Company’s asset retirement obligations for the Sleeper Gold Mine for the three-month period ended September 30, 2021 and the year ended June 30, 2021 are as follows:

	Three-Month Period Ended September 30, 2021		Year Ended June 30, 2021
Balance at beginning of period	$	1,849,644	$	615,170
Accretion expense		45,969		60,040
Additions and change in estimates		—		1,498,950
Settlements		—		(324,516	)
Balance at end of period	$	1,895,613	$	1,849,644

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Other Income (Tables)

3 Months Ended

Sep. 30, 2021

Other Income [Abstract]

Other Income Details

The Company’s other income details for the three month period ended September 30, 2021 and 2020 were as follows:

	Three-Month Period		Three-Month Period
	Ended September 30, 2021		Ended September 30, 2020
Re-imbursement of reclamation costs	$	110,441	$	63,205
Leasing of water rights to third party		5,858		5,743
Total	$	116,299	$	68,948

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Segmented Information (Tables)

3 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Expenses and Mineral Property Carrying Values by Material Project

Expenses and mineral property carrying values by material project for the three-month period ended September 30, 2021:

	Exploration Expenses		Land Holding Costs
	Three-Month Period Ended September 30, 2021		Three-Month Period Ended September 30, 2021		Mineral Properties As at September 30, 2021
Sleeper Gold Project and other Nevada based Projects	$	335,242	$	112,815	$	26,031,976
Grassy Mountain Project and other Oregon based Projects		921,563		28,378		23,210,728
	$	1,256,805	$	141,193	$	49,242,704

Expenses for the three-month period ended September 30, 2020 and mineral property carrying values as at June 30, 2021 by material project:

	Exploration Expenses		Land Holding Costs
	Three-Month Period Ended September 30, 2020		Three-Month Period Ended September 30, 2020		Mineral Properties As at June 30, 2021
Sleeper Gold Project and other Nevada based Projects	$	283,263	$	106,904	$	26,011,976
Grassy Mountain Project and other Oregon based Projects		352,764		24,279		23,185,728
	$	636,027	$	131,183	$	49,197,704

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Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Measurements, Recurring - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 3,659,067	$ 3,113,064
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 3,659,067

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Non-Cash Transactions - Additional Information (Details)	3 Months Ended
	Sep. 30, 2021 shares	Sep. 30, 2020 ConvertibleNote shares
Interest Accrued And Owing
Nonmonetary Transaction [Line Items]
Number of shares issued	168,690	183,395
2019 Secured Convertible Notes
Nonmonetary Transaction [Line Items]
Capital issued for conversion of debt to common stock (in shares)		200,000
Number of senior secured convertible notes converted | ConvertibleNote		200

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Capital Stock - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Capital stock, shares authorized	200,000,000		200,000,000
Capital stock, par value	$ 0.01		$ 0.01
Net proceeds from issuance of common stock and warrants		$ 770,514
Capital stock, shares issued	40,525,151		38,154,109
Capital stock, shares outstanding	40,525,151		38,154,109
Options, Granted			755,000
Stock based compensation (Note 5)	$ 42,671	77,424
Total unrecognized compensation cost related to non-vested share based compensation	$ 77,970
Expected weighted-average period of unrecognized compensation cost	1 year 1 month 24 days
Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation (Note 5)	$ 45,021	23,029
Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation (Note 5)	$ 35,843	$ 44,477
Senior Management
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Granted	0	55,000
2015 and 2016 Stock Incentive and Compensation Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average remaining contractual term (in years), grants	5 years
2015 and 2016 Stock Incentive and Compensation Plans | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options and shares available for grant to employees and directors	2,169,000
Shares Average Price of $1.16
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of units issued	2,202,352	595,281
Aggregate number of units issued, per unit	$ 0.856	$ 1.3344
Proceeds from issuance of common stock and warrants	$ 1,886,135	$ 794,345
Share issuance costs	$ 56,584	$ 23,830
Accrued Interest
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of units issued	168,690			183,395
Fair value of shares issued	$ 163,642
2019 Secured Convertible Notes
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share issued during period shares conversion of convertible securities		200,000
Number of senior secured convertible notes converted		200

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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	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average risk-free interest rate		0.22%
Weighted-average volatility		63.00%
Expected dividends		$ 0.00
Weighted average expected term (years)	0 years	5 years
Weighted average fair value		$ 0.64

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Capital Stock - Summary of Option Activity Under Stock Incentive and Compensation Plans (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Shares [Abstract]
Options, Granted		755,000
Stock Options
Shares [Abstract]
Options, Outstanding, Beginning balance	1,998,995	1,243,995
Options, Granted		755,000
Options, Forfeited or expired	190,000
Options, Outstanding, Ending balance	1,808,995	1,998,995	1,243,995
Options, Forfeited or expired	(190,000)
Options, Exercisable at September 30, 2021	863,330
Weighted-Average Exercise Price [Abstract]
Weighted Average Exercise Price, Options, Outstanding, Beginning balance	$ 1.17	$ 1.20
Weighted Average Exercise Price, Options, Granted		1.13
Weighted Average Exercise Price, Options, Outstanding, Ending balance	1.14	$ 1.17	$ 1.20
Weighted Average Exercise Price, Options, Exercisable at September 30, 2021	$ 1.16
Weighted Average Remaining Contractual Term (Years), Options, Outstanding	3 years 2 months 1 day	3 years 3 months 21 days	3 years 7 months 17 days
Weighted Average Remaining Contractual Term (Years), Options, Granted		4 years 5 months 8 days
Weighted Average Remaining Contractual Term (Years), Options, Exercisable at September 30, 2021	2 years 11 months 8 days
Aggregate Intrinsic Value, Options, Beginning Outstanding		$ 165,600
Aggregate Intrinsic Value, Options, Ending Outstanding			$ 165,600

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Capital Stock - Summary of Status of Non-Vested Options (Details) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Options [Abstract]
Non-vested Options, Beginning balance	1,033,998	943,992
Non-vested Options, Granted		755,000
Non-vested Options, Vested		(664,994)
Non-vested Options, Forfeited or expired	88,333
Non-vested Options, Ending balance	945,665	1,033,998
Non-vested Options, Vested		664,994
Non-vested Options, Forfeited or expired	(88,333)
Weighted-Average Grant-Date Fair Value [Abstract]
Non-vested Weighted Average Grant Date Fair Value, Beginning balance	$ 0.55	$ 0.51
Non-vested Weight Average Grant Date Fair Value, Granted		0.56
Non-vested Weighted Average Grant Date Fair Value, Vested		0.50
Non-vested Weighted Average Grant Date Fair Value, Forfeited or expired	0.73
Non-vested Weighted Average Grant Date Fair Value, Ending balance	$ 0.54	$ 0.55

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Convertible Debt - Summary of Convertible Debt (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
2019 Secured Convertible Notes	$ 4,176,703	$ 4,161,502
2019 Secured Convertible Notes
Debt Instrument [Line Items]
2019 Secured Convertible Notes	4,277,690	4,277,690
Less: unamortized discount and issuance costs	(100,987)	(116,188)
Non-Current Debt	$ 4,176,703	$ 4,161,502

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Convertible Debt - Additional Information (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2019 USD ($) $ / shares	Sep. 30, 2021 USD ($) ConvertibleNote Day $ / shares	Sep. 30, 2020 USD ($) ConvertibleNote shares
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs		$ 15,201	$ 17,384
2019 Secured Convertible Notes
Debt Instrument [Line Items]
Principal amount of convertible notes	$ 5,478
Agreed sale price of note	975
Principal amount per notes	$ 1,000
Convertible notes due period	2023
Convertible senior notes interest rate	7.50%
Convertible note, interest payment	semi-annually
Conversion price | $ / shares	$ 1.00
Amortization of debt discount and issuance costs	$ 275,883	$ 15,201	$ 25,318
Amortization of debt discount interest expense term	4 years
Debt instrument, covenant description		At any point after the second anniversary of the issuance of the convertible notes, Paramount may force conversion if the share price of its common stock remains above $1.75 for 20 consecutive trading days. The convertible notes are secured by a lien on all assets of the Company and the Company is required to maintain a working capital balance of $250,000.  At September 30, 2021, the working capital covenant was met by the Company.
Debt instrument, interest rate, effective percentage	9.23%
Convertible note, stock price trigger (in dollars per share) | $ / shares		$ 1.75
Threshold consecutive trading days for convertible debt | Day		20
Convertible note, covenant working capital		$ 250,000
Number of senior secured convertible notes converted | ConvertibleNote		0	200
Conversion of convertible notes to shares (in shares) | shares			200,000
2019 Secured Convertible Notes | Additional Paid-In Capital
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs			$ 7,934

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Mineral Properties - Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Mineral Properties [Line Items]
Mineral properties, net	$ 49,242,704	$ 49,197,704
Sleeper and Other Nevada Based Projects
Mineral Properties [Line Items]
Mineral properties, net	26,031,976	26,011,976
Grassy Mountain and Other Oregon Based Projects
Mineral Properties [Line Items]
Mineral properties, net	$ 23,210,728	$ 23,185,728

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Mineral Properties - Additional Information (Details)	Sep. 30, 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) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Site Contingency [Line Items]
Commutation account and reclamation bonds	$ 500,738		$ 533,703
Reclamation and environmental obligation	1,895,613		1,849,644	$ 615,170
Reclamation and environmental obligation, current	316,022		310,022	310,022
Reclamation and environmental obligation, noncurrent	1,579,591		$ 1,539,622	$ 1,539,622
Accretion expense	45,969	$ 15,010
Sleeper Gold Project
Site Contingency [Line Items]
Undiscounted estimate of reclamation costs	3,557,944
Sleeper Gold Project | NDEP
Site Contingency [Line Items]
Undiscounted estimate of reclamation costs	$ 1,470,000

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Reclamation and Environmental - Schedule of Variables of Weighted Average (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Environmental Remediation Obligations [Abstract]
Weighted-average credit adjusted risk free rate	9.89%	9.89%
Weighted-average inflation rate	2.31%	2.31%

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Reclamation and Environmental - Changes to Asset Retirement Obligations (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Balance at beginning of period	$ 1,849,644	$ 615,170	$ 615,170
Accretion expense	45,969	$ 15,010	60,040
Additions and change in estimates			1,498,950
Settlements			(324,516)
Balance at end of period	$ 1,895,613		$ 1,849,644

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Other Income - Other Income Details (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Other Income [Abstract]
Re-imbursement of reclamation costs	$ 110,441	$ 63,205
Leasing of water rights to third party	5,858	5,743
Other income (Note 9)	$ 116,299	$ 68,948

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Segmented Information - Schedule of Expenses and Mineral Property Carrying Values by Material Project (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Segment Reporting Information [Line Items]
Exploration Expenses	$ 1,256,805	$ 636,027
Land Holding Costs	141,193	131,183
Mineral properties, net	49,242,704		$ 49,197,704
Sleeper Gold Project and other Nevada based Projects
Segment Reporting Information [Line Items]
Exploration Expenses	335,242	283,263
Land Holding Costs	112,815	106,904
Mineral properties, net	26,031,976		26,011,976
Grassy Mountain Project and other Oregon based Projects
Segment Reporting Information [Line Items]
Exploration Expenses	921,563	352,764
Land Holding Costs	28,378	$ 24,279
Mineral properties, net	$ 23,210,728		$ 23,185,728

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Commitments and Contingencies - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) a MiningClaim	Mar. 31, 2021 USD ($)
Option Agreement | Nevada
Commitments And Contingencies [Line Items]
Total consideration payable	$ 300,000
Total consideration paid	$ 20,000
Grassy Mountain Project
Commitments And Contingencies [Line Items]
Number of mining fields | MiningClaim	44
Area covered by mining claims | a	589
Annual lease payment, year one	$ 40,000
Annual lease payment, year two	40,000
Annual lease payment, thereafter	60,000
Option to purchase mining claims, price	$ 560,000
Term of the agreement	25 years
Operating lease, payments	$ 0
Grassy Mountain Project | Minimum
Commitments And Contingencies [Line Items]
Royalty rate	2.00%
Grassy Mountain Project | Maximum
Commitments And Contingencies [Line Items]
Royalty rate	4.00%
Frost Project | Nevada
Commitments And Contingencies [Line Items]
Number of mining fields | MiningClaim	40
Percentage of mining claim rights acquired	100.00%
Total consideration payable	$ 250,000
Percentage of Net Smelter Royalty	2.00%
Rate of right to reduce net smelter royalty by parent	1.00%
Payment to reduce NSR by parent	$ 1,000,000
Total consideration paid		$ 15,000