Paramount Gold Nevada Corp. (PZG): Business Model Canvas [Dec-2025 Updated]

You're looking at a junior miner teetering on the edge of a major de-risking event, and understanding Paramount Gold Nevada Corp.'s business model is key to seeing where the next big move is. As a pre-revenue company, their entire valuation hinges on hitting that Federal Record of Decision (ROD) target by December 2025 for the Grassy Mountain project, which already boasts 380,000 oz. in reserves. Honestly, their current focus isn't selling gold-it's selling future potential through equity raises, like the $14.9 million ATM program, while managing costs that saw a net loss of $9.050 million for the fiscal year ending June 30, 2025. Dive in below to see exactly how Paramount Gold Nevada Corp. partners with regulators and uses capital to transform its 100%-owned Oregon asset into a mine.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Paramount Gold Nevada Corp. (PZG) relies on to move the Grassy Mountain Gold Project toward production. These aren't just vendors; they are gatekeepers to federal and state approval, and sources of necessary growth capital. Honestly, for a development-stage miner, these partnerships define the timeline.

The relationship with federal and state agencies is paramount, centered on the Grassy Mountain Gold Project in Malheur County, Oregon. Paramount Gold Nevada Corp. has been actively collaborating with the U.S. Bureau of Land Management (BLM) for federal permitting, which is a major hurdle for any project on federal land.

The timeline for the Environmental Impact Statement (EIS) under the BLM's purview shows clear progress:

• BLM accepted the Plan of Operations as complete in November 2022.
• The draft Environmental Impact Statement (DEIS) was released in August 2025.
• The final EIS and Record of Decision (ROD) are now expected concurrently in December 2025.

To accelerate this process, Paramount Gold Nevada Corp. secured inclusion in the Federal Government's FAST-41 program on May 5, 2025. This designation is designed to streamline permitting by providing comprehensive timetables and increased transparency on the Federal Permitting Dashboard.

State-level approvals involve the Oregon state regulators (DOGAMI), with whom Paramount Gold Nevada Corp. worked on the modified consolidated permit application. Furthermore, local approval from the Malheur County Planning Department is secured through a Conditional Use Permit (CUP). Paramount Gold Nevada Corp. received a two-year extension for this CUP on July 23, 2025, effectively extending the local approval through mid-2027.

Capital formation relies heavily on investment banks acting as agents in equity financing programs. Paramount Gold Nevada Corp. utilizes a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and A.G.P./Alliance Global Partners.

Here's the quick math on their recent equity activity under this arrangement:

What this estimate hides is the ongoing reliance on these capital markets to fund operations, which totaled cash used of $6,267,284 for operations, G&A, and exploration for the fiscal year ended June 30, 2025.

The core regulatory relationships can be summarized by the key agencies and their current status:

• U.S. Bureau of Land Management (BLM): Managing the federal EIS process, targeting December 2025 for the Record of Decision.
• Oregon Department of Geology and Mineral Industries (DOGAMI): Involved in the state Consolidated Permit Application review.
• Malheur County Planning Department: CUP extended until mid-2027 following the July 2025 approval.
• Federal Permitting Improvement Steering Council (via FAST-41): Providing accelerated, transparent coordination since May 2025.
• Cantor Fitzgerald & Co. / A.G.P.: Sales agents for equity offerings, with a current target raise of up to $14.9 million.

Finance: draft 13-week cash view by Friday.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Key Activities

You're focused on the core actions Paramount Gold Nevada Corp. (PZG) is taking right now to move its assets forward, which is exactly what we need to see to gauge operational tempo. Here's the breakdown of the key activities as of late 2025, grounded in the latest figures.

Advancing the Grassy Mountain Project to a Federal Record of Decision (ROD)

The primary focus for the Grassy Mountain project in Malheur County, Oregon, is hitting that final federal permitting milestone. The U.S. Bureau of Land Management (BLM) released its draft Environmental Impact Statement (DEIS) for the project on August 8, 2025, which kicked off a public comment period. The expectation, as advised by the BLM, is for the final Environmental Impact Statement (EIS) and the Federal Record of Decision (ROD) to be published concurrently in December 2025. This is a critical turning point for the project, which is also benefiting from inclusion in the federal government's FAST-41 program. State-level permitting is also a key activity; Paramount received a two-year extension for its Conditional Use Permit (CUP) and Sage Grouse Permit (SGP) from the Malheur County Planning Department on July 23, 2025.

The financial commitment to this permitting track is clear in their forward-looking guidance. Paramount anticipates expenditures of $2 million on Grassy Mountain Project permitting activities over the next twelve months from the end of Q3 2025. For the quarter ended September 30, 2025, expenses specifically for permitting activities with state and federal agencies totaled $531,139.

Ongoing Exploration and Resource Definition at the Sleeper Gold Project

Paramount Gold Nevada Corp. continues to define and advance its Sleeper Gold Project in Northern Nevada. This district-scale property, which includes the former producing Sleeper mine, is a significant land holding for the company. The land position totals 2,474 unpatented mining claims, covering approximately 44,917 acres. The activity here centers on optimizing the project through development programs, aiming to test targets outside the main resource area.

Securing Capital Through Equity Offerings

To fund these ongoing activities, securing capital remains a vital function. Paramount filed a prospectus supplement on November 20, 2025, to expand its At-The-Market (ATM) equity offering capacity. The new aggregate offering price limit under the Controlled Equity Offering Sales Agreement is set at $14.9 million. This is a substantial increase from the prior limit of $7.0 million established in March 2024. As of the date of the latest supplement, the company had already sold $5.9 million of common stock through this agreement.

Managing Environmental Compliance and Reclamation

Managing the legacy of the former Sleeper mine site is a distinct, ongoing operational activity. Paramount has been actively streamlining its reclamation processes there. This streamlining effort resulted in a reported 30% decrease in reclamation expenses compared to the previous year. Land holding costs, which are tied to maintaining claims and compliance with regulatory bodies like the BLM, also saw an increase. For the year ended June 30, 2025, land holding costs rose by 15% to reach $743,119, driven by higher holding costs per claim enacted by the BLM starting in September 2024.

Here is a quick look at the key operational and financial metrics tied to these activities:

The company's net loss for the three months ended September 30, 2025, was $4.32 million, which increased by 175% compared to the same period in 2024. The loss per common share for that quarter was $0.06.

You can see the operational focus clearly in the allocation of resources; it's all about pushing Grassy Mountain through the final regulatory gauntlet while maintaining the asset base at Sleeper and ensuring the balance sheet can support the burn rate, which is definitely happening given the reported net loss.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Key Resources

When you look at Paramount Gold Nevada Corp. (PZG), the core of its value proposition isn't in current production-it's in what it controls and what it has already proven up. These are the tangible and intangible assets that form the bedrock of the business model, the things you need to have in place before you can even think about generating revenue from mining.

The most critical resource is the ownership stake in its projects. Paramount Gold Nevada Corp. holds a 100% interest in the Grassy Mountain Gold Project, located in Malheur County, Oregon. This 100% control over the deposit area is a huge plus, especially since the deposit itself sits entirely on patented (private) land within the larger $\text{8,200-acre}$ package.

The resource base at Grassy Mountain is quantified, which is a key differentiator for a junior developer. The October 2022 Feasibility Study (FS) defined the following mineral reserves:

This resource forms the basis for the project's economic outlook, which, based on the FS using a $\text{\$1,750/oz}$ gold price assumption, projected initial capital expenditure to build the mine at about $\text{\$136 million}$.

Next, you have the Sleeper Gold Project in Nevada. This is a large, district-scale land position surrounding a past-producing mine. Paramount Gold Nevada Corp. controls $\text{44,917 acres}$ across $\text{2,474}$ unpatented mining claims in Humboldt County. The historical operation there produced $\text{1.66 million ounces}$ of gold between 1986 and 1996.

Permitting is a massive, non-financial resource for Paramount Gold Nevada Corp., especially for Grassy Mountain. You're looking at significant regulatory achievements that de-risk the path to construction:

• Conditional Use Permit (CUP): Secured from Malheur County, which was recently extended through July 2027.
• Federal Advancement: Inclusion in the federal government's FAST-41 program in May 2025, which accelerates the timeline.
• Federal Decision Timeline: The final Environmental Impact Statement (EIS) and Record of Decision (ROD) are expected to be published concurrently in December 2025.

Finally, the technical data itself is a key resource. Paramount Gold Nevada Corp. possesses the Technical Data and Feasibility Studies for Grassy Mountain, specifically the October 2022 FS. This study details the plan for a high-grade underground mine with projected annual production of $\text{47,000 ounces}$ of gold and $\text{55,000 ounces}$ of silver over an initial 8-year mine life.

On the financial side, as of the third quarter ended September 30, 2025, the company reported a Net Loss of $\text{\$4.32 million}$ for the three months, with a loss per common share of $\text{\$0.06}$. The company anticipates future expenditures of $\text{\$2.6 million}$ on corporate and maintenance costs, plus $\text{\$2 million}$ on Grassy Mountain permitting activities over the next twelve months. The balance sheet shows a debt-to-equity ratio of $\text{0.54}$ and current/quick ratios of $\text{1.32}$ as of late 2025.

Finance: draft 13-week cash view by Friday.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Paramount Gold Nevada Corp. (PZG) is positioned to create value, centered almost entirely on its flagship Grassy Mountain Project in Oregon. This isn't about current revenue-which was only 6.2k USD for the fiscal year ended June 30, 2025-but about the de-risked, high-potential asset ready for a construction decision.

High-quality exposure to U.S. gold assets in favorable mining jurisdictions

Paramount Gold Nevada Corp. offers direct exposure to U.S.-based precious metals assets, primarily in Nevada and Oregon. The flagship Grassy Mountain Project is 100% owned and located in Malheur County, Oregon, on approximately 8,200 acres, with the deposit itself sitting entirely on private land. This secure land tenure over the deposit, combined with the established infrastructure and regulatory familiarity of the U.S. mining sector, helps mitigate certain jurisdictional risks associated with international exploration.

The company also holds the Sleeper Gold Project in Nevada, which includes the historic Sleeper mine. The focus on U.S. assets is a key differentiator for investors seeking domestic exposure.

De-risked flagship project (Grassy Mountain) nearing final federal permitting approval in late 2025

The Grassy Mountain Project is significantly de-risked, having achieved major permitting milestones that position it for a construction decision in late 2025. You can see the progress clearly:

• County Approval: Conditional Use Permit secured, extended through July 2027.
• State Approval: Environmental Evaluation (EE) approved by the State of Oregon's Technical Review Team.
• Federal Acceleration: The project was accepted into the FAST-41 program in May 2025.
• Federal Timeline: The U.S. Bureau of Land Management (BLM) released the Draft Environmental Impact Statement (DEIS) in August 2025.
• Final Approval Target: The Final EIS and Federal Record of Decision (ROD) are scheduled for concurrent publication in December 2025.

The company anticipates spending $2 million on Grassy Mountain Project permitting activities over the next twelve months from the end of Q3 2025. Honestly, hitting the December 2025 federal decision date is the critical value inflection point here.

Potential for a profitable, high-grade underground mine with an estimated 8-year life at Grassy Mountain

The value proposition is underpinned by the robust economics detailed in the 2022 Feasibility Study (FS), which used a base case gold price of $1,750/oz. This study outlines a high-grade, small-footprint underground mine operation.

Here are the key operational and economic metrics from that study:

The project is designed as a 750 tonnes-per-day (tpd) operation.

Multiple avenues for value creation: sale, joint venture, or self-construction

Paramount Gold Nevada Corp.'s stated strategy is to create shareholder value through its developed mineral properties in three distinct ways, giving management flexibility based on market conditions and capital availability. This flexibility is a core part of the value proposition, as it allows the company to choose the path that maximizes realized value for shareholders:

• Selling its assets to established producers.
• Entering joint ventures with producers for construction and operation.
• Constructing and operating mines for its own account.

To be fair, the company is currently operating at a net loss of $9,050,423 for the fiscal year ended June 30, 2025, meaning the self-construction path will heavily depend on securing significant external financing post-permitting.

Finance: draft 13-week cash view by Friday.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Customer Relationships

You're looking at how Paramount Gold Nevada Corp. manages its key relationships, which, for a development-stage miner like PZG, is heavily weighted toward regulators and capital providers. The focus here is on demonstrating progress toward production to keep investors engaged and regulators cooperative. Honestly, for a company in the permitting phase, these relationships are the lifeblood.

Investor relations for Paramount Gold Nevada Corp. centers on translating complex regulatory achievements into clear, value-accretive milestones for shareholders. The company filed its annual audited financial statements for the fiscal year ended June 30, 2025, on September 25, 2025, with the SEC. It's important to note that the audit report from its independent registered accounting firm included a going concern qualification in that filing, which is a critical data point for any investor relationship discussion. Communication efforts throughout 2025 have heavily featured the Grassy Mountain Gold Project's progression.

The company uses specific, verifiable events to communicate progress. For instance, the selection of the Grassy Mountain project for the federal government's FAST-41 program on May 5, 2025, was a major communication point, signaling an accelerated path. Following that, the release of the draft Environmental Impact Statement (DEIS) by the U.S. Bureau of Land Management (BLM) on August 8, 2025, provided a concrete, near-term target for investors.

Here's a quick look at the key relationship-driving milestones communicated in 2025:

• Grassy Mountain selected for FAST-41 Program on May 5, 2025.
• Malheur County granted a two-year extension for CUP/SGP on July 23, 2025.
• BLM released the DEIS on August 8, 2025.
• Final EIS and Record of Decision (ROD) expected in December 2025.
• Fiscal Year End June 30, 2025, 10-K filed September 25, 2025.

Transparency via the federal FAST-41 permitting dashboard is a core part of managing stakeholder expectations. This inclusion means the permitting timetables are managed collaboratively and are publicly available. The DEIS release on August 8, 2025, immediately updated the schedule on the BLM's permitting dashboard at e-planning and FAST-41. This public tracking is designed to provide all stakeholders, including the investment community, an up-to-date accounting of where the project stands in the review process. The expectation communicated is that the Final EIS and ROD will be published concurrently in December 2025, marking the completion of the Federal permitting process.

Direct engagement with local communities and regulatory bodies is essential for maintaining the social license to operate, especially for the Grassy Mountain project located on both private and BLM land in Malheur County, Oregon. Paramount Gold Nevada Corp. has publicly stated core values that include Community Engagement and Environmental Stewardship. A tangible example of this engagement was the 30-day public comment period following the DEIS release, which included a public meeting held on August 19, 2025. Furthermore, the company secured a two-year extension for its Conditional Use Permit (CUP) and Sage Grouse Permit (SGP) from the Malheur County Planning Department on July 23, 2025, showing active, positive interaction with local governance.

For stockholder participation, Paramount Gold Nevada Corp. relies on virtual formats. The upcoming Annual General Meeting (AGM) is set to be held virtually over the Internet on December 11, 2025, at 11:00 AM eastern standard time. The record date for stockholders entitled to vote was fixed as the close of business on Monday, October 16, 2025. Proxy materials for this meeting were slated to be available on or about October 30th. This virtual format helps ensure broad stockholder participation without the logistical hurdles of an in-person event.

The structure of shareholder communication events in late 2025 can be summarized like this:

The company's strategy is to realize value by selling assets, entering joint ventures, or constructing and operating mines for its own account, which means keeping the market informed on the Grassy Mountain project-which hosts a gold-silver deposit-is paramount to achieving any of those outcomes. The Feasibility Study, though older, showed an estimated initial production of 47,000 ounces of gold and 55,000 ounces of silver annually over an 8-year mine life, with an NPV of $114.1 million at a 5% discount rate based on a $1,750 gold price. Still, with gold prices above $3,350 per ounce as of mid-2025, the underlying economics for investors are significantly improved, which is a key talking point in investor relations.

Finance: draft 13-week cash view by Friday.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Channels

You're looking at how Paramount Gold Nevada Corp. gets its information and capital out to the market. It's a mix of standard public exchange presence and targeted capital market activities, which is typical for an emerging growth company in the exploration space.

Stock Exchanges for Public Equity Access

Paramount Gold Nevada Corp. maintains its public equity presence through a primary listing venue. This is the main channel for trading shares and establishing public valuation metrics.

The company's free-float capitalization stood at $62,260,498, with a free-float percentage of 77.39 % as of the latest data available in December 2025.

Corporate Website and SEC/SEDAR Filings for Official Disclosures

Official company news, project data, and mandatory regulatory filings flow through dedicated digital channels. You can find the latest reports on the corporate site and through the regulatory databases.

• Corporate Website: paramountnevada.com
• Head Office Address: 665 Anderson Rd., Winnemucca, NV, USA, 89445
• Latest Major SEC Filing: 10-Q for quarter ending September 30, 2025, filed November 14, 2025
• Latest Annual Report (10-K) for FY2025 filed on September 25, 2025
• Filing Status: Classified as Non-accelerated filer and Smaller reporting company

SEDAR channels showed the filing of Interim MD&A and Interim financial statements/report on November 14, 2025.

Investor Presentations and Attendance at Industry Conferences

Direct engagement with the investment community happens via presentations at key industry gatherings. These events serve to update investors on project milestones, such as permitting progress.

• Recent Conference Attendance: 2025 Precious Metals Summit, Zurich, held November 10-11, 2025
• Key Project Update: Grassy Mountain Gold Project mine life based on the 2022 study is approximately 8 years, targeting annual production of around 50,000 ounces of gold equivalent
• Resource Update: Sleeper Gold Project has a resource of 3 million ounces of low-grade material

The CEO, Rachel Goldman, used the Zurich presentation to discuss the strategic outlook and permitting progress, including the expectation of receiving the record of decision by December 19, 2025.

Investment Banks for Capital Market Access

Paramount Gold Nevada Corp. uses established investment banks to facilitate equity financing, often through at-the-market programs. This is a critical channel for raising development capital.

The filing for the latest tranche under this agreement was made on November 20, 2025.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Customer Segments

You're looking at the core groups that provide capital and strategic interest to Paramount Gold Nevada Corp. (PZG) as it pushes its development assets forward. Honestly, for a pre-production miner, these segments are everything.

Institutional investors and hedge funds seeking exposure to gold development assets are a key group, even if their current direct stake is modest. As of late 2025, institutional ownership stands at 4.51% of the stock, held across 44 entities filing with the SEC. These sophisticated players look at the underlying asset quality, which Paramount offers with its 100% interest in three Nevada and Oregon projects: Grassy Mountain, Sleeper, and Bald Peak. The Sleeper Gold Project alone covers approximately 44,917 acres in Humboldt County, Nevada. They are definitely interested in the path to production, which for Grassy Mountain includes having achieved Environmental Evaluation Approval and comprehensive permitting approval for mining, processing, and closure scenarios.

Retail stockholders interested in high-leverage exploration-stage companies are often drawn to the volatility and potential upside of a company like Paramount Gold Nevada Corp. This segment has seen significant price movement; the stock traded at $0.39 per share on December 4, 2024, but reached $1.17 per share as of December 2, 2025, representing a 200.15% increase over that period. Paramount Gold Nevada Corp. is classified as an emerging growth company, which can appeal to retail investors looking for early-stage exposure. However, this leverage cuts both ways, as the company reported a net loss of $9,050,423 for the fiscal year ended June 30, 2025.

Here's a quick look at the current financial snapshot that informs these segments' decisions:

Established gold producers (potential strategic partners or acquirers) represent the ultimate exit or value realization path for Paramount Gold Nevada Corp.'s shareholders. Paramount Gold Nevada Corp.'s strategy explicitly includes realizing value by selling assets to producers or entering joint ventures for construction and operation. The fact that the Grassy Mountain Project has positive Feasibility Study results and federal FAST-41 program inclusion makes it a de-risked target for a larger producer looking to add near-term production capacity in a favorable U.S. jurisdiction.

Finally, there are the Financial analysts and research firms covering the junior mining sector. These firms translate the company's technical and financial progress into actionable ratings and reports for the broader market. Paramount Gold Nevada Corp. is covered by 3 analysts, with one submitting revenue or earnings estimates. Their focus is heavily influenced by the company's continued pre-production status, evidenced by the net loss of $0.06 per common share for the quarter ended September 30, 2025, and the going concern qualification in the FY2025 audit report. The projected $2.6 million in corporate and land maintenance expenses over the next twelve months is a key metric they watch for cash burn control.

Finance: draft 13-week cash view by Friday.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Cost Structure

The cost structure for Paramount Gold Nevada Corp. (PZG) is heavily weighted toward non-revenue generating activities essential for advancing its mineral properties, primarily exploration, development, and regulatory compliance.

Key periodic and projected expenditures defining the cost base include:

• Permitting and environmental expenses, totaling $531,139 for Q3 2025.
• Land holding and claim maintenance costs, recorded at $188,608 for Q3 2025, driven in part by higher per-claim costs enacted by the Bureau of Land Management (BLM).
• General and administrative (G&A) expenses, projected at $2.6 million over the next 12 months, which also incorporates some land claim maintenance.
• Additional projected expenditures include $2 million specifically for Grassy Mountain Project permitting activities over the next twelve months.

The overall financial outcome reflects these ongoing costs, as Paramount Gold Nevada Corp. reported a net loss of $9.050 million for the fiscal year ended June 30, 2025. The company has not generated any revenues from operations for that same fiscal year. Exploration and development costs for the Sleeper and Bald Peak projects represent a significant portion of the operating expenses driving this loss, alongside permitting efforts for the Grassy Mountain Project.

Here's a quick look at the most recent concrete financial figures impacting the cost structure:

The cost structure is characterized by fixed and semi-variable costs necessary to maintain asset integrity and advance regulatory milestones. Reclamation processes at the Sleeper Gold Project saw a 30% decrease in expenses compared to the previous year, showing some cost optimization efforts. The company's capital needs have historically been funded through sales of debt and equity securities, as operational losses continue.

Key cost drivers include:

• Advancing exploration and development activities across key assets.
• Maintaining land holdings and mineral claims across Nevada and Oregon properties.
• Incurring regulatory and permitting expenses, such as those related to the Grassy Mountain Project's FAST-41 inclusion.
• General corporate overhead, which is projected to be substantial over the near term.

Finance: draft 13-week cash view by Friday.

Paramount Gold Nevada Corp. (PZG) - Canvas Business Model: Revenue Streams

As of late 2025, Paramount Gold Nevada Corp. (PZG) is an exploration-stage company, meaning its primary revenue streams are non-operational, focused on financing its development pipeline rather than mineral sales.

Equity financing through the Controlled Equity Offering (ATM) Sales Agreement represents the most active and significant source of cash inflow. This mechanism allows Paramount Gold Nevada Corp. to raise capital opportunistically by selling common stock into the market.

• The total authorized offering size under the November 20, 2025, prospectus supplement was up to $14,900,000 aggregate offering price.
• As of the November 20, 2025, filing, $5.9 million of common stock had already been sold under the Sales Agreement.
• For the fiscal year ended June 30, 2025, the company raised net proceeds of $2,356,709 by issuing 4,728,165 shares under this program.
• The prior authorization limit, which was amended by the new filing, was up to $7 million, detailed in supplements from March and May 2024.

The actual revenue from operations remains negligible or non-existent, consistent with a pre-production miner. Here's a quick look at the reported revenue figures near the end of the 2025 fiscal year:

Interest income on cash balances (minimal) provides a small, non-core inflow. The company's cash position as of June 30, 2025, was $1,351,001. The financial data shows this income stream is minor:

Potential future asset sales or joint venture payments from established producers is a core strategic goal, but no specific realized amounts are reported for late 2025. Paramount Gold Nevada Corp.'s strategy explicitly includes realizing value by:

• Selling its assets to established producers.
• Entering joint ventures with producers for construction and operation.

Future gold and silver sales upon successful mine construction and operation (long-term) is the ultimate goal for the Grassy Mountain and Sleeper projects. This is contingent on advancing through final permitting steps, with the Record of Decision (ROD) for Grassy Mountain expected in December 2025. This stream is not yet active, so no 2025 financial figures are recorded for it.