Paramount Gold Nevada Corp. (PZG) is a pre-revenue precious metals exploration and development company holding two primary assets: the Sleeper Gold Project (Nevada) with non-current segment assets of $25.8M at March 31, 2026, and the Grassy Mountain Project (Oregon) with non-current segment assets of $23.4M. Total non-current assets (mineral properties plus corporate) were $49.7M at March 31, 2026, essentially flat versus $49.7M at December 31, 2025 and June 30, 2025 comparatives. Under a liquidation lens, these mineral property assets — carried at historical acquisition cost per the company's stated accounting policy — receive a maximum 50-70% PP&E haircut, implying liquidation recovery of roughly $25M-$35M on the non-current asset base. The company has no inventory, no meaningful AR, and no revenue. Cash at March 31, 2026 was $12.7M (100% recoverable), up sharply from $1.35M at June 30, 2025 and $3.5M at December 31, 2025, driven by $13.9M net ATM equity issuances in the nine months ended March 31, 2026. Working capital was approximately $12.5M at period end. The liability stack includes a royalty convertible debenture with accruing interest ($1.27M interest expense YTD), a warrant liability (fair value change drove $2.15M loss YTD), and a derivative liability on the debenture ($4.34M fair value loss YTD). The asset retirement obligation (ARO) for Sleeper Gold carries ongoing accretion ($171K YTD) and constitutes a face-value liability in liquidation that does not extinguish on windup. The Seabridge NPI put option — a contingent obligation of CAD $10M triggered only upon a positive production decision plus secured construction financing — is not currently exercisable and does not appear on-balance-sheet; its liquidation relevance is limited given no production decision is imminent. A Cryla Claims lease commitment runs to 2043 at $60K/year (~$1.02M remaining NPV undiscounted), terminable by PZG at any time. The company carries a going concern qualification. MFFAIS CLV/LLV/OLV are all reported as -$588K, which likely reflects the current period's net current asset position net of current liabilities, not the full asset base. The filing does not separately tag balance sheet line items (cash, mineral properties, ARO, debenture face value, warrant liability) in XBRL in the TAG_CONTEXT provided — all are zero-length. Consequently, precise balance sheet values are drawn from MD&A and segment disclosure narratives rather than tagged data. Nine-month net loss was $13.65M versus $6.22M in the prior year comparable period, with the YoY deterioration driven primarily by $4.34M derivative liability fair value loss and $2.15M warrant liability fair value loss — both non-cash mark-to-market charges that inflate reported losses but do not increase face-value cash obligations in liquidation. Operating cash burn was $4.5M for the nine months. At the current burn rate, the $12.7M cash position covers approximately 25-27 months of operating cash use absent further ATM draws.
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