Paramount Gold Nevada Corp. (PZG): History, Ownership, Mission, How It Works & Makes Money

You're looking at Paramount Gold Nevada Corp. (PZG), but is a junior gold explorer with a market capitalization of approximately $95.60 million truly positioned to capitalize on today's precious metals market?

The company's stock has climbed 220.9% since the start of the year, driven by key permitting progress like the August 2025 release of the Draft Environmental Impact Statement (EIS) for its flagship Grassy Mountain Gold Project in Oregon.

Honestly, you need to weigh that exploration upside against the very real financial risks, especially since the 2025 fiscal year audit report included a 'going concern' qualification; so, the recent November 2025 fillng to sell up to $14.9 million in common stock is a critical lifeline to watch.

Paramount Gold Nevada Corp. (PZG) History

You're looking for the bedrock of Paramount Gold Nevada Corp., and honestly, the company's history is a classic mining industry tale of evolution and strategic pivots. It didn't start as the company you know today; it began as a silver play, then shifted aggressively to gold, which is a key insight into its current exploration-heavy model. The biggest takeaway? The modern company was essentially spun out of a major asset sale, giving it a fresh start with a focused asset base.

Given Company's Founding Timeline

Year established

The company's original entity, Calico Silver Corporation, was incorporated on January 3, 1980, in Nevada. This is the true genesis, predating its gold focus by over a decade. It was a long road to becoming Paramount Gold Nevada Corp. in 2015.

Original location

The original location was in Nevada, the state of incorporation. Today, the corporate headquarters is in Winnemucca, Nevada, which anchors the company's commitment to the region.

Founding team members

While the specific founders of Calico Silver Corporation in 1980 are not explicitly named in public records, the current strategic direction is driven by an experienced team. As of November 2025, the leadership includes Rachel Goldman, who serves as the Chief Executive Officer and Director. Glen Van Treek also holds a key executive role as a Director and former CEO, bringing over 27 years of mining experience to the table.

Initial capital/funding

Details on the initial capital or funding for the Calico Silver Corporation in 1980 are not publicly available. What we do know is that the current company operates with tight financial constraints, reporting a net loss of approximately $9.05 million for the fiscal year ended June 30, 2025. That's the reality of a pure-play exploration company-it burns cash until it hits production.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most transformative moment wasn't an acquisition, but a sale that redefined the company. In April 2015, the entity sold its Mexican assets to Coeur Mining for a massive $200 million. That deal essentially created the current Paramount Gold Nevada Corp., which was spun out with the Sleeper Gold Project and cash, giving it a clean, US-focused asset base.

More recently, the focus has entirely shifted to advancing the Grassy Mountain Gold Project in Oregon. The project's inclusion in the US government's FAST-41 program in May 2025 is a game-changer for the timeline, as it should accelerate the permitting process. This is the single biggest operational driver right now.

Still, you need to be a realist about the risks. The filing of the annual report for the fiscal year ended June 30, 2025, included a 'going concern' qualification from the independent auditor. Here's the quick math: the company reported a net loss of $9.05 million for that fiscal year, and that qualification means there's defintely a need for new capital to keep operations running and hit those development milestones. That's the reality of a pre-production mining stock.

• Sale of non-core assets for $200 million provided initial capital for the focused exploration strategy.
• Prioritizing the Grassy Mountain project over the larger Sleeper project is a key strategic decision, targeting a high-grade, underground mine first.
• Receiving the Draft Environmental Impact Statement (EIS) in August 2025 moved the Grassy Mountain project to the final stage of federal permitting.

You can read more about the company's long-term goals here: Mission Statement, Vision, & Core Values of Paramount Gold Nevada Corp. (PZG).

Paramount Gold Nevada Corp. (PZG) Ownership Structure

Paramount Gold Nevada Corp. operates as a publicly traded entity, meaning its ownership is distributed among a mix of institutional funds, company insiders, and the general public. This structure, with a significant retail base, means decision-making is influenced by a diverse set of stakeholders, though the executive team and board ultimately steer the strategy.

Paramount Gold Nevada Corp.'s Current Status

As of November 2025, Paramount Gold Nevada Corp. (PZG) is a public company traded on the NYSE American exchange under the ticker PZG. Its market capitalization stands at approximately $94.79 million, reflecting its position as a junior gold and silver exploration and development company. The stock was trading at around $1.22 per share on November 19, 2025, showing a substantial increase of over 227% from the prior year. To fund its ongoing projects, the company recently filed a prospectus supplement on November 20, 2025, for the offer and sale of up to $14.9 million in common stock, continuing an at-the-market equity program. This capital raise is a clear action to support the advancement of its high-potential projects, like the Grassy Mountain Gold Project.

Paramount Gold Nevada Corp.'s Ownership Breakdown

The company's ownership profile is dominated by retail investors, but the insider and institutional stakes are critical for governance. Insiders hold a sizable block, which generally aligns management's interests with shareholder returns. Here's the breakdown based on the most recent 2025 fiscal year data:

What this estimate hides is the potential for large institutional investors to exert outsized influence despite a smaller percentage, especially when they file a Schedule 13D, indicating an intent to actively pursue a change in business strategy. For a deeper look at the company's long-term direction, you should review the Mission Statement, Vision, & Core Values of Paramount Gold Nevada Corp. (PZG).

Paramount Gold Nevada Corp.'s Leadership

The leadership team manages the company's strategic direction, focusing on advancing its precious metals projects in the US. The board is defintely experienced, with an average tenure of over nine years. This stability is a good sign in the volatile mining sector.

• Rachel Louise Goldman, B.Com.: Chief Executive Officer (CEO) and Director. She brings two decades of capital markets experience, having worked with institutional investors across the US, Canada, and the UK.
• Carlo A. Buffone, CMA: Chief Financial Officer (CFO). He has a long history with the company, having served as CFO for the predecessor firm, Paramount Gold and Silver Corp., before its acquisition by Coeur Mining, Inc. in 2015.
• Rudi Fronk: Independent Non-Executive Chairman of the Board. A co-founder of Seabridge Gold Inc., he provides over 35 years of gold sector experience and strategic oversight to the board.
• Christos Theodossiou: Corporate Secretary. He oversees corporate governance and investor relations, having been with the company since 2015.

The board's composition, which includes seasoned mining engineers and finance professionals like Christopher Reynolds and Samantha Espley, ensures a balance of technical and financial expertise at the highest level. Their combined experience is critical for navigating the complex permitting and development stages of the Grassy Mountain and Sleeper Gold projects.

Paramount Gold Nevada Corp. (PZG) Mission and Values

Paramount Gold Nevada Corp.'s core purpose is to maximize shareholder value by responsibly exploring and developing high-quality precious metals projects in the United States. This mission is grounded in a commitment to strategic risk management and sustainable practices, which is defintely crucial in the mining sector.

Given Company's Core Purpose

You're looking for what truly drives Paramount Gold Nevada Corp. beyond the daily stock price, and it boils down to a clear, two-part strategy: securing high-quality U.S. gold assets and translating those assets into tangible shareholder value. The company is an exploration and development company, not a producer yet, so their value creation is focused on advancing projects like Grassy Mountain and Sleeper Gold.

Here's the quick math on their focus: as of November 20, 2025, the company's market capitalization sits at about $94.79 million, an amount that mostly reflects the potential of their resource base, which holds over 4 million ounces of gold resources. Their entire business model is built on de-risking these projects to attract a premium valuation, either through a sale, a joint venture, or self-construction.

Official mission statement

While the company doesn't use a single, static mission statement, their operating philosophy is a direct declaration of purpose: to provide their shareholders with industry-leading exposure to high-quality U.S. gold assets.

• Create shareholder value by exploring and developing mineral properties.
• Realize value through asset sales, joint ventures, or self-operation.
• Maintain low overhead costs and a measured, value-creation focus on development spending.

Vision statement

The company's vision is centered on moving its flagship assets from advanced exploration to production-ready status, which is the key to unlocking the most value. They see a future where their projects are fully permitted and ready for a construction decision, which for Grassy Mountain is anticipated for early 2026.

• Advance Grassy Mountain Gold Project to full permitting and construction.
• Optimize the over 3 million-ounce Sleeper Gold Project resource.
• Be a U.S.-based leader in precious metals development, reducing country-specific risks for investors.

This focus on U.S. assets in mining-friendly jurisdictions is a key part of their long-term value proposition for investors. You can learn more about the investor base at Exploring Paramount Gold Nevada Corp. (PZG) Investor Profile: Who's Buying and Why?.

Given Company slogan/tagline

Paramount Gold Nevada Corp. uses several descriptive phrases in its corporate materials that function as a clear tagline, emphasizing their strategic position and focus on managing risk while maximizing potential returns.

• Significant Untapped Exploration Potential.
• Smart Exploration Drives Value.
• Being Selective About Risk Exposure.

They are all about the potential, but with a disciplined approach. They know the risks in junior mining, so they actively manage them by keeping costs low and focusing on advanced-stage assets.

Paramount Gold Nevada Corp. (PZG) How It Works

Paramount Gold Nevada Corp. operates as a precious metals exploration and development company, focused on advancing its 100% owned gold and silver projects in the US from the resource definition stage to a production decision.

The company does not generate revenue from mining operations yet, but instead creates shareholder value by systematically de-risking its assets-primarily through technical studies and the rigorous federal and state permitting process-with a strategic goal of either selling the projects, entering a joint venture, or building a mine itself.

Given Company's Product/Service Portfolio

The company's value is tied directly to its three primary mineral assets, which act as its core product portfolio for potential acquisition or development by senior producers.

Given Company's Operational Framework

As a non-producing exploration company, Paramount Gold Nevada Corp.'s operational framework is centered on technical de-risking and regulatory compliance, which is where its capital is deployed. For the fiscal year ended June 30, 2025, the company reported total operating expenses of $6.21 million.

Here's the quick math: with a net loss of $9.05 million in FY 2025 and working capital of only about $2,047,379 as of June 30, 2025, the focus is defintely on capital preservation and hitting key milestones to attract a buyer or partner.

• Project Advancement: Focus on moving the Grassy Mountain project through the final permitting phase, with the Draft Environmental Impact Statement (DEIS) released in August 2025.
• Resource Optimization: Conducting technical work to update and optimize resource estimates, particularly for the Sleeper Gold Project, to improve its economic profile for potential partners.
• Capital Management: Relying on equity financings, like the prospectus supplement filed in November 2025 for up to $14.9 million in common stock, to fund operations and permitting costs.
• Exploration Targeting: Preparing early-stage projects like Bald Peak for initial drill programs to convert geological potential into a defined resource.

You can see the inherent risk here: the company's ability to continue operations relies on successful financing, which is why the auditor's report for the fiscal year ended June 30, 2025, included a 'going concern' qualification. For a deeper look at this, check out Breaking Down Paramount Gold Nevada Corp. (PZG) Financial Health: Key Insights for Investors.

Given Company's Strategic Advantages

The company's strategy is to position its assets as high-quality, low-risk opportunities for a larger mining company, leveraging jurisdictional and regulatory advantages.

• US-Only Jurisdiction: All assets are located in the US (Nevada and Oregon), which reduces geopolitical risk compared to many international mining jurisdictions.
• FAST-41 Permitting Acceleration: The Grassy Mountain project was included in the federal FAST-41 program in 2025, which is designed to accelerate the timeline for federal environmental reviews and approvals, providing greater certainty on a path to production.
• High-Grade Focus: The Grassy Mountain project is designed as a small-footprint, high-grade underground mine, which can offer better margins and a smaller environmental impact than large-scale open pits.
• Value Realization Flexibility: Management has a clear, three-pronged strategy to realize value: outright sale, joint venture, or self-development, which provides multiple exit paths for shareholders.

Paramount Gold Nevada Corp. (PZG) How It Makes Money

Paramount Gold Nevada Corp. does not currently generate significant revenue from selling gold or silver; it is a precious metals exploration and development company, meaning its financial engine is fueled by raising capital to increase the value of its mineral assets, primarily the Grassy Mountain Gold Project and the Sleeper Gold Project. The company's actual revenue is derived from non-core activities or is virtually nil, while its primary financial activity is the strategic sale of equity and, eventually, a major asset sale or joint venture to fund mine construction.

Paramount Gold Nevada Corp.'s Revenue Breakdown

As a pre-production company, Paramount Gold Nevada Corp. reported an annual revenue of approximately $6.2 thousand for the fiscal year ending June 30, 2025, which is mostly non-core income like interest, not metal sales. This is why a traditional revenue table is misleading. The real financial story is in the capital they raise to fund operations, which is the lifeblood of any exploration firm.

Here's the quick math: with virtually zero operating revenue, every dollar of cash inflow comes from financing activities, which is why I've assigned 100% to equity financing. For example, in November 2025, the company filed a prospectus supplement to offer and sell up to $14.9 million of common stock to fund its projects. That's the real current revenue stream, defintely not gold sales yet.

Business Economics

The core economic model for Paramount Gold Nevada Corp. is not about profit margins today, but about creating value by moving a gold and silver deposit from a geological concept to a shovel-ready project, which dramatically increases its Net Present Value (NPV), or its intrinsic worth. Their strategy has three clear paths for monetizing this value creation: asset sale, joint venture (JV), or self-construction.

The economic fundamentals are driven by two key projects:

• Grassy Mountain Gold Project: This is the flagship asset in Oregon, which is in the advanced development stage and has received key permits. This project is the primary driver of the company's estimated project NPV of $132 million.
• Sleeper Gold Project: A large-scale exploration project in Nevada, which provides significant resource expansion potential but is a longer-term value play.

The cost structure is heavily weighted toward exploration and development expenses, including drilling, permitting, and engineering studies, rather than mining costs. Their goal is to maximize the gold-equivalent ounces in the ground and minimize the time to a production decision. This is a high-risk, high-reward model. You're betting on the successful transition from explorer to producer or seller. You can see more on who is making this bet by reading Exploring Paramount Gold Nevada Corp. (PZG) Investor Profile: Who's Buying and Why?

Paramount Gold Nevada Corp.'s Financial Performance

The financial performance of an exploration company is best measured by its burn rate (net loss) and its ability to raise capital, not its revenue. The numbers for the 2025 fiscal year tell a clear story of a company in a capital-intensive development phase.

• Net Loss (Fiscal Year 2025): The company reported a net loss of $9.05 million for the fiscal year ending June 30, 2025. This figure represents the cost of advancing their projects.
• Quarterly Net Loss (Q1 FY2026): The net loss for the quarter ending September 30, 2025, was $4.32 million, a significant increase from $1.57 million in the prior year's comparable quarter, showing an acceleration in development spending.
• Market Capitalization: As of September 30, 2025, the market capitalization stood at approximately $89.20 million. This is the market's current valuation of the company's assets and potential.
• Share Dilution: To fund the losses and development, the company has consistently issued new shares. The number of shares outstanding (basic) for FY 2025 was 68 million, up from 60 million in FY 2024, representing a 13.18% year-over-year increase. This is a necessary cost of doing business, but it's also a clear dilution for existing shareholders.

The key metric here is the net loss, which is essentially the investment being made into the ground. A larger loss often means more aggressive development, but it also means a faster cash burn and a higher need for new financing.

Paramount Gold Nevada Corp. (PZG) Market Position & Future Outlook

Paramount Gold Nevada Corp. (PZG) is a high-risk, high-reward gold exploration and development company whose near-term trajectory is entirely tied to the permitting success of its flagship Grassy Mountain project in Oregon. The company's position is that of a junior miner on the cusp of a major value inflection point, but this is tempered by a critical financial risk: the auditor's explicit 'going concern' qualification in the fiscal year (FY) 2025 annual report, which signals a need for significant capital to move from exploration to production. Exploring Paramount Gold Nevada Corp. (PZG) Investor Profile: Who's Buying and Why?

Competitive Landscape

In the junior gold space, a company's market position is less about production market share and more about the quality of its assets and its market capitalization (a proxy for investor confidence and scale). Paramount Gold Nevada Corp. is positioned as a mid-tier junior, focusing on US-based, advanced-stage assets like Grassy Mountain and Sleeper. The table below visualizes its standing relative to key competitors in the exploration/development category, using market capitalization as a measure of relative size as of November 2025.

Opportunities & Challenges

You need to see Paramount Gold Nevada Corp.'s future through the lens of its two main projects. Grassy Mountain is the primary opportunity, but it also carries the biggest regulatory risk. The company's immediate future hinges on the outcome of the federal permitting process, which is a clear, near-term catalyst.

Industry Position

Paramount Gold Nevada Corp. is a classic US-focused junior exploration company, a small-cap player with a market cap of approximately $94.79 million as of November 2025. It's not a producer, so its valuation is based purely on the in-ground value of its mineral resources and the probability of converting those resources into a mine.

• Key Differentiator: The Grassy Mountain project is slated to be Oregon's first modern gold mine, giving the company a unique first-mover position in the state.
• Financial Reality: The company reported a Net Loss of $9.05 million for the fiscal year ended June 30, 2025, and an Operating Income of -$6.96 million, which is typical for a pre-production company but highlights the ongoing cash burn.
• Actionable Catalyst: The expected December 2025 Record of Decision from the BLM is the single most important event on the horizon; a positive decision would defintely unlock a major re-rating of the stock, while a negative one would send the company back to the drawing board.

The core strategy remains to de-risk the assets-primarily through permitting-to either sell them to a major producer or secure a joint venture partner for construction. That's the entire game for a company this size.