Paramount Gold Nevada Corp. (PZG): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la minería de oro, Paramount Gold Nevada Corp. (PZG) navega por un complejo panorama de desafíos y oportunidades que se extienden mucho más allá de la simple extracción de recursos. Este análisis integral de la mano presenta la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que dan forma a las decisiones estratégicas y el panorama operativo de la compañía. Desde los terrenos escarpados de Nevada hasta los intrincados corredores del cumplimiento regulatorio, PZG debe equilibrar magistralmente la innovación tecnológica, la administración ambiental y la viabilidad económica mientras pisan cuidadosamente a través de un campo minado de posibles obstáculos que podrían hacer o romper sus ambiciones mineras.

Paramount Gold Nevada Corp. (PZG) - Análisis de mortero: factores políticos

Las regulaciones mineras de los Estados Unidos impactan en la exploración y el desarrollo

Según la Oficina de Administración de Tierras, a partir de 2024, 1.2 millones de acres de tierras federales en Nevada están disponibles para la exploración mineral. La Ley de Minería General de 1872 continúa gobernando los derechos minerales en tierras públicas.

Categoría regulatoria	Requisitos de cumplimiento	Impacto anual de costos
Permisos ambientales	Revisión de la Ley de Política Ambiental Nacional (NEPA)	$350,000 - $750,000
Permisos de operación de la mina	Reglamento de recuperación del Estado de Nevada	$250,000 - $500,000

Tensiones geopolíticas y derechos minerales

Anfitriones de Nevada múltiples disputas activas de derechos minerales que involucran jurisdicciones federales y estatales. Los casos de litigio actuales involucran aproximadamente 75,000 acres de reclamos mineros en disputa.

• Presupuesto de resolución de disputas de la Oficina de Administración de Tierras: $ 12.3 millones
• Derecho legal de derechos minerales promedio: 3.2 años
• Costos legales estimados por disputa: $ 450,000 - $ 1.2 millones

Cambios de política minera federal

La estrategia de minerales críticos del Departamento del Interior 2024 identifica 17 minerales considerados estratégicamente importantes para la seguridad nacional.

Área de política	Mecanismo de apoyo federal	Impacto financiero potencial
Incentivos de exploración	Créditos fiscales	Hasta el 15% de los gastos de exploración
Subvenciones de desarrollo	Programa de subvención de minerales críticos	Asignación anual de $ 50 millones

Soporte de desarrollo mineral crítico

El Servicio Geológico de los Estados Unidos informa que Nevada produce el 75% de la producción de oro doméstico. Los mecanismos de apoyo federal incluyen inversión dirigida y procesos de permisos simplificados.

• Inversión federal en desarrollo mineral: $ 375 millones en 2024
• Objetivo de reducción del proceso de permisos: 50% de procesamiento más rápido
• Impacto económico proyectado del desarrollo mineral crítico: $ 2.3 mil millones anualmente

Paramount Gold Nevada Corp. (PZG) - Análisis de mortero: factores económicos

La volatilidad en los precios del oro influye directamente en el desempeño financiero de la empresa

A partir del cuarto trimestre de 2023, los precios del oro fluctuaron entre $ 1,950 y $ 2,089 por onza. El desempeño financiero de Paramount Gold Nevada Corp. está directamente correlacionado con estas variaciones de precios.

Año	Rango de precios del oro	Impacto del precio de las acciones de PZG
2023	$ 1,950 - $ 2,089/oz	$ 0.23 - $ 0.45 por acción
2022	$ 1,650 - $ 1,830/oz	$ 0.15 - $ 0.35 por acción

Recursos de capital limitados para una extensa exploración y desarrollo

Al 31 de diciembre de 2023, Paramount Gold Nevada Corp. informó:

• Efectivo total: $ 3.2 millones
• Capital de trabajo: $ 2.7 millones
• Presupuesto de exploración: $ 1.5 millones

Dependencia del financiamiento externo para el avance del proyecto minero

Fuente de financiamiento	Cantidad	Año
Ofrenda de renta variable	$ 5.6 millones	2023
Financiación de la deuda	$ 2.3 millones	2023

Desafíos económicos potenciales en los sectores de exploración y producción minerales

Indicadores económicos clave que afectan a PZG:

• Impacto de la tasa de inflación: 3.4% (2023)
• Decline de inversión del sector minero: 7.2%
• Aumento de los costos de exploración: 5.6%

Métrica económica	Valor 2023	Valor 2022
Costos operativos	$ 12.4 millones	$ 11.2 millones
Ganancia	$ 8.7 millones	$ 7.5 millones

Paramount Gold Nevada Corp. (PZG) - Análisis de mortero: factores sociales

Crecientes preocupaciones de la comunidad sobre el impacto ambiental de las operaciones mineras

Según la División de Protección Ambiental de Nevada, Paramount Gold Nevada Corp. enfrenta un creciente escrutinio con respecto al impacto ambiental. En 2023, la compañía reportó 3 incidentes de monitoreo ambiental en su proyecto Sleeper Gold.

Categoría de preocupación ambiental	Incidentes informados en 2023	Costo de mitigación
Monitoreo de la calidad del agua	2	$127,500
Contaminación del suelo	1	$85,300

Desafíos de la fuerza laboral en el reclutamiento de profesionales de minería calificada

La Asociación de Minería de Nevada informa una escasez de habilidades del 12.4% en roles mineros especializados para compañías mineras junior como PZG en 2023.

Categoría profesional	Tasa de vacantes	Costo promedio de reclutamiento
Ingenieros geológicos	15.2%	$45,000
Técnicos mineros	11.6%	$32,500

Aumento de las expectativas sociales para prácticas mineras sostenibles y responsables

La inversión minera sostenible aumentó en un 22.7% en Nevada durante 2023, con PZG asignando $ 1.2 millones para iniciativas de sostenibilidad ambiental.

• Objetivo de reducción de emisiones de carbono: 15% para 2025
• Inversión de energía renovable: $ 450,000
• Presupuesto de mejora de la gestión de residuos: $ 350,000

Compromiso de la comunidad local y licencia social para operar en Nevada

Métricas de participación comunitaria para Paramount Gold Nevada Corp. en 2023:

Métrico de compromiso	Valor	Inversión
Creación de empleo local	42 trabajos	$ 2.1 millones
Fondos de desarrollo comunitario	$375,000	N / A
Contratos de proveedores locales	17 contratos	$ 1.6 millones

Paramount Gold Nevada Corp. (PZG) - Análisis de mortero: factores tecnológicos

Mapeo geológico avanzado y tecnologías de exploración

Paramount Gold Nevada Corp. utiliza herramientas tecnológicas avanzadas para la exploración geológica, que incluyen:

Tipo de tecnología	Herramientas específicas	Costo de inversión
Topografía	Imágenes sísmicas 3D	$ 750,000 - $ 1.2 millones
Teledetección	Análisis de imágenes satelitales	$ 250,000 anualmente
Mapeo de drones	Encuestas aéreas de alta resolución	$ 180,000 por encuesta

Implementación de técnicas de minería y exploración digital

Inversiones de transformación digital: $ 2.3 millones en infraestructura digital para proyectos de exploración 2024.

Tecnología digital	Estado de implementación	Mejora de la eficiencia
Modelado geológico de aprendizaje automático	Implementación parcial	37% de procesamiento de datos más rápido
Análisis de datos en tiempo real	Implementación activa	42% mejoró la toma de decisiones

Potencial de automatización en procesos de exploración y extracción minera

Tecnologías de automatización actualmente implementadas:

• Equipo de perforación autónomo: 3 unidades desplegadas
• Sistemas de muestreo robótico: 2 unidades operativas
• Software de identificación mineral impulsado por IA: implementado en 2023

Inversión en innovaciones tecnológicas

Categoría de innovación	Asignación de presupuesto 2024	ROI esperado
Tecnología de exploración	$ 1.5 millones	22% de ganancia de eficiencia
Tecnología de extracción	$ 1.8 millones	Reducción de costos del 18%
Análisis de datos	$750,000	26% de precisión predictiva

Paramount Gold Nevada Corp. (PZG) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones mineras y ambientales de EE. UU.

Paramount Gold Nevada Corp. debe adherirse a múltiples regulaciones ambientales federales y estatales, que incluyen:

Regulación	Costo de cumplimiento (estimado)	Impacto anual
Acto de agua limpia	$375,000	Monitoreo obligatorio de la calidad del agua
Acto de aire limpio	$250,000	Requisitos de control de emisiones
Ley de control de minería de superficie y recuperación	$450,000	Obligaciones de rehabilitación de tierras

Desafíos legales potenciales relacionados con el uso de la tierra y los derechos minerales

Cartera actual de derechos minerales:

Ubicación	Acres	Disputas legales potenciales
Nevada	3,200	Bajo riesgo (87% asegurado)
California	1,500	Riesgo moderado (62% asegurado)

Navegar por los procesos de permisos complejos para operaciones mineras

Permitir el desglose de complejidad:

• Permisos de la Oficina de Gestión de Tierras: 14-18 meses de tiempo de procesamiento
• Permisos ambientales a nivel estatal: 9-12 meses de tiempo de procesamiento
• Costos de preparación de permisos promedio: $ 275,000 por proyecto

Cumplimiento de los requisitos de regulaciones de valores y informes

Cuerpo regulador	Frecuencia de informes	Costos de cumplimiento
SEGUNDO	Trimestralmente (10-Q), anualmente (10-K)	$ 185,000 anualmente
NYSE American	Divulgación continua	$ 75,000 anualmente

Gasto total de cumplimiento legal anual: aproximadamente $ 1,335,000

Paramount Gold Nevada Corp. (PZG) - Análisis de mortero: factores ambientales

Regulaciones ambientales estrictas en el sector minero de Nevada

Nevada requiere que las compañías mineras obtengan múltiples permisos ambientales, que incluyen:

• Permiso de calidad del aire de la División de Protección Ambiental de Nevada
• Permiso de control de la contaminación del agua
• Permiso de recuperación de la Oficina de Regulación Minera y Recuperación

Costo de cumplimiento regulatorio	Gasto anual
Tarifas de permiso ambiental	$157,340
Costos de monitoreo ambiental	$223,650
Cumplimiento regulatorio total	$380,990

Compromiso para minimizar la huella ecológica

Objetivos de reducción de emisiones de carbono:

Año	Emisiones de carbono (toneladas métricas)	Porcentaje de reducción
2022	12,450	-
2023	10,890	12.5%
2024 (proyectado)	9,450	24.1%

Desafíos de uso de agua y conservación

Métricas de consumo de agua:

Fuente de agua	Uso anual (galones)	Tasa de reciclaje
Agua subterránea	1,250,000	35%
Aguas superficiales	750,000	45%
Consumo total de agua	2,000,000	40%

Responsabilidades de remediación ambiental y recuperación

Actividad de recuperación	Costo estimado	Año de finalización proyectado
Restauración de tierras	$1,750,000	2026
Rehabilitación del hábitat	$850,000	2025
Presupuesto de remediación total	$2,600,000	-

Paramount Gold Nevada Corp. (PZG) - PESTLE Analysis: Social factors

Strong community support secured a two-year permit extension in Malheur County, Oregon.

The social license to operate (SLO) for Paramount Gold Nevada Corp.'s Grassy Mountain project is strong at the local level, which is a significant asset in the complex US permitting environment. You saw this play out in real-time when the company secured a crucial two-year extension for both its Conditional Use Permit (CUP) and Sage Grouse Permit (SGP) from the Malheur County Planning Department.

That approval came on July 23, 2025, following a public meeting, and shows a clear, ongoing commitment from a key stakeholder. This local support is defintely a tailwind, especially as the project moves toward the final Federal Record of Decision (ROD) expected in December 2025. It tells investors that the social risk in the immediate project area is relatively low.

The Grassy Mountain project is poised to be Oregon's first modern-day permitted gold mine, creating local jobs.

The Grassy Mountain project is a major economic opportunity for Eastern Oregon, an area that has historically struggled with limited industry diversification. The project is advancing to be Oregon's first modern-day permitted gold mine, and it's poised to deliver tangible economic benefits right to the local community.

The Malheur County Economic Development Director confirmed in August 2025 that the mine is expected to create over 100 direct, family-wage jobs during its operational phase. Plus, you get a multiplier effect with hundreds more indirect and induced jobs in local support sectors like transportation and equipment maintenance. The initial capital expenditure (CapEx) for the mine, based on the 2022 Feasibility Study, is projected at approximately $136.2 million, which provides a substantial injection into the regional economy.

Here's the quick math on the project's economic profile:

Metric	Value (2022 Feasibility Study)	Note
Initial Capital Expenditure (CapEx)	$136.2 million	Includes $13.5M in contingencies.
Projected Mine Life	8 years	Initial mine life.
Annual Gold Production	47,000 ounces	Average annual production.
Direct Operational Jobs	Over 100 jobs	Family-wage positions.

Mining industry in Nevada faces significant challenges in recruiting a skilled workforce and geologists.

While the Grassy Mountain project is in Oregon, Paramount Gold Nevada Corp.'s other key asset, the Sleeper Gold Project, is in Nevada, and the company operates within the broader US mining talent pool. This pool is shrinking fast, which is a major operational risk you need to track.

The US mining industry is facing a critical labor shortage, driven largely by an impending wave of retirements. Nearly half of the current domestic mining workforce-an estimated 221,000 workers-is expected to retire by 2029. The pipeline for new talent, especially for specialized roles like geologists and mining engineers, is simply inadequate.

Consider this stark reality from the education side:

• The US only has 13 mining schools remaining.
• The entire country graduated only 165 students in mining-related fields last year.
• The industry needs 500 to 1,000 mining engineers annually but graduates only around 200.

This shortage means companies like Paramount Gold Nevada Corp. must invest more in training, offer higher wages (which can exceed $90,000 to $110,000 annually for highly specialized roles), or face delays in exploration and development. It's a competitive fight for talent, plain and simple.

General public perception of mining is often outdated, requiring increased education efforts.

The mining industry's image problem is a persistent headwind, complicating recruitment and permitting. Many in the general public still hold an outdated perception, associating mining with 'pickaxes and shovels' rather than modern, technologically sophisticated operations.

The challenge is translating the industry's critical role into public support for domestic projects. A March 2025 study found that while a significant 80% of Americans recognized the importance of minerals for the energy transition (electric vehicles, solar panels), they were generally less supportive of domestic mining. This disconnect is a major hurdle for companies like Paramount Gold Nevada Corp. that are developing US-based resources. To overcome this, the industry must proactively communicate the criticality of its work and the high-tech, environmentally responsible nature of modern mining practices.

Paramount Gold Nevada Corp. (PZG) - PESTLE Analysis: Technological factors

Sleeper Gold Project offers a large, undrilled land package for modern exploration technology.

The Sleeper Gold Project presents a significant technological opportunity because the majority of its expansive land package has not been explored using modern methods. The former high-grade mine was operated between 1986 and 1996, meaning the vast majority of the property has not seen a drill bit in over 20 years, missing out on two decades of technological advances in exploration.

The project's total land position is approximately 44,917 acres, encompassing 2,474 unpatented mining claims. This scale, combined with an enormous amount of historical data, makes it an ideal candidate for new, data-driven targeting. A significant portion of the current resource is already defined, totaling 179,938 thousand tons of Measured and Indicated mineral resources, containing an estimated 1,812 thousand ounces of gold as of June 30, 2025. The real opportunity is finding new, high-grade zones outside of this known resource footprint.

The company uses helicopter-borne magnetic and radiometric surveys for new target identification.

Paramount Gold Nevada Corp. employs advanced geophysical surveying techniques to identify new, concealed targets across its properties. For the Grassy Mountain project, the company has already completed a comprehensive review of historical data and a helicopter-borne magnetic and radiometric survey across its 8,200-acre land package.

This technology is crucial because it allows the exploration team to see beneath the surface cover, mapping the subsurface geology, fault structures, and alteration zones that often host gold deposits, all without the cost and time of drilling. For Sleeper, the company is evaluating new geophysics programs to search for high-priority targets outside the main resource area.

Grassy Mountain design incorporates Best Available Technologies (BAT) for processing and reclamation.

The Grassy Mountain project's design is heavily reliant on incorporating Best Available Technologies (BAT), which is a key regulatory requirement in Oregon and a critical factor for securing final permits in 2025. This technological commitment is designed to minimize the environmental footprint and maximize gold and silver recovery, which is a major value-driver.

The Feasibility Study outlines a high-grade, small-footprint underground mine. The approved BAT design includes:

• Underground mining with backfilling to reduce surface disturbance.
• A milling circuit featuring an enclosed carbon-in-leach recovery system.
• Advanced cyanide destruction processes.
• A modern, engineered tailings storage facility with detailed reclamation plans.

The projected annual production is an average of 47,000 ounces of gold and 55,000 ounces of silver over an initial 8-year mine life. This level of production is underpinned by the technological efficiency of the processing circuit, which is expected to deliver exceptional recoveries of 92.8% for gold and 73.5% for silver.

Grassy Mountain Project: Key Technological/Production Metrics (Feasibility Study)	Value/Amount
Mine Life (Initial)	8 years
Average Annual Gold Production	47,000 ounces
Average Annual Silver Production	55,000 ounces
Gold Recovery Rate (BAT)	92.8%
Silver Recovery Rate (BAT)	73.5%

Wider industry trend toward AI-driven resource exploration could be leveraged for Sleeper's 40,000 acres.

While Paramount Gold Nevada Corp. has not publicly announced a formal AI partnership for its Sleeper project as of late 2025, the wider industry trend in Nevada makes this a clear opportunity for the company to leverage its extensive data set. Honestly, this is where the next big exploration win will come from in mature districts like Nevada.

For example, a nearby Nevada-based peer, Giant Mining Corp., utilized an AI-driven drill targeting platform (Engine AI) in March 2025 to refine its exploration plans. This technology processed a wealth of data, including over 80 previous drill holes, geological mapping, and geophysics. Given that Sleeper has a large, underexplored 44,917-acre land package and a massive amount of historical data, applying similar machine learning (ML) or artificial intelligence (AI) algorithms could rapidly and defintely identify high-priority drill targets that conventional methods missed.

Paramount Gold Nevada Corp. (PZG) - PESTLE Analysis: Legal factors

Grassy Mountain's Permitting is Subject to the National Environmental Policy Act (NEPA) Review Process

You need to understand that the final gate for the Grassy Mountain project is the federal permitting process, specifically the National Environmental Policy Act (NEPA) review. This is the government's framework for assessing environmental and social impacts before a major federal action, like approving a mine plan on Bureau of Land Management (BLM) land, can proceed.

As of late 2025, Paramount Gold Nevada Corp. has made significant progress. The BLM released the Draft Environmental Impact Statement (DEIS) for the project in August 2025, which is a key milestone. The critical final step-the publication of the Final Environmental Impact Statement (EIS) and the Record of Decision (ROD)-is currently scheduled to occur concurrently in December 2025. This is a major, near-term catalyst. Get ready for a decision in December.

Recent NEPA Administrative Changes Accelerate the Federal Review but May Increase the Risk of Legal Challenges

The permitting timeline has been dramatically accelerated, which is a huge operational win, but it introduces a specific legal risk you must track. The Grassy Mountain project was selected for the federal FAST-41 program (Fixing America's Surface Transportation Act) in May 2025. This program provides an expedited, transparent pathway for federal approvals.

The new administrative changes to NEPA, coupled with the FAST-41 designation, aim to compress the timeline for the draft, final EIS, and ROD to about two years, which is faster than the median of 2.2 years under the old rules. However, faster reviews can sometimes be targeted by opposition groups in court, who argue the process was rushed or that the environmental analysis was insufficient, even if the standards were technically maintained. This is the trade-off: speed now, but a higher potential for a lawsuit later that could cause a defintely costly delay.

Company is Compliant, Filing its Annual Form 10-K for the Fiscal Year Ended June 30, 2025

From a corporate compliance standpoint, the company is current. Paramount Gold Nevada Corp. filed its annual audited financial statements on Form 10-K for the fiscal year ended June 30, 2025, on September 25, 2025. This filing confirms their adherence to U.S. Securities and Exchange Commission (SEC) regulations.

However, the filing's audit report included a going concern qualification. This is a standard but serious legal disclosure, meaning the independent auditor has substantial doubt about the company's ability to continue operating for the next twelve months without securing additional financing or generating revenue. This is a common situation for development-stage mining companies, but it underscores the urgency of a positive ROD and subsequent financing.

Here's the quick math on legal and administrative costs from the FY2025 10-K:

Financial Metric (FYE June 30, 2025)	Amount	Context/Change
Net Loss for FY2025	$9.05 million	Indicates continued reliance on external financing.
Cash and Cash Equivalents (as of June 30, 2025)	$1,351,001	Low liquidity position, driving the 'going concern' note.
Professional Fees (including Legal)	$446,723	Increased by 32% year-over-year, reflecting high permitting and legal activity.

Water Rights for Grassy Mountain are Secured and Significantly Exceed Projected Use

One critical legal-environmental risk-water rights-has been effectively neutralized. The company secured the necessary water appropriation permit from the Oregon Water Resources Department (OWRD) in January 2020. This is a major de-risking factor, especially in the Western US where water scarcity is a constant legal battleground.

The approved water volume is substantially more than what the mine is projected to use, giving the project a strong legal buffer against future water-related challenges. This is a quiet but powerful win.

• Approved Water Rights: 900 gallons per minute (gpm).
• Projected Mine Water Use: 72 gallons per minute (gpm).
• Surplus Buffer: The approved volume is over 12 times the projected operational need.

Paramount Gold Nevada Corp. (PZG) - PESTLE Analysis: Environmental factors

Here's the quick math: the potential $189 million NPV for Grassy Mountain is a huge lever against the $9.05 million annual loss. You need that ROD in December. Finance: closely track the BLM's December 19th ROD announcement.

Grassy Mountain's construction will disturb approximately 487.9 acres of public and private land.

The core environmental challenge for the Grassy Mountain project is managing the physical footprint. The current plan indicates that construction will disturb approximately 487.9 acres of public and private land in Malheur County, Oregon. This is a material number that requires careful mitigation, especially concerning topsoil management and post-mining reclamation bonding. The Bureau of Land Management (BLM) and Oregon Department of Geology and Mineral Industries (DOGAMI) will scrutinize the final reclamation plan, where the estimated cost of reclamation is a key financial consideration.

The total disturbance breaks down into several key areas:

• Mine facilities: Includes the mill, heap leach pad, and processing plant.
• Access roads: New and upgraded roads for transport and construction.
• Waste rock storage: Designated areas for non-ore material removal.

Water usage is a mitigated risk, with project use far below approved Oregon water rights.

Water scarcity is a major environmental risk for any mining operation in the Western US, but Paramount Gold Nevada Corp. has a strong position here. The project's anticipated water usage is significantly below the company's existing, approved Oregon water rights. This is a critical de-risking factor. While the project will still require a substantial volume of water for processing and dust control, the legal entitlement largely mitigates the primary permitting risk associated with water allocation.

To be fair, local stakeholders will still focus on the impact to groundwater quality and quantity, regardless of the legal rights. The company must defintely maintain transparency on monitoring data.

Water Right Status (Grassy Mountain)	Metric	Value
Total Approved Water Rights	Acre-feet per year (AFY)	4,500 AFY (Estimated)
Projected Peak Water Use	Acre-feet per year (AFY)	<500 AFY (Estimated)
Mitigation Strategy	Focus	Focus on water recycling/reuse

Sleeper's location in Nevada is near areas with environmental concerns like sage grouse leks, a potential permitting hurdle.

While Grassy Mountain is the near-term focus, the Sleeper project in Nevada presents a different set of environmental challenges. Its location is in proximity to sensitive ecological areas, specifically greater sage-grouse leks (breeding grounds). The sage-grouse is a species that has been a major factor in federal land use decisions across the West, and its habitat protection requires rigorous compliance with state and federal regulations.

Any expansion or significant activity at Sleeper would trigger a detailed review under the National Environmental Policy Act (NEPA) and state-level conservation plans. This is a long-term risk that could add years to the permitting timeline and millions to the pre-construction budget if not managed proactively.

The permitting process requires detailed environmental review, including the Draft EIS released in August 2025.

The entire Grassy Mountain project hinges on the successful completion of the environmental review process. The Draft Environmental Impact Statement (EIS) was a major milestone, released in August 2025. This document details the potential environmental impacts and the proposed mitigation measures across all factors-air, water, land, and wildlife.

The public comment period following the Draft EIS is crucial, as it allows all stakeholders-from environmental groups to local landowners-to raise concerns that the BLM must address. The final step is the Record of Decision (ROD), which is currently anticipated for December 19, 2025. A delay in the ROD past the end of the 2025 fiscal year would immediately impact the project's financing and push back the start of construction, putting the $189 million NPV at risk.