Paramount Gold Nevada Corp. (PZG): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da mineração de ouro, a Paramount Gold Nevada Corp. (PZG) navega em um cenário complexo de desafios e oportunidades que se estendem muito além da simples extração de recursos. Essa análise abrangente de pestles revela a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que moldam as decisões estratégicas e o cenário operacional da empresa. Desde os terrenos acidentados de Nevada até os intrincados corredores da conformidade regulatória, o PZG deve equilibrar magistralmente inovação tecnológica, mordomia ambiental e viabilidade econômica, enquanto pise cuidadosamente através de um campo minado de possíveis obstáculos que poderiam fazer ou quebrar suas ambições de mineração.

Paramount Gold Nevada Corp. (PZG) - Análise de Pestle: Fatores Políticos

Os regulamentos de mineração dos EUA impactam na exploração e desenvolvimento

De acordo com o Bureau of Land Management, a partir de 2024, 1,2 milhão de acres de terras federais em Nevada estão disponíveis para exploração mineral. A Lei Geral de Mineração de 1872 continua a governar os direitos minerais em terras públicas.

Categoria regulatória	Requisitos de conformidade	Impacto de custo anual
Permissões ambientais	Revisão da Lei Nacional de Política Ambiental (NEPA)	$350,000 - $750,000
Operação da mina permite	Regulamentos de recuperação do estado de Nevada	$250,000 - $500,000

Tensões geopolíticas e direitos minerais

Nevada Hosts Múltiplas disputas de direitos minerais ativos envolvendo jurisdições federais e estaduais. Os casos atuais de litígios envolvem aproximadamente 75.000 acres de reivindicações de mineração contestadas.

• Bureau of Land Management Disputes Resolution Orçamento: US $ 12,3 milhões
• Duração Média dos Direitos Minerais Duração: 3,2 anos
• Custos legais estimados por disputa: US $ 450.000 - US $ 1,2 milhão

Mudanças federais de política de mineração

A estratégia de minerais críticos do Departamento de Interior de 2024 identifica 17 minerais considerados estrategicamente importantes para a segurança nacional.

Área de Política	Mecanismo de apoio federal	Impacto financeiro potencial
Incentivos de exploração	Créditos tributários	Até 15% das despesas de exploração
Subsídios de desenvolvimento	Programa de concessão de minerais críticos	Alocação anual de US $ 50 milhões

Suporte crítico de desenvolvimento mineral

A pesquisa geológica dos EUA relata que Nevada produz 75% da produção doméstica de ouro. Os mecanismos de suporte federal incluem investimentos direcionados e processos de permissão simplificados.

• Investimento federal em desenvolvimento mineral: US $ 375 milhões em 2024
• Alvo de redução do processo de permissão: 50% de processamento mais rápido
• Impacto econômico projetado do desenvolvimento mineral crítico: US $ 2,3 bilhões anualmente

Paramount Gold Nevada Corp. (PZG) - Análise de Pestle: Fatores econômicos

A volatilidade nos preços do ouro influencia diretamente o desempenho financeiro da empresa

A partir do quarto trimestre de 2023, os preços do ouro flutuavam entre US $ 1.950 e US $ 2.089 por onça. O desempenho financeiro da Paramount Gold Nevada Corp. está diretamente correlacionado com essas variações de preço.

Ano	Faixa de preço do ouro	Impacto do preço das ações PZG
2023	$ 1.950 - US $ 2.089/oz	$ 0,23 - US $ 0,45 por ação
2022	$ 1.650 - $ 1.830/oz	$ 0,15 - $ 0,35 por ação

Recursos de capital limitado para extensa exploração e desenvolvimento

Em 31 de dezembro de 2023, a Paramount Gold Nevada Corp. informou:

• Dinheiro total: US $ 3,2 milhões
• Capital de giro: US $ 2,7 milhões
• Orçamento de exploração: US $ 1,5 milhão

Dependência do financiamento externo para o avanço do projeto de mineração

Fonte de financiamento	Quantia	Ano
Oferta de ações	US $ 5,6 milhões	2023
Financiamento da dívida	US $ 2,3 milhões	2023

Potenciais desafios econômicos nos setores de exploração e produção minerais

Principais indicadores econômicos que afetam o PZG:

• Impacto da taxa de inflação: 3,4% (2023)
• Declínio do investimento do setor de mineração: 7,2%
• Os custos de exploração aumentam: 5,6%

Métrica econômica	2023 valor	2022 Valor
Custos operacionais	US $ 12,4 milhões	US $ 11,2 milhões
Receita	US $ 8,7 milhões	US $ 7,5 milhões

Paramount Gold Nevada Corp. (PZG) - Análise de Pestle: Fatores sociais

Crescentes preocupações da comunidade sobre o impacto ambiental das operações de mineração

De acordo com a Divisão de Proteção Ambiental de Nevada, a Paramount Gold Nevada Corp. enfrenta crescente escrutínio em relação ao impacto ambiental. Em 2023, a empresa relatou 3 incidentes de monitoramento ambiental em seu projeto Gold Gold.

Categoria de preocupação ambiental	Incidentes relatados em 2023	Custo de mitigação
Monitoramento da qualidade da água	2	$127,500
Contaminação do solo	1	$85,300

Desafios da força de trabalho no recrutamento de profissionais de mineração qualificados

A Nevada Mining Association relata uma escassez de 12,4% em funções especializadas em mineração para empresas de mineração júnior como a PZG em 2023.

Categoria profissional	Taxa de vacância	Custo médio de recrutamento
Engenheiros Geológicos	15.2%	$45,000
Técnicos de mineração	11.6%	$32,500

Aumentando as expectativas sociais para práticas de mineração sustentáveis ​​e responsáveis

O investimento em mineração sustentável aumentou 22,7% em Nevada durante 2023, com a PZG alocando US $ 1,2 milhão para iniciativas de sustentabilidade ambiental.

• Alvo de redução de emissão de carbono: 15% até 2025
• Investimento de energia renovável: US $ 450.000
• Orçamento de melhoria de gerenciamento de resíduos: US $ 350.000

O envolvimento da comunidade local e a licença social para operar em Nevada

Métricas de engajamento da comunidade para a Paramount Gold Nevada Corp. em 2023:

Métrica de engajamento	Valor	Investimento
Criação de empregos local	42 empregos	US $ 2,1 milhões
Fundos de desenvolvimento comunitário	$375,000	N / D
Contratos de fornecedores locais	17 contratos	US $ 1,6 milhão

Paramount Gold Nevada Corp. (PZG) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de mapeamento e exploração geológicas

A Paramount Gold Nevada Corp. utiliza ferramentas tecnológicas avançadas para exploração geológica, incluindo:

Tipo de tecnologia	Ferramentas específicas	Custo de investimento
Pesquisa geofísica	Imagem sísmica 3D	US $ 750.000 - US $ 1,2 milhão
Sensoriamento remoto	Análise de imagens de satélite	US $ 250.000 anualmente
Mapeamento de drones	Pesquisas aéreas de alta resolução	US $ 180.000 por pesquisa

Implementação de técnicas de mineração e exploração digitais

Investimentos de transformação digital: US $ 2,3 milhões em infraestrutura digital para 2024 projetos de exploração.

Tecnologia digital	Status de implementação	Melhoria de eficiência
Modelagem geológica de aprendizado de máquina	Implementação parcial	37% de processamento de dados mais rápido
Análise de dados em tempo real	Implementação ativa	42% melhoraram a tomada de decisão

Potencial de automação nos processos de exploração e extração de mineração

Tecnologias de automação atualmente implantadas:

• Equipamento de perfuração autônomo: 3 unidades implantadas
• Sistemas de amostragem robótica: 2 unidades operacionais
• Software de identificação mineral orientado a IA: implementado em 2023

Investimento em inovações tecnológicas

Categoria de inovação	2024 Alocação orçamentária	ROI esperado
Tecnologia de exploração	US $ 1,5 milhão	22% de ganho de eficiência
Tecnologia de extração	US $ 1,8 milhão	Redução de custos de 18%
Análise de dados	$750,000	26% de precisão preditiva

Paramount Gold Nevada Corp. (PZG) - Análise de Pestle: Fatores Legais

Conformidade com a mineração e regulamentos ambientais dos EUA

A Paramount Gold Nevada Corp. deve aderir a vários regulamentos ambientais federais e estaduais, incluindo:

Regulamento	Custo de conformidade (estimado)	Impacto anual
Lei da Água Limpa	$375,000	Monitoramento obrigatório da qualidade da água
Lei do ar limpo	$250,000	Requisitos de controle de emissões
Lei de Controle de Mineração e Mineração de Superfície	$450,000	Obrigações de reabilitação da terra

Desafios legais potenciais relacionados ao uso da terra e direitos minerais

Portfólio atual de direitos minerais:

Localização	Acres	Possíveis disputas legais
Nevada	3,200	Baixo risco (87% garantido)
Califórnia	1,500	Risco moderado (62% garantido)

Navegando processos de permissão complexos para operações de mineração

Permitir uma quebra de complexidade:

• Permissões de gestão do Bureau of Land: 14-18 meses de processamento tempo
• Permissões ambientais em nível estadual: tempo de processamento de 9 a 12 meses
• Custos médios de preparação para licenças: US $ 275.000 por projeto

Adesão aos regulamentos de valores mobiliários e requisitos de relatório

Órgão regulatório	Frequência de relatório	Custos de conformidade
Sec	Trimestral (10-q), anualmente (10-K)	US $ 185.000 anualmente
NYSE AMERICANO	Divulgação contínua	US $ 75.000 anualmente

Despesas anuais de conformidade legal anual: aproximadamente US $ 1.335.000

Paramount Gold Nevada Corp. (PZG) - Análise de Pestle: Fatores Ambientais

Regulamentos Ambientais Estreiam no setor de mineração de Nevada

Nevada exige que as empresas de mineração obtenham várias licenças ambientais, incluindo:

• Permissão de qualidade do ar da Divisão de Proteção Ambiental de Nevada
• Permissão de controle da poluição da água
• Permissão de recuperação do Bureau of Mining Regulation and Reclamation

Custo de conformidade regulatória	Despesa anual
Taxas de licença ambiental	$157,340
Custos de monitoramento ambiental	$223,650
Conformidade regulatória total	$380,990

Compromisso de minimizar a pegada ecológica

Alvos de redução de emissão de carbono:

Ano	Emissões de carbono (toneladas métricas)	Porcentagem de redução
2022	12,450	-
2023	10,890	12.5%
2024 (projetado)	9,450	24.1%

Desafios de uso e conservação de água

Métricas de consumo de água:

Fonte de água	Uso anual (galões)	Taxa de reciclagem
Água subterrânea	1,250,000	35%
Águas superficiais	750,000	45%
Consumo total de água	2,000,000	40%

Responsabilidades de remediação e recuperação ambiental

Atividade de recuperação	Custo estimado	Ano de conclusão projetado
Restauração da terra	$1,750,000	2026
Reabilitação do habitat	$850,000	2025
Orçamento total de remediação	$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.