What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-11-09 compared with 2021-05-07 · 112 added, 147 removed, 179 unchanged (59% of the section changed)

2 unchanged sentences

Condensed Consolidated Interim Balance Sheets

As at March 31,

As at September 30,

As at June 30,

1 unchanged sentence

Cash and cash equivalents

Prepaid expenses and other deposits

Prepaid expenses and deposits

Total Current Assets

11 unchanged sentences

Convertible debt (Note 6)

Promissory note

Reclamation and environmental obligation, non-current portion (Note 8)

2 unchanged sentences

Stockholders' Equity

Common stock, par value $0.01, 200,000,000 authorized shares, 37,313,267 issued and outstanding at March 31, 2021 and 50,000,000 authorized shares, 32,958,404 issued and outstanding at June 30, 2020 (Note 5)

Common stock, par value $ 0.01 , 200,000,000 authorized shares, 40,525,151 issued and outstanding at September 30, 2021 and 200,000,000 authorized shares, 38,154,109 issued and outstanding at June 30, 2021 (Note 5)

Additional paid in capital

2 unchanged sentences

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Commitments and Contingencies:

Subsequent Events:

1 unchanged sentence

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

Period Ended March 31, 2021

March 31, 2020

Period Ended March 31, 2021

March 31, 2020

Period Ended September 30, 2021

September 30, 2020

Other income (Note 9)

22 unchanged sentences

Stock based compensation

Capital issued for services

Capital issued for payment of interest

Capital issued for financing

Balance at June 30, 2020

Stock based compensation

Capital issued for payment of interest

Capital issued for financing

Capital issued on conversion of debt

Balance at September 30, 2021

Stock based compensation

Capital issued for services

Capital issued for financing

Capital issued on conversion of debt

Balance at December 31, 2020

Paid-In Capital

Total Stockholders'

Balance at June 30, 2020

Stock based compensation

2 unchanged sentences

Capital issued on conversion of debt

Balance at March 31, 2021

Balance at September 30, 2020

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

1 unchanged sentence

Condensed Consolidated Interim Statements of Cash Flows

Period Ended March 31, 2021

March 31, 2020

Period Ended September 30, 2021

September 30, 2020

Adjustment for:

Share based payments (Note 5)

Stock based compensation (Note 5)

2 unchanged sentences

Accretion expense (Note 8)

Interest earned on reclamation bond

Increase in other assets

Increase in prepaid expenses

Decrease in accounts payable

Changes in reclamation bonds and accounts

(Increase)/Decrease in prepaid expenses

Increase/(Decrease) in accounts payable

Cash used in operating activities

2 unchanged sentences

Capital issued for financing (Note 5)

Convertible debt issued (Note 6)

Cash provided by financing activities

2 unchanged sentences

Cash at end of period

See Note 4 for supplemental cash flow information

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Non-Cash Transactions:

PARAMOUNT GOLD NEVADA CORP.

Notes to Condensed Consolidated Interim Financial Statements

For the Nine-Month Periods Ended March 31, 2021 and 2020

For the Three-Month Period Ended September 30, 2021 and 2020

Description of Business and Summary of Significant Accounting Policies

12 unchanged sentences

The Company faces various risks related to the COVID-19 global pandemic.

The Company cannot at this time predict the impact of the COVID-19 pandemic, but it could have a material adverse effect on the business, financial position, results of operations and/or cash flows.

The results of operations for the interim period ended March 31, 2021 is not necessarily indicative of the operating results expected for the year ended June 30, 2021 or for any future period.

The Company’s primary goal during the COVID-19 pandemic is to safeguard the health of our employees, suppliers and the communities where we operate while minimizing business interruption.

To date, COVID-19 pandemic has not had a material impact on our business however because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to predict any future impact of the COVID-19 pandemic, but these impacts could have a material adverse effect on the business, financial position, results of operations and/or cash flows.

We will continue to monitor the COVID-19 situation closely.

The results of operations for the interim period ended September 30, 2021 is not necessarily indicative of the operating results expected for any future period.

The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“U.S.

6 unchanged sentences

Recent Accounting Guidance

In June 2016, the FASB issued ASU No.

2016-13, Financial Instruments – Credit Losses.

The changes were effective for the Company’s fiscal year beginning July 1, 2020.

Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.

The Company adoption of this guidance on July 1, 2020 did not have a material effect on the Company’s consolidated financial position, results of operations, cash flows and related disclosures.

In August 2018, the FASB issued ASU No.

2018-13, Fair Value Measurement.

These changes were effective for the Company’s fiscal year beginning July 1, 2020.

The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption.

All other amendments should be applied retrospectively to all periods presented upon their effective date.

Early adoption is permitted.

The Company adoption of this guidance on July 1, 2020 did not have a material effect on the Company’s consolidated financial position, results of operations, cash flows and related disclosures.

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which addresses the complexity of its guidance for certain financial instruments with characteristics of liabilities and equity.

ASU 2020-06 removes the accounting models that require beneficial conversion features or cash conversion features associated with convertible instruments to be recognized as a separate component of equity, adds certain disclosure requirements for convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and simplifies the diluted earnings per share calculation for certain situations.

This ASU is effective for the Company beginning on January 1, 2024.

The Company is currently evaluating the impact of implementing these changes on the Company’s consolidated financial position, operating results and cash-flows.

Fair Value Measurements

5 unchanged sentences

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at March 31, 2021 and June 30, 2020 are presented in the following table:

Fair Value at March 31, 2021

Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at September 30, 2021 and June 30, 2021 are presented in the following table:

Fair Value at September 30, 2021

June 30, 2021

Cash and cash equivalents

The carrying values of accounts payable, promissory note and convertible debt (Note 6) approximate fair value as of March 31, 2021 and June 30, 2020.

The carrying values of accounts payable and accrued liabilities and convertible debt (Note 6) approximate fair value as of September 30, 2021 and June 30, 2021.

Non-Cash Transactions

During the nine-month period ended March 31, 2021, the Company issued 362,427 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.

During the three-month period ended September 30, 2021, the Company issued 168,690 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.

During the three-month period ended September 30, 2020, the Company issued 183,395 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.

Additionally, 200,000 shares of Common Stock were issued upon the conversion of 200 of its outstanding 2019 Convertible Notes.

The Company also issued 166,792 shares of Common Stock to Ausenco Engineering USA South Inc.

in exchange for services valued at $181,458.

During the nine-month period ended March 31, 2020, the Company issued 1,096,791 shares to Ausenco in exchange for services valued at $976,144 to complete a feasibility study at its Grassy Mountain Project.

Capital Stock

1 unchanged sentence

Authorized capital stock consists of 200,000,000 common shares with par value of $ 0.01 per common share (June 30, 2021 – 200,000,000 common shares with par value $ 0.01 per common share).

An increase to authorized capital stock was approved by the Company’s stockholders during the nine-month period ended March 31, 2021.

During the three-month period ended March 31, 2021, the Company issued 1,897,863 shares at an approximate average price of $1.22 for gross proceeds of $2,318,522 through its at-the-market offering.

Share issuance costs related to this were $80,252.

The Company also issued 179,032 shares for payment of interest accrued and owing at December 31, 2020 (Note 6) with a fair value of $193,364.

Additionally, the Company issued 649,391 shares upon the conversion of 649 notes of the 2019 Senior Secured Convertible Notes (Note 6).

During the nine-month period ended March 31, 2021, the Company issued 2,625,644 shares at an approximate average price of $1.24 for gross proceeds of $3,266,548 through its at-the-market offering.

During the three-month period ended September 30, 2021, the Company issued 2,202,352 shares at an approximate average price of $ 0.856 for gross proceeds of $ 1,886,135 through its at-the-market offering.

Share issuance costs related to this were $ 56,584 .

The Company issued 166,792 shares at a value of $1.10 for services to complete a feasibility study at its Grassy Mountain Project (Note 4).

The Company also issued 362,427 shares for payment of interest accrued and owing at June 30, 2020 and December 31, 2020 (Note 6) with a fair value of $398,777.

The Company also issued 168,690 shares for payment of interest accrued and owing (Note 6) with a fair value of $ 163,642 .

During the three month period ended September 30, 2020, the Company issued 595,281 shares at an approximate average price of $ 1.3344 for gross proceeds of $ 794,345 .

Share issuance costs including commissions were $ 23,830 for net proceeds of $ 770,514 .

The Company also issued 183,395 shares for payment of interest accrued and owing at June 30, 2020 (Note 6).

The Company also issued 200,000 shares upon the conversion of 200 of the 2019 Senior Secured Convertible Notes (Note 6).

During the three and nine-month period ended March 31, 2020, the Company issued 1,096,791 shares at a value of $0.89 per share to Ausenco in exchange for services to complete a feasibility study at its Grassy Mountain Project (Note 4) .

At March 31, 2021 there were 37,313,267 common shares issued and outstanding (June 30, 2020 – 32,958,404 common shares).

A summary of warrants exercisable into common stock activity as of March 31, 2021, and changes during the nine-month period ended is presented below:

Exercise Price

Average Remaining

Contractual Term (Years)

Intrinsic Value

Outstanding at July 1, 2020

Outstanding at March 31, 2021

At September 30, 2021 there were 40,525,151 common shares issued and outstanding (June 30, 2021 – 38,154,109 common shares).

Stock Options and Stock Based Compensation

1 unchanged sentence

Option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years.

To better align the interests of its key executives, employees and directors with those of its stockholders, a significant portion of those stock option awards will vest contingent upon meeting certain stock price appreciation performance goals or other performance conditions.

Option and stock awards provide for accelerated vesting if there is a change in control (as defined in the employee stock option plan).

During the three-month period ended March 31, 2021, the Company did not grant any stock options.

During the three-month period ended March 31, 2021, share-based compensation expense relating to service condition options and performance condition was $45,021 and $35,843, respectively (2020- $23,029 and $44,477) .

During the nine-month period ending March 31, 2021, a total of 755,000 stock options were granted by the Company.

During the nine-month period ended March 31, 2021, share-based compensation expense relating to service condition options and performance condition was $245,022 and $114,731, respectively (2020- $50,473 and $76,539) .

To better align the interests of its key executives, employees and directors with those of its shareholders a significant portion of those

share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions.

Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee share option plan).

During the three-month period ended September 30, 2021, the Company did no t grant any stock options (2020 – 55,000 ).

During the three-month period ended September 30, 2021, share-based compensation expense relating to service condition options and performance condition was $ 45,021 and $ 35,843 , respectively (2020- $ 23,029 and $ 44,477 ) .

The fair value for these options was calculated using the Black-Scholes option valuations method.

The weighted average assumptions used for the nine-month period ended March 31, 2021 and fiscal year ended June 30, 2020 were as follows:

The weighted average assumptions used for the three-month period ended September, 2021 and three-month period ended September 30, 2020 were as follows:

Three-Months Ended September 30, 2021

Three-Months Ended September 30, 2020

Weighted average risk-free interest rate

3 unchanged sentences

Weighted average fair value

A summary of option activity under the Stock Incentive and Compensation Plans as of March 31, 2021, and changes during the nine-month period ended are presented below:

A summary of option activity under the Stock Incentive and Compensation Plans as of September 30, 2021 is presented below:

Exercise Price

2 unchanged sentences

Intrinsic Value

Outstanding at July 1, 2020

Outstanding at June 30, 2020

Forfeited or expired

Outstanding at March 31, 2021

Exercisable at March 31, 2021

A summary of the status of Paramount’s non-vested options as at July 1, 2020 and changes during the nine-month period ended March 31, 2021 is presented below:

Outstanding at June 30, 2021

Forfeited or expired

Outstanding at September 30, 2021

Exercisable at September 30, 2021

A summary of the status of Paramount’s non-vested options as at September 30, 2021 is presented below:

Non-vested Options

1 unchanged sentence

Date Fair Value

Non-vested at July 1, 2020

Non-vested at March 31, 2021

As of March 31, 2021, there was $218,173 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plans.

That cost is expected to be recognized over a weighted-average period of 0.93 years.

The total fair value of stock based compensation arrangements vested during the nine-month period ended March 31, 2021 and 2020, was $332,836 and $49,408, respectively.

Non-vested at June 30, 2020

Forfeited or expired

Non-vested at June 30, 2021

Forfeited or expired

Non-vested at September 30, 2021

As of September 30, 2021, there was $ 77,970 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plans.

That cost is expected to be recognized over a weighted-

average period of 1.15 years .

The total fair value of s tock based compensation arrangements vested during the three -month period ended September 30 , 2021 and 2020 , was $ nil and $ nil , respectively.

Convertible Debt

March 31, 2021

September 30, 2021

June 30, 2021

3 unchanged sentences

Each 2019 Convertible Note will bear an interest rate of 7.5 % per annum, payable semi-annually .

The effective interest rate of the 2019 Convertible Notes in 9.23 %.

The principal amount of the 2019 Convertible Notes will be convertible at a price of $ 1.00 per share of Paramount common stock.

Unamortized discount and issuance costs of $ 275,883 will be amortized as an additional interest expense over the four year term of the 2019 Convertible Notes.

During the nine-month period ended March 31, 2021, the Company amortized $47,868 (2020- $37,225) of discount and issuance costs.

During the three-month period ended September 30, 2021, the Company amortized $ 15,201 (2020- $ 25,318 ) of discount and issuance costs.

At any point after the second anniversary of the issuance of the convertible notes, Paramount may force conversion if the share price of its common stock remains above $ 1.75 for 20 consecutive trading days.

The convertible notes are secured by a lien on all assets of the Company and the Company is required to maintain a working capital balance of $ 250,000 .

During the three-month period ended March 31, 2021, 649 of the 2019 Convertible Notes outstanding were converted into 649,391 shares of common stock of the Company (Note 5) and $21,611 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.

During the nine-month period ended March 31, 2021, 1,200 of the 2019 Convertible Notes outstanding were converted into 1,200,000 shares of common stock of the Company (Note 5) and $42,371 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.

At September 30, 2021, the working capital covenant was met by the Company.

During the three-month period ended September 30, 2021, there were no conversions of 2019 Convertible Notes to common stock of the Company.

During the three-month period ended September 30, 2020, 200 of the 2019 Convertible Notes outstanding were converted into 200,000 shares of common stock of the Company (Note 5) and $ 7,934 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.

Mineral Properties

The Company has capitalized acquisition costs on mineral properties as follows:

March 31, 2021

June 30, 2020

Grassy Mountain

September 30,

Sleeper and other Nevada based Projects

Grassy Mountain and other Oregon based Projects

Sleeper is located in Humboldt County, Nevada, approximately 26 miles northwest of the town of Winnemucca.

4 unchanged sentences

Reclamation and Environmental

The Company has funds in a commutation account which is used to reimburse reclamation costs and indemnity claims at its Sleeper Gold Project.

It also has provided financial security for future reclamation work in the form of reclamation bonds held by the U.S Bureau of Land Management (“BLM”) for the Sleeper Gold Project and Grassy Mountain Project.

The balance of the commutation account and reclamation bonds at March 31, 2021 is 462,952 (June 30, 2020- $695,041).

The Company holds an insurance policy which is in effect until 2033 related to its Sleeper Gold Project.

The policy covers reclamation costs up to an aggregate of $25 million in the event the Company’s commutation account is insufficient to cover any mandated reclamation obligations.

Reclamation and environmental costs are based principally on legal requirements.

Management estimates costs associated with reclamation of mineral properties and properties under mine closure.

On an ongoing basis the Company evaluates its estimates and assumptions, however, actual amounts could differ from those based on estimates and assumptions.

The asset retirement obligation at the Sleeper Gold Project has been measured using the following variables:

1) Expected costs for earthwork, re-vegetation, in-pit water treatment, on-going monitoring, labor and management, 2) Inflation adjustment, and 3) Market risk premium.

The sum of the expected costs by year is discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement obligation to the time it incurs the obligation.

The reclamation and environmental obligation recorded on the balance sheet is equal to the present value of the estimated costs.

The current undiscounted estimate of the reclamation costs for existing disturbances at the Sleeper Gold Project is $ 4,010,403 as required by the BLM and the Nevada Department of Environmental Protection.

Assumptions used to compute the asset retirement obligations as at March 31, 2021 and June 30, 2020 for the Sleeper Gold Project included a credit adjusted risk free rate and inflation rate of 9.76% (June 30, 2020– 9.76%) and 1.6% (June 30, 2020 – 1.6%), respectively.

Expenses are expected to be incurred between the years 2021 and 2049.

Changes to the Company’s asset retirement obligations for the nine -month period ended March 31, 2021 and the year ended June 30, 2020 are as follows:

Period Ended March 31, 2021

On an ongoing basis the Company evaluates its estimates and assumptions;

however, actual amounts could differ from those based on estimates and assumptions.

The Company has posted several cash bonds as financial security to satisfy reclamation requirements.

The balance of posted cash reclamation bonds at September 30, 2021 is $ 500,738 (June 30, 2021 - $ 533,703 ).

Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection (“NDEP”).

Paramount has estimated the undiscounted reclamation costs for existing disturbances at the Sleeper Gold Project required by the BLM to be $ 3,557,944 .

These costs are expected to be incurred between the calendar years 2021 and 2060.

Paramount has also estimated undiscounted reclamation cost as required by the NDEP to be $ 1,470,000 .

These costs include on-going monitoring and new requests from the NDEP to convert three processing ponds from the historical operations to evaporation cell ponds by 2023.

On-going monitoring costs are expected to be incurred between 2021 and 2039.

The sum of expected costs by year are discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement to the time it incurs the obligation.

The asset retirement obligation for the Sleeper Gold Project recorded on the balance sheet is equal to the present value of the estimated reclamation costs as required by both the BLM and NDEP.

The following variables were used in the calculation for the periods ending September 30, 2021 and June 30, 2021:

Three-Months Ended September 30, 2021

Year Ended June 30, 2021

Weighted-average credit adjusted risk free rate

Weighted-average inflation rate

Changes to the Company’s asset retirement obligations for the Sleeper Gold Mine for the three-month period ended September 30, 2021 and the year ended June 30, 2021 are as follows:

September 30,

June 30, 2021

Balance at beginning of period

Accretion expense

Change in estimate of existing obligation

Additions and change in estimates

Balance at end of period

The balance of the asset retirement obligation of $411,143 at March 31, 2021 (June 30, 2020 -$615,170 ) is comprised of a current portion of 75,000 (June 30, 2020 -$154,231 ) and a non-current portion of 336,143 (June 30, 2020 -$460,939).

The Company recorded an accretion expense for the nine-month period ended March 31, 2021 of $45,030 (March 31, 2020 - $70,942)

The Company’s other income details for the three and nine-month period ended March 31, 2021 and 2020 were as follows:

Three-Month Period

Nine-Month Period

Three-Month Period

Nine-Month Period

Ended March 31, 2021

Ended March 31, 2020

The balance of the asset retirement obligation of $ 1,895,613 at September 30, 2021 (June 30, 2021 -$ 1,849,644 ) is comprised of a current portion of 316,022 (June 30, 2020 -$ 310,022 ) and a non-current portion of 1,579,591 (June 30, 2020 -$ 1,539,622 ).

The Company recorded an accretion expense for the three-month period ended September 30, 2021 of $ 45,969 (September 30, 2020 - $ 15,010 ).

The Company’s other income details for the three month period ended September 30, 2021 and 2020 were as follows:

September 30,

Re-imbursement of reclamation costs

2 unchanged sentences

Segmented information has been compiled based on the material mineral properties in which the Company performs exploration activities.

Expenses and mineral property carrying values by material project for the three and nine-month period ended March 31, 2021:

Three-Month Period Ended March 31, 2021

Nine-Month Period Ended March 31, 2021

Three-Month Period Ended March 31, 2021

Nine-Month Period Ended March 31, 2021

Expenses and mineral property carrying values by material project for the three-month period ended September 30, 2021:

September 30, 2021

Mineral Properties

As at March 31, 2021

Sleeper Gold Project

Grassy Mountain Project

Expenses for the three and nine-month period ended March 31, 2020 and mineral property carrying values as at June 30, 2020 by material project:

Three-Month Period Ended March 31, 2020

Nine-Month Period Ended March 31, 2020

Three-Month Period Ended March 31, 2020

Nine-Month Period Ended March 31, 2020

As at September 30,

Sleeper Gold Project and other Nevada based Projects

Grassy Mountain Project and other Oregon based Projects

Expenses for the three-month period ended September 30, 2020 and mineral property carrying values as at June 30, 2021 by material project:

September 30, 2020

Mineral Properties

As at June 30,

Sleeper Gold Project

Grassy Mountain Project

Sleeper Gold Project and other Nevada based Projects

Grassy Mountain Project and other Oregon based Projects

Commitments and Contingencies:

Lease Commitments

The Company has an office premise lease that expires on June 30, 2021.

The aggregate minimum rentals payable for these operating leases are as follows:

During the nine-month period ended March 31, 2021, $41,951 was recognized as rent expense in the statement of operations and comprehensive loss.

Other Commitments

During the three-month period ended March 31, 2021, Paramount entered into an agreement to purchase 152 unpatented lode mining claims (“South Sleeper Claims”) located two miles south of the Company’s Sleeper Gold Project.

With an effective date of April 6, 2021 and upon satisfaction of several closing conditions, Paramount has agreed to pay a total consideration of $350,000 in a combination of cash and common stock of the Company.

The mining claims are subject to a mineral production royalty based on net smelter returns of 1%.

The South Sleeper Claims are without known mineral reserves.

Paramount has an agreement to acquire 44 mining claims (“Cryla Claims”) covering 589 acres located immediately to the west of the proposed Grassy Mountain site from Cryla LLC.

4 unchanged sentences

The agreement with Cryla can be terminated by Paramount at any time.

All lease payments under the agreement are up-to-date and no other payments were made during the nine-month period ended March 31, 2021.

All lease payments under the agreement are up-to-date and no other payments were made during the three-month period ended September 30, 2021.

The Cryla Claims are without known mineral reserves and there is no current exploratory work being performed.

2 unchanged sentences

Nevada Select will retain a 2 % NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1 % for a payment of $ 1 million.

During the nine-month period ended March 31, 2021, the Company made a payment to Nevada Select for $15,000 upon receipt of its drilling permit from state and federal regulators and all required payments under the agreement are up-to-date as of March 31, 2021.

During the nine-month period ended March 31, 2021, the Company made a payment to Nevada Select for $ 15,000 upon receipt of its drilling permit from state and federal regulators and all required payments under the agreement are up-to-date as of September 30, 2021.

The Frost Claims are without known mineral reserves.

Note 12 Subsequent Events

Subsequent to the period-ended March 31, 2021, the Company sold, pursuant to its “at the market” equity offering program, 138,307 shares at an approximate average price of $1.06 per share for gross proceeds of $145,965.

Additionally, the Company issued 257,353 shares for the purchase of the South Sleeper Claims.

During the three-month period ended September 30, 2021, the Company entered into an option agreement with Nevada Select to purchase the Bald Peak mining claims in the State of Nevada and California for a total consideration of $ 300,000 .

Payments under the agreement will be based on achieving certain events over time.

Upon signing the agreement Paramount made a payment to Nevada Select of $ 20,000 .

The Bald Peak Claims are without known mineral reserves.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements