olivLaw · US equity research
Paramount Gold Nevada Corp. PZG
Metal Mining · SIC 1000 · Vertical: Metal Mining (SIC 1000)
Paramount Gold Nevada Corp. (PZG, NYSE American) is a development-stage mining company that acquires, explores and develops precious metals projects in Nevada and Oregon. It reported no revenue from mining operations and carries a going concern warning, with cash of about 9.9 million USD at 30 June 2026. The Grassy Mountain project in Oregon is advancing through permitting, making permit progress the main item to watch.
At the close of 04 Nov 2026, Paramount Gold Nevada Corp. (PZG) stock was 0.97 USD (+8.84% on the day), with market capitalisation 83.9 m USD, beta 0.72, 52-week range 0.89–2.67 USD. Latest reported quarter (Q4 2026): net income of -1.9 m USD, diluted EPS -0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.1
- weak (30–45)
- Bollinger (20, 2)
- 0.83 – 1.18
- in the lower half of the band · %B 0.40 · band width 34.5%
- SMA 50 / 200
- 1.20 / 1.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.4% | −1.1% | −14.3 pp | — |
| 3 months | −29.0% | −0.5% | −28.5 pp | — |
| 6 months | −34.3% | +4.4% | −38.6 pp | — |
| Year to date | −22.8% | +12.3% | −35.1 pp | — |
| 1 year | −5.5% | +13.5% | −19.1 pp | −9.4% |
| 3 years | +206.0% | +76.4% | +129.6 pp | +67.8% |
| 5 years | +16.0% | +63.7% | −47.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Operating income | -1.4 m | -1.2 m | -2.2 m | -2.1 m | -1.5 m | -2.1 m | -2.4 m | -2.3 m |
| Net income | -1.6 m | -2.0 m | -2.6 m | -2.8 m | -4.3 m | -4.4 m | -4.9 m | -1.9 m |
| Diluted EPS | -0.02 | -0.03 | -0.04 | -0.04 ≈ | -0.06 | -0.06 | -0.06 | -0.02 ≈ |
| Operating cash flow | -1.2 m | -895.3 k ≈ | -1.5 m ≈ | -2.7 m | -1.1 m | -1.4 m ≈ | -2.0 m ≈ | -2.8 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 400.4 k | 728.9 k | 330.3 k | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | +16.2% | +82.1% | −54.7% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -6.0 m | -6.4 m | -5.9 m | -7.8 m | -6.5 m | -8.1 m | -9.1 m | -15.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.23 | 0.23 | -0.17 | -0.19 | -0.13 | -0.13 | -0.13 | -0.19 |
| Diluted EPS YoY | unavailable | unavailable | −173.9% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1,491.1% | -882.2% | -1,787.6% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 9.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 33.9 m USD
- Total assets
- 60.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.08x
- ROE
- -46.1%
- ROA
- -27.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 330.3 k | — | — | — | — | — | SEC (XBRL)· 17 Sept 2021verified |
| Operating income | -5.8 m | -7.5 m | -6.2 m | -8.5 m | -7.0 m | -8.3 m | SEC (XBRL)· 17 Sept 2026verified |
| Pre-tax income | -5.9 m | -7.6 m | -6.5 m | -8.0 m | -9.0 m | -15.6 m | SEC (XBRL)· 17 Sept 2026verified |
| Income tax | — | 277.6 k | -37.6 k | 33.4 k | 19.2 k | 4.9 k | SEC (XBRL)· 17 Sept 2026verified |
| Net income | -5.9 m | -7.8 m | -6.5 m | -8.1 m | -9.1 m | -15.6 m | SEC (XBRL)· 17 Sept 2026verified |
| Diluted EPS | -0.17 | -0.19 | -0.13 | -0.13 | -0.13 | -0.19 | SEC (XBRL)· 17 Sept 2026verified |
| Weighted average diluted shares | 35.5 m | 42.4 m | 48.7 m | 59.9 m | 67.8 m | 80.9 m | SEC (XBRL)· 17 Sept 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.1 m | 2.5 m | 824.9 k | 5.4 m | 1.4 m | 9.9 m | SEC (XBRL)· 17 Sept 2026verified |
| Current assets | 4.3 m | 3.8 m | 2.3 m | 6.7 m | 2.7 m | 11.2 m | SEC (XBRL)· 17 Sept 2026verified |
| Property, plant & equipment, net | 6.0 k | 6.5 k | 4.6 k | 3.2 k | 12.0 k | 8.4 k | SEC (XBRL)· 17 Sept 2026verified |
| Total assets | 54.0 m | 56.0 m | 54.3 m | 56.4 m | 52.4 m | 60.8 m | SEC (XBRL)· 17 Sept 2026verified |
| Accounts payable | 639.0 k | 638.3 k | 937.2 k | 563.8 k | 540.0 k | 667.1 k | SEC (XBRL)· 17 Sept 2026verified |
| Long-term debt | 4.2 m | 4.2 m | — | — | — | — | SEC (XBRL)· 13 Oct 2022verified |
| Current liabilities | 949.0 k | 758.3 k | 9.3 m | 683.8 k | 660.0 k | 3.6 m | SEC (XBRL)· 17 Sept 2026verified |
| Total liabilities | 6.7 m | 9.6 m | 11.5 m | 18.2 m | 18.8 m | 26.9 m | SEC (XBRL)· 17 Sept 2026verified |
| Equity | 47.4 m † | 46.4 m † | 42.8 m † | 38.2 m † | 33.6 m † | 33.9 m † | SEC (XBRL)· 17 Sept 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -6.0 m | -6.7 m | -5.3 m | -5.4 m | -6.3 m | -7.3 m | SEC (XBRL)· 17 Sept 2026verified |
| Investing cash flow | -87.5 k | -47.7 k | -126.7 k | -100.0 k | -161.5 k | -50.0 k | SEC (XBRL)· 17 Sept 2026verified |
| Financing cash flow | 3.7 m | 6.1 m | 3.7 m | 10.1 m | 2.4 m | 15.9 m | SEC (XBRL)· 17 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 83.9 m USD
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.4% | 0 (on a fixed band) | 67% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Paramount Gold Nevada Corp. (PZG). Latest full fiscal year: 2021; data up to 2026-06-30.
Figures computed from the financial statements: revenue 330.3 k USD in 2021; YoY growth -54.7%; ROE -46.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.1x
What contradicts it
- Revenue CAGR 3Y: -1.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Metal Mining (SIC 1000) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BHPBhp Group Limited | 406.8 bn | 45.2 | 19.5% | 17.6% | −7.9% | +46% / +31% |
| SCCOSouthern Copper Corp | 149.3 bn | 23.0 | 53.2% | 37.3% | +17.4% | +35% / +163% |
| RIORio Tinto PLC | 106.2 bn | 13.9 | 17.0% | 17.3% | +7.4% | +18% / +22% |
| FCXFreeport-McMoRan Inc. | 89.9 bn | 29.2 | 21.8% | 16.2% | +1.8% | +46% / +68% |
| HBMHudbay Minerals Inc. | 8.8 bn | 15.4 | 19.7% | 25.7% | +9.4% | +31% / +388% |
| CLFCleveland-Cliffs Inc. | 7.3 bn | — | -8.5% | -2.4% | −3.0% | −2% / −25% |
| BVNBuenaventura Mining Co Inc | 7.3 bn | 18.1 | 12.6% | 34.9% | +40.1% | +16% / +202% |
| MPMP Materials Corp. | 6.4 bn | — | -4.1% | -19.9% | +10.1% | −42% / +126% |
| EROEro Copper Corp | 3.2 bn | 12.2 | 34.6% | 33.6% | +67.1% | +21% / +150% |
| NEXANexa Resources S.A. | 1.6 bn | 11.9 | 14.6% | 4.4% | +8.5% | +70% / +103% |
| IEIvanhoe Electric Inc. | 1.2 bn | — | -8.4% | -1,138.7% | +11.8% | −46% / −32% |
| USARUSA Rare Earth, Inc. | 1.1 bn | — | -23.6% | -2,159.3% | unavailable | −39% / −20% |
| TMCTMC the metals Co Inc. | 1.0 bn | 4.2 | -1,123.2% | — | unavailable | −67% / +103% |
| USASAmericas Gold And Silver Corporation | 986.9 m | — | -61.6% | -74.1% | +17.7% | −31% / +413% |
| ASMAvino Silver & Gold Mines Ltd. | 769.3 m | 79.0 | 7.0% | 12.2% | +50.8% | −15% / +746% |
| LARLithium Argentina AG | 682.1 m | — | -9.5% | — | +12.9% | −24% / −21% |
| SGMLSigma Lithium Corporation | 626.1 m | — | -67.4% | -45.6% | −27.3% | −50% / −81% |
| GSMFerroglobe PLC | 547.5 m | — | -25.9% | -12.8% | −18.8% | −34% / −49% |
| ALOYRealloys Inc. | 459.5 m | — | -155.8% | -5,144.4% | −5.3% | −5% / +68% |
| THMInternational Tower Hill Mines Ltd | 455.2 m | — | -2.8% | — | unavailable | −10% / +222% |
| LZMLifezone Metals Limited | 336.9 m | — | -16.7% | -1,289.2% | +652.2% | +1% / −60% |
| USAUU.s. Gold Corp. | 186.4 m | — | -55.2% | — | −30.9% | −35% / +239% |
| PZGParamount Gold Nevada Corp. | 83.9 m | — | -46.1% | — | −54.7% | −6% / +206% |
| WWRWestwater Resources, Inc. | 52.5 m | — | -19.1% | — | unavailable | −57% / −33% |
| COPRIdaho Copper Corporation | 25.7 m | — | -187.5% | — | −63.5% | unavailable / unavailable |
1- and 3-year price returns: for PZG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Paramount Gold Nevada Corp. (PZG, NYSE American) is a development-stage mining company that acquires, explores and develops precious metals projects in Nevada and Oregon. It reported no revenue from mining operations and carries a going concern warning, with cash of about 9.9 million USD at 30 June 2026 1. The Grassy Mountain project in Oregon is advancing through permitting, making permit progress the main item to watch.
SWOT
Strengths
- The company holds exploration and development projects in two US states and has an updated feasibility study for Grassy Mountain 1.
- Grassy Mountain has proven and probable reserves, which sets it apart from many companies still in early exploration 1.
- The company has shown it can raise capital through its ATM program and other financing tools in fiscal 2026 1.
Weaknesses
- The company has no revenue from operations and reports repeated losses, which increases its dependence on outside financing 1.
- The filing carries a going concern warning, and existing cash could fund operations only until around March 2027 1.
- The company has no mining operating history and has not completed a feasibility study for Sleeper 1.
Opportunities
- If the permits for Grassy Mountain are completed, the company could move toward a production decision 1.
- Selling projects to producers, joint venturing them, or building small mines are options the company names for realizing value 1.
- An initial assessment for Sleeper could open the way to further technical studies for that project 1.
Threats
- A fall in gold and silver prices could make some reserves uneconomic and reduce investor interest 1.
- Permit delays or stricter environmental rules could materially change the project timetable 1.
- Title to some claims has not been fully verified and could be challenged, which could affect development 1.
Risks
- Going concernhigh
The auditor included a paragraph expressing substantial doubt about the company's ability to continue as a going concern, and without additional funds operations could be curtailed 1.
- Dependence on external financinghigh
Funding depends on share issuances, debt and royalty sales, and market conditions could make this access difficult or costly 1.
- Permitting riskmedium
Grassy Mountain still needs final permits, and delays or imposed conditions could postpone development 1.
- Metal price volatilitymedium
Reserve and resource estimates depend on assumptions about gold and silver prices, which can fall sharply 1.
- Reclamation liabilitieslow
The company is responsible for reclaiming the former Sleeper mine, and reclamation and environmental obligations could grow if rules change 1.
Investment thesis
What would need to be true (bull case)
- If Grassy Mountain obtains all final permits, the company could have a project with proven and probable reserves ready for a production decision 1.
- The company's ability to raise capital through its ATM program shows that equity markets remain open to its projects 1.
- If metal prices rise, the value of its properties and investor interest could grow, and the options for realizing value could widen 1.
What would break the thesis
- The company has no revenue and reports losses, and its going concern disclosure suggests that additional financing is urgently needed 1.
- If permits are delayed or come with costly conditions, the timetable and value of the project could be affected 1.
- Continuous share issuance could dilute existing shareholders if financing is not obtained on other terms 1.
What to watch
- Issuance of final permits for Grassy Mountain2027
- Raising additional funds and cash positionQ1 2027
- Results of technical studies for Sleepernext 10-K
- Trend in permitting and exploration expensesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Paramount Gold Nevada Corp. is a Nevada corporation trading on the NYSE American under the symbol PZG, which was spun off from Paramount Gold and Silver Corp. in 2015 through a distribution to shareholders 1. The company holds exploration and development projects in Nevada and Oregon and says it can sell projects to producers, joint venture them, or build and operate small mines itself 1. Its interests are held through three wholly owned subsidiaries, two operating the Nevada interests and one holding the Grassy Mountain interest 1.
The material Nevada asset, the Sleeper Gold Project, is located in Humboldt County and includes reclamation of the former Sleeper mine, monitored by the BLM and NDEP 1. The material Oregon asset, Grassy Mountain, is located in Malheur County and was acquired through the 2016 arrangement with Calico Resources 1. As of 30 June 2026 the company had four full-time employees and two consultants 1.
In the fiscal year ended 30 June 2026 the company published an updated feasibility study for Grassy Mountain and an initial assessment for Sleeper, and the BLM issued the Record of Decision for Grassy Mountain on 29 January 2026 1. The net loss rose to 15.56 million USD from 9.05 million USD in the prior year, driven mainly by permitting expenses and higher administrative costs 1.
Market context
The company operates in the US precious metals exploration market, where attractive mineral lands are scarce and competition for acquisitions is intense 1. Gold and silver prices fluctuate significantly, and companies without production depend on capital markets; the 13.9 million USD raised under the ATM program in fiscal 2026 shows that equity issuance is the main source of liquidity 1.
Investor interest in gold and silver projects could decline if metal prices fall, affecting the value of the business and access to financing 1. Reserve and resource estimates rely on metal price assumptions, so market moves can force reductions in those estimates 1.
Trends
- Stricter environmental and permitting rulesheadwind
Environmental legislation is becoming stricter, with higher fines and more detailed project assessments, which could delay permits for Grassy Mountain 1.
- Progress in federal and state permittingtailwind
The BLM Record of Decision of January 2026 and the draft consolidated Oregon state permit package mark important progress for the Grassy Mountain project 1.
- Volatility of precious metal pricesmixed
Gold and silver prices have fluctuated significantly in recent years, and a fall in prices could reduce interest in mining and the value of the business 1.
- Access to capital through equity marketsmixed
The company has financed its activity through share issuances, debt and royalty sales, and reliance on these sources could limit flexibility if market conditions worsen 1.
Competitive position
The mineral exploration industry is highly competitive, with junior and senior explorers, independent producers and investors seeking mineral properties across the United States 1. Larger competitors have greater financial resources and larger technical staffs, which may let them acquire higher-quality properties 1.
The company states it does not compete with anyone for its existing mineral claims, which are fully controlled by it, but competition for new properties and financing remains a significant risk 1.
- Junior and senior mineral exploration companies
The filing does not name these companies but describes them as competing for mineral properties and equipment across the United States 1.
- Independent mineral producers
The filing lists independent producers among competitors for properties and financing, without naming them 1.
- Large established mining companies
These companies have substantial capabilities, personnel and financial resources and may have an advantage in acquiring properties 1.
- Institutional and individual investors
Investors who choose to finance other projects could reduce the company's access to capital for new acquisitions 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement28 Oct 2026
- Annual report17 Sept 2026
- Current report14 Jul 2026Other events · Financial statements and exhibits
- Current report23 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report02 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 May 2026
- Quarterly report10 Feb 2026
- Current report15 Dec 2025Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report20 Nov 2025Other events · Financial statements and exhibits
- Quarterly report14 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Paramount Gold Nevada Corp. · 17 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.