Paramount Gold Nevada spent the fiscal year turning a long Oregon permitting campaign into a federal decision, and the equity is now a construction-finance story rather than an exploration story. The Bureau of Land Management signed the Record of Decision for Grassy Mountain in January, completing the National Environmental Policy Act review that had defined the company's public identity for years. An updated feasibility study later recast the underground mine at a much higher gold price and a larger reserve inventory. The market still treats the shares as a going-concern developer that sells stock to stay alive. That gap between a permitted high-grade United States mine and a thin cash balance is the investment debate.
The feasibility work now carries an after-tax net present value of about $375 million at the study's base gold price. Initial capital sits near $190 million, which is many times the cash on the year-end balance sheet. A separate Initial Assessment on the past-producing Sleeper mine in Nevada sketches a heap-leach restart with a larger resource and a longer mine life, but at a much higher all-in sustaining cost. The two studies do not fund themselves. They describe assets that still need a partner, a project loan, or a much larger equity raise before a shovel goes in the ground.
The annual filing shows a wider net loss and an auditor going-concern paragraph even after a large at-the-market equity raise. Cash at year-end was about $10 million, which management frames as enough to carry permitting work into early calendar 2027. Sprott still holds a secured royalty-convertible note that can convert into a claim on Grassy production rather than cash repayment. The open question is whether Oregon's remaining state permits arrive while the company can still finance construction without giving away most of the project's net present value.