Watch for state permit approval (expected H2 2026) and any financing announcements. The strong project economics relative to current market cap suggest significant re-rating potential as milestones are achieved. Monitor gold price sensitivity—upside case shows even higher returns.
Price Chart
Executive Summary
Paramount Gold Nevada Corp. announced an updated feasibility study for its 100%-owned Grassy Mountain Gold Project, showing after-tax NPV of $374.7M (base case $3,600/oz gold) and $608.6M (upside case $4,618/oz gold), with IRRs of 38.9% and 55.4%, respectively. The project has received a positive Record of Decision from the BLM, with state permitting expected in H2 2026. This represents a significant improvement from the 2022 study and underscores the project's potential.
Key Facts
- After-tax NPV (5%) of $374.7M at $3,600/oz gold base case; $608.6M at $4,618/oz upside case
- After-tax IRR of 38.9% (base) and 55.4% (upside); payback periods of 2.2 and 1.4 years
- Initial capital expenditure estimated at $189.8M, sustaining capital $65.1M
- Total recoverable gold: 385,800 oz; mine life 9.3 years; AISC $1,442/oz net of silver credits
- Positive Record of Decision from BLM in January 2026; state permitting in final stages expected H2 2026
- Proven and probable gold reserves of 405,000 oz; M&I resources of 1.36M oz (inclusive of reserves)
Financial Impact
Project NPV of $374.7M (base case) vs market cap of ~$117M, indicating substantial upside if financed and permitted
Risk Factors
- Financing risk: $189.8M initial capex requires funding; dilution possible
- Permitting delays beyond H2 2026 could push timeline
- Gold price decline below $3,600/oz would reduce project returns
- Construction and operational cost overruns relative to estimates
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-253633 |
| Document: pzg-20260528.htm | 0001193125-26-253633 |
| Document: 0001193125-26-253633-index-headers.html | 0001193125-26-253633 |
| Document: 0001193125-26-253633-index.html | 0001193125-26-253633 |
| Document: 0001193125-26-253633.txt | 0001193125-26-253633 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 9d ago | S-3 | $1.06 $1.01 | ▲ +4.72% | ▲ +5.05% | $0.9575 (+9.67%) |
Jun 23, 2026 17w ago | 8-K | $1.14 $1.08 | ▼ −5.26% | ▼ −5.22% | $0.9575 (−16.01%) |
Jun 2, 2026 20w ago | 8-K | $1.31 $1.35 | ▲ +3.05% | ▲ +2.65% | $0.9575 (−26.91%) |
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