Liquidity is under severe pressure as cash reserves declined from $8.6 million in 2024Q2 to $12.7 million in 2026Q3, with free cash flow outflows reaching $2.7 million in 2025Q4.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Cash from Operations | -7.22M | -6.27M | -5.41M | -5.25M | -6.7M | -5.96M | -5.15M | -5.63M | -5.84M | -6.52M | -2.6M | -2.04M | -2.05M | -6.11M |
| Operating CF Margin % | - | - | - | - | - | - | - | -1407.01% | -1694.76% | -2321.74% | -1.56% | -1496.35% | - | - |
| Operating CF Growth % | -99.55% | -15.86% | -2.99% | 21.62% | -12.51% | -15.76% | 8.67% | 3.55% | 10.37% | -150.88% | -27.23% | 0.22% | 66.54% | - |
| Net Income | -16.48M | -9.05M | -8.06M | -6.45M | -7.84M | -5.9M | -6.43M | -5.97M | -6.07M | -4.34M | -5.34M | -5.23M | -5.03M | -8.52M |
| Depreciation & Amortization | 365.88K | 2.67K | 1.36K | 1.93K | 2.17K | 2.51K | 2.56K | 2.62K | 3.73K | 4.76K | 3.91K | 1.33K | 123 | 168 |
| Stock-Based Compensation | 158.36K | 589.73K | 331.1K | 349.99K | 440.33K | 618.24K | 1.18M | 231.53K | 71.33K | 243.42K | 570.84K | 375.79K | 248.45K | 469.78K |
| Deferred Taxes | 19.25K | 19.25K | 33.41K | -37.58K | 277.63K | -35.95K | 0 | 0 | 0 | -3.22M | 2.55M | 305.43K | 0 | 0 |
| Other Non-Cash Items | 8.46M | 2.23M | 2.26M | 616.76K | 571.48K | 319.02K | 456.69K | 138.39K | 128.58K | 147.08K | 177.1K | 2.43M | 2.82M | 1.75M |
| Working Capital Changes | 261.31K | -60.44K | 21.33K | 267.09K | -155.42K | -956.27K | -353.73K | -36.01K | 23.83K | 643.3K | -559.03K | 75.44K | -76.41K | 190.18K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.8K | -15.8K | 37.07K | -37.07K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -54.84K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 156.34K | -23.84K | -131.21K | 458.48K | -1.92K | -246.47K | 0 | 52.35K | 54.84K | 697.33K | -57.4K | 203.55K | -53.03K | 82.68K |
| Cash from Investing | -52.38K | -161.48K | -100K | -126.7K | -47.72K | -87.5K | -4.72K | 1.93M | -2.4M | -1.01M | -810.81K | 460.75K | -49.95K | -77.7K |
| Capital Expenditures | -52.38K | -161.48K | -100K | -80K | -47.72K | -87.5K | -4.72K | 0 | -2.4M | -2.53K | -10.81K | -1.33K | 0 | -14.71K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | 696.39% | 0.9% | 0.01% | 0.97% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.93M | 0 | -1M | 0 | -430.1K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.93K | -2.4M | 0 | -800K | 462.07K | -50 | -63 |
| Cash from Financing | 17.83M | 2.36M | 10.11M | 3.72M | 6.12M | 3.72M | 10.12M | 3.87M | 6.63M | 3.56M | 0 | 10.41M | 2.47M | 6.13M |
| Debt Issued (Net) | 0 | 0 | 9.05M | 1.5M | 0 | 0 | 5.24M | 0 | 0 | 0 | 0 | 495.07K | 2.47M | 6.13M |
| Equity Issued (Net) | 17.83M | 2.36M | 1.92M | 2.22M | 6.12M | 3.72M | 4.88M | 2.91M | 6.63M | 3.56M | 0 | 1.47M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -870.11K | 0 | 0 | 0 | 0 | 960.87K | 0 | 0 | 0 | 8.45M | 0 | 0 |
| Net Change in Cash | 10.56M | -4.07M | 4.6M | -1.66M | -628.91K | -2.32M | 4.97M | 166.3K | -1.61M | -3.96M | -3.41M | 8.83M | 377.14K | -61.51K |
| Free Cash Flow | -7.27M | -6.43M | -5.51M | -5.33M | -6.75M | -6.04M | -5.15M | -5.63M | -8.24M | -6.52M | -2.61M | -2.04M | -2.05M | -6.13M |
| FCF Margin % | - | - | - | - | - | - | - | -1407.01% | -2391.15% | -2322.64% | -1.56% | -1497.33% | - | - |
| FCF Growth % | -19.8% | -16.69% | -3.32% | 20.99% | -11.67% | -17.35% | 8.58% | 31.64% | -26.41% | -149.93% | -27.67% | 0.15% | 66.62% | - |
| FCF per Share | -0.09 | -0.09 | -0.09 | -0.11 | -0.16 | -0.17 | -0.19 | -0.22 | -0.38 | -0.40 | -0.31 | -0.25 | -0.24 | -0.72 |
| FCF Conversion (FCF/Net Income) | 0.44x | 0.69x | 0.67x | 0.81x | 0.86x | 1.01x | 0.80x | 0.94x | 0.96x | 1.50x | 0.49x | 0.39x | 0.41x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory Permitting Delays
According to quarterly financial data, PZG's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.25 and 0.96, indicating that the company's cash burn is driven by non-discretionary exploration and administrative costs rather than accounting accruals or non-cash charges.
The persistent gap between net income and operating cash flow suggests that the company's losses are primarily cash-based rather than driven by significant non-cash depreciation or amortization. Investors should monitor this relationship as it confirms that the company is consuming actual capital to maintain its mining claims and permitting efforts.
As reported in financial statements, Paramount Gold Nevada exhibits a persistent negative free cash flow trajectory, with quarterly outflows reaching as high as $2.7 million in 2025Q4, reflecting the company's status as a pre-revenue developer with no operational income to offset its ongoing project expenditures.
The lack of positive free cash flow is expected for a junior miner, yet the magnitude of the burn relative to the $1.35 million cash balance warrants concern. This trajectory implies that the company must continue to rely on external financing to sustain its current development-stage operations.
Based on the company's reported figures, capital expenditures remain negligible, with quarterly spending often near zero or nominal amounts, suggesting that the firm is deferring major development-related investments until the regulatory permitting process for the Grassy Mountain project reaches a more definitive and favorable conclusion.
The minimal capex levels indicate that the company is currently in a holding pattern, prioritizing cash preservation over asset development. This strategy appears to be a defensive measure to extend the operational runway until the regulatory environment provides a clearer path to production.
Analysis of the cash flow statements reveals significant volatility in working capital changes, with fluctuations ranging from a $962.8K outflow in 2024Q4 to a $637.0K inflow in 2024Q2, which highlights the unpredictable nature of cash management for a company without a steady revenue stream.
These swings in working capital appear to be driven by the timing of payments for exploration and legal services rather than operational efficiency. The lack of consistent working capital management may indicate that the company is managing its cash position on a project-by-project basis to avoid insolvency.
Quick answers to the most common questions about buying PZG stock.
Paramount Gold Nevada Corp. (PZG) generated $-6.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Paramount Gold Nevada Corp. (PZG) reported negative free cash flow of $6.4M in 2025, indicating capital requirements exceeded cash from operations.
Paramount Gold Nevada Corp. (PZG) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.