Patriot Gold Corp. is a mineral exploration company primarily engaged in exploring and developing gold properties in Nevada, with revenue mainly from royalty interests such as a 3% net smelter return royalty on the Moss Mine in Arizona.

# Patriot Gold Corp. Overview

**Business Focus:**  
Patriot Gold Corp. is engaged in natural resource exploration, primarily focusing on gold properties. The company acquires, explores, and develops natural resource properties located in Nevada, United States.

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## Core Activities & Operations:
- **Primary Business:** Exploration and development of mineral resource properties, mainly gold.
- **Royalty Interests:** The company holds royalty interests on various properties, generating revenue from these royalties.
  
## Key Properties:
- **Royalty from Moss Mine:**
  - **Type:** 3% net smelter return royalty
  - **Location:** Mohave County, Arizona
  - **Status:** The only property with current production, but royalty payments were suspended in early 2024 due to liquidity preservation measures by the operator.
  - **Revenue:** $361,523 in royalties earned in 2024 (down from $1,930,348 in 2023)
  - **Receivables:** As of December 31, 2024, royalty receivables net of allowance were $0 (vs. $358,645 in 2023)

- **Vernal Property:**
  - **Type:** Unpatented mining claims
  - **Location:** Western Nevada, approximately 140 miles east-southeast of Reno
  - **Size:** 12 claims covering ~248 acres
  - **Interest:** 100% interest, subject to royalty interests
  - **Exploration:** Conducted geologic mapping, trenching, rock sampling; exploration expenses of ~$102,000 as of 2024
  
- **Windy Peak Property:**
  - **Type:** Unpatented mineral claims
  - **Location:** Churchill County, Nevada
  - **Size:** 118 claims covering ~2,419 acres
  - **Interest:** Held via federal land claims, with ongoing exploration activities
  - **Expenses:** Approximately $1,996,635 spent by December 2024

- **Rainbow Mountain Property:**
  - **Status:** Claims relinquished in 2021; reclamation completed with refunds received

- **Bruner Gold Project (Non-Material):**
  - **Location:** Approximately 130 miles east-southeast of Reno, Nevada
  - **Interest:** Company holds a royalty interest (2% NSR), not ownership
  - **Status:** No proven reserves; exploration ongoing

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## Revenue & Financials (2024):
- **Total Revenue (Royalties):** $361,523 (a decrease from $1,930,348 in 2023)
- **Net Income (Loss):** -$3,148,886 (a significant loss; compared to net income of $83,632 in 2023)
- **Expenses:** 
  - Mineral costs: ~$370,000
  - General and administrative expenses: ~$1.4 million
  - Exploration costs: ~$370,000
- **Assets (Dec 31, 2024):** $531,035
  - Major component: $401,207 in cash
- **Liabilities:** $738,305, primarily accounts payable and accrued expenses

## Employees & Management:
- **Number of Employees:** None specified; operations are overseen by officers and directors as needed
- **Management Team:**
  - **Trevor Newton:** President and CEO (also CFO, Secretary, Treasurer)
  - **Robert Coale:** Chairman of the Board
  - **Zachary Black:** Director, Resource Geologist
  
## Customer Base:
- No explicit information about customers; revenue is derived from royalty interests, specifically from mineral sales at the Moss Mine.

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## Summary:
Patriot Gold Corp. is a mineral exploration company that primarily earns revenue through royalty interests, especially its 3% net smelter return royalty on the Moss Mine in Arizona. Its operations involve exploration activities in Nevada on properties such as Vernal and Windy Peak, with ongoing legal and financial challenges related to royalty payments. The company does not currently own any mineral reserves but pursues exploration projects with substantial expenses and minimal current revenue. Its financial position is strained, with significant net losses and liabilities exceeding assets as of December 31, 2024.

Patriot Gold Corp is a natural resource company focused on the acquisition and exploration of gold properties, primarily generating revenue through royalty interests from producing mines like the Moss Mine in Nevada.

# Company Overview: Patriot Gold Corp

## Business Activities
Patriot Gold Corp is engaged in the acquisition, exploration, and development of natural resource properties, with a primary focus on gold. The company has been active in the natural resource sector since June 2003 and is currently undertaking exploration and development programs in Nevada.

### Key Operations
- The company holds royalty interests in several properties, with its most significant being the **Moss Mine** and the **Bruner Gold Project**.
- The **Moss Mine** is operated by Golden Vertex Corp, and Patriot Gold holds a **3% net smelter return (NSR)** royalty on the mine's production. The Moss Mine uses heap leaching to extract gold and silver from ore.
- The **Bruner Gold Project** consists of royalty interests but is not deemed material to the business due to a lack of proven reserves.

## Properties & Projects
1. **Moss Mine**: 
   - Location: Oatman District, Arizona.
   - Type: Producing mine generating revenue through a **3% NSR royalty**.
   - Operator: Golden Vertex Corp.
   
2. **Vernal Property**:
   - Location: Central Nevada.
   - Composition: 12 unpatented mining claims (248 acres).
   - Status: Exploration stage.

3. **Windy Peak Property**:
   - Location: West Central Nevada.
   - Composition: 114 unpatented mineral claims (2,337 acres).
   - Status: Exploration stage.

4. **Bruner Gold Project**:
   - Location: Central Nevada.
   - Status: Holds a **2% NSR royalty** from the property, which does not have proven reserves.

## Financial Highlights
- **Revenue Generation**: The company generates revenue primarily through its royalty interests, particularly from the production at the Moss Mine. 
- The company anticipates that it will not require additional funding for planned operations for the next twelve months due to royalty income from the Moss Mine.
  
### Current Financial Metrics (as of end of fiscal year 2023)
- **Revenue**: Specific revenue figures are not detailed in the text, but the company does benefit from royalty income.
- **Income**: Patriot Gold recognized a gain on the sale of mineral properties (Bruner project), amounting to **$1,000,000** in its consolidated statement of operations.
  
## Employees and Management
- The company is currently operated by its officers and directors who provide planning and organizational services on an as-needed basis. It does not maintain a full-time employee workforce and relies on service providers and exploration partners for fieldwork.
  
## Customer Base
- The company's royalty interests position it primarily as a beneficiary of other mining companies' production activities (Golden Vertex Corp and Endeavour Silver Corp), rather than as a direct operator with a customer base.

## Risks and Considerations
The exploration and mining business is inherently risky, with many undiscovered and undeveloped properties not leading to commercially viable operations. Increased competition, regulatory compliance, funding requirements, and environmental considerations are significant factors that can impact the company's operations and financial health.

In summary, **Patriot Gold Corp** actively engages in natural resource exploration, focusing on gold while managing exploration projects and deriving revenue through strategic royalty agreements.

PATRIOT GOLD CORP

10-K / April 9, 2025

10-K / March 29, 2024

10-K / April 9, 2025

Patriot Gold Corp. Overview

Core Activities & Operations:

Key Properties:

Revenue & Financials (2024):

Employees & Management:

Customer Base:

Summary: