Patriot Gold Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Patriot Gold Corp. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial and operational status.</b>

AI Summary

PATRIOT GOLD CORP (PGOL) filed a Annual Report (10-K) with the SEC on March 29, 2024. Patriot Gold Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Nevada and operates in the Gold & Silver Ores industry (SIC 1040). The filing was made on March 29, 2024. The company's former name was Northern Ostrich Corp., with a name change on June 12, 2001. The business and mailing address is located at 401 Ryland Street, Suite 180, Reno, NV 89502.

Why It Matters

For investors and stakeholders tracking PATRIOT GOLD CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Patriot Gold Corp.'s financial performance, operational activities, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The report includes detailed financial statements and disclosures, allowing stakeholders to understand the company's financial health, including its assets, liabilities, and equity, as well as its performance in the gold and silver mining sector.

Risk Assessment

Risk Level: low — PATRIOT GOLD CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Patriot Gold Corp.'s operational performance and market position.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 20240329 — Filing Date (Date the 10-K was filed)
• 10-K — Form Type (Type of SEC filing)
• 000-32919 — SEC File Number (SEC file number for Patriot Gold Corp.)

Key Players & Entities

• PATRIOT GOLD CORP (company) — Filer name
• 0001683168-24-001879 (filing_id) — Accession number
• 20231231 (date) — Fiscal year end
• 20240329 (date) — Filing date
• NORTHERN OSTRICH CORP (company) — Former company name
• NV (location) — State of incorporation
• Reno (location) — Business address city
• 702-456-9565 (phone) — Business phone

FAQ

Industry Context

Patriot Gold Corp. operates within the Gold & Silver Ores industry, a sector characterized by exploration, development, and production of precious metals.

Regulatory Implications

As a publicly traded company in the mining sector, Patriot Gold Corp. is subject to various regulations from the SEC and potentially environmental and mining-specific regulatory bodies.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine any disclosures related to operational activities, exploration projects, or asset valuations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date Patriot Gold Corp. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Comparative data from the previous year will be available within the detailed financial statements.

Key Financial Figures

• $0.001 — g) of the Exchange Act: Common Stock, $0.001 par value Indicate by check mark if th
• $6 million — greed to spend an aggregate total of US $6 million on exploration and related expenditures
• $500,000 — of the agreement ISGC paid the Company $500,000 USD and agreed to spend an aggregate to
• $8,000,000 — d agreed to spend an aggregate total of $8,000,000 USD on exploration and related expendit
• $1,500,000 — erest in the Moss Gold/Silver Mine for C$1,500,000 (the "Purchase Price") plus a 3% net sm
• $1,200,000 — rty"). The Purchase Price consisted of C$1,200,000 in cash payable at closing and the rema
• $300,000 — h payable at closing and the remaining C$300,000 was paid by the issuance of Northern Ve
• $0.35 — common shares to the Company valued at $0.35 (857,140 shares), issued pursuant to th
• $1.0 million — e Bruner gold/silver mine project for US$1.0 million cash, and the retention of a net smelte
• $5 million — e NSR royalty retained by Patriot for US$5 million any time during a five-year period foll
• $1,000,000 — a gain on sale of mineral properties of $1,000,000 from the sale of the Bruner in its Cons

Filing Documents

• patriotgold_i10k-123123.htm (10-K) — 735KB
• patriotgold_ex2301.htm (EX-23.1) — 2KB
• patriotgold_ex3100.htm (EX-31) — 7KB
• patriotgold_ex3200.htm (EX-32) — 3KB
• image_001.jpg (GRAPHIC) — 21KB
• image_002.jpg (GRAPHIC) — 52KB
• image_003.jpg (GRAPHIC) — 33KB
• image_004.jpg (GRAPHIC) — 29KB
• image_005.jpg (GRAPHIC) — 53KB
• image_006.jpg (GRAPHIC) — 4KB
• image_007.jpg (GRAPHIC) — 3KB
• image_008.jpg (GRAPHIC) — 3KB
• 0001683168-24-001879.txt (&nbsp;) — 4244KB
• pgol-20231231.xsd (EX-101.SCH) — 30KB
• pgol-20231231_cal.xml (EX-101.CAL) — 36KB
• pgol-20231231_def.xml (EX-101.DEF) — 126KB
• pgol-20231231_lab.xml (EX-101.LAB) — 280KB
• pgol-20231231_pre.xml (EX-101.PRE) — 228KB
• patriotgold_i10k-123123_htm.xml (XML) — 396KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 6 Item 1B Unresolved Staff Comments 8 Item 1C Cybersecurity 8 Item 2

Properties

Properties 8 Item 3

Legal Proceedings

Legal Proceedings 18 Item 4 Mine Safety Disclosures 18 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6

Selected Financial Data

Selected Financial Data 20 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 8

Financial Statements

Financial Statements 22 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22 Item 9A

Controls and Procedures

Controls and Procedures 22 Item 9B Other Information 23 PART III Item 10 Directors, Executive Officers and Corporate Governance 24 Item 11

Executive Compensation

Executive Compensation 25 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 27 Item 13 Certain Relationships and Related Transactions, and Director Independence 28 Item 14 Principal Accountant Fees and Services 29 PART IV Item 15 Exhibits, Financial Statement Schedules 30

SIGNATURES

SIGNATURES 31 i Glossary of Mining Terms Adit(s). Historic working driven horizontally, or nearly so into a hillside to explore for and exploit ore. Air track holes. Drill hole constructed with a small portable drill rig using an air-driven hammer. Core holes. A hole in the ground that is left after the process where a hollow drill bit with diamond chip teeth is used to drill into the ground. The center of the hollow drill fills with the core of the rock that is being drilled into, and when the drill is extracted, a hole is left in the ground. Geochemical sampling. Sample of soil, rock, silt, water or vegetation analyzed to detect the presence of valuable metals or other metals which may accompany them. For example, arsenic may indicate the presence of gold. Geologic mapping. Producing a plan and sectional map of the rock types, structure and alteration of a property. Geophysical survey. Electrical, magnetic, gravity and other means used to detect features, which may be associated with mineral deposits. Ground magnetic survey. Recording variations in the earth's magnetic field and plotting same. Ground radiometric survey. A survey of radioactive minerals on the land surface. Leaching . Leaching is a cost-effective process where ore is subjected to a chemical liquid that dissolves the mineral component from ore, and then the liquid is collected and the metals extracted from it. Level(s). Main underground passage driven along a level course to afford access to stopes or workings and provide ventilation and a haulage way for removal of ore. Magnetic lows. An occurrence that may be indicative of a destruction of magnetic minerals by later hydrothermal (hot water) fluids that have come up along faults. These hydrothermal fluids may in turn have carried and deposited precious metals such as gold and/or silver. Patented or Unpatented Mining Claims. In this Annual Report, there are references to "patented" mining claims and "unpatented" mining claims. A pa

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking information. Forward-looking information includes statements relating to future actions, prospective products, future performance or results of current or anticipated products, sales and marketing efforts, costs and expenses, interest rates, outcome of contingencies, financial condition, results of operations, liquidity, business strategies, cost savings, objectives of management of Patriot Gold Corp. (hereinafter referred to as the "Company," "Patriot Gold" or "we") and other matters. Forward-looking information may be included in this Annual Report on Form 10-K or may be incorporated by reference from other documents filed with the Securities and Exchange Commission (the "SEC") by the Company. One can find many of these statements by looking for words including, for example, "believes," "expects," "anticipates," "estimates" or similar expressions in this Annual Report on Form 10-K or in documents incorporated by reference in this Annual Report on Form 10-K. The Company has based the forward-looking statements relating to the Company's operations on management's current expectations, estimates and projections about the Company and the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict. In particular, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, the Company's actual results may differ materially from those contemplated by these forward-looking competition, and other factors. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events. iii PART I The

Description

Item 1. Description of Business. We are engaged in natural resource exploration and acquiring, exploring, and developing natural resource properties. Currently we are undertaking exploration and development programs in Nevada. Development of Business We were incorporated in the State of Nevada on November 30, 1998. In June 2003, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name to Patriot Gold Corp. and moving the Company into its current business of natural resource exploration and mining. On June 17, 2003, the Company adopted a new trading symbol - PGOL- to reflect the name change. The Company has been in the resource exploration and mining business since June 2003. On April 16, 2010, we caused the incorporation of our wholly owned subsidiary, Provex Resources Inc. ("Provex") under the laws of Nevada. On April 16, 2010, the Company entered into an Assignment Agreement with Provex to assign the exclusive option to an undivided right, title and interest in the Bruner and Vernal properties and the Bruner Expansion property to Provex. Pursuant to the Assignment Agreements, Provex assumed the rights, and agreed to perform all of the duties and obligations, of the Company arising under the Bruner and Vernal Property Option Agreement and the Bruner Property Expansion Option Agreement. Provex's only assets are the aforementioned agreements and it does not have any liabilities. On May 28, 2010, Provex entered into an exclusive right and option agreement with Canamex Resources Corp. ("Canamex") whereby Canamex could earn up to 75% in the Bruner and the Bruner Property Expansion. Canamex agreed to spend an aggregate total of US $6 million on exploration and related expenditures over the ensuing seven years whereupon Provex agreed to grant the right and option to earn a vested seventy percent (70%) and an additional five percent (5%) upon delivery of a bankable feasibility study. On February 28, 2

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