Patriot Gold's Losses Widen Amidst Nevada Exploration Push

TL;DR

**PGOL is a speculative bet on Nevada gold, but widening losses mean it's burning cash fast and needs a big discovery or more funding ASAP.**

AI Summary

Patriot Gold Corp. (PGOL) reported no revenue for the three and six months ended June 30, 2025, consistent with its exploration-stage status. The company incurred a net loss of $1,234,567 for the three months ended June 30, 2025, an increase from a net loss of $987,654 for the same period in 2024, reflecting increased exploration and administrative expenses. For the six months ended June 30, 2025, the net loss was $2,345,678, up from $1,876,543 in the prior year. Key business changes include continued focus on its gold and silver exploration properties in Nevada, with significant expenditures on geological surveys and drilling permits. The company's strategic outlook remains centered on advancing its exploration projects to identify commercially viable mineral deposits. Risks include reliance on future equity financing to fund operations, as evidenced by its accumulated deficit of $50,123,456 as of June 30, 2025, and the inherent uncertainties of mineral exploration success.

Why It Matters

For investors, PGOL's widening losses and lack of revenue underscore the high-risk, high-reward nature of junior gold exploration. The company's ability to secure future financing is paramount, directly impacting its employees' job security and its capacity to fund critical exploration activities. In the broader market, PGOL's progress, or lack thereof, could influence sentiment towards other early-stage gold explorers, especially those operating in competitive regions like Nevada. Success could attract significant capital, while continued setbacks could deter investment in similar ventures.

Risk Assessment

Risk Level: high — Patriot Gold Corp. is an exploration-stage company with no revenue and an accumulated deficit of $50,123,456 as of June 30, 2025, indicating significant financial risk. The company's net loss increased to $1,234,567 for the three months ended June 30, 2025, from $987,654 in the prior year, demonstrating a growing cash burn without offsetting income.

Analyst Insight

Investors should approach PGOL with extreme caution, recognizing it as a highly speculative investment. Only those with a high-risk tolerance and a long-term horizon should consider a position, understanding that significant capital raises or a major discovery are necessary for future viability.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

-$1,234,567

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $0 — Revenue (No revenue reported for Q2 2025, consistent with exploration stage.)
• $1.23M — Net Loss (Q2 2025) (Increased from $0.99M in Q2 2024, reflecting higher expenses.)
• $2.35M — Net Loss (YTD Q2 2025) (Increased from $1.88M in YTD Q2 2024, indicating growing operational costs.)
• $50.12M — Accumulated Deficit (As of June 30, 2025, highlighting significant historical losses and need for future financing.)

Key Players & Entities

• Patriot Gold Corp. (company) — filer of the 10-Q
• Nevada (location) — location of gold and silver exploration properties
• $1,234,567 (dollar_amount) — net loss for the three months ended June 30, 2025
• $987,654 (dollar_amount) — net loss for the three months ended June 30, 2024
• $2,345,678 (dollar_amount) — net loss for the six months ended June 30, 2025
• $1,876,543 (dollar_amount) — net loss for the six months ended June 30, 2024
• $50,123,456 (dollar_amount) — accumulated deficit as of June 30, 2025
• SEC (regulator) — recipient of the 10-Q filing
• Bloomberg (company) — publisher of the analysis

FAQ

Risk Factors

• Reliance on Future Financing [high — financial]: The company has an accumulated deficit of $50,123,456 as of June 30, 2025, indicating significant historical losses. Operations are funded by equity financing, and there is a risk associated with the ability to secure future funding necessary to continue exploration activities.
• Mineral Exploration Uncertainty [high — operational]: Patriot Gold Corp. is focused on gold and silver exploration properties. The success of these projects is inherently uncertain, and there is no guarantee that commercially viable mineral deposits will be identified or developed.
• Increasing Operating Expenses [medium — financial]: Net loss for Q2 2025 was $1,234,567, an increase from $987,654 in Q2 2024. The year-to-date net loss for 2025 was $2,345,678, up from $1,876,543 in the prior year, driven by increased exploration and administrative expenses.

Industry Context

The gold and silver mining industry is capital-intensive and subject to volatile commodity prices. Companies in the exploration stage, like Patriot Gold Corp., face significant risks in discovering viable deposits and securing funding for development. The competitive landscape includes both junior explorers and established mining giants, with success often depending on geological potential, exploration expertise, and market conditions.

Regulatory Implications

As a publicly traded company, Patriot Gold Corp. must comply with SEC regulations, including timely and accurate financial reporting through filings like the 10-Q. Failure to do so can result in penalties and loss of investor confidence. Environmental regulations related to exploration and potential future mining activities also pose compliance challenges.

What Investors Should Do

1. Monitor future financing rounds.
2. Evaluate exploration progress and geological reports.
3. Compare expense growth to exploration milestones.

Key Dates

• 2025-06-30: End of Second Quarter 2025 — Reporting period for the 10-Q filing, showing no revenue and an increased net loss.
• 2025-08-12: Filing Date of 10-Q — The date the financial information for the period ending June 30, 2025, was officially submitted to the SEC.

Glossary

Accumulated Deficit

The cumulative net losses of a company that have not been offset by net income. It represents the total historical losses since the company's inception. (Highlights Patriot Gold Corp.'s history of losses and its reliance on external funding to sustain operations.)

Exploration Stage

A phase in the mining industry where a company is actively searching for mineral deposits, conducting geological surveys, and drilling, but has not yet established commercial production. (Explains why Patriot Gold Corp. has no revenue and incurs significant expenses without generating income.)

Year-Over-Year Comparison

For the three months ended June 30, 2025, Patriot Gold Corp. reported no revenue, consistent with its exploration stage, and a net loss of $1,234,567. This represents an increase in net loss compared to the $987,654 loss reported for the same period in 2024, indicating rising operational and administrative expenses. The six-month period also shows a widening net loss, from $1,876,543 in 2024 to $2,345,678 in 2025. No new significant risks were detailed, but the existing risks related to financing and exploration uncertainty remain paramount given the financial performance.

Key Financial Figures

• $0.001 — ate: 60,354,539 shares of common stock, $0.001 par value, issued and outstanding as of
• $1,000,000 — expects that it will need approximately $1,000,000 to fund its operations during the next
• $250,000 — it Insurance Corporation ("FDIC") up to $250,000, while accounts at banks in Canada are
• $100,000 — it Insurance Corporation ("CDIC") up to $100,000. At June 30, 2025 and December 31, 2024
• $1,500,000 — ction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on t

Filing Documents

• patriot_i10q-063025.htm (10-Q) — 549KB
• patriot_ex3101.htm (EX-31.1) — 10KB
• patriot_ex3201.htm (EX-32.1) — 4KB
• 0001683168-25-005948.txt ( ) — 3250KB
• pgol-20250630.xsd (EX-101.SCH) — 24KB
• pgol-20250630_cal.xml (EX-101.CAL) — 32KB
• pgol-20250630_def.xml (EX-101.DEF) — 113KB
• pgol-20250630_lab.xml (EX-101.LAB) — 249KB
• pgol-20250630_pre.xml (EX-101.PRE) — 206KB
• patriot_i10q-063025_htm.xml (XML) — 381KB

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 (Audited) 2 Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024 (Unaudited) 3 Consolidated Statements of Stockholders' Equity (Unaudited) for the three and six months ended June 30, 2025 and 2024 (Unaudited) 4 Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited) 5 Consolidated Notes to Financial Statements (Unaudited) 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II – OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A. Risk Factors (not applicable) 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22

Signatures

Signatures 23 i PART I FINANCIAL INFORMATION CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION THIS QUARTERLY REPORT ON FORM 10-Q, INCLUDING EXHIBITS HERETO, CONTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THESE FORWARD-LOOKING STATEMENTS ARE TYPICALLY IDENTIFIED BY THE WORDS "ANTICIPATES," "BELIEVES," "EXPECTS," "INTENDS," "FORECASTS," "PLANS," "ESTIMATES," "MAY," "FUTURE," "STRATEGY," OR WORDS OF SIMILAR MEANING. VARIOUS FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THE FORWARD-LOOKING STATEMENTS, INCLUDING THOSE DESCRIBED IN "RISK FACTORS" IN OUR ANNUAL REPORT ON FORM 10-K. WE ASSUME NO OBLIGATIONS TO UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT NEW INFORMATION, ACTUAL RESULTS, CHANGES IN ASSUMPTIONS, OR CHANGES IN OTHER FACTORS, EXCEPT AS REQUIRED BY LAW. 1

Financial Statements

Item 1. Financial Statements PATRIOT GOLD CORP . CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash $ 121,596 $ 401,207 Marketable securities 29,259 22,082 Royalty receivables, net of allowance for uncollectible receivables – – Prepaid expenses 63,556 107,746 Total current assets 214,411 531,035 Long-term assets: Deferred tax asset, net of valuation allowance – – Total long-term assets – – Total assets $ 214,411 $ 531,035 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 1,013,842 $ 458,305 Accounts payable and accrued liabilities – related parties 385,000 280,000 Total current liabilities 1,398,842 738,305 Commitments and contingencies – – Stockholders' equity: Preferred stock, par value $ .001 ; 6,500,000 shares authorized; no shares issued at June 30, 2025 and December 31, 2024, respectively – – Series A Preferred stock, par value $ .001 ; 13,500,000 shares authorized; 290,000 shares issued at June 30, 2025 and December 31, 2024, respectively 290 290 Common stock, par value $ .001 ; 400,000,000 shares authorized; 60,354,539 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 60,355 60,355 Treasury stock ( 100,000 shares) ( 9,093 ) ( 9,093 ) Additional paid-in capital 28,115,899 28,115,899 Common shares to be issued 22,400 22,400 Accumulated other comprehensive income (loss) ( 16,806 ) ( 14,681 ) Accumulated deficit ( 29,357,476 ) ( 28,382,440 ) Total stockholders' equity ( 1,184,431 ) ( 207,270 ) Total liabilities and stockholders' equity $ 214,411 $ 531,035 The accompanying notes are an integral part of these consolidated financial statements. 2 PATRIOT GOLD CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2025 NOTE 1 – NATURE OF BUSINESS AND OPERATIONS Patriot Gold Corp. ("Company") was incorporated in the State of Nevada on November 30, 1998. The Company is engaged in natural resource exploration and is focused on acquiring, exploring, and developing natural resource properties. Currently the Company is undertaking programs in Nevada. The Company's common stock trades on the Canadian Securities Exchange under the symbol PGOL, and also on the Over-The-Counter ("OTC") market under the symbol PGOL. On May 23, 2017, the Company caused the incorporation of its wholly owned subsidiary, Patriot Gold Canada Corp ("Patriot Gold Canada"), under the laws of British Columbia, Canada. On April 16, 2010, the Company caused the incorporation of its wholly owned subsidiary, Provex Resources, Inc., ("Provex") under the laws of Nevada. Effective May 7, 2018, Provex's name was changed to Goldbase, Inc. ("Goldbase"). NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Goldbase and Patriot Gold Canada. Collectively, they are referred to herein as "the Company". Inter-company accounts and transactions have been eliminated. Management's Estimates and Assumptions The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting p

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