Patriot Gold Corp. Reports Significant Revenue Decline and Net Loss for Fiscal Year 2024

Patriot Gold Corp. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with revenues dropping to $361,523 from $1,930,348 in the previous year. This decrease in revenue was primarily attributed to a $1,568,825 reduction in royalty income from the Moss Mine, which has faced operational challenges. The company recorded a net loss of $3,148,886, a stark contrast to the net income of $83,632 reported in 2023. The financial strain was further exacerbated by a $1,075,000 increase in income tax expenses and an $868,427 rise in general and administrative costs.

In terms of operational developments, Patriot Gold has been actively engaged in exploration and development programs in Nevada, focusing on its Vernal and Windy Peak projects. The company has not undertaken any financing activities during the fiscal year, and management anticipates needing additional funding to support operations in the coming year. As of December 31, 2024, the company reported total assets of $531,035, primarily consisting of cash and marketable securities, while total liabilities stood at $738,305.

Strategically, the company has faced challenges related to its royalty agreements, particularly with Golden Vertex Corp., the operator of the Moss Mine. In early 2024, Golden Vertex suspended royalty payments to preserve liquidity, prompting Patriot Gold to initiate legal action to recover outstanding payments. This situation has created uncertainty regarding future cash flows and operational viability, as the company relies heavily on these royalties for funding.

Patriot Gold's exploration efforts have included geochemical sampling and geological mapping, with the company holding a 3% royalty on the Moss Mine and a 2% royalty on the Bruner Gold Project. The company has also maintained its focus on its two primary projects, the Vernal and Windy Peak properties, which are still in the early stages of exploration. Despite the setbacks, management remains committed to evaluating the geological merits of these properties and potentially establishing exploration programs to identify economically viable mineralization.

Looking ahead, Patriot Gold Corp. acknowledges the need for additional funding to sustain its operations and exploration activities. The company plans to continue leveraging its existing resources while exploring new opportunities for partnerships or financing. However, the ongoing legal proceedings and the uncertainty surrounding royalty payments may pose significant risks to its operational and financial outlook in the near term.