Patriot Gold Corp. reported a significant decline in financial performance for the second quarter of 2025, with revenues dropping to $0 compared to $361,523 in the same period of 2024. The company attributed this decline to a suspension of royalty payments from Golden Vertex Corp., which operates the Moss Mine, due to liquidity issues. The net loss for the three months ended June 30, 2025, was $574,930, an increase from a loss of $502,375 in the prior year. For the six months ending June 30, 2025, the net loss was $975,036, compared to a loss of $869,483 in 2024.
Total assets for Patriot Gold Corp. decreased to $214,411 as of June 30, 2025, down from $531,035 at the end of 2024. The decline in assets was primarily due to a reduction in cash, which fell to $121,596 from $401,207, and an increase in current liabilities, which rose to $1,398,842 from $738,305. The company’s accumulated deficit also widened to $29,357,476, reflecting ongoing operational challenges and the impact of the halted royalty payments.
Operationally, the company has been focusing on its mineral properties in Nevada, particularly the Windy Peak project, where exploration activities have temporarily paused. The total exploration expenses for the Windy Peak property were $39,908 for the first half of 2025, a decrease from $351,572 in the same period of 2024. The company has also incurred general and administrative expenses of $761,242 for the six months ended June 30, 2025, up from $568,782 in 2024, largely due to increased legal fees.
Looking ahead, Patriot Gold Corp. anticipates needing approximately $1,000,000 to fund its operations over the next twelve months, which includes working capital and administrative expenses. The company is exploring various strategies to secure additional funding, including potential equity financing and restructuring operations to enhance revenue and reduce costs. However, management has expressed uncertainty regarding its ability to continue as a going concern without securing the necessary capital. The ongoing litigation with Golden Vertex regarding unpaid royalties adds further complexity to the company's financial outlook.
About PATRIOT GOLD CORP
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