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Patriot Gold Corp. (PGOL)

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Last Post: 3/31/2022 11:53:01 PM - Followers: 25 - Board type: Free - Posts Today: 0

Patriot Gold Corp Due Diligence Report (Gold Royalty & Exploration Company) - Created December 30th 2020

All information below can be found at www.Sedar.com

Stock Ticker: PGOL - Same ticker for Canadian & US Exchanges
Price: $0.20 CDN & $0.14 USD
Common Shares: 74,319,957
Insider Holdings: 36,752,750 or 49.5% - See Annual Information
Company Website: www.patriotgoldcorp.com

Basic description: PGOL owns 3 royalties (1 producing) and 3 exploration properties. The producing Moss Mine has a 10 year life (started in 2018), which is currently being increased by Northern Vortex. The company clearly states in their most recent presentation that they want to ramp up production, which would mean multi million dollar royalty payments for Patriot Gold every year. NEE.V is also increasing it’s resource as we speak, so royalty payments will for sure exceed the 10 years - https://www.northernvertex.com/investors/presentations/
You can get free Level 2(Market Depth) for each exchange at the following websites:

Canada: https://www.thecse.com/en/listings/mining/patriot-gold-corp

USA: https://www.otcmarkets.com/stock/PGOL/quote#level-2

Financials (Ending September 30th 2020) - All numbers are in US Dollars

Cash: $583,866
Marketable Securities: $224,554
Royalty Receivables: $1,159,856
Prepaid Expenses: $109,339
Long Term Assets: $300,000
Total Assets: $2,377,615

Accounts Payable: $171,852
Total Liabilities: $171,852

9 Month Revenue Performance
Royalty payments: $1,734,325
Net Income: $1,107,495
Earnings Per Share: $0.015 USD or $0.0193 CAD

Note: Patriot Gold has set a budget of $1,000,000 for it's G&A + exploration expenses in 2020

Royalty Interests

Pursuant to the Purchase and Sale Agreement with Golden Vertex, the Company has a 3% net smelter return royalty on the Moss Mine in Arizona. For the nine months ended September 30, 2020 and 2019, the Company earned royalties of $1,734,325 and $973,271, respectively. As of September 30, 2020 and December 31, 2019, the Company had Royalties Receivables of $1,159,856 and $487,060, respectively.

Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources, the Company has a 2% net smelter return royalty on the Bruner Gold/Silver mine in Nevada. As of September 30, 2020, no royalties have yet been earned.  (This asset has a high grade proven gold/silver resource)

In March 2019, the Company purchased a Vanadium Oxide royalty interest from a related party. In exchange for a non-refundable payment of $300,000, the Company will receive royalties based on the gross production of Vanadium Oxide (“Vanadium”) from a bitumen deposit covering several oil sands leases in Alberta. For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier, the Company will be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred. As of September 30, 2019, $240,000 has been paid, and the remaining $60,000 was paid in installments through December 31, 2019. As of September 30, 2020, no royalties have yet been earned.

Mineral Properties

Windy Peak Property

The Windy Peak Property, (“Windy Peak”) consists of 114 unpatented mineral claims covering approximately 2,337 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the Fairview mining district in southwest Nevada. As of September 30, 2020, the company has incurred approximately $801,025 of exploration expenses on the Windy Peak Property, and$113,816 and $124,056 were spent for the nine months ended September 30, 2020 and 2019, respectively.

Rainbow Mountain Property

In the fall of 2018, after conducting initial reconnaissance of the Rainbow Mountain, the Company acquired the Rainbow Mountain Property (“Rainbow Mountain”). This early-stage exploration project was secured through staking and filing the associated paperwork and fees with the BLM and County.
The Rainbow Mountain gold project consists of 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state of Nevada. Access to the project area is by paved highway, followed by a short stretch of gravel road.
Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of September 30, 2020, the company has incurred approximately $101,208 of fees and exploration expenses on the Rainbow Mountain Property, and $13,194 and $2,160 were spent for the nine months ended September 30, 2020 and 2019, respectively.

Bruner and Vernal Properties

On May 28, 2010 the Company entered into an exclusive right and option agreement with Canamex Resources Corp. (“Canamex”) whereby Canamex could earn a 70% (or up to 75% if a bankable feasibility study is performed) undivided interest in the Bruner, and Bruner Expansion properties, herein after collectively referred to as the “Bruner Properties”. Upon the completion of the terms of the Agreement by Canamex, and upon earning its initial interest, the parties agreed to negotiate a definitive joint venture agreement in good faith to supersede the agreement. During the first half of 2016, it was determined by the Company that Canamex had successfully earned a 70% interest in the Bruner Property according to the terms of the Bruner Option Agreement.

On April 25, 2017, the Company and Canamex Resources Corp. entered into a purchase and sale agreement (“Bruner Purchase and Sale Agreement”) whereby Canamex Resources purchased Patriot Gold's 30% working interest in the Bruner gold/silver mine for US$1,000,000 cash. The Company retains a two percent net smelter return (“NSR”) royalty on the Bruner properties including any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex has the option to buy-down half of the NSR royalty retained by Patriot for US$5 million any time during a five-year period following closing of the purchase and sale agreement.

As of September 30, 2020, the Company has incurred approximately $89,616 of accumulated option and exploration expenses on the Vernal property. During the nine months ended September 30, 2020 and 2019, the Company incurred no exploration expenses on the Vernal property, respectively.
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#211   Patriot Gold Corp Year End Results. Numbers are JonnyRBuck12 03/31/22 11:53:01 PM
#210   You're welcome, I've also been averaging down. Crazy JonnyRBuck12 02/02/22 08:30:31 PM
#209   Thanks for the update. I've been building Bmrboy 01/31/22 11:58:52 AM
#208   Endeavours January 2022 company presentation mentioning some facts JonnyRBuck12 01/25/22 09:57:57 AM
#207   As well, here's what Endeavour's CEO said once JonnyRBuck12 01/04/22 06:35:15 PM
#206   Looks like time is running out for Endeavour JonnyRBuck12 01/03/22 01:35:50 PM
#205   PGOL (Patriot Gold Corp) Value Review for H1 2021 JonnyRBuck12 10/25/21 09:40:56 AM
#204   Updated 43-101 report announced today by Elevation Gold JonnyRBuck12 10/21/21 08:55:26 AM
#203   Here's the news release from Endeavour Silver and JonnyRBuck12 09/01/21 08:34:09 PM
#202   Asset sale of Bruner from CSQ.C to EDR.T JonnyRBuck12 08/31/21 09:11:41 PM
#201   PGOL Performance Chart - All Numbers In US Dollars JonnyRBuck12 08/27/21 07:19:40 PM
#200   Patriot Gold Corp Q2 2021 Results Summary JonnyRBuck12 08/15/21 03:36:18 PM
#199   Me too. My guess is they will likely JonnyRBuck12 07/27/21 11:06:39 AM
#198   Patriot Gold drills 170 ft of 0.629 ppm JonnyRBuck12 07/27/21 11:05:55 AM
#197   Hope company PRs this! eom7 07/21/21 11:16:24 AM
#196   Canamex To Sell Bruner To Endeavour Silver - JonnyRBuck12 07/19/21 05:32:42 PM
#195   PGOL had a good quarter, despite much lower JonnyRBuck12 05/25/21 10:05:59 AM
#194   Near break even quarter reported with a $9.5k zenvesting 05/16/21 01:02:48 PM
#193   Northern Vertex announced their first quarter results this JonnyRBuck12 04/22/21 10:00:05 AM
#192   Patriot Gold Corp Audited Year End Results JonnyRBuck12 04/16/21 11:27:12 AM
#191   After a couple years of doing nothing with JonnyRBuck12 04/06/21 02:18:56 PM
#190   Northern Vertex finally released a new company presentation JonnyRBuck12 03/22/21 06:11:42 PM
#189   PGOL put out another monthly report yesterday on JonnyRBuck12 03/02/21 12:35:15 PM
#188   PGOL does not mine Moss in Arizona, that JonnyRBuck12 03/02/21 12:32:28 PM
#187   Is this company actively mining? If so; is Shockerj 02/22/21 08:53:31 PM
#186   Let me get this right Neo Lithium in blackhawks12 02/22/21 06:12:14 PM
#185   The merger between NEE and EGLD is now JonnyRBuck12 02/10/21 08:45:58 AM
#184   CSE update came out. Looks like Windy Peak JonnyRBuck12 02/02/21 01:52:20 PM
#183   Two important articles out yesterday and today. JonnyRBuck12 01/19/21 03:43:11 PM
#182   https://www.barchart.com/stocks/quotes/PGOL/opinion Patriot Gold Corp (PGOL) JonnyRBuck12 01/18/21 11:12:43 AM
#181   PGOL Insider/Institutional Holdings at 50%. Information can be JonnyRBuck12 01/15/21 10:14:44 AM
#180   Drilling Commencing at Patriot Gold's Windy Peak Gold JonnyRBuck12 01/06/21 10:00:21 AM
#179   December 21, 2020 Kitco Interview With Northern Vertex JonnyRBuck12 01/05/21 02:17:27 PM
#178   Some extra information here. PGOL is required to JonnyRBuck12 01/05/21 10:34:00 AM
#177   Moderator needs to change which section we are JonnyRBuck12 01/04/21 02:04:08 PM
#176   News: Drilling to Commence at Patriot Gold's Rainbow JonnyRBuck12 01/04/21 02:01:42 PM
#175   Patriot Gold Corp Due Diligence Report (Gold Royalty JonnyRBuck12 01/04/21 09:09:37 AM
#174   It has potential! Financial markets could leap to maverick one 11/27/20 07:24:14 PM
#173   Profitable Junior Miner! eom7 11/17/20 08:52:09 AM
#172   Nice EOM- thanks! maverick one 09/26/20 03:45:30 PM
#171   Yep... this could see a nice run. eom7 09/12/20 10:33:32 AM
#170   very nice, keeps going up but it’s silent. T4KingOff 09/11/20 11:38:03 PM
#169   .10 on good vol! eom7 09/11/20 01:32:12 PM
#168   Patriot Gold Provides Shareholder Update eom7 09/08/20 03:22:23 PM
#167   Eom thanks for heads up buddy. maverick one 08/16/20 07:13:57 PM
#166   Hey y’all new here, doing initial DD. maverick one 08/16/20 05:29:57 PM
#165   Wish I got more at .04 - .05. eom7 08/03/20 09:58:57 PM
#164   Indeed, people finally taking notice T4KingOff 08/03/20 09:33:12 PM
#163   You still holding .03s? eom7 08/03/20 11:31:22 AM
#162   Looking good eom7 07/22/20 02:50:04 PM
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