Patriot Gold Corp.

What they do

Patriot Gold acquires, explores and develops natural resource properties, with interests in mining claims in Nevada. The company holds a royalty on the Moss Mine and is exploring its Windy Peak project, where drilling and exploration expenditures were temporarily paused in 2026. It has no producing mining operations of its own; revenue is royalty-based rather than from metal sales.

Revenue drivers

• Moss Mine royalty — The sole reported revenue source; generated $1,777,840 in the three months and six months ended June 30, 2026 versus $0 in the comparable 2025 periods.
• Royalty receivables — Royalties receivables of $302,228 were on the balance sheet at June 30, 2026, representing amounts due from the Moss Mine royalty.
• Exploration properties (Windy Peak) — Exploration-stage only; no revenue. Mineral and exploration expenses were $26,293 for the six months ended June 30, 2026, reduced by a temporary pause in drilling.

Recent performance

For the three months ended June 30, 2026, revenue was $1,777,840 versus $0 a year earlier, producing net income of $1,284,517 compared with a net loss of $574,930. Six-month net income was $1,011,496 versus a $975,036 loss in 2025, driven by the royalty revenue increase, $166,000 lower G&A and $44,000 lower consulting expenses. Cash provided by operations was $224,993 for the six months ended June 30, 2026, versus $277,487 used a year earlier. The company ended the period with $573,666 of cash, $981,663 of total assets and a shareholder deficit of $831,986.

Strategy

The company is exploring and developing its properties and actively reviewing new projects. It expects to incur about $1,000,000 of 2026 operating expenses covering exploration, working capital, and legal, accounting and administrative costs of SEC and Canadian regulatory compliance. Management states cash on hand plus anticipated royalty revenue may not be sufficient to fund planned 2026 operations after accounts payable and convertible notes payable, and it may need additional funding over the next twelve months.

Risks

• Customer/revenue concentration — All reported revenue comes from the single Moss Mine royalty, so any interruption or reduction in that payment would remove essentially all revenue.
• Liquidity and going-concern funding — At June 30, 2026 total liabilities of $1,813,649 exceeded total assets of $981,663, leaving a shareholder deficit of $831,986, and management says cash plus anticipated royalty revenue may not fund 2026 operations.
• Exploration-stage properties — The Windy Peak project is exploration-stage with drilling temporarily paused, so it generates no revenue and carries no proved reserves in the excerpts provided.
• Royalty historical volatility — Annual revenue fell from $1.9M in 2023 to $361,523 in 2024 and $0 in 2025 before the 2026 royalty receipt, showing royalty income can be highly uneven.

Outlook

Management anticipates approximately $1,000,000 of operating costs in 2026, including exploration, working capital and regulatory compliance expenses. It states that current cash plus anticipated royalty revenue may be insufficient to fund planned 2026 operations and that additional funding may be needed within the next twelve months. Net income for the June 30, 2026 periods reflected the Moss Mine royalty and lower G&A, but the company says it has no agreements or arrangements for additional funding.