Patriot Gold Corp (OTC: PGOL) is a mineral exploration company that holds royalty interests and unpatented mining claims in Nevada and Arizona. Revenue is generated through net smelter return royalties on properties operated by third parties, specifically a 3% NSR royalty on the Moss Mine in western Arizona operated by Golden Vertex Corp. and a 2% NSR royalty on the Bruner gold project in central Nevada operated by Endeavour Silver Corp. As of the 10-K filed April 10, 2026 for fiscal year ended December 31, 2025, the company's auditors issued a going concern opinion, citing a temporary cessation of royalty payments from Golden Vertex, illiquid marketable securities, and insufficient cash to cover estimated minimum operational costs for the next 12 months. Patriot also holds two directly owned exploration-stage properties: the Vernal Property (12 unpatented mining claims, approximately 248 acres, central Nevada) and the Windy Peak Property (118 unpatented mineral claims, approximately 2,419 acres, west central Nevada). Trevor Newton has served as President, CEO, CFO, Secretary, Treasurer, and Director since May 27, 2016.

Revenue model

Royalty income from net smelter returns. Patriot holds a 3% NSR royalty on the Moss Mine (operated by Golden Vertex Corp.) and a 2% NSR royalty on the Bruner gold project (operated by Endeavour Silver Corp.). As of fiscal year ended December 31, 2025, Moss Mine royalty payments were suspended by Golden Vertex, and Patriot initiated legal action to recover outstanding amounts.

Products and services

3% net smelter return royalty on the Moss Mine (western Arizona); 2% net smelter return royalty on the Bruner gold project (central Nevada); 12 unpatented mining claims at the Vernal Property (approximately 248 acres, central Nevada); 118 unpatented mineral claims at the Windy Peak Property (approximately 2,419 acres, west central Nevada).

Customers and end markets

Royalty revenue is dependent on the operating output of third-party mine operators: Golden Vertex Corp. (Moss Mine) and Endeavour Silver Corp. (Bruner gold project). End market is gold and silver production. No direct customers or diversified end-market base disclosed in the filing.

Value-chain role

Royalty holder and junior exploration-stage company. Patriot does not operate mines or process ore. It collects NSR royalties from third-party operators and conducts early-stage exploration on directly owned claim blocks.

Geographic exposure

Western Arizona (Moss Mine royalty); central Nevada (Bruner royalty, Vernal Property); west central Nevada (Windy Peak Property). All operations are within the United States.

Source: SEC 10-K, filed 2026-04-10

Industry: Gold and Silver Ores Peers: Star Alliance International Corp. Newmont Corporation Exousia Pro Inc Paramount Gold Nevada Corp American Clean Resources Group Inc Thunder Mountain Gold Inc