Paramount Gold Nevada

PZG on NYSEAmerican. Market value $99m.

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Why it could be worth it

Nothing stands out yet.

Read the warning sign in its own filings

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Who owns it

None of the long-term investors we follow own it. 42 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • ALBERT FRIEDBERG
    Passive investor
    at least 13.5%
    (filed with 2 related holders)
    Since 13 June 2025
  • Yuan Fangjian
    Passive investor
    8.5%
    Since 3 February 2026
  • Seabridge Gold Inc.
    Passive investor
    Sold down below 5%
    Since 16 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Paramount Gold Nevada’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Sep 2026, and no later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “As a result of our evaluation of the Company’s liquidity for the next twelve months, we have included a discussion about our ability to continue as a going concern in our consolidated financial statements, and our independent auditor’s report for the year ended June 30, 2026 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” Our capital needs have, in recent years, been funded through sales of our debt and equity securities, including debt convertible into royalty interests.”
    Show the full paragraph
    We have incurred significant losses since our inception and expect to continue to incur losses as a result of costs and expenses related to maintaining our properties and general and administrative expenses. As of June 30, 2026, we had cash of approximately $9.9 million and an accumulated deficit of approximately $107 million. As a result of our evaluation of the Company’s liquidity for the next twelve months, we have included a discussion about our ability to continue as a going concern in our consolidated financial statements, and our independent auditor’s report for the year ended June 30, 2026 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” Our capital needs have, in recent years, been funded through sales of our debt and equity securities, including debt convertible into royalty interests. In the event that we are unable to raise sufficient additional funds, we may be required to delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our business, operating results, financial condition, long-term prospects and ability to continue as a viable business.

    From the 10-K filed 17 September 2026, Item 1A. Risk Factors. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.