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Reclamation and Environmental | 3 Months Ended
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Sep. 30, 2024
Environmental Remediation Obligations [Abstract] |
Reclamation and Environmental | Note 8. Reclamation and Environmental Reclamation and environmental costs are based principally on legal requirements. Management estimates costs associated with reclamation of mineral properties and properties under mine closure. On an ongoing basis the Company evaluates its estimates and assumptions; however, actual amounts could differ from those based on estimates and assumptions. The Company has posted several cash bonds as financial security to satisfy reclamation requirements. The balance of posted cash reclamation bonds at September 30, 2024 is $546,176 (June 30, 2024 - $546,176). Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection (“NDEP”). Paramount has estimated the undiscounted reclamation costs for existing disturbances at the Sleeper Gold Project required by the BLM to be $3,822,047. These costs are expected to be incurred between the calendar years 2024 and 2060. At September 30, 2024, Paramount has also estimated undiscounted reclamation cost as required by the NDEP to be $2,301,259. These costs are expected to be incurred between calendar years 2024 and 2041. The sum of expected costs by year are discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay for the reclamation to the time it incurs the obligation. The asset retirement obligation for the Sleeper Gold Project recorded on the balance sheet is equal to the present value of the estimated reclamation costs as required by both the BLM and NDEP. The following variables were used in the calculation for the periods ending September 30, 2024 and June 30, 2024:
|  | Three Months Ended September 30, 2024 |  |  | Year Ended June 30, 2024 |
Weighted-average credit adjusted risk free rate |  |  | 9.93 | % |  |  | 9.93 | %
Weighted-average inflation rate |  |  | 2.53 | % |  |  | 2.53 | %
Changes to the Company’s reclamation and environmental costs for the Sleeper Gold Mine for the three month period ended September 30, 2024 and the year ended June 30, 2024 are as follows:
|  | Three Months Ended September 30, 2024 |  |  | Year Ended June 30, 2024 |
Balance at beginning of period |  | $ | 2,270,288 |  |  | $ | 4,436,902 |
Accretion expense |  |  | 88,555 |  |  |  | 442,234 |
Additions and change in estimates |  |  | — |  |  |  | (84,295 | )
Settlements |  |  | (30,000 | ) |  |  | (2,524,553 | )
Balance at end of period |  | $ | 2,328,843 |  |  | $ | 2,270,288 |
The balance of the reclamation and environmental obligation of $$2,328,843 at September 30, 2024 (June 30, 2024 -$2,270,288) is comprised of a current portion of $120,000 (June 30, 2024 -$120,000) and a non-current portion of $2,208,843 (June 30, 2024 - $2,150,288). The Company recorded an accretion expense for the three months ended September 30, 2024 and 2023 of $88,555 and $110,559.

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- Definition The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-10 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-10 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481899/410-30-55-11 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481899/410-30-55-16 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-30/tableOfContent Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-10 Reference 7: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-10 Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-10 Reference 9: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-10 Reference 10: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d)(5) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-10 Reference 11: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-11 Reference 12: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-14 Reference 13: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481931/410-30-50-17 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 410 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481899/410-30-55-17 + Details
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