Patriot Gold Corp. reported significant financial challenges in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company experienced a net loss from operations of $(353,047) for the third quarter, a stark contrast to a net income of $9,839 in the same period of 2023. For the nine-month period, the net loss deepened to $(1,257,791), compared to a profit of $363,304 in the prior year. Comprehensive losses followed a similar trend, with a comprehensive loss of $(364,444) for Q3 2024 versus a gain of $13,982 in Q3 2023, and a nine-month comprehensive loss of $(1,233,993) compared to a gain of $350,401 in 2023.

Revenue from royalties, a critical income source for the company, plummeted to $0 in Q3 2024, down from $509,250 in Q3 2023. For the nine months ended September 30, 2024, royalty revenue totaled $361,523, significantly lower than $1,429,835 in the same period of 2023. This decline is attributed to the suspension of royalty payments by Golden Vertex, which filed for bankruptcy in August 2024. The company has initiated legal action to recover owed amounts.

Total assets decreased to $1,993,061 as of September 30, 2024, from $3,313,041 at the end of 2023. Current assets also fell sharply, with cash dropping to $520,032 from $1,701,720. Total stockholders' equity similarly declined to $1,707,623 from $3,034,976. The company reported a cash outflow from operations of $(1,088,335) for the nine months ended September 30, 2024, compared to an inflow of $824,155 in 2023.

General and administrative expenses surged to $662,726 for the nine months ended September 30, 2024, up from $152,538 in 2023, primarily due to increased consulting fees. Mineral and exploration expenses also rose, totaling $361,553 for the nine months ended September 30, 2024, compared to $237,685 in the previous year, driven by drilling and exploration activities on the Windy Peak project.

The company has no current plans for additional funding and anticipates operating expenses of approximately $1,500,000 for the year, covering exploration and compliance costs. As of September 30, 2024, Patriot Gold Corp. had 60,354,539 shares of common stock outstanding and continues to manage its financial position amid challenging market conditions.