Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2016auditor change● Neutral
Peterson Sullivan declined reappointment as auditor after deciding to deregister from the Canadian accountability board Patriot's Canadian filings required, not over any dispute; the company engaged Fruci & Associates II.
19 May 2016asset acquisition disposition▲ GoodMajor
With Northern Vertex having completed its 70% earn-in at Moss Mine, Patriot Gold sold its remaining 30% working interest to Northern Vertex's subsidiary Golden Vertex Corp for C$1.5 million cash while keeping a 3% net smelter royalty - a full exit from its flagship project into a cash-plus-royalty position.
Patriot Gold dismissed auditor Robison, Hill & Co (no disagreements, but going-concern doubt flagged in the prior two years) and engaged Peterson Sullivan.
Patriot Gold reported the Moss Mine project on track: infill drilling and bulk sampling were advancing a three-phase development plan, a Preliminary Economic Assessment was due in March, and pilot-scale production was targeted for the following quarter.
Northern Vertex Mining Corp. agreed to earn a 70% interest in Patriot Gold's Moss Mine gold-silver project in Mohave County, Arizona - paying Patriot $500,000 up front and committing to spend $8 million on exploration over five years before the two would form a 70/30 joint venture.
Patriot Gold terminated all four of its MinQuest-linked Nevada properties - Whiskey Flat, NK, Wheepah and Imperial - which had been assigned to its subsidiary Provex Resources, ending its relationship with MinQuest entirely.
The company optioned a new property - 28 patented claims and millsites in Nye County, Nevada - from American International Ventures, paying $30,000 up front against a payment schedule escalating to a $1.185 million balloon payment in 2016 to fully earn the ground.
Just six months after paying $200,000 for it, Patriot Gold walked away from the Margarita Property in Arizona, terminating the option and losing its stake entirely.
Patriot Gold paid $250,000 to acquire American Goldfields' option on the Imperial Property (22 unpatented claims, Esmeralda County, Nevada) - itself originally optioned from MinQuest in 2004 - adding a fourth Nevada property to its portfolio.
The company optioned three Nevada gold properties from MinQuest in one day - the Whiskey Flat (83 claims), NK (24 claims) and Wheepah (14 claims) projects - each requiring escalating annual payments and exploration spending starting at $50,000.
Patriot Gold paid $200,000 to acquire American Goldrush Corp.'s option on the Margarita Property, 39 unpatented claims in the Oro Blanco district of Santa Cruz County, Arizona - its first Arizona gold property.