COMMITMENTS AND CONTINGENCIES	9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5 – COMMITMENTS AND CONTINGENCIES In the ordinary course of business, we may be exposed to claims and threatened litigation, and use various methods to resolve these matters in a manner that we believe serves the best interest of our shareholders and other constituents. When a loss is probable, we disclose the amount of probable loss, or disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide an estimate, we explain the factors that prevent us from doing so. We believe the recorded reserves in our consolidated financial statements are adequate in light of the probable and estimable liabilities. In January 2024, the Company was notified that Golden Vertex has suspended royalty payments to Patriot in order to preserve liquidity. In April 2024, the Company filed a complaint in the Maricopa County Superior Court for payment of the amounts owed pursuant to the NSR royalty. Golden Vertex has not disputed the facts or details surrounding the Company’s complaint, and the Company expects to prevail in this matter. Golden Vertex and its parent company filed for bankruptcy protection in Arizona and Canada in August 2024. We do not presently believe that any other claims or litigation will be material to our results of operations, cash flows, or financial condition.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

NOTE 5 – COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, we may be exposed to claims and threatened litigation, and use various methods to resolve these matters in a manner that we believe serves the best interest of our shareholders and other constituents. When a loss is probable, we disclose the amount of probable loss, or disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide an estimate, we explain the factors that prevent us from doing so. We believe the recorded reserves in our consolidated financial statements are adequate in light of the probable and estimable liabilities. In January 2024, the Company was notified that Golden Vertex has suspended royalty payments to Patriot in order to preserve liquidity. In April 2024, the Company filed a complaint in the Maricopa County Superior Court for payment of the amounts owed pursuant to the NSR royalty. Golden Vertex has not disputed the facts or details surrounding the Company’s complaint, and the Company expects to prevail in this matter. Golden Vertex and its parent company filed for bankruptcy protection in Arizona and Canada in August 2024.

We do not presently believe that any other claims or litigation will be material to our results of operations, cash flows, or financial condition.

PATRIOT GOLD CORP 10-Q