PATRIOT GOLD CORP. 10-K

 false 2024 FY 0001080448

 2024-06-30

 2025-04-09

 2024-10-01

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 U.S. SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended
 December 31, 2024

 TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from __________ to
__________

 Commission file number: 000-32919

 (Exact name of registrant as specified in its charter)

 Nevada

 86-0947048

 (State of incorporation)

 (I.R.S. Employer Identification No.)

 401 Ryland St. Suite 180

 Reno, Nevada, 89502

 (Address of principal executive offices)

 702 - 456-9565

 (Registrant's telephone number, including
area code)

 Securities registered pursuant to Section 12(b)
of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 N/A

 N/A

 N/A

 Securities registered pursuant to Section 12(g)
of the Exchange Act:

 Common Stock, $0.001 par value

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

(1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes No

has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
 No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company",
and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 The aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the average bid and asked price of such common equity as of June 30, 2024
was approximately $ 2,211,098.

 The number of shares of the issuer's common
stock issued and outstanding as of April 9, 2025 was 60,354,539 shares.

 Page

 Glossary of Mining Terms

 ii

 Item 1

 Description of Business

 Item 1A

 Risk Factors

 Item 1B

 Unresolved Staff Comments

 Item 1C

 Cybersecurity

 Item 2

 Description of Properties

 Item 3

 Legal Proceedings

 Item 4

 Mine Safety Disclosures

 Item 5

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6

 Selected Financial Data

 Item 7

 Management's Discussion and Analysis or Plan of Operations

 Item 7A

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8

 Financial Statements

 Item 9

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A

 Controls and Procedures

 Item 9B

 Other Information

 Item 10

 Directors, Executive Officers and Corporate Governance

 Item 11

 Executive Compensation

 Item 12

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13

 Certain Relationships and Related Transactions, and Director Independence

 Item 14

 Principal Accountant Fees and Services

 Item 15

 Exhibits

 SIGNATURES

 i

 Glossary of Mining Terms

 Adit(s). Historic working driven horizontally,
or nearly so into a hillside to explore for and exploit ore.

 Air track holes. Drill hole constructed
with a small portable drill rig using an air-driven hammer.

 Core holes. A hole in the ground that is
left after the process where a hollow drill bit with diamond chip teeth is used to drill into the ground. The center of the hollow drill
fills with the core of the rock that is being drilled into, and when the drill is extracted, a hole is left in the ground.

 Geochemical sampling. Sample of soil, rock,
silt, water or vegetation analyzed to detect the presence of valuable metals or other metals which may accompany them. For example, arsenic
may indicate the presence of gold.

 Geologic mapping. Producing a plan and
sectional map of the rock types, structure and alteration of a property.

 Geophysical survey. Electrical, magnetic,
gravity and other means used to detect features, which may be associated with mineral deposits.

 Ground magnetic survey. Recording variations
in the earth's magnetic field and plotting same.

 Ground radiometric survey. A survey of
radioactive minerals on the land surface.

 Leaching. Leaching is a cost-effective
process where ore is subjected to a chemical liquid that dissolves the mineral component from ore, and then the liquid is collected and
the metals extracted from it.

 Level(s). Main underground passage driven
along a level course to afford access to stopes or workings and provide ventilation and a haulage way for removal of ore.

 Magnetic lows. An occurrence that may be
indicative of a destruction of magnetic minerals by later hydrothermal (hot water) fluids that have come up along faults. These hydrothermal
fluids may in turn have carried and deposited precious metals such as gold and/or silver.

 Patented or Unpatented Mining Claims. In
this Annual Report, there are references to "patented" mining claims and "unpatented" mining claims. A patented
mining claim is one for which the United States government has passed its title to the claimant, giving that person title to the land
as well as the minerals and other resources above and below the surface. The patented claim is then treated like any other private land
and is subject to local property taxes. An unpatented mining claim on United States government lands establishes a claim to the locatable
minerals (also referred to as stakeable minerals) on the land and the right of possession solely for mining purposes. No title to the
land passes to the claimant. If a proven economic mineral deposit is developed, provisions of federal mining laws permit owners of unpatented
mining claims to patent (to obtain title to) the claim. If one purchases an unpatented mining claim that is later declared invalid by
the United States government, one could be evicted.

 Plug. A vertical pipe-like body of magma
representing a volcanic vent similar to a dome.

 Quartz Stockworks. A multi-directional
system of quartz veinlets.

 RC holes. Short form for Reverse Circulation
Drill holes. These are holes are left after the process of Reverse Circulation Drilling.

 Reserve. That part of a mineral deposit
which could be economically and legally extracted or produced at the time of the reserve determination. Reserves are customarily stated
in terms of "ore" when dealing with metalliferous minerals; when other materials such as coal, oil, shale, tar, sands, limestone,
etc. are involved, an appropriate term such as "recoverable coal" may be substituted.

 ii

 Resource. An estimate of the total tons
and grade of a mineral deposit defined by surface sampling, drilling and occasionally underground sampling of historic diggings when available.

 Reverse circulation drilling. A less expensive
form of drilling than coring that does not allow for the recovery of a tube or core of rock. The material is brought up from depth as
a series of small chips of rock that are then bagged and sent in for analysis. This is a quicker and cheaper method of drilling but does
not give as much information about the underlying rocks.

 Rhyolite plug dome. A domal feature formed
by the extrusion of viscous quartz-rich volcanic rocks.

 Scintillometer survey. A survey of radioactive
minerals using a scintillometer, a hand-held, highly accurate measuring device.

 Scoping Study. A detailed study of the
various possible methods to mine a deposit.

 Silicic dome. A convex landform created
by extruding quartz-rich volcanic rocks.

 Stope(s). An excavation from which ore
has been removed from sub-vertical openings above or below levels.

 Tertiary. That portion of geologic time
that includes abundant volcanism in the western U.S.

 Trenching. A cost-effective way of examining
the structure and nature of mineral ores beneath gravel cover. It involves digging long usually shallow trenches in carefully selected
areas to expose unweathered rock and allow sampling.

 Volcanic center. Origin of major volcanic
activity

 Volcanoclastic. Coarse, unsorted sedimentary
rock formed from erosion of volcanic debris.

 Forward-Looking Statements

 This Annual Report on Form 10-K contains forward-looking
information. Forward-looking information includes statements relating to future actions, prospective products, future performance or results
of current or anticipated products, sales and marketing efforts, costs and expenses, interest rates, outcome of contingencies, financial
condition, results of operations, liquidity, business strategies, cost savings, objectives of management of Patriot Gold Corp. (hereinafter
referred to as the "Company," "Patriot Gold" or "we") and other matters. Forward-looking information
may be included in this Annual Report on Form 10-K or may be incorporated by reference from other documents filed with the Securities
and Exchange Commission (the "SEC") by the Company. One can find many of these statements by looking for words including,
for example, "believes," "expects," "anticipates," "estimates" or similar expressions
in this Annual Report on Form 10-K or in documents incorporated by reference in this Annual Report on Form 10-K.

 The Company has based the forward-looking statements
relating to the Company's operations on management's current expectations, estimates and projections about the Company and
the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions
that we cannot predict. In particular, we have based many of these forward-looking statements on assumptions about future events that
may prove to be inaccurate. Accordingly, the Company's actual results may differ materially from those contemplated by these forward-looking
statements. Any differences could result from a variety of factors, including, but not limited to general economic and business conditions,
competition, and other factors. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether
as a result of new information or future events.

 iii

 The following should be read in conjunction
with the audited consolidated financial statements and the notes thereto included elsewhere in this Form 10-K. Throughout this document,
we make statements that are classified as "forward-looking." Please refer to the "Forward-Looking Statements"
section above for an explanation of these types of statements.

 Item 1. Description
of Business.

 We are engaged in natural resource exploration and acquiring, exploring,
and developing natural resource properties. Currently we are undertaking exploration and development programs in Nevada.

 Development of Business

 We were incorporated in the State of Nevada on
November 30, 1998. In June 2003, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada
changing its name to Patriot Gold Corp. and moving the Company into its current business of natural resource exploration and mining. On
June 17, 2003, the Company adopted a new trading symbol - PGOL- to reflect the name change. The Company has been in the resource exploration
and mining business since June 2003.

 On April 16, 2010, we caused the incorporation
of our wholly owned subsidiary, Provex Resources Inc. ("Provex") under the laws of Nevada.

 On April 16, 2010, the Company entered into an
Assignment Agreement with Provex to assign the exclusive option to an undivided right, title and interest in the Bruner and Vernal properties
and the Bruner Expansion property to Provex. Pursuant to the Assignment Agreements, Provex assumed the rights, and agreed to perform all
of the duties and obligations, of the Company arising under the Bruner and Vernal Property Option Agreement and the Bruner Property Expansion
Option Agreement. Provex's only assets are the aforementioned agreements and it does not have any liabilities.

 On May 28, 2010, Provex entered into an exclusive
right and option agreement with Canamex Resources Corp. ("Canamex") whereby Canamex could earn up to 75% in the Bruner and
the Bruner Property Expansion. Canamex agreed to spend an aggregate total of US $6 million on exploration and related expenditures over
the ensuing seven years whereupon Provex agreed to grant the right and option to earn a vested seventy percent (70%) and an additional
five percent (5%) upon delivery of a bankable feasibility study.

 On February 28, 2011, the Company entered into
an Exploration and Option to Enter Joint Venture Agreement with Idaho State Gold Company, LLC, ("ISGC") whereby the Company
granted the option and right to earn a vested seventy percent (70%) interest in the property and the right and option to form a joint
venture for the management and ownership of the property called the Moss Mine Property, Mohave County, Arizona (the "Moss Property"
or "Moss Mine Property"). Upon execution of the agreement ISGC paid the Company $500,000 USD and agreed to spend an aggregate
total of $8,000,000 USD on exploration and related expenditures over the ensuing five years. Subsequent to exercise of the earn-in, ISGC
and the Company agreed to form a 70/30 joint venture.

 In March 2011, ISGC transferred its rights to
the Exploration and Option to Enter Joint Venture Agreement dated February 28, 2011, to Northern Vertex Capital Inc. ("Northern
Vertex").

 On May 12, 2016, the Company entered into a material
definitive Agreement for Purchase and Sale of Mining Claims and Escrow Instructions (the "Purchase and Sale Agreement") with
Golden Vertex Corp., an Arizona corporation ("Golden Vertex," a wholly-owned Subsidiary of Northern Vertex) whereby Golden
Vertex agreed to purchase the Company's remaining 30% working interest in the Moss Gold/Silver Mine for C$1,500,000 (the "Purchase
Price") plus a 3% net smelter return royalty. Specifically, the Company conveyed all of its right, title and interest in those certain
patented and unpatented lode mining claims situated in the Oatman Mining District, Mohave County, Arizona (the "Claims") together
with all extralateral and other associated rights, water rights, tenements, hereditaments and appurtenances belonging or appertaining
thereto, and all rights-of-way, easements, rights of access and ingress to and egress from the Claims appurtenant thereto and in which
Seller had any interest (collectively, the "Property"). The Purchase Price consisted of C$1,200,000 in cash payable at closing
and the remaining C$300,000 was paid by the issuance of Northern Vertex common shares to the Company valued at $0.35 (857,140 shares),
issued pursuant to the terms and provisions of an investment agreement (the "Investment Agreement") entered between the Company
and Northern Vertex contemporaneous to the Purchase and Sale Agreement.

 On April 25, 2017, Provex and Canamex Resources
Corp. ("Buyer") entered into a purchase and sale agreement whereby Canamex Resources purchased Patriot Gold's 30 percent working
interest in the Bruner gold/silver mine project for US$1.0 million cash, and the retention of a net smelter return ("NSR")
royalty on the Bruner property including any claims acquired within a two-mile area of interest around the existing claims. Additionally,
the Buyer had the option to buy-down half of the NSR royalty retained by Patriot for US$5 million any time during a five-year period following
closing of the purchase and sale agreement. The Company recognized a gain on sale of mineral properties of $1,000,000 from the sale of
the Bruner in its Consolidated Statement of Operations.

 On May 23, 2017, the Company caused the incorporation
of its wholly owned subsidiary, Patriot Gold Canada Corp ("Patriot Canada"), under the laws of British Columbia, Canada.

 On January 17, 2018, the Company designated 13,500,000
shares of the authorized and unissued preferred stock of the company as "Series A Preferred Stock" by filing an Amended and
Restated Certificate of Designation with the Secretary of State of Nevada.

 On May 7, 2018, the Company caused the name change
of our wholly owned subsidiary, Provex Resources Inc. to Goldbase, Inc. ("Goldbase") under the laws of Nevada.

 On June 27, 2019, the Company approved a change
in its fiscal year end from May 31 to December 31.

 Business Operations

 We are a natural resource exploration and mining
company which acquires, explores, and develops natural resource properties. Our primary focus in the natural resource sector is gold.

 The search for valuable natural resources as a
business is extremely risky. We can provide investors with no assurance that the properties we have either optioned or purchased contain
commercially exploitable reserves. Exploration for mineral reserves is a speculative venture involving substantial risk. Few properties
that are explored are ultimately developed into producing commercially feasible reserves. Problems such as unusual or unexpected formations
and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. In such a case, we would
be unable to complete our business plan and any money spent on exploration would be lost.

 Natural resource exploration and development requires
significant capital and our assets and resources are limited. Therefore, we anticipate participating in the natural resource industry
through the selling or partnering of our properties, the purchase of small interests in producing properties, the purchase of properties
where feasibility studies already exist or by the optioning of natural resource exploration and development projects. To date, we have
two gold projects located in the southwest United States. In May 2016, we sold our interest in the Moss Mine project and retained a royalty.
In April 2017, we sold our interest in the Bruner project and retained a royalty. Our current project inventory consists of the Vernal
project and the Windy Peak project.

 Financing

 There were no financing activities undertaken
by the Company during the fiscal year ended December 31, 2024. Due to the temporary cessation of the royalties from the Moss mine, management
estimates that the Company may require additional funding for the Company's planned operations for the next twelve months.

 Competition

 The mineral exploration industry, in general,
is intensely competitive and even if commercial quantities of ore are discovered, a ready market may not exist for sale of same. Numerous
factors beyond our control may affect the marketability of any substances discovered. These factors include market fluctuations, the proximity
and capacity of natural resource markets and processing equipment, government regulations, including regulations relating to prices, taxes,
royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors
cannot be accurately predicted, but the combination of these factors may result in our not receiving an adequate return on invested capital.

 Compliance with Government Regulation and Regulatory
Matters

 Mining Control and Reclamation Regulations

 The Surface Mining Control and Reclamation Act
of 1977 ("SMCRA") is administered by the Office of Surface Mining Reclamation and Enforcement ("OSM") and establishes
mining, environmental protection and reclamation standards for all aspects of U.S. surface mining, as well as many aspects of underground
mining. Mine operators must obtain SMCRA permits and permit renewals for mining operations from the OSM. Although state regulatory agencies
have adopted federal mining programs under SMCRA, the state becomes the regulatory authority. States in which we expect to have active
future mining operations have achieved primary control of enforcement through federal authorization.

 SMCRA permit provisions include requirements for
prospecting including mine plan development, topsoil removal, storage and replacement, selective handling of overburden materials, mine
pit backfilling and grading, protection of the hydrologic balance, subsidence control for underground mines, surface drainage control,
mine drainage and mine discharge control and treatment and re-vegetation.

 The U.S. mining permit application process is
initiated by collecting baseline data to adequately characterize the pre-mining environmental condition of the permit area. We will develop
mine and reclamation plans by utilizing this geologic data and incorporating elements of the environmental data. Our mine and reclamation
plans incorporate the provisions of SMCRA, state programs and complementary environmental programs which impact mining. Also included
in the permit application are documents defining ownership and agreements pertaining to minerals, oil and gas, water rights, rights of
way and surface land and documents required of the OSM's Applicant Violator System, including the mining and compliance history
of officers, directors and principal stockholders of the applicant.

 Once a permit application is prepared and submitted
to the regulatory agency, it goes through a completeness and technical review. Public notice of the proposed permit is given for a comment
period before a permit can be issued. Some SMCRA mine permit applications take over a year to prepare, depending on the size and complexity
of the mine and often take six months to two years to be issued. Regulatory authorities have considerable discretion in the timing of
the permit issuance and the public has the right to comment on, and otherwise engage in, the permitting process including public hearings
and intervention by the courts.

 Surface Disturbance

 All mining activities governed by the Bureau of
Land Management ("BLM") require reasonable reclamation. The lowest level of mining activity, "casual use," is designed
for the miner or weekend prospector who creates only negligible surface disturbance (for example, activities that do not involve the use
of earth-moving equipment or explosives may be considered casual use). These activities would not require either a notice of intent to
operate or a plan of operation. For further information regarding surface management terms, please refer to 43 CFR Chapter II Subchapter
C, Subpart 3809.

 The second level of activity, where surface disturbance
is 5 acres or less per year, requires a notice advising the BLM of the anticipated work 15 days prior to commencement. This notice must
be filed with the appropriate field office. No approval is needed although bonding is required. State agencies must be notified
to ensure all requirements are met.

 For operations involving more than 5 acres total
surface disturbance on lands subject to 43 CFR 3809, a detailed plan of operation must be filed with the appropriate BLM field office.
 Bonding is required to ensure proper reclamation. An Environmental Assessment (EA) is to be prepared for all plans of operation to
determine if an Environmental Impact Statement is required. A National Environmental Policy Act review is not required for casual use
or notice level operations unless those operations involve occupancy as defined by 43 CFR 3715. Most occupancies at the casual use and
notice level in Arizona are covered by a programmatic EA.

 An activity permit is required when use of equipment
is utilized for the purpose of land stripping, earthmoving, blasting (except blasting associated with an individual source permit issued
for mining), trenching or road construction.

 Future legislation and regulations are expected
to become increasingly restrictive and there may be more rigorous enforcement of existing and future laws and regulations and we may experience
substantial increases in equipment and operating costs and may experience delays, interruptions or termination of operations. Failure
to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines or penalties, the acceleration
of cleanup and site restoration costs, the issuance of injunctions to limit or cease operations and the suspension or revocation of permits
and other enforcement measures that could have the effect of limiting production from our future operations.

 Trespassing

 The BLM will prevent abuse of public lands while
recognizing valid rights and uses under the mining laws. The BLM will take appropriate action to eliminate invalid uses, including unauthorized
residential occupancy. The Interior Board of Land Appeals (IBLA) has found that a claim may be declared void by the BLM when it has been
located and held for purposes other than the mining of minerals. The issuance of a notice of trespass may occur if an unpatented claim/site
is:

 (1)

 used for a home site, place of business, or for other purposes not reasonably related to mining or milling activities;

 (2)

 used for the mining and sale of leasable minerals or mineral materials, such as sand, gravel and certain types of building stone; or

 (3)

 located on lands that for any reason have been withdrawn from location after the effective date of the withdrawal.

 Trespass actions are taken by the BLM Field Office.

 Environmental Laws

 We may become subject to various federal and state
environmental laws and regulations that will impose significant requirements on our operations. The cost of complying with current and
future environmental laws and regulations and our liabilities arising from past or future releases of, or exposure to, hazardous substances,
may adversely affect our business, results of operations or financial condition. In addition, environmental laws and regulations, particularly
relating to air emissions, can reduce our profitability. Numerous federal and state governmental permits and approvals are required for
mining operations. When we apply for these permits or approvals, we may be required to prepare and present to federal or state authorities
data pertaining to the effect or impact that a proposed exploration for, or production or processing of, may have on the environment.
Compliance with these requirements can be costly and time-consuming and can delay exploration or production operations. A failure to obtain
or comply with permits could result in significant fines and penalties and could adversely affect the issuance of other permits for which
we may apply.

 Clean Water Act

 The U.S. Clean Water Act and corresponding state
and local laws and regulations affect mining operations by restricting the discharge of pollutants, including dredged or fill materials,
into waters of the United States. The Clean Water Act provisions and associated state and federal regulations are complex and subject
to amendments, legal challenges and changes in implementation. As a result of court decisions and regulatory actions, permitting requirements
have increased and could continue to increase the cost and time we expend on compliance with water pollution regulations. These and other
regulatory requirements, which have the potential to change due to legal challenges, Congressional actions and other developments increase
the cost of, or could even prohibit, certain current or future mining operations. Our operations may not always be able to remain in full
compliance with all Clean Water Act obligations and permit requirements. As a result, we may be subject to fines, penalties or changes
to our operations.

 Clean Water Act requirements that may affect our
operations include the following:

 Section 404

 Section 404 of the Clean Water Act requires mining
companies to obtain U.S. Army Corps of Engineers ("ACOE") permits to place material in streams for the purpose of creating
slurry ponds, water impoundments, refuse areas, valley fills or other mining activities.

 Our construction and mining activities, including
our surface mining operations, will frequently require Section 404 permits. ACOE issues two types of permits pursuant to Section 404 of
the Clean Water Act: nationwide (or "general") and "individual" permits. Nationwide permits are issued to streamline
the permitting process for dredging and filling activities that have minimal adverse environmental impacts. An individual permit typically
requires a more comprehensive application process, including public notice and comment; however, an individual permit can be issued for
ten years (and may be extended thereafter upon application).

 The issuance of permits to construct valley fills
and refuse impoundments under Section 404 of the Clean Water Act, whether general permits commonly described as the Nationwide Permit
21 (NWP 21) or individual permits, has been the subject of many recent court cases and increased regulatory oversight. The results may
materially increase our permitting and operating costs, permitting delays, suspension of current operations and/or prevention of opening
new mines.

 Employees

 Currently, our officers and directors provide
planning and organizational services for us on an as-needed basis, and our administrative and office staff also works on an as-needed
basis. Some of the field work is completed by service providers and/or exploration partners. All of the operations, technical
and otherwise, are overseen by the directors of the Company.

 Subsidiaries

 On April 16, 2010, we caused the incorporation
of our wholly owned subsidiary, Provex Resources, Inc., under the laws of Nevada. On April 16, 2010, the Company entered into an Assignment
Agreement to assign the exclusive option to an undivided right, title and interest in the Bruner and Vernal property; and the Bruner Property
Expansion to Provex. Pursuant to the Assignment Agreement, Provex assumed the rights, and agreed to perform all of the duties and obligations,
of the Company arising under the Bruner and Vernal Property Option Agreement; and the Bruner Property Expansion Option Agreement. Provex's
only assets are the aforementioned agreements and it does not have any liabilities.

 On May 28, 2010, Provex Resources, Inc. entered
into an exclusive right and option agreement with Canamex Resources Corp. ("Canamex") whereby Canamex could earn up to a 75% undivided
interest in the Bruner and the Bruner Property Expansion. Canamex agreed to spend an aggregate total of US $6 million on exploration and
related expenditures over the ensuing seven years whereupon the Company agreed to grant the right and option to earn a vested seventy
percent (70%) and an additional five percent (5%) upon delivery of a bankable feasibility study.

 On April 25, 2017, Provex and Canamex Resources
Corp. ("Buyer) entered into a purchase and sale agreement whereby Canamex Resources purchased our 30-per-cent working interest in
the Bruner gold/silver mine project for US$1.0 million cash, and the retention of a net smelter return ("NSR") royalty on
the Bruner property including any claims acquired within a two-mile area of interest around the existing claims. Additionally, the Buyer
had the option to buy-down half of the NSR royalty for US$5 million any time during a five-year period following closing of the purchase
and sale agreement.

 On May 23, 2017, the Company caused the incorporation
of its wholly owned subsidiary, Patriot Gold Canada Corp ("Patriot Canada"), under the laws of British Columbia, Canada.

 On May 7, 2018, the Company caused the name change
of our wholly owned subsidiary, Provex Resources Inc. to Goldbase, Inc. ("Goldbase") under the laws of Nevada.

 On June 27, 2019, the Company approved a change
in its fiscal year end from May 31 to December 31.

 Item 1A. Risk
Factors.

 Factors that May Affect Future Results

 1. We may require additional funds to achieve
our business objectives and any inability to obtain funding will impact our business.

 We may incur operating losses in future periods
because there are expenses associated with the acquisition, exploration and development of natural resource properties. We may need to
raise additional funds in the future through public or private debt or equity sales to fund our future operations and fulfill contractual
obligations. These financings may not be available when needed, and even if these financings are available, they may be on terms that
we deem unacceptable or are materially adverse to your interests with respect to dilution of book value, dividend preferences, liquidation
preferences or other terms. Any inability to obtain financing could have an adverse effect on our ability to implement our business objectives
and as a result, could require us to diminish or suspend our operations or cause a materially adverse effect on our business. Obtaining
additional financing would be subject to a number of factors, including the market prices for gold, silver and other minerals. These factors
may make the timing, amount, terms or conditions of additional financing unavailable to us.

 2. Because our Directors may serve as officers
and directors of other companies engaged in mineral exploration, a potential conflict of interest could negatively impact our ability
to acquire properties to explore and to run our business.

 Our Directors and Officers may work for other
mining and mineral exploration companies. Due to time demands placed on our Directors and Officers, and due to the competitive nature
of the exploration business, the potential exists for conflicts of interest to occur from time to time that could adversely affect our
ability to conduct our business. The Officers and Directors' employment and affiliations with other entities limit the amount of
time they can dedicate to us. Also, our Directors and Officers may have a conflict of interest in helping us identify and obtain the rights
to mineral properties because they may also be considering the same properties. To mitigate these risks, we work with several technical
consultants in order to ensure that we are not overly reliant on any one of our Officers and Directors to provide us with technical services.
However, we cannot be certain that a conflict of interest will not arise in the future. To date, there have not been any conflicts of
interest between any of our Directors or Officers and the Company.

 3. Because of the speculative nature of exploration
and development, there are substantial risks in our business model.

 The search for valuable natural resources as a
business is extremely risky. We can provide investors with no assurance that the properties we own contain commercially exploitable reserves.
Exploration for natural resources is speculative and involves risk. Few properties that are explored are ultimately developed into producing
commercially feasible reserves. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration
and often result in unsuccessful exploration efforts. In such a case, we would be unable to complete our business plan.

 4. Because of the unique difficulties and uncertainties
inherent in mineral exploration and the mining business, we face risks.

 Potential investors should be aware of the difficulties
normally encountered by mineral exploration companies. The likelihood of success must be considered in light of the problems, expenses,
difficulties, complications and delays encountered in connection with the exploration of the mineral properties that we plan to undertake.
These potential problems include, but are not limited to, unanticipated problems relating to exploration and additional costs and expenses
that may exceed current estimates. In addition, the search for valuable minerals involves numerous hazards which pose financial risks.

 5. Because our operating expenses may vary,
as may our revenues, profitability may be inconsistent.

 We anticipate that our expenses may vary and
so may our revenues. Therefore, any profitability we may have could be inconsistent. There is little history upon which to base any assumption
as to the likelihood that we will be consistently profitable, and we can provide investors with no assurance that we will generate consistent
revenues or consistently achieve profitable operations.

 6. Because access to our mineral claims may
be restricted by inclement weather, we may be delayed in our exploration.

 Access to our mineral properties may be restricted
through some of the year due to weather in the area. As a result, any attempt to test or explore the property is largely limited to the
times when weather permits such activities. These limitations can result in significant delays in exploration efforts.

 7. Because of the speculative nature of exploration
of mineral properties, there is substantial risk.

 The search for valuable minerals as a business
is extremely risky. Exploration for minerals is a speculative venture involving substantial risk. The expenditures to be made by us in
the exploration of the mineral claims may not always result in the discovery of economic mineral deposits. Problems such as unusual or
unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts.

 8. Because of the inherent dangers involved
in mineral exploration, there is liability risk.

 The search for valuable minerals involves numerous
hazards. As a result, there is potential liability for hazards, including pollution, cave-ins and other hazards against which we cannot
insure or against which we may elect not to insure.

 9. We are heavily dependent on our CEO and
President.

 Our success depends heavily upon the continued
contributions of our CEO and President, whose knowledge, leadership and technical expertise would be difficult to replace. Our success
is also dependent on our ability to retain and attract experienced engineers, geoscientists and other technical and professional staff.
We do not maintain key man insurance. If we were to lose our CEO and President, our ability to execute our business plan could be harmed.

 Risks Related to Legal Uncertainties and Regulations

 10. As we undertake exploration and development
of our mineral claims, we will be subject to compliance with government regulation which may increase the anticipated cost of our exploration
programs.

 There are several governmental regulations that
materially restrict mineral exploration. We will be subject to the federal, state and local laws as we carry out our exploration program.
We may be required to obtain work permits, post bonds and perform remediation work for any physical disturbance to the land in order to
comply with these laws. While our planned exploration and development program budgets for regulatory compliance, there is a risk that
new regulations could increase our costs of doing business and prevent us from carrying out our exploration and development programs.

 Public Health Threats Risk

 11. Our financial and operating performance
may be adversely affected by global public health threats.

 Public health threats could adversely impact our
operations and cause disruptions in the natural resource exploration and mining industry. If the effect is ongoing, economic conditions
may also adversely affect the market price of our common shares.

 Item 1B. Unresolved
Staff Comments.

 There are no unresolved staff comments.

 Item 1C. Cybersecurity.

 Risk
and Management

 The identification, detection, prevention and
remediation of known or potential IT security vulnerabilities, including those arising from third-party hackers, hardware or software,
is extremely costly and time consuming. Company does not have the manpower, expertise or financial resources to effectively identify,
detect, prevent or remediate cybersecurity risks. No assurance or guarantee whatsoever can be given that Company will not be damaged by
the exploitation of its cybersecurity vulnerabilities.

 During the year ended, we did not identify any
cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations,
or financial condition. However, we may not be aware of all vulnerabilities or might not accurately assess the risks of incidents, and
such preventative measures cannot provide absolute security and may not be sufficient in all circumstances or mitigate all potential risks.

 Item 2. Description
of Properties.

 Introduction

 The property disclosures in this Item 2 are presented
in accordance with Regulation S-K 1300 (SK1300), including certain exemptions with respect to disclosures relating to royalty interests.
This Item 2 provides summary information about our overall portfolio of property holdings and royalty interests, as well as more detailed
information about our material property.

 Our management periodically reviews the materiality
of individual properties and royalty interests within our portfolio. After considering quantitative and qualitative factors relating to
the properties in which we have an interest in the context of our business operations and financial condition, including all related activities
from exploration through external sale, we determined the only property considered material to our business is our royalty with respect
to the Moss Mine.

 Our summary and individual property disclosures
are provided in accordance with SK1300, which provides that a registrant with a royalty right may omit certain information required by
the summary and individual property disclosure requirements if the registrant specifies the information to which it lacks access, explains
the reason it lacks the required information and provides all required information that it does possess or which it can acquire without
incurring an unreasonable burden or expense. Our royalty agreement with respect to the Moss Mine, which is the only property considered
material to our business, does not require the operator, who is not an affiliate of ours, to prepare technical report summaries or permit
us the access and information sufficient to prepare our own technical report summaries. As a result, our presentation with respect to
such royalty is limited to information we can acquire without unreasonable burden or expense.

 With respect to each of our properties excluding
royalty interests, our disclosures in this Item 2 are based on information reviewed and verified by Zachary J. Black, Director and a Qualified
Person for National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

 Summary

 We do not lease or own any real property for our
corporate offices. We currently maintain our corporate office on a month-to-month basis at 401 Ryland St, Suite 180, Reno, NV 89502. Management
believes that our office space is suitable for our current needs.

 Our property holdings as of December 31, 2024
consist of the Vernal Property, the Windy Peak Property, a royalty with respect to the Moss Mine Project, and a royalty with respect to
the Bruner Gold Project. Our only material property is the Moss Mine royalty.

 Patriot Gold Corp Projects Map

 Following is summary information regarding both our material and non-material
properties:

 Material Property

 Non-Material Property

 Moss Mine Royalty

 Vernal Property

 Windy Peak Property

 Bruner Royalty

 Location

 Western Arizona

 Central Nevada

 West Central Nevada

 Central Nevada

 The type and amount of ownership interests

 Patriot holds a royalty of 3% of Net Smelter Returns with respect to the original approximately 5 patented mining parcels and approximately 400 unpatented mining claims held by Golden Vertex Corp., and the surrounding 1 mile area of interest

 12 unpatented mining claims on approximately 248 acres

 114 unpatented mineral claims on approximately 2,337 acres

 Patriot holds a royalty of 2% of Net Smelter Returns with respect to the original approximately 26 patented mining claims and approximately 191 unpatented mining claims held by Endeavour Silver Corp., and the surrounding 2 mile area of interest

 Operator

 Golden Vertex Corp.

 Patriot

 Patriot

 Endeavour Silver Corp.

 Titles, mineral rights, leases or options and acreage involved

 Patriot holds a royalty of 3% of Net Smelter Returns with respect to the original approximately 5 patented mining parcels and approximately 400 unpatented mining claims held by Golden Vertex Corp., and the surrounding 1 mile area of interest

 Patriot's wholly owned subsidiary holds 12 unpatented mining claims on approximately 248 acres, subject to a 3% royalty in favor of MinQuest

 Patriot holds 114 unpatented mineral claims on approximately 2,337 acres

 Patriot holds a royalty of 2% of Net Smelter Returns with respect to
 the original approximately 26 patented mining claims and approximately 191 unpatented mining claims held by Endeavour Silver Corp., and
 the surrounding 2 mile area of interest

 Stage

 Production

 Exploration

 Exploration

 Exploration

 Key permit conditions

 N/A*

 Not permitted

 Permitted for exploration

 N/A*

 Mine types and mineralization styles

 Extraction of gold and silver from ore via heap leaching, with resulting
 precipitate smelted into dore bars

 No proven or probable reserves

 No proven or probable reserves

 No proven or probable reserves

 Processing plants/ facilities

 N/A*

 None

 None

 N/A*

 Production*

 N/A*

 None

 None

 N/A*

 *The only producing property in which we have an interest is the Moss Mine Project. Because we only hold a royalty interest with respect to such property, we do not have access to the annual production for the area subject to the royalty during the three most recently completed fiscal years without incurring unreasonable expense or burden. We also do not have access to information regarding key permit conditions or processing plants or facilities for properties with respect to which we only hold a royalty interest without incurring unreasonable expense or burden. With respect to key permit conditions generally, operators of the mines that are subject to our royalty interests must comply with environmental, mine safety, land use, water use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States.

 Summary of Mineral Resources and Reserves

 We are not able to provide a summary of mineral
resources and mineral reserves, as determined by a qualified person, at the end of the most recently completed fiscal year by commodity
and geographic area with respect to each property containing 10% or more of our interests in measured and indicated mineral resources
or mineral reserves, because we hold a royalty with respect to the only property that has established resources and reserves and, as a
mere royalty holder, we do not have access to such information without incurring unreasonable burden or expense.

 Individual Property Disclosure - Material Property

 Moss Mine Project

 The Moss Mine ("Moss Mine") is located
within the historic Oatman District, 10 miles east of Bullhead City, Arizona and approximately 70 miles southeast of Las Vegas, Nevada.
The Moss Mine extracts gold and silver from ore via heap leaching and smelts the resulting precipitate into dore bars. The operator of
the Moss Mine is Golden Vertex Corp ("Golden Vertex"). Our agreement with the operator does not require the operator to prepare
technical report summaries or permit us the access and information sufficient to prepare our own technical report summaries otherwise
required under Regulation S-K 1300.

 We hold a royalty of 3% of Net Smelter Returns
from the production of minerals from the property. "Net Smelter Returns" means the aggregate proceeds received from time to
time from any smelter or other purchaser from the sale of any minerals, metals or other material of commercial value produced by and from
the covered property, after deducting the cost of transportation and smelting and refining charges. The property covered by the royalty
includes the original approximately 5 patented mining claims and approximately 400 unpatented mining claims held by Golden Vertex, and
the surrounding 1 mile area of interest. Payment is due within 30 days after the end of each calendar month in which the operator receives
payments for production from the property.

 Although we consider the Moss Mine material because
it is the only property in which we have an interest that has proven reserves, we do not own the Moss Mine and do not own or have access
to the current technical data relating to titles, mineral rights, acreage, state of the property, permitting, mining operations, processing
and resource/reserve calculations. Further, obtaining such information would result in an unreasonable burden and expense.

 With respect to key permit conditions generally,
operators must comply with environmental, mine safety, land use, water use, waste disposal, remediation and public health laws and regulations
promulgated by federal, state, provincial and local governments in the United States. Although we, as a royalty interest owner, are not
responsible for ensuring compliance with these laws and regulations, failure by the operator to comply with applicable laws, regulations
and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties on the operators,
which could have a material adverse effect on our results of operations and financial condition.

 We have no decision-making authority regarding
the development or operation of the mineral properties underlying our royalty interest. The operator makes all development and operating
decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, tailings storage facility
design and operation, plant and equipment matters, and temporary or permanent suspension of operations, as well as estimates of resources
and reserves.

 Internal controls for determining and reporting
the mineral resources and mineral reserves are specific to individual projects and are maintained by the operators. In general, mineral
resources and mineral reserves are supported by technical studies relevant to the jurisdictions within which the operators conduct their
financial disclosure, and qualified persons specified by the operators (as determined by the laws and disclosure rules in the applicable
jurisdictions) have endorsed the quality of the work. Our agreements with operators do not give us access to underlying technical data
sufficient to specifically confirm the opinion of the qualified persons for each mineral resource or mineral reserve or the status of
the qualified persons as qualified persons under SK1300.

 We do not have access to information regarding
infrastructure, the present condition of the property, the proposed program of development, reserve or resource information, the condition
of equipment and facilities, the history of operations, significant encumbrances or permit conditions, or the book value of the property,
plant or equipment without unreasonable burden or expense.

 Individual Property Disclosure - Non-Material
Property

 With respect to each of our properties, excluding
the Moss Mine Royalty:

 Our disclosures are based on information reviewed and verified by Zachary J. Black, Director and a Qualified Person for National Instrument 43-101 (Standards of Disclosure for Mineral Projects); and

 We have implemented sampling and analytical quality assurance and quality control procedures, which we believe are consistent with industry standards, including but not limited to, the following:

 1.

 All sampling is conducted under the supervision of Patriot's exploration personnel or representatives.

 2.

 The chain of custody from the project to the sample preparation facility is monitored and controlled by Patriot's exploration personnel or representatives or its shipping contractors.

 3.

 Samples are collected and stored at the logging or storage facility which include security and monitoring efforts.

 4.

 Samples are labeled with unique sample numbers, bagged, and secured before shipping.

 5.

 Samples are shipped at periodic intervals to an industry accepted ISO accredited lab for further analysis.

 6.

 Control procedures include insertion of reference materials or blanks into the sample stream.

 7.

 Validation of the analytical results are conducted upon receipt of final assay reports by Patriot's exploration personnel or representatives.

 8.

 Until validated and reported publicly, assay results are kept confidential and securely maintained by Patriot's exploration personnel or representatives for completion of validation and compilation of the assay data.

 Vernal Property

 Acquisition of Interests - Vernal Project

 Pursuant to a Property Option Agreement (the "BV
Agreement"), dated as of July 25, 2003, with MinQuest, Inc., a Nevada corporation ("MinQuest"), we acquired the option
to earn a 100% interest in the Bruner and Vernal mineral exploration properties located in Nevada. Together, these two properties
originally consisted of 28 unpatented mining claims on a total of 560 acres in the northwest trending Walker Lane located in western central
Nevada.

 To date, we have paid the option payments and
made the expenditures necessary to satisfy the requirements of the BV Agreement and 100% interest in these two properties was therefore
transferred to us, subject to MinQuest retaining a 3% royalty. All mining interests in the properties are subject to MinQuest retaining
a 3% royalty of the aggregate proceeds from any smelter or other purchaser of any ores, concentrates, metals or other material of commercial
value produced from the property, minus the cost of transportation of the ores, concentrates or metals, including related insurance, and
smelting and refining charges. Pursuant to the BV Agreement, we have a one-time option to purchase a portion of MinQuest's royalty
interest at a rate of $1,000,000 for each 1%. We may exercise our option 90 days following completion of a bankable feasibility study
of the Bruner and Vernal properties, which, as it relates to a mineral resource or reserve, is an evaluation of the economics for the
extraction (mining), processing and marketing of a defined ore reserve that would justify financing from a banking or financing institution
for putting the mine into production.

 On April 16, 2010, we entered into an Assignment
Agreement with our wholly owned subsidiary, Provex Resources, Inc., (now Goldbase, Inc.) a Nevada corporation, to assign the exclusive
option to an undivided right, title and interest in the Bruner, Bruner Expansion and Vernal properties to Provex. Pursuant to the Agreement,
Provex assumed our rights, and agreed to perform all of our duties and obligations, arising under the original property option agreements.

 In April 2017, Canamex Resources purchased our
interest in the Bruner properties for $1,000,000 cash, and we retained a 2% net smelter return royalty on the Bruner properties including
any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex had the option to buy-down half
of our royalty retained for $5,000,000 any time during a five-year period following closing of the purchase and sale agreement.

 Description and Location of the Vernal Property

 The Vernal Property is located approximately
140 miles east-southeast of Reno, Nevada on the west side of the Shoshone Mountains. Access from Fallon, the closest town of any size,
is by 50 miles of paved highway and 30 miles of gravel roads. We hold the property via 12 unpatented mining claims (approximately 248
acres). We have a 100% interest in the Vernal property, subject to an existing royalty.

 Exploration History of the Vernal Property

 Historical work includes numerous short adits
constructed on the Vernal Property between 1907 and 1936. There appears to have been little or no mineral production.

 The Vernal Property is underlain by a thick sequence
of Tertiary age rhyolitic volcanic rocks including tuffs, flows and intrusives. A volcanic center is thought to underlie the district,
with an intruding rhyolite plug dome (a domal feature formed by the extrusion of viscous quartz-rich volcanic rocks) thought to be closely
related to mineralization encountered by the geologists of Amselco, the U.S. subsidiary of a British company, who explored the Vernal
Property back in the 1980's, and who in 1983 mapped, sampled and drilled the Vernal Property. Amselco has not been involved with
the Vernal Property since that time and is not associated with the Vernal Property or the exploration work being done. A 225-foot-wide
zone of poorly outcropping quartz stockworks (a multi-directional quartz veinlet system) and larger veining trends exist northeast from
the northern margin of the plug. The veining consists of chalcedony containing 1-5% pyrite. Clay alteration of the host volcanics is strong.
Northwest trending veins are also present but very poorly exposed. Both directions carry gold values. Scattered vein float is found over
the plug. The most significant gold values in rock chips come from veining in tuffaceous rocks north of the nearly east-west contact of
the plug. This area has poor exposure, but sampling of old dumps and surface workings show an open-ended gold anomaly that measures 630
feet by 450 feet.

 The Vernal Property claims presently do not have
any known mineral reserves. The property that is the subject of our mineral claims is undeveloped and does not contain any commercial
scale open-pits. Numerous shallow underground excavations occur within the central portion of the property. No reported historic production
is noted for the property. There is no mining plant or equipment located on the property that is the subject of the mineral claim. Currently,
there is no power supply to the mineral claims. Although drill holes are present within the property boundary, there is no known drilled
reserve on our claims.

 In July 2003 and again in June 2017, members of
our Board of Directors and geology team made an onsite inspection of the Vernal property. Mapping (the process of laying out a grid on
the land for area identification where samples are taken) and sampling (the process of taking small quantities of soil and rock for analysis)
have been completed. In 2005, permits for trenching and geochemical sampling were obtained from the U.S. Forest Service, and a subsequent
trenching and sampling program was completed.

 Our exploration of the Vernal Property to date
has consisted of geologic mapping, trenching and rock chip geochemical sampling. The Board of Directors approved a budget of approximately
$55,000 (including the refundable bond of $900) for the Vernal property. An exploration program was conducted in November 2008. The program
consisted of 200 feet of trenching, sampling and mapping, and opening, mapping and sampling of an underground workings consisting of approximately
275 feet of workings. We continue to evaluate the Vernal Property.

 In September 2017, we released a National Instrument
43-101 Technical Report on the Vernal Property.

 Planned Exploration

 Our current objectives are to assess the geological
merits and if warranted and feasible establish an exploration program to identify the potential for economically viable mineralization.
The cost of an exploration plan has not yet been determined therefore estimated exploration expenditures are not available at this time.
We recognize that the Vernal Property is an early-stage exploration opportunity and there are currently no proven or probable reserves.

 Windy Peak Property

 Acquisition of Interest

 In May 2015, after a review of historical records
and information available regarding a potential mineral property interest in Churchill County, Nevada, we acquired the Windy Peak Property,
(referred to herein as the "Windy Peak Property" or "Windy Peak"). This early-stage exploration project was secured
through the completion of an Assignment and Assumption Agreement. Windy Peak has been visited by our directors and technical staff several
times in 2017, 2018, 2019, 2020, and 2022.

 Description and Location of the Windy Peak
Property

 The Windy Peak Property consists of 118 unpatented
mineral claims covering approximately 2,419 contiguous acres, 3 miles north-northeast of the Bell Mountain and 7 miles east of the Fairview
mining district in southwest Nevada. Windy Peak is approximately 45 miles southeast of Fallon and 5.5 miles south of Middlegate. The property
is a contiguous claim block. Access to the project area is by paved highway, followed by a short stretch of gravel road.

 Access to the Windy Peak Property is from U.S.
Highway 50, thence south via Highway 361 to an unmarked dirt road that heads west along the south side of an unnamed wash referred to
as Windy Wash. The dirt road exits Highway 95 near the border of Sections 27 & 34. The Bell Mountain quadrangle (dated 1972) shows
an older dirt road that follows the floor of the wash. About 2 miles along the dirt road, trenching and cutting of trails to access various
portions of the property have extensively disturbed the hill. The dirt road is in good condition, however the steeper trails near Windy
Peak require a 4-wheel-drive for access. There is no plant, equipment, water source nor power currently on site. Power could be provided
by portable diesel-powered generators. Non potable water may be source able on site for drilling, mining and milling purposes.

 The property claims are held as unpatented federal
land claims administered under the Department of Interior, BLM. In order to acquire an unpatented mineral claim, the land must be open
to mineral entry. Federal law specifies that a claim must be located or "staked" and site boundaries be distinctly and clearly
marked to be readily identifiable on the ground in addition to filing the appropriate state and or federal documentation such as Location
Notice, Claim Map, Notice of Non-liability for Labor and Materials Furnished, Notice of Intent to Hold Mining Claims, Maintenance Fee
Payment and fees to secure the claim. The State may also establish additional requirements regarding the manner in which mining claims
and sites are located and recorded. An unpatented mining claim on U.S. government lands establishes a claim to the locatable minerals
(also referred to as stakeable minerals) on the land and the right of possession solely for mining purposes. No title to the land passes
to the claimant. If a proven economic mineral deposit is developed, provisions of federal mining laws permit owners of unpatented mining
claims to patent (to obtain title to) the claim. The property surface estate and mineral rights are federally owned and subject to BLM
regulations. None of the property claims have been legally surveyed. Although our legal access to unpatented Federal claims cannot be
denied, staking or operating a mining claim does not provide the claim holder exclusive rights to the surface resources (unless a right
was determined under Public Law 84-167), establish residency or block access to other users. Regulations managing the use and occupancy
of the public lands for development of locatable mineral deposits by limiting such use or occupancy to that which is reasonably incident
is found in 43 CFR 3715. These Regulations apply to public lands administered by the BLM.

 Annual maintenance fees paid to the BLM and recording
fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings
are kept current these claims can be kept in perpetuity.

 Past Exploration in the Windy Peak Area

 Fairview District

 The Windy Peak area has been considered to be
part of, or at least an extension of, the Fairview District, which, is located on Fairview Peak about 6 miles WNW of Hill 6483. Both areas
are within the Fairview Peak caldera, but their geochemical differences indicate they are not related.

 Windy Peak

 Published information regarding the Windy Peak
area refers to a small leach pad at the Cye Cox prospect at Hill 6483. This exploration was located adjacent to but not on our northern
claim block. According to historical reports, an initial 6 claims (Red Star) were staked by Cye Cox of Fallon from 1945 to 1969. Subsequent
lessees staked an additional 79 Red Star claims from 1978 to 1979. Cye Cox together with Pete Erb and "Pine Nut" Forbush discovered
high-grade gold on the south side of Hill 6483 in the Windy fault in 1970. The presence of old timbers near a mostly-covered hole at the
western trench (about mile west of the Windy adit) indicates that they also did some work there. After further examination a plant with
a 6-8" grizzly and trommel (21' x 30") was setup and operated.

 Exploration on and around the property has included
geologic mapping, rock chip sampling, sagebrush biogeochemistry, VLF-EM, VLF-resistivity and magnetic geophysical surveys, and reverse
circulation drilling. Various companies, including Terraco Gold Corp, Solitario Resources, Red Star Gold, Pegasus Gold Corp, Rio Tinto,
and Kennecott, have conducted drilling on and around the property, with more than 70 holes drilled. Limited small-scale mining activities
have been conducted by various private parties since the 1940's, including a small glory hole mined during the 1970's centered on Hill
6483. Previous work on the property included many vertical reverse-circulation drill holes, which are not suited to testing the high-angle
structures known to host the gold- bearing veins. Some of the holes previously drilled are inferred to be too shallow to properly test
targets. We believe the high-grade structurally hosted gold potential on the property has not been tested by previous drilling programs.

 Geology of the Windy Peak Property Area

 Review of late Tertiary epithermal gold-silver
deposits in the northern Great Basin, revealed that most deposits are spatially and temporally related to two magmatic assemblages: bimodal
basalt-rhyolite and western andesite. The Fairview district, including the Bell Mine, is related to a third, minor magmatic assemblage,
the late Eocene to early Miocene caldera complexes of the interior andesite-rhyolite assemblage. This assemblage hosts the giant late-Oligocene
Round Mountain deposit plus smaller deposits in the Atlanta, Fairview, Tuscarora, and Wonder mining districts. The youngest rocks in the
interior andesite-rhyolite assemblage are in the Fairview and Tonopah mining districts. Recent studies have shown that the magmatism associated
with the interior andesite rhyolite assemblage had a close spatial and temporal association with crustal extension, and that these magmas
may have been formed by partial mixing of mantle-derived basal with crustal melt.

 Current Exploration

 We have been conducting an ongoing exploration
program to assess the potential for economically viable mineralization. The exploration program has been permitted by the BLM. We initiated
drilling in the summer of 2018, and this program extended into October 2018. Further drilling was completed in December 2019, and again
in January 2021. Exploration on the project is ongoing. We recognize that Windy Peak is an early-stage exploration opportunity and there
are currently no proven or probable reserves.

 Bruner Gold Project

 We do not consider the Bruner Gold Project ("Bruner")
to be material in that it does not have proven reserves. We do not own the Bruner gold project and do not own or have access to the current
technical data relating to titles, mineral rights, acreage, state of the property, permitting, mining operations, processing and resource/reserve
calculations. We solely hold a royalty interest with respect to the property.

 The Bruner is located approximately 130 miles
east-southeast of Reno, Nevada. The project is 15 miles south of the Paradise Peak Mine, 45 miles southeast of the Round Mountain Mine,
and 25 miles west of the Rawhide Mine. The operator of the Bruner gold project is Endeavour Silver Corp.

 Item 3. Legal
Proceedings.

 There are no pending legal proceedings against
the Company or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any
class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to
the Company. However, in early 2024, the Company was notified that Golden Vertex, which operates the Moss Mine, has suspended royalty
payments to Patriot and other royalty holders in order to preserve liquidity. Patriot subsequently took legal action against Golden Vertex,
relating to outstanding royalty payments which are owed to Patriot under its Moss Mine royalty. Patriot initiated litigation in the State
of Arizona in April 2024. Subsequently, Golden Vertex requested a stay of creditor claims and processes under Chapter 15 of the US Bankruptcy
Code within the District of Arizona. The US Bankruptcy court has since provided that, until it makes a ruling relating to Patriot's
claims against Golder Vertex, certain Golden Vertex assets including cash, accounts receivable, rights to proceeds from mineral production,
and other rights to payment, must be segregated, accounted for, and preserved, and no distributions can be made of same, pending further
order of the US Bankruptcy Court. Patriot seeks to recover said assets under its turnover, constructive trust, and conversion claims.
Patriot expects this matter will remain before the US Bankruptcy court for several more months. Patriot is confident that its claims are
valid, however it cannot predict how the US Bankruptcy court will rule.

 Item 4. Mine
Safety Disclosures.

 The Dodd-Frank Wall Street Reform and Consumer
Protection Act (the "Act") and Item 104 of Regulation S-K require certain mine safety disclosures to be made by companies
that operate mines regulated under the Federal Mine Safety and Health Act of 1977. However, the requirements of the Act and Item 104 of
Regulation S-K do not apply as the Company does not engage in mining activities. Therefore, the Company is not required to make such disclosures.

 Item 5. Market
for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Market Information

 CANADIAN SECURITIES EXCHANGE ("CSE") and OTC

 The Company's common stock is listed on
the Canadian Securities Exchange and also trades on the OTC market. Patriot's stock symbol is "PGOL."

 The Company's common shares were approved
for listing on the CSE on May 9, 2017 under the symbol of "PGOL" and trades in Canadian dollars. Listing and disclosure documents
will be available at www.thecse.com. The average trade price on the CSE is $0.05 (CDN).

 Holders

 On December 31, 2024, there were approximately
seventy-six (76) holders of record of the Company's common stock, not including shareholders who hold their shares in street name.

 Dividends

 The Company has not declared or paid any cash
dividends on its common stock. The payment of cash dividends in the future will be at the discretion of its Board of Directors and will
depend upon its earnings levels, capital requirements, any restrictive loan covenants and other factors the Board considers relevant.

 Warrants or Options

 There were no warrants issued, exercised, cancelled
or expired during the year ending December 31, 2024. For further information, see Note 8 – Warrants, in the financial statements
included in this 10-K filing.

 There were no stock options issued, exercised
or cancelled during the year ending December 31, 2024 and 2,000,000 stock options expired. For further information, see Note 6 - Stock
Options in the financial statements included in this 10-K filing.

 Securities Authorized for Issuance under Equity
Compensation Plans

 Set forth below is certain information as of December
31, 2024, the end of our most recently completed fiscal year, regarding equity compensation plans.

 Equity compensation plans not approved by stockholders as of December 31, 2024

 Plan Category

 Number of securities to be issued upon exercise of outstanding options, warrants and rights

 Weighted average exercise price of outstanding options, warrants and rights

 Number of securities remaining available for future issuance

 2012 Stock Option Plan

 3,525,000

 $
 0.10

 –

 2014 Stock Option Plan

 4,815,000

 $
 0.10

 –

 2019 Stock Option Plan

 –

 –

 9,500,000

 The following discussion describes material terms
of grants made pursuant to the stock option plans as of December 31, 2024:

 Pursuant to the 2012 and 2014 and 2019 Stock Option
Plans, grants of shares can be made to employees, officers, directors, consultants and independent contractors of non-qualified stock
options as well as stock options to employees that qualify as incentive stock options under Section 422 of the Internal Revenue Code of
1986 ("Code"). The Plans are administered by the Option Committee of the Board of Directors (the "Committee"),
which has, subject to specified limitations, the full authority to grant options and establish the terms and conditions for vesting and
exercise thereof. Currently the Board of Directors functions as the Committee.

 In order to exercise an option granted under the
Plans, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at
the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal
to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.

 Subject to the foregoing, the Committee has broad
discretion to describe the terms and conditions applicable to options granted under the Plans. The Committee may at any time discontinue
granting options under the Plans or otherwise suspend, amend or terminate the Plans and may make such modification of the terms and conditions
of such optionee's option as the Committee shall deem advisable.

 Recent Sales of Unregistered Securities; Use of Proceeds from Registered
Securities.

 See "Note 7 - Common Stock" in the financial statements included
in this 10-K filing.

 Purchases of Equity Securities by the Company and Affiliated Purchasers.

 There was no purchase of equity securities by the Company and affiliated
purchasers during the year ended December 31, 2024.

 Stock Based Compensation

 For the year ended December 31, 2024 and 2023,
Mr. Trevor Newton, Chief Executive Officer, President, Chief Financial Officer, Secretary, Treasurer and Director of the Company opted
to receive his director fees in the form of restricted stock rather than cash. The restricted common stock is restricted for a period
of three years following the date of grant. He received 6,461,539 shares of restricted common stock for his three-year director term beginning
January 1, 2022. The shares were valued at $0.325 per share, for a total non-cash expense of $70,000 for the years ended December 31,
2024 and 2023, recorded as Directors Fees Expense.

 Item 6. Selected
Financial Data.

 A smaller reporting company, as defined by Item 10 of Regulation S-K,
is not required to provide the information required by this item.

 Item 7. Management's
Discussion and Analysis or Plan of Operation.

 Overview

 As a natural resource exploration company, our
focus is to acquire, explore and develop natural resource properties which may host mineral reserves which may be economical to extract
commercially. With this in mind, we have identified and secured interests in mining claims with respect to properties in Nevada. Given
the current litigation regarding the payment of royalties from the Moss Mine as discussed in Item 3, current cash on hand may not be sufficient
to fund planned operations for 2025 after payment of accounts payable outstanding at December 31, 2024. Our officers and directors, advisors,
and consultants will continue to be utilized to support all operations.

 Plan of Operation

 During the twelve-month period ending December
31, 2024, we continued our evaluation work on our Vernal project and Windy Peak project. As discussed above, our funds may not be sufficient
to meet all planned activities as outlined below and may need to be modified or downsized.

 We do not anticipate a change to our company staffing
levels. We remain focused on keeping the staff compliment, which currently consists of our three directors. Our staffing in no way hinders
our operations, as outsourcing of legal, accounting, and other operational duties is the most cost effective and efficient manner of conducting
the business of the Company.

 We do not anticipate any equipment purchases in
the twelve months ending December 31, 2025.

 Results of Operations

 The Twelve Months Ended December 31, 2024 compared
to the Twelve Months Ended December 31, 2023

 During the years ended December 31, 2024 and 2023,
we had revenues of $361,523 and $1,930,348, respectively, resulting from the Moss royalty. We are currently exploring and developing our
properties and are actively reviewing new projects.

 Net
 income(loss) for the year ended December 31, 2024 was a loss of $3,148,886 compared to net
 income of $83,632 for the year ended December 31, 2023, for an approximate $3,233,000 decrease
 in net income. The decrease in the net income is primarily due to the $1,568,825 decrease
 in royalty revenue, the $1,075,000 increase in income tax expense and $868,427 increase in
 general and administrative expenses. This was offset by a $202,559 decrease in consulting
 expenses and a $56,611 decrease of mineral costs.

 For the years ended December 31, 2024 and 2023,
mineral and exploration expenses were $369,654 and $426,265, respectively, for an approximate $57,000 decrease. The decrease is primarily
due to a decrease of $81,000 in expenditures on new exploration projects.

 For the years ended December 31, 2024 and 2023,
general and administrative expenses were $1,414,610 and $546,183, respectively, for an approximate $868,000 increase, primarily due to
the increase in the allowance for doubtful accounts and legal fees.

 For the years ended December 31, 2024 and 2023,
other income (expense) was $28,422 and $7,938, respectively. The change in other income (expense) is due to an approximated $18,000 increase
in interest earned.

 Liquidity and Capital Resources

 We had total assets of $531,035 at December 31, 2024
consisting primarily of $401,207 of cash and $22,082 of marketable securities. We had total liabilities of $738,305 at December 31, 2024,
consisting primarily of accounts payable and accrued expenses.

 We anticipate that we will incur the following
during the year ended December 31, 2025:

 $1,000,000 for operating expenses, including working capital and general, legal, accounting and administrative expenses associated with reporting requirements under the Securities Exchange Act of 1934 and compliance with Canadian regulatory authorities.

 Cash provided by (used in) operations was ($1,207,886)
and $582,584 for the years ended December 31, 2024 and 2023, respectively. The $1,790,470 decrease in cash provided by operations was
primarily due to the change in the royalties receivable account and the decrease in the deferred tax asset.

 Financing activities during the years ended December
31, 2024 and 2023 used cash of $93,360 and $1,038,853, respectively, from the re-purchase and cancellation of common stock.

 Given the temporary cessation of royalty payments
related to the Moss Mine, management estimates that the Company will need additional funding for the next twelve months.

 We currently have no agreements, arrangements
or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.

 Off-Balance Sheet Arrangements

 We have no off-balance sheet arrangements.

 Item 7A. Quantitative
and Qualitative Disclosure About Market Risk.

 A smaller reporting company, as defined by Item
10 of Regulation S-K, is not required to provide the information required by this item.

 Item 8. Financial
Statements.

 The financial statements are set forth immediately
preceding the signature page beginning with page F-1.

 Item 9. Changes
in and Disagreements with Accountants on Accounting and Financial Disclosure.

 None.

 Item 9A. Controls
and Procedures.

 Evaluation of Disclosure Controls and Procedures

 Our management, under supervision and with the
participation of the Chief Executive Officer, evaluated the effectiveness of our disclosure controls and procedures, as defined under
Exchange Act Rule 13a-15(e). Based upon this evaluation, the Chief Executive Officer concluded that, because of the disclosed material
weakness in the Company's internal control over financial reporting, certain of our disclosure controls and procedures were not
adequately effective as of December 31, 2024.

 Disclosure controls and procedures are controls
and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the
Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our
management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions
regarding required disclosure. Notwithstanding the identified material weakness discussed below, management concluded that our consolidated
financial statements included in Part II, Item 8, "Financial Statements" fairly present, in all material respects, our financial
condition, results of operations and cash flows as of and for the periods presented in conformity with United States Generally Accepted
Accounting Principles ("U.S. GAAP").

 Management's Report on Internal Controls
over Financial Reporting

 Our management is responsible for establishing
and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 14d-14(f). Our internal
control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

 All internal control systems, no matter how well
designed, have inherent limitations and may not prevent or detect misstatements. Therefore, even those systems determined to be effective
can only provide reasonable assurance with respect to financial reporting reliability and financial statement preparation and presentation.
In addition, projections of any evaluation of effectiveness to future periods are subject to risk that controls become inadequate because
of changes in conditions and that the degree of compliance with the policies or procedures may deteriorate.

 Management assessed the effectiveness of the
Company's internal control over financial reporting as of December 31, 2024. In making the assessment, management used the criteria
issued by the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) 2013 Internal Control-Integrated Framework.
Based on its assessment, management concluded that, as of December 31, 2024, the Company's internal controls over financial reporting
were not adequately effective.

 As defined by Auditing Standard No. 5, "An
Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements and Related Independence
Rule and Conforming Amendments," established by the Public Company Accounting Oversight Board ("PCAOB"), a material
weakness is a deficiency or combination of deficiencies that results in more than a remote likelihood that a material misstatement of
annual or interim financial statements will not be prevented or detected. In connection with the assessment described above, our management
identified a material weakness in our internal control over financial reporting and has concluded that the Company has a control deficiency
that represents a material weakness as of December 31, 2024. The material weakness identified by management primarily relates to a design
deficiency in the information and communication of the expense obligations of the Company. This material weakness resulted in a material
error in the reporting of general and administrative expenses, which we plan to correct prospectively as we issue future financial statements.
This control deficiency creates a reasonable possibility that a material misstatement of our consolidated financial statements would
not be prevented or detected on a timely basis and constitutes a material weakness in our internal control over financial reporting.

 Management's Plan to Remediate the Identified
Material Weakness

 To address the identified material weakness,
management plans to implement the following remedial measures:

 Enhancing
 the accounting department's process for collecting all outstanding invoices from vendors
 who have performed work for the Company during the reporting period.

 Improving
 management's process for ensuring the timely flow of documentation to the accounting department
 to facilitate its quarterly and annual reporting requirement.

 Management believes that the remediation measures described above
will remediate the identified material weakness and strengthen our overall internal control over financial reporting. As management continues
to evaluate and work to enhance our internal control over financial reporting, management may take additional measures to address control
deficiencies, or we may modify some of the remediation measures described above. Management expects these remedial actions and/or other
actions related to this material weakness to be effectively implemented in fiscal year 2025.

 Attestation Report of Registered Public Accounting
Firm

 This annual report does not include an attestation
report of the Company's independent registered public accounting firm regarding internal control over financial reporting. Management's
report was not subject to attestation by the Company's independent registered public accounting firm pursuant to permanent rules
of the SEC that permit the Company to provide only management's report in this annual report.

 Changes in Internal Controls over Financial
Reporting

 As of December 31, 2024 and to date, management
assessed the effectiveness of our internal control over financial reporting and based upon that evaluation and the material weakness
discussed above, they concluded that certain of the internal controls and procedures were not adequately effective. During the course
of their evaluation, we did not discover any fraud involving management or any other personnel who play a significant role in our disclosure
controls and procedures or internal controls over financial reporting.

 We believe that our financial statements contained
in our Form 10-K for the twelve months ended December 31, 2024, fairly present our financial position, results of operations and cash
flows for the years covered thereby in all material respects. We are committed to improving our financial organization. We will continue
to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on
an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements as necessary.

 Item 9B. Other
Information.

 During the year ended December 31, 2024, no director
or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in
Item 408(a) of Regulation S-K.

 Item 10. Directors,
Executive Officers and Corporate Governance.

 Directors and Officers

 All Directors of our Company hold office until
the next applicable vote of the stockholders or until their successors are elected and qualified. The Officers of our Company are appointed
by our Board of Directors and hold office until their earlier death, retirement, resignation or removal. Our Directors, Executive Officers
and other significant employees, their ages, positions held and duration each person has held that position, are as follows:

 Name

 Position Held with the Company

 Age

 Date First Appointed

 Robert Coale (1)

 Chairman of the Board

 October 13, 2005

 Trevor Newton (2)

 President, Chief Executive Officer, Chief Financial Officer, Secretary Treasurer, and Director

 October 9, 2014

 Zachary Black (3)

 Director

 July 18, 2016

 (1)

 Mr. Coale was initially appointed as a Director on June 23, 2003. On September 12, 2008 Mr. Coale resigned as an officer of the Company but remained a Director. Subsequently, on October 18, 2010, Mr. Coale was reappointed as the Company's President, Chief Executive Officer, Secretary and Treasurer and resigned these positions on May 27, 2016 where he was simultaneously appointed as Chairman of the Board.

 (2)

 Mr. Newton was appointed as Director on October 9, 2014. On May 27, 2016, Mr. Newton was elected as CEO, President, Chief Financial Officer, Secretary and Treasurer.

 (3)

 Mr. Black was appointed Director on July 18, 2016.

 Business Experience

 The following is a brief account of the education
and business experience of each director, executive officer and key employee during at least the past five years, indicating each person's
principal occupation during the period, and the name and principal business of the organization by which he was employed.

 Robert Coale has been a Director since
June 2003 and served as our Chief Executive Officer, President, Secretary and Treasurer for two terms: (i) October 2005 to September 2008;
and (ii) October 18, 2010 to May 27, 2016. Mr. Coale has over 60 years of resource related business and management experience and is currently
an independent consulting engineer specializing in property evaluation, permitting, and mineral processing and assisting fleets in transitioning
from diesel and gasoline fuels to compressed and liquefied natural gas, hydrogen, and electricity. Mr. Coale is also a past Technical
Advisor for Premium Exploration Inc. and a past Director of Francisco Gold Corporation and past Technical Advisor to Andean American Gold
Corp. Mr. Coale holds two degrees in Engineering (1963 - MetE. - Colorado School of Mines, 1971 - MSc. - University of the Witwatersrand
in South Africa) as well as an MBA from the University of Minnesota (1982).

 Trevor Newton is President of Patriot Gold
Corp. Mr. Newton is founder of the Company and has been involved in the development of the Company from its initial land acquisitions
and discovery stages through to the present. He has assisted the Company by establishing its corporate focus, assembling its team and
helping advance its core projects. Mr. Newton's corporate experience has primarily been in the resource sector where he has assisted private
and public companies in their financing, project acquisition, and development. Mr. Newton is also Chief Executive Officer, Chief Financial
Officer, President, Secretary and Director of Strata Power Corp. Mr. Newton has a B.Sc. in Economics from the University of Victoria and
an M.A. in Economics from Simon Fraser University.

 Zachary Black is a Resource Geologist with
15 plus years of experience in mining operations, geological exploration projects, consulting, database management, geotechnical engineering,
project management and project engineering. Mr. Black has conducted professionally recognized, innovative work in geo-statistical modelling,
and routinely provides his expertise to the mineral industry with regard to geologic modelling, geo-statistical evaluation, mineral resource
estimation, and exploration program design and support. He is a Society for Mining, Metallurgy & Exploration Registered Member and
is recognized as a Qualified Person for exploration, geology, and mineral resource estimation according to the Canadian National Instrument
43-101 (NI 43-101). Mr. Black has participated in mineral resource projects at many levels of project development, from early exploration
through bankable feasibility studies, and has assisted in the preparation of numerous NI 43-101 compliant technical reports. He has conducted
site investigations, geologic field mapping and sampling, and data verification as an independent QP for a variety of gold, silver, and
multiple commodity projects throughout the world. Mr. Black earned his Bachelor of Science degree in Geological Engineering from the University
of Nevada.

 There are no family relationships among
our directors or officers. None of our Directors or Officers have been affiliated with any company that has filed for bankruptcy within
the last five years. We are not aware of any proceedings to which any of our officers or directors, or any associate of our officers
or directors, is a party adverse to our company or has a material interest adverse to it.

 Audit Committee Financial Expert.

 Currently, the Board of Directors functions as
the audit committee. The Board of Directors does not have an audit committee financial expert.

 Section 16(a) Beneficial Ownership Reporting
Compliance.

 Section 16(a) of the Securities Exchange Act of
1934 requires officers and directors of the Company and persons who own more than ten percent of a registered class of the Company's
equity securities to file reports of ownership and changes in their ownership with the Securities and Exchange Commission, and forward
copies of such filings to the Company. During the most recent fiscal year, the Company is not aware that any director, officer, and beneficial
owner of more than ten percent of the equity securities of the Company registered pursuant to Section 12 of the Exchange Act has failed
to file such forms on a timely basis.

 Code of Ethics.

 The Company has not adopted a Code of Ethics due
to the size and limited resources of the Company.

 Insider Trading Policy.

 The Company is committed to maintaining the highest
ethical standards in all aspects of its operations, including compliance with insider trading regulations. Currently, we are in the process
of finalizing a comprehensive insider trading policy designed to ensure adherence to applicable laws and regulations. We anticipate formally
adopting this policy in the coming fiscal year. While no formal policy is in place, we remain committed to maintaining the highest ethical
standards to mitigate the risk of unlawful insider trading.

 Item 11. Executive
Compensation.

 Summary Compensation

 The following table sets forth information concerning
the compensation paid or earned during the fiscal years ended December 31, 2024 and 2023 for services rendered to our Company in all capacities
by the following persons: (i) all individuals who served as the principal executive officer or acting in a similar capacity during the
year ended December 31, 2024, regardless of compensation level; (ii) all individuals who served as officers at December 31, 2024 and whose
total compensation during the year ended December 31, 2024 exceeded $100,000; and (iii) up to two additional individuals who served as
officers during the year ended December 31, 2024 and whose total compensation during the year ended December 31, 2024 exceeded $100,000,
regardless of whether they were serving as officers at the end of such fiscal year.

 SUMMARY COMPENSATION TABLE

 Name and principal
 position

 Year

 Salary
 ($)

 Bonus
 ($)

 Stock

 Awards

 ($)

 Option
 Awards

 ($)

 Non-Equity
 Incentive Plan Compensation
 ($)

 Nonqualified
 Deferred Compensation Earnings
 ($)

 All
 Other Compensation
 ($)

 Total
 ($)

 2024

 450,288

 520,288

 2023

 550,956

 620,956

 (1)

 "All
 Other Compensation consists entirely of consulting fees paid to Mr. Newton. See Note 11 for further discussion.

 Outstanding Equity Awards

 The table set forth below presents certain information
concerning unexercised options, stock that has not vested, and equity incentive plan awards for each named executive officer above outstanding
as of December 31, 2024.

 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

 OPTION AWARDS

 STOCK AWARDS

 Name
 (a)

 Number of Securities Underlying Unexercised Options
 (#)
 Exercisable
 (b)

 Number of Securities Underlying Unexercised Options
 (#)
 Unexercisable
 (c)

 Equity
 Incentive Plan Awards:
 Number of Securities Underlying Unexercised Unearned Options
 (#)
 (d)

 Option Exercise
 Price
 ($)
 (e)

 Option
 Expiration
 Date
 (f)

 Number
 of Shares
 or Units of Stock That Have Not
 Vested
 (#)
 (g)

 Market
 Value
 of Shares
 or Units
 of Stock
 That
 Have Not
 Vested
 ($)
 (h)

 Equity
 Incentive
 Plan
 Awards:
 Number of Unearned Shares,
 Units
 or Other
 Rights That Have Not
 Vested
 (#)
 (i)

 Equity
 Incentive
 Plan
 Awards:
 Market or Payout
 Value of Unearned Shares,
 Units
 or Other
 Rights That Have Not
 Vested
 (#)
 (j)

 1,250,000

 (1)

 0.10

 December 24, 2025

 1,000,000

 (2)

 0.10

 September 5, 2027

 1,000,000

 (3)

 0.10

 February 15, 2028

 2,000,000

 (4)

 0.10

 December 10, 2030

 (1)

 On December 24, 2015 Mr. Newton was granted the right to purchase 1,250,000 common shares at an exercise price of $0.10 per option pursuant to the 2014 Plan. The $0.10 options vested immediately and had a fair market value at issuance of $84,152.

 (2)

 On September 5, 2017, Mr. Newton was granted the right to purchase 1,000,000 common shares at an exercise price of $0.10 per option pursuant to the 2014 Plan. The $0.10 options vested immediately and had a fair market value at issuance of $80,100.

 (3)

 On February 15, 2018, Mr. Newton was granted the right to purchase 1,000,000 common shares at an exercise price of $0.10 per option pursuant to the 2014 Plan. The $0.10 options vested immediately and had a fair market value at issuance of $77,500.

 (4)

 On December 10, 2020, Mr. Newton was granted the right to purchase 2,000,000 common shares at an exercise price of $0.10 per option pursuant to the 2012 Plan. The $0.10 options vested immediately and had a fair market value at issuance of $216,000.

 Compensation of Directors

 The following table sets forth information concerning the compensation
paid or earned during the fiscal year ended December 31, 2024 for services rendered by the Directors.

 Name

 Fees earned

or paid

in cash

($)

 Stock

Awards

($)

 Option

Awards

($)

 Non-Equity Incentive Plan Compensation

($)

 Nonqualified Deferred Compensation Earnings

($)

 All Other Compensation

($) (4)

 Total

($)

 Robert Coale (1)

 Trevor Newton (2)

 450,288

 520,288

 Zachary Black (3)

 7,166

 77,166

 (1)

 Mr. Coale was originally appointed as a Director on June 23, 2003. On September 12, 2008 Mr. Coale resigned as an officer of the Company but remained a Director. Subsequently, on October 18, 2010, Mr. Coale was reappointed as the Company's President, Chief Executive Officer, Secretary and Treasurer and resigned these positions on May 27, 2016 where he was simultaneously appointed as Chairman of the Board.

 (2)

 Mr. Newton was appointed as Director on October 9, 2014. On May 27, 2016, Mr. Newton was appointed as the Company's President, Chief Executive Officer, Secretary and Treasurer and remains a Director.

 (3)

 Mr. Black was appointed Director on July 18, 2016.

 (4)

 Cash payments for consulting and other services.

 Item 12. Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 The following table lists, as of December 31,
2024, the number of shares of common and preferred stock of the Company beneficially owned by (i) each person or entity known to the
Company to be the beneficial owner of more than 5% of the outstanding common stock; (ii) each officer and director of the Company; and
(iii) all officers and directors as a group. Information relating to beneficial ownership of common stock by our principal stockholders
and management is based upon information furnished by each person using "beneficial ownership" concepts under the rules of
the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has
or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the
power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that
person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one
person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities
as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment
power.

 The percentages below are calculated based upon
60,354,539 outstanding common shares and 290,000 outstanding Series A preferred shares as of December 31, 2024, which does not include
vested options and warrants.

 Name of Beneficial Owner

 Title of Class

 Amount and Nature of Beneficial Ownership

 Percentage

 of Class

 Robert D. Coale

 Common Stock

 731,250

 (1)

 1.2%

 Common

 26,383,039

 (2)

 43.7%

 Series A Preferred Stock

 100%

 Zachary Black

 Common Stock

 500,000

 (3)

 0.8%

 Directors and Officers as a Group Common Stock (3 individuals)

 Common Stock

 27,614,289

 45.8%

 Directors and Officers as a Group Series A Preferred Stock (3 individuals)

 Series A Preferred Stock

 100%

 (1)

 Does not include 350,000 vested options pursuant to the 2012 Plan to purchase common stock at a purchase price of $0.10 per share and 750,000 vested options pursuant to the 2014 Plan to purchase common stock at a purchase price of $0.10 per share.

 (2)

 Does not include 3,000,000 vested options pursuant to the 2012 Plan to purchase common stock at a purchase price of $0.10 per share, 2,250,000 vested options pursuant to the 2014 Plan to purchase common stock at a purchase price of $0.10 per share and 9,940,000 vested warrants. Also excludes 320,000 shares that have not yet been issued from a warrant exercise in 2020.

 (3)

 Does not include 1,225,000 vested options pursuant to the 2014 Plan to purchase common stock at a purchase price of $0.10 per share.

 Shareholder Agreements

 We are unaware of any contract or other arrangement the operation of
which may at a subsequent date result in a change in control of our Company.

 Securities Authorized for Issuance under Equity
Compensation Plans

 Information regarding our equity compensation
plans is set forth above under Part II, Item 5.

 Item 13. Certain
Relationships and Related Transactions, and Director Independence.

 Related Party Transactions

 See Note 11 - Related Party Transactions in the
notes to the consolidated financial statements included in this 10-K filing.

 Director Independence

 We are not subject to the listing requirements
of any national securities exchange or national securities association and, as a result, we are not at this time required to have our
board comprised of a majority of "independent directors."

 Item 14. Principal
Accounting Fees and Services.

 Fees Billed by Independent Public Accountants

 Aggregate fees billed and expected to be billed
for professional services by Fruci & Associates II, PLLC, our independent registered public accounting firm for the audit of our consolidated
financial statements for the years ended December 31, 2024 and 2023 is set forth below.

 Year ending
 December 31, 2024

 Year ending
 December 31, 2023

 Audit Fees

 $
 38,700

 $
 34,000

 Audit Related Fees

 $

 $

 Tax Fees

 $

 $

 All Other Fees

 $

 $

 All of the principal accounting fees and services
were approved by the Board of Directors, currently acting in place of the Audit Committee in accordance with the By-Laws of the Company.

 Item 15. Exhibits.

 EXHIBIT

 NUMBER

 DESCRIPTION

 3.1

 Articles of Incorporation of Registrant. (1)

 3.2

 Registrant's Restated Articles of Incorporation. (2)

 3.3

 By-Laws of Registrant. (1)

 10.22

 2012 Stock Option Plan (3)

 10.23

 2014 Stock Option Plan (4)

 10.24

 2019 Stock Option Plan (5)

 23.1

 Fruci & Associates Consent

 Rule 13a-14(a)/15d14(a) Certifications (attached hereto)

 Section 1350 Certifications (attached hereto)

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 (1) Previously filed with the Company's
Form 10SB12g submitted to the SEC on June 25, 2001, SEC file number 0-32919.

 (2) Previously filed as an exhibit to the Company's
Information Statement submitted to the SEC on May 21, 2003.

 (3) Previously filed as Exhibit 5.1 to the Company's
Form S-8 filed on July 20, 2012 File Number 333-182787.

 (4) Previously filed as Exhibit 4.1 to the Company's
Form S-8 filed on September 19, 2014 File Number 333-198833.

 (5) Previously filed as Exhibit 4.1 to the Company's
Form S-8 filed on July 3, 2019 File Number 333-232546.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Board of Directors and Shareholders of Patriot Gold Corp.

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of Patriot Gold Corp. ("the Company") as of December 31, 2024, and 2023, and the related consolidated statements
of operations, stockholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the
related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash
flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted
in the United States of America.

 Going Concern

 The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 2 with the financial statements, management
believes they may not have sufficient funds to support their business in 2025 based on the following: (a) a temporary cessation in revenues
derived from the Moss royalty; (b) the Company's marketable securities lack liquidity; (c) current cash on hand is not sufficient to
cover estimated minimum operational costs for the next 12 months. These factors, among others, raise substantial doubt about the Company's
ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of
this uncertainty.

 Basis for Opinion

 These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and
that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there were no critical audit matters.

 /s/ Fruci & Associates II, PLLC

 Fruci & Associates II, PLLC – PCAOB ID #0 5525

 We have served as the Company's auditor since 2017.

 Spokane, Washington

 April 9, 2025

 F- 1

 CONSOLIDATED BALANCE SHEETS

 December 31,

 2024

 2023

 ASSETS

 Current assets:

 Cash

 $
 401,207

 $
 1,701,720

 Marketable securities

 22,082

 32,237

 Royalty receivables, net of allowance for uncollectible receivables

 –

 358,645

 Prepaid expenses

 107,746

 161,439

 Total current assets

 531,035

 2,254,041

 Long-term assets:

 Deferred tax asset, net of valuation allowance

 –

 1,059,000

 Total long-term assets

 –

 1,059,000

 Total assets

 $
 531,035

 $
 3,313,041

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities:

 Accounts payable and accrued liabilities

 $
 458,305

 $
 39,229

 Accounts payable and accrued liabilities – related parties

 280,000

 238,836

 Total current liabilities

 738,305

 278,065

 Commitments and contingencies

 –

 –

 Stockholders' equity:

 Preferred stock, par value $.001; 6,500,000 shares authorized; no shares issued at December 31, 2024 and 2023, respectively

 –

 –

 Series A Preferred stock, par value $.001; 13,500,000 shares authorized; 290,000 shares issued at December 31, 2024 and 2023, respectively

 Common stock, par value $.001; 400,000,000 shares authorized; 60,354,539 and 69,354,539 shares issued and outstanding at December 31, 2024 and 2023, respectively

 60,355

 69,355

 Treasury stock ( 100,000 shares)

)

)

 Additional paid-in capital

 28,115,899

 28,200,259

 Common shares to be issued

 Accumulated other comprehensive income (loss)

 ( 14,681
)

 ( 15,414
)

 Accumulated deficit

 ( 28,382,440
)

 ( 25,232,821
)

 Total stockholders' equity

 ( 207,270
)

 3,034,976

 Total liabilities and stockholders' equity

 $
 531,035

 $
 3,313,041

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 2

 CONSOLIDATED STATEMENTS
OF OPERATIONS

 For the Years Ended December 31,

 2024

 2023

 Revenues

 $
 361,523

 $
 1,930,348

 Expenses:

 Mineral costs

 369,654

 426,265

 Consulting expense

 486,300

 688,859

 Directors fees

 210,000

 210,000

 General and administrative

 1,414,610

 546,183

 Total operating expense

 2,480,564

 1,871,307

 Net income (loss) from operations

 ( 2,119,041
)

 59,041

 Other income (expense):

 Unrealized holding gain (loss) on marketable securities

 ( 10,718
)

 ( 4,080
)

 Currency exchange

 ( 2,308
)

 ( 4,223
)

 Other miscellaneous income

 41,448

 16,241

 Total other income (expense)

 28,422

 7,938

 Net Income before taxes

 ( 2,090,619
)

 66,979

 Income tax benefit (expense) (see Note 10)

 ( 1,059,000
)

 16,000

 Net income (loss)

 ( 3,149,619
)

 82,979

 Other comprehensive income (loss)

 Foreign currency translation adjustment

 Comprehensive income (loss)

 $
 ( 3,148,886
)

 $
 83,632

 Earnings per share, basic and diluted:

 Income per common share - basic

 $
 ( 0.05
)

 $
 0.00

 Income per common share - diluted

 $
 ( 0.05
)

 $
 0.00

 Weighted average shares outstanding - basic

 60,941,971

 73,417,127

 Weighted average shares outstanding - diluted

 60,941,971

 73,417,127

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 3

 CONSOLIDATED STATEMENTS
OF STOCKHOLDERS' EQUITY

 Series
 A
 Preferred
 Stock

 Common
 Stock

 Common
 Shares

 Additional

 Accumulated
 Other

 Shares

 Par
 Value

 Shares

 Par
 Value

 Treasury
 Stock

 To
 be
 Issued

 Paid-in
 Capital

 Comprehensive
 Income

 Retained
 Deficit

 Total

 Balance December 31, 2022

 $

 77,841,893

 $
 77,842

 $
)

 $

 $
 29,230,625

 $
 ( 16,067
)

 $
 ( 25,315,800
)

 $
 3,990,197

 Stock Re-Purchase

 –

 –

 ( 8,487,354
)

 ( 8,487
)

 –

 –

 ( 1,030,366
)

 –

 –

 ( 1,038,853
)

 Net Income

 –

 –

 –

 –

 –

 –

 –

 82,979

 83,632

 Balance December 31, 2023

 $

 69,354,539

 $
 69,355

 $
)

 $

 $
 28,200,259

 $
 ( 15,414
)

 $
 ( 25,232,821
)

 $
 3,034,976

 Stock Re-Purchase and cancellation

 –

 –

 ( 9,000,000
)

 ( 9,000
)

 –

 –

 ( 84,360
)

 –

 –

 ( 93,360
)

 Net Loss

 –

 –

 –

 –

 –

 –

 –

 ( 3,149,619
)

 ( 3,148,886
)

 Balance December
 31, 2024

 $

 60,354,539

 $
 60,355

 $
)

 $

 $
 28,115,899

 $
 ( 14,681
)

 $
 ( 28,382,440
)

 $
 ( 207,270
)

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 4

 CONSOLIDATED STATEMENTS
OF CASH FLOWS

 For the Years Ended December 31,

 2024

 2023

 Net Income

 $
 ( 3,149,619
)

 $
 82,979

 Adjustments to reconcile net income to net cash provided by operating activities:

 Fair value adjustment for marketable securities

 10,155

 3,867

 Bad Debt Expense

 720,168

 358,645

 Change in operating assets and liabilities:

 Royalties receivables

 ( 361,523
)

 86,593

 Prepaid expenses

 53,693

 10,863

 Deferred tax asset, net of valuation allowance

 1,059,000

 ( 16,000
)

 Accounts payable and accrued liabilities

 419,076

 9,976

 Accounts payable and accrued liabilities – related parties

 41,164

 45,661

 Net cash flows provided by (used in) operating activities

 ( 1,207,886
)

 582,584

 Cash flows from investing activities:

 Net cash flows provided by investing activities

 –

 –

 Cash flows from financing activities:

 Purchase and cancellation of stock

 ( 93,360
)

 ( 1,038,853
)

 Net cash flows used in financing activities

 ( 93,360
)

 ( 1,038,853
)

 Foreign exchange effect on cash

 Net decrease in cash

 ( 1,300,513
)

 ( 455,616
)

 Cash, beginning of year

 1,701,720

 2,157,336

 Cash, end of year

 $
 401,207

 $
 1,701,720

 Supplemental disclosure of cash paid for:

 Interest

 $
 –

 $
 –

 Income taxes

 $
 –

 $
 –

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 5

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 DECEMBER 31, 2024

 NOTE 1 - NATURE OF BUSINESS AND OPERATIONS

 Patriot Gold Corp. ("Company") was
incorporated in the State of Nevada on November 30, 1998. The Company is engaged in natural resource exploration and anticipates acquiring,
exploring, and developing natural resource properties. Currently the Company is undertaking programs in Nevada. The Company's common
stock trades on the Canadian Securities Exchange under the symbol PGOL, and also on the Over-The-Counter ("OTC") market under
the symbol PGOL.

 On May 23, 2017, the Company caused the incorporation
of its wholly owned subsidiary, Patriot Gold Canada Corp ("Patriot Canada"), under the laws of British Columbia, Canada.

 On April 16, 2010, the Company caused the incorporation
of its wholly owned subsidiary, Provex Resources, Inc., ("Provex") under the laws of Nevada. Effective May 7, 2018, Provex's
name was changed to Goldbase, Inc. ("Goldbase").

 NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 Basis of Presentation

 The consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant
to the rules and regulations of the Securities and Exchange Commission (the "SEC"). These consolidated financial statements
include the accounts of the Company and its wholly-owned subsidiaries, Goldbase and Patriot Canada. Collectively, they are referred to
herein as "the Company". Inter-company accounts and transactions have been eliminated.

 Management's Estimates and Assumptions

 The preparation of the consolidated financial
statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Management believes that all applicable estimates and adjustments
are appropriate. Actual results could differ from those estimates.

 Going Concern

 The Company's ability to continue as a going concern
is dependent on its ability to develop its natural resource properties and achieve profitable operations, and to generate sufficient cash
flow from financing and operations to meet its obligations as they become payable. The Company expects that it will need approximately
$1,000,000 to fund its operations during the next twelve months, which will including working capital, general, legal, accounting and
administrative expenses. Management believes they may not have sufficient funds to support their business in 2025 based on the following:
(a) a temporary cessation in revenues derived from the Moss royalty; (b) the Company's marketable securities lack liquidity; (c) current
cash on hand is not sufficient to cover estimated minimum operational costs for the next 12 months. The Company is evaluating strategies
to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining equity
financing, issuing debt or entering into other financing arrangements, and restructuring operations to grow revenue and decrease expenses.
Although it cannot be demonstrated yet that management's plans are probable of being successful in mitigating the conditions that
raise substantial doubt of the Company's ability to continue as a going concern, management believes that the Company will be able
obtain sufficient capital to continue operations in the next 12 months. No adjustment relating to the recoverability and classification
of recorded asset amounts and the classification of liabilities has been made to the accompanying financial statements in anticipation
of the Company not being able to continue as a going concern.

 Reclassifications

 Certain reclassifications have been made to the prior period financial
information to conform to the presentation used in the financial statements for the year ended December 31, 2024.

 F- 6

 Exploration and Development Costs

 Mineral exploration costs and payments related
to the acquisition of the mineral rights are expensed as incurred. When it has been determined that a mineral property can be economically
developed as a result of establishing proven and probable reserves, the costs incurred to acquire and develop such property will be capitalized.
Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. No costs have been
capitalized through December 31, 2024.

 Cash and Cash Equivalents

 The Company considers all investment instruments
purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
The Company has no cash equivalents as of December 31, 2024 and 2023, respectively.

 Marketable Securities

 Equity investments with readily determinable fair
values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or
measured at costs with adjustments for observable changes in price or impairments (referred to as the measurement alternative). We currently
do not have investments without readily determinable fair values. We perform a qualitative assessment on a periodic basis and recognize
an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are
recorded in Other income (expense), net.

 Royalties Receivables and Allowance for Uncollectible
Receivables

 Royalties Receivables consist of amounts due from
Golden Vertex related to the net smelter return royalty on the Moss Mine in Arizona (see Note 4). An allowance for uncollectible receivables
is based upon the amount of losses expected to be incurred in the collection of these royalties pursuant to the guidance outlined in ASU
2016-13, Financial Instruments – Credit Losses (ASC 326). This pronouncement replaces the former incurred loss methodology
with an expected credit loss methodology that requires consideration of a broader range of information to estimate expected losses over
the lifetime of the asset. Management's evaluation process used to determine the appropriateness of the allowance is complex and
requires the use of estimates, assumptions and judgements which are inherently subject to high uncertainty. The estimated losses are calculated
based upon a review of the outstanding receivables, including the age of the receivable, historical collection experience and, as applicable,
current conditions and forecasts that affect collectability. The estimate could require a change based on changing circumstances, including
changes in the economy or changes specifically related to Golden Vertex. Specific receivables are written off against the allowance when
management determines the account is uncollectible. As of December 31, 2024 and 2023, there was an allowance of $ 1,078,813 and $ 358,645,
respectively.

 Foreign Currency Translation

 The Company's functional currency and reporting
currency is the U.S. dollar. Monetary items denominated in foreign currency are translated to U.S. dollars at exchange rates in effect
at the balance sheet date and non-monetary items are translated at rates in effect when the assets were acquired, or obligations incurred.
Revenue and expenses are translated at rates in effect at the time of the transactions. Foreign exchange gains and losses are included
in the consolidated statements of operations.

 F- 7

 Concentration of Credit Risk

 The Company has no off-balance-sheet concentrations
of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. Financial instruments that
potentially subject the Company to concentration of credit risk consist principally of cash deposits. The Company maintains the majority
of its cash balances with two financial institutions in the form of demand deposits. Accounts at banks in the United States are insured
by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000, while accounts at banks in Canada are insured by the
Canada Deposit Insurance Corporation ("CDIC") up to $100,000. At December 31, 2024 and 2023, the Company had $ 265,125 and
$ 1,475,743 in excess of the FDIC and CDIC insured limits, respectively.

 Income/Loss per Share

 Basic earnings per share is computed by dividing
the net income by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing
net income by the weighted-average number of common shares plus dilutive potential common shares outstanding during the period.

 As of December 31, 2024 and 2023, all of the outstanding
stock options and warrants were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact
on the Company's income (loss) from continuing operations.

 Comprehensive Income

 Comprehensive income consists of net income and
other gains and losses affecting shareholders' equity that, under generally accepted accounting principles, are excluded from net
income. For the Company, such items consist primarily of foreign currency translation gains and losses.

 Stock Options

 The Company measures all employee stock-based
compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements
over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation
awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected
volatility, and risk-free interest rates.

 The Company accounts for non-employee stock-based
awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Under
this standard, the Company values all equity classified awards at their grant-date under ASC718.

 Stock-based Compensation

 The Company accounts for equity-based transactions
with nonemployees awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic
718): ASU 2018-07 establishes that equity-based payment transactions with nonemployees shall be measured at the fair value of the
consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common
stock issued for payments to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments,
other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity
instruments issued as deferred stock compensation and amortize the cost over the term of the contract.

 F- 8

 The Company accounts for employee
stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which
requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial
statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and
credited to additional paid-in capital over the period during which services are rendered.

 The Company has granted Restricted Common Stock,
where the Restricted Common Stock is restricted for a period of three years following the date of grant. During the three-year period
the recipient may not sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the
Company's stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for
illiquidity for the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded
common shares for the period in which the services were provided and applying an illiquidity discount of 10% for each multiple that the
total Restricted Common Stock is of the average daily volume for the period, to a maximum of 50%.

 Fair Value of Financial Instruments

 The carrying value of the Company's financial
instruments, including prepaids, accounts payable and accrued liabilities at December 31, 2024 and 2023 approximates their fair values
due to the short-term nature of these financial instruments. Management is of the opinion that the Company is not exposed to significant
interest or credit risks arising from these financial instruments. The Company carries other company's equity instruments at fair
value as required by U.S. GAAP, which are valued using level 1 inputs under the fair value hierarchy.

 In general, investments with original maturities
of greater than 90 days and remaining maturities of less than one year are classified as short-term investments. Investments with maturities
beyond one year may also be classified as short-term based on their highly liquid nature and can be sold to fund current operations.

 Fair Value Hierarchy

 Fair value is defined within the accounting rules
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The rules established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value. As presented in the tables below, this hierarchy consists of three broad levels:

 Level 1. Quoted prices in active markets for identical assets
or liabilities.

 Level 2. Observable inputs other than Level
1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions
(less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or
corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding
market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific
restrictions.

 Level 3. Unobservable inputs to the valuation
methodology are significant to the measurement of the fair value of assets or liabilities. These Level 3 inputs also include non-binding
market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data.

 F- 9

 Assets measured at fair value on a recurring basis
by level within the fair value hierarchy are as follows:

 Schedule of assets measured at fair value

 Fair Value Measurement at

 Fair Value Measurement at

 December 31, 2024

 December 31, 2023

 Using
 Level 1

 Total

 Using
 Level 1

 Total

 Assets:

 Equity securities with readily determinable fair values

 $
 22,082

 $
 22,082

 $
 32,237

 $
 32,237

 Revenue Recognition

 The Company has adopted Financial Accounting Standards
Board ("FASB") Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC 606"),
which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company
receives a royalty from Golden Vertex of 3% of net smelter returns (see Note 3) and recognizes revenue at the time minerals are produced
and sold at the Moss Mine. The Company's revenue recognition policy standards include the following elements under ASU 606:

 1.

 Identify the contract with the customer. The contract with Golden Vertex is documented in the Purchase and Sale Agreement dated 5/12/16 and the Royalty Deed dated 5/25/16.

 2.

 Identify the performance obligations in the contract. The performance obligation in the contract required Patriot to relinquish its 30% interest in the Moss Mine. The Company conveyed all of its right, title and interest in those certain patented and unpatented lode mining claims situated in the Oatman Mining District, Mohave County, Arizona together with all extralateral and other associated rights, water rights, tenements, hereditaments and appurtenances belonging or appertaining thereto, and all rights-of-way, easements, rights of access and ingress to and egress from the claims appurtenant thereto, and in which the Company had any interest.

 3.

 Determine the transaction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on the future production of the Moss Mine. See Note 3 for definition of Net Smelter Returns.

 4.

 Allocate the transaction price to the performance obligations in the contract. The Company only has one performance obligation, the transfer of the rights to the Moss Mine, which has already been fulfilled.

 5.

 Recognize revenue when (or as) the entity satisfies a performance obligation. The C$1,500,000 was recognized as a sale of the mining rights in 2016, resulting in a gain from the disposition of the property. The 3% net smelter returns royalty are recognized as revenue in the period that Golden Vertex produces and sells minerals from the Moss Mine, which began in March 2018. The royalties that have been received to date have been highly variable, as the amounts are dependent upon the monthly production, the demand of the buyers, the spot price of gold and silver, the costs associated with refining and transporting the product, etc. As such, management has determined that the revenue recognition shall be treated as variable consideration as defined in ASC 606. Variable consideration should only be recognized to the extent that it is probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Given the fact that royalties to date have been highly variable with a great degree of uncertainty, and any attempts to estimate future revenue would likely result in a significant reversal of revenue, royalty revenue will be recognized when payments and settlement statements are received from Golden Vertex, in the period for which the sales were made by Golden Vertex. It is at that time that any uncertainty related to royalty payments is resolved. The Company applied ASC 606 using the modified retrospective method applied to contracts not yet completed as of the date of adoption.

 F- 10

 Related Party Transactions

 A related party is generally defined as (i) any
person who holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii)
an entity or person who directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone
who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party
transaction when there is a transfer of resources or obligations between related parties.

 Income Taxes

 The Company follows ASC 740-10-30, which requires
recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial
statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement
and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to
reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the
assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income
in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.

 The Company adopted ASC 740-10-25 ("ASC
740-10-25") with regard to uncertainty of income tax positions. ASC 740-10-25 addresses the determination of whether tax benefits
claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, we may recognize
the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from
such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate
settlement. ASC 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting
in interim periods and requires increased disclosures.

 New Accounting Pronouncements

 In November 2023, the FASB issued ASU 2023-07 "Segment Reporting ( Topic
280): Improvements to Reportable Segment Disclosures " which expands annual and interim disclosure requirements for
reportable segments, primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for
annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024, and
early adoption is permitted. The Company adopted this ASU, effective for the year ended December 31, 2024. The adoption has no impact
on the Company's financial position, results of operations or cash flow, but has resulted in new footnote disclosure. See Note 12
for details on Segment Reporting.

 The Company has implemented all new accounting
pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise
disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have
a material impact on its financial position or results of operations.

 F- 11

 NOTE 3 - MINERAL PROPERTIES

 Vernal Properties

 The Vernal Property is located approximately 140
miles east-southeast of Reno, Nevada on the west side of the Shoshone Mountains. The Company holds the property via 12 unpatented mining
claims (approximately 248 acres). The Company has a 100% interest in the Vernal property, subject to an existing royalty. As of December
31, 2024, the Company has incurred approximately $ 101,957 of accumulated option and exploration expenses on the Vernal property. During
the years ended December 31, 2024 and 2023, the Company incurred exploration expenses on the Vernal property of $ 1,980 and $ 10,361, respectively.

 Moss Mine Property

 In 2004, the Company obtained a 100% interest
in a number of patented and unpatented mining claims known as the Moss Mine property located in the Oatman Mining District of Mohave county
Arizona. In 2011, the Company entered into an Exploration and Option to Enter Joint Venture Agreement (the "Moss Agreement"),
with Idaho State Gold Company, LLC, ("ISGC") whereby the Company granted the option and right to earn a vested seventy percent
(70%) interest in the property and the right and option to form a joint venture for the management and ownership of the properties called
the Moss Mine, Mohave County, Arizona. Subsequently, ISGC transferred its rights to Northern Vertex Mining Corporation ("Northern
Vertex") (subsequently know as Elevation Gold Mining Corporation. ("Elevation")). In 2016, it was determined that Northern
Vertex had met the required conditions to earn an undivided 70% interest in the Moss Mine. As such, the Company entered into a material
definitive Agreement for Purchase and Sale of Mining Claims and Escrow Instructions (the "Purchase and Sale Agreement") with
Golden Vertex Corp., an Arizona corporation ("Golden Vertex," a wholly-owned Subsidiary of Northern Vertex) whereby Golden
Vertex agreed to purchase the Company's remaining 30% working interest in the Moss Mine for $1,155,600 (C$1,500,000) plus a 3% net
smelter return royalty. See Note 4 for additional information regarding the royalty from the Moss Mine.

 Windy Peak Property

 The Windy Peak Property, ("Windy Peak")
consists of 118 unpatented mineral claims covering approximately 2,419 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the
Fairview mining district in southwest Nevada. Annual maintenance fees paid to the BLM and recording fees must be paid to the respective
county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can
be kept in perpetuity. As of December 31, 2024, the company has incurred approximately $ 1,996,635 of exploration expenses on the Windy
Peak Property, and $ 367,673 and $ 334,530 were spent for the years ended December 31, 2024 and 2023, respectively.

 Rainbow Mountain Property

 The Rainbow Mountain gold project consisted of
 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state
of Nevada. In August, 2021, the Company relinquished these claims to the BLM and have completed the required reclamation work. As a result,
the Company has received a refund of its reclamation deposit of $ 7,074 which is included in Other Income for the year ended December 31,
2024.

 NOTE 4 – ROYALTY INTERESTS

 Pursuant to the Purchase and Sale Agreement with
Golden Vertex, the Company has a 3 % net smelter return royalty on the Moss Mine in Arizona.

 Revenue recognition criteria is outline in Note
2 above. However, ASC 606-10-25-1(e) requires the Company to assess whether it is probable that it will collect substantially all of the
revenue.

 F- 12

 In early 2024, the Company was notified that Golden
Vertex, which operates the Moss Mine, had suspended royalty payments to Patriot and other royalty holders in order to preserve liquidity.
Patriot subsequently took legal action against Golden Vertex, relating to outstanding royalty payments which are owed to Patriot under
its Moss Mine royalty. Patriot initiated litigation in the State of Arizona in April of 2024. Subsequently, Golden Vertex requested a
stay of creditor claims and processes under chapter 15 of the US Bankruptcy Code within the District of Arizona. The US Bankruptcy court
has since provided that, until it makes a ruling relating to Patriot's claims against Golden Vertex, certain Golden Vertex assets
including cash, accounts receivable, rights to proceeds from mineral production, and other rights to payment, must be segregated, accounted
for, and preserved, and no distributions can be made of same, pending further order of the US Bankruptcy court. Patriot seeks to recover
said assets under its turnover, constructive trust, and conversion claims. Patriot expects this matter will remain before the US Bankruptcy
court for several more months. Patriot is confident that its royalty claims are valid, however it cannot predict how the US Bankruptcy
court will rule. This raises the question as to the collectability of Patriot's earned royalties which remain outstanding (see Notes
2 and 5). In light of this uncertainty, no revenue has been recognized for the nine-month period from April 1, 2024 through December 31,
2024. The amount of revenue that was earned during this time frame is not specifically determinable. For the years ended December 31,
2024 and 2023, the Company earned royalties of $ 361,523 and $ 1,930,348, respectively. As of December 31, 2024 and 2023, the Company had
Royalties Receivables, net of allowance for doubtful accounts of $ 0 and $ 358,645, respectively.

 Pursuant to the Bruner Purchase and Sale Agreement
with Canamex Resources ("Buyer") dated April 25, 2017, the Company has a 2 % net smelter return ("NSR") royalty
on the Bruner Gold/Silver mine in Nevada, including any claims acquired within a two-mile area of interest around the existing claims.
The Buyer had the option to buy-down half of the NSR royalty retained by Patriot for $5 million any time during a five-year period following
closing of the purchase and sale agreement. As of December 31, 2024, no royalties have yet been earned.

 In March 2019, the Company purchased a Vanadium
Oxide royalty interest from a related party. In exchange for a non-refundable payment of $ 300,000, the Company is to receive royalties
based on the gross production of Vanadium Oxide ("Vanadium") from a bitumen deposit covering 19 oil sands leases in Alberta.
For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier,
the Company is to be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium
Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred.
While management believes the royalty interest continues to have value, there is no defined timeline to begin production of Vanadium and
as such, the Company has fully impaired the royalty asset.

 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 early 2024, the Company was notified that Golden Vertex had suspended royalty payments to
Patriot and other royalty holders, 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. Patriot is confident that its claims are valid, however it
cannot predict how the US Bankruptcy court will rule. See Note 2 and Note 4 for additional information.

 NOTE 6 - STOCK OPTIONS

 The Company's Board of Directors adopted
the 2019 Stock Option Plan (the "2019 Plan") in July 2019 and the 2014 Stock Option Plan (the "2014 Plan") in
June 2014. There were no compensation costs charged against those plans for the years ended December 31, 2024 and 2023, respectively.

 The 2019 Plan and the 2014 Plan reserve and make
available for grant common stock shares of up to 9,500,000 and 5,000,000, respectively. No option can be granted under the plans 10 years
after the plan inception date.

 F- 13

 Options granted to officers or employees under
the plans may be incentive stock options or non-qualified stock options. Options granted to directors, consultants, and independent contractors
are limited to non-qualified stock options.

 The plans are administered by the Board of Directors
or a committee designated by the Board of Directors. Subject to specified limitations, the Board of Directors or the Committee has full
authority to grant options and establish the terms and conditions for vesting and exercise thereof. However, the aggregate fair market
value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the
first time by an optionee during any calendar year cannot exceed $ 100,000.

 Options granted pursuant to the plans are exercisable
no later than ten years after the date of grant. The exercise price per share of common stock for options granted shall be determined
by the Board of Directors or the designated committee, except for incentive stock options granted to a holder of ten percent or more of
Patriot's common stock, for whom the exercise price per share will not be less than 110% of the fair market value.

 As of December 31, 2024, there were 9,500,000
and 185,000 shares available for grant under the 2019 Plan and 2014 Plan, respectively.

 Stock Option Activity

 The fair value of each stock option is estimated
at the date of grant using the Black-Scholes option pricing model. No options were granted in 2024 or 2023. Assumptions regarding volatility,
expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based
on the Company's historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to
the option award's expected life. The expected life represents the average period of time that options granted are expected to be
outstanding.

 The following table summarizes stock option activity and related information
for the years ended December 31, 2024 and 2023:

 Schedule of stock option activity

 Number of
 Stock Options
 Outstanding

 Weighted
 Average
 Exercise
 Price

 Weighted
 Average
 Remaining
 Contractual
 Life (Years)

 Aggregate
 Intrinsic Value

 Balance December 31, 2022

 10,340,000

 $
 0.10

 4.72

 0.00

 Option granted

 –

 Options cancelled / expired

 –

 Options exercised

 –

 Balance December 31, 2023

 10,340,000

 $
 0.10

 3.72

 0.00

 Option granted

 –

 Options cancelled / expired

 ( 2,000,000
)

 $
 0.10

 Options exercised

 –

 Balance December 31, 2024

 8,340,000

 $
 0.10

 3.50

 0.00

 Exercisable at December 31, 2024

 8,340,000

 $
 0.10

 3.50

 0.00

 The were no unvested stock options for the years ended December 31,
2024 and 2023. The Company issues new stock when options are exercised.

 F- 14

 NOTE 7 - COMMON STOCK

 The Company may issue up to 400,000,000 shares
of $.001 par value common stock. As of December 31, 2024, the Company had 60,354,539 of common shares outstanding. Some of these outstanding
shares were granted as payment for services provided to the Company and are restricted. T he restricted
common stock is restricted for a period of three years following the date of grant. During the three-year period the recipient may not
sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the Company's
stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for illiquidity for
the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded common shares for
the period in which the services were provided and applying an illiquidity discount of 10% for each multiple that the total Restricted
Common Stock is of the average daily volume for the period, to a maximum of 50%.

 In 2022, Trevor Newton opted to receive his director
fees for 2022 – 2024 in the form of shares in lieu of cash. See Note 11 for further details.

 In July 2024, the Board of Directors approved
the re-purchase and cancellation of 1,000,000 shares at $ 0.09336 per share for an aggregate price of $ 93,360.

 On January 1, 2024, the Board of Directors approved
the cancellation of 8,000,000 shares and the related note receivable at a cost of $ 0. See Note 11 for additional information regarding
these shares and note receivable.

 On November 28, 2023, the Board of Directors approved
the re-purchase and cancellation of 2,095,148 shares at $ 0.15 per share for an aggregate price of $ 314,272.

 On August 16, 2023, the Board of Directors approved
the re-purchase and cancellation of 2,000,000 shares at $ 0.072 per share for an aggregate price of $ 144,000.

 On May 5, 2023, the Board of Directors approved
the re-purchase and cancellation of 1,041,893 shares at $ 0.0605 per share for an aggregate price of $ 63,035.

 On March 1, 2023, the Board of Directors approved
the re-purchase and cancellation of 3,350,313 shares at $ 0.15 per share for an aggregate price of $ 502,547.

 NOTE 8 - WARRANTS

 The following table summarizes warrant activity
during the years ended December 31, 2024 and 2023. All outstanding warrants were exercisable during this period.

 Schedule of warrant activity

 Number of
 Warrants

 Weighted Average
 Exercise Price

 Outstanding December 31, 2022

 9,640,000

 $
 0.13

 Issued

 –

 –

 Canceled / exercised

 –

 –

 Expired

 –

 –

 Outstanding December 31, 2023

 9,640,000

 $
 0.13

 Issued

 –

 –

 Canceled / exercised

 –

 –

 Expired

 –

 –

 Outstanding December 31, 2024

 9,640,000

 $
 0.13

 F- 15

 In 2024, 3,000,000 of warrants were set to expire.
The expiration date for these warrants have been extended ten years, until 2034. In 2023, 2,000,000 of warrants were set to expire. The
expiration dates for these warrants have been extended ten years, until 2033.

 In April 2019, warrants for 8,000,000 shares were
exercised in exchange for a note receivable for $ 705,000. As a result of this transaction, the shareholder is now considered a beneficial
owner (see Note 11 – Related Party Transactions). The note was a non-interest bearing and could have been repaid at any time with
15 days advance notice to the Company. In connection with the cancellation of these shares as of January 1, 2024, this note has been cancelled.

 The following tables summarizes outstanding warrants
as of December 31, 2024, all of which are exercisable:

 Schedule of outstanding warrants and exercisable

 Warrants Outstanding and Exercisable

 Range of Exercise Prices

 Number of

Warrants

 Weighted

Avg Exercise

Price

 Remaining

Contractual

Life (years)

 $0.05 - $0.08

 320,000

 $

 0.08

 7.91

 $0.09 - $0.14

 6,320,000

 $

 0.11

 4.64

 $0.15 - $0.21

 3,000,000

 $

 0.16

 4.05

 Total Outstanding December 31, 2024

 9,640,000

 NOTE 9 - PREFERRED STOCK

 As of December 31, 2024, there are 290,000 shares
of Series A preferred stock outstanding, owned by a related party. The holders of the Series A Preferred stock shall be entitled to receive
non-cumulative dividends in preference to the declaration or payments of dividends on the Common Stock. In the event of liquidation of
the Company, the holders of the Series A Preferred Stock shall receive any accrued and unpaid dividends before distribution or payments
to the holders of the Common Stock. Series A Preferred Stock carries the same right to vote and act as Common stock, except that it carries
super-voting rights entitling it to One Hundred (100) votes per share.

 NOTE 10 - INCOME TAXES

 As of December 31, 2024, the Company had a deferred
tax asset resulting from temporary deductible differences and net operating loss ("NOL") carryforward for income tax reporting
purposes of approximately $ 9,900,000 that may be offset against future taxable income. The carryforwards that were generated prior to
2018 began expiring in 2024 and unless utilized, will continue to expire. Beginning in 2018, net operating losses can be carried forward
indefinitely, however they can only be utilized to offset up to 80% of taxable income.

 Current tax laws limit the amount of loss available
to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future
taxable income may be limited.

 The Company periodically assesses available positive
and negative evidence to determine whether it is more likely than not the deferred tax asset will be realized. Realization of a deferred
tax asset requires management to apply significant judgment and is inherently speculative because it requires estimates that cannot be
made with certainty. Prior to 2020, no tax benefit had been reported in the financial statements, because the Company had experienced
consistent, significant net losses and as such, believed there was a 50% or greater chance the carryforwards would expire unused. Accordingly,
the potential tax benefits of the loss carryforwards were offset by a valuation allowance of the same amount. However, as the royalty
revenue from the Moss Mine had become consistent and the Company posted positive earnings in recent years, the NOLs have begun to be utilized.
However, with the temporary cessation of the payments of the royalties, it is unclear whether future years will produce enough net income
to fully utilize all of the deferred tax assets. As a result, the valuation allowance has been increased to 100% of the loss carryforwards.

 F- 16

 Deferred tax assets of the Company are as follows:

 Schedule of deferred tax assets

 2024

 2023

 Loss carryforwards

 $
 2,089,000

 $
 1,829,000

 Stock compensation expense

 239,000

 239,000

 Mineral property amortization

 55,000

 50,000

 Deferred tax asset

 2,383,000

 2,118,000

 Less valuation allowance

 ( 2,383,000
)

 ( 1,059,000
)

 Deferred tax asset recognized

 $
 –

 $
 1,059,000

 The provision for income taxes differs from the
amount computed by applying the statutory federal income tax rate of 21 % to net loss for the year. The sources and tax effect of the differences
are as follows:

 Schedule of provision for income taxes

 2024

 2023

 Computed expected tax liability (benefit)

 $
 ( 439,030
)

 $
 14,066

 Permanent differences

 14,151

 ( 14,923
)

 Change in allowance for doubtful accounts

 151,235

 Other

 539,644

 32,857

 Change in valuation allowance

 ( 1,325,000
)

 ( 16,000
)

 Income tax benefit (expense)

 $
 ( 1,059,000
)

 $
 16,000

 With few exceptions, the Company is generally no longer subject to
U.S. federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2019.

 NOTE 11 - RELATED PARTY TRANSACTIONS

 Mr. Zachary Black, a Board Member, provides
geological consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and
reimbursed for his out-of-pocket expenses in performing such consulting services. For the years ended December 31, 2024 and
2023, Mr. Black was paid fees in the amount of $ 7,166
and $ 158,098,
respectively.

 Mr. Robert Coale, a Board Member, provides
geological consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and
reimbursed for his out-of-pocket expenses in performing such consulting services. For the years ended December 31, 2024 and
2023, there were no
consulting expenses.

 Mr. Trevor Newton, Chief Executive Officer, President,
Chief Financial Officer, Secretary, Treasurer and Director of the Company, provides consulting services to the Company pursuant to a consulting
agreement. He is paid on an hourly basis for his services and reimbursed for his out-of-pocket expenses in performing such consulting
services. For the years ended December 31, 2024 and 2023, Mr. Newton was paid fees in the amount of $ 450,288 and $ 550,956, respectively.

 In April 2019, an unrelated third party exercised
warrants for 8,000,000 shares in exchange for a note receivable for $ 705,000. As a result of this transaction, the owner of the stock
became a related party. The note was non-interest bearing and could have been repaid at any time with 15 days advance notice to the Company.
In connection with the cancellation of these shares as of January 1, 2024, this note has been cancelled. In addition, this shareholder
provided consulting services to the company including claims administration of the Moss Mine royalties. For the years ended December 31,
2024 and 2023, consulting fees were paid in the amount of $ 0 and $ 2,739, respectively.

 F- 17

 Board members are paid fees of $ 70,000 per calendar
year. Each director term is three years. In lieu of cash, Mr. Newton opted to receive his director fees for 2022 - 2024 in restricted
shares of the Company, totaling 6,461,539 shares. The shares were valued at $ 0.0325 for total non-cash expense of $ 70,000 for the year
ended December 31, 2024 and 2023, recorded as Directors Fees Expense.

 The Company owns 2,760,260 shares of common stock
of Strata Power Corporation ("Strata"), acquired through a series of private placements, as an investment in lithium mining
extraction technologies. The purchase was accounted for as a marketable security in available for sale securities. Strata is a related
party through Trevor Newton, who is President and a member the Board of Directors of both Patriot and Strata. Management has considered
the guidance that is used to evaluate whether the Company has significant influence over Strata and has determined that no such significant
influence exists.

 NOTE 12 – SEGMENT REPORTING

 ASC Topic 280, "Segment Reporting" establishes the standards
for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well
as information about services categories, business segments and major customers in financial statements. The Company is managed as
one operating unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making and discloses
its operating results in a single reportable segment. The Company's chief operating decision maker ("CODM"), represented
by the Company's Chief Executive Officer and President, reviews financial information and assesses the operations of the Company
in order to make strategic decisions such as allocation of resources and assessing operating performance.

 NOTE 13 - SUBSEQUENT EVENTS

 In accordance with SFAS 165 (ASC 855-10) management
has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined
that it does not have any material subsequent events to disclose in these financial statements.

 F- 18

 SIGNATURES

 Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

 Dated: April 9, 2025

 By: /s/ Trevor Newton

 Name: Trevor Newton

 Title: President

 In accordance with the Exchange Act, this report
has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 SIGNATURE

 TITLE

 DATE

 /s/ Trevor Newton

 Director

 April 9, 2025

 /s/ Robert Coale

 Robert Coale

 Director

 April 9, 2025

 /s/ Zachary Black

 Zachary Black

 Director

 April 9, 2025