Paramount Gold Nevada

It’s great to be here. I want to thank the Denver Gold Group for giving me this opportunity to provide an update on what Paramount has been up to for the last year. So for those of you in the room who are not familiar with Paramount, we are a US-domiciled company. We’re only listed on the NYSE American Stock Exchange, and we have two US-based assets. So when we started our life in 2015 after our prior company was acquired by Core Mining, we were spun out with the Sleeper property in Nevada, hence the name Paramount Gold Nevada. However, at the time, Sleeper, as a large low-grade deposit in Nevada, would not have been economic. And so the following year, we acquired the Grassy Mountain project in Eastern Oregon. And since that time, that’s really been the focus of the company.

Part of the reason for that is we are permitting Oregon’s first mine. Oregon does not have a history of rejecting mines. They just have not had an opportunity to assess a mine or a project submitted through their permitting system that was only developed in the nineties. So Grassy Mountain is literally breaking ground, figuratively as well as literally in terms of our endeavors here.

So the past 18 months has been simply dramatic for the company in terms of our activity levels. This started with the Grassy Mountain project getting added to the US Federal Fast 41 list in May of 2025, and our permitting trajectory changed dramatically from that point. Over the last 12 months, we’ve also put out two new studies on each of the assets, which I’ll be getting to in a minute. So between the two, we have a total of 5.7 million ounces of resource. That accrues roughly 4.3 million ounces to Nevada, and the balance is in Oregon at Grassy Mountain.

So to touch on Grassy Mountain and its location, most people, when they think about Oregon, they think about the beautiful coastal west and they think about Portland. We couldn’t be further from that, either philosophically or geographically. So Grassy is located on the eastern border with Idaho, and actually the terrain is very much a desert terrain. So those of you who are familiar with Nevada, you’ll say this looks quite similar. This is the actual access road to the project, which crosses BLM-administered land to three patented claims where the deposit sits that Paramount owns. You can also see from the aerial here that we don’t have very close neighbors, so we’re not gonna be an annoyance to anybody once this project goes in. But despite that, we’re relatively close to population centers where we do intend to source and train as much as the labor as we can for this project.

Earlier this summer, we released an updated feasibility study on Grassy. The highlights are included here. So prior to this, we’d been working off of a 2022 study that used a $1,750 gold price, so obviously that was quite stale. This study contemplates a $3,600 gold price for the base case with sensitivity up to about $4,600 gold. So you can see that these after-tax returns are very robust, nearly $400 million NPV at $3,600, rising to close over $600 at a $4,600 price, and certainly strong returns and payback, which also improve at those higher prices.

One of the things that I like to point out here is that I’d mentioned at the outset that we have a total of 1.3 million ounces of resource at Grassy. This current mine plan only contemplates roughly 400,000 ounces of the reserves, which is the high-grade core of the deposit. Part of the reason for this is that we elected to pursue this as a small footprint underground mine versus an open pit, which it absolutely viably could have been, with a nod to these permitting agencies in Oregon who are going through this permitting process for the first time. And our feeling, which I do believe is the right call, that they were more comfortable for their first go-around to permit a small footprint mine versus a large open pit. So all this contributes to what I would say is really a worst-case scenario for the mine life at Grassy being nine years, ’cause as I hope to show you, there’s gonna be a lot more opportunity there for the future.

So this is a cross-section of the Grassy deposit, so our entire resource would be indicated on this page. What I like to point out are a few things. First of all, this deposit occurs very close to surface, so our lower-grade mineralization is about 50 meters, and then the higher-grade mine that we’re gonna be building, and remember this is a mountain that we’ll be coming into, is about 150 meters from surface, so it’s quite shallow. In terms of future optionality beyond what we have on this page, not included in this current mine plan, we do still have opportunity for higher grade at depth. The intention had always been that as soon as we can get the decline in, because this mine will be produced via decline, we will be able to then put in some exploration drifts and drill from underground, which is far more economic for a smaller company than to drill from surface. In addition, we also have a number of near mine exploration targets that have already been identified as well.

So we need to talk about permitting since this is the first go-around for the state of Oregon. This is a really important point, and I would say it’s probably been the single biggest overhang on Paramount’s story is an understanding of the permitting regime in Oregon and when this will actually come to fruition. So a couple of important things to note. The state of Oregon has a process which is very front-end loaded, meaning we’ve spent since 2017 really in some form of permitting with the state agencies. But it also means that a lot of that work has already been done, so that’s behind us now. And in fact, the state issued draft permits for the Grassy Mountain project in December of last year. This was a historic event for them as they’d never been through it before. What followed after that was the state hearing and a public comment period that allows for, again, more public participation in the state permitting process, which will then lead to any issues that need to be addressed before the final permits can be released by the state.

During this time, however, we also received our federal record of decision and the final EIS. I’d mentioned before that the project was added to the Fast 41 list in May of 2025. I can tell you that this is a program that really works because post being added to Fast 41, we received our draft EIS in August and then our final record of decision in January, which included the impact of the five-week government shutdown where our BLM staff worked through this furlough to deliver this final ROD and EIS on time. And so as we sit today, just a couple of weeks ago, we also announced that the BLM had approved all of our management plan of operations and very importantly, the reclamation cost estimate. This is what will feed into the bond that we need to post before Grassy can break ground. And that’s a bond that will be jointly held between the BLM and DOGAMI, which is the Department of Geology and Mineral Industries in the state of Oregon, which reduces the bureaucratic complexity and the cost for Paramount of having to double bond.

So where we are right now is since the issuance of those draft permits from the state in December of last year, we haven’t been passively waiting for the final permits to come. We’ve had active engagement with all the permitting agencies to resolve issues that stem from either side, either from Paramount’s side or from the agency’s side. And so it is with confidence that I’m standing here today telling you that we do expect these final permits in this calendar year. So at some point in the next three months, we will receive the final permits from the state of Oregon. It’ll be a historic event, not just for Paramount, but for the state as well. And there’s a lot of enthusiasm to see this project move forward.

The social license that we have in Eastern Oregon to build this project has been humbling. We are in a community called Malheur County is our county, which happens to be the poorest county in the entire state of Oregon. So they have a 20% poverty rate. They have a median household income of just $50,000. There is no industry to speak of there, no job opportunities for kids coming out of school. And as we can all appreciate, this is a clear focus for all parents and families to see that there are future opportunities there. And so from a Paramount standpoint, we’re continuously looking for ways that we can be helpful to this community. Beyond job creation, it’s understanding what are the needs, what kind of project coming into this community deliver in terms of ways to make it a better place for everybody. So if this is additional law enforcement, if this is very importantly, firefighting and fire prevention resources, this is something that’s sorely lacking in a lot of these rural areas. And shockingly, this summer alone, the state of Oregon lost 2.5 million acres to wildfire. It’s not something that many of us read about, but having been there myself as this was going on, I can see how dramatically it impacts the community. So we’re continuously looking for ways that we can wrap our project development and our permitting in some ways into the fashion to either manage wildfire or other things that can be helpful to the broader community.

So I’m going to pause there and shift over to Nevada. We have owned the Sleeper project in Nevada, I think since 2010. It’s literally been parked in our portfolio, not getting a lot of love and attention for a few reasons. I’d mentioned at the outset, it’s a large low grade deposit, but also because we’ve been so focused on permitting at Grassy and Oregon being a pay to play state, meaning we reimburse the agencies for the work they do. We haven’t had the capacity to focus much on Sleeper until just this year. So with the receipt of the draft permits and the record of decision, Q1 was our first opportunity to shift some management time and focus to Sleeper.

So the history with Sleeper is this is a past producing mine from the mid eighties to the mid nineties. It produced about 1.7 million ounces from one extremely high grade Sleeper vein. What we still own today is a large land package. So about 45,000 acres. We already have 4.3 million ounces of resources identified there, the lower grade and a lot of optionality. So just this year, we were able to focus some attention to Sleeper, and really the purpose of the PEA equivalent study that we put out this summer, so it’s called an initial assessment in the US, was to look at what could we create out of this project. Although we have a number of different sources of material here, we have oxide, mix and sulfide, we wanted to look at what would just a smaller heap leachable project look like. And so in that vein, our engineers used our existing in situ oxide and mixed material and very fortunately 47 million tons of waste rock from the original operation, which is mineralized at grades that are similar to what we have in situ and happily sitting on surface means that it’s a lot lower to process as well in terms of costs.

So putting these all together, what we yielded was a study that shows a 17 year mine life just at this starting point. So 400 million NPV eight at a $3,600 gold price that rises pretty dramatically to over 800 million at $4,700. Very quick payback, very high returns. This is all on an after tax basis, producing about 65,000 ounces annually of gold and 200,000 ounces annually at silver. It is important to point out that we have a bit of a lopsided initial capital versus sustaining capital here. The reason for that is there’s about $140 million included in sustaining capital to dewater the original pit where a lot of these ounces sit. However, what’s very exciting for Paramount is that the first five years of production will come from processing just the waste material. And processing just that waste material can yield over a half a billion dollars in after-tax cash flow in aggregate for those first five years at materially lower costs than what the life of mine currently envisioned is.

So what this broke open for Paramount is that we have opportunities not just through our waste dumps from the old operations, but we still have the heap leach pads as well as the old tailings, none of which has had any degree of assessment on it close to what we’ve seen already on the waste rocks. So our current plans are to implement an infill drill program at Sleeper, a sonic drill program that will be testing those other sources of surface material. And we’d also like to convert our inferred waste ounces to indicated. We’ve applied for permits with the BLM. If we can get those in this year, our intention is to get this program done this year, the results of which will then feed into either an updated, moving to a PFS with an updated MRE, possibly moving to an FS.

The other thing that makes this Sleeper opportunity really exciting for us at this juncture is that as a past producer, the permitting lift can also be materially less than with a greenfields property, certainly less than the 10 years that we’ve been permitting in Oregon. But herein lies the opportunity that if we start with some of the longer lead items today, which is our plan, baseline data collection, which can take up to two years, we’re starting this now, the Sleeper project could be on a path for a much quicker restart than anything that we’ve envisioned over the last 10 years. And so again, the opportunity here is beyond just what we’re seeing in this current initial PEA. There’s an enormous amount of data that exists on Sleeper because it was a past producer, because there had been a lot of drilling that was done. Not surprising, historic drilling all chased the old seven gram per ton material from the pit. So you can see the concentration of drilling there. But really it means that over the last 20 years, there has not been really any drilling done on the rest of the land package. And certainly that presents a tremendous opportunity for the future as well.

I have the benefit of a team that is longstanding within this company. I have team members, both management and the executive, who’ve been with this company through the current Paramount and from the previous Paramount as well, which maintains a lot of institutional knowledge for the things that we’re doing in-house. I also lean very heavily on an army of specialized consultants who I can’t fit all of them on this page. However, I do like to point out our geologist, Michael McGinnis, who’s in the audience. Thank you, Michael. And two of my local content in Oregon consultants, Andy Bentz and Lynn Finley, both of whom are multi-generational Oregonians with experience in politics and law enforcement, very, very well connected within the community and have been instrumental in helping us to move forward and navigate what we’re going through right now.

So I guess what I would leave you with is Paramount has only 90 million shares outstanding right now. We’ve made a concerted effort to keep our share count low and really raising money as we knew we could deploy it. So in spite of the fact that Oregon is pay to play, in spite of the fact that there were some very difficult years for accessing capital in the junior mining space over the last few years, I’m really proud of what we’ve accomplished during this time because we have been able to continue the advancement of our projects, Grassy in particular through permitting. Now we have this opportunity with Sleeper to yield some really exciting results, I think, for our shareholders. And I think there are opportunities to see these catalysts come to fruition very, very soon. So as I mentioned at the outset, I do expect we’re going to get the final permits from the state of Oregon in this calendar year, which will be the single biggest milestone in the company’s history. And I’d say watch this space as well for results from the drill program we intend to put in at Sleeper and then what the next steps will be following that. So I will leave it there in case there are any questions.

Thank you very much for the presentation, Rachel. It does appear after quite a tumultuous process, Grassy’s getting closer.

Yeah.

You’re expecting final permits before the end of the year. What are the next steps after that? Any other regulatory approvals before Grassy can break ground?

So in order to break ground at Grassy, we would have to post the bond that I mentioned that is to be jointly held by the BLM and DOGAMI. So that needs to be posted in order to receive the final notice to proceed from the BLM. However, there’s no other requirements from the federal side. On the state side, we have a couple of things that will have to be approved by the state before we can break ground, but they are issues that we’re working on, I’d say at the same time as we’re going through the final permitting steps. And so it’s really a function of us finalizing what our wildlife mitigation plan will be, having it approved by the Oregon Department of Fish and Wildlife. And that’s all stuff that we can do post the receipt of the permits because we will have time. There will need to be some additional engineering done on the project as well as negotiating the financing package to see how it’ll be funded for construction.

Okay. Thank you. Are there any questions from the audience?

What’s your current cash position and are you looking to do an offering near term after Grassy’s been approved?

So right now we have about $9 million in the bank, which I know for some companies is a small cash balance. For us, it’s actually pretty sizable compared to what we’ve run the company at over the last number of years. In terms of doing an equity raise, we don’t have anything in the works right now. We’re not intending to. I think a lot of what our next steps for Grassy will be will be directed by the pace of our next engineering work, the pace of the discussions around a financing package. And so I don’t anticipate anything near term at this juncture based on what I know today. Of course, the world can change quickly as we’ve seen over the past year.

When was your last capital raise and at what price per share?

Our only capital raise since I’ve been with this company was in 2020, and at that point it was done at, I believe it was a dollar, dollar four a share. But it was back in 2020. So we haven’t been doing traditional capital raises. We do have an ATM in place, and so that allows us to essentially keep the lights on when times are very tough. It allows us to take advantage of spikes in liquidity. I certainly wouldn’t plan to build Grassy off of the ATM, but it’s a good insurance policy for the company to have. Thank you for your question.

All right. Please join me in thanking Rachel for her presentation. Thank you. [audience applauding]