Paramount Gold Nevada Corp. Mining Forum Americas 2026

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. 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 1990s. Grassy Mountain is literally breaking ground, figuratively as well as literally, in terms of our endeavors here. 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 U.S. 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. 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. 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. Grassy is located on the eastern border with Idaho, and actually the terrain is very much a desert terrain.

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 the 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 going to be an annoyance to anybody once this project goes in. 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. 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. 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 of those ounces, 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. 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. All this contributes to what I would say is really a worst-case scenario for the mine life at Grassy being nine years, because as I hope to show you, there's going to be a lot more opportunity there for the future. This is a cross-section of the Grassy deposit, so our entire resource would be indicated on this page.

What I'd 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 going to be building, and remember, this is a mountain that we'll be coming into, is about 150 meters from surface. It's quite shallow. In terms of future optionality beyond what we have on this page is 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. 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. 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. It also means that a lot of that work has already been done. That's behind us now. 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. 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.

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. 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 side. It is with confidence that I'm standing here today telling you that we do expect these final permits in this calendar year. At some point in the next 3 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. 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. 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. As we can all appreciate, this is a clear focus for all parents and families to see that there are future opportunities there. 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 can a project coming into this community deliver in terms of ways to make it a better place for everybody? 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. 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. 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.

I am going to pause there and shift over to Nevada. We have owned the Sleeper project in Nevada, I think, since 2010. It has literally been parked in our portfolio, not getting a lot of love and attention for a few reasons. I mentioned at the outset it is a large low-grade deposit, but also because we have 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 have not had the capacity to focus much on Sleeper until just this year. 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. The history with Sleeper is this is a past producing mine from the mid-1980s to the mid-1990s. It produced about 1.7 million ounces from one extremely high-grade Sleeper vein.

What we still own today is a large land package, about 45,000 acres. We already have 4.3 million ounces of resources identified there. They are lower grade and a lot of optionality. Just this year, we were able to, like I said, focus some attention to Sleeper. The purpose of the PEA equivalent study that we put out this summer, it is called an initial assessment in the U.S., was to look at what could we create out of this project that although we have a number of different sources of material here, we have oxide, mixed, and sulfide, we wanted to look at what would just a smaller heap leachable project look like.