Paramount Gold Nevada Corp. (NYSE: PZG) announced on Sept. 2, 2026, that the U.S. Bureau of Land Management (BLM) has completed its review under the National Environmental Policy Act and approved the Plan of Operations for its Grassy Mountain Gold Project in Malheur County, Oregon.

The BLM also concurred with the company’s reclamation cost estimate detailed in the February 2026 Grassy Mountain Reclamation Plan, confirming it meets all anticipated requirements under the current mine plan.

Permitting and Bonding Structure

Under a Memorandum of Understanding (MOU), the BLM and Oregon’s Department of Geology and Mineral Industries will jointly hold the financial guarantee for the project. This arrangement satisfies both agencies’ bonding criteria while allowing Paramount to streamline implementation and reduce duplicative funding efforts.

Paramount will post the financial guarantee prior to construction. This action will trigger an official Decision letter and the issuance of the final Notice to Proceed for the approved Plan of Operations.

Regulatory Timeline

Paramount expects final state permits to be issued this year. These permits will incorporate any required modifications following the issuance of the draft permit package in December 2025 and the completion of the public review period in February 2026.

Rachel Goldman, Chief Executive Officer of Paramount, stated:

"We thank the Vale BLM office for their continued diligent work in administering the review process for Grassy Mountain in a transparent and efficient manner. With the approval of the Plan of Operations and concurrence on the financial bonding requirement for reclamation, our federal permitting work is functionally complete. We now have the visibility and the flexibility to continue to sequence further development work at Grassy Mountain and post the bond ahead of groundbreaking on the project. This final step will occur once a construction decision has been made."

Project Portfolio Context

Grassy Mountain is an advanced-stage development project located in Malheur County, Oregon. Paramount holds a 100% interest in approximately 50,000 acres across its portfolio, which also includes the Sleeper project.

Sleeper is a past-producing development project in Humboldt County, Nevada, featuring a large land position in one of the world’s premier mining jurisdictions.

Paramount Gold Nevada Corp. announced the results of an Initial Assessment for its 100%-owned Sleeper Gold Project, outlining a potential restart with strong projected returns. The study, prepared in accordance with S-K 1300, evaluates the redevelopment of the past-producing mine located in Humboldt County, Nevada, utilizing existing waste rock dumps and conventional open-pit mining methods alongside a 30,000 tonne per day crush-agglomerate-heap-leach processing facility with Merrill-Crowe recovery.

The Project demonstrates robust economics under base case assumptions of $3,600 per ounce gold and $48 per ounce silver. The Assessment indicates an after-tax net present value (NPV) at an 8% discount rate of $402 million, an after-tax internal rate of return (IRR) of 44%, and a payback period of approximately 1.4 years. A sensitivity analysis assuming higher metal prices of $4,700 per ounce gold and $80 per ounce silver projects an after-tax NPV of $867 million, an IRR of 66%, and a payback period of 1.2 years.

Project Economics and Production

Over a 17-year mine life, the Assessment projects average annual gold production of approximately 65,000 ounces and total payable gold production of approximately 1.1 million ounces. The use of existing mineralized surface material and infrastructure contributes to the Project's strong economics by reducing upfront capital requirements. Approximately 47 million tonnes of mineralized waste dump material containing approximately 420,000 recoverable ounces of gold are included in the mine plan, providing a lower-cost source of early production. The economic analysis considers only oxide and mixed mineralized material amenable to heap leaching and does not include sulfide mineralization.

Rachel Goldman, Chief Executive Officer of Paramount, stated that the first five years of the Project are expected to produce approximately 348,000 ounces of gold and 1.33 million ounces of silver. This initial phase is anticipated to generate after-tax cash flow of approximately $514 million in the Base Case and $826 million in the Upside Case, supported by a low strip ratio of 0.74:1.

Key Financial Metrics

The following table summarizes the key metrics from the Assessment, comparing the Base Case and Upside Case scenarios.

Resource Estimate and Next Steps

The updated Mineral Resource estimate reports 1.99 million ounces of gold in Measured and Indicated Mineral Resources and an additional 2.30 million ounces of gold in Inferred Mineral Resources. This represents an increase of approximately 5% in Measured and Indicated Resources and 90% in Inferred Resources compared to the 2023 estimate.

The Assessment recommends an $8.7 million advancement program to improve resource confidence, complete environmental baseline studies, and advance permitting activities. The Company plans to initiate permitting for infill drilling targeting surface material, with the updated S-K 1300 Technical Report Summary to be filed with the U.S. Securities and Exchange Commission on Form 8-K.