Paramount Gold Nevada Corp.

Previous wording

We are a company engaged in the business of acquiring, exploring and developing precious metal projects in the United States of America. Paramount owns advanced stage exploration projects in the states of Nevada and Oregon. We enhance the value of our projects by implementing exploration and engineering programs that have the goal to expand and upgrade known mineralized material to reserves. The following discussion updates our outlook and plan of operations for the foreseeable future. It also analyzes our financial condition and summarizes the results of our operations for the three months ended September 30, 2025 and compares these results to the results of the prior year three months ended September 30, 2024.

Current wording

We are a company engaged in the business of acquiring, exploring and developing precious metal projects in the United States of America. Paramount owns advanced stage exploration projects in the states of Nevada and Oregon. We enhance the value of our projects by implementing exploration and engineering programs that have the goal to expand and upgrade known mineralized material to reserves. The following discussion updates our outlook and plan of operations for the foreseeable future. It also analyzes our financial condition and summarizes the results of our operations for the three and six months ended December 31, 2025 and compares these results to the results of the prior year three and six months ended December 31, 2024.

Previous wording

For the three months ended September 30, 2025, the Company highlights include:

Current wording

For the three and six months ended December 31, 2025, the Company highlights include:

Previous wording

Comparison of Operating Results for the three months ended September 30, 2025 and 2024

Current wording

Comparison of Operating Results for the three and six months ended December 31, 2025 and 2024

Previous wording

We did not earn any revenue from mining operations for the three months ended September 30, 2025 and 2024.

Current wording

We did not earn any revenue from mining operations for the three and six months ended December 31, 2025 and 2024.

Previous wording

Our net loss for the three months ended September 30, 2025 was $4,324,338 compared to a net loss of $1,572,138 in the three months ended September 30, 2024. The drivers of the increase in net loss of 175% are fully described below.

Current wording

Our net loss for the three months ended December 31, 2025 was $4,426,937 compared to a net loss of $2,031,489 in the three months ended December 31, 2024. The drivers of the increase in net loss of 118% are fully described below.

Previous wording

For the three months ended September 30, 2025 and 2024, exploration expenses were $566,096 and $395,298, respectively. This represents an increase of 43% or $170,798. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors. At Grassy Mountain, the Company continued with permitting activities with state and federal permitting agencies and these expenses totaled $531,139. At Sleeper, expenses of $34,957 were related to general maintenance of operations and mining claims.

Current wording

For the three months ended December 31, 2025 and 2024, exploration expenses were $739,808 and $377,112, respectively. This represents an increase of 96% or $362,696. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors. At Grassy Mountain, the Company continued with permitting activities with state and federal permitting agencies and commenced the update of our 2022 SK -1300 feasibility study. These expenses totaled $613,308. At Sleeper, expenses of $126,500 were related to general maintenance of operations and mining claims.

Previous wording

For the three months ended September 30, 2025 and 2024, land holding costs were $188,608 and $166,565, respectively. The increase in land holding costs of $22,043 from the previous period relates to the increase in holding costs per claim enacted by the BLM.

Current wording

For the three months ended December 31, 2025 and 2024, land holding costs were $213,308 and $186,389, respectively. The increase in land holding costs of $26,919 from the previous period relates to the increase in holding costs per claim enacted by the BLM.

Previous wording

For the three months ended September 30, 2025 and 2024, reclamation expenses were $37,880 and $53,937, respectively. This represents a decrease of 30% or $16,057. The decrease in reclamation expenses reflects the Company streamlining its processes for its on-going regular monitoring activities for the Sleeper Gold Project.

Current wording

For the six months ended December 31, 2025 and 2024, reclamation expenses were $62,891 and $70,357, respectively. This represents a decrease of 11% or $7,466. The decrease in reclamation expenses reflects the Company streamlining its processes for its on-going monitoring activities for the Sleeper Gold Project.

Previous wording

For the three month periods ended September 30, 2025 and 2024, salary and benefits were $197,970 and $288,480, respectively. This represents a decrease of 31%. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The decrease is due to lower headcount in the current period from the previous period and lower non-cash equity compensation. Included in the salary and benefits expense amount for the three months ended September 30, 2025 and 2024 was non-cash equity based compensation applicable to executive and administration employees of $17,730 and $47,830, respectively.

Current wording

For the three month periods ended December 31, 2025 and 2024, salary and benefits were $531,978 and $280,711, respectively. This represents an increase of 90%. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The increase is mainly due to the short-term incentive compensation recorded in the period. Included in the salary and benefits expense amount for the three months ended December 31, 2025 and 2024 was non-cash equity based compensation applicable to executive and administration employees of $51,668 and $46,077, respectively.

Previous wording

For the three month periods ended September 30, 2025 and 2024, directors’ compensation expenses were $42,438 and $51,530, respectively. This represents a decrease of 18%. Directors’ compensation consists of cash and stock-based compensation of the Company’s board of directors. The decrease reflects lower equity based compensation recorded in the current quarter compared to the prior year’s comparable period.

Current wording

For the three month periods ended December 31, 2025 and 2024, directors’ compensation expenses were $60,693 and $48,447, respectively. This represents an increase of 25%. Directors’ compensation consists of cash and stock-based compensation of the Company’s board of directors. The increase reflects higher equity based compensation recorded in the current quarter compared to the prior year’s comparable period.

Previous wording

For the three months ended September 30, 2025 and 2024, professional fees were $245,048 and $171,997, respectively. This represents an increase of $73,051. The increase was mainly due to legal and advisory fees incurred in the current period that were not incurred in the previous year comparable period. Professional fees include legal, audit, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.

Current wording

For the three months ended December 31, 2025 and 2024, professional fees were $222,324 and $85,234, respectively. This represents an increase of $137,090. The increase was mainly due to legal and advisory fees incurred in the current period that were not incurred in the previous year comparable period. Professional fees include legal, audit, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.

Previous wording

For the three months ended September 30, 2025 and 2024, general and administration expenses increased by 1% to $189,570 from $188,313 reflecting stable corporate activity and cost structure.

Current wording

For the three months ended December 31, 2025 and 2024, general and administration expenses increased by 66% to $297,047 from $178,949 reflecting one-time costs related marketing, additional listing fees and other travel costs.

Previous wording

As an exploration and development company, Paramount funds its operations, reclamation activities and discretionary exploration programs with its cash on hand. At September 30, 2025, we had cash and cash equivalents of $4,165,894 compared to $1,351,001 as at June 30, 2025. As of September 30, 2025, we had working capital of approximately $1,256,051. Our plan to manage our liquidity position is described below under Going Concern and Capital Resources.

Current wording

As an exploration and development company, Paramount funds its operations, reclamation activities and discretionary exploration programs with its cash on hand. At December 31, 2025, we had cash and cash equivalents of $3,536,859 compared to $1,351,001 as of June 30, 2025. As of December 31, 2025, we had working capital of approximately $3,335,087. Our plan to manage our liquidity position is described below under Going Concern and Capital Resources.

Previous wording

In May 2020, the Company established an $8.0 million “at the market” equity offering program with Cantor Fitzgerald & Co. ("Cantor") and Canaccord Genuity LLC to proactively increase its financial flexibility. In May 2024, the Company established a new $7 million "at the market" offering program with Cantor and A.G.P./Alliance Global Partners. During the three months ended September 30, 2025, the Company issued 2,146,561 shares under the program for net proceeds of $1,895,932.

Current wording

In May 2020, the Company established an $8.0 million “at the market” equity offering program with Cantor Fitzgerald & Co. ("Cantor") and Canaccord Genuity LLC to proactively increase its financial flexibility. In November 2025, the Company established a new $14.9 million "at the market" offering program with Cantor and A.G.P./Alliance Global Partners. During the six months ended December 31, 2025, the Company issued 2,853,916 shares under the program for net proceeds of $2,714,477.

Previous wording

The main uses of cash for the three months ended September 30, 2025 were:

Current wording

The main uses of cash for the six months ended December 31, 2025 were:

Previous wording

Cash used in operating activities of $1,081,039 were mainly used to fund our permitting and exploration activities at our projects, salary and benefits costs of our employees and ongoing general and administration costs.

Current wording

Cash used in operating activities of $2,478,619 were mainly used to fund our permitting and exploration activities at our projects, salary and benefits costs of our employees and ongoing general and administration costs.

Previous wording

In addition to cash used in operating activities, the Company received cash during the three months ended September 30, 2025 as follows:

Current wording

In addition to cash used in operating activities, the Company received cash during the six months ended December 31, 2025 as follows:

Previous wording

Cash provided by financing activities of $3,895,932 from sales under the ATM program and issuance of warrants.

Current wording

Cash provided by financing activities of $4,714,477 from sales under the ATM program and issuance of warrants.

Previous wording

$2.6 million on corporate, land claim maintenance and general expenses

Current wording

$3.4 million on corporate, land claim maintenance and general expenses

Previous wording

$2 million on the Grassy Mountain Project state and federal permitting activities

Current wording

$1.5 million on the Grassy Mountain Project state and federal permitting activities

Previous wording

Management considers the following policies to be most critical in understanding the judgments that are involved in preparing the Company’s consolidated financial statements and the uncertainties that could impact the results of operations, financial condition and cash flows. Our financial statements are affected by the accounting policies used and the estimates and assumptions made by management during their preparation. Management believes the Company’s critical accounting policies are those related to mineral property acquisition costs, exploration and development cost, derivative accounting and foreign currency translation.

Current wording

Management considers the following policies to be most critical in understanding the judgments that are involved in preparing the Company’s consolidated financial statements and the uncertainties that could impact the results of operations, financial condition and cash flows. Our financial statements are affected by the accounting policies used and the estimates and assumptions made by management during their preparation. Management believes the Company’s critical accounting policies are those related to mineral property acquisition costs, exploration and development cost, derivative accounting, warrant liability and foreign currency translation.

Previous wording

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance and are not subsequently remeasured. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and at each balance sheet date thereafter. Changes in the fair value of the warrants are recognized as a unrealized gain or loss in Other Expense on the condensed consolidated interim statement of operations.

Current wording

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance and are not subsequently remeasured. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and at each balance sheet date thereafter. Changes in the fair value of the warrants are recognized as an unrealized gain or loss in Other Expense on the condensed consolidated interim statement of operations.