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 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.

Current wording

We are engaged in the business of acquiring, exploring and developing precious metal projects in the United States. Paramount owns advanced stage exploration projects in the states of Nevada and Oregon. We seek to enhance the value of our projects by implementing exploration and engineering programs designed to expand and upgrade known mineralized material to reserves. The following discussion provides an update on 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 nine months ended March 31, 2026 and compares these results to the results of the prior year three and nine months ended March 31, 2025.

Previous wording

The Oregon Department of Geology and Mineral Industries (“DOGAMI”) published the draft consolidated permit package for the Grassy Mountain Gold Project on behalf of all state permitting and cooperating agencies. This represents the first time in Oregon’s history that a mining project has advanced through the state’s consolidated mining permitting framework.

Current wording

The Oregon Department of Geology and Mineral Industries published the draft consolidated permit package for the Grassy Mountain Gold Project on behalf of all state permitting and cooperating agencies. This represents the first time in Oregon’s history that a mining project has advanced through the state’s consolidated mining permitting framework.

Previous wording

The Bureau of Land Management ("BLM") released its draft Environmental Impact Statement (“DEIS”) for the Grassy Mountain gold project.

Current wording

The BLM released its draft Environmental Impact Statement (“DEIS”) for the Grassy Mountain gold project.

Previous wording

The Company received approval for a two-year extension of its Conditional Use Permit (CUP) and Sage Grouse Permit (SGP) during a public meeting of the Malheur County Planning Department held on July 23rd, 2025.

Current wording

The Company received approval for a two-year extension of its Conditional Use Permit and Sage Grouse Permit during a public meeting of the Malheur County Planning Department held on July 23rd, 2025.

Previous wording

We believe that investors will gain a better understanding of the Company if they understand how we measure and disclose our results. As a development stage company, we do not generate cash flow from our operations. We recognize the importance of managing our liquidity and capital resources. We pay close attention to all cash expenses and look for ways to minimize them when possible. We ensure we have sufficient cash on hand to meet our annual land holding costs as the maintenance of mining claims and leases are essential to preserve the value of our mineral property assets.

Current wording

As a development stage company, we do not generate cash flow from our operations. Accordingly, we place a strong emphasis on liquidity management and capital allocation. We carefully monitor cash expenditures and seek opportunities to reduce costs where appropriate. We ensure that we maintain sufficient cash on hand to meet our annual land holding costs as the maintenance of mining claims and leases is essential to preserving the value of our mineral property assets.

Previous wording

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

Current wording

Comparison of Operating Results for the three and nine months ended March 31, 2026 and 2025

Previous wording

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

Current wording

We did not earn any revenue from mining operations for the three and nine months ended March 31, 2026 and 2025.

Previous 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.

Current wording

Our net loss for the three months ended March 31, 2026 was $4,903,148 compared to a net loss of $2,618,307 in the three months ended March 31, 2025. The drivers of the increase in net loss of 87% are fully described below.

Previous wording

Our net loss for the six months ended December 31, 2025 was $8,751,275 compared to a net loss of $3,603,627 in the six months ended December 31, 2024. The drivers of the increase in net loss of 143% are fully described below.

Current wording

Our net loss for the nine months ended March 31, 2026 was $13,654,423 compared to a net loss of $6,221,934 in the nine months ended March 31, 2025. The drivers of the increase in net loss of 119% are fully described below.

Previous wording

For the six months ended December 31, 2025 and 2024, exploration expenses were $1,305,904 and $772,410, respectively. This represents an increase of 69% or $533,494. 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 $1,144,447. At Sleeper, expenses of $161,457 were related to general maintenance of operations and mining claims.

Current wording

For the three months ended March 31, 2026 and 2025, exploration expenses were $1,120,687 and $733,906, respectively. This represents an increase of 53% or $386,781. 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 on-going permitting activities with state and federal agencies and qualified persons continued with the update of our 2022 SK -1300 feasibility study. These expenses totaled $1,090,777. At Sleeper, expenses of $29,910 were related to general operations and to the commencement of the Sleeper Initial Assessment under SK-1300.

Previous wording

For the three months ended December 31, 2025 and 2024, reclamation expenses were $25,011 and $16,420, respectively. This represents an increase of 52% or $8,591. The increase in reclamation expenses reflects the Company additional expenses incurred for on-going monitoring activities for the Sleeper Gold Project.

Current wording

For the three months ended March 31, 2026 and 2025, reclamation expenses were $49,755 and $14,193, respectively. This represents an increase of 251% or $35,562. The increase in reclamation expenses reflects additional expenses incurred by the Company for on-going monitoring activities and other regulatory reporting for the Sleeper Gold Project.

Previous wording

For the six months ended December 31, 2025 and 2024, land holding costs were $401,917 and $352,954, respectively. The increase in land holding costs of $48,963 from the previous period relates to the increase in holding costs per claim enacted by the BLM.

Current wording

For the three months ended March 31, 2026 and 2025, land holding costs were $154,308 and $185,408, respectively. The decrease in land holding costs of 17% or $31,100 from the previous period relates to one-time staking cost incurred.

Previous 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.

Current wording

For the nine months ended March 31, 2026 and 2025, exploration expenses were $2,426,592 and $1,506,315, respectively. This represents an increase of 61% or $920,277. 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 qualified persons continued with the update of our 2022 SK-1300 feasibility study. These expenses totaled $2,352,628. At Sleeper, expenses of $73,964 were related to general operations and the commencement of the Sleeper Initial Assessment under SK-1300.

Previous 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.

Current wording

For the nine months ended March 31, 2026 and 2025, reclamation expenses were $112,646 and $84,550, respectively. This represents an increase of 33% or $28,096. The increase in reclamation expenses reflects the Company completing additional regulatory analysis and reporting for its on-going monitoring activities for the Sleeper Gold Project.

Previous 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.

Current wording

For the nine months ended March 31, 2026 and 2025, land holding costs were $556,224 and $538,362, respectively. The increase in land holding costs of 3% or $17,862 from the previous period relates to the increase in legal costs to maintain our BLM mining claims.

Previous 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.

Current wording

For the three month periods ended March 31, 2026 and 2025, salary and benefits were $327,611 and $691,666, respectively. This represents a decrease of 53%. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The decrease is mainly due to the lower short-term incentive compensation that was recorded in the current period and lower headcount in the current period from the comparable prior year period. Included in the salary and benefits expense amount for the three months ended March 31, 2026 and 2025 was non-cash equity based compensation applicable to executive and administration employees of $108,380 and $232,545, respectively.

Previous wording

For the six months ended December 31, 2025 and 2024, salary and benefits were $729,948 and $569,191, respectively. This represents an increase of 28%. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The net increase is due to the short-term incentive compensation recorded in the period offset by lower headcount in the current period from the previous period. Included in the salary and benefits expense amount for the six months ended December 31, 2025 and 2024 was non-cash equity based compensation applicable to executive and administration employees of $69,398 and $93,907, respectively.

Current wording

For the nine months ended March 31, 2026 and 2025, salary and benefits were $1,057,559 and $1,260,857, respectively. This represents a decrease of 16%. Salary and benefits are comprised of cash and equity based compensation of the Company’s executive and corporate administration teams. The net decrease is due to the lower headcount in the current period from the previous period. Included in the salary and benefits expense amount for the nine months ended March 31, 2026 and 2025 was non-cash equity based compensation applicable to executive and administration employees of $177,778 and $326,452, respectively.

Previous 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.

Current wording

For the three month periods ended March 31, 2026 and 2025, directors’ compensation expenses were $92,767 and $178,433, respectively. This represents a decrease of 48%. 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.

Previous wording

For the six months ended December 31, 2025 and 2024, directors’ compensation expenses were $103,131 and $99,978, respectively. This represents an increase of 3%. 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.

Current wording

For the nine months ended March 31, 2026 and 2025, directors’ compensation expenses were $195,897 and $278,411, respectively. This represents a decrease of 30%. 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 nine-month period compared to the prior year’s comparable period.

Previous 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.

Current wording

For the three months ended March 31, 2026 and 2025, professional fees were $169,273 and $109,901, respectively. This represents an increase of $59,372. 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 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.

Current wording

For the three months ended March 31, 2026 and 2025, general and administration expenses increased by 63% to $385,616 from $237,044 reflecting one-time costs related marketing, additional listing fees and other travel costs.

Previous wording

For the six months ended December 31, 2025 and 2024, professional fees were $467,370 and $257,231, respectively. This represents an increase of $210,139. 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 nine months ended March 31, 2026 and 2025, professional fees were $636,643 and $367,132, respectively. This represents an increase of $269,511. 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 six months ended December 31, 2025 and 2024, general and administration expenses increased by 32% to $486,618 from $367,260 reflecting one-time costs related marketing, additional listing fees and other travel costs.

Current wording

For the nine months ended March 31, 2026 and 2025, general and administration expenses increased by 44% to $872,235 from $604,305 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 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.

Current wording

As an exploration and development company, Paramount funds its operations, reclamation activities and discretionary exploration programs with its cash on hand. At March 31, 2026, we had cash and cash equivalents of $12,701,492 compared to $1,351,001 as of June 30, 2025. As of March 31, 2026, we had working capital of approximately $12,482,878. 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 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.

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 nine months ended March 31, 2026, the Company issued 8,785,663 shares under the program for net proceeds of $13,914,027.

Previous wording

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

Current wording

The main uses of cash for the nine months ended March 31, 2026 were:

Previous 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.

Current wording

Cash used in operating activities of $4,513,536 was 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 six months ended December 31, 2025 as follows:

Current wording

In addition to cash used in operating activities, the Company received cash during the nine months ended March 31, 2026 as follows:

Previous wording

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

Current wording

Cash provided by financing activities of $15,914,027 from sales under the ATM program and issuance of warrants.

Previous wording

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

Current wording

$1.5 million state and federal permitting activities and SK-1300 technical report for the Grassy Mountain Project