Paramount Gold Nevada Corp.

Previous wording

During the fiscal year-ended June 30, 2025, the Company continued with its permitting at its Grassy Mountain Project. Highlights include:

Current wording

During the fiscal year-ended June 30, 2026, the Company continued with its permitting at its Grassy Mountain Project and technical review at Sleeper. Highlights include:

Previous wording

Our net loss for the year ended June 30, 2025 was $9,050,423 compared to a net loss of $8,056,445 in the previous year. The increase of approximately 12% is fully described below. We will continue to incur losses for the foreseeable future as we continue with our planned exploration and development programs.

Current wording

Our net loss for the year ended June 30, 2026 was $15,560,223 compared to a net loss of $9,050,423 in the previous year. The increase of approximately 72% is fully described below. We will continue to incur losses for the foreseeable future as we continue with our planned exploration and development programs.

Previous wording

For the year ended June 30, 2025, exploration and development expenses were $2,603,457 compared to $2,061,618 in the prior year. This represents an increase of 26% or $541,839 which was mainly due to the Company focusing on permitting activities at Grassy Mountain. 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. Permitting activities at the state level resulted in the completion of the EE and the commencement of draft permit writing. At the federal level, activity accelerated in the second half as the BLM prepared to publish the draft EIS for the Grassy Mountain Project. These expenses totaled $2,339,283. At Sleeper, exploration activities included various activities including general site maintenance and activities to keep the mining claims in good standing. Total exploration expenses at Sleeper were $264,174.

Current wording

For the year ended June 30, 2026, exploration and development expenses were $3,567,816 compared to $2,603,457 in the prior year. This represents an increase of 37% or $964,359 which was mainly due to the Company focusing on permitting activities at Grassy Mountain. 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. Permitting activities at the state level resulted in the Company receiving the draft permit package from the State of Oregon in December 2025 and in January 2026, receiving the federal approval through issuance of the ROD and completion of the Federal Environmental Impact Statement. Subsequent to receiving the draft permits package and federal approval, the Company continued to work with the various state agencies towards final permits and with federal agencies as required. These project related expenses at Grassy totaled $3,132,602 for the year ended June 30, 2026. At Sleeper, exploration activities included completing the 2026 Sleeper IA, various activities including general site maintenance and activities to keep the mining claims in good standing. Total exploration expenses at Sleeper were $435,214 for the year ended June 30, 2026.

Previous wording

For the year ended June 30, 2024, at Grassy Mountain the Company continued with permitting activities with state and federal permitting agencies. These expenses totaled $1,613,551. At Sleeper, the Company focused on general site maintenance and other activities to keep the mining claims in good standing incurring expenses of $448,067.

Current wording

For the year ended June 30, 2025, at Grassy Mountain the Company continued with permitting activities with state and federal permitting agencies. These expenses totaled $2,339,283. At Sleeper, the Company focused on general site maintenance and other activities to keep the mining claims in good standing incurring expenses of $264,174.

Previous wording

For the year ended June 30, 2025, salary and benefits were $1,640,394 compared to $1,505,912 in the prior year. This represents an increase of 9% or $134,482. Salary and benefits are comprised of cash and stock-based compensation of the Company’s executive and corporate administration teams. The increase reflects lower cash bonuses netted against higher equity based compensation recorded in the current year compared to the previous comparable year. Included in the salary and benefits expense amount for the year ended June 30, 2025 and 2024 was non-cash stock based compensation of $387,052 and $168,471 respectively.

Current wording

For the year ended June 30, 2026, salary and benefits were $1,355,560 compared to $1,640,394 in the prior year. This represents a decrease of 17% or $284,834. Salary and benefits are comprised of cash and stock-based compensation of the Company’s executive and corporate administration teams. The decrease in employee compensation expense was primarily driven by lower salary and stock-based compensation costs resulting from reduced headcount, partially offset by an increase in employee short term incentive expenses. Included in the salary and benefits expense amount for the years ended June 30, 2026 and 2025 was non-cash stock based compensation of $265,952 and $387,052 respectively.

Previous wording

For the year ended June 30, 2025, directors’ compensation of $320,848 increased from $199,590 from the prior year ended June 30, 2024. The increase of 61% or $121,258 is due to higher equity based compensation recorded in the current year-ended June 30, 2025.

Current wording

For the year ended June 30, 2026, directors’ compensation of $276,764 decreased from $320,848 from the prior year ended June 30, 2025. The decrease of 14% or $44,084 is due to lower equity based compensation recorded in the year-ended June 30, 2026.

Previous wording

For the year ended June 30, 2025, professional fees were $446,723 compared to $337,628 in the prior year. This represents an increase of 32% or $109,095. The increase was mainly due to consulting fees and legal fees incurred in the current period that were not incurred in the previous year comparable period. Professional fees included audit, legal, advisory and consultant expenses incurred on corporate and operational activities on a period-by-period basis.

Current wording

For the year ended June 30, 2026, professional fees were $745,287 compared to $446,723 in the prior year. This represents an increase of 67% or $298,564. The increase was primarily due to higher audit and quarterly review fees, increased legal expenses associated with corporate activities, and higher advisory fees to support ongoing strategic and operational initiatives. Professional fees included audit, legal, advisory and consultant expenses incurred on corporate and operational activities on a period-by-period basis.

Previous wording

For the year ended June 30, 2025, general and administration expenses increased by 11% to $774,615 from $696,210 in the prior year. The increase in general and administration expenses from the previous year’s comparable period was mainly due to higher insurance, travel and investor relations costs.

Current wording

For the year ended June 30, 2026, general and administration expenses increased by 58% to $1,222,166 from $774,615 in the prior year. The increase in general and administrative expenses was primarily attributable to higher investor relations and stock exchange listing costs, together with increases across several other administrative expense categories, none of which were individually significant.

Previous wording

For the year ended June 30, 2025, the Company's asset retirement obligation for the Sleeper Gold Project increased to $2,293,765 from $2,270,288 from the prior year ended June 30, 2024. The net increase of $23,477 was the result of settlements of $120,000 plus a downward revision in estimate of $81,936 offset by the current year accretion of $225,413. The settlements were a result of the Company completing annual monitoring requirements from the BLM and NDEP.

Current wording

For the year ended June 30, 2026, the Company's asset retirement obligation for the Sleeper Gold Project increased to $2,371,216 from $2,293,765 from the prior year ended June 30, 2025. The net increase of $77,451 was the result of settlements of $120,000 plus a downward revision in estimate of $30,196 offset by the current year accretion of $227,647. The settlements were a result of the Company completing annual monitoring requirements from the BLM and NDEP.

Previous wording

At June 30, 2025, we had cash and cash equivalents of $1,351,001 compared to $5,423,059 as at June 30, 2024. As of June 30, 2025, we had working capital of approximately $2,047,379. Our plans to manage our liquidity position is described below under Going Concern and Capital Resources.

Current wording

At June 30, 2026, we had cash and cash equivalents of $9,931,206 compared to $1,351,001 as at June 30, 2025. As of June 30, 2026, excluding the warrant liability of $2,833,905 we had working capital of approximately $10,376,448. Based on the Company's current operating plan, existing cash resources are expected to fund operations through approximately March 2027. The Company's planned expenditures primarily consist of corporate general and administrative costs and expenditures related to the permitting and advancement of its mineral properties. Certain project expenditures including exploration, production development, engineering, technical studies and/or other project advancement activities, are discretionary as to timing and scope and may be reduced or deferred depending on available liquidity and the timing of additional financing. Our plans to manage our liquidity position is described below under Going Concern and Capital Resources.

Previous wording

In May 2024, the Company continued with an established “at the market” equity offering program (“ATM”) with Cantor Fitzgerald & Co. and A.G.P/Alliance Global Partners to proactively increase financial flexibility. During the fiscal year ended June 30, 2025, the Company issued 4,728,165 shares (2024 - 6,379,754 shares) for net proceeds of $2,356,709 (2024 - $1,923,120) under the program.

Current wording

In May 2024, the Company continued with an established “at the market” equity offering program (“ATM”) with Cantor Fitzgerald & Co. and A.G.P/Alliance Global Partners to proactively increase financial flexibility. During the fiscal year ended June 30, 2026, the Company issued 8,785,663 shares (2025 - 4,728,165 shares) for net proceeds of $13,914,027 (2025 - $2,356,709) under the program.

Previous wording

Cash used to fund our operations, which included general and administration expenses, land holding costs, exploration and development programs at our mineral properties, of $6,267,284.

Current wording

Cash used to fund our operations, which included general and administration expenses, land holding costs, exploration and development programs at our mineral properties, of $7,283,822.

Previous wording

Cash used to purchase mining claims and equipment of $161,483;

Current wording

Cash used to purchase mining claims and equipment of $50,000;

Previous wording

$2.7 million on corporate, land claim maintenance and general expenses

Current wording

$5.7 million on corporate costs, completion of Grassy permitting activities, land claim maintenance and general expenses

Previous wording

The Company prepares its consolidated financial statements and notes in conformity to United States Generally Accepted Accounting Principles (“U.S. GAAP”) and requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, management evaluates these estimates, including those related to the adequacy of the Company’s reclamation and environmental obligation, and assessment of impairment of mineral properties. Management bases these estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Current wording

The Company prepares its consolidated financial statements and notes in conformity with United States Generally Accepted Accounting Principles (“U.S. GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, management evaluates these estimates, including those related to the adequacy of the Company’s reclamation and environmental obligations, the assessment of impairment of mineral properties, and the fair value of warrant and derivative liabilities.

Previous wording

The Company capitalizes the cost of acquiring mineral properties and will amortize these costs over the useful life of a property following the commencement of production or expense these costs if it is determined that the mineral property has no future economic value or the properties are sold or abandoned. Costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are recorded in the accounts of the specific mineral property at the time the payments are made.

Current wording

The Company capitalizes the cost of acquiring mineral properties and will amortize these costs over the useful life of a property following the commencement of production or expense these costs if it is determined that the mineral property has reduced or no future economic value or the properties are sold or abandoned. Costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are recorded in the accounts of the specific mineral property at the time the payments are made.

Previous wording

We account for the royalty convertible debenture in accordance with Accounting Standards Codification ("ASC") 815, Derivatives and Hedging. The embedded conversion features are assessed to determine whether they meet the criteria for separate accounting as derivatives. If so, they are bifurcated and recorded at fair value with changes in fair value recognized in our Statement of Operations and the remaining value allocated to the royalty convertible debenture net the unamortized debt issuance costs. The determination of fair value involves the use of estimates, assumptions, and valuation models, including but not limited to discounted cash flow analysis and option pricing models. These estimates and assumptions may include, but are not limited to, future interest rates, volatility of gold and silver prices, and credit spreads and changes in these inputs could result in significant adjustments to the fair value of our derivatives and may impact our financial results.

Current wording

We account for the royalty convertible debenture in accordance with Accounting Standards Codification ("ASC") 815, Derivatives and Hedging. The embedded conversion features are assessed to determine whether they meet the criteria for separate accounting as derivatives. If so, they are bifurcated and recorded at fair value with changes in fair value recognized in our Statement of Operations and the remaining value allocated to the royalty convertible debenture net of the unamortized debt issuance costs. The determination of fair value involves the use of estimates, assumptions, and valuation models, including but not limited to discounted cash flow analysis and option pricing models. These estimates and assumptions may include, but are not limited to, future interest rates, volatility of gold and silver prices, and credit spreads and changes in these inputs could result in significant adjustments to the fair value of our derivatives and may impact our financial results. The fair value of the Company’s derivative liability is estimated using a Monte Carlo simulation, which incorporates assumptions that require management judgment. Changes in these assumptions could materially affect the estimated fair value of the derivative liability.