Paramount Gold Nevada Corp.

The following description of the Company’s mining properties is qualified in its entirety by reference to the Technical Report Summary for each of the properties included as exhibits to this Annual Report on Form 10-K (“Report”) and incorporated by reference into this Item 2. The information concerning our mining properties in this Report has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K. Subpart 1300 of Regulation S-K requires us to disclose our Mineral Resources, in addition to our Mineral Reserves, as of the end of our most recently completed fiscal year in the aggregate and for each of our individually material mining properties.

You are cautioned that Mineral Resources do not have demonstrated economic value. Mineral Resources are subject to further exploration and development, are subject to additional risks, and no assurance can be made that they will eventually convert to future reserves. Investors are cautioned not to assume that any part of all of the Inferred Resource exists or is economically or legally mineable. See Item 1A, Risk Factors.

Summary Disclosure

None of the Company’s material properties are in the production stage.

As summary overview of each material property is as follows:

Summary Gold Mineral Resources as of June 30, 2026(1,17):

Summary of Silver Mineral Resources as of June 30, 2026(1,17):

The term “resource” means that it is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quantity that there are reasonable prospects for economic extraction. Inferred, Indicated, and Measured resources are in order of increasing confidence based on level of underlying geological evidence. The term ‘inferred resource’ is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The term “limited geological evidence” means evidence that is only sufficient to establish that geological and grade or quality continuity is more likely than not. The level of geological uncertainty associated an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability and must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration.

RESPEC is the qualified person firm responsible for the Grassy Mountain Mineral Resources estimate.

Grassy Mountain Mineral Resources are comprised of all model blocks at a 0.008 oz/st AuEq cut-off that lie within an optimized pit plus blocks at a 0.070 oz/st AuEq cut-off that lie outside of the optimized pit.

oz/st AuEq (gold equivalent grade) = oz/st Au + (oz/st Ag ÷ 129)

Grassy Mountain Mineral Resources summarized in the table immediately above are reported exclusive of the Mineral Resources converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Grassy Mountain Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of $3,100/oz, a silver price of $34/oz, a throughput rate of 5,000 short tons/day, assumed metallurgical recoveries of 80% for Au and 60% for Ag, mining costs of $3.14/st mined, processing costs of $16.33/st processed, general and administrative costs of $2.79/st processed, and refining costs of $5.00/oz Au and $0.50/oz Ag produced. Mineral Resources potentially amenable to underground mining methods are reported using a gold price of $3,100/oz, a silver price of $34/oz, a throughput rate of 5,000 short tons/day, assumed metallurgical recoveries of 92.8% gold equivalent, mining costs of $141.77/st mined, processing costs of $39.09/st processed, general and administrative costs of $20.15/st processed, and refining costs of $5.00/oz gold equivalent produced.

The effective date of the Grassy Mountain Mineral Resources estimate is February 28, 2026, and the effective date of the database on which the Mineral Resources estimate is based is May 1, 2018;

The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources

The Mineral Resource estimate is reported on a 100% ownership basis.

The point of reference for the Mineral Resource is before the crusher (in situ)

Open Pit Mineral Resources are reported at a cut-off grade ranging from 0.002 oz/st to 0.006 oz/st Au, depending on area and constrained by a preliminary optimized pit shell with a pit slope angle of 45° for rock and 22° for alluvium and a bench height of 10 m.

The optimized pit shell and cut-off grades were generated by assuming metallurgical gold recovery ranging from 63.7% to 85.0% and silver recoveries ranging from 0.0% to 54.6%, standard treatment and refining charges, mining costs of US$2.18/st moved for open pit, processing costs of $5.00/st oxide/mixed and $9.47/st sulfide processed, and general and administrative costs of $0.42/st processed

Minimal mining width was 197 ft. for oxide/mixed material and 66 ft. for sulfide material

Mineral Resources are estimated using a long-term gold price of US$3,100 per ounce

Bulk density ranges from 21.4 ft3 in the tailings storage area to 11.87 ft3 for in situ material

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Rounding may result in apparent discrepancies between short tons, grade, and contained metal content.

One short ton equals 2,000 pounds (avdp)

Summary Gold Mineral Reserves as of June 30, 2026(1-6):

Summary Silver Mineral Reserves as of June 30, 2026(1-6):

Mineral Reserves have an effective date of May 15, 2026.

Mineral Reserves are reported inside stope designs assuming drift-and-fill mining methods, and an economic net smelter return cutoff grade of $200.64 per ore ton processed. The economic cut-off grade estimate uses a gold price of $2,750/oz, mining costs of $141.18/st processed, surface re-handle costs of $0.22/st processed, process costs of $39.09/st processed, general and administrative costs of $20.15/st processed, and refining costs of $6/oz Au recovered.

Metallurgical recovery utilizes the leach recovery schedule discussed in section 10 of the Technical Report Summary.

Mineralization that was either not classified or was assigned to Inferred Mineral Resources was set to waste.

1.5% NSR royalty is payable.

Individual Properties

GRASSY MOUNTAIN PROPERTY

Overview and Location

The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho (43°40'10.8"N 117°21'34.2"W). The property is accessed by vehicle from the town of Vale by a private and BLM maintained dirt road. The project site is situated in the rolling hills of the high desert region of the far western Snake River Plain and consists of 455 unpatented lode claims and 3 patented lode claims all totaling roughly 8,280 acres. The local terrain is gentle to moderate, with elevations ranging from 3,300 to 4,300 feet above mean sea level. The geological setting, hydrothermal alteration, styles of gold-silver mineralization, and close spatial and timing association with silica sinter deposition, indicate that Grassy Mountain is an example of the hot-springs subtype of low-sulfidation, epithermal precious-metals deposits.

Power and Water

To effect mining operations, power and water source infrastructure would need to be developed, as it does not currently exist; however, the project has water rights and is permitted for the installation of water supply wells and the permits and agreements with Idaho Power have been obtained.

Property Agreements and Royalty Obligations

The following map illustrates the mining claims subject to royalty payments at the Grassy Mountain Project:

Sherry and Yates Inc.

Prior to 2018, Calico had an annual lease agreement in place with Sherry & Yates Inc. Under the agreement Calico was required to make annual advance royalty payments at a rate of $100,000 per year. In a mining production scenario, the agreement provided for production royalty payments based on the price of gold. In February 2018, Paramount exercised its option to reduce the existing Net Smelter Royalty from 6% down to 1.5% and acquired all the rights to the unpatented and patented mining claims subject to the agreement at the Grassy Mountain Project for a total payment of $2.4 million.

Seabridge Gold

Seabridge Gold Inc. (“Seabridge”), a TSX and NYSE listed company, holds a net profits interest (“NPI”) in a mining scenario at Grassy Mountain. The NPI is calculated at a rate of 10% on net profits on certain mining claims. Seabridge also holds an NPI put option in which during the 30-day period immediately following the day that Calico had delivered notice to Seabridge that a positive production decision has been made and construction financing has been secured with respect to the Grassy Mountain Project, Seabridge may cause Calico to purchase the NPI for CDN$10,000,000. If Seabridge exercises the right to cause Calico to purchase the NPI, the Company would likely need to seek additional equity or other financing to fund the purchase, which financing may not be available to the Company on favorable terms or at all.

Sprott Private Resource Streaming and Royalty (US Collector), LP

Debenture

Effective as of December 27, 2023, Paramount and its wholly owned subsidiary Calico, entered into a Secured Royalty Convertible Debenture (the “Debenture”) in favor of Sprott Private Resource Streaming and Royalty (US Collector), LP, as agent for itself and certain affiliates (collectively, “Sprott”). Pursuant to the Debenture, Sprott has advanced $15,000,000 to Paramount, which will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine in eastern Oregon, for general corporate purposes and has been used for the repayment of the Company’s debt, including its 2019 secured convertible notes and its bridge promissory note in favor of Seabridge Gold Inc.

The Debenture carries an interest rate of 10% per annum, which, at Paramount’s discretion, is payable in cash or shares of its common stock at a 7% discount to the 10-day VWAP from the scheduled date of payment of interest. The Debenture may be repaid in cash or through the issuance of the Royalty (defined below) at the earlier of the commencement of commercial production or five (5) years from the Debenture closing date. The Debenture is convertible into a gross revenue royalty (the “Royalty") of 4.75% of the gold and silver produced from the proposed Grassy Mountain Gold Mine proportionate to the final amount of the funds that have been advanced upon reaching commercial production. If a Royalty is issued, Paramount has the option to buy back 50% of the Royalty by paying either $11.25 million on the second (2 nd) anniversary of the Royalty or $12.375 million on the third (3 rd) anniversary.

The Company’s obligations under the Debenture are secured by a pledge of the assets of the Company and its subsidiaries, including without limitation by deeds of trust with respect to the Grassy Mountain project and the Company’s Nevada property, Sleeper.

Right of First Refusal

In connection with the Debenture, Paramount and Calico entered into a Mining ROFR Option to Purchase Agreement (the “ROFR”) in favor of Sprott. Pursuant to the ROFR, we have granted to Sprott the right of first refusal with respect to any proposed grant, sale or issuance to any third-party of a stream, royalty or similar interest (a “Mineral Interest”) based on or with reference to future production from the proposed Grassy Mountain gold and silver mine. If the cash equivalent value (with the value of any non-cash consideration of any third party offer (the “Third Party Consideration”) exceeds $60,000,000 then Sprott shall have the right to buy a percentage interest of the Mineral Interest equal to the percentage that $60,000,000 is to the Third Party Consideration (the “Proportionate Mineral Interest”). If the Third Party Consideration equals or is less than $60,000,000, Sprott shall have the right to buy the entire Mineral Interest subject to such third party offer.

The ROFR shall terminate on the date which is the earlier of (i) the seventh (7th) anniversary of the ROFR; (ii) the closing of one or more purchase transactions between us and Sprott in respect of Mineral Interests for an aggregate purchase price of $60,000,000 upon the exercise by Sprott of its rights pursuant to the ROFR; and (iii) the closing of a purchase transaction between us and a third party in respect of a Mineral Interest for a purchase price in excess of $60,000,000 where Sprott does not exercise its right of first refusal pursuant to the ROFR.

Other agreements

Cryla LLC ("Cryla") leased 28 unpatented lode mining claims located west of Grassy Mountain to Calico in 2018. Calico is required to make an annual lease payment of $60,000. Calico may elect to acquire the property for $560,000 plus $3/oz of gold reserves, as defined by a pre-feasibility or higher confidence-level study. Cryla is entitled to a 2% NSR if the gold price is ≤US$1,500/oz and a 4% NSR if the gold price >US$1,500/oz. Calico is entitled to reduce the NSR to 1% by paying Cryla $800,000 regardless of the circumstances. No Mineral Resources or Mineral Reserves are estimated on the Cryla claims.

Previous Operators

Companies and individuals involved in exploration prior to Paramount’s Project interest include prospectors Richard “Dick” Sherry and Eugene “Skip” Yates (1986), Atlas Precious Metals (Atlas) (1986 to 1992), Golden Predator Mines U.S. Inc., Newmont Exploration Ltd (Newmont) (1992-1996), Tombstone Exploration Company Ltd (Tombstone) (1998), Seabridge, and Calico (2000 to 2015). Work completed included reconnaissance, geological mapping, geochemical sampling (soil, float, rock chip), geophysical surveys (airborne magnetic and radiometric, ground-based gravity, gradient array (IP/resistivity) controlled-source audio-frequency magnetotelluric (CSAMT), core and reverse circulation (RC) drilling, and Mineral Resource estimation. This work defined the Grassy Mountain deposit, on which a feasibility study was completed in 1990 by Atlas assuming a combined heap leach/milling operation and open pit mining methods.

Work Completed by Paramount

Since acquiring the Grassy Mountain Project interest in 2016, Paramount has conducted an exploration review of the available project data, helicopter-borne aeromagnetic and radiometric and CSAMT ground geophysical surveys, drilling, Mineral Resource and Mineral Reserve estimation, baseline environmental studies, and mining studies.

In addition to the above exploration programs, Paramount has progressed the Grassy Mountain Project through several stages of the state and federal permitting process. The project will require county-level, state-level and federal permits to construct, operate and close a mining operation.

In November 2019, Paramount submitted its Consolidated Permit Application (“CPA”) to DOGAMI to enable the Company to build and operate its proposed, high grade underground gold mine located in Malheur County. The Application was reviewed by the DOGAMI and cooperating agencies for completeness. As part of this process, the permitting agencies provided Paramount with a list of supplemental information and recommendations required to submit a modified CPA. Paramount, the DOGAMI and the permitting agencies continued to work together to discuss the additional information requested, ensuring the submission of a complete modified CPA which will trigger the 225 day maximum permit evaluation process, upon which draft permits are issued.

In February 2020, the Company submitted a revised Plan of Operation (the ”PoO”) to the BLM outlining the Company’s plans to build and operate the proposed Grassy Mountain underground gold mine. The BLM has reviewed the PoO for completeness and has provided the Company with comments to address. The BLM has previously reviewed 19 of the baseline data reports (“BDRs”) and their requests for clarifications have all been addressed. The BLM will register a Notice of Intent (the ”Notice”) in the Federal Register once the application is deemed complete. The Notice initiates the Environmental Impact Statement (“EIS”) process under the National Environmental Policy Act.

In December of 2021, Paramount submitted a modified CPA with the State of Oregon and submitted a modified PoO to the BLM. Both modified applications incorporated additional information required by the regulators and mine design optimizations that were a result of feedback provided in Paramount’s initial application.

In November of 2023, DOGAMI issued a Notice to Proceed which deemed Paramount's CPA complete and initiated the preparation of the State of Oregon's Environmental Evaluation (the "EE").

In March of 2024, the BLM issued the Notice of Intent which initiated the EIS process under the National Environmental Policy Act.

In October of 2024, the State of Oregon's TRT approved and completed the EE.

In December 2025, the State of Oregon issued the Draft Consolidated Permit Package for the Grassy Mountain Project.

In January 2026, the BLM issued the Final Environmental Impact Statement and signed the Record of Decision approving the Project's federal Plan of Operations.

Technical Report Summary

The following is a brief summary of the proposed mining operation as detailed in the updated Technical Report Summary (the "Grassy TRS") on the Grassy Mountain Project, Oregon U.S.A. prepared for the Company by Ausenco, reviewed by the applicable Qualified Persons, with an effective date of May 27, 2026. For more information, see Exhibit 99.1.

The Grassy Mountain mine will be an underground operation accessed via one decline and a system of internal ramps. One ventilation raise is included in the design to be used for ventilation and secondary egress. The mechanized cut-and-fill mining method was selected. The mining direction will be underhand. Cemented rock fill (CRF) will be used for backfill. The mechanized cut-and-fill method is highly flexible and can achieve high recovery rates in deposits with complex geometries, as is the case at the Grassy Mountain deposit. The estimated mine life is 9.3 years.

The process plant will be designed with conventional processing unit operations frequently used within the gold processing industry. The process plant will treat 750 short tons/d and will operate with two shifts per day, 365 days per year, producing gold doré bars. The major equipment within the process plant is specified in accordance with the climate, site conditions, metal grades and metallurgical performance outlined in this report. Any deleterious metals present in the ore such as Mercury will be abated by specialized equipment installed in the process plant and are not expected to impact payability terms. The plant will have average head grades of 0.206 oz/st Au and 0.293 oz/st Ag.

The plant feed will be trucked from the underground mine to a modular crushing facility that will include a jaw crusher as the primary stage and a cone crusher for secondary size reduction. The crushed ore will be ground by a ball mill in closed circuit with a hydro-cyclone cluster. The hydro-cyclone overflow with P80 of 150 mesh (106 µm) will flow to a leach–carbon-in-leach (CIL) recovery circuit via a pre-aeration tank. Gold and silver leached in the CIL circuit will be recovered onto activated carbon and eluted in a pressurized Zadra-style elution circuit and then recovered by electrowinning in the gold room. The gold–silver precipitate will be dried in a mercury retort oven and then mixed with fluxes and smelted in a furnace to pour doré bars. Carbon will be re-activated in a carbon regeneration kiln before being returned to the CIL circuit. CIL tails will be treated for cyanide destruction prior to pumping to the tailings storage facility (TSF) for disposal. The installed power for the process plant will be 4,445 hp and the power consumption is estimated to be 72 kWh/st processed. Raw water will be pumped from borehole wells to a raw-water storage tank. Potable water will be sourced from the raw-water tank and treated by a potable water treatment plant. Gland water will be supplied from the raw-water tank. Process water will primarily consist of TSF reclaim water. Reagents will include lime, sodium cyanide, sodium hydroxide, copper sulfate, hydrochloric acid and sodium metabiosulfite.

A summary of the forecast project economics are as follows:

Notes:

• Cash costs consist of mining costs, processing costs, G&A and refining charges and royalties.

** All-in sustaining costs (AISC) include cash costs plus sustaining capital and closure costs. AISC is at the project level and does not include an estimate of corporate G&A.

Permitting and Current Proposed Development Program

Paramount continues to advance the remaining state permitting activities for its proposed underground gold mine. In December 2025, the State of Oregon issued the Draft Consolidated Permit Package for the Project. With the completion of public consultation, the state permitting process is in its final stages, subject to completion of the applicable review and agency processes. The costs incurred by the State of Oregon for the drafting of the final permits will be reimbursed by the Company directly through cost recovery invoices received from DOGAMI or by permit fees established by individual permitting agencies. In addition to the state incurred costs, the Company will engage with its permitting and technical advisors and consultants to respond to any further information requests from the State's permitting agencies.

With respect to federal permitting, in January 2026 the BLM issued the Final Environmental Impact Statement and signed the Record of Decision approving the project's Plan of Operation, completing the federal environmental review process.

As of June 30, 2026, the net book value of the Grassy Mountain Property was approximately $23.4 million.

Grassy Mountain Property Summary of Mineral Resources at the End of June 30, 2026 and June 2025 (Exclusive of Reserves)

Gold (Au)(1,2,3,4,5,6,7)

RESPEC is the qualified person firm responsible for the Grassy Mountain mineral resources estimate.

Mineral Resources are comprised of all model blocks at a 0.008 oz/st AuEq cut-off that lie within an optimized pit plus blocks at a 0.070 oz/st AuEq cut-off that lie outside of the optimized pit.

oz/st AuEq (gold equivalent grade) = oz/st Au + (oz/st Ag ÷ 129)

Mineral Resources summarized in the table immediately above are reported exclusive of the mineral resources converted to Mineral Reserves. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of $3,100/oz, a silver price of $34/oz, a throughput rate of 5,000 short tons/day, assumed metallurgical recoveries of 80% for Au and 60% for Ag, mining costs of $3.14/st mined, processing costs of $16.33/st processed, general and administrative costs of $2.79/st processed, and refining costs of $5.00/oz Au and $0.50/oz Ag produced. Mineral resources potentially amenable to underground mining methods are reported using a gold price of $3,100/oz, a silver price of $34/oz, a throughput rate of 5,000 short tons/day, assumed metallurgical recoveries of 92.8% gold equivalent, mining costs of $141.77/st mined, processing costs of $39.09/st processed, general and administrative costs of $20.15/st processed, and refining costs of $5.00/oz gold equivalent produced.

The effective date of the Mineral Resources estimate is February 28, 2026, and the effective date of the database on which the Mineral Resources estimate is based is May 1, 2018

Grassy Mountain Property Summary of Mineral Reserves at the End of June 30, 2026 and 2025

Mineral reserves have an effective date of May 15, 2026.

Mineral Reserves are reported inside stope designs assuming drift-and-fill mining methods, and an economic net smelter return cutoff grade of $200.64 per ore ton processed. The economic cut-off grade estimate uses a gold price of $2,750/oz, mining costs of $141.18/st processed, surface re-handle costs of $0.22/st processed, process costs of $39.09/st processed, general and administrative costs of $20.15/st processed, and refining costs of $6/oz Au recovered.

Metallurgical recovery utilizes the leach recovery schedule discussed in section 10 of the Technical Report Summary.

Mineralization that was either not classified or was assigned to Inferred Mineral Resources was set to waste.

1.5% NSR royalty is payable.

Internal Controls – Grassy Mountain Property

Paramount’s internal controls at the Grassy Mountain project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices. These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection and analysis of drill hole assay information based on:

•

Third-party certified labs used for assays reported in public disclosure or resource models;

•

Drill programs with insertion of blank, duplicate, and certified reference materials; and

•

Sufficient QA/QC results for the analytical programs.

All core and reverse-circulation samples were cataloged and stored in secure and designated areas on Paramount’s warehouse in Vale, Oregon. Data has been subject to validation, which includes checks on down hole surveys, collar coordinates, geological data, and assay data.

Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation were compiled from Paramount’s databases into RESPEC’s GeoSequel database and reviewed for improbable entries. Written procedures and guidelines are used to support estimation methods and approaches. Estimations include evaluation of modifying and technical factors. Internal controls and resource estimation procedures are discussed where required in the relevant chapters of the technical report summary.

SLEEPER GOLD PROJECT

Overview and Location

Sleeper is a material exploration property of the Company. The Company has the rights to explore, develop and mine the property through our 100% ownership of unpatented lode mining claims. Sleeper is located 26 miles northwest of Winnemucca, Nevada (41°20'03.1"N 118°03'09.7"W). Automobile and truck access to the property is via Interstate Highway 80 to Winnemucca, then north on Highway 95 for 32 miles, west on Highway 140 for 14 miles, and finally south for 6 miles on the maintained gravel Sod House Road to the project site. An office building, heavy equipment enclosure and warehousing facility are present on the Sleeper Gold Property. Necessary supplies, equipment and services to carry out full sequence exploration and mining development projects are available in Winnemucca, Reno, and Elko, Nevada.

Mining Claims

The Sleeper Gold mine and its 1,044 unpatented lode mining claims were acquired by PGSC through its acquisition of X-Cal Resources Ltd. in August 2010. Additional mining claims have been staked or acquired, which now comprise the Sleeper Gold Project.

The 100%-owned mining claims are summarized in the following table, (acreage is approximate):

The following map illustrates the general location of the Sleeper Gold Project and the associated mining claims:

Property Agreements and Royalty Obligations:

The Snyder Syndicate, a private company, holds a one percent (1%) net smelter return royalty on the 1,044 Sleeper Gold mine claims in a mining scenario.

Franco-Nevada U.S. Corporation (“Franco”) holds a two percent (2%) net smelter return royalty on minerals produced from 2,474 mining claims at the Sleeper Gold Project.

Evolving Gold holds a 2% net smelter return royalty on minerals produced from the SP and SS mining claims.

Dry Lake Placer Association holds a 3% net smelter return royalty on minerals produced from the Dry Lake Placer mining claims.

ICN holds a 0.5% net smelter return royalty on the SS and SP mining claims as well as a 1.5% net smelter return royalty on the Blue mining claims.

Sprott holds Deeds of Trust over the Sleeper claims securing the Debenture.

The following map illustrates the claims subject to the royalty:

History of Previous Operations

The Sleeper Gold Project includes a historic open pit mine (the “Sleeper Gold mine”) operated by AMAX Gold Inc. (“Amax”) from 1986 until 1996, which produced 1.66 million ounces of gold and 2.3 million ounces of silver. All processing facilities and equipment related to Amax's mining operations have been removed from the site.

Power and Water

As a result of Amax’s mine operation from 1986 to 1996, electrical power is provided to the property by above ground power lines. Water is available from two wells located on the property associated with water right permits issued by the Nevada Department of Water Resources.

Paramount’s Exploration History at Sleeper Gold Project

PGSC conducted its first exploration program at the Sleeper Gold mine in October 2010. It consisted of 19 drill holes totaling 18,065 feet and focused on verifying data on existing models and confirming continuity and strike extension of known mineralized zones. From July 1, 2011 through June 30, 2012, PGSC completed 79 drill holes totaling 21,013 feet and followed that up in the period from July 1, 2012, through June 30, 2013, with 38 drill holes totaling 55,104 feet.

In August 2011, PGSC announced the acquisition of 606 unpatented lode mining claims (the “Dunes Project”) located eleven miles south of the Sleeper Gold mine from ICN Resources Ltd. (“ICN”). In consideration, PGSC issued 400,000 shares of its common stock to ICN.

In July 2012, PGSC announced the staking of 920 new lode mining claims (the “Mimi Project”) adjacent to the west and immediately south, of the Sleeper Gold mine. The Mimi Project totals 18,400 acres.

In 2013, PGSC announced several results of a drilling campaign that was focused on and around the existing resource and pit areas. Assay results extended the mineralization east and south of the existing resource, opened new depth potential below the existing sleeper pit and intercepted exceptional results in several zones. Additionally, PGSC undertook an extensive database review and, as a result, a total of 473 core and RC holes have been re-logged and new cross-sections were generated. Paramount completed a re-interpreted lithological and structural model which will allow us to plan a new drill program and to update our mineralized material estimate model.

In August 2014, PGSC dropped a total of 212 mining claims from the Dunes and Mimi areas of the Sleeper Gold Project. These claims no longer had any geological value to the Company.

In August 2015, we completed an initial geophysical survey consisting of a helicopter magnetometry study. The survey defined several possible exploration targets which were reviewed by our geological team. Additional surveys on areas covered by overburden will be evaluated for further testing. This testing can include Induced Polarization programs or other indirect methodologies. The Company believes that the data from the geophysical program will yield valuable drilling targets. Future drill programs will be designed to identify new zones of mineralization, with an emphasis on areas covered by overburden.

In April 2021, we purchased 152 unpatented lode claims from South Sleeper Resources LLC for a total consideration of $365,441. The claims are located approximately 2 miles south of the past producing Sleeper Gold Mine. The purchased claims carry a mineral production royalty based on a Net Smelter Returns (“NSR”) of one percent (1%). The purchased claims are without known Mineral Reserves.

In November 2021, Paramount initiated an RC drill program at Sleeper. Results reported in February 2022 identified mineralization east of the former Sleeper pit and confirmed continuity of higher-grade sulfide mineralization in the West Wood area,

In April 2026, Paramount commenced an Initial Assessment for the Sleeper Gold Project. In June 2026, the Company announced the results of the completed Initial Assessment, which evaluates the potential restart of the historic Sleeper Mine through the processing of existing mineralized surface material and open-pit mining of in situ oxide and mixed Mineral Resources.

As of June 30, 2026, the net book value of the Sleeper Gold Property was approximately $25.6 million.

Technical Report Summary

The updated Mineral Resource estimate supersedes prior Mineral Resource disclosures for the Project and incorporates updated geological interpretation, revised economic parameters, metallurgical recovery assumptions, and reasonable prospects for economic extraction through open-pit optimization.

The updated Mineral Resource estimate includes in situ oxide, mixed and sulfide material together with surface material contained in historical waste rock dumps, heap leach pads, and the tailings storage facility. Open-pit Mineral Resources are reported at material-specific gold cut-off grades ranging from 0.002 oz/st to 0.006 oz/st Au and are constrained by preliminary optimized pit shells. The optimized pit shells and cut-off grades assume metallurgical gold recoveries ranging from 63.7% to 85.0% and silver recoveries ranging from 0.0% to 54.6%, open-pit mining costs of US$2.18 per short ton moved, processing costs of US$5.00 per short ton for oxide/mixed material and up to US$9.47 per short ton for sulfide material, and general and administrative costs of US$0.42 per short ton processed. Mineral Resources are estimated using a long-term gold price of US$3,100 per ounce. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Initial Assessment evaluates a potential restart of the historic Sleeper Mine using conventional open-pit mining and processing of existing mineralized surface material followed by in situ oxide and mixed material. The processing concept consists of crushing and agglomeration followed by cyanide heap leaching and Merrill-Crowe recovery, at a nominal processing rate of approximately 33,000 short tons per day. The Base Case contemplates a 17-year operating life and an estimated initial capital of approximately US$201 million. Sulfide Mineral Resources are not included in the Initial Assessment mine plan and remain a potential future opportunity requiring additional study.

For more information regarding the Mineral Resource estimate and Initial Assessment, see Exhibit 96.3, the Sleeper Gold Mine S-K 1300 Technical Report Summary, prepared for the Company by SLR International Corporation, dated June 17, 2026, with an effective date of April 29, 2026. This Technical Report Summary is an Initial Assessment prepared in accordance with SEC Regulation S-K Subpart 1300. This assessment is preliminary in nature and is intended solely to support the disclosure of Mineral Resources. It includes assumptions regarding technical and economic factors to demonstrate reasonable prospects of economic extraction. Under SEC guidelines, an Initial Assessment does not support the determination or disclosure of mineral reserves.

A summary of the forecast project economics are as follows:

Notes:

Cash costs consist of mining costs, dewatering costs, processing costs, mine-level G&A, refining charges and royalties, net of by-product credits.

** AISC includes cash costs plus sustaining capital and closure costs, net of silver by-product credits, at the project level. Corporate G&A is not included. The reported AISC reflects the benefit of low-cost ounces already stacked on the existing heap leach pads, which require minimal additional spending to recover. As these legacy ounces are depleted and replaced with newly mined material, unit costs are expected to gradually normalize toward long-term levels.

Current Proposed Program

The 2026 Initial Assessment recommends an approximately $8.5 million advancement program, including work intended to increase resource confidence, advance metallurgical and geotechnical studies, complete environmental baseline work, support permitting, optimize engineering and heap-leach design, and advance the Project toward a pre-feasibility study.

Geology and Mineralization

The Sleeper Gold Project is situated within the western, apparently older, part of the Northern Nevada Rift geologic province of Miocene age, along the western flank of the Slumbering Hills within Desert Valley. The geological structures that underlie Desert Valley appear to have been down-dropped 3,000 to 3,300 feet along the north-to northeast-trending normal faults along the western edge of the Slumbering Hills.

Four main types of gold mineralization are found within the Sleeper Gold Project deposit and may represent a continuum as the system evolved from a high level, high sulfidation system dominated by intrusion related fluids and volatiles to a low sulfidation meteoric water dominant system. In this setting the paragenetic relationships of the differing mineralization styles are as follows:

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Early – quartz-pyrite-marcasite stockwork;

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Intermediate – medium-grade, silica-pyrite-marcasite cemented breccias localized on zones of structural weakness;

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Late – high-grade, banded, quartz-adularia-electrum-(sericite) veins; and

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Post – alluvial gold-silver deposits in Pliocene gravels.

Reclamation

Paramount is responsible for managing reclamation activities from prior mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection ("NDEP"). Under the filed BLM Plan of Operations (“PoO”) and reclamation permit a surety bond in the amount of $4 million has been posted as financial security to ensure that required reclamation activities are fulfilled. The surety bond for the Sleeper mine reclamation activities has been posted on behalf of the Company by an insurance company and forms a part of the Company’s comprehensive insurance program. The insurance policy, which is in effect until 2033, covers reclamation costs up to an aggregate of $25 million. The Company periodically submits updates to its Reclamation Cost Estimate (“RCE”) to the BLM to account for completed reclamation work or new reclamation requirements. As of September 2020, the Company’s RCE submitted in October 2019 was accepted by the BLM and the posted surety bond was deemed sufficient. For the fiscal year ended June 30, 2024, at NDEP's request, the Company completed the conversion of several collection ponds to evaporation cells and expects to file a revised RCE with the BLM in the second half of calendar 2024. The revised RCE will incorporate the significant reclamation work that has been completed by the Company over the past several years. The Company expects that the revised RCE will reduce the overall expenditures required to fully reclaim the project site.

In addition to the BLM reclamation requirements, the Company is required to satisfy the State of Nevada’s reclamation requirements under various permits it holds for the Sleeper Gold Project.

Summary of Sleeper Gold Property Mineral Resources at the End of June 30, 2026 and 2025

The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources

The Mineral Resource estimate is reported on a 100% ownership basis.

The point of reference for the Mineral Resource is before the crusher (in situ)

Open Pit Mineral Resources are reported at a cut-off grade ranging from 0.002 oz/st to 0.006 oz/st Au, depending on area and constrained by a preliminary optimized pit shell with a pit slope angle of 45° for rock and 22° for alluvium and a bench height of 10 m.

The optimized pit shell and cut-off grades were generated by assuming metallurgical gold recovery ranging from 63.7% to 85.0% and silver recoveries ranging from 0.0% to 54.6%, standard treatment and refining charges, mining costs of US$2.18 /st moved for open pit, processing costs of $5.00 /st oxide/mixed and $9.47 /st sulfide processed, and general and administrative costs of $0.42 /st processed

Minimal mining width was 197 ft. for oxide/mixed material and 66 ft. for sulfide material

Mineral Resources are estimated using a long-term gold price of US$3,100 per ounce

Bulk density ranges from 21.4 ft3 in the tailings storage area to 11.87 ft3 for in situ material

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Rounding may result in apparent discrepancies between short tons, grade, and contained metal content.

Internal Controls - Sleeper Gold Property

Paramount’s internal controls at the Sleeper project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices. These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection and analysis of drill hole assay information based on:

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Third-party certified labs used for assays reported in public disclosure or resource models;

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Drill programs with insertion of blank, duplicate, and certified reference materials; and

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Sufficient QA/QC results for the analytical programs.

All core and reverse-circulation samples were cataloged and stored in secure and designated areas on Paramount’s property. Data has been validated, including checks of downhole surveys, collar coordinates, geological data, and assay data.

Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation were compiled from Paramount’s databases into RESPEC’s GeoSequel database and reviewed for improbable entries. Written procedures and guidelines support estimation methods and approaches. Estimations include evaluation of modifying and technical factors. Internal controls and resource estimation procedures are discussed where required in the relevant chapters of the technical report summary.

Exploration and Drilling

Exploration and drilling activities at the Sleeper Gold Project are summarized in Section 7 of the Sleeper TRS, with sample preparation, analytical procedures, QA/QC, and sample security summarized in Section 8. The database provided to SLR contains 4,455 drill holes, comprising exploration drilling and drilling of waste rock dumps, heap leach pads and the tailings storage facility, totaling approximately 2.117 million feet. Paramount’s drilling conducted between 2010 and 2021 represents the most recent phase of systematic exploration at the Project and was undertaken to validate historical data, refine the geological model and test extensions of known mineralization. A total of 136 Paramount drill holes comprising approximately 78,000 feet were included in the drill hole database provided to SLR and used in the Mineral Resource estimate. SLR reviewed the compilation, validation, and appropriateness of the drilling database and concluded that the dataset is suitable to support the Mineral Resource estimate under S-K 1300, subject to the classification limitations described in the Sleeper TRS.

Mineral Resource Estimates

The methods and procedures used for the estimation of Mineral Resources at the Sleeper Gold Project are summarized in Section 11 of the Sleeper TRS. The Mineral Resource estimate was completed using a conventional three-dimensional block modeling approach developed by RESPEC. The RESPEC estimate was independently reviewed and validated by SLR-qualified persons for completeness, internal consistency and technical accuracy. The updated Mineral Resource estimate, with an effective date of April 29, 2026, supersedes prior disclosures for the Project and reflects updated geological interpretation, revised economic parameters and the application of reasonable prospects for economic extraction through open-pit optimization and metallurgical recovery assumptions. The Mineral Resource estimate includes in situ mineralization and surface materials, including waste rock dumps, heap leach pads, and tailings storage facilities.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Factors that may materially affect the Mineral Resource estimate include changes to metal price assumptions, payable factors, royalties, cut-off grade assumptions, processing costs, and other economic and technical parameters used in determining the Mineral Resource estimate. Section 11.16 of the Sleeper TRS provides additional information regarding factors that may materially affect the Mineral Resource estimate.

Other Non-Material Properties

NEVADA

The Company owns additional mining claims in the State of Nevada that represents its non-material properties. The Mill Creek property which comprises 36 unpatented lode mining claims are located in Lander County. The Company intends to maintain the annual mining claim fees of approximately $7,000 for these claims.

The Mill Creek claims are without known mineral reserves and there is no current exploratory work being performed.

In August 2021, Paramount entered into an agreement with Nevada Select Royalty ("Nevada Select") to purchase 100% interest in the Bald Peak Project located in Mineral County, Nevada. The total consideration of $300,000 is payable to Nevada Select based upon a schedule determined by when Paramount receives a drilling permit from the federal regulators. Nevada Select will retain a 3% NSR and Paramount will have the right to reduce the NSR to 2% for a payment of $1 million.

OREGON

In October 2018, Paramount entered into an agreement with Cryla LLC (“Cryla”) that gives the Company the right to acquire 44 mining claims covering 580 acres located immediately to the west of the proposed Grassy Mountain Project. Paramount will make annual lease payments to Cryla and following year three of the agreement, Paramount has the right to purchase the claims for a cash payment of $560,000. If purchased, Cryla will maintain a production NSR based on the prevailing price of gold. Paramount has the right to reduce the NSR from 2% to 1% for a payment of $800,000.

In November 2018, Paramount entered into an agreement with Nevada Select to purchase 100% interest in the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project. A total consideration of $250,000 payable to Nevada Select will be based on certain events over time. Nevada Select will retain a 2% NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1% for a payment of $1 million. For fiscal year ended June 30, 2026, the Company has made all required payments under the agreement and own 100% of the Frost Project.