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Here are 1-3 brief analogies for Paramount Gold Nevada (PZG):

• Paramount Gold Nevada is like an **early-stage Barrick Gold**, focusing on exploring and developing future gold mines rather than already operating multiple producing assets.
• Paramount Gold Nevada is like a **small-cap Newmont**, but with its main gold projects still in the development and permitting stages, aiming for future production.

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• Gold: Paramount Gold Nevada is an exploration and development company focused on advancing projects to produce gold.
• Silver: The company also explores for and expects to produce silver, often as a co-product of its gold projects.

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Paramount Gold Nevada (PZG) is a gold exploration and development company primarily focused on advancing its Sleeper Gold Project in Nevada and the Grassy Mountain Gold Project in Oregon.

At its current stage, Paramount Gold Nevada is not yet in commercial production. Therefore, the company does not have "major customers" in the traditional sense, as it is not currently selling significant quantities of gold or other mineral products.

If Paramount Gold Nevada were to successfully transition into commercial production, its major customers would typically be other companies, specifically:

• Gold Refiners: Companies that purchase gold dore bars or concentrates from mines to refine them into high-purity bullion. Examples include Asahi Refining, Valcambi, Metalor Technologies, and Johnson Matthey, among others. These companies are generally private or divisions of larger public companies without specific symbols for their refining operations.
• Bullion Banks and Commodity Traders: Financial institutions or trading firms that specialize in buying and selling precious metals on the global market.

These entities serve as the primary purchasers of raw or semi-processed gold from mining companies, facilitating its distribution into various industrial, investment, and governmental channels.

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Rachel Goldman, Chief Executive Officer

Ms. Goldman joined Paramount Gold Nevada as CEO and Director in February 2020. She brings 20 years of experience in capital markets, having worked with Canadian-based boutique and bank-owned firms. Most recently, she served as Managing Director Institutional Equity Sales for Desjardins Securities, where she fostered relationships with institutional investors across Canada, the US, and the UK, and helped public companies enhance their market profile. Ms. Goldman holds a Bachelor of Commerce with a Major in Finance from Concordia University and is an independent director of Red Pine Exploration and the Denver Gold Group.

Carlo Buffone, Chief Financial Officer

Mr. Buffone has served as the Chief Financial Officer of Paramount Gold Nevada Corp. since 2015. He previously held the CFO position for Paramount Gold and Silver Corp. from February 2010 until its merger with Coeur Mining, Inc. in April 2015. From 2005 to January 2010, Mr. Buffone founded Mama's Boy Wines, a private wine agency that established sales channels for Italian artisanal winemakers. Earlier in his career, from 1995 to 2005, he held various senior financial management roles, including a corporate development specialist at CMA Holdings Group, a wealth management firm with over $35 billion in assets under administration, where he was responsible for mergers and acquisitions. Mr. Buffone is a Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA), holding a Bachelor of Commerce Degree from the University of Ottawa. He also studied mergers and acquisitions at the Kellogg School of Management at Northwestern University in 2004.

Rudi P. Fronk, Chairman

Mr. Fronk possesses over 35 years of experience in the gold sector, primarily as a senior officer and director of publicly traded gold exploration and development companies. He was appointed to Paramount's Board in January 2017 and subsequently became Chairman in October 2019. In 1999, Mr. Fronk co-founded Seabridge Gold Inc., a company with a US$1.5 billion market capitalization and significant gold and copper resources, where he continues to serve as Chairman and CEO. He holds a Bachelor of Science in Mining Engineering and a Master of Science in Mineral Economics from Columbia University.

Christos Theodossiou, Manager of Corporate Communications & Corporate Secretary

Mr. Theodossiou has been the Manager of Corporate Communications and Corporate Secretary at Paramount Gold Nevada Corp. since 2015. In this role, he leads the company's communications and investor relations efforts and oversees corporate governance initiatives. Prior to this, from 2005 to 2015, he served as Manager of Investor Relations for Paramount Gold and Silver Corp. through its acquisition by Coeur Mining. Earlier in his career, he gained entrepreneurial experience as an owner and operator of two hospitality-related ventures from 1998 to 2005. Mr. Theodossiou earned a Bachelor of Commerce with a major in Finance from Carleton University.

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The key risks to Paramount Gold Nevada (PZG) include its fundamental lack of revenue and substantial doubt about its ability to continue as a going concern, significant permitting challenges for its primary projects, and the high capital requirements necessary for project development.

1. Lack of Revenue and Going Concern: Paramount Gold Nevada is an exploration-stage company that has not yet generated any operating revenue and has incurred recurring losses. There is substantial doubt regarding the company's ability to continue as a going concern due to its low cash reserves and ongoing operational expenditures, which pose a fundamental threat to its long-term viability. The company reported a net loss of $9.05 million in 2025 and relies on existing cash, equity raises, and potential royalty sales to fund future operations.
2. Permitting Risk and Project Development Timeline: The company's flagship Grassy Mountain Gold Project in Oregon faces considerable regulatory and permitting challenges. While the project is part of the U.S. Federal government's FAST-41 program to potentially expedite permitting, the process has been prolonged and represents the first mining project of its kind to seek approval in Oregon. Delays or the inability to secure the necessary environmental impact statements and records of decision, which are anticipated in January 2026, could materially impede or prevent the project's development.
3. High Capital Needs and Debt Obligations: Paramount Gold Nevada requires significant additional capital to continue its exploration activities and, if warranted, to develop its mining operations, particularly the Grassy Mountain project, which has an initial capital expenditure estimated at $136.2 million. The company also carries a $15 million debenture with Sprott that accrues 10% interest and is secured by company assets, further straining its financial resources as it seeks to advance its projects without a revenue stream.

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Paramount Gold Nevada Corp. (PZG) is an exploration and development company primarily focused on precious metals, specifically gold and silver, in the United States. The addressable markets for their main products, gold and silver, are global.

Global Gold Market

The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach around USD 400 billion by the end of 2030, exhibiting a compound annual growth rate (CAGR) of 6.51% over the forecast period (2025-2030). Another estimate indicates a market size of USD 291.68 billion in 2024, expected to grow to USD 457.91 billion by 2032, with a CAGR of 5.80% (2024-2032).

Global Silver Market

The global silver market size was valued at USD 87.12 billion in 2024 and is projected to increase from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, demonstrating a CAGR of 9.86% during the forecast period (2025-2033).

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1. Initiation of Commercial Production at the Grassy Mountain Gold Project: The Grassy Mountain Gold Project is Paramount Gold Nevada's flagship asset and is currently advancing through state and federal permitting. State agencies approved major project components in March 2025, with draft permits anticipated in late 2025 and final permits in early 2026. A construction decision is expected in late 2025. The project's Feasibility Study outlines an estimated annual production of approximately 47,000 ounces of gold and 55,000 ounces of silver over an initial eight-year mine life. Bringing this project into commercial production will be the most significant and immediate driver of revenue for the company.
2. Advancement and Potential Restart of the Sleeper Gold Project: The Sleeper Gold Project in Nevada is a former high-grade open pit gold producer. Paramount Gold Nevada holds a 100% interest in the project and is undertaking a development program to optimize it, including updating resources and evaluating its Preliminary Economic Assessment (PEA). An updated PEA was planned for 2023. In 2020, the company indicated it was looking to restart the mine due to strong gold prices, with a 2017 PEA outlining potential annual production of 92,400 ounces of gold and 91,800 ounces of silver. Further advancement towards a production decision at Sleeper would provide an additional source of revenue.
3. Successful Exploration and Resource Expansion at Current and New Projects: Paramount Gold Nevada is actively engaged in exploration to expand its mineral resource base. This includes identifying near-mine exploration targets at Grassy Mountain to potentially extend its mine life beyond the initial estimate and exploration at the nearby Frost project. Additionally, the company owns the Bald Peak Project in Nevada, which was acquired in August 2021 and is described as "drill ready". Successful exploration leading to increased proven and probable reserves or the discovery of new economic deposits at any of its projects would contribute to long-term revenue growth.
4. Favorable Precious Metal Prices (Gold and Silver): While an external market factor, the prices of gold and silver are critical drivers for revenue generation in the mining industry. Paramount Gold Nevada's projects involve the extraction of these precious metals. Sustained high or increasing gold and silver prices would significantly enhance the profitability and overall revenue generated from any ounces produced, making projects more economically viable and increasing the financial returns on investment.

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Share Issuance

• Paramount Gold Nevada's shares outstanding significantly increased from approximately 40.5 million in September 2021 to 77.5 million in September 2025.
• In the fiscal year ended June 30, 2025, the company raised $2,356,709 through an "at the market" equity offering program, issuing 4,728,165 shares.
• As of October 16, 2025, the company sought stockholder approval to add 2,000,000 shares to its 2016 equity plan, representing approximately 2.55% of the then-outstanding shares.

Outbound Investments

• In August 2021, Paramount Gold Nevada agreed to acquire 100% interest in the Bald Peak Project in Nevada from Nevada Select Royalty for a total consideration of $300,000, payable upon receipt of a drilling permit.

Capital Expenditures

• Expected capital expenditures for the upcoming year include approximately $2.0 million for completing the permitting process at the Grassy Mountain Project and $2.7 million for corporate, land claim maintenance, and general expenses.
• Approximately $2.6 million is required for evaporation pond conversions as part of reclamation and environmental obligations at the Sleeper Gold Project.
• The company consistently requires significant additional capital to fund its exploration and development activities for mineral properties, including the Grassy Mountain and Sleeper Gold Projects, as it has not generated revenue from operations and continues to incur losses.