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1. PZG is like Barrick Gold or Newmont, but for gold mine discovery and development.

2. PZG is like the exploration division of a major gold miner like Newmont, but as a standalone public company.

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• Gold Ore: Paramount Gold Nevada explores for and develops properties containing gold deposits.
• Silver Ore: Paramount Gold Nevada also explores for and develops properties containing silver deposits.

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Paramount Gold Nevada Corp. (PZG) is an exploration and development company focused on precious metal properties, primarily gold and silver. As such, it is not currently engaged in the production and sale of gold or silver to customers.

Its business model involves acquiring, exploring, and developing mining projects. Companies in this phase typically generate value by advancing their projects to a point where they can either be developed into a mine by the company itself, sold to a larger mining company, or partnered with a larger entity through a joint venture arrangement.

Therefore, Paramount Gold Nevada Corp. does not have "major customers" in the traditional sense of companies or individuals purchasing its products or services on an ongoing basis.

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Rachel Goldman Chief Executive Officer

Rachel Goldman joined Paramount Gold Nevada Corp. after being invited by Chairman Rudi Fronk. She spent 20 years in capital markets, working with Canadian-based boutique and bank-owned firms, and most recently held the position of Managing Director Institutional Equity Sales for Desjardins Securities. Throughout her career, she built strong relationships with institutional investors across Canada, the U.S., and the UK. Ms. Goldman holds a Bachelor of Commerce with a Major in Finance from Concordia University. She is a proponent of mining transformation and developed "The Whole Mine™" approach as a framework for building future mines. As CEO, she oversees the permitting activities for the Grassy Mountain project.

Carlo A. Buffone Chief Financial Officer and Principal Accounting Officer

Carlo A. Buffone serves as the Chief Financial Officer and Principal Accounting Officer of Paramount Gold Nevada Corp. He previously held the role of Chief Financial Officer for Paramount Gold and Silver Corp. from February 2010 until its acquisition by Coeur Mining, Inc. in April 2015. Before joining Paramount, Mr. Buffone founded Mama's Boy Wines, a private wine agency, which he managed from 2005 to January 2010, establishing sales channels for Italian artisanal winemakers. From 1995 to 2005, he gained senior financial management experience, including a role as a corporate development specialist for CMA Holdings Inc. Mr. Buffone is a Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA). He earned a Bachelor of Commerce Degree from the University of Ottawa in 1993 and pursued studies in mergers and acquisitions at the Kellogg School of Management at Northwestern University in 2004. He has signed the company's annual reports and certifications through fiscal year 2025.

Rudi P. Fronk Chairman

Rudi P. Fronk is the non-executive Chairman of Paramount Gold Nevada Corp. and an independent director with over 30 years of experience in the gold sector. He holds a Bachelor of Science in Mining Engineering and a Master of Science in Mineral Economics from Columbia University. Mr. Fronk joined Paramount's Board in January 2017 and was appointed Chairman on October 11, 2019. In 1999, he co-founded Seabridge Gold Inc., a company where he has served as Chairman and CEO since its inception. Seabridge Gold Inc. is recognized as a significant company in the gold sector with a substantial market capitalization and gold reserves. His extensive background also includes senior management positions with various other companies in the mining and resource sectors, such as Greenstone Resources, Columbia Resources, Behre Dolbear & Company, Riverside Associates, Phibro-Salomon, Amax, and DRX.

Christos Theodossiou Corporate Secretary and Manager of Corporate Communications

Christos Theodossiou has been the Corporate Secretary and Manager of Corporate Communications at Paramount Gold Nevada Corp. since 2015. In this capacity, he leads the company's investor relations and communications efforts and oversees corporate governance initiatives, including the planning and execution of Annual General Meetings. Prior to his current role, from 2005 to 2015, Mr. Theodossiou was the Manager of Investor Relations for Paramount Gold and Silver Corp., guiding the company through its inception to its $200 million acquisition by Coeur Mining. He also has entrepreneurial experience, having owned and operated two hospitality-related ventures between 1998 and 2005. Christos holds a Bachelor of Commerce with a major in Finance from Carleton University.

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The key risks for Paramount Gold Nevada Corp. (PZG) are:

1. Ability to Continue as a Going Concern and Need for Additional Capital: Paramount Gold Nevada Corp. faces substantial doubt about its ability to continue as a going concern due to significant losses and limited cash reserves. The company has not generated revenue from operations and requires significant additional capital for its exploration and development activities.
2. Uncertainty in Mineral Reserves and Exploration/Development Risks: As an exploration-stage company, there is no guarantee that Paramount Gold Nevada's exploration efforts will lead to the discovery of commercially exploitable gold or silver reserves. The estimation of mineral reserves and resources is inherently imprecise and subject to significant uncertainty, which could negatively impact financial results. Furthermore, the company has no history of mining operations, and exploration costs may exceed projections.
3. Commodity Price Volatility: The company's financial performance and the value of its projects are directly affected by the volatility of precious metals markets. Fluctuations in the prices of gold and silver could have an adverse effect on Paramount Gold Nevada's potential revenues, profitability, and the overall value of its business.

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Addressable Markets for Gold and Silver

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For Paramount Gold Nevada (PZG), the expected drivers of future revenue growth over the next 2-3 years are primarily centered on the advancement and eventual production from its key projects, coupled with favorable market conditions.

1. Initiation of Commercial Production at the Grassy Mountain Gold Project: Paramount Gold Nevada's flagship Grassy Mountain Gold Project is anticipated to be the primary driver of future revenue. The project has advanced significantly through the permitting process, with state agencies approving major components in March 2025, and federal environmental review culminating in the Record of Decision (ROD) on January 29, 2026, making the project "shovel-ready" from a federal perspective. A construction decision is expected in late 2025, with final state permits projected for late Q1 or early Q2, 2026. The project's Feasibility Study estimates an annual production of approximately 47,000 ounces of gold, which would represent the company's first significant revenue stream.
2. Favorable Precious Metal Prices: The economics of Paramount Gold Nevada's projects are highly sensitive to the market prices of gold and silver. An updated feasibility study for the Grassy Mountain project, on track for completion in the first half of 2026, is expected to reflect improved economics due to a higher metal price environment, enhancing its potential profitability and, by extension, future revenue. Sustained or increased gold and silver prices would directly boost revenue once production commences.
3. Strategic Transactions Related to the Grassy Mountain Gold Project: Paramount Gold Nevada's strategy for realizing value from its mineral properties includes selling assets to established producers or entering into joint ventures for construction and operation. Given the advanced stage of the Grassy Mountain project, a successful strategic transaction in the next 2-3 years could generate substantial capital, which could be considered a form of revenue growth or a precursor to sustained production revenue.
4. Advancement and Monetization of the Sleeper Gold Project: While the Grassy Mountain project is the immediate focus, Paramount Gold Nevada is also evaluating opportunities at its Sleeper Gold Project in Nevada to create additional shareholder value. The Sleeper project holds substantial heap leachable resources and significant unexplored gold potential. Further exploration, an updated Preliminary Economic Assessment (PEA) that was planned for 2023, or a strategic partnership for the Sleeper project could contribute to revenue growth within the longer end of the 2-3 year timeframe or soon thereafter.

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Share Issuance

• New equity issued in 2025 generated $2.36 million in net proceeds.
• The company issued 3,845,273 shares in 2025 as payment for interest.
• In Q1 FY2026 (ended September 30, 2025), Paramount Gold Nevada raised $1,895,932 through its at-the-market (ATM) program by issuing 2,146,561 shares and received $2,000,000 from issuing 2,941,176 prefunded warrants.

Inbound Investments

• In December 2023, Paramount Gold Nevada closed a $15 million financing with Sprott Resource and Streaming Royalty Corp. through the issuance of a non-dilutive Secured Royalty Convertible Note.
• A Schedule 13G/A filing as of June 13, 2025, indicated that FCMI Parent Co., a 10% owner, acquired 416,000 shares of common stock at $0.60 per share, increasing its beneficial ownership.

Outbound Investments

• In August 2021, Paramount entered into an agreement to purchase a 100% interest in the Bald Peak Project for a total consideration of $300,000, payable upon receipt of a drilling permit.

Capital Expenditures

• Exploration and development costs were $2.60 million for the year ended June 30, 2025, and $2.06 million for the year ended June 30, 2024.
• The initial capital expenditure for the Grassy Mountain Project was estimated at $136.2 million in a feasibility study.
• An initial assessment and further infill drilling program for the Sleeper Gold Project is planned with a budgeted $3.9 million for next-phase work.