The Grassy Mountain Gold Project is located in Malheur County eastern Oregon, approximately 22 miles south of Vale, Oregon, and approximately 70 miles west of Boise, Idaho. The project lies within the rolling hills of the high desert region of the far western Snake River Plain. The land package consists of three patented (private) lode claims where the gold deposit is located, 455 unpatented lode claims, nine mill site claims, and a lease covering land surface and surface/mineral rights, all totaling approximately 8,200 acres. The local terrain is gentle to moderate, with elevations ranging from 3,300 to 4,300 ft. above mean sea level. Paramount Gold Nevada (Paramount) owns 100% of the private land containing the gold deposit, and controls all mining claims within the land package.

Since acquiring Calico Resources in 2016, Paramount’s objective has been to advance the high-grade Grassy Mountain Gold project towards production, positioning it to become Oregon’s first modern-day gold mine.

Paramount has significantly improved the size of and confidence level in the project’s mineral resources, metallurgical recoveries and project economics. The project has received County approval, the Federal Record of Decision (ROD), the Final Environmental Impact Statement (FEIS), draft State permits, and is currently progressing through the final State permitting process.

MINING AND PROCESSING OPERATIONS

Grassy Mountain Gold proposes to mine approximately 2.07 million short tons (US) (Mst) of mill-grade ore and 0.27 Mst of waste rock over an estimated mine life of approximately eight years. The Tailings Storage Facility (TSF) has been designed to contain 3.64 Mst, allowing for potential future reserves. Both ore and waste rock will be extracted from an underground mine using conventional underground mining methods, including drilling, blasting, mucking, loading, and hauling.

Hydraulic loaders will load ore and waste into haul trucks. Waste rock will be transported to the Temporary Waste Rock Storage Facility (TWRSF) which will be located near the TSF. The ore will be transported to the Run of Mine (ROM) stockpile which will be adjacent to the crushing and milling facilities. The ore will be crushed and processed in a carbon-in-leach (CIL) processing plant at a rate of 750 stpd (short tons per day), seven days per week. The leached tailings will go through a detoxification process, then pumped in a slurry to the TSF with supernatant solution recovered and pumped back to the mill.

In general, the proposed mining and metal processing operations will consist of an underground mine and ore processing facilities, including a conventional mill, TSF, a TWRSF, and supporting facilities.

The Project will include the following major components:

• An underground mine, with mine portal, decline, and ventilation shaft
• TSF with tailings embankment, tailings impoundment, and reclaim pond
• TWRSF
• Process Plant Area, which includes the process plant building, control room, crushing facilities, conveyors, ore bins, control rooms, CIL processing plant, reagent storage building (including chemical and reagent storage), gold room, and collection pond
• Infrastructure and ancillary facilities that will include a project site main gate and guard house, administration office and change house, assay laboratory and sample preparation area, truck shop and warehouse, wash pads, process plant workshop and warehouse, meteorological station, explosive magazines, parking areas, ore stockpiles, solid and liquid hazardous waste storage, and fuel storage and dispensing area
• Roads, including upgrades to the Twin Springs and Cow Hollow roads, and construction of the mine access, internal access, and mine haul roads
• Yards and laydown areas
• Growth media stockpiles
• Water supply, including production well field, water pipeline, raw water storage tank
• Potable water treatment plant
• Power supply that includes a power substation, upgraded 14.4 kilovolt (kV) overland power transmission system, new 14.4 kV overland power transmission system, onsite powerlines, and generators
• Permanent and temporary stormwater diversion channels
• Other areas, including the exploration areas, septic system, and perimeter fence
• Quarry
• Reclamation borrow areas

Significant Milestones	Expected Timeframe	Status
Final EIS	January 2026	Issued
Federal Record of Decision	January 2026	Issued
Issuance of State Final Permits	Q1/Q2 2026	Pending
Construction Start	Q3/Q4 2026	Planned
Transition to Production	Q4 2027	Planned
Construction Completion – Start of Production	Q1 2028	Planned