Paramount Nevada - Grassy Mountain Gold

Contents

Grassy Mountain Project

Vale, Oregon, USA

Overview

Paramount’s flagship asset, the Grassy Mountain Gold Project, is one of the most advanced undeveloped gold projects in the United States.

Located in the high desert region of Malheur County, Oregon, approximately 22 miles south of Vale, the Project sits on a wholly owned 8,200-acre land package with strong infrastructure and secure land tenure. Grassy Mountain is designed as a high-grade underground mining operation with a relatively small surface footprint and modern processing methods.

The Project has received federal approvals and is in the final stages of state permitting, positioning it to become Oregon’s first modern underground gold mine.

PROJECT HIGHLIGHTS:

100% owned, advanced-stage underground gold project
Federal approvals secured (Final EIS & Record of Decision issued in January 2026)
State permits in final stages following issuance of Draft Consolidated Permit Package
Strong local support, county permits valid through 2027
Supported by a 2026 Feasibility Study update with an after-tax NPV (5%) of $375 million, an IRR of 39% and a payback period of 2.2 years
Proven and Probable gold mineral reserves of 405,000 ounces
Measured and Indicated gold mineral resources (inclusive of reserves) of 1.36 million ounces
Mineral resource base supports potential for future mine life extension

Feasibility Study

In May 2026, Paramount completed a Feasibility Study update for Grassy Mountain reflecting current metal price assumptions, capital and operating cost estimates, and a revised mine plan.

The Study outlines a high-grade underground mining operation with an initial mine life of 9.3 years, average annual production of approximately 41,000 ounces of gold and 52,000 ounces of silver, and total recoverable gold ounces of 385,500, with an average recovery of 93%.

The economic analysis in the Study is based on assumed metal prices of $3,600 per ounce of gold and $48 per ounce of silver and demonstrates strong project economics, including an after-tax NPV of $375 million, an IRR of 39%, and a payback period of 2.2 years.

The Study also includes sensitivity analysis to higher commodity prices. Assuming metal prices of $4,618 per ounce of gold and $74 per ounce of silver, the Project's after-tax NPV increases to $609 million, with an IRR of 55% and a payback period of 1.4 years.

Anchor Technical Reports

May 2026

Updated S-K 1300 Technical Report Summary on Feasibility Study.

Highlights (Report available June 2026)

June 2022

S-K 1300 Technical Report Summary on Feasibility Study.

Download PDF

Annual production of approximately 41,400 ounces of Au and 51,500 ounces of Ag over an initial 9.3-year mine.

Anchor Resources

Mineral Reserve and Mineral Resource Estimates

The 2026 Feasibility Study reflects a larger mineral inventory compared to the 2022 Feasibility Study, with gold reserves of 405,000 ounces, silver reserves of 625,000 ounces, and total gold mineral resources of 1.36 million ounces (inclusive of reserves).

Gold and Silver Mineral Reserve Estimates (Metric)

	Tonnes (‘000s)	Grade (g/tonne Au)	Gold (‘000 oz)	Grade (g/tonne Ag)	Silver (‘000 oz)
Proven mineral reserves	271	5.72	50	8.77	77
Probable mineral reserves	1,731	6.38	355	9.85	548
Total Proven and Probable reserves	2,002	6.29	405	9.70	625

Gold and Silver Mineral Resource Estimates - Exclusive of Mineral Reserves (Metric)

	Tonnes (‘000s)	Grade (g/Tonne Au)	Gold (‘000 oz)	Grade (g/Tonne Ag)	Silver (‘000 oz)
Measured Mineral Resources	30,572	0.50	490	2.10	2,065
Indicated Mineral Resources	19,856	0.72	462	2.78	1,777
Measured + Indicated Mineral Resources	50,428	0.59	952	2.37	3,842
Inferred Mineral Resources	3,428	0.65	73	1.92	210

NOTE:
Mineral Reserves have an effective date of May 15, 2026. Mineral Resources have an effective date of February 28, 2026. Refer to the 2026 Feasibility Study for complete assumptions and parameters used in reserve and resource calculations.

Permitting Status

Grassy Mountain has progressed through a comprehensive multi-level permitting process and is now in the final stages of state approval. Completion of the permitting process is expected to advance the Project toward a potential construction decision.

Federal (Approved)

Inclusion in the FAST-41 program supported a coordinated federal review process
Completion of the National Environmental Policy Act process
Final Environmental Impact Statement and Record of Decision issued January 29, 2026

State (Final Stage)

Draft Consolidated Permit Package issued by the Oregon Department of Geology and Mineral Industries in December 2025, marking a key milestone in the state permitting process
Final permits expected in the second half of 2026 following completion of the review process

County (Approved)

Conditional Use Permit originally granted in 2019 and extended through 2027, reflecting continued support from local government and community stakeholders

Exploration Upside

Grassy Mountain is located within a large, underexplored land package with multiple targets that have the potential to extend mine life beyond the 9.3 year mine plan outlined in the 2026 updated Feasibility Study.

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Key targets include:

North Spur – Near-deposit target with untested structures
Dennis Folley – Strong surface geochemistry with no drilling to date
Wally/Wood – Historic drilling supported by a defined geophysical anomaly
Crabgrass – Historic resource (pending classification under S-K 1300)
Bluegrass – Encouraging results from shallow drilling

Underground development is expected to provide cost-effective access for drilling extensions to the existing orebody and nearby targets, supporting potential resource growth and mine life extension.

Anchor Geology & MINERALIZATION

Grassy Mountain is a high-grade epithermal gold-silver system located within the Lake Owyhee volcanic field.

Mineralization is hosted in silicified volcanic and sedimentary rocks and is structurally controlled by faulting. Gold occurs primarily in quartz adularia veins and stockwork zones, with higher-grade mineralization concentrated at depth supporting both defined resources and potential for further extensions.