Sleeper Gold Project

The Sleeper Gold Project is a 100%-owned, past-producing high-grade gold project located in Humboldt County, Nevada approximately 25 miles northwest of Winnemucca.

Historically operated by AMAX Gold from 1986 to 1996, Sleeper produced approximately 1.66 million ounces of gold and 2.3 million ounces of silver. The Project benefits from significant existing infrastructure, extensive historical operating data, and a large district scale land

package in on of the world’s premier mining jurisdictions.

In June 2026, Paramount completed an Initial Assessment prepared in accordance with S-K 1300 outlining a potential restart of the historic operation through processing of mineralized waste dumps and mining of oxide and mixed mineral resources utilizing conventional open-pit mining and heap-leach processing.

•    100% owned, advanced-stage Nevada gold project
•    Approximately 45,000 acre district scale land package
•    Positive Initial Assessment completed in June 2026
•    After-tax NPV (8%) of $402 million and IRR of 45% at $3,600/oz gold
•    After-tax NPV (8%) of $867 million and IRR of 66% at $4,700/oz gold
•    17-year mine life with approximately 1.1 million ounces of payable gold production
•    Approximately 47 Mt of mineralized waste dump material containing approximately 420,000 recoverable ounces of gold included in mine plan
•    Average annual gold production of approximately 65,000 ounces
•    Short payback period of approximately 1.4 years
•    Measured and Indicated Mineral Resources of 1.99 million ounces of gold
•    Additional Inferred Mineral Resources of 2.30 million ounces of gold

In June 2026, Paramount completed an Initial Assessment for Sleeper evaluating the potential restart of mining operations through processing of existing mineralized surface material and mining of oxide and mixed mineral resources amenable to heap leaching.

The Assessment contemplates a conventional open-pit mining operation utilizing a 30,000 tonne per day crush-agglomerate-heap-leach facility with Merrill-Crowe recovery.

The economic analysis is based on assumed metal prices of $3,600 per ounce gold and $48 per ounce silver and demonstrates strong project economics, including an after-tax NPV (8%) of $402 million, an IRR of 45%, and a payback period of approximately 1.4 years.

The Assessment also includes an upside case using metal prices of $4,700 per ounce gold and $80 per ounce silver, resulting in an after-tax NPV (8%) of $867 million, an IRR of 66%, and a payback period of approximately 1.2 years.

Over the 17-year mine life, the Project is expected to produce approximately 1.1 million ounces of gold and 3.4 million ounces of silver.

The updated 2026 Mineral Resource Estimate reflects revised geological interpretations, updated economic assumptions, and inclusion of surface materials located within waste dumps, heap leach pads, and tailings facilities.

The Project hosts Measured and Indicated Mineral Resources of 1.99 million ounces of gold and Inferred Mineral Resources of 2.30 million ounces of gold, representing a significant increase from the previous resource estimate and supporting future development and expansion opportunities.

NOTES: 
1.    The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources
2.    The Mineral Resource estimate is reported on a 100% ownership basis.
3.    The point of reference for the Mineral Resource is before the crusher (in situ).
4.    Open Pit Mineral Resources are reported at a cut-off grade ranging from 0.074 g/t to 0.217 g/t 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.
5.    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 $2.40/t moved for open pit, processing costs of $5.51/t oxide/mixed and $10.44 sulfide processed, and general and administrative costs of $0.46/t processed
6.    Minimal mining width was 60 m for oxide/mixed material and 20m for sulfide material
7.    Mineral Resources are estimated using a long-term gold price of $3,100 per ounce
8.    Bulk density ranges from 1.5 t/m3 in the tailings storage area to 2.7 t/m3 for in situ material
9.    Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10.    Numbers may not add due to rounding.

Paramount is evaluating a phased development approach at Sleeper, focused on heap-leachable materials.

The Initial Assessment includes surface material from historical waste dumps, as well as mixed in-situ mineralization amenable to heap leaching.

This approach is intended to examine a potentially lower-cost, staged development scenario that could support an accelerated path to cash flow while maintaining flexibility for future expansion.
 
The results of the Initial Assessment are expected to guide subsequent technical studies and development planning.

In parallel, the Company is evaluating additional work programs, including potential infill drilling of surface material, to support future resource updates and subsequent technical studies. The Initial Assessment outlines a staged development approach focused on low-cost heap-leachable material.

A key component of the mine plan is the processing of approximately 47 million tonnes of mineralized waste dump material containing an estimated 420,000 recoverable ounces of gold. This material provides a significant source of early production and cash flow while reducing upfront capital requirements and supporting the Project's short payback period.

During the first five years of operations, the Project is expected to produce approximately 348,000 ounces of gold and 1.33 million ounces of silver from 51 million tonnes of mineralized material mined at a strip ratio of 0.74:1.

Sleeper is located within the Northern Nevada Rift, a prolific gold-producing region that hosts numerous world-class gold deposits.

Gold mineralization occurs within structurally controlled vein and disseminated systems associated with north-northeast trending fault structures. Mineralization includes oxide, mixed and sulfide material and remains open to further expansion across the broader district-scale land package.