Form 8-K

8-K — Paramount Gold Nevada Corp.

Accession: 0001193125-26-278471

Filed: 2026-06-23

Period: 2026-06-17

CIK: 0001629210

SIC: 1000 (METAL MINING)

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — d161084d8k.htm (Primary)

EX-23.1 (d161084dex231.htm)

EX-99.1 (d161084dex991.htm)

EX-99.2 (d161084dex992.htm)

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8-K

8-K (Primary)

Filename: d161084d8k.htm · Sequence: 1

8-K

false 0001629210 0001629210 2026-06-17 2026-06-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 17, 2026

Paramount Gold Nevada Corp.

(Exact name of Registrant as Specified in Its Charter)

Nevada

001-36908

98-0138393

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

665 Anderson Street

Winnemucca, Nevada

89445

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 775 625-3600

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.01 Par Value Per Share

PZG

NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On June 17, 2026, Paramount Gold Nevada Corp. (the “Company”) issued a press release announcing the results of a Technical Report Summary Initial Assessment, prepared in accordance with subpart 1300 of Regulation S-K, for its 100%-owned Sleeper Gold Project located in Humboldt County, Nevada. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

This report, including Exhibit 99.1, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Additional information regarding these risks is set forth in Exhibit 99.1 and in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement except as required by law.

The information furnished under this Item 7.01, including the referenced exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.

Item 8.01 Other Events

On June 17, 2022, Paramount Gold Nevada Corp. (the “Company”) announced that it had completed a technical report summary, effective as of April 29, 2026, which had been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, for its Sleeper Gold Project (the “Report”). The Report and the corresponding consent of the “Qualified Person” are filed as Exhibits 99.2 and 23.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

23.1

Consent of Qualified Person - SLR International Corporation

99.1

Press release of Paramount Gold Nevada Corp. dated June 17, 2026.

99.2

Technical Report Summary for the Sleeper Gold Project effective April 29, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Paramount Gold Nevada Corp.

Date: June 23, 2026

By:

/s/ Rachel Goldman

Rachel Goldman, Chief Executive Officer

EX-23.1

Filename: d161084dex231.htm · Sequence: 2

EX-23.1

SLR International Corporation

165 S.

Union Blvd., Suite 888, Lakewood, CO 80228

Exhibit 23.1

June 23, 2026

Consent of Qualified Person

SLR International Corporation (“SLR”), in connection with the Paramount Gold Nevada Corp. Current Report on Form 8-K (the “Form 8-K”), consents to:

the filing of the technical report summary titled “S-K 1300

Technical Report Summary, Sleeper Gold Mine, Humboldt County, Nevada” (the “TRS”), dated June 17, 2026, as an exhibit to and referenced in the Form 8-K;

ii.

the incorporation by reference of the TRS in the Registration Statements on Form

S-3 (333-275376) and Form S-8 (No. 333-205024,

No. 333-262857 and No. 333-291058) (the “Registration Statements”);

iii.

the use of and references to our name in connection with the TRS, Form

8-K, and the Registration Statements; and

iv.

the information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared

by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 8-K and the Registration Statements.

SLR International Corporation is responsible for authoring, and this consent pertains to all sections of the TRS.

SLR International Corporation

Per:

/s/ Grant A. Malensek

Grant A. Malensek, P.Eng.

Technical Director – Mining Advisory

Financial Sector

Services (Americas)

EX-99.1

Filename: d161084dex991.htm · Sequence: 3

EX-99.1

Exhibit 99.1

Paramount Gold Announces Positive Initial Assessment of the Sleeper Gold Project

After-Tax NPV of $402M and IRR of 45% ($3,600/oz gold)

After-Tax NPV of $867M and IRR of 66% ($4,700/oz gold)

Winnemucca, Nevada – June 17, 2026 – Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the

“Company”) announced today the results of an Initial Assessment prepared in accordance with S-K 1300 (the “Assessment” or “Study”) for its 100%-owned Sleeper Gold Project

(“Sleeper” or the “Project”), a past-producing gold mine located in Humboldt County, Nevada. All figures are in U.S. Dollars.

The

Assessment evaluates the potential restart of the historic Sleeper Mine through the processing of existing waste rock dumps and mining of in situ oxide and mixed Mineral Resources utilizing conventional

open-pit mining and a 30,000 tonne per day crush-agglomerate-heap-leach processing facility with Merrill-Crowe recovery.

The Project demonstrates strong economics, based on assumed metal prices of $3,600 per ounce gold and $48 per ounce silver, including an after-tax net present value (NPV) at an 8% discount rate of $402 million, an after-tax internal rate of return (IRR) of 44%, and a payback period of approximately 1.4

years.

The Assessment includes sensitivity analysis to higher commodity prices amongst other inputs. Assuming metal prices of $4,700 per ounce gold and

$80 per ounce silver, the Project’s after-tax NPV (8%) increases to $867 million, with an IRR of 66% and a payback period of 1.2 years.

Over a 17-year mine life, the Assessment projects average annual gold production of approximately 65,000 ounces and

total payable gold production of approximately 1.1 million ounces.

The use of existing mineralized surface material and existing infrastructure

contributes to the Project’s strong economics by reducing upfront capital requirements and leads to the expected, short payback period. Approximately 47 million tonnes of mineralized waste dump material containing approximately 420,000

recoverable ounces of gold are included in the mine plan, representing a significant, lower-cost source of early production and cash flow prior to initiation of open pit mining. The economic analysis considers only oxide and mixed mineralized

material amenable to heap leaching, and does not include sulfide mineralization, which will be evaluated in subsequent studies.

PARAMOUNT GOLD NEVADA

CORP.

665 Anderson Street, Winnemucca, NV, USA, 89445 T: (844) 488-2233

Rachel Goldman, Chief Executive Officer of Paramount, stated:

“The Sleeper Initial Assessment outlines an exciting restart opportunity, with strong projected returns, a short payback period and a 17-year mine life. In the first five years alone, the Project has a very low strip ratio of 0.74:1 and is expected to produce approximately 348,000 ounces of gold and 1.33 million ounces of silver, generating after-tax cash flow of approximately $514 million in the Base Case and $826 million in the Upside Case.

Building on these results, Sleeper offers further excellent optionality. The Project can advance toward a production restart, while additional surface

materials not yet included in this Assessment will be evaluated for inclusion in future study updates. There exists meaningful potential to convert additional resource ounces and expand the surface sources of heap-leachable inventory. The longer we

can extend that phase of operations, the stronger the overall project economics become.

Additionally, with no significant exploration conducted at

Sleeper in over two decades, we see substantial upside through a focused exploration program across our large land position.

The Study reinforces our

view that Sleeper is well positioned for redevelopment and has the potential to become an important producing asset for Paramount. We look forward to updating these results as we continue to advance the Project.”

The following table summarizes key metrics from the Assessment, including an upside case at higher metal prices.

SUMMARY OF INITIAL ASSESSMENT METRICS

METRIC

BASE CASE

($3,600/oz GOLD)

UPSIDE CASE†

($4,700/oz GOLD)

Project Economics

After-tax NPV (8%)

402M

867M

After-tax IRR

45%

66%

Payback

1.4 years

1.2 years

Production Profile

Average Annual Gold Production

65 koz

Average Annual Silver Production

205 koz

Total Payable Gold

1.101 Moz

Total Payable Silver

3.376 Moz

Mine Life

17 years

Capital and Cost Structure (Base Case)

Initial Capital

$201M

PARAMOUNT GOLD NEVADA

CORP.

665 Anderson Street, Winnemucca, NV, USA, 89445 T: (844) 488-2233

Sustaining Capital

$343M

Closure Capital

$52M

Cash Costs*

2,048/oz

1,987/oz

All-in sustaining costs**

2,407/oz

2,346/oz

NOTES:

†

Production and capital cost metrics are unchanged across both price cases.

Cash costs consist of mining costs, dewatering costs, processing costs, mine-level G&A, refining charges

and royalties, net of by-product credits.

AISC includes cash costs plus sustaining capital and closure costs, net of silver by-product credits, at the project level. Corporate G&A is not included. The reported AISC reflects the benefit of low-cost ounces already stacked on the existing heap

leach pads, which require minimal additional spending to recover. As these legacy ounces are depleted and replaced with newly mined material, unit costs are expected to gradually normalize toward long-term levels.

The following table compares the Project’s economics over the first five years of operations to the full 17-year

mine life. Over the life of the mine, the Project is expected to produce approximately 1.10 million ounces of gold and 3.38 million ounces of silver, generating cumulative after-tax cash flow of

approximately $918 million in the Base Case and $1.93 billion in the Upside Case.

BASE CASE AND UPSIDE CASE: FIRST FIVE YEARS COMPARED TO

LIFE OF MINE

First Five Years

Life of Mine (LOM)

Units

Base Case,

$3,600

Upside

Case,

$4,700

Base

Case,

$3,600

Upside

Case,

$4,700

Mineralized Tonnes Mined

175

Waste Tonnes Mined

266

Total Tonnes Mined

442

Strip Ratio

Waste: Ore

0.74

1.52

Gold Production

koz

348

1,101

Silver Production

koz

1,329

3,376

Mining Costs

US$

2.24

2.53

Pit Dewatering

US$

0.33

0.59

Processing Costs

US$

5.55

G&A Costs

US$

0.52

After-tax Cash Flow

US$

514

826

918

1,928

Cumulative Cash Flow

US$

307

619

918

1,928

All-in sustaining costs**

US$

/oz

1,854

1,934

2,407

2,346

After-tax IRR

After-tax NPV at 8%

US$

190

403

402

872

PARAMOUNT GOLD NEVADA

CORP.

665 Anderson Street, Winnemucca, NV, USA, 89445 T: (844) 488-2233

MINERAL RESOURCE ESTIMATE (METRIC)

The Mineral Resource estimate presented below reflects updated geological interpretations, revised economic parameters, and updated metallurgical recovery

assumptions. The estimate includes in situ oxide, mixed and sulfide mineralization, as well as surface material contained in waste rock dumps, heap leach pads, and the tailings storage facility, which is classified as Inferred. The Project hosts

1.99 million ounces of gold in Measured and Indicated Mineral Resources and an additional 2.30 million ounces of gold in Inferred Mineral Resources, compared to 1.90 million ounces and 1.21 million ounces, respectively, in the

2023 Mineral Resource estimate. This represents an increase of approximately 5% in Measured and Indicated Resources and 90% in Inferred Resources, significantly expanding the Project’s resource base and future growth potential.

Category

Tonnes

(Mt)

g/t

Moz

g/t

Moz

Measured

5.5

0.492

0.09

3.487

0.62

Indicated

179.2

0.330

1.90

3.842

22.1

Measured & Indicated

184.7

0.335

1.99

3.832

22.8

Inferred

238.0

0.301

2.30

3.403

26.0

NOTES:

The definitions for Mineral Resources in S-K 1300 were followed for

Mineral Resources

The Mineral Resource estimate is reported on a 100% ownership basis.

The point of reference for the Mineral Resource is before the crusher (in situ).

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.

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

Minimal mining width was 60 m for oxide/mixed material and 20m for sulfide material

Mineral Resources are estimated using a long-term gold price of $3,100 per ounce

Bulk density ranges from 1.5 t/m3 in the tailings storage area to 2.7 t/m3 for in situ material

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

10.

Numbers may not add due to rounding.

The Sleeper Mine produced approximately 1.66 million ounces of gold and 2.3 million ounces of silver between 1986 and 1996 and benefits from

existing infrastructure, established site access, extensive historical operating data, and a large land position in one of the world’s premier mining jurisdictions.

RECOMMENDED ADVANCEMENT PROGRAM

The Assessment

recommends an $8.7 million advancement program designed to improve resource confidence classifications, enhance metallurgical and geotechnical confidence, complete environmental baseline studies, advance permitting activities, optimize

heap-leach design through engineering studies, and support the completion of a pre-feasibility study.

PARAMOUNT GOLD NEVADA

CORP.

665 Anderson Street, Winnemucca, NV, USA, 89445 T: (844) 488-2233

In parallel, the Company plans to initiate permitting for infill drilling targeting surface material, which

includes the historic heap leach pads and tailings storage facility at Sleeper. This work will support future resource updates and contribute to subsequent pre-feasibility or feasibility studies. Permitting is

expected to be straightforward and timely, as the proposed activities fall within the scope of the existing Plan of Operations.

The updated S-K 1300 Technical Report Summary for the Sleeper Gold Project will be available on the Company’s website and filed with the U.S. Securities and Exchange Commission on Form

8-K. The report will also be included in the Company’s next Annual Report on Form 10-K.

Qualified Persons

The

S-K 1300 Technical Report Summary Initial Assessment was prepared by SLR International Corporation (“SLR”). The scientific and technical information from the technical report summary and contained

in this news release has been reviewed and verified by the QP of SLR, who is independent of Paramount Gold Nevada Corp. within the meaning of S-K 1300.

About Paramount Gold Nevada Corp.

Paramount Gold Nevada

Corp. is a U.S.-focused exploration and development company advancing a portfolio of high-quality gold assets. The Company holds a 100% interest in approximately 50,000 acres across its portfolio, including the Grassy Mountain and Sleeper projects.

Grassy Mountain is an advanced-stage development project in Malheur County, Oregon. Sleeper is a past-producing development project in Humboldt County,

Nevada, one of the world’s premier mining jurisdictions, with a large land position.

About SLR Consulting

SLR Consulting is a global consulting firm providing integrated technical, advisory, environmental, and sustainability services to mining and investment

clients. SLR supports projects across the entire lifecycle, from exploration and development through operations and closure. (www.slrconsulting.com)

For further information, please contact:

Rachel Goldman

CEO and Director

rachel@paramountnevada.com

844.488.2233

Investor Relations

IR@paramountnevada.com

844.488.2233

PARAMOUNT GOLD NEVADA

CORP.

665 Anderson Street, Winnemucca, NV, USA, 89445 T: (844) 488-2233

Safe Harbor for Forward-Looking Statements

This release and related documents may include “forward-looking statements” and “forward-looking information” (collectively,

“forward-looking statements”) pursuant to applicable United States and Canadian securities laws. Paramount’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the

United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as “believes,” “plans,” “anticipates,” “expects,” “may,”

“continue,” “intend,” “estimates,” “potential,” “budget,” “scheduled,” “project,” and similar expressions, or the negatives of, such words and phrases, or statements

that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, are intended to identify forward-looking statements,

although these words may not be present in all forward-looking statements. Forward-looking statements included in this news release include, without limitation, statements with respect to the timing and success of the permitting of the Grassy

Mountain Gold Project and the Sleeper Gold Project, and the results of the Sleeper Initial Assessment. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience

and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be

incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the conclusions made in the Sleeper Initial Assessment; the

conclusions made in the feasibility study for the Grassy Mountain Gold Project (the “FS”); the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in the FS;

Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals and permits; the price of silver, gold and other metals; prices for key mining supplies, including labor

costs and consumables, remaining consistent with current expectations; work meeting expectations and being consistent with estimates and plant, equipment and processes operating as anticipated. There are a number of important factors that could

cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results; environmental matters; the ability to obtain

required permitting; equipment breakdown or disruptions; additional financing requirements; the completion of a definitive feasibility study for the Sleeper Gold Project; discrepancies between actual and estimated mineral reserves and mineral

resources, between actual and estimated development and operating costs, between actual and estimated timing of production and development, between estimated and actual production; and the other factors described in Paramount’s disclosures as

filed with the U.S. Securities and Exchange Commission, and the Ontario, British Columbia and Alberta Securities Commissions.

Please see “Risks

Factors” in the Form 10-K filed by Paramount for the fiscal year ended June 30, 2025, for more information regarding risks pertaining to the Company, which is available on EDGAR at

www.sec.gov/edgar. Readers are encouraged to carefully review these risk factors as well as the Company’s other filings with the U.S. Securities and Exchange Commission. All forward-looking statements contained in this press release speak only

as of the date of this press release or as of the dates specified in such statements. Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments

occurring after the date of this document.

PARAMOUNT GOLD NEVADA

CORP.

665 Anderson Street, Winnemucca, NV, USA, 89445 T: (844) 488-2233

EX-99.2

Filename: d161084dex992.htm · Sequence: 4

EX-99.2

Exhibit 99.2

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Table of Contents

1.0

Executive Summary

1-1

1.1

Summary

1-1

1.2

Economic Analysis

1-9

1.3

Technical Summary

1-28

2.0

Introduction

2-1

2.1

Site Visits

2-3

2.2

Sources of Information

2-3

2.3

List of Abbreviations

2-4

3.0

Property Description

3-1

3.1

Location

3-1

3.2

Land Tenure

3-3

3.3

Encumbrances

3-7

3.4

Royalties

3-7

3.5

Required Permits and Status

3-7

3.6

Other Significant Factors and Risks

3-9

4.0

Accessibility, Climate, Local Resources, Infrastructure, and Physiography

4-1

4.1

Accessibility

4-1

4.2

Climate

4-1

4.3

Local Resources and Infrastructure

4-1

4.4

Physiography

4-4

5.0

History

5-1

5.1

Early Mining – Awakening District (Pre-1982)

5-1

5.2

Ownership

5-1

5.3

Exploration and Development History

5-3

5.4

Past Production

5-6

6.0

Geological Setting, Mineralization, and Deposit

6-1

6.1

Regional Geology

6-1

6.2

Local Geology

6-5

6.3

Mineralization

6-10

6.4

Deposit Types

6-13

7.0

Exploration

7-1

7.1

Exploration

7-1

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

7.2

Drilling

7-2

7.3

Hydrogeology Data

7-8

7.4

Geotechnical Data

7-13

8.0

Sample Preparation, Analyses, and Security

8-1

8.1

Sample Method and Approach

8-1

8.2

Sample Preparation and Analysis

8-2

8.3

Quality Assurance and Quality Control

8-6

8.4

Sample Security

8-22

8.5

QP Opinion

8-23

9.0

Data Verification

9-1

9.1

RESPEC Data Validation

9-1

9.2

SLR Data Verification

9-2

9.3

QP Opinion

9-2

10.0

Mineral Processing and Metallurgical Testing

10-1

10.1

Introduction

10-1

10.2

Nature and Extent of Metallurgical Testing and Analytical Procedures

10-1

10.3

Sample Representativeness

10-2

10.4

Testing Laboratories

10-3

10.5

Relevant Metallurgical Results

10-3

10.6

Recovery Assumptions and Basis for Estimation

10-5

10.7

QP Opinion - Adequacy of Data

10-11

11.0

Mineral Resource Estimates

11-1

11.1

Summary

11-1

11.2

Resource Database

11-6

11.3

Geological Interpretation

11-6

11.4

Resource Assays

11-13

11.5

Treatment of High-Grade Assays

11-13

11.6

Compositing

11-14

11.7

Spatial Analysis

11-16

11.8

Bulk Density

11-17

11.9

Block Models

11-18

11.10

Search Strategy and Grade Interpolation Parameters

11-20

11.11

Reasonable Prospects for Economic Extraction for Mineral Resources

11-21

11.12

Classification

11-27

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

11.13

Block Model Validation

11-28

11.14

Sensitivity to Reporting Cut-off

11-37

11.15

Comparison with Previous Estimate

11-38

11.16

Mineral Resource Reporting

11-40

12.0

Mineral Reserve Estimates

12-1

13.0

Mining Methods

13-1

13.1

Geotechnical Studies

13-1

13.2

Mine Design

13-1

13.3

Waste Rock Storage Facilities Design

13-6

13.4

Mining Method

13-8

13.5

Life of Mine Plan

13-10

13.6

Contract Mining Discussion

13-13

13.7

Mine Infrastructure

13-15

13.8

Mine Equipment

13-17

13.9

Mine Personnel

13-20

14.0

Processing and Recovery Methods

14-1

14.1

Selected Processing Strategy

14-1

14.2

Proposed Process Description

14-1

14.3

Plant Throughput and Design Basis

14-2

14.4

Energy, Water, Process Materials, and Personnel

14-2

14.5

Suitability of the Selected Method

14-2

15.0

Infrastructure

15-1

15.1

Access Roads

15-3

15.2

Leach Pad

15-3

15.3

Buildings and Facilities

15-5

15.4

Power Supply and Distribution

15-6

15.5

Water

15-7

15.6

Accommodation Camp

15-9

16.0

Market Studies and Contracts

16-1

16.1

Markets

16-1

16.2

Contracts

16-1

17.0

Environmental Studies, Permitting and Plans, and Social or Community Impact

17-1

17.1

Site Environmental Conditions and Monitoring Programs

17-1

17.2

Waste and Tailings Disposal, Site Monitoring, and Water Management

17-3

iii

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

17.3

Project Permitting

17-5

17.4

Social or Community Requirements

17-7

17.5

Mine Closure Requirements and Summary

17-8

17.6

QP Opinion

17-8

18.0

Capital and Operating Costs

18-1

18.1

Capital Costs

18-1

18.2

Operating Costs

18-2

19.0

Economic Analysis

19-1

19.1

Base Case

19-1

19.2

Alternative Case - Measured and Indicated Only

19-10

20.0

Adjacent Properties

20-1

21.0

Other Relevant Data and Information

21-1

21.1

Sleeper PFS - Project Overview and Execution Philosophy

21-1

21.2

Project Development Strategy

21-1

21.3

Workstreams and Scope of Activities

21-2

21.4

Schedule and Critical Path

21-5

21.5

Procurement and Contracting Strategy

21-6

21.6

Sulfide Mineralization – Future Work Programs

21-6

21.7

Risk Management

21-8

21.8

Conclusion

21-9

22.0

Interpretation and Conclusions

22-1

22.1

Geology and Mineral Resources

22-1

22.2

Mining and Mineral Reserves

22-2

22.3

Mineral Processing

22-2

22.4

Infrastructure

22-3

22.5

Environment

22-3

22.6

Capital and Operating Costs

22-3

22.7

Risks

22-4

23.0

Recommendations

23-1

23.1

Geology and Mineral Resources

23-1

23.2

Mining and Mineral Reserves

23-3

23.3

Mineral Processing

23-3

23.4

Infrastructure

23-3

23.5

Environment

23-4

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

23.6

Capital and Operating Costs

23-4

24.0

References

24-1

25.0

Reliance on Information Provided by the Registrant

25-1

26.0

Date and Signature Page

26-1

27.0

Appendix 1 List of Claims

27-1

28.0

Appendix 2 Cash Flow Summaries

28-1

Tables

Table 1-1:

Proposed Sleeper 2026-2027 Exploration Budget

1-6

Table 1-2:

Sleeper Base Case Production Physicals Summary

1-11

Table 1-3:

Federal and State Tax Summary

1-12

Table 1-4:

Royalties Summary

1-12

Table 1-5:

Total Life of Mine Metrics – Base Case

1-15

Table 1-6:

Base Case All-in Sustaining Costs Composition

1-16

Table 1-7:

Base Case After-Tax Sensitivity Analyses

1-17

Table 1-8:

Sleeper Alternative Case Production Physicals Summary

1-20

Table 1-9:

Federal and State Tax Summary

1-21

Table 1-10:

Royalties Summary

1-21

Table 1-11:

Total Life of Mine Metrics – Alternative Case (Measured and Indicated Only)

1-24

Table 1-12:

Alternative Case All-in Sustaining Costs

Composition

1-25

Table 1-13:

Alternative Case After-Tax Sensitivity Analyses

1-27

Table 1-14:

Summary of Mineral Resources Estimate – April 29, 2026

1-31

Table 3-1:

Sleeper – Summary of Claim Holdings

3-3

Table 3-2:

Property Holding Costs

3-7

Table 3-3:

Royalty Agreement Summary

3-7

Table 3-4:

Sleeper - Key BLM and State Permits in Place

3-8

Table 3-5:

Sleeper Reclamation Bonds

3-9

Table 5-1:

Sleeper Gold Mine – Total Annual Production (1986–1996)

5-6

Table 7-1:

Drill Hole Database

7-3

Table 7-2:

Hydrostratigraphic Unit Hydraulic Properties

7-10

Table 7-3:

Monthly Water Balance for the Calibrated Pit Lake Numerical Model

7-10

Table 7-4:

Evolution of Pit Lake Water Quality

7-11

Table 7-5:

Groundwater Sample Distribution

7-12

Table 7-6:

Exceedances of USEPA Water Quality Standards in Dewatering Discharge

7-12

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Table 8-1:

Summary Counts of Sleeper QA/QC Analysis (X-Cal and

Paramount)

8-8

Table 8-2:

Paramount Gold Certified Reference Material

8-9

Table 8-3:

Summary of Sleeper Gold Results for CRMs 2010–2013

8-10

Table 8-4:

Gold Failure Details 2010–2013

8-10

Table 8-5:

Summary of Sleeper Silver Results for CRMs 2010–2013

8-12

Table 8-6:

Summary of Results X-Cal Historical and Paramount Field

Duplicates

8-17

Table 8-7:

X-Cal Blank Samples 2003–2007

8-20

Table 8-8:

X-Cal Blank Failures and Preceding Sample

2003–2007

8-20

Table 8-9:

Blank Materials Used in Paramount QA/QC Program

8-21

Table 10-1:

Metallurgical Reports Reviewed

10-1

Table 10-2:

Laboratory Accreditation Summary

10-3

Table 10-3:

Recovery Assumptions and Process Basis by Material Type

10-7

Table 11-1:

Summary of Mineral Resources Estimate – April 29, 2026

11-5

Table 11-2:

Summary of Drill Hole Data used in Mineral Resource Estimation

11-7

Table 11-3:

Sleeper In Situ Gold and Silver Capping Levels by Domain

11-14

Table 11-4:

Sleeper In Situ Gold Composite by Domain

11-16

Table 11-5:

Sleeper In Situ Silver Composite by Domain

11-17

Table 11-6:

Sleeper Density Values by Lithology

11-19

Table 11-7:

Summary of In Situ Block Model Extents

11-20

Table 11-8:

Summary of Waste Rock Dumps and Heap Leach Block Model Extents

11-20

Table 11-9:

Summary of TSF Block Model Extents

11-20

Table 11-10:

Sleeper Estimation Parameters by Domain

11-22

Table 11-11:

Sleeper Cut-off Grade Parameters by Domain

11-25

Table 11-12:

Summarized Methodology for Resource Classification

11-28

Table 11-13:

Summary of Composite vs Block Model Mean Au (ppm) Oxide/Mixed Pit – In Situ

11-29

Table 11-14:

Summary of Composite vs Block Model Mean Au (ppm) Sulfide Pit – In Situ

11-30

Table 11-15:

Summary of Composite vs Block Model Mean Au (ppm) Dumps

11-30

Table 11-16:

Summary of Composite vs Block Model Mean Au (ppm) Heaps and TSF

11-31

Table 11-17:

Open Pit Grade vs Tonnage for Measured + Indicated Resources (Oxide/Mixed Pit

Constrained)

11-38

Table 11-18:

Detailed Summary of Mineral Resources by Area – April 29, 2026

11-42

Table 13-1:

Geotechnical Design Criteria

13-1

Table 13-2:

Mine Design Parameters

13-5

Table 13-3:

WRSF Design Parameters

13-6

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Table 13-4:

Drilling and Blasting Parameters

13-8

Table 13-5:

Mining Method and Equipment Summary

13-10

Table 13-6:

Process Feed from Existing Dumps to the Crusher

13-11

Table 13-7:

Process Feed from Open Pit to the Crusher

13-11

Table 13-8:

Mining Inventory Processed by Year

13-12

Table 13-9:

Base Case Open Pit Production Schedule

13-12

Table 13-10:

Primary Fleet Estimate

13-17

Table 13-11:

Equipment Diesel Consumption Estimate

13-19

Table 13-12:

Diesel Storage Comparisons

13-19

Table 13-13:

Recommended Diesel Storage Arrangements

13-20

Table 15-1:

Estimated Power Load by Area

15-7

Table 16-1:

Economic Analysis Metal Price Assumptions

16-1

Table 17-1:

Required or Potentially Required Permits

17-6

Table 18-1:

LOM Capital Cost Estimate

18-1

Table 18-2:

LOM Capital Cost Estimate by Major Area

18-2

Table 18-3:

LOM Average Unit Operating Costs

18-2

Table 18-4:

Sleeper Workforce (Year 3)

18-3

Table 19-1:

Sleeper Base Case Production Physicals Summary

19-2

Table 19-2:

Federal and State Tax Summary

19-3

Table 19-3:

Royalties Summary

19-3

Table 19-4:

Total Life of Mine Metrics – Base Case

19-6

Table 19-5:

Base Case All-in Sustaining Costs Composition

19-8

Table 19-6:

Base Case After-Tax Sensitivity Analyses

19-9

Table 19-7:

Sleeper Alternative Case Production Physicals Summary

19-11

Table 19-9:

Royalties Summary

19-12

Table 19-10:

Total Life of Mine Metrics – Alternative Case (Measured and Indicated Only)

19-15

Table 19-11:

Alternative Case All-in Sustaining Costs

Composition

19-16

Table 19-12:

Alternative Case After-Tax Sensitivity Analyses

19-18

Table 23-1:

Proposed Sleeper 2026-2027 Exploration Budget

23-2

Figures

Figure 1-1:

Mine Production Profile by Material Movement – Base Case

1-13

Figure 1-2:

Process Production Profile and Head Grade – Base Case

1-13

vii

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 1-3:

Annual Processing Gold Production and Head Grade Profile – Base Case

1-14

Figure 1-4:

Base Case Project After-Tax Metrics Summary

1-15

Figure 1-5:

Base Case After-Tax Sensitivity Analysis

1-19

Figure 1-6:

Mine Production Profile by Material Movement – Alternative Case

1-22

Figure 1-7:

Process Production Profile and Head Grade – Alternative Case

1-22

Figure 1-8:

Annual Processing Gold Production and Head Grade Profile

1-23

Figure 1-9:

Alternative Case Project After-Tax Metrics

Summary

1-24

Figure 1-10:

Alternative Case After-Tax Sensitivity Analysis

1-28

Figure 3-1:

Location Map

3-2

Figure 3-2:

Sleeper Tenement Map

3-5

Figure 6-1:

Regional Geology

6-3

Figure 6-2:

Cross Section of Regional Geology

6-4

Figure 6-3:

Stratigraphic Column

6-7

Figure 6-4:

Local Geology

6-8

Figure 6-5:

Cross Section of Local Geology

6-9

Figure 6-6:

Schematic Model of Low-Sulfidation Epithermal

System

6-11

Figure 7-1:

Drill Hole Location Map

7-5

Figure 8-1:

Gold Control Chart for MEG-Au.09.02

8-11

Figure 8-2:

X-Cal Core Preparation Duplicates, Relative Differences

2003-2007

8-13

Figure 8-3:

X-Cal Core Preparation Duplicates, Relative Differences

2003-2007

8-14

Figure 8-4:

X-Cal Gold RC Field Duplicates, Relative Differences

2003-2007

8-14

Figure 8-5:

X-Cal Gold RC Field Duplicates, Absolute Values of the

Relative Differences 2003-2007

8-15

Figure 8-6:

Paramount RC Field Duplicates, Relative Differences 2010-2013

8-18

Figure 8-7:

Paramount Core Field Duplicates, Relative Differences 2010-2013

8-19

Figure 8-8:

X-Cal Gold in Blanks and Preceding Samples

2003–2007

8-20

Figure 8-9:

Gold Values of Paramount Coarse Blanks and Preceding Samples

8-21

Figure 10-1:

Comparison of Reported Metallurgical Recovery Results

10-9

Figure 10-2:

Material Specific Reagent Consumption and IA Heap Leach Recovery Assumptions by Material

Type

10-10

Mineral Resources are classified in accordance with S-K 1300 definitions (Figure 11-1: Sleeper Mineral Resource Domains

11-2

Figure 11-1:

Sleeper Mineral Resource Domains

11-3

Figure 11-2:

Sleeper Geologic Model Cross Section

11-8

Figure 11-3:

Sleeper Mineralization Model Cross Section

11-10

viii

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 11-4:

Sleeper Alteration Model Cross Section

11-12

Figure 11-5:

Histogram of Sample Lengths in the Estimation Domains

11-14

Figure 11-6:

Sleeper Material Type/Area Distribution Map

11-23

Figure 11-7:

East-West Cross Section Oxide Pit

11-31

Figure 11-8:

East-West Cross Section Sulfide Pit

11-32

Figure 11-9:

Swath Plots in the X, Y, and Z Directions – Waste Rock Dumps

11-34

Figure 11-10:

Swath Plots in the X, Y, and Z Directions – Heap Pads

11-35

Figure 11-11:

Swath Plots in the X, Y, and Z Directions – TSF

11-36

Figure 11-12:

Open Pit Grade Tonnage Curve for Measured + Indicated Mineral Resources

11-38

Figure 13-1:

Initial Mine Topography

13-3

Figure 13-2:

Oxide Pit Cross Section 4,576,271 N

13-4

Figure 13-3:

Final Pit Design and Waste Storage Facility Design

13-7

Figure 14-1:

Crushing & Agglomeration Process Flow Sheet

14-3

Figure 14-2:

Process Plant Flow Sheet

14-4

Figure 15-1:

Infrastructure Layout

15-2

Figure 19-1:

Mine Production Profile by Material Movement – Base Case

19-4

Figure 19-2:

Process Production Profile and Head Grade – Base Case

19-5

Figure 19-3:

Annual Processing Gold Production and Head Grade Profile – Base Case

19-5

Figure 19-4:

Base Case Project After-Tax Metrics Summary

19-6

Figure 19-5:

Base Case After-Tax Sensitivity Analysis

19-10

Figure 19-6:

Mine Production Profile by Material Movement – Alternative Case

19-13

Figure 19-7:

Process Production Profile and Head Grade – Alternative Case

19-13

Figure 19-8:

Annual Processing Gold Production and Head Grade Profile

19-14

Figure 19-9:

Alternative Case Project After-Tax Metrics

Summary

19-15

Figure 19-10:

Alternative Case After-Tax Sensitivity Analysis

19-19

Appendix Tables

Table 31-1:

Base Case Cash Flow Summary

28-2

Table 31-2:

Alternative Case Cash Flow Summary

28-6

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

1.0

Executive Summary

1.1

Summary

SLR International Corporation (SLR) was retained by Paramount Gold Nevada Corp. (PGN, Paramount Gold, or the Company) to prepare an independent Technical

Report Summary (TRS) on the Sleeper Gold Mine (Sleeper or the Project), located in Humboldt County, Nevada, USA. The purpose of this TRS is to provide an Initial Assessment to support Mineral Resource disclosure. This TRS conforms to the United

States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants

Engaged in Mining Operations (S-K 1300) and Item 601(b)(96) Technical Report Summary.

Paramount Gold is a

U.S.-domiciled precious metals exploration and development company engaged in the acquisition, exploration, and development of gold and silver projects in the United States. The company’s principal assets include the Sleeper Gold Mine in

Nevada and the Grassy Mountain Gold Project in Oregon, as well as additional exploration properties in the western United States. Paramount Gold is publicly listed on the NYSE exchange under the ticker symbol PZG and maintains its corporate offices

in Winnemucca, Nevada.

Paramount Gold holds a 100% interest in the Sleeper Gold Mine, which includes the historical Sleeper open-pit gold mine and a large surrounding claim block totaling 2,474 unpatented mining claims covering approximately 44,917 acres (approximately 18,178 hectares) in Humboldt County, Nevada. The Sleeper mine was

operated by AMAX Gold Inc. (AMAX) from 1986 through 1996, producing approximately 1.66 million ounces (Moz) of gold and 2.3 Moz of silver from open-pit mining and heap leaching and milling operations.

The Project is currently at the Initial Assessment (IA) stage, and as such, the level of engineering, geological definition, and metallurgical

characterization remains preliminary. The Mineral Resources for the Project comprise in situ oxide and mixed material, in situ sulfide material, and material from existing waste rock dumps, heap leach pads (HLPs), and tailing storage facilities

(TSFs). The development concept considered in the cash flow analysis presented in this TRS contemplates the restart of mining and processing operations with a focus on those Mineral Resources amenable to heap leaching, i.e., existing waste rock

dumps and in situ oxide and mixed mineralized material. Additional work is required to develop the cash flow analysis for the sulfide Mineral Resources, including the heap leach and tailings material.

The existing waste rock dumps were generated during prior mining operations conducted under substantially lower gold prices, which led to the application of

higher cut-off grades (COGs) at the time of mining. Consequently, material that was classified as waste under historical economic conditions contains grades that are potentially economic under current or

reasonably foreseeable gold price assumptions and processing technologies. This reclassification to Mineral Resources forms a key component of the Project’s economic rationale.

To support this evaluation, the waste rock dumps have been subject to initial drilling, sampling, and assaying programs, supplemented by preliminary

metallurgical test work. These programs have been designed to characterize the grade distribution, material variability, and metallurgical response of the dump material, including leachability and recovery potential. While these datasets provide an

important foundation for the current assessment, they remain limited in scope and density relative to that required for higher-confidence classifications, and additional work will be required to support future Mineral Resource estimation,

metallurgical modeling, and process design.

1-1

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

In parallel, the Project concept includes recovery of in situ oxide and mixed mineralized material remaining

in the vicinity of the historical pit. These materials are considered amenable to conventional surface mining methods and heap leach processing, consistent with prior operations at Sleeper, although additional drilling, metallurgical testing, and

engineering studies will be required to confirm recoveries, processing parameters, and economic viability.

Overall, the Project represents a brownfields

redevelopment opportunity, leveraging existing site disturbance, historical data, and previously mined material inventories; however, given the early stage of evaluation, all assumptions related to mineralization, processing performance, and

economic outcomes should be considered preliminary and subject to refinement through subsequent phases of study. The development concept assumes a nominal processing rate of approximately 30,000 tonnes per day (tpd), utilizing conventional open pit

mining, crushing and agglomeration, cyanide heap leaching, and Merrill-Crowe zinc precipitation to recover gold and silver.

The Base Case economic

analysis presented in this TRS evaluates the potential economic viability of processing Measured, Indicated, and Inferred Mineral Resources. The Base Case mining inventory comprises the following:

•

Approximately 47 million tonnes (Mt) of waste rock dump material, classified as Inferred Mineral Resources,

grading approximately 0.28 g/t gold (Au)

•

In situ oxide and mixed mineralized material including approximately 2 Mt Measured Resources grading 0.29 g/t Au,

78 Mt Indicated Resources grading 0.26 g/t Au, and 49 Mt Inferred Resources grading 0.24 g/t Au.

Overall, the Base Case

production schedule includes approximately 55% of Inferred Resources as part of the economic analysis. An Alternative Case was considered that included only in situ Measured and Indicated Resources in the economic analysis.

1.1.1

Conclusions

1.1.1.1

Geology and Mineral Resources

•

The geological interpretation and deposit model are appropriate, internally consistent, and aligned with a low-sulfidation epithermal system, with mineralization strongly controlled by fault architecture and lithological contrasts.

•

Mineralization exhibits high spatial variability, with discontinuous high-grade veins embedded within a laterally

and vertically continuous low-grade stockwork domain, which comprises most of the tonnage.

•

The Mineral Resource estimate has been prepared in accordance with S-K

1300 and CIM (2019) Best Practice Guidelines, supported by appropriate domain modeling, compositing, grade capping, interpolation, and validation workflows.

•

The estimate is constrained within optimized open-pit shells

demonstrating Reasonable Prospects for Economic Extraction (RPEE,) based on reasonable mining, processing, and economic assumptions, including a long-term gold price of US$3,100/oz.

•

The drilling database is large and generally adequate (approximately 4,300+ drill holes); however, gaps in

historical metadata, incomplete records, and exclusion of unverifiable data introduce uncertainty, which is appropriately reflected in classification.

1-2

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

•

Historical drilling is predominantly vertical RC, which adequately defines bulk-tonnage mineralization but limits

confidence in true geometry and continuity of steeply dipping high-grade structures.

•

The QA/QC and sampling protocols, while variable in early historical programs, are considered sufficient overall

due to:

•

Exclusion of unreliable or unsupported data from the Mineral Resource Estimate (MRE)

•

Validation of assay datasets through statistical analysis, capping, compositing, and multi-method estimation

checks

•

Use of industry-standard QA/QC review and data screening prior to estimation. Accordingly, the QP considers the

analytical dataset valid and appropriate to support the MRE, with remaining uncertainties reflected in classification.

•

The oxidation model has been reviewed and corrected for inconsistencies and is considered appropriate for current

estimation; however, localized coding issues indicate moderate residual uncertainty where metallurgical assumptions are sensitive.

•

Exploration datasets (geophysical, geochemical, geological) are well integrated and effective for targeting,

defining structural corridors, and mineralized trends extending beyond historically mined areas.

•

Mineralization remains open along strike, at depth, and beneath cover, with identified targets considered

conceptual but supported by integrated datasets.

•

Compared to the 2023 estimate, the 2026 MRE shows a material increase in tonnage and contained metal, driven by:

•

Inclusion and delineation of surface materials (existing waste rock dumps, heap leach pads, and tailings storage

facility);

•

Expanded pit shells under higher gold price assumptions (US$3,100/oz versus approximately US$1,800/oz); and

•

Updated geological interpretation and database validation.

•

This increase in tonnage is accompanied by a moderate reduction in average grade, consistent with inclusion of

marginal material and not indicative of estimation bias.

1.1.1.2

Mining and Mineral Reserves

•

There is no current geotechnical information for the pit slopes. Current pit slope assumptions may be optimized

once geotechnical information has been collected and incorporated into the pit design.

•

The current Base Case life of mine (LOM) plan includes a significant proportion of Inferred Mineral Resources

(approximately 55%). The next stage of the Project will require converting Inferred Resources to Indicated Resources to reduce the project risk.

•

Pit slope design assumes dry (i.e., dewatered) walls. Pit dewatering needs to start early enough for the open-pit mining operation to begin.

•

There is potential to extend the mine life with the addition of a sulfide pit. To include the sulfide pit in the

LOM plan, additional metallurgical test work and block modeling will be required.

1-3

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

1.1.1.3

Mineral Processing

•

Metallurgical test work supports heap leaching with Merrill-Crowe recovery for oxide, mixed, and selected

waste-rock materials, and flotation with off-site toll treatment or concentrate sale for sulfide, existing heap leach pad (HLP), and existing tailings material.

•

The Base Case economic analysis is restricted to the heap-leach scenario, which is supported by the most

complete, representative, and internally consistent metallurgical dataset.

•

The proposed Base Case processing facility is a 30,000 tpd conventional crush–agglomerate–heap-leach

operation employing Merrill-Crowe recovery. Design parameters include crushing to approximately P80 19 mm and agglomeration using cement and/or lime.

•

Facilities oxide material demonstrates the strongest metallurgical response to heap leaching, with additional

oxide, mixed, and selected waste-dump composites also supporting inclusion in the heap-leach feed blend.

•

Gold and silver recovery assumptions for the heap-leach case are derived primarily from column leach testing,

with conservative assumptions applied where only bottle-roll or limited test data exist.

•

Sulfide, HLP, and tailings materials represent future processing opportunities via flotation. Recoveries have

been reduced by 12% to account for toll-milling deductions and downstream treatment charges.

•

No silver recovery is currently attributed to the flotation scenario; silver is treated as upside potential

pending further metallurgical test work and commercial assessment.

•

The heap leach flowsheet is a commercially proven, low-risk processing route appropriate for IA-level planning.

•

Preliminary test work of the flotation option as a processing method for the sulfide material and existing HLP

and TSF material is sufficient for the declaration of Mineral Resources; however, additional variability testing, concentrate characterization, and commercial evaluation are required to advance this option.

1.1.1.4

Infrastructure

•

Access to the mine site is reliable via frequently traveled and maintained public infrastructure from Winnemucca,

Nevada.

•

Access and haul roads constructed on site will be designed and constructed in a manner sufficient to facilitate

required on-site vehicular movement

•

The proposed heap leach pad has been sited based on terrain, environmental, and operational bases and has been

adequately sized to accommodate 175 Mt of agglomerated mineralized material.

•

The pregnant solution and barren solution ponds have been located in proximity to the leach pad to take advantage

to native slopes and have been sized to accommodate operational solution flow rates.

•

The storm event pond has been located adjacent to the process ponds and has been sized to accommodate the 100-year 24-hour storm volume.

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S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

•

Rapid infiltration basins have been designed to accommodate infiltration from pit dewatering efforts at an

average rate of 4,542 m3/hr (20,000 US gallons per minute [gpm]).

•

No accommodation camp has been included in the proposed infrastructure as the town of Winnemucca is within

commuting distance and hosts a knowledgeable mining industry labor force.

1.1.1.5

Environment

•

There are no known significant environmental issues at the site, and the former mine is in an advanced state of

closure with post-closure monitoring and minor operational and maintenance activities being conducted.

•

The regulatory environment is well developed, and the environmental permitting path forward for the mine plan

presented in this TRS is generally well understood.

1.1.1.6

Capital and Operating Costs

•

Preliminary capital and operating cost estimates have been prepared for the proposed mining operation based on a

conceptual processing rate of approximately 30,000 tpd.

•

For the Base Case, initial capital costs required to restart mining operations are estimated to be approximately

US$201 million, with sustaining capital estimated at approximately US$342 million over the life of mine.

•

Life-of-mine operating costs for

the Base Case are estimated to average approximately US$13.03 per tonne processed, resulting in an estimated all-in sustaining cost of approximately US$2,407 per ounce of gold produced.

1.1.1.7

Risks

•

The economic analysis presented in the Base Case as part of this TRS includes a material proportion of Inferred

Mineral Resources within the mine plan and associated cash flow. The Inferred Mineral Resources are included at the beginning of the life-of-mine plan by mining existing

dumps in the economic analysis, which introduces significant uncertainty.

1.1.2

Recommendations

The SLR QPs offer the following recommendations by discipline:

1.1.2.1

Geology and Mineral Resources

Conduct the following drilling and exploration programs:

Infill drilling to support conversion of Inferred to Indicated Mineral Resources (in situ and surface

materials) by conducting systematic infill drilling within pit-constrained in situ domains and within surface material domains (dumps, heap leach pads, and TSF) to increase data density and improve confidence

in grade continuity, tonnage, and material variability, consistent with S-K 1300 classification criteria.

Targeted infill drilling within established mineralization domains to increase drill density within defined

grade domains to better constrain grade variability and continuity, particularly in areas where current spacing limits classification.

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Additional drilling and geological logging to improve confidence in oxide, mixed, and sulfide boundaries, which

directly influence metallurgical assumptions applied in the MRE.

Geology and Mineral Resource Estimate

Maintain domain-controlled drilling and sampling protocols to ensure all new data collection aligns with the

current geological, mineralization, and estimation domain framework to support direct integration into future MRE updates.

Incorporate new data into updated geological interpretations and block models to support iterative improvement

of the Mineral Resource estimate in accordance with S-K 1300 reporting requirements.

Acquire additional bulk density measurements across in situ and surface material domains where current density

assignments are based on limited data, to improve tonnage estimates.

Focus drilling within the existing Mineral Resource footprint by prioritizing data acquisition in areas where

incremental drilling is most likely to materially improve classification, rather than expanding the resource footprint at this stage.

Quality Assurance and Quality Control

Implement consistent QA/QC protocols for future work. Apply standardized QA/QC procedures (sampling, insertion

rates, documentation) to ensure all new data meets S-K 1300 and CIM (2019) requirements and supports classification upgrades.

Recommend investigation of incomplete database information and update the database through investigation of

historic files

To advance the Project, the QP recommends that Paramount Gold undertake a

two-phase exploration and data validation program totaling $8.52 million, as summarized in Table 1-1.

The goal is to support upgrading Inferred Mineral Resources to the Indicated category, validate key project assumptions regarding density and metallurgy, and

continue delineation in underexplored areas.

This budget reflects a disciplined yet robust investment to de-risk

the MRE, validate key technical assumptions (density, metallurgical recovery), and support a potential future Preliminary Feasibility Study (PFS). The recommended work is expected to materially enhance the geological understanding and economic

viability of the Sleeper Project.

The two phases of the work program are independent of each other.

Table 1-1: Proposed Sleeper 2026-2027 Exploration Budget

Activity

Details

Estimated Cost

(US$ 000)

Phase 1 – Surface and In Situ Resource Definition, QA/QC Implementation, and

Metallurgical Studies

ESG Permitting

Exploration and Environmental Permits for Phase 1 drilling

Sonic Drilling

Up to 30 holes (4000 ft) of sonic drilling at $90/ft focused on obtaining metallurgical samples from Waste dumps, TSF and HL pads

360

RC Drilling

Up to 500 holes (50,000 ft) of RC drilling in Waste dumps, HL pads at $50/ft

2,500

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Activity

Details

Estimated Cost

(US$ 000)

Core drilling

Confirmation core drilling of up to 10,000 ft at $120/ft (HQ/NQ core)

1,200

Bulk Density Sampling

Collection and testing of up to 200 core and/or pit samples across all domains

Geochemical Assays

Assaying of approximately 15,000 samples incl. duplicates, standards, and blanks

750

QA/QC Program Implementation

Establish certified sample control and auditing protocols

100

Metallurgical Testing

Leach testing of mineralized core for recovery studies

750

Technical Staff & Supervision

Field geologist, QA/QC lead, database tech

300

Total Phase 1

5,997

Phase 2 – Project Development Scoping

ESG Permitting

Exploration and Environmental Permits for Phase 2 Geotech

Ground Support Geotechnical Testing

Geotech and analysis studies for Ground Support

250

Heap Leach Pad Geotechnical Testing and Design

Geotech and design engineering studies for Heap Leach Pad

600

Mining and Process Design & Engineering Analysis

Process design and engineering cost analysis and modeling

400

Environmental Baseline Studies

Hydrogeology, cultural, flora/fauna baseline for mine permitting

800

Stakeholder Engagement & Permitting Prep

Initial outreach, permitting roadmap

100

Technical Oversight & Contingency (10%)

Includes legal, overhead, permitting scope prep

218

Reporting and Independent Review

S-K 1300 PFS update and QP

sign-off

350

Total Phase 2

2,723

Grand Total

8,740

1.1.2.2

Mining and Mineral Reserves

Collect geotechnical information and develop geotechnical studies to support the pit design slopes for the next

stage of the project.

Ensure the open-pit mining sequence is closely coordinated with the open-pit dewatering plan.

Continue the analysis of the sulfide pit as an opportunity after the oxide pit mining.

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

1.1.2.3

Mineral Processing

Complete additional variability column leach testing on oxide, mixed, and waste rock dump domains to confirm

recovery, leach kinetics, and reagent consumption across the planned heap leach feed range.

Confirm provisional recovery assumptions for Sleeper oxide, Sleeper mixed, and West Wood mixed material with

representative column leach test work.

Refine crush-size and agglomeration test work to confirm the selected

coarse-crush heap leach design basis and optimize cement and lime addition by material type.

Expand reagent-consumption testing to better define sodium cyanide, lime, and cement demand for oxide, mixed,

and waste rock dump materials, particularly where existing results indicate variable or elevated consumable requirements.

Complete additional column leach testing on selected waste rock dump materials to refine recovery assumptions

by dump area and improve confidence in domain-based economic modeling.

Complete additional deleterious-element and precipitate-quality testing for Hg, As, Sb, and sulfur to confirm

mercury management requirements and refine refinery and operating cost assumptions.

Complete flotation variability, optimization, and locked-cycle test work on representative sulfide, HLP and

tailings composites to confirm recovery, consumable requirements, concentrate quality, and the suitability of an off-site toll-treatment or concentrate-sale route.

1.1.2.4

Infrastructure

Evaluate site-wide water balance and discharge requirements.

Perform a hydrogeological evaluation to support PFS level engineering of the rapid infiltration basin.

Confirm power requirements and supply availability.

Develop site-specific design criteria for the HLP and perform field investigations and laboratory testing to

support advancing the HLP design.

Develop a PFS level HLP design that incorporates site specific data into the engineering calculations and

analysis for such items as grading plan, slope stability analysis, water balance, settlement, and closure.

1.1.2.5

Environment

Complete updated baseline studies in accordance with National Environmental Policy Act of 1969 (NEPA) and

applicable guidelines.

Engage early with local stakeholders and tribes and develop a stakeholder outreach plan.

Develop a permitting strategy and timeline.

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

1.1.2.6

Capital and Operating Costs

Move the dewatering from an “Allowance” to a full ‘Engineered System’, e.g., calibrated

groundwater model; staged dewatering sequencing; pumping lift curves by pit phase; transient inflow modeling; wellfield spacing and drawdown analysis; contingency pumping scenarios; and power demand modeling for peak pumping periods.

Re-evaluate the crushing/agglomeration

trade-off, e.g., variability column testing; permeability testing; compaction testing; fines migration testing; cement consumption optimization; lift-height testing; and irrigation optimization.

Tighten the heap leach pad phasing strategy, e.g., minimizing initial lined acreage; maximizing early vertical

expansion; deferring later phases; reducing early pond construction; and sequencing underdrain installation.

Lock down power infrastructure requirements early, e.g., actual condition of transmission line; substation

rebuild requirements; transformer replacement needs; utility interconnect requirements; and backup generation philosophy.

Validate the contractor mining strategy, i.e., obtain budgetary contractor bids; benchmark Nevada owner-mining

versus contractor-mining; validate bank cubic meter (bcm) assumptions; stress-test diesel escalation; and stress-test productivity losses from wet conditions.

Refine the estimate by:

Improving mine haulage and re-handle modeling.

Tightening reagent consumption assumptions.

Adding more detailed closure escalation and water management costs.

1.2

Economic Analysis

The economic analysis presented in this IA considers the processing of the in situ oxide and mixed Mineral Resources and the Mineral Resources in the existing

waste rock dumps only.

The economic analyses contained in this TRS are preliminary in nature and are based, in part, on Inferred Mineral Resources that

are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves. It is important to note that, unlike Mineral Reserves, Mineral Resources do not have demonstrated

economic viability, and there is no certainty that the economic projections presented in this IA will be realized.

Taxes and revenues are assumed.

Discounted cash flow analyses are based on assumed production rates and revenues from available Mineral Resources.

SLR notes that the economic analysis

presented in this section is based on revenue from gold and silver only. After-tax cash flow projections have been generated from the Base Case and the Alternative Case LOM production schedules and capital and

operating cost estimates, as summarized in the sub-sections that follow.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

1.2.1

Base Case

The Project’s Base Case is based on a production plan with a mine life of 17 years and includes a mineralized material inventory of approximately:

•

Approximately 47 million tonnes (Mt) of waste rock dump material, classified as Inferred Mineral Resources,

grading approximately 0.28 g/t gold (Au)

•

In situ oxide and mixed Mineral Resources including approximately 2 Mt Measured Resources grading 0.29 g/t Au, 78

Mt Indicated Resources grading 0.26 g/t Au, and 49 Mt Inferred Resources grading 0.24 g/t Au.

The Base Case mineralized material

inventory includes approximately 95.6 Mt of Inferred Mineral Resources containing 788 koz of gold and 6,484 koz of silver, representing approximately:

•

55% of the total Base Case tonnage.

•

54% of the total Base Case gold ounces.

•

41% of the total Base Case silver ounces.

The remaining material in the mined inventory is from Measured and Indicated Mineral Resources. A summary of the Base Case criteria is provided below.

1.2.1.1

Economic Criteria

1.2.1.1.1

Revenue

•

Mine life: 17 years.

•

LOM production and processing plans as summarized in Table 13-9 and Table

13-8, respectively.

•

30,000 tpd mineralized material stacked (approximately 10.8 Mt per year), average stacked grade of 0.26 g/t Au

and silver grade of 2.79 g/t Ag (ROM, crushed, and stockpile mine plan).

•

Mine life averages 65,000 ounces per year of gold recovered and 205,000 ounces per year of silver recovered from

the mine plan, with LOM stacked process gold recovery averaging 75.8% and silver recovery averaging 22.1%.

•

Total 1.11 Moz of gold recovered, and 3.5 Moz of silver recovered over the LOM operation.

•

The summary of the physicals in the financial model is listed in Table

1-2. It has been estimated that 420 koz of gold and 2,952 koz of silver are in waste rock dumps and are accounted for in the financial model over the first five years of Leach Pad operations.

•

Gold and silver payable at the refinery are assumed at 99.95% Au payable and 97.0% Ag payable

•

Gold and silver prices are based on analyst consensus price forecasts from the end of March 2026. For the

economic analysis it was assumed:

•

Y1: US$4,000/oz Au and US$59.00/oz Ag

•

Y2 to Y17: US$3,600/oz Au and US$48.00/oz Ag

•

Resulting in LOM net realized prices of:US$3,618/oz Au and US$48.70/oz Ag

•

Net Smelter Return (NSR) includes doré refining, transport, and insurance costs.

•

NSR royalty assumed at 3%. The property is subject to different royalties between 0.5% and 3%, and for modeling

purposes was assumed at an overall 3%

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

•

Revenue is recognized at the time of gold and silver production.

•

Non-cash inventory adjustments are not included in the SLR cash flow

model.

•

LOM net revenue is US$4,014 million (after royalty, transportation, and refining charges)

Table 1-2: Sleeper Base Case Production Physicals Summary

Physicals

Value

Total Mineralized Material Stacked (kt)

175,445

Max Process Rate (tpd)

30,000

Au Head Grade (g/t)

0.26

Ag Head Grade (g/t)

2.79

Contained Au (koz)

1,459

Contained Ag (koz)

15,721

Average Recovery, Au

75.8

Average Recovery, Ag

22.1

Recovered Au (koz)

1,106

Recovered Ag (koz

3,481

Payable Au (koz)

1,101

Payable Ag (koz)

3,376

Avg Annual Au - LOM (koz / yr)

Avg Annual Ag Sales - LOM (koz / yr)

199

1.2.1.1.2

Costs

•

Pre-production period assumes 24 months (Year -1 to Year -2).

•

Initial (Growth) and development capital costs total US$201 million

•

Mine life sustaining capital totals US$343 million

•

Final reclamation costs from after year 17 total US$52.4 million.

•

Mine life capital totals US$596 million.

•

Average LOM operating cost is US$13.03 per tonne stacked.

•

Open pit operating costs of US$2.53 per tonne mined (US$6.37 per tonne stacked). Includes out-of-scope mining operations.

•

Dewatering operating costs of US$0.59 per tonne stacked.

•

Processing operating costs of US$5.55 per tonne stacked.

•

Site services & general and administrative (G&A) costs of US$5.6 million per year for years of

full production (LOM average of US$0.52 per tonne stacked).

•

Life of Mine production plan as summarized in Table 13-9.

1.2.1.1.3

Taxation and Royalties

The federal and state income taxes are summarized in Table 1-3.

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Table 1-3: Federal and State Tax Summary

Tax Type

Rate

Federal Corporate Income Tax

21.0%

Nevada Corporate Income Tax

5.0% of federal taxable income

Royalties and Severance Fees

Based on ore extracted (state-regulated).

A total of five NSR royalties apply to future mineral production from portions of the Project. These royalties are summarized

in Table 1-4.

Table 1-4: Royalties Summary

Royalty Holder

Royalty Terms

Snyder Syndicate

1% NSR on the 1,044 Sleeper Gold Mine claims (All claims, EXCEPT for ALL MIMI, ALL SP, AL SS, AND ALL BLUE.)

Franco-Nevada U.S. Corporation

2% NSR on minerals produced from all 2,474 claims

Evolving Gold / Quinton Hennigh

2% NSR royalty on all SS and all SP claims.

Dry Lake Placer Association

3% NSR on Dry Lake Placer claims

ICN Resources Ltd.

0.5% NSR on all SS and all SP claims; 1.5% NSR on all Blue claims

For the economic analysis and financial modeling purposes, an overall 3% NSR royalty rate was assumed over the LOM.

1.2.1.2

Cash Flow Analysis

SLR has prepared its own unlevered after-tax LOM cash flow model based on the information contained in this TRS to

confirm the physical and economic parameters of the Project.

The Project’s Base Case economics have been evaluated using the discounted cash flow

method, considering annual processed tonnages and the associated gold and silver grades. The process gold and silver recoveries, gold and silver price forecasts, operating costs, refining and transportation charges, royalties, and initial and

sustaining capital expenditures were also considered.

The Project, as currently designed, has variations in the mining and processing amounts over its

planned 17-year life. These variations are shown in Figure 1-1, Figure 1-2, and Figure

1-3.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

Figure 1-1: Mine Production Profile by Material Movement –

Base Case

Figure 1-2: Process Production Profile and Head Grade – Base Case

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 1-3: Annual Processing Gold Production and Head Grade

Profile – Base Case

The economic analysis demonstrates that the Project’s Mineral Resources have reasonable prospects for economic

extraction at the LOM net average realized prices of US$3,618/oz Au and US$48.70/oz Ag, and with long-term prices of US$3,600/oz Au and US$48.00/oz Ag, and that further advancement of Project studies is warranted.

A base discount rate of 8% has been applied in this TRS for the Project. This rate is considered reasonable for evaluating a precious metals project at a

preliminary level of project definition, such as Sleeper. Discounted present values of annual cash flows are summed to arrive at the Mine’s Base Case NPV.

Considering the Project’s Base Case on a stand-alone basis, the Project’s pre-tax NPV at an 8% discount

rate is approximately US$505 million, and the pre-tax internal rate of return (IRR) is approximately 51.3%. The Project’s after-tax NPV at an 8% discount is

approximately US$402 million, the after-tax IRR is approximately 44.5%, and the payback period is approximately 1.4 years from the start of production.

The LOM undiscounted pre-tax cash flow totals approximately US$1,132 million, and the LOM undiscounted after-tax cash flow totals approximately US$918 million.

SLR has also run a stand-alone economic analysis for the

Project using flat resource metal prices of US$3,100/oz Au and US$34/oz Ag, and the analysis demonstrates that the Project’s Mineral Resources also have reasonable prospects for economic extraction at these prices.

The Project’s after-tax free cash flow profile and gold payable metal per year are presented in Figure 1-4.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 1-4: Base Case Project

After-Tax Metrics Summary

Table 1-5 shows the LOM total metrics for the Sleeper mine as currently designed.

Due to the length of the mine life, the full annual cash flow model is presented in Appendix 2.

Table 1-5:

Total Life of Mine Metrics – Base Case

Item

Units

Base Case Values

Realized Market Prices

Au Price

US$/oz

3,618

Ag Price

US$/oz

48.70

Payable Gold

koz

1,101

Payable Silver

koz

3,376

Total Gross Revenue

US$ million

4,147

Mining Cost

US$ million

(1,117

)

Dewatering Costs

US$ million

(104

)

Process Cost

US$ million

(974

)

G & A Cost

US$ million

(92

)

Refining/Freight

US$ million

)

Royalties

US$ million

(124

)

Total Operating Costs

US$ million

(2,418

)

Operating Margin (EBITDA)

US$ million

1,728

Federal Income Tax

US$ million

(134

)

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Item

Units

Base Case Values

State Tax - Nevada Mining Tax

US$

million

(80

)

Working Capital

US$

million

Operating Cash Flow

US$

million

1,514

Development (Initial) Capital

US$

million

(201

)

Sustaining Capital

US$

million

(343

)

Closure/Reclamation Capital

US$

million

(52

)

Total Capital

US$

million

(596

)

Pre-tax Free Cash Flow

US$

million

1,132

Pre-tax NPV @ 5%

US$

million

670

Pre-tax NPV @ 8%

US$

million

505

Pre-Tax IRR

51.3

Pre-Tax Payback

years

1.3

After-tax Free Cash Flow

US$

million

918

After-tax NPV @ 5%

US$

million

539

After-tax NPV @ 8%

US$

million

402

After-Tax IRR

44.5

After-Tax Payback

years

1.4

Note: Numbers may not add due to rounding.

The Project’s World Gold Council Adjusted Operating Cost (AOC) net of Ag by-product credits is US$2,048/oz Au

payable. The mine life sustaining capital costs are US$359/oz Au payable, for an All-in Sustaining Cost (AISC) net of Ag by-products credits of US$2,407/oz Au payable.

The average annual gold sales during operations are approximately 64,746 payable ounces. Table 1-6 shows the AISC

build-up.

Table 1-6: Base Case

All-in Sustaining Costs Composition

Item

Total LOM

($ million)

Unit Cost

($/oz Au)

Mining

1,117

1,015

Dewatering

104

Process

974

885

Site G&A

Subtotal Site Costs

2,286

2,077

Refining/Freight

Mining Royalties

124

113

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Item

Total LOM

($ million)

Unit Cost

($/oz Au)

Total Cash Costs before by-product

credits

2,418

2,197

Ag By-Product Credit

(164

)

(149

)

Total Cash Costs net of by-product

credits

2,254

2,048

Sustaining Capital Cost

343

311

Closure/Reclamation Costs

Total Sustaining Costs

395

359

Total All-in Sustaining Costs

2,649

2,407

Note: Numbers may not add due to rounding.

The AISC calculated in the cash flow analysis reflects the benefit of low-cost ounces already stacked on the heap leach

pads, compared to AISC estimated in a steady-state model that assumes current input costs. Much of Sleeper’s near-term production comes from material mined and placed in prior years, when gold prices, fuel, and consumable costs were lower.

These ounces require minimal additional spending to recover, resulting in lower realized cash costs. As these legacy ounces are depleted and replaced with newly mined material, unit costs are expected to gradually normalize toward long-term levels.

1.2.1.3

Sensitivity Analysis

The Project’s Base Case risks can be identified in both economic and non-economic terms. Key economic risks were

examined by running cash flow sensitivities:

•

Metal prices

•

Head grade

•

Metallurgical Recovery

•

Operating costs

•

Pre-production and sustaining capital costs

Where possible, the after-tax NPV 8% sensitivities relative to the Base Case have been calculated for -20% to +20% variations in head grade and recovery, and -20% to +30% in metal prices. Operating and capital cost sensitivities have been calculated at -15% to +35% variations. The sensitivities are shown in Table 1-7 and Figure 1-5.

Table 1-7: Base Case After-Tax Sensitivity Analyses

Variance

Head Grade

(g/t Au)

NPV at 8%

(US$ 000)

80%

0.21

91,329

90%

0.23

249,814

100%

0.26

402,353

110%

0.28

554,310

120%

0.31

706,171

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Variance

Recovery

(% Au)

NPV at 8%

(US$ 000)

80%

60.7

91,329

90%

68.2

249,814

100%

75.8

402,353

110%

83.4

554,310

120%

91.0

706,171

Variance

Metal Prices

(US$/oz Au)

NPV at 8%

(US$ 000)

80%

2,880

90,637

90%

3,240

249,505

100%

3,600

402,353

110%

3,960

554,614

131%

4,700

866,553

Variance

Operating Costs

(US$/t)

NPV at 8%

(US$ 000)

85%

11.07

523,205

93%

12.05

462,780

100%

13.03

402,353

118%

15.31

259,020

135%

17.59

102,091

Variance

Capital Costs

(US$ 000)

NPV at 8%

(US$ 000)

85%

506,652

460,155

93%

551,357

431,254

100%

596,062

402,353

118%

700,372

334,916

135%

804,683

267,480

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S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 1-5: Base Case

After-Tax Sensitivity Analysis

1.2.2

Alternative Case - Measured and Indicated Only

1.2.2.1

Economic Criteria

The Alternative Case assumes a production schedule based exclusively on Measured and Indicated Mineral Resources, resulting in a mineralized material inventory

of 62.4 Mt and a projected mine life of seven years. A summary of the Measured and Indicated Only Case criteria is provided below.

1.2.2.1.1

Revenue

•

Mine life: 7 years.

•

30,000 tpd mineralized material stacked (approximately 10.8 Mt per year), average stacked grade of 0.27 g/t Au

and silver grade of 3.83 g/t Ag (ROM, crushed, and stockpile mine plan).

•

Mine life averages 58,500 ounces per year of gold recovered and 200,000 ounces per year of silver recovered from

the mine plan, with LOM stacked process gold recovery averaging 74.3% and silver recovery averaging 18.1%.

•

Total 410 koz of gold recovered, and 1,396 koz of silver recovered over the LOM operation.

•

Gold and silver payable at the refinery are assumed at 99.95% Au payable and 97% Ag payable

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

•

Gold and silver prices are based on analyst consensus price forecasts from the end of March 2026. For the

economic analysis was assumed:

•

Y1: US$4,000/oz Au and US$59.00/oz Ag

•

Y2 to Y7: US$3,600/oz Au and US$48.00/oz Ag

•

Resulting in LOM net realized prices of:US$3,622/oz Au and US$48.00/oz Ag

•

Net Smelter Return (NSR) includes doré refining, transport, and insurance costs.

•

NSR royalty assumed at 3%. The property is subject to different royalties between 0.5% and 3%, and for modeling

purposes was assumed at an overall 3%

•

Revenue is recognized at the time of gold and silver production.

•

Non-cash inventory adjustments are not included in the SLR cash flow

model.

•

LOM net revenue is US$1,493 million (after royalty, and transportation, and refining charges).

Table 1-8: Sleeper Alternative Case Production Physicals Summary

Physicals

Value

Total Mineralized Material Stacked (kt)

62,447

Max Process Rate (tpd)

30,000

Au Head Grade (g/t)

0.27

Ag Head Grade (g/t)

3.83

Contained Au (koz)

552

Contained Ag (koz)

7,697

Average Recovery, Au

74.3

Average Recovery, Ag

18.1

Recovered Au (koz)

410

Recovered Ag (koz

1,396

Payable Au (koz)

408

Payable Ag (koz)

1,354

Avg Annual Au Sales - LOM (koz / yr) – full production

Avg Annual Ag Sales - LOM (koz / yr) – Full production

218

1.2.2.1.2

Costs

•

Pre-production period: assumes at 24 months (Year -1 to Year -2).

•

Initial (Growth) and development capital costs total US$335 million.1

•

Mine life sustaining capital totals US$120 million

Note that, in the Alternative Case, only in situ Measured and Indicated Mineral Resources are included in the

mining inventory. The existing waste dumps are not included in the LOM plan for the Alternative Case because they are currently classified as Inferred Mineral Resources. As dewatering of the in situ Mineral Resources must start before mining, the

rapid infiltration basins cost and the dewatering costs are Initial Capital Costs for the Alternative Case rather than Sustaining Capital as in the Base Case.

1-20

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

•

Final reclamation costs from after year 7 total US$18.7 million.

•

Mine life capital totals US$473 million.

•

Average LOM operating cost is US$11.87 per tonne stacked.

•

Open pit operating costs of US$2.59 per tonne mined (US$5.03 per tonne stacked). Includes out-of-scope mining operations.

•

Dewatering operating costs of US$0.73 per tonne stacked.

•

Processing operating costs of US$5.55 per tonne stacked.

•

Site services & general and administrative (G&A) costs of US$5.6 million per year for years of

full production (LOM average of US$0.56 per tonne stacked).

1.2.2.1.3

Taxation and Royalties

The federal and state income taxes are summarized in Table 1-9.

Table 1-9: Federal and State Tax Summary

Tax Type

Rate

Federal Corporate Income Tax

21.0%

Nevada Corporate Income Tax

5.0% of federal taxable income

Royalties and Severance Fees

Based on ore extracted (state-regulated).

A total of five NSR royalties apply to future mineral production from portions of the Project. These royalties are summarized

in Table 1-10.

Table 1-10: Royalties Summary

Royalty Holder

Royalty Terms

Snyder Syndicate

1% NSR on the 1,044 Sleeper Gold Mine claims (All claims, EXCEPT for ALL MIMI, ALL SP, AL SS, AND ALL BLUE.)

Franco-Nevada U.S. Corporation

2% NSR on minerals produced from all 2,474 claims

Evolving Gold / Quinton Hennigh

2% NSR royalty on all SS and all SP claims.

Dry Lake Placer Association

3% NSR on Dry Lake Placer claims

ICN Resources Ltd.

0.5% NSR on all SS and all SP claims; 1.5% NSR on all Blue claims

For the economic analysis and financial modeling purposes, an overall 3% NSR royalty rate was assumed over the LOM.

1.2.2.2

Cash Flow Analysis

SLR has prepared its own unlevered after-tax LOM cash flow model based on the information contained in this TRS to

confirm the physical and economic parameters of the Project.

The Project’s Alternative Case economics have been evaluated using the discounted cash

flow method, considering annual processed tonnages and the associated gold and silver grades. The process gold and silver recoveries, gold and silver price forecasts, operating costs, refining and transportation charges, royalties, and initial and

sustaining capital expenditures were also considered.

1-21

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

The Project, as currently designed, has variations in the mining and processing amounts over its planned 7-year life. These variations are shown in Figure 1-6, Figure 1-7, and Figure 1-8.

Figure 1-6: Mine Production Profile by Material Movement – Alternative Case

Figure 1-7: Process Production Profile and Head Grade – Alternative Case

1-22

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 1-8: Annual Processing Gold Production and Head Grade

Profile

The economic analysis demonstrates that the Project’s Mineral Resources have reasonable prospects for economic

extraction, at the LOM net average realized prices of US$3,622/oz Au and US$48.40/oz Ag, with long-term prices of US$3,600/oz Au and US$48.00/oz Ag, and that further advancement of Project studies is warranted.

A base discount rate of 8% has been applied in this TRS for the Project. This rate is considered reasonable for evaluating a precious metals project at a

preliminary level of project definition, such as Sleeper. Discounted present values of annual cash flows are summed to arrive at the Mine’s Base Case NPV.

Considering the Project’s Alternative Case on a stand-alone basis, the Project’s pre-tax NPV at an 8%

discount rate is approximately US$59 million, and the pre-tax internal rate of return (IRR) is approximately 11.5%. The Project’s after-tax NPV at an 8%

discount is approximately US$31 million, the after-tax IRR is approximately 9.9%, and the payback period is approximately 4.9 years from the start of production.

The LOM undiscounted pre-tax cash flow totals approximately US$279 million, and the LOM undiscounted after-tax cash flow totals approximately US$232 million.

The Project’s

after-tax free cash flow profile and gold payable metal per year are presented in Figure 1-9.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 1-9: Alternative Case Project After-Tax Metrics Summary

Table 1-11 shows the LOM total metrics for the Project’s Alternative Case.

The full annual cash flow model is presented in Appendix 2.

Table 1-11: Total Life of Mine Metrics –

Alternative Case (Measured and Indicated Only)

Item

Units

Base Case Values

Realized Market Prices

Au Price

US$/oz

3,622

Ag Price

US$/oz

48.40

Payable Gold

koz

408

Payable Silver

koz

1,354

Total Gross Revenue

US$ million

1,542

Mining Cost

US$ million

(314

)

Dewatering Costs

US$ million

(45

)

Process Cost

US$ million

(347

)

G & A Cost

US$ million

(35

)

Refining/Freight

US$ million

)

Royalties

US$ million

(46

)

Total Operating Costs

US$ million

(790

)

Operating Margin (EBITDA)

US$ million

752

Federal Income Tax

US$ million

(12

)

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Item

Units

Base Case Values

State Tax - Nevada Mining Tax

US$ million

(34

)

Working Capital

US$ million

Operating Cash Flow

US$ million

705

Development (Initial) Capital

US$ million

(335

)

Sustaining Capital

US$ million

(120

)

Closure/Reclamation Capital

US$ million

(19

)

Total Capital

US$ million

(473

)

Pre-tax Free Cash Flow

US$ million

279

Pre-tax NPV @ 5%

US$ million

124

Pre-tax NPV @ 8%

US$ million

Pre-Tax IRR

11.5

Pre-Tax Payback

years

4.7

After-tax Free Cash Flow

US$ million

232

After-tax NPV @ 5%

US$ million

After-tax NPV @ 8%

US$ million

After-Tax IRR

9.9

After-Tax Payback

years

4.9

Note:Numbers may not add due to rounding.

The Project’s World Gold Council Adjusted Operating Cost (AOC) net of Ag by-product credits is US$1,778/oz Au

payable. The mine life sustaining capital costs are US$339/oz Au payable, for an All-in Sustaining Cost (AISC) net of Ag by-products credits of US$2,117/oz Au payable.

The average annual gold sales during operations are approximately 64,267 payable ounces. Table 1-12 shows the

AISC build-up.

Table 1-12: Alternative Case All-in Sustaining Costs Composition

Item

Total LOM

million)

Unit Cost

($/oz Au)

Mining

314

770

Dewatering

111

Process

347

850

Site G&A

Subtotal Site Costs

741

1,817

Refining/Freight

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Item

Total LOM

million)

Unit Cost

($/oz Au)

Mining Royalties

113

Total Cash Costs before by-product

credits

790

1,938

Ag By-Product Credit

(65

)

(161

)

Total Cash Costs net of by-product

credits

725

1,778

Sustaining Capital Cost

120

293

Closure/Reclamation Costs

Total Sustaining Costs

138

339

Total All-in Sustaining Costs

863

2,117

Note: Numbers may not add due to rounding.

1.2.2.3

Sensitivity Analysis

The project’s Alternative Case risks can be identified in both economic and non-economic terms. Key economic

risks were examined by running cash flow sensitivities:

•

Metal prices

•

Head grade

•

Metallurgical Recovery

•

Operating costs

•

Pre-production and sustaining capital costs

Where possible, the after-tax NPV 8% sensitivities relative to the Alternative Case have been calculated for -20% to +20% variations in head grade and recovery, and -20% to +30% in metal prices. Operating and capital cost sensitivities have been calculated at -15% to +35% variations. The sensitivities are shown in Table 1-13 and Figure 19-10.

1-26

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Table 1-13: Alternative Case

After-Tax Sensitivity Analyses

Variance

Head Grade

(g/t Au)

NPV at 8%

(US$000)

80%

0.22

(140,512

)

90%

0.25

(54,187

)

100%

0.27

31,106

110%

0.30

106,275

120%

0.33

180,559

Variance

Recovery

(% Au)

NPV at 8%

(US$000)

80%

59.4

(140,512

)

90%

66.9

(54,187

)

100%

74.3

31,106

110%

81.7

106,275

120%

89.2

180,559

Variance

Metal Prices

(US$/oz Au)

NPV at 8%

(US$000)

80%

2,880

(140,868

)

90%

3,240

(54,363

)

100%

3,600

31,106

110%

3,960

106,424

131%

4,700

258,552

Variance

Operating Costs

(US$/t)

NPV at 8%

(US$000)

85%

10.09

87,662

93%

10.98

59,481

100%

11.87

31,106

118%

13.94

(44,879

)

135%

16.02

(122,212

)

Variance

Capital Costs

(US$000)

NPV at 8%

(US$000)

85%

401,924

90,847

93%

437,387

60,977

100%

472,851

31,106

118%

555,600

(38,591

)

135%

638,349

(108,288

)

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 1-10: Alternative Case

After-Tax Sensitivity Analysis

1.3

Technical Summary

1.3.1

Property Description

The Sleeper Gold Mine is in Humboldt County in north-central Nevada, approximately 42 km (26 mi) northwest of the city of Winnemucca, Nevada. The Project

is situated within Desert Valley along the western flank of the Slumbering Hills within the Basin and Range physiographic province. The property includes the historical Sleeper open pit, associated waste rock storage facilities, former process plant

areas, and surrounding exploration targets.

The Project is being evaluated as a restart operation focused on processing of existing waste rock dumps and

mining of in situ oxide and mixed mineralized material within and adjacent to the historical pit. These materials are considered suitable for heap leach processing with Merrill-Crowe recovery.

1.3.2

Land Tenure

The Sleeper property consists of a block of unpatented lode mining claims, together with associated surface rights covering portions of Townships 36 through 40

North and Ranges 34 and 35 East, Mount Diablo Base and Meridian, Humboldt County, Nevada.

The property comprises approximately 2,474 unpatented mining

claims, approximately 18,178 hectares (44,917 acres). The claims are held by Paramount Gold Nevada Corp (Paramount Gold). through its wholly owned subsidiaries of Sleeper Mining Company LLC and South

1-28

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Sleeper Mining Company LLC. All claims are in good standing with the U.S. Bureau of Land Management and Humboldt County as of the date of this report.

1.3.3

History

The Sleeper deposit was discovered in the early 1980s and subsequently developed by AMAX Gold Inc. Mining operations commenced in 1986 and continued through

1996.

During this period, the Sleeper mine produced approximately 1.66 million ounces of gold and approximately 2.3 million ounces of silver

from the open pit mining operations. Ore was processed through both conventional milling and heap leach processing circuits. Following the closure of mining operations in 1996, the site underwent reclamation activities; however, substantial volumes

of mineralized material remain within existing waste rock dumps and oxide mineralized zones adjacent to the pit.

Subsequent exploration and technical

studies conducted by Paramount Gold and previous operators have identified the potential to reprocess historical surface materials and recover additional gold from remaining oxide and mixed mineralization.

1.3.4

Geological Setting, Mineralization, and Deposit

The Sleeper deposit is a low-sulfidation epithermal gold-silver system hosted within Miocene volcanic rocks typical of

the northern Nevada volcanic field. Mineralization occurs within a sequence of rhyolitic flows, volcanic breccias, and ash-flow tuffs that have been affected by hydrothermal alteration and silicification.

Gold mineralization occurs as disseminated and fracture-controlled mineralization associated with hydrothermal brecciation, silicification, and

quartz-adularia veining. Near-surface oxidation of sulfide minerals has produced oxide and mixed mineralization amenable to cyanide heap-leach processing.

1.3.5

Exploration

Exploration activities at the Sleeper property have included geological mapping, geochemical sampling, geophysical surveys, and diamond and reverse circulation

drilling. Since mine closure, exploration has focused on delineating oxide and mixed mineralization and on evaluating the gold content of existing waste rock dump, heap leach pads, and tailings. Drilling has identified gold mineralization in oxide

and mixed zones, and sampling of existing waste rock dumps indicates that portions of this material contain measurable gold.

1.3.6

Mineral Resource Estimates

The Mineral Resource estimate for the Sleeper Gold Mine (Table 1-14) was developed using a three-dimensional block

modeling approach incorporating validated drilling data, geological and oxidation domain modeling, compositing, grade capping, and domain-controlled interpolation. The estimate has been independently reviewed by the SLR QP and is compliant with SEC

Regulation S-K 1300 and prepared in accordance with CIM (2019) Best Practice Guidelines. Mineral Resources include both in situ mineralization constrained within an optimized open-pit shell demonstrating RRPEE and surface materials, including waste rock dumps, heap leach pads, and tailings storage facilities. The estimate is based on appropriate mining, processing, metallurgical, and

economic assumptions and supersedes prior disclosures for the Project.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Measured Mineral Resources total 5.5 Mt at 0.492 g/t Au and 3.487 g/t Ag, containing 0.09 Moz Au

and 0.62 Moz Ag. Indicated Mineral Resources total 179.2 Mt at 0.330 g/t Au and 3.842 g/t Ag, containing 1.90 Moz Au and 22.1 Moz Ag. Measured and Indicated Mineral Resources combined total 184.7 Mt at 0.335 g/t Au and 3.832 g/t Ag, containing 1.99

Moz Au and 22.8 Moz Ag, with average metallurgical recoveries of approximately 70.0% for Au and 7.5% for Ag.

Inferred Mineral Resources total 238.0 Mt at

0.301 g/t Au and 3.403 g/t Ag, containing 2.30 Moz Au and 26.0 Moz Ag, including 89.7 Mt of surface materials (waste rock dumps, heap leach pads, and tailings storage facilities) at 0.327 g/t Au and 4.738 g/t Ag.

1-30

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Table 1-14: Summary of Mineral Resources Estimate –

April 29, 2026

Category

Tonnage

(000 t)

Grade

(g/t Au)

Grade

(g/t Ag)

Contained

Metal

(000 oz Au)

Contained

Metal

(000 oz Ag)

Metallurgical

Au Recovery

(%)

Metallurgical

Ag Recovery

(%)

Measured Oxide/Mixed Pit (non-sulfide)

2,004

0.293

3.019

195

75.2

17.1

Measured Oxide/Mixed Pit (sulfide)

178

0.316

4.307

70.6

0.0

Measured Sulfide Pit

3,347

0.621

3.724

401

66.5

0.0

Total Measured In Situ

5,528

0.492

3.487

620

69.8

6.2

Indicated Oxide/Mixed Pit (non-sulfide)

77,899

0.261

3.613

653

9,049

74.2

17.3

Indicated Oxide/Mixed Pit (sulfide)

15,941

0.328

4.934

168

2,529

68.7

0.0

Indicated Sulfide Pit

85,336

0.393

3.848

1,078

10,558

66.5

0.0

Total Indicated In Situ

179,176

0.330

3.842

1,900

22,135

70.1

7.5

Total Measured + Indicated In Situ

184,704

0.335

3.832

1,987

22,755

70.0

7.5

Inferred Dumps

46,893

0.279

1.941

420

2,927

77.1

44.6

Inferred Heap Leach

31,600

0.301

8.363

306

8,497

40.0

0.0

Inferred TSF

11,165

0.599

6.221

215

2,233

50.1

0.0

Total Inferred Surface

89,658

0.327

4.738

942

13,657

60.6

23.3

Inferred Oxide/Mixed Pit (non-sulfide)

48,656

0.235

2.384

367

3,729

76.6

14.4

Inferred Oxide/Mixed Pit (sulfide)

4,960

0.286

3.543

565

68.9

0.0

Inferred Sulfide Pit

94,761

0.311

2.657

948

8,095

66.5

0.0

Total Inferred In Situ

148,377

0.285

2.597

1,361

12,390

69.9

4.7

Total Inferred Surface + In Situ

238,035

0.301

3.403

2,303

26,047

97.9

8.8

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Notes:

The definitions for Mineral Resources in S-K 1300 were followed for

Mineral Resources

The Mineral Resource estimate is reported on a 100% ownership basis.

The point of reference for the Mineral Resource is before the crusher (in situ).

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.

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 US$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

Minimal mining width was 60 m for oxide/mixed material and 20 m for sulfide material

Mineral Resources are estimated using a long-term gold price of US$3,100 per ounce

Bulk density ranges from 1.5 t/m3 in the tailings storage

area to 2.7 t/m3 for in situ material

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

10.

Numbers may not add due to rounding.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

1.3.7

Mineral Reserve Estimates

There are no defined Mineral Reserves for the Sleeper Gold Mine as of the date of this TRS.

1.3.8

Mining Methods

Mining operations are planned as a conventional open pit operation using drill, blast, load, and haul methods on benches. Mining will be performed by a

third-party mining contractor. The mining fleet is expected to consist of diesel-powered hydraulic excavators and/or front-end loaders, supported by haul trucks typical of modern open pit mining operations in

Nevada. Mining activities will include both the rehandling of existing waste rock dump material and the extraction of in situ oxide and mixed mineralized material considered amenable to heap leaching and Merrill-Crowe recovery.

The Initial Assessment (IA) economic analysis considers only leachable mineralized material, including oxide and mixed material within the pit limits and

existing waste rock dump material. Existing waste rock dump material is currently estimated at approximately 47 Mt grading approximately 0.28 g/t gold, while in situ oxide and mixed mineralized material totals approximately 129 Mt grading

approximately 0.25 g/t gold. Sulfide mineralization, as well as material contained within the tailings storage facility (TSF) and heap leach pad (HLP), demonstrates RPEE; however, additional metallurgical testing, engineering studies, environmental

review, and economic evaluation are required before these materials can be considered for inclusion in the IA economic analysis.

The Base Case mine plan

considers Measured, Indicated, and Inferred Mineral Resources. Inferred Mineral Resources account for approximately 55% of the total mining inventory and are considered too speculative geologically to have the economic considerations applied to them

that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the Base Case economic analysis will be realized.

An Alternative Case was also evaluated comprising Measured and Indicated Mineral Resources only, excluding all Inferred Mineral Resources from the mine plan

and economic analysis.

1.3.9

Processing and Recovery Methods

Processing of mined material is planned using conventional crushing, agglomeration, and cyanide heap leach processing, followed by Merrill-Crowe zinc

precipitation for recovery of gold and silver.

The conceptual processing rate for the operation is approximately 30,000 tpd. Heap leach processing will

involve stacking crushed material on lined leach pads and applying cyanide solution to dissolve precious metals.

To date, metallurgical test work at

Sleeper has included historical bottle roll and column leach testing on oxide, mixed, waste rock dump, and selected sulfide materials; flotation testing on sulfide and existing tailings composites; and later

bio-oxidation, pressure oxidation, mineralogical, and comminution testing on selected refractory or sulfide-bearing materials. Overall, the work supports heap leach evaluation for oxide, mixed, and waste

materials, and flotation-based evaluation for tailings, HLP, and sulfide materials.

For the oxide, mixed, and waste rock dump material groups included in

the heap leach case, applied recoveries range from 65.0% Au to 83.9% Au and 8.1% Ag to 54.6% Ag. For the existing HLP and tailings, and sulfide material groups evaluated under the flotation and toll-milling case, applied gold recoveries range from

50.0% Au to 71.2% Au. No silver recovery is applied to the flotation case at this stage, and silver remains upside potential pending additional metallurgical and commercial evaluation.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

For oxide, mixed, and waste rock dump material within the Measured and Indicated Resource categories,

estimated recoveries of approximately 70% Au and 7.5% Ag were applied.

1.3.10

Infrastructure

Existing infrastructure at the Sleeper property includes exploration offices, equipment maintenance shops, water management ponds, monitoring wells, and a

network of access roads constructed during historical mining operations.

Electrical power is available via an existing

120-kV transmission line serving the region. Water supply for operations will be sourced from groundwater within the Desert Valley hydrographic basin under existing water rights.

1.3.11

Market Studies

Gold and silver produced from the proposed operation would be recovered as doré bars through the Merrill-Crowe process and transported to third-party

refineries for final metal recovery.

Gold and silver are internationally traded commodities with established global markets. Market studies are therefore

not considered necessary for the Project’s evaluation.

1.3.12

Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups

Historical mining operations at Sleeper were conducted under permits issued by federal and state regulatory agencies, including the

U.S. Bureau of Land Management and the Nevada Division of Environmental Protection.

Future development of the Project will require updated environmental

studies, permitting, and regulatory approvals associated with the restart of mining operations. These will include updates to existing permits and approvals for mine operations, water management, and heap leach processing facilities.

The project area is in a sparsely populated region with limited nearby residential development. Consultation with regulatory agencies and local stakeholders

will continue throughout the permitting process.

1.3.13

Capital and Operating Cost Estimates

The capital and operating cost estimates for the IA were developed by SLR using a combination of first-principles estimating, benchmarking against comparable

operations, and available contractor quotations, with all costs expressed in Q2 2026 US dollars and based on metric tonnes. Consistent with AACE International Class 5 scoping-level estimates, the cost estimates reflect a preliminary level of

engineering definition with an expected accuracy range of approximately ±50%. The capital costs include a 25% contingency.

For the Base Case,

total LOM capital costs are estimated at approximately $596 million, including $201 million in initial growth and development capital, $343 million in sustaining capital, and approximately $52 million allocated for reclamation

and closure activities. Initial capital requirements are reduced through the use of contract mining and phased heap leach pad development. Sustaining capital is dominated by pit dewatering expenditures totaling approximately $139 million over

the LOM. Additional sustaining expenditures are associated with staged heap leach pad expansions occurring in years 6, 9, and 12, as well as ongoing infrastructure and indirect costs.

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Average LOM operating costs are estimated at approximately $13.03/t processed, including mining, dewatering,

processing, and general and administrative costs. Open pit mining costs are estimated at $2.40/t mined, with total mining costs averaging $6.37/t processed after accounting for waste movement, rehandling requirements, and out-of-scope contractor allowances. Processing costs are estimated at $5.55/t processed and reflect a relatively simple crushing, heap leach, and Merrill-Crowe flowsheet.

Primary consumable costs include power at approximately $0.085/kWh based on NV Energy Northern Nevada industrial tariffs,

off-highway diesel at approximately $3.50 per US gallon, propane at approximately $2.25 per US gallon, sodium cyanide at approximately $2,650 per tonne delivered, and quicklime at approximately $375 per tonne.

The proposed operation is expected to employ approximately 210 to 220 personnel during steady-state operations using a conventional four-crew, 12-hour shift rotation to support continuous 24-hour-per-day mining and processing activities.

Staffing requirements are moderated by the use of large 150 t class haul trucks, contractor mining, and a relatively simple processing flowsheet; however, additional personnel are required to support significant pit dewatering activities.

Approximately 75% of the workforce is expected to reside in Humboldt County, Nevada, with the balance drawn from surrounding regions on a drive-in/drive-out basis

without the use of an on-site accommodation camp.

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2.0

Introduction

SLR International Corporation (SLR) was retained by Paramount Gold Nevada Corp. (PGN, Paramount Gold, or the Company) to prepare an independent Technical

Report Summary (TRS) on the Sleeper Gold Mine (Sleeper or the Project). The purpose of this TRS is to provide an Initial Assessment to support Mineral Resource disclosure. This TRS conforms to the United States Securities and Exchange

Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601(b)(96) Technical Report Summary.

Paramount Gold is a U.S.-domiciled precious metals exploration

and development company engaged in the acquisition, exploration, and development of gold and silver projects in the United States. The company’s principal assets include the Sleeper Gold Mine in Nevada and the Grassy Mountain Gold Project in

Oregon, as well as additional exploration properties in the western United States. Paramount Gold is publicly listed on the NYSE exchange under the ticker symbol PZG and maintains its corporate offices in Winnemucca, Nevada.

Paramount Gold holds a 100% interest in the Sleeper Gold Mine, which includes the historical Sleeper open-pit gold

mine and a large surrounding claim block totaling 2,474 unpatented mining claims covering approximately 44,917 acres (approximately 18,178 hectares) in Humboldt County, Nevada. The Sleeper mine was operated by AMAX Gold Inc. (AMAX) from 1986 through

1996, producing approximately 1.66 million ounces (Moz) of gold and 2.3 Moz of silver from open-pit mining and heap leaching and milling operations.

The Project is currently at the Initial Assessment (IA) stage, and as such, the level of engineering, geological definition, and metallurgical

The existing waste rock dumps were generated during prior mining operations conducted under substantially lower gold prices, which led to the application of

reasonably foreseeable gold price assumptions and processing technologies. This reclassification to Mineral Resources forms a key component of the Project’s economic rationale.

To support this evaluation, the waste rock dumps have been subject to initial drilling, sampling, and assaying programs, supplemented by preliminary

metallurgical modeling, and process design.

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In parallel, the Project concept includes recovery of in situ oxide and mixed mineralized material remaining

engineering studies will be required to confirm recoveries, processing parameters, and economic viability.

Overall, the Project represents a brownfields

mining, crushing and agglomeration, cyanide heap leaching, and Merrill-Crowe zinc precipitation to recover gold and silver.

The Base Case economic

analysis presented in this TRS evaluates the potential economic viability of processing Measured, Indicated, and Inferred Mineral Resources. The Base Case mining inventory comprises the following:

•

Approximately 47 million tonnes (Mt) of waste rock dump material, classified as Inferred Mineral Resources,

grading approximately 0.28 g/t gold (Au)

•

In situ oxide and mixed mineralized material including approximately 2 Mt Measured Resources grading 0.29 g/t Au,

78 Mt Indicated Resources grading 0.26 g/t Au, and 49 Mt Inferred Resources grading 0.24 g/t Au.

The Base Case production schedule

includes approximately 55% of Inferred Resources as part of the economic analysis. An Alternative Case was considered that included only in situ Measured and Indicated Resources in the economic analysis.

Unlike Mineral Reserves, Mineral Resources do not have demonstrated economic viability. The economic analysis contained in this TRS is preliminary in nature

and is based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic

forecasts on which this Initial Assessment is based will be realized.

Terms of Reference and Purpose

This Technical Report Summary has been prepared for Paramount Gold Nevada Corp. in accordance with the requirements of Regulation S-K 1300 for disclosure of Mineral Resources, exploration results, and initial assessments for mining properties.

The

purposes of this TRS are listed:

•

Summarize the geology, mineralization, exploration history, and technical studies conducted on the Project.

•

Present the results of an IA evaluating the potential economic viability of processing existing waste rock dump

material and in situ oxide and mixed mineralization.

•

Provide disclosure of Mineral Resources, mining methods, processing methods, infrastructure, and economic

assumptions consistent with S-K 1300 disclosure standards.

This TRS supersedes all previously

filed TRS for the Sleeper Gold Mine and is an update to the most recent TRS titled, “Technical Report Summary for the Sleeper Gold-Silver Project, Humboldt County, Nevada, USA” with an effective date of June 30, 2023, prepared for

Paramount Gold Nevada Corp. by RESPEC Company LLC., dated August 31, 2023 (RESPEC 2023).

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2.1

Site Visits

The Qualified Persons (QPs) responsible for the preparation of this TRS include professionals from SLR with relevant expertise in geology, mining engineering,

metallurgy, and economic evaluation.

Personal inspections of Sleeper were completed by SLR QPs on April 2, 2026, and May 17, 2024. During the

April 2, 2026, site visit, the SLR mining and geology QPs reviewed the historical mine site, surface geology, waste rock dump areas, exploration facilities, and infrastructure relevant to the Project evaluation. During the May 17, 2024,

site visit, the SLR heap leach QP reviewed the historical mine site, waste rock dump areas, exploration facilities, and infrastructure relevant to the Project evaluation. The Environmental QP has visited the site several times over the past five

years, including the most recent visit on January 27, 2026, at which time all permitted facilities were reviewed.

2.2

Sources of Information

During the preparation of this TRS, discussions were held with personnel from PGN:

•

Rachel Goldman, CEO, Paramount Gold Nevada Corp.

•

Michael McGinnis, CPG, Owner’s Representative, Paramount Gold Nevada Corp.

•

Carlo Buffone, CFO, Paramount Gold Nevada Corp.

This TRS has been prepared using information and data obtained from multiple sources, including:

•

Historical technical reports and feasibility studies for the Sleeper Gold Mine

•

Company reports, internal studies, and databases provided by Paramount Gold Nevada Corp.

•

Geological, metallurgical, and engineering studies prepared by previous operators and consultants

•

Publicly available technical publications and regulatory filings

•

Site visits and technical discussions with Paramount Gold personnel

Where appropriate, data sources are referenced within the relevant sections of this report.

The documentation reviewed and other sources of information are listed at the end of this TRS in Section 24.0 References.

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2.3

List of Abbreviations

Units of measurement used in this TRS conform to the metric system, unless otherwise noted. All currency in this TRS is US dollars (US$) unless otherwise

noted.

micron

kVA

kilovolt-amperes

µg

microgram

kilowatt

annum

kWh

kilowatt-hour

ampere

litre

bbl

barrels

pound

Btu

British thermal units

L/s

litres per second

°C

degree Celsius

metre

Canadian dollars

mega (million); molar

cal

calorie

square metre

cfm

cubic feet per minute

cubic metre

centimetre

MASL

metres above sea level

cm2

square centimetre

m3/h

cubic metres per hour

day

mile

dia

diameter

min

minute

dmt

dry metric tonne

µm

micrometre

dwt

dead-weight ton

millimetre

°F

degree Fahrenheit

mph

miles per hour

foot

MVA

megavolt-amperes

ft2

square foot

megawatt

ft3

cubic foot

MWh

megawatt-hour

ft/s

foot per second

Troy ounce (31.1035g)

gram

oz/st, opt

ounce per short ton

giga (billion)

ppb

part per billion

gal

US gallon

ppm

part per million

g/L

gram per litre

psia

pound per square inch absolute

gpm

US gallons per minute

psig

pound per square inch gauge

g/t

gram per tonne

relative elevation

gr/ft3

grain per cubic foot

second

gr/m3

grain per cubic metre

short ton

hectare

stpa

short ton per year

horsepower

stpd

short ton per day

hour

metric tonne

hertz

tpa

metric tonne per year

in.

inch

tpd

metric tonne per day

in2

square inch

US$

United States dollar

kcal

kilocalorie

volt

kilogram

watt

kilometre

wmt

wet metric tonne

km2

square kilometre

wt%

weight percent

km/h

kilometre per hour

yd3

cubic yard

kPa

kilopascal

year

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3.0

Property Description

3.1

Location

The Sleeper Gold Mine, a material exploration property of Paramount Gold, is located in Desert Valley at the western base of the Slumbering Hills within the

Awakening Mining District, Humboldt County, Nevada, United States. The Company holds the rights to explore, develop, and mine the property through its 100% ownership of unpatented lode mining claims (the Property). The Property lies approximately 42

kilometers (km) (26 miles [mi]) northwest of Winnemucca, Nevada, and is centered at approximately latitude 41°20’03” North and longitude 118°03’10” West. The location of the Property is illustrated in Figure 3-1 and is shown on the Jackson Well 7.5-minute quadrangle published by the United States Geological Survey. The main historical Sleeper mine workings are located near these

coordinates.

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Figure 3-1: Location Map

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3.2

Land Tenure

The Property comprises 2,474 unpatented federal lode mining claims covering approximately 18,178 hectares (approximately 44,917 acres) in Humboldt County,

Nevada. The claims are administered by the U.S. Bureau of Land Management (BLM) under the provisions of the Mining Law of 1872. Paramount Gold Nevada Corp., through its wholly owned subsidiaries Sleeper Mining LLC and New Sleeper LLC, holds 100%

ownership of the claims that make up the Project.

Ownership of unpatented mining claims conveys the right to explore, develop, and mine locatable

minerals subject to compliance with federal and state regulations. The surface estate remains under the title of the United States Government and is managed by the BLM. Surface use associated with exploration and mining activities is subject to

applicable environmental and land management regulations.

Paramount Gold’s latest Title Report was completed in December 2023, and the land

position has not been altered since. The properties subject to this 2023 Title Report Update include all the Claims.

The Property consists of contiguous

unpatented lode and placer mining claims covering portions of Sections 35 through 36 in Township 40 North, Range 34 East; Sections 3 through 10, 11, 14 through 23, and 25 through 36 in Township 40 North, Range 35 East; Sections 1 through 2, 11

through 14, 23 through 26, and 35 through 36 in Township 39 North, Range 34 East; Sections 1 through 12, 16 through 22, and 28 through 33 in Township 39 North, Range 35 East; Sections 1, 2, 11, and 12 in Township 38 North, Range 34 East; Sections 9,

16, 19 through 21, 28, and 32 through 34 in Township 38 North, Range 35 East; Sections 24, and 35 through 36 in Township 37 North, Range 34 East; Sections 1 through 5, 8, 9, 15 through 17, and 27 through 28 in Township 37 North, Range 35 East;

Sections 2 through 3, in Township 36 North, Range 34 East, Mount Diablo Base and Meridian, Humboldt County, Nevada. Surface rights for the unpatented claims are owned by the United States Government.

3.2.1

Mining Claims

The Project consists of four primary claim groups totaling 2,474 unpatented lode mining claims. These claim groups were assembled through a series of

acquisitions and claim-staking programs from 2010 to 2021.

Table 3-1: Sleeper – Summary of Claim

Holdings

Claim Group (SUB CLAIM NAMES)

Number of

Claims

Approximate Surface

Area

(Hectares)

(Acres)

Sleeper Gold Mine (AW, CR, DAY, DRYLAKE, ELECTRUM, FREE GOLD, LAM, LLY, MORNING, MORNING STAR, NA,

NEW ALMA, NEW EVENING, NEW SNOWSTORM, PDSLP, SK, SLEEPER, SS, VIRGINIA, YORK)

1,044

6,544

16,171

Dunes (Blue No., SP, SS)

394

2,997

7,405

Mimi (MIMI)

884

7,383

18,243

South Sleeper (RO, SH)

152

1,254

3,098

Total

2,474

18,178

44,917

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Section 27.0 provides a complete list of individual mining claims that comprise the Property.

Federal and State Mining Law Framework

Federal laws

governing mining activities on public lands in the United States are primarily contained in Title 30 of the United States Code (USC), “Mineral Lands and Mining,” and Title 43 of the United States Code, Chapter 35, “Federal Land

Policy and Management Act” (FLPMA). Implementing regulations for these statutes are contained in Title 43 of the Code of Federal Regulations (CFR), “Public Lands.”

Nevada state laws applicable to mining operations are primarily contained in the Nevada Revised Statutes (NRS), particularly Chapters 512 through 520, and in

the Nevada Administrative Code (NAC), primarily Chapter 517.

Federal mining claim law applicable to claims located on federal lands is based on the

General Mining Law of 1872, formally titled “An Act to Promote the Development of Mineral Resources of the United States”. Federal regulations governing mining claims and surface disturbance are implemented through provisions in

30 USC, 43 USC, and 43 CFR, as well as corresponding Nevada statutes, including NRS 517.

Approximately 85 percent of the land area within the State

of Nevada is federally owned. Most of these lands are administered by federal agencies, including the BLM, the United States Forest Service (USFS), the United States Department of Energy (DoE), and the United States Department of Defense. Large

areas of land administered by the Bureau of Land Management and the Forest Service remain open to mineral exploration and to the location of mining claims under the General Mining Law.

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Figure 3-2: Sleeper Tenement Map

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Federal Requirements for Exploration and Mining Activities

Regulations administered by the BLM governing surface disturbance and reclamation are contained in 43 CFR 3809. These regulations require that exploration

activities involving disturbance of five acres or less be conducted under a Notice of Intent submitted to the appropriate BLM Field Office (43 CFR 3809.1-1 through

3809.1-4).

A Plan of Operations (POO) must be submitted and approved for mining or processing activities, as well

as for exploration activities that will disturb more than five acres. A Plan of Operations is also required for bulk sampling programs where 1,000 short tons or more of presumed ore are proposed to be removed (43 CFR 3802.1 through 3802.6; 43 CFR 3809.1-4 and 3809.1-5).

BLM regulations further require that operators post

reclamation bonds sufficient to ensure reclamation of disturbances caused by activities exceeding casual use (43 CFR 3809.500 through 3809.560).

Federal Mining Claim Location and Maintenance Requirements

Federal regulations (43 USC 1744; 43 CFR 3833.1-2) require that the locator of a mining claim, mill site, or tunnel

site file a copy of the notice or certificate of location with the appropriate State Office of the Bureau of Land Management. This filing must include a map showing the claim location and must be completed within 90 days after the claim is located.

Failure to complete this filing within the required period renders the claim void.

The certificate of location must include:

•

The name and current mailing address of the claim owner or owners

•

The type of claim

•

The legal location of the claim, including township, range, section, and quarter section

•

The accompanying map must correspond to the claim location requirements established under Nevada state law.

Federal law (30 USC 28f; 43 CFR 3833.1-5) also requires payment of an annual claim maintenance

fee to the Bureau of Land Management. This fee must be paid to the appropriate BLM State Office on or before September 1 of each year. During the initial assessment year (the year in which the claim is located), the maintenance fee must be paid

at the time the notice of location is filed with the BLM. Failure to pay the claim maintenance fee results in the claim being declared void.

Nevada

State Requirements

Nevada law also requires claim holders to file documentation demonstrating continued intent to hold mining claims. Under NRS

517.230, on or before November 1 of each year, the claimant, or an authorized representative, must record with the County Recorder a Notice of Intent to Hold if annual assessment work is not being performed.

This affidavit must include the following:

•

Name and mailing address of the claimant

•

Name of the mining claim

•

Bureau of Land Management serial number (if assigned)

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•

Statement affirming the claimant’s intention to maintain the claim

The Notice of Intent to Hold establishes the claimant’s intent to maintain the claim from 12:00 pm on September 1 of the previous year through

11:59 am on September 1 of the current year.

3.3

Encumbrances

Unpatented mining claims require annual maintenance fees paid to the BLM as well as county recording fees. As of the Effective Date of this report, claim

maintenance fees have been paid in full through August 31, 2026.

Table 3-2: Property Holding Costs

Cost Category

Annual Cost

(US$)

Notes

Annual Claim Fees

494,800

BLM maintenance fees ($200/claim)

County Recording Fees

37,110

Humboldt County recording costs (approximately $15/claim)

Total Annual Holding Cost

531,910

Estimated annual property holding cost

3.4

Royalties

A total of five net smelter return (NSR) royalties apply to future mineral production from portions of the Project. These royalties are summarized in Table 3-3.

Table 3-3: Royalty Agreement Summary

Royalty Holder

Royalty Terms

Montezuma

1% NSR on ALL RO and SH claims (South Sleeper)

Geologix

1% NSR on ALL RO and SH claims (South Sleeper)

Snyder Syndicate

1% NSR on the 1,044 Sleeper Gold Mine claims (All claims, EXCEPT for ALL MIMI, ALL SP, ALL SS, AND ALL BLUE.)

Franco-Nevada U.S. Corporation

2% NSR on minerals produced from all 2,474 claims

Evolving Gold / Quinton Hennigh

2% NSR royalty on all SS and all SP claims.

Dry Lake Placer Association

3% NSR on Dry Lake Placer claims

ICN Resources Ltd.

0.5% NSR on all SS and all SP claims; 1.5% NSR on all Blue claims

3.5

Required Permits and Status

The permits are summarized in Table 3-4 represent the principal BLM and State of Nevada authorizations for exploration,

reclamation, historical operations, and ongoing site maintenance at the Property as of the report’s Effective Date. The summary preserves the permit numbers, bond references, and compliance details from the source material and is intended to

support a concise yet complete permit section in the technical report.

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3.5.1

Key BLM and State Permits in Place

Table 1 summarizes the key BLM and State permits identified as being in place as of the Effective Date of the report. These permits are associated with

exploration, mine operations, air quality, reclamation, water management, solid waste, and related site activities.

Table 3-4: Sleeper—Key BLM and State Permits in Place

Permit / Authorization

Permit Number

Regulatory

Agency

Notes/Scope

Exploration Reclamation Permit

#0219

Nevada Division of Environmental Protection / Nevada Division of Minerals

Exploration reclamation authorization maintained for exploration disturbance and associated reclamation obligations.

Exploration Plan of Operations

#NVN077104

BLM

Federal exploration plan covering exploration activities and related surface disturbance.

Sleeper Mine

#NVN064100

BLM

Mine-level federal authorization associated with the Sleeper Mine operations area.

Class II Air Quality Operating Permit – Surface Area Disturbance

#AP1041-2831

State of Nevada

Air quality operating permit associated with surface disturbance activities.

Mine Reclamation Permit

#0037

State of Nevada

Legacy permit maintained from prior mining activities for future reactivation flexibility.

Water Pollution Control Permit

#NEV50006

State of Nevada

Water pollution control authorization maintained from prior operations.

Ground Water Appropriation Permits

#53228, #53231, and #53236

State of Nevada

Groundwater rights and appropriation permits applicable to the project area.

Hazardous Materials Permit

#30473; FDID #08250; Facility #1168-2326

State / Local

Hazardous materials registration and related compliance records for the site.

Class III Solid Waste Landfill Waiver

#SWMI-08-10

State of Nevada

Waiver associated with the site landfill / solid waste management function.

Industrial Artificial Pond Permit

#S34480

State of Nevada

Industrial pond authorization maintained from prior operating conditions.

Mine Plan of Operations

#N64100

BLM

Mine plan maintained for historical operations and future updating if production is reinitiated.

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In addition to the principal permits listed above, the property maintains numerous other permits associated

with previous mining activities. These legacy permits are retained to facilitate future updates should a decision be made to reinitiate production at the site. Ongoing maintenance of these permits includes monthly, quarterly, and annual monitoring

and reporting, as applicable.

3.5.2

Reclamation Bonds

Table 3-5 summarizes the reclamation bonds associated with the principal

BLM-authorized activities. The BLM Nevada State Office currently holds both bonds, and the current bond obligation was approved on October 9, 2020. The bond amounts are reviewed every three years.

Table 3-5: Sleeper Reclamation Bonds

Bond Number

Principal

Covered

Authorization

Current

Obligation

(US$)

Purpose

NVB000444

New Sleeper Gold LLC

NVN077104

345,044

Surface reclamation coverage for the Sleeper Gold Exploration Plan.

NVB000330

Sleeper Mining Company LLC

NVN064100

3,966,373

Surface reclamation coverage for operations conducted under the Sleeper Mine authorization.

3.5.3

Compliance and Permit Status

According to the source material, Paramount Gold is currently in compliance with all issued permits and is in the process of renewing those permits that

require renewal. The bonds held by the BLM provide surface reclamation coverage for operations conducted by the relevant principals under NVN064100 and NVN077104, respectively.

The current bond obligation was approved on October 9, 2020, and is reviewed every three years. Permit maintenance activities include monthly, quarterly,

and annual monitoring and reporting. Retaining legacy permits from previous mining activities is intended to simplify future permit updates if production is restarted.

3.6

Other Significant Factors and Risks

The SLR QP is not aware of any environmental liabilities on the property. Paramount Gold has, or can obtain, all the required permits to conduct the proposed

work on the property. The SLR QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the property.

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4.0

Accessibility, Climate, Local Resources, Infrastructure, and Physiography

4.1

Accessibility

The Sleeper Gold Mine is in Humboldt County in north-central Nevada, approximately 42 km (26 mi) northwest of Winnemucca, Nevada, which lies along

Interstate 80, the principal east–west transportation corridor across northern Nevada connecting Reno, Nevada, and Salt Lake City, Utah. Access to the project area is provided by Nevada State Highway 95, approximately 51 km (32 mi) north of

Winnemucca, and Nevada State Highway 140, approximately 23 km (14 mi) west toward the project area. The property is connected to the paved highway network by Sod House Road, a maintained gravel road that provides direct access to the mine site and

surrounding exploration areas. Interstate 80 parallels the Union Pacific transcontinental railroad, providing efficient transportation of bulk materials and mining consumables to Winnemucca and the surrounding mining district. The project area can

be reached year-round by vehicle under typical weather conditions, given the region’s generally dry climate and moderate winter snowfall.

4.2

Climate

The Sleeper Gold Mine is in Desert Valley at the western base of the Slumbering Hills in Humboldt County, Nevada. The project area lies within the Basin and

Range physiographic province at an elevation of approximately 1,300 m (about 4,265 ft) above sea level. The regional climate is characteristic of the semi-arid high desert of northern Nevada, with relatively low annual precipitation, large daily

temperature variations, and generally clear skies throughout much of the year. Winters are typically cool to cold, with average daytime temperatures in January of approximately 6°C to 8°C and nighttime temperatures commonly declining to

approximately -7°C to -9°C, although colder temperatures may occur during periodic Arctic air incursions. Snowfall occurs intermittently during winter storm

events; however, snow accumulations at the valley floor are generally modest and short-lived, typically melting within several days.

Average annual

precipitation in the Desert Valley area is approximately 130 mm to 150 mm per year (about 5 to 6 inches), with most precipitation occurring during winter and early spring frontal systems. Summers are generally warm to hot during the day, with

temperatures often exceeding 30°C, while nighttime temperatures typically cool significantly due to the dry desert air and elevation. Summer precipitation is relatively limited and typically occurs as isolated convective thunderstorms associated

with late-season Great Basin monsoonal activity. Overall, the area is characterized by low humidity, high evaporation rates, and sparse high-desert vegetation. Because of the relatively dry climate, moderate winter snowfall, and the absence of

prolonged severe weather conditions, the Sleeper property area is considered favorable for year-round exploration, development, and mining operations, with only minor seasonal impacts on access or operational efficiency.

4.3

Local Resources and Infrastructure

The Project lies within a region with a long history of mining activity. The historical Sleeper mine was operated by AMAX from 1986 to 1996 as a large open-pit

gold and silver operation. The previous operation required the development of significant mining infrastructure, including haul roads, processing facilities, water supply systems, electrical distribution systems, and support

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facilities, demonstrating that the area can support large-scale mining operations. Several facilities remain on-site and are currently utilized to support

exploration activities, including office space, equipment maintenance facilities, and storage areas used for drilling and exploration programs.

The

nearest regional service center is Winnemucca, Nevada, located approximately 42 km southeast of the property. The city of Winnemucca is the county seat of Humboldt County and has a population of approximately 8,400 people. The city functions as a

primary commercial and logistical hub for mining operations throughout north-central Nevada and provides access to equipment suppliers, fuel distribution, heavy equipment maintenance facilities, drilling and blasting contractors, warehousing,

lodging, medical services, and other industrial support services commonly required by mining projects.

Transportation and Access

Regional access to the Sleeper property is provided by Interstate 80, which passes through Winnemucca and serves as the principal east–west

transportation corridor across northern Nevada. Interstate 80 provides direct connections to major mining centers, including Elko, Nevada and Salt Lake City, Utah, to the east and Reno, Nevada, to the west.

An extensive network of historical mine haul roads, exploration access roads, and drill roads exists throughout the property, resulting from mining activities

conducted between 1986 and 1996 and subsequent exploration programs. These roads provide access to the historical open pit, heap-leach pads, waste-rock facilities, and exploration targets throughout the Sleeper district. Depending on the development

scenario, portions of this road network may require upgrading or rehabilitation to support future operations.

Electrical Power

Electrical power in northern Nevada is supplied by regional utilities through a network of high-voltage transmission lines serving numerous mining operations.

Transmission infrastructure in the broader region commonly includes 69-kV, 120-kV, and 230-kV lines that connect mines and industrial facilities to the regional grid operated by NV Energy. Typical overhead transmission lines in the region consist of

aluminum-conductor steel-reinforced (ACSR) cables mounted on steel or wooden monopole structures spaced approximately 90 m to 135 m apart, with structure heights typically ranging from about 17 m to 25 m, depending on terrain and span requirements.

Transmission corridors commonly occupy rights-of-way approximately 27 m wide.

Historical mining operations at Sleeper required electrical power for

mining equipment, ore processing facilities, pumping systems, and general site infrastructure. Historically, electrical power to the project area was supplied by an existing 120-kV transmission line

approaching the property from the north, operated by Harney Electric Cooperative. Future operations could utilize regional transmission connections, combined with on-site substations and electrical distribution systems similar to those used at other

open-pit mining operations in northern Nevada.

Airports and Air Transportation

The closest airport to the project area is Winnemucca Municipal Airport, approximately 10 km southwest of Winnemucca. The airport has a primary asphalt runway

approximately 2,134 m (7,000 ft) in length and supports general aviation and charter aircraft used by mining companies operating in the region. The nearest airports offering scheduled commercial airline service are Reno–Tahoe International

Airport, approximately 260 km southwest of the project area, and Elko Regional Airport, approximately 200 km east of the project area.

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Workforce and Mining Services

Northern Nevada is one of the most active gold-mining regions in the world and hosts numerous large mining operations. As a result, the region supports a

well-established mining workforce, including equipment operators, geologists, engineers, mechanics, electricians, and other skilled trades. Many workers employed at regional mines reside in Winnemucca or nearby communities. The presence of multiple

operating mines has also resulted in the establishment of numerous mining contractors and equipment suppliers capable of supporting exploration programs, construction activities, and large-scale mining operations.

Services available in Winnemucca and the surrounding region include heavy equipment repair facilities, fuel distribution, drilling and blasting contractors,

industrial construction contractors, mining equipment suppliers, and transportation and logistics companies. These services support both existing mining operations and exploration activities throughout Humboldt County and the broader northern Nevada

mining district.

Sources of Water

Water for the

previous operations was obtained from groundwater sources within the Desert Valley basin, supplemented by pit dewatering systems during mining operations. Paramount Gold currently holds water rights associated with the Project.

General Infrastructure

Much of the previous mining

infrastructure has been reclaimed following the mine’s closure in 1996; however, several facilities remain available to support exploration and future development. The property’s subdued topography provides suitable areas for the

construction of mine infrastructure, including processing facilities, heap leach pads, waste rock storage areas, and associated operational infrastructure.

Existing infrastructure at the Sleeper site is listed below:

•

Exploration and administrative office building

•

Heavy equipment maintenance shop (four-bay truck shop)

•

Dewatering well service shop

•

Truck maintenance facilities

•

Diesel storage and fuel tanks

•

Electrical transmission and distribution lines

•

Groundwater monitoring wells

•

Water management ponds

•

Administrative and storage buildings

•

On-site landfill area

•

Existing mine haul roads and exploration access roads

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4.4

Physiography

The Project is in north-central Nevada within the Basin and Range physiographic province, a region characterized by alternating north–south trending

mountain ranges and broad alluvial valleys formed by extensional tectonics. The Sleeper property lies primarily within Desert Valley and along the western flank of the Slumbering Hills, a low mountain range that forms the eastern boundary of the

valley. Elevations in the immediate project area average approximately 1,300 m above sea level (masl) (about 4,265 feet above mean sea level [fasl]) on the valley floor, increasing eastward into the Slumbering Hills where elevations exceed

approximately 1,700 masl. The terrain surrounding the historical Sleeper open pit consists of gently sloping alluvial fans, pediments, and low bedrock ridges, which transition into steeper volcanic uplands within the Slumbering Hills. Relief within

the immediate mine area is generally moderate, with local elevation differences of several hundred meters between the valley floor and adjacent uplands.

Desert Valley is a broad internally drained basin typical of northern Nevada, formed by fault-bounded mountain ranges and filled with unconsolidated alluvial

and lacustrine sediments derived from surrounding highlands. Surface drainage in the project area is limited and largely ephemeral, consisting of intermittent washes and small drainage channels that flow only during seasonal precipitation or

localized storm events. These ephemeral drainages typically flow westward across the valley floor and dissipate into alluvial sediments, forming no perennial streams. Vegetation in the area is characteristic of Great Basin high-desert shrubland,

dominated by sagebrush, rabbitbrush, and scattered grasses adapted to semi-arid conditions. The relatively subdued topography of the valley floor, combined with sparse vegetation and arid conditions, provides favorable terrain for the development of

large open-pit mining operations, heap leach facilities, and associated infrastructure. Overall, the physiography of the Sleeper property is typical of the northern Nevada Basin and Range region and presents

few significant natural constraints to exploration, development, or mining activities.

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5.0

History

5.1

Early Mining – Awakening District (Pre-1982)

The Sleeper Gold Mine is in the Awakening Mining District. Gold mineralization in the district was recognized well before the discovery of the Sleeper deposit.

Early mining activity in the district dates to the early 1900s, with production associated primarily with gold-bearing quartz veins hosted in metasedimentary rocks.

Significant production began in the 1930s from the Jumbo and Alma mines in the Slumbering Hills, approximately 6 km southeast of the eventual Sleeper pit.

Narrow quartz–adularia veins were mined by underground and small open pit methods. Historical compilations report that the Awakening District produced approximately 26,262 ounces of gold between 1932 and 1958. Numerous historical shafts,

adits, and prospect pits occur within a few kilometers of the Sleeper deposit, indicating widespread early exploration activity.

5.2

Ownership

5.2.1

AMAX Gold Inc. Discovery and Mining (1982–1996)

The modern history of the Sleeper deposit began in 1982 when John Wood, an exploration geologist with AMAX, recognized iron-oxide staining in an outcrop during

aerial reconnaissance. AMAX conducted geological mapping, geochemical sampling, and drilling programs between 1982 and 1984.

A breakthrough occurred in

late 1984 when a step-out drill hole intersected approximately 102 m of silicified breccia averaging approximately 27.87 g/t gold and 61.7 g/t silver. The discovery hole confirmed the presence of a

high-grade epithermal gold system and led to rapid project advancement. AMAX formally announced the Sleeper gold discovery in February 1985. Regulatory approvals for the mine’s construction were granted later in 1985. Mining began in January

1986, and mill commissioning commenced the following month. The first gold bar was poured on March 26, 1986, only slightly more than a year after the discovery announcement.

The operation processed oxide mineralization using both milling and heap-leaching circuits. Initial mine plans projected modest production, but actual

production greatly exceeded expectations due to exceptionally high grades encountered early in the Sleeper vein system. Gold production during 1986 reached approximately 126,000 ounces, with operating costs reported at less than US$60 per ounce.

Production increased to approximately 159,000 oz in 1987 and approximately 230,000 oz in 1988. The mine was widely recognized as one of the lowest-cost

gold producers in the world during the late 1980s. AMAX later added heap-leach facilities to process lower-grade oxide material.

In 1994, AMAX merged

with Cyprus Minerals to form Cyprus Amax Minerals Company. Mining at Sleeper continued until 1996, when operations were suspended. Total historical production from the Sleeper mine is approximately 1.66 Moz Au and 2.3 Moz Ag. Approximately

1,219,880 Moz Au were recovered from milling operations and approximately 438,609 Moz Au from heap-leach processing.

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Following closure, groundwater began filling the open pit, forming a pit lake. AMAX accelerated the filling

of the open pit to prevent the formation of acidic water. Processing facilities and crushing equipment have since been removed, and the former mill area has been reclaimed.

5.2.2

X-Cal Resources Ltd. and Joint Venture Exploration (1993–2010)

X-Cal Resources Ltd (X-Cal) began assembling a land package in the district in 1993 when it acquired property around

the Alma Mine through an agreement with Leland York. Surface mapping and sampling identified several areas of anomalous gold mineralization. Additional claims were acquired in 1994 and 1995, extending X-Cal’s holdings to the boundary of the

AMAX Sleeper property.

In April 1996, X-Cal and AMAX entered into a joint venture agreement to explore the Sleeper property and the surrounding land

package. In 1997, X-Cal entered into an option agreement with Placer Dome Inc. (Placer Dome). During a 40-day review period, Placer Dome conducted data compilation, completed an aeromagnetic survey, and drilled 47 holes totaling approximately 13,323

m (43,710 ft) of reverse circulation (RC) drilling and of diamond core drilling. The option ultimately expired after revised terms could not be negotiated.

Kinross Gold Corp. (Kinross) acquired AMAX’s interest in the Sleeper project. Between 1998 and 2003, X-Cal negotiated several agreements with Kinross

regarding ownership of the property.

On January 9, 2004, X-Cal and New Sleeper Gold Corp. (New Sleeper Gold) formed a 50/50 joint venture and

acquired Kinross’s 50% interest in the Sleeper property. New Sleeper Gold assumed management of the Project and funded extensive exploration programs between 2004 and 2005. These programs included approximately 29,780 m (97,704 ft) of

drilling, consisting of sonic, reverse-circulation, and diamond-core drilling, as well as trenching, induced polarization and magnetotelluric geophysical surveys, gravity surveys, soil-gas surveys, geological mapping, and geochemical sampling.

In May 2006, X-Cal acquired New Sleeper Gold’s 50% interest in the joint venture, consolidating 100% ownership of the Sleeper project.

5.2.3

Paramount Gold Nevada Corp. (2010–Present)

In August 2010, Paramount Gold and Silver Corp. acquired all outstanding shares of X-Cal Resources Ltd. through a plan of arrangement. Following the

acquisition, Paramount Gold Corp. began renewed exploration drilling at Sleeper in October 2010.

In 2011, Paramount Gold Corp. acquired the Dunes Project

claims located south of the Sleeper deposit from ICN Resources Ltd. (ICN). In 2012, additional claims known as the Mimi Project were staked adjacent to the historical Sleeper mine.

In connection with the acquisition of Paramount Gold and Silver Corp. by Coeur Mining, Inc., the Nevada assets were spun out into a separate publicly traded

company, Paramount Gold Nevada Corp., in 2015. Paramount Gold Nevada Corp. now controls the Project through its subsidiaries, Sleeper Mining LLC and New Sleeper LLC.

Additional claims known as the South Sleeper (RO and SH groups) were acquired in 2021, expanding the overall property. The Sleeper Gold Mine currently

comprises a large district-scale land position comprising 2,474 unpatented federal mining claims administered by the BLM. The Project is an advanced exploration and redevelopment project centered on the historical open pit mine and numerous

surrounding exploration targets within the Awakening Mining District.

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5.3

Exploration and Development History

5.3.1

Historical Drilling (1983–2010)

Drilling at the Project has been conducted intermittently since the early 1980s by multiple operators and forms the primary basis for the current geological,

structural, and grade interpretation of the deposit. Initial drilling programs undertaken by AMAX between 1983 and 1995 established the core of the drilling database. Subsequent exploration and evaluation programs were completed by Placer Dome, X-Cal, New Sleeper Gold, and others through approximately 2010.

The historical drilling database is extensive and

represents the majority of drilling completed at the Project. Reverse circulation (RC) drilling predominates, accounting for approximately 95% of all drill holes and meters drilled, with most holes oriented vertically, reflecting the exploration and

production objectives of early-stage development. Later programs incorporated angled diamond core drilling to better define structural controls, vein orientations, and the geometry of higher-grade

mineralization. These core programs significantly improved geological control, particularly in areas characterized by steeply dipping vein systems and structurally controlled mineralization. Integration of RC and core datasets has enabled the

development of a refined geological and structural model, including the recognition of multiple vein sets, hydrothermal breccias, and stratigraphically controlled mineralized domains. However, portions of the historical database are incomplete, with

missing hole metadata, survey information, and total depths for certain programs. These limitations have been considered by the QP in evaluating data reliability and Mineral Resource classification.

Modern exploration commenced with AMAX in April 1982, following reconnaissance identification of iron staining. Surface mapping, geochemical sampling, and

drilling culminated in a late-1984 step-out hole intercepting 102 m averaging 27.87 g/t Au (0.81 oz/st Au) and 61.7 g/t silver, including a high-grade quartz-electrum vein with visible gold. Discovery was announced in February 1985, construction was approved in August 1985, and mining began in January 1986. The

mill was commissioned in February 1986, and first gold was poured on March 26, 1986. Between 1986 and 1996, production totaled approximately 1.66 Moz of gold and 2.3 Moz of silver. During the 1983–1995 period, AMAX completed 3,668 drill

holes totaling 509,043 m and conducted an IP/resistivity survey in 1987. Mining concluded in 1996.

In 1989, NGM reportedly drilled nine holes totaling

438 m; however, SLR is unaware of NGM’s full name or of any relationship, if any, between NGM and AMAX. No information is available regarding NGM’s drilling contractors, drill rig types, sample collection procedures, or collar and down-hole survey methods.

From 1996 to 1997, under the X-Cal/AMAX joint

venture, work focused on data compilation, mapping, surface geochemistry, and geophysics. Between 1993 and 1997, X-Cal collected 7,599 soil samples and 2,480 rock samples and completed 140 RC holes totaling

27,700 m. QA/QC procedures established during this period formed the basis for protocols adopted in later programs.

In 1997, Placer Dome optioned the

property, conducted a comprehensive database review, and completed a high-resolution airborne magnetic survey (50 m line spacing with 2 m readings). Placer Dome drilled 47 holes totaling 13,323 m, including RC and RC/core combination holes. During

this period, Mineral Resources Development Inc. (MRDI) evaluated tailings and heap-leach pads using six auger holes in tailings (7.6 m to 10.7 m depth), two RC holes, and three auger holes in leach pads.

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Between 1998 and 2003, X-Cal focused on consolidating and evaluating

tailings and heap-leach materials. This work included ten auger holes drilled into tailings in 1999, 83 sonic holes completed in 2002 (9.1 m to 10.7 m depth with 1.52 m sampling intervals), and a gravity survey conducted in 2003 on 500 m line

spacing with 200 m stations. Sampling and analytical procedures were generally consistent with industry standards, although documentation from early programs is incomplete.

In January 2004, New Sleeper Gold acquired Kinross’ 50% interest and entered into a joint venture with X-Cal.

Between 2004 and 2005, exploration and development activities included 29,780 m of drilling (comprising 17,028.9 m core, 11,373.6 m RC, and 688.8 m sonic drilling), trenching, IP, magnetotelluric (MT), gravity surveys,

soil-gas surveys (Hg and O₂/CO₂), surface mapping, geochemical sampling, and aerial photography. During this period, mill and crusher facilities were removed and reclaimed. Joint funding commenced

in August 2005, and X-Cal acquired full ownership in May 2006.

From 2004 to 2007, integrated interpretation of

magnetic, gravity, IP, and MT datasets refined the understanding of structural controls on mineralization. Magnetic inversion modeling in 2005 identified mineralization within a magnetic low bounded by magnetic highs, while gravity surveys completed

between 2003 and 2005 delineated density contrasts and major structural trends. Soil-gas and geochemical anomalies further highlighted concealed structures. QA/QC procedures applied during this period were

consistent with industry practice.

Between 2003 and 2007, X-Cal drilled an additional 47,347 m, including 30 core

holes (9,027 m), 133 RC holes (35,546 m), eight RC/core combination holes (2,776 m), and one hole of unknown type. Drilling, sampling, and QA/QC procedures implemented in 2006 and refined in 2007 became standard for subsequent programs. Work during

this period also included structural interpretation, target generation, blasthole modeling, and continued evaluation of tailings and heap-leach materials. Subsequent exploration drilling included 69 drill

holes totaling 18,041 m by New Sleeper Gold between 2004 and 2005, followed by an additional 34 holes (6,636 m) completed by Evolving Gold in 2008, and by Montezuma Mines, 11 holes (1,940 m) between 2011 and 2012. Evolving Gold also conducted

gravity, IP/resistivity, and ground magnetic surveys between 2007 and 2008, while Montezuma completed ground magnetics (2009–2010) and gravity/IP surveys (2011–2012). Some drill hole locations from these programs were not incorporated

into the historical drilling database due to unresolved drill hole location surveys. In 2021, Paramount Gold conducted an exploration RC drilling program focused on the Range Front target area southeast of the pit in the hills east of the South

Dump. Drilling of 6 RC holes totaling 2,644 m was completed.

5.3.2

Historical Geophysical and Surface Exploration Programs

5.3.2.1

Airborne Geophysical Surveys (1980s–1997)

Airborne geophysical surveys were conducted during several phases of exploration from the 1980s through the late 1990s, culminating in a detailed aeromagnetic

survey completed in 1997. This survey utilized closely spaced east–west and north–south flight lines, approximately 50 m apart, with high-frequency data acquisition along the lines. The airborne magnetic data were used to identify

lithologic variations and structural features, including volcanic units, intrusive bodies, and fault zones. Magnetic highs were interpreted to be associated with volcanic, hypabyssal, and metasedimentary rock units, providing important context for

geological interpretation and exploration targeting. These airborne datasets provided regional-scale coverage of the property and were instrumental in defining large-scale structural trends and lithologic domains that guided subsequent ground-based

exploration and drilling programs.

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5.3.2.2

Ground Geophysical Surveys (1980s–2012)

Ground-based geophysical surveys were conducted from the early 1980s through 2012 and included magnetic, gravity, IP, resistivity, and MT methods. Ground

magnetic surveys were used to refine interpretations derived from airborne data and to provide higher-resolution mapping of local structures and lithologic contacts. Gravity surveys conducted throughout this period, including early programs and

later expansions, were used to define basin geometry, bedrock topography, and density contrasts associated with lithologic and alteration variations. These data were particularly important in identifying structural features beneath post-mineral

cover and in constraining the geometry of the basin hosting the Sleeper deposit. Electrical geophysical methods, including induced polarization and resistivity surveys conducted during multiple phases of exploration, including the 2004–2005

joint venture period, were used to detect chargeability anomalies and resistivity contrasts associated with sulfide mineralization, silicification, and hydrothermal alteration. MT surveys conducted during this period provided insight into deeper

conductivity structures and regional controls on hydrothermal fluid pathways.

5.3.2.3

Surface Geochemical Programs (1980s–2012)

Surface geochemical sampling programs were conducted from the early 1980s through 2012 and included extensive soil and rock-chip sampling campaigns across the

property. Soil geochemical programs, comprising more than 11,000 samples collected over multiple phases, were designed to identify anomalous concentrations of gold and pathfinder elements, particularly in areas of shallow alluvial cover.

Rock-chip sampling programs were used to verify mineralization exposed at surface and to characterize lithologic units and alteration zones. The integration

of geochemical data with geological mapping and geophysical interpretations enabled the delineation of coherent mineralized trends and target areas for follow-up drilling.

5.3.2.4

Soil Gas and Specialized Geochemical Surveys (2004–2005)

During the 2004–2005 joint venture exploration programs, specialized soil gas surveys were conducted, including mercury vapor and O₂/CO₂

measurements. These techniques were applied to detect subtle geochemical signatures associated with concealed mineralization and hydrothermal activity, particularly in areas where conventional soil geochemistry was less effective due to cover

conditions. These data were integrated with other exploration datasets to refine target generation.

5.3.3

Geological Mapping and Trenching (1980s–2005)

Geological mapping programs were conducted throughout the property’s exploration history, beginning in the early 1980s and continuing through later

campaigns, including the 2004–2005 joint venture period. These programs focused on defining lithologic units, alteration assemblages, and structural features across the property.

Trenching programs, particularly those conducted during the 2004–2005 period, were used to expose bedrock beneath shallow cover and to allow direct

observation and sampling of mineralized zones. These activities supported refinement of the geological model and validation of geochemical and geophysical anomalies.

The integration of these historical geophysical and surface exploration programs resulted in the identification of multiple mineralized trends and

structurally controlled zones across the property. Several of these trends, including those associated with volcanic contacts and major structural corridors, have not been extensively drill tested and remain prospective for additional mineralization

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5.4

Past Production

Table 5-1 combines gold production from both the mill and heap-leach circuits operated by AMAX Gold Inc. at the Sleeper

Mine. Silver production was primarily recovered from mill operations. Totals correspond with reported cumulative production of approximately 1.66 Moz of gold and approximately 2.3 Moz of silver.

Table 5-1: Sleeper Gold Mine – Total Annual Production (1986–1996)

Year

Mill Gold

(000 oz)

Heap Gold

(000 oz)

Total Gold

(000 oz)

Mill Silver

(000 oz)

Heap Silver

(000 oz)

Total Silver

(000 oz)

1986

132.6

4.9

137.6

93.1

11.4

104.5

1987

152.8

16.8

169.6

131.3

38.8

170.1

1988

170.6

56.7

227.3

173.4

74.3

247.7

1989

196.3

57.9

254.3

245.0

97.2

342.2

1990

191.1

53.6

244.7

269.7

120.8

390.5

1991

121.1

62.6

183.7

183.2

108.0

291.2

1992

78.3

61.7

140.0

130.0

122.0

252.0

1993

51.3

48.9

100.2

157.7

98.5

256.2

1994

70.9

36.2

107.1

59.6

83.8

143.3

1995

54.7

27.3

82.1

47.7

51.0

98.7

1996

—

12.0

—

9.9

Totals

1,219.9

438.6

1,658.5

1,490.8

815.6

2,306.4

Avg. Metallurgical Recovery (%)

89.6

42.9

—

43.4

39.5

—

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6.0

Geological Setting, Mineralization, and Deposit

The information presented herein has been reviewed, edited, and, where appropriate, directly derived from RESPEC (2023) and Wilson and SRK (2012). The

geological framework, mineralization models, and deposit interpretations have been evaluated by SLR for completeness, internal consistency, and technical reasonableness.

6.1

Regional Geology

The Project is located within the northern Basin and Range Province of Nevada, a region characterized by extensional tectonics, high-angle normal faulting, and

widespread Cenozoic magmatism. The regional geologic framework comprises the following (Figure 6-1 and Figure 6-2):

•

Mesozoic metasedimentary basement rocks of the Auld Lang Syne Group

•

Cretaceous granitic intrusive rocks

•

Overlying Tertiary volcanic sequences, including bimodal basaltic and rhyolitic units

•

Basin-fill sediments associated with post-mineral extensional deformation

The Project is situated along the western flank of the Slumbering Hills within the western portion of the Northern Nevada Rift (NNR), a northwest-trending mid-Miocene geologic province extending from southeastern Oregon to southeastern Nevada. As described in RESPEC (2023) and Wilson and SRK (2012), the NNR is characterized by bimodal basalt–rhyolite

volcanism, extensional tectonics, and a documented spatial association with low-sulfidation epithermal gold-silver mineralization (John 2001).

Available geological information indicates that the NNR developed during a period of regional extension beginning in the

mid-Miocene (approximately 17 Ma), expressed by high-angle normal faulting and associated volcanic activity. These structural and magmatic features are widely recognized as key controls on epithermal mineral

systems in northern Nevada. The association between mineralization and this tectono-magmatic framework at the Project is based on regional analogs and published studies and should be considered interpretive.

Pre-Tertiary rocks in the Slumbering Hills consist of metasedimentary rocks of the Auld Lang Syne Group and Cretaceous

granitic intrusions, consistent with descriptions in both source reports. The metasedimentary sequence has been interpreted as part of an early Mesozoic back-arc basin assemblage that was subsequently deformed

and metamorphosed to greenschist facies during late Jurassic contraction associated with the Luning–Fencemaker thrust system.

Tertiary volcanic and

volcaniclastic rocks unconformably overlie the pre-Tertiary basement and locally intrude it. As described in the Wilson and SRK report (2012), many of these volcanic units are interpreted to represent outflow

facies of the McDermitt volcanic field and related caldera complexes to the north. Volcanic rocks hosting mineralization at Sleeper are interpreted to have been derived from a local volcanic center; however, the extent, timing, and configuration of

this source remain open to interpretation.

Quaternary pediment gravels and aeolian deposits occur west of the Slumbering Hills and locally cover portions

of the Project area, limiting bedrock exposure and influencing surface geological mapping and exploration methods.

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The regional structural framework is dominated by northwest- to north-northeast–trending high-angle

normal faults, which control basin development and are interpreted to have provided conduits for hydrothermal fluid flow. Basin and Range extension is also expressed by tilting of structural blocks. District-scale interpretations in the Wilson and

SRK report (2012) suggest a northeast-trending arch or anticline within the northern Slumbering Hills, characterized by opposing limb dips; however, this feature is inferred from regional mapping and remains conceptual.

The association between extensional faulting, bimodal volcanism, and epithermal mineralization is supported by regional studies and both technical reports;

however, the specific structural and lithologic controls on mineralization at the Property remain interpretive and subject to refinement with additional geological and drilling data.

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Figure 6-1: Regional Geology

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S-K 1300 Technical Report Summary

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Figure 6-2: Cross Section of Regional Geology

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SLR Project No.: 123.020721.00001

6.2

Local Geology

At the local scale, the Sleeper Gold-Silver Project is situated along the western flank of the Slumbering Hills within Desert Valley, where the geological

framework has been significantly modified by Basin and Range extensional tectonics. The present-day configuration reflects substantial displacement along north- to northeast-trending normal faults, which have

down-dropped the volcanic and basin-fill sequences by approximately 900 m to 1,000 m (3,000 ft to 3,300 ft) relative to the exposed basement rocks in the adjacent uplifts. In addition to these dominant structures, northwest-striking faults are

present and are interpreted as reactivated regional structural trends, contributing to a complex structural architecture that exerts primary control over lithological distribution and mineralization.

The stratigraphic framework at the property comprises Mesozoic basement rocks overlain by a sequence of Tertiary volcanic and volcaniclastic units. The

basement consists of the Auld Lang Syne Group, composed of slate, phyllite, quartzite, and calcareous metasedimentary rocks that have undergone deformation and low-grade metamorphism to greenschist facies, and

which are locally intruded by Cretaceous granodioritic to monzonitic bodies. These rocks form the structural footwall to the principal mineralized system. Overlying the basement is a succession of Miocene volcanic rocks, which serve as the primary

host sequence for mineralization.

The volcanic stratigraphy begins with a basal sequence of intermediate-composition volcaniclastic rocks and minor flow

units, which are overlain by dacitic to basaltic lava flows and associated flow breccias. This sequence is succeeded by felsic pyroclastic units, including pumiceous lapilli tuffs, and culminates in the emplacement of the Sleeper rhyolite. The

Sleeper rhyolite, consisting of flows, domes, dikes, and sills characterized by quartz-eye textures and sanidine phenocrysts, represents the principal host to gold-silver mineralization and is interpreted to

have played a critical role in the development of the hydrothermal system. Post-mineral volcanic units, including peralkaline ash-flow tuffs, overlie the mineralized sequence and are interpreted to post-date

mineralization.

Structurally, the deposit is dominated by a west-dipping, range-bounding normal fault that juxtaposes the Mesozoic basement rocks in the

footwall against the Miocene volcanic sequence in the hanging wall. This structure is interpreted to have served as the principal conduit for hydrothermal fluids and represents the first-order control on mineralization. Secondary structures within

the hanging wall, including splays, vein arrays, and fault intersections, create localized zones of enhanced permeability and are closely associated with the distribution of mineralized veins, breccias, and stockwork zones. The resulting structural

framework is hierarchical, with primary faults controlling the overall geometry of the system and secondary structures governing local mineralization patterns and grade distribution.

At the property scale, the Sleeper deposit is defined by a well-developed mineralized system comprising a central zone of historically mined high-grade

quartz–adularia veins surrounded by halos of stockwork and breccia-hosted mineralization, which transition outward into peripheral zones of lower-grade mineralization (Figure 6-3, Figure 6-4, and Figure 6-5).

The deposit extends approximately 1,500 m to 1,700 m

along strike, is on the order of 600 m in width, and has a vertical extent exceeding 600 m from near-surface to depth. This geometry reflects the combined influence of structural controls and lithological competency contrasts, which together

governed the development of permeability and fluid flow within the hydrothermal system.

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Following historical mining, the geological setting is characterized by extensive envelopes of low-grade stockwork mineralization that surround and underlie the previously mined high-grade vein systems. Remnant mid- to high-grade zones persist beneath and adjacent to

mined areas, representing down-dip and along-strike extensions of the primary vein systems as well as mineralization associated with secondary structural zones. Additional mineralization is recognized at

targets such as West Wood, where hydrothermal breccia-hosted mineralization is associated with structural complexity and possible intrusive influences, indicating that the mineralizing system remains open and locally underexplored.

The Qualified Person notes that geological continuity is generally well defined within the broader low-grade stockwork

domains, which form laterally and vertically continuous mineralized envelopes suitable for bulk-tonnage evaluation. In contrast, high-grade vein-hosted mineralization is discontinuous and strongly controlled by structural features, resulting in

significant spatial variability. This variability is an inherent characteristic of the deposit and represents an important consideration in geological modeling and Mineral Resource estimation. The overall geological interpretation is considered

robust and appropriate for the current level of study and is consistent with CIM (2014) Definition Standards, CIM (2019) Best Practice Guidelines, and SEC Regulation S-K 1300 reporting requirements.

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Figure 6-3: Stratigraphic Column

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Figure 6-4: Local Geology

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Figure 6-5: Cross Section of Local Geology

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6.3

Mineralization

Mineralization at the Sleeper Gold-Silver Project is characteristic of a low-sulfidation epithermal system (Figure 6-6) developed within a Miocene volcanic center and spatially associated with a major west-dipping, range-bounding normal fault. Gold and silver mineralization occurs predominantly within the hanging-wall volcanic

sequence, particularly within the Sleeper rhyolite and underlying basaltic units, and reflects a structurally controlled hydrothermal system with multiple phases of fluid flow and mineral deposition.

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Figure 6-6: Schematic Model of

Low-Sulfidation Epithermal System

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Mineralization at Sleeper comprises four principal styles that collectively define the deposit architecture:

(i) quartz–adularia vein systems, which host the highest grades and represent the primary fluid conduits; (ii) hydrothermal breccias, which occur in structurally prepared zones and locally host moderate- to high-grade mineralization;

(iii) stockwork veinlets and disseminated mineralization, which form a broad, lower-grade halo surrounding higher-grade structures; and (iv) alluvial or placer mineralization, derived from erosion of primary mineralized zones and preserved

in post-mineral sedimentary units. These styles reflect a continuum of hydrothermal processes ranging from focused fluid flow in discrete structures to more diffuse fluid dispersion into the surrounding host rocks.

Gold and silver mineralization is spatially and genetically linked to the structural framework of the deposit. The principal control is the regional-scale

normal fault system, which provided the primary conduit for hydrothermal fluids and established the hanging-wall domain in which mineralization is concentrated. Secondary controls include hanging-wall splays, vein arrays, and structural

intersections, which created localized zones of enhanced permeability. These structural features governed the distribution of mineralization and are directly associated with the development of high-grade veins, breccia bodies, and vein swarms. The

interaction between structure and lithology, particularly within competent rhyolitic units, played a critical role in focusing fluid flow and controlling mineral deposition.

The mineralization exhibits a clear relationship between style and grade distribution. High-grade mineralization is localized within quartz–adularia

vein systems that may extend along strike over significant distances but are typically limited in width and continuity. Bonanza veins were as much as 4 to 5 m wide. Although disrupted by post-ore faulting, the

reconstructed strike length of bonanza veins were quite consistent along strike for distances of more than 200 m. These veins can locally exceed 100 g/t Au, particularly within bonanza-grade shoots, although

such grades are spatially restricted. Mid-grade mineralization is typically associated with hydrothermal breccias and structurally controlled vein swarms, where grades generally range from approximately 3 g/t

Au to 34 g/t Au. These zones represent transitional domains between high-grade vein systems and the broader mineralized envelope. Low-grade mineralization occurs as pervasive stockwork veinlets and

disseminations, generally grading less than 3 g/t Au, but forming the bulk of the tonnage within the current Mineral Resource.

Mineralogically, the

system is dominated by quartz–adularia gangue assemblages with associated electrum, pyrite, and marcasite, consistent with deposition from near-neutral pH hydrothermal fluids under low-sulfidation

epithermal conditions. Alteration is characterized by strong silicification associated with veins and breccias, adularia alteration indicative of boiling conditions, and weaker argillic to sericitic halos in surrounding wall rocks. Distal propylitic

alteration is locally developed and reflects background fluid–rock interaction outside the main mineralized zones.

The geometry and continuity of

mineralization reflect the underlying structural controls. Mineralized zones extend over a strike length of approximately 1.5 km to 2.0 km, widths of several hundred meters to over 1 km, and vertical extents exceeding 600 m. However, continuity

varies significantly by mineralization style, with high-grade veins exhibiting limited lateral and vertical continuity relative to the more continuous, lower grade stockwork domains. This results in a deposit characterized by a highly heterogeneous

grade distribution, with localized high-grade zones embedded within a large, lower-grade mineralized envelope.

Following historical mining, the remaining

mineralization is dominated by lower-grade stockwork material, down-dip extensions of previously mined high-grade veins, and secondary structural zones hosting moderate-grade mineralization. Discrete zones

such as the West Wood area demonstrate the continued presence of structurally controlled, higher-grade mineralization associated with hydrothermal breccias and intrusive-related features.

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6.4

Deposit Types

The Project is classified as a low-sulfidation epithermal gold-silver deposit developed within a middle Miocene

volcanic center in an extensional tectonic environment. This classification is supported by the observed geological, mineralogical, structural, and alteration characteristics, including quartz–adularia vein systems, hydrothermal breccias,

stockwork mineralization, and associated alteration assemblages typical of epithermal systems formed at shallow crustal levels.

Low-sulfidation epithermal deposits are formed from near-neutral pH hydrothermal fluids, typically derived from magmatic sources and circulating through structurally prepared volcanic sequences. At Sleeper,

mineralization is spatially associated with a major west-dipping, range-bounding normal fault and related structural splays, which provided the principal conduits for hydrothermal fluid flow. The deposit is hosted predominantly within Miocene

basaltic and rhyolitic volcanic rocks, with the Sleeper rhyolite representing the primary host lithology. The structural and lithological framework is consistent with the development of an epithermal system in an extensional volcanic setting, where

repeated fault movement and magmatism facilitated fluid migration and metal deposition.

The mineralization at Sleeper exhibits the key features of low-sulfidation epithermal systems, including banded quartz–adularia veins, chalcedonic silica, and hydrothermal breccias, with associated gold occurring primarily as electrum. Sulfide mineralization is

generally limited to pyrite and marcasite, reflecting relatively low sulfur fugacity conditions compared to high-sulfidation systems. The alteration assemblage is dominated by silicification and adularia, with subordinate argillic to sericitic halos

and distal propylitic alteration, consistent with deposition from low-temperature hydrothermal fluids under boiling and fluid-mixing conditions.

The deposit displays a well-developed vertical and lateral zonation typical of epithermal systems. High-grade mineralization occurs in structurally controlled

quartz–adularia veins and associated breccias within the central portion of the system, representing zones of focused fluid flow and boiling. These zones transition outward and downward into intermediate grade breccias and vein swarms, and

ultimately into broad envelopes of low-grade stockwork and disseminated mineralization. This zonation reflects decreasing fluid flux and permeability away from the principal structural conduits and is

consistent with established genetic models for low-sulfidation epithermal deposits.

The overall geometry and

scale of the Sleeper system are also consistent with this deposit type, with mineralization extending over approximately 1.5 km to 2.0 km along strike, several hundred meters in width, and more than 600 m vertically. The system comprises a

combination of discrete high-grade vein structures and a large, lower-grade mineralized envelope, reflecting both focused and diffuse hydrothermal processes. The presence of alluvial or placer mineralization derived from erosion of primary

mineralized zones further supports the interpretation of a shallow-level epithermal system that has undergone post-mineral erosion and sediment redistribution.

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7.0

Exploration

Exploration at the Project comprises an extensive, multi-decade dataset integrating drilling, geochemical sampling, geological mapping, and a wide range of

geophysical surveys completed by multiple operators from the early 1980s through 2013. The deposit was discovered beneath shallow alluvial cover through drilling, and subsequent programs have included more than 4,400 drill holes, extensive soil and

rock geochemical datasets, and numerous geophysical surveys, including gravity, airborne and ground magnetics, induced polarization (IP), resistivity, magnetotelluric (MT), and seismic methods

7.1

Exploration

7.1.1

Paramount Gold Geophysical Surveys (2010–2013)

7.1.1.1

Overview (2010–2013)

Following the acquisition of the Project in 2010, Paramount Gold undertook a series of targeted geophysical surveys between 2010 and 2013 to enhance the

understanding of the structural and lithologic framework controlling mineralization. These surveys were designed to complement and refine the extensive historical geophysical database and were interpreted by a qualified geophysical consultant in the

context of both newly acquired and legacy datasets. The primary objective of this work was to delineate structural corridors, identify lithologic contrasts, and define alteration patterns associated with the hydrothermal system.

7.1.1.2

Gravity Survey (2012)

In 2012, Paramount Gold completed a detailed ground gravity survey over the southern portion of the property. The survey was conducted between late March and mid-April 2012 and comprised approximately 1,019 gravity stations collected on variable grid spacing, including 100 m and 200 m grids, supplemented by wider-spaced reconnaissance stations.

Gravity measurements were acquired using LaCoste & Romberg Model-G gravity meters, with station locations

surveyed using Trimble Real-Time Kinematic (RTK) and Fast-Static GPS methods to ensure accurate positioning and elevation control. The dataset was processed to Complete Bouguer Anomaly using a range of assumed densities, with a representative

density of approximately 2.35 g/cm³ applied based on prior work in the area. Terrain corrections were applied over multiple radii extending to regional scales, and the processed data were gridded and filtered to generate regional, residual, and

horizontal gradient products suitable for structural interpretation.

Interpretation of the gravity data identified three north–south–trending

structural corridors extending more than 30 km southward from the Sleeper deposit. These features define a series of basin and horst geometries and are interpreted to represent fundamental controls on the distribution of mineralization and the

architecture of the hydrothermal system.

7.1.1.3

Induced Polarization and Electrical Surveys (2012–2013)

Induced polarization (IP) and associated resistivity surveys were conducted during the 2012–2013 period to further investigate subsurface chargeability

and resistivity contrasts. These surveys were designed to identify zones of sulfide mineralization, silicification, and hydrothermal alteration that may not be evident from surface observations or magnetic data.

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The IP data were integrated with gravity and magnetic datasets to refine interpretations of subsurface

structures and alteration zones. Chargeability anomalies identified through these surveys were interpreted as zones of disseminated sulfides and hydrothermal activity, providing additional drilling targets and contributing to the overall

understanding of mineralization controls.

7.1.1.4

Data Integration and Interpretation (2010–2013)

All geophysical datasets acquired by Paramount Gold between 2010 and 2013 were integrated with historical geophysical, geological, and drilling data to produce

a coherent interpretation of the property-scale structural framework. The combined dataset allowed for improved delineation of major structural trends, basin geometry, and potential mineralized corridors extending beyond the limits of historical

mining.

This integrated interpretation confirmed that the Sleeper deposit is situated within a structurally complex setting characterized by major

north–south structural corridors and associated secondary structures that control the localization of high-grade vein systems and broader zones of disseminated mineralization. The results of the Paramount Gold geophysical programs have

therefore provided a critical foundation for ongoing exploration targeting, particularly in areas beneath post-mineral cover and along underexplored structural trends.

7.1.2

Exploration Targeting – QP Comment

Exploration targeting at Sleeper is based on integrating geological, geochemical, and geophysical datasets, with particular emphasis on structural controls and

the distribution of hydrothermal alteration. High-grade mineralization is interpreted to be localized along steeply dipping structural zones and associated vein systems, while broader zones of lower-grade mineralization occur within

stratigraphically controlled envelopes surrounding these structures.

Geophysical data, particularly gravity and IP surveys, have played a critical role

in identifying structural corridors, basin architecture, and potential alteration zones beneath the cover. These features provide key vectors for exploration, particularly in areas beyond the limits of historical mining and drilling. Targets include

down-dip and along-strike extensions of known vein systems, structurally controlled high-grade zones, and underexplored areas beneath post-mineral cover, including West Wood within the broader mineralized

halo.

The QP emphasizes that these exploration targets are conceptual and based on geological interpretation supported by available data. There has been

insufficient exploration to define Mineral Resources in these areas, and it is uncertain whether further exploration will result in the delineation of additional Mineral Resources.

7.2

Drilling

Drilling at the Project has been conducted by numerous operators over several decades and has served as the primary source of geological and grade information

supporting the current understanding of the deposit. As of the effective date of this Technical Report, Paramount Gold and the Project’s predecessor owners have completed approximately 4,400 drill holes totaling about 638,000 m of drilling

completed between 1983 and 2021 by multiple operators (Table 7-1 and Figure 7-1). Drilling methods are dominated by Reverse Circulation (RC), with limited core and sonic

drilling incorporated in later programs. Some historical drilling records lack complete information, including hole type and total depth for certain programs, and these data gaps introduce uncertainty that has been considered in the evaluation of

the dataset and Mineral Resource classification.

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Table 7-1: Drill Hole Database

Year

Operator /Property

Program /Area

Drill

Type

Number of

Drill Holes

Total Depth

Drilled (m)

1983–2010

Unknown

Exploration

780

1983–1995

AMAX

Exploration / Production

3,668

509,043

1989

NGM

Exploration

438

1997

Placer Dome

Exploration

13,323

1996–1997

X-Cal

Exploration

140

27,700

1998–2003

X-Cal*

Exploration

N/A

2003–2007

X-Cal

Exploration

169

47,169

2004–2005

New Sleeper Gold

Exploration

18,363

2007–2008

Evolving Gold*

Exploration

6,636

2009–2012

Montezuma Mines*

Exploration

1,940

2010–2021

Paramount Gold

Exploration

155

29,752

Waste Rock Dump

2,397

SONIC

261

Heap Leach Pad

CORE

978

TSF

SONIC

825

Total

4,596

659,605

Note: * reported historical drilling not contained in Mineral Resource Database

Reconciliation of historically reported drilling totals with the drill hole database provided to SLR indicates that, while the

datasets are broadly consistent in overall scale and principal contributors, differences exist due to incomplete, missing, or unverified data within the database available for review and use in the Mineral Resource Estimate (MRE).

AMAX drilling (3,668 holes; approximately 509,000 m), which comprises most of the dataset, is fully reconciled between sources and serves as the primary basis

for the database. NGM (9 holes; 438 m) and Placer Dome (47 holes; 13,323 m) drilling was also consistent across datasets and was considered complete.

Discrepancies were identified between historical drilling records and the drill hole database provided to SLR for the

X-Cal, Paramount Gold, and related programs. Historical records indicate that X-Cal completed 394 drill holes, including 83 holes drilled between 1998 and 2003 for which

total depths are not reported. The database provided to SLR includes 309 X-Cal holes totaling 74,869 m. Consequently, a portion of the X-Cal drilling—primarily

from the 1998–2003 program—was excluded from the Mineral Resource Estimate (MRE) due to insufficient or unverifiable supporting information.

Historical documentation also indicates that Evolving Gold drilled 34 holes totaling 6,636 m between 2007 and 2008, and Montezuma Mines drilled 11 holes

totaling 1,940 m between 2009 and 2012. These drill holes were not included in the database provided to SLR and were therefore excluded from the MRE.

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A similar variance is noted for Paramount Gold drilling. Records report 155 drill holes totaling 29,752 m,

whereas the database provided to SLR contains 136 holes totaling 23,756 m. The exclusion of 13 holes (approximately 3,300 m) reflects the absence of complete or verifiable supporting data at the time of review. As this drilling is relatively recent,

the omission is noted as a limitation on overall data completeness.

In contrast, New Sleeper Gold drilling shows consistency between datasets, with 69

drill holes reported and only a minor variance of approximately 300 m in total drilled length, which is not considered material. The 20 drill holes classified as “Unknown” (780 m) are present in both datasets; however, due to the lack of

ownership attribution and supporting metadata, their use remains limited and subject to further verification.

Overall, the historically reported dataset

comprises 4,596 drill holes totaling 656,960 m, compared to 4,455 drill holes (exploration, waste rock dumps, heap leach pads and TSF) totaling 645,033 m in the database provided to SLR, resulting in a net shortfall of 215 drill holes totaling

14,584 m. These differences are primarily attributable to incomplete X-Cal and Paramount Gold datasets. Consistent with S-K 1300 and CIM (2019) guidance, the QP has

excluded data that could not be verified or adequately supported and considers the remaining dataset sufficient to support the current Mineral Resource classification, while recognizing that the excluded data represent a limitation on overall data

completeness.

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Figure 7-1: Drill Hole Location Map

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7.2.1

Paramount Gold (2010–2021)

Drilling conducted by Paramount Gold Nevada Corp. and Silver Corp. between 2010 and 2021 represents the most recent phase of systematic exploration at the

Project and was undertaken to validate historical data, refine the geological model, and test extensions of known mineralization. A total of 136 drill holes comprising approximately 23,756 m were included in the drill hole database provided to SLR

and used in the Mineral Resource Estimate (MRE). Drilling was primarily focused on the Sleeper deposit core area and surrounding zones, including structurally controlled targets and underexplored areas such as West Wood and areas beneath

post-mineral cover.

7.2.1.1

2010 Drilling

The 2010 program comprised 14 drill holes totaling approximately 4,123 m and represents the initial phase of Paramount Gold’s drilling following

acquisition of the project. This program focused on the central Sleeper deposit, including areas within and adjacent to the historical open pit, with the objective of validating historical drilling results and confirming the continuity of known

mineralization. Limited step-out drilling also tested extensions of mineralization along the primary structural trends associated with the Sleeper vein system.

7.2.1.2

2011 Drilling

The 2011 program was the largest of the Paramount Gold campaigns, comprising 93 drill holes totaling approximately 9,028 m. During this phase, drilling focused

on expanding mineralization within the broader low-grade halo surrounding the historical high-grade vein systems, as well as testing along-strike and down-dip extensions

of the principal structures. Additional drilling targeted peripheral zones, including the West Wood area and other structurally controlled targets interpreted to host hydrothermal breccias and vein-related mineralization.

7.2.1.3

2012 Drilling

The 2012 program included 19 drill holes totaling approximately 6,158 m and was designed to follow up on targets generated from the 2011 drilling and

concurrent geophysical surveys. Drilling focused on structurally controlled zones identified through gravity and IP data, including areas south of the historical pit and beneath post-mineral cover. The program emphasized refining the geometry of

mineralized zones and testing newly identified structural corridors interpreted to control mineralization.

7.2.1.4

2013 Drilling

The 2013 program comprised 10 drill holes totaling approximately 4,448 m and represents the final phase of Paramount Gold’s drilling during this period.

Drilling was more selective and focused on priority targets identified from previous programs, including infill and step-out drilling in the core deposit area and targeted testing of structurally controlled

zones and peripheral exploration areas.

7.2.1.5

2021 Drilling

The 2021 program consisted of 6 RC exploration holes drilled to the southeast of the open pit. A total of 2,645 m were drilled. One of the holes was an RC pre-collar in the West Wood zone. However, the planned core tail portion of the hole was never initiated due to budgeting issues at the time.

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7.2.2

Drill Hole Orientation

Historical drilling at the Project was predominantly completed using vertical reverse circulation (RC) drill holes, reflecting the early focus on delineating

near-surface mineralization and supporting open-pit mine development. This approach was appropriate for defining the broad, laterally continuous low-grade mineralized

envelope; however, vertical drilling provides limited control on the true thickness and geometry of steeply dipping structures.

Subsequent drilling

programs incorporated angled holes, particularly core drilling, to better define the orientation and continuity of steeply dipping vein systems, hydrothermal breccias, and structurally controlled zones. Drill hole orientations and intercept

relationships indicate that high-grade mineralization is commonly associated with steeply dipping structures, and angled drilling was therefore required to adequately characterize these features and support geological modeling.

Paramount Gold drilling (2010–2021) continued to utilize primarily RC methods with a combination of vertical and locally angled holes, targeting both

confirmation of historical mineralization and improved definition of structural controls. Drill orientations were selected to test down-dip and along-strike extensions of known mineralized zones and to

evaluate targets identified through integrated geological and geophysical interpretation.

The QP considers that, while the predominance of vertical

drilling in the historical dataset introduces some uncertainty in defining true thickness and structural geometry, the incorporation of angled drilling and the overall drilling density provides an adequate basis for interpreting mineralization

continuity and supporting the current Mineral Resource Estimate.

7.2.3

Drill Hole Collar Surveys

Drill hole collar locations for historical and more recent drilling programs were established using survey methods consistent with industry practices at the

time of drilling. Early drilling campaigns (1980s–1990s) generally relied on conventional ground survey techniques, including optical and manual methods, which may be subject to greater positional uncertainty relative to modern standards.

More recent programs, including those conducted during the 2000s and by Paramount Gold Nevada Corp. between 2010 and 2013, utilized improved survey

techniques, including differential Global Positioning System (GPS) methods, providing greater spatial accuracy for collar positioning. Collar coordinates were compiled into a centralized database and, where possible, validated against historical

records and mapping.

For certain historical drill holes, survey control data are incomplete or lack documentation regarding survey methodology and

accuracy. In accordance with S-K 1300 requirements and CIM (2019) Best Practice Guidelines, the QP has assessed these limitations and considers that the overall collar dataset is sufficiently reliable to

support Mineral Resource estimation, with associated uncertainties addressed during the Mineral Resource estimation process.

7.2.4

Drill Hole Coordinate System

Drill hole collar locations at the Project have been recorded using multiple coordinate systems over time, reflecting changes in surveying practices and data

management by successive operators.

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During initial exploration in the early 1980s, AMAX established a local mine grid coordinate system based on

a truncated State Plane system referenced to NAD27, Western Nevada Zone, in feet. This local grid was defined such that local coordinates of X = 0 and Y = 0 correspond to State Plane coordinates of X = 640,000 ft and Y = 2,390,000 ft, respectively.

This coordinate system remained in use for all drilling and data management activities through August 2004.

In August 2004, X-Cal converted all relevant project data, including drill hole collar locations, to the Universal Transverse Mercator (UTM) coordinate system, NAD27, Zone 11, in meters. The transformation included the

establishment of a local mine grid reference tied to UTM coordinates (local Mine Grid X = 0 corresponding to UTM Easting 410,125.39 m and local Mine Grid Y = 0 corresponding to UTM Northing 4,573,808.38 m).

All drilling completed after this conversion, including the Paramount Gold drilling programs (2010–2021), was surveyed directly in UTM NAD27 Zone 11

coordinates (meters). Paramount Gold did not resurvey historical drill hole collars, as many locations had been disturbed by mining or reclamation activities. Instead, collar data were compiled from historical records, including drill logs and

electronic databases.

A review of the collar dataset indicates that most historical collar coordinates were transcribed into electronic format during the

X-Cal conversion and show good agreement between original mine grid records and UTM-transformed coordinates.

In accordance with S-K 1300 and CIM (2019) Best Practice Guidelines, the QP considers the coordinate system

transformation and compilation process to be appropriate for Mineral Resource estimation, with any residual uncertainty associated with historical collar locations addressed through data validation procedures and the Mineral Resource estimation

process.

7.2.5

QP Comment – Drilling Data Considerations and Limitations

While the overall drilling database is extensive, certain portions of the historical drilling record are incomplete or lack detailed documentation regarding

drilling methods, sampling procedures, and survey control. Some historical programs, although conducted by reputable operators, do not include sufficient supporting information on data-acquisition protocols, which introduces uncertainty and

implications for the confidence and classification of Mineral Resources.

Despite these limitations, the QP considers that the available drilling data,

when integrated with geological interpretation and supported by more recent drilling and validation work, provides an adequate basis for the current Mineral Resource estimates. Continued drilling, particularly using modern standards and oriented

core techniques, is expected to further refine the geological model, improve confidence in structural interpretations, and support potential future upgrades in resource classification.

7.3

Hydrogeology Data

The Project is located along the eastern margin of Desert Valley in Humboldt County, Nevada, where basin-fill alluvium overlies a sequence of Mesozoic and

Cenozoic bedrock units. The hydrogeologic system is well characterized based on pre-mining investigations, extensive dewatering records from mine operations (1985–1996), and post-closure monitoring data collected since 1996. SLR has reviewed

numerous technical reports prepared over the past three decades, including documents submitted to state and federal regulatory agencies such as the Nevada Division of Environmental Protection (NDEP), Bureau of Mining Regulation and Reclamation

(BMRR), and the BLM.

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Since the Sleeper pit has previously been dewatered by a network of dewatering wells (61 drilled over the

mine life), there is an extensive physical and chemical hydrogeological database collected from these dewatering wells and a supporting network of monitoring wells (68 installed over the mine life). At full capacity, the dewatering system discharged

87,200 m3/day (16,000 US gallons per minute [gpm]) from 12 pumping wells installed into the bedrock and 28 interceptor wells installed in the basal gravel aquifer.

7.3.1

Physical Hydrogeology

Hydrostratigraphic units generally consist of layered lacustrine clays, silts, and sands overlying alluvial gravel, followed by faulted rhyolite bedrock. The

lacustrine sands (known locally as the intermediate sands) are interpreted to have been beach deposits on the shores of periglacial Lake Lahontan. The intermediate sands were de-watered under an induced

hydraulic gradient from the intermediate sands into the basal alluvial gravel. As such, no dewatering wells were installed in the intermediate sands (WMC 1995).

The basal gravel is the primary aquifer and the main source of recharge to the pit lake. The basal gravel is thin to

non-existent on the east wall of the pit. Approximately 70% of the discharged groundwater was extracted from the basal gravel aquifer (WMC 2005). Groundwater discharged from the interceptor wells (installed in

the basal gravel on the west side of the pit) is intercepted prior to discharging to the pit.

Faults transecting the rhyolite bedrock have been found to

be generally non-transmissive and effectively compartmentalize groundwater flow in the bedrock. There is a fracture zone underlying the base of the pit (below 1,087 masl), known as the Deep Fracture System

(DFS), that was targeted to complete bedrock wells. Approximately 22 % of the discharged groundwater was extracted from DFS bedrock wells (WMC 2005). Generally, de-pressurizing the deep fracture system

induced downward flow from fractures above and allowed for efficient dewatering of the bedrock pit walls and floor.

However, in zones where pressurized

shallow fracture (PSF) systems were found not to be connected to the DFS and were at risk of de-stabilizing the pit walls, additional bedrock wells were installed. Approximately 9% of the discharged

groundwater was discharged from PSF bedrock wells (WMC 2005).

A total of approximately 30 dewatering wells were operational at any one time. Some

redundancy was built into the dewatering well network to allow for well and pump maintenance; as such, 61 dewatering wells were drilled over the mine life (WMC 2005). Approximately

5,450 m3/day (1,000 gpm) of the discharged water was used for mine operation (heap process water, mill operations, and dust control), while the remainder was discharged into a temporary

wetland comprised of engineered and permitted dyke structures that impounded 47 Mm3 (3,800 acre-feet) of water located in the middle of the Desert Valley (WMC 2005). Of the discharged water,

approximately 40% infiltrated into the subsurface, while the remainder evaporated (WMC 2005). The discharge system consisted of 4.8 km of conveyance channel and 17.7 km of containment dyke and required excavation, placement, and compaction of

264,000 m3 (350,000 yd3) of material.

Basal gravel and bedrock aquifer properties have been reasonably assessed and presented in Table 7-2.

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Table 7-2: Hydrostratigraphic Unit Hydraulic Properties

Hydrostratigraphic Unit

Hydraulic

Conductivity (m/s)

Specific Storage

ft-1

Specific

Yield

Lacustrine Deposits

4E-8 to 2E-5

2E-5 to 3E-3

0.1 to 0.15

Basal Gravel Aquifer

1E-5 to 1E-4

5E-5 to 5E-4

0.1 to 0.2

Volcanic Bedrock

4E-7

3E-7

0.0001

Source: WMC 1995.

Using the hydraulic properties presented above, a three-dimensional numerical model using

MODFLOW-USG was calibrated with a 90% to 95% correlation coefficient to measured piezometric heads in the aquifers (Piteau 2021). The monthly water balance of the calibrated model is presented in Table 7-3.

Table 7-3: Monthly Water Balance for the Calibrated Pit Lake Numerical

Model

Month

Water Level

Elevation

(masl)

Surface Area

of Open

Water

(m2)

Precipitation

(m3/day)

Evaporation

(m3/day)

Lake Water

Balance

(m3/day)

October

1,248

655,290

255

1,739

-1484

November

1,248

655,290

245

940

-696

December

1,248

655,290

250

576

-326

January

1,248

655,290

190

603

-413

February

1,248

655,290

120

875

-755

March

1,248

655,290

228

1,755

-1,527

April

1,248

655,290

315

2,076

-1,761

May

1,248

655,290

456

2,913

-2,457

June

1,248

655,290

163

3,755

-3,592

July

1,248

655,290

4,076

-4,011

August

1,248

655,290

2,870

-2,832

September

1,248

655,290

2,755

-2,663

Source: Piteau 2021.

The water balance is consistent with a net evaporative loss whereby there is no significant recharge to the subsurface.

The model was run under two climactic scenarios: 1) current climactic conditions and 2) assuming a 15% increase in evapotranspiration. The model showed that,

under each scenario, the pit lake was a regional groundwater receptor, that the pit lake was not recharging aquifers in any direction, and that it would continue to do so for at least 100 years into the future. The physical hydrogeology data

collected to date and the calibrated model show that physical hydrogeology at Sleeper is reasonably well understood.

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7.3.2

Hydrogeochemistry

A database comprising 24 years of quarterly monitoring of pit lake water quality has been developed. The data set includes depth profiling within the pit lake.

Since the pumps were turned off in 1996, the pit lake water quality has consistently improved (Table 7-4). Except for isolated exceedances of fluoride, the 2020 pit lake water quality generally met the Nevada

Profile III Reference values.

While the mine was operational, a groundwater quality database was developed consisting of groundwater samples collected

from exploration drill holes, groundwater monitoring wells and dewatering wells distributed as outlined in Table 7-5.

No formal quality assurance/quality control (QA/QC) system was implemented in the characterization of groundwater and pit lake quality.

Groundwater quality reported from each hydrostratigraphic unit was generally diagnostic of that hydrostratigraphic unit. Generally, groundwater at the margins

of the basin was younger calcium -bicarbonate type water, whereas groundwater at the center of the basin was older and trended toward a sodium-chloride type water. Since the groundwater quality from each hydrostratigraphic unit is diagnostic, the

influence of leakage across hydrostratigraphic unit boundaries can be qualitatively determined. Based on hydrogeochemical data, as dewatering progressed, an increasing percentage of the groundwater discharge originates from the basal gravel aquifer

but also an increasing percentage is older water originating from the center of the basin (WMC 1995).

Exceedances of U.S. Environmental Protection Agency

(USEPA) water quality standards in the discharged groundwater to the temporary wetland are presented in Table 7-6.

Table 7-4: Evolution of Pit Lake Water Quality

Analyte

1996 Lake

2008 Lake

1Q2011

1Q2014

1Q2020

Alkalinity (total)

62.9

pH (pH units)

1.9

7.6

7.78

7.77

7.27

Antimony

0.12

<0.003

0.002

<0.002

<0.0025

Arsenic

31.8

0.002

0.005

0.006

0.01

Cadmium

0.12

<0.002

<0.0020

Chloride

178

280

310

Copper

9.01

0.007

0.002

<0.002

<0.0020

Iron

1,348

<0.05

<0.1

<0.20

Lithium

<0.20

Magnesium

253

Manganese

27.7

0.098

0.074

0.063

0.05

Molybdenum

<0.040

Nickel

16.1

0.06

0.045

0.034

<0.050

Nitrate

0.53

0.3

<0.5

<0.1

Phosphorus

<1.0

Potassium

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Selenium

0.02

0.006

<0.01

<0.0050

Sodium

241

330

340

350

390

Strontium

Sulfate

6,366

1,330

1,300

1,400

Thallium

1.37

0.002

0.003

0.002

Tin

<0.20

Total Dissolved Solids

9,000

2,480

2,600

2,700

Uranium

<0.0050

Vanadium

<0.020

Zinc

39.5

0.015

0.06

0.05

<0.040

Source: Piteau 2021.

Notes:

analyte concentration not reported

less than the method detection indicated

All concentrations (except pH) are reported as mg/litre unless otherwise indicated

Table 7-5: Groundwater Sample Distribution

Source

Total Number of Samples Collected

Lahontan Clays

Intermediate Sand

Basal Gravel Aquifer

Bedrock

Regional Monitoring Locations

Composite Dewatering Discharge

Source: WMC 1995.

Table 7-6: Exceedances of USEPA Water Quality Standards in Dewatering Discharge

Primary

Drinking Water

Irrigation

Livestock

Watering

Aquatic Life

Wildlife

Propagation

Dewatering Discharge

Arsenic

Selenium

TDS

Fluorine

Boron

None

Fluorine

Arsenic

Boron

Copper

Zinc

Bicarbonate

Alkalinity

Source: WMC 1995.

Notes:

TDS total dissolved solids

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7.4

Geotechnical Data

No relevant geotechnical data have been collected by Paramount Gold recently, and the authors are not aware of any existing geotechnical data. The SLR QP

recommends that Paramount Gold compile relevant historical geotechnical data.

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8.0

Sample Preparation, Analyses, and Security

This section has been reviewed and edited by SLR and is derived, where applicable, from RESPEC (2023) and Wilson and SRK (2012). SLR reviewed the

information for completeness, internal consistency, and compliance with SEC Regulation S-K 1300, CIM (2019) Best Practice Guidelines.

The review covered sampling methods, sample preparation and analytical procedures, QA/QC protocols, and sample security practices. Supporting documentation,

including original sampling records, full QA/QC datasets, and laboratory certificates, was not available for independent verification; therefore, the review relies on information presented in the source reports.

The SLP QP considers the sampling, preparation, analytical, and security practices to be consistent with industry standards for the deposit type and period of

work. Despite data limitations, the information is sufficient to support the Mineral Resource Estimate, with uncertainties addressed through data validation and reflected in the Mineral Resource classification.

8.1

Sample Method and Approach

Sampling at the Project was completed by multiple operators between 1983 and 2013 and forms the basis of the geological and assay database supporting the MRE.

Sampling methods evolved over time; however, the overall approach is considered appropriate for the style of mineralization and consistent with industry practice.

8.1.1

Historical (1983–2010)

Historical sampling was conducted by AMAX (1983–1995), NGM (1989), Placer Dome (1997), X-Cal (1996–2007),

and New Sleeper Gold (2004–2005). Approximately 95% of the drill hole database comprises RC drilling. RC samples were collected at the rig using cyclone and splitter systems to produce representative subsamples at regular intervals, designed

to capture lithologic and mineralization variability.

During the AMAX period, sampling focused on near-surface bulk-tonnage mineralization, predominantly

using vertical drill holes. Documentation is limited; however, methods are consistent with industry practice for the period. NGM and Placer Dome used similar RC-based approaches with limited documentation but

no identified deviations from standard practice.

X-Cal and New Sleeper Gold implemented more structured

procedures, including cyclone and splitter sampling, systematic labeling and tracking, and field duplicates at approximately 150 ft intervals. Limited diamond drilling was completed in structurally complex areas; core was logged and sampled by

lithology, alteration, and mineralization, and split with half retained.

Sampling targeted both the low-grade

mineralized envelope and higher-grade structurally controlled mineralization associated with veins and hydrothermal breccias. Where coarse gold was suspected, a metallic screen fire assay was used to address sampling bias.

8.1.2

Paramount Gold (2010–2021)

Sampling during the Paramount Gold and Silver Corp. programs (2010–2021) represents the most recent data collection phase and was completed to validate

historical data, refine the geological model, and test extensions of mineralization A total of 155 drill holes (29752 m) were sampled, primarily using RC drilling methods similar to those used in earlier programs.

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RC samples were collected at the rig using cyclone and splitter systems at regular intervals. Intervals were

defined from geological logging to capture mineralization associated with vein systems, hydrothermal breccias, and disseminated zones within the broader low-grade envelope. Sampling covered the main Sleeper

deposit and peripheral targets, including structurally controlled zones and areas beneath post-mineral cover such as West Wood.

Paramount applied

standardized procedures for sample collection, labeling, and tracking, using trained personnel to maintain sample integrity. Methods were consistent with earlier programs to maintain database continuity. Where coarse gold was suspected, a metallic

screen fire assay was applied.

8.1.3

QP Comment

Sampling methods across all programs are appropriate for the mineralization style and intended data use. Documentation for early programs is limited; however,

later programs by X-Cal, New Sleeper Gold, and Paramount demonstrate adherence to industry-standard practices.

the opinion of the QP, the sampling approach is adequate to support the MRE, with uncertainties from historical practices addressed through data validation and Mineral Resource classification.

8.2

Sample Preparation and Analysis

8.2.1

Historical (1983–2010)

8.2.1.1

Sampling, Handling, and Chain of Custody

Sample preparation and analytical procedures for historical drilling at the Project were completed by AMAX, NGM, Placer Dome,

X-Cal, and New Sleeper Gold. Documentation has improved since the late 1990s. Early programs (1983–1997) lacked detailed records of sample handling, chain of custody, and laboratory protocols. Although

conducted by established operators and consistent with industry practice at the time, supporting documentation, including laboratory certificates and QA/QC records, was not available for independent verification.

Later programs, particularly X-Cal (1996–2007) and New Sleeper Gold (2004–2005), implemented more

structured handling and chain-of-custody procedures. Samples were collected at drill sites and transported to commercial laboratories in accordance with documented

protocols, thereby improving traceability and control.

8.2.1.2

Sample Preparation

Sample preparation during later historical programs was completed at commercial laboratories, primarily ALS Chemex (ALS Global or ALS), which is located in

Elko, Nevada. Procedures followed standard workflows, including drying (if required), whole-sample crushing, subsampling, and pulverization to produce a pulp for analysis, ensuring homogeneity and minimizing bias.

Prepared pulps were retained by the laboratory or returned to the site for storage and potential verification.

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8.2.1.3

Analytical Methods

Gold was analyzed primarily by fire assay, the industry-standard method. Routine samples used fire assay with atomic absorption finish. Samples with elevated

gold or suspected coarse gold were analyzed by metallic screen fire assay to address nugget effects and improve accuracy.

Selected samples were analyzed

for multiple elements using aqua regia or four-acid digestion followed by ICP techniques to support geological interpretation and mineralization characterization.

8.2.1.4

Laboratory Accreditation and Quality Systems

Analytical work during the historical programs was completed by independent commercial laboratories, primarily ALS Chemex (ALS Global) and, during the New

Sleeper Gold programs, American Assay Laboratories (AAL), located in Sparks, Nevada.

ALS Global operates laboratories accredited to ISO/IEC 17025,

requiring validated methods, calibrated instrumentation, and quality management systems to support analytical accuracy, precision, and reproducibility. Specific certification numbers for the Elko and Vancouver facilities were not provided; however,

ALS laboratories are widely recognized as ISO-accredited.

AAL is accredited to ISO/IEC 17025:2017 by the

International Accreditation Service (IAS) (Laboratory No. TL-536). The accreditation scope includes sample preparation, fire-assay for gold, and multi-element analysis by acid digestion and fusion. AAL

maintains a formal quality management system and applicable regulatory approvals, including from the Nevada Division of Environmental Protection.

8.2.1.5

Sample Retention

Pulps generated during sample preparation were typically returned to the site for storage and potential re-analysis.

The use of established laboratories and standard methods supports dataset reliability; however, incomplete documentation for early programs remains a limitation in data evaluation and Mineral Resource classification.

8.2.2

Paramount Gold (2010–2021)

Sample preparation and analytical procedures during the Paramount Gold and Silver Corp. drilling programs (2010–2021) followed documented protocols

outlined in the 2023 Technical Report (RESPEC 2023) and reflect a controlled workflow from drill-site collection through laboratory analysis at accredited facilities.

8.2.2.1

Sampling, Handling, and Chain of Custody

Samples were transported by drill contractors from drill sites to the Paramount logging facility at the Sleeper site near Winnemucca, Nevada. Drill core was

placed in core boxes, marked in feet, and transported daily for logging, where depths were converted to meters. Core boxes were photographed and placed on logging tables prior to logging.

Paramount geologists logged lithology, alteration, mineralization, and structural features, including fault intersections, lineations, fractures, veins, and

bedding. Sample intervals were defined on geological boundaries to separate lithologies and mineralization styles, typically not exceeding 1.52 m (5 ft) and aligned with drilling runs where possible. Mineralized features were marked to ensure

representative sampling.

Samples were assigned unique numeric identifiers. Tags were placed in core boxes and sample bags, with all numbers recorded in

tag books. Sample numbering excluded drill hole, depth, and location to prevent bias.

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Core was sampled at a dedicated station. The competent core was cut with a diamond saw; the broken core was

split manually. One-half was bagged, and the remaining half was retained. Sampling technicians recorded sample numbers, intervals, and dates.

Sample bags were stored in a secure facility until shipment. Samples were organized sequentially, including QA/QC materials, inventoried, and placed in sealed

rice bags with numbered seals. Each shipment contained samples from a single drill hole. Submittal forms documented shipment details, sample numbers, analyses, and duplicate requirements and were provided in hard copy and electronic format.

Reverse Circulation (RC) Drilling

Reverse circulation

(RC) samples were collected at the drill rig using a cyclone system and placed in cloth bags within five-gallon buckets to capture coarse and fine fractions. Each sample was assigned a unique numeric identifier, with records linking the sample

number to drill hole, depth, and interval.

Sample bags were tied, placed in crates, and stored at the drill site or in secured areas behind locked gates

at the Sleeper site. Samples were handled to preserve integrity and prevent contamination or loss.

Before shipment, samples were arranged sequentially,

including blanks, CRMs, and duplicates. Batches were verified and photographed as part of QA/QC.

Samples were transported to the laboratory by ALS

personnel. Shipment dates and counts were recorded on handling forms, maintaining the chain of custody from drill site to laboratory receipt.

Sonic

Drilling

Sonic drilling samples were collected from the drill pipe and placed in plastic bags labeled with the ending footage and orientation. Samples

were transported to the Paramount facility and arranged sequentially on logging tables.

A geologist logged the samples and converted measurements to

meters. Each 1 m interval was transferred into one or two sealed plastic bags (approximately 45.7 cm × 61 cm) for shipment.

Samples were placed in

bins with nailed lids and transported to McClelland Laboratories, typically on the day of collection, minimizing degradation or contamination. At McClelland, samples were logged, split, and coarse crushed before transfer to ALS Chemex for final

preparation and analysis.

Chain of Custody Controls

Across all drilling methods (RC, sonic, core), chain-of-custody procedures

included:

•

Unique numeric sample identifiers

•

Recording of sample interval, drill hole, and depth in field logs and tag books

•

Secure on-site storage with controlled access

•

Sequential organization and verification of all samples, including QA/QC materials

•

Sealed containers (rice bags or bins) with numbered security seals

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•

Detailed sample submittal forms documenting shipment and analytical requirements

•

Direct transport to laboratories by authorized personnel (ALS or contractors)

•

Documentation of sample movement using handling forms and photographs

These procedures maintained sample security, traceability, and representativity through collection, handling, and shipment. The QP considers these protocols

consistent with industry best practice and sufficient to support the integrity of the analytical dataset for the Mineral Resource Estimate.

8.2.2.2

Sample Preparation

Sample preparation for Paramount drilling was completed at ALS Chemex (Elko), using standardized, ISO-accredited

procedures. Samples were logged, assigned laboratory IDs, and prepared under ALS protocols.

Preparation included the following steps:

•

Drying (if required)

•

Primary crushing to approximately 75% passing 6 mm

•

Mechanical splitting to approximately 250 g subsample

•

Pulverization to approximately 85% passing 75 µm (200 mesh)

These steps reduce particle-size variability and improve sample representativity.

Contamination control included cleaner sand through the crushing circuit every five samples or with lithology changes, and between all pulverization stages.

For sonic drilling, samples were initially processed at McClelland Laboratories, where coarse crushing was completed before transfer to ALS. Samples were

transported in sealed bins and delivered the same day.

Prepared pulps were shipped to ALS Vancouver for analysis.

8.2.2.3

Analytical Methods

Analytical methods for the Paramount Gold drilling programs (2010–2013) were selected to provide an accurate determination of gold and associated

elements across a wide grade range and to address coarse gold effects. The program included multiple analytical methods, re-assay protocols, and verification procedures.

Gold was determined primarily by fire assay fusion. Both 30 g and 50 g aliquots were used, with 50 g charges improving the representativeness of nuggety

mineralization. Routine samples used fire assay with atomic absorption (AA) finish (e.g., ALS Au-AA23).

For

elevated gold values or AA over limits:

•

Fire assay with gravimetric finish (ALS Au-GRA21) for >10 g/t Au

•

50 g fire assay charges to improve precision

•

Metallic screen fire assay for coarse gold, separating coarse and fine fractions to mitigate nugget effects

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Silver and multi-element analyses used four-acid digestion with inductively coupled plasma atomic emission

spectroscopy (ICP-AES) (e.g., ALS ME-ICP61) on approximately 5 g aliquots, providing near-total digestion and analysis of approximately 32 elements.

For elevated silver values:

•

>100 g/t Ag: four-acid digestion with atomic absorption finish (ALS

AG-OG62)

•

>1,500 g/t Ag: fire assay with gravimetric finish (ALS Ag-GRA21)

During parts of 2011–2012, silver was also analyzed by three-acid digestion with ICP and, in some cases, by 50 g fire assay with

gravimetric finish. Gold was similarly analyzed using 30 g and 50 g charges with AA or gravimetric finish.

Independent check assays were completed by

Inspectorate (Sparks, Nevada) using 30 g and 50 g fire assay for gold (AA or gravimetric finish) and atomic absorption or ICP methods for silver. This provided external verification of analytical results.

Laboratories applied QA/QC protocols, including blanks, CRMs, and duplicates. Samples were processed in numerical sequence to distribute QA/QC materials

across batches. Results were monitored, and out-of-tolerance values triggered review and re-assay.

The combined use of fire assay, gravimetric and metallic screen methods, multi-element ICP analysis, and independent verification is consistent with industry

best practice and supports the use of the data for Mineral Resource estimation

8.2.2.4

Laboratory Accreditation and Quality Systems

Analytical work was completed by ALS Chemex (ALS Global), accredited to ISO/IEC 17025:2005 for analytical testing, including gold assays, and ISO 9001:2008 for

quality management. ISO/IEC 17025 requires validated methods, calibrated instrumentation, QA/QC protocols, external proficiency testing, and independent audits to support analytical accuracy, precision, reproducibility, and traceability.

Laboratory QA/QC included internal standards, blanks, duplicates, and defined re-assay protocols for out-of-limit results. These controls complemented Paramount’s field QA/QC program and provided an integrated framework from sampling through analysis.

Inspectorate was used as an independent laboratory for check assays, providing external verification; however, certification details for the reporting period

were unavailable.

8.2.2.5

Sample Retention

Following analysis, pulps and coarse rejects were retained by the laboratory or returned to the site for storage, allowing future verification and re-analysis.

The QP considers sample preparation, analytical methods, and laboratory quality systems, including use of ISO-accredited laboratories, consistent with industry best practice and sufficient to support the analytical dataset for the Mineral Resource Estimate.

8.3

Quality Assurance and Quality Control

Quality assurance (QA) demonstrates that assay data meet accepted precision and accuracy limits for the methods used, supporting confidence in the Mineral

Resource estimate. Quality control (QC) comprises procedures to maintain data quality during sampling, preparation, and analysis. QA/QC programs detect contamination and quantify accuracy, precision, repeatability, and overall sampling variability.

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QA/QC procedures at the Project evolved over time, with limited documentation for early programs and more

robust protocols in later programs (X-Cal, New Sleeper Gold, Paramount 2010–2013). The Paramount QA/QC program included certified reference materials (CRMs), blanks, duplicates, and secondary laboratory

check assays to monitor accuracy, precision, contamination, and reproducibility.

QA/QC data for historical programs is incomplete and was not fully

available for independent verification. The Paramount dataset includes a comprehensive QA/QC program with documented performance and validation.

8.3.1

Procedures

8.3.1.1

Historical

QA/QC procedures for early historical programs (AMAX, NGM, Placer Dome) are poorly documented, and records of standards, blanks, and duplicates were not

available to SLR. Direct evaluation of analytical accuracy and precision is, therefore, limited.

Later programs

(X-Cal and New Sleeper Gold) implemented formal QA/QC procedures, including:

•

Insertion of certified reference materials

•

Use of blanks for contamination control

•

Collection of field and laboratory duplicates

•

Submission of check assays to independent laboratories

Duplicate sampling was conducted at regular intervals (e.g., approximately 150 ft for RC drilling), with standards inserted at defined frequencies. Sample

shipments were tracked, and results were monitored against expected values.

These procedures are consistent with industry practice; however, incomplete

QA/QC datasets limit quantitative assessment of overall performance.

8.3.1.2

Paramount

The QA/QC program for the Paramount (2010–2013) drilling programs incorporated CRMs, blanks, and duplicates, together with internal laboratory QA/QC

procedures and independent check assays to monitor accuracy, precision, and contamination.

QA/QC samples were inserted approximately once every 20

routine samples for each control type (CRMs, blanks, duplicates). Samples were submitted and processed in numerical sequence to ensure distribution across analytical batches. Protocols included CRM acceptance criteria, duplicate precision

monitoring, and blank contamination review. Failures or out-of-tolerance results triggered batch review and re-assay where

required.

The QA/QC dataset is summarized in Table 8-1, which presents counts of QA/QC samples by type relative

to the total number of samples. QA/QC insertion rates are consistent and provide coverage for accuracy (CRMs), contamination (blanks), and precision (duplicates).

Based on SLR’s review and noted limitations, the QA/QC program is consistent with industry best practice and supports confidence in the analytical

dataset.

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Table 8-1: Summary Counts of Sleeper QA/QC Analysis (X-Cal and Paramount)

Category

2003–2007 (X-Cal)

2011–2013 (Paramount)

QA/QC Type

Standard (CRM):

Number in Use

N/A

Number of Analyses

N/A

387

Number of Failures

N/A

Duplicate

Field Duplicate

822

875

200

199

Preparation Duplicate

642

309

Pulp Duplicate

1,610

2,451

Lab Preparation Duplicate

Lab Pulp Duplicate

162

Blank

Pulp Blank

Coarse Blank

231

230

Lab Prep Blanks

Drill Hole Samples

51,325

44,980

10,134

10,137

Total Insertion Percent (%)

5.00

4.93

8.11

4.42

8.3.2

Certified Reference Material

8.3.2.1

Historical

CRMs) were used in later historical programs, including X-Cal (1996–2007) and New Sleeper Gold (2004–2005),

to monitor analytical accuracy and laboratory performance.

RESPEC confirmed the use of CRMs in the 2003–2007

X-Cal program; however, supporting documentation was not available for review. CRMs were sourced from commercial providers and selected to represent relevant gold grade ranges, but records of insertion

frequency, standard types, certified values, and performance metrics (bias, variance, pass/fail) were not provided to SLR.

Findings and Limitations:

•

CRM use confirms the implementation of accuracy monitoring

•

Insufficient documentation to assess performance against tolerance limits

•

No statistical evaluation (control charts or bias analysis) available

•

No systematic failures or analytical bias reported

CRM use is confirmed; however, the effectiveness of accuracy control cannot be quantitatively verified and remains a limitation in the QA/QC assessment.

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8.3.2.2

Paramount Gold

Certified Reference Materials (CRMs) were used during the Paramount Gold (2010–2013) programs to monitor analytical accuracy and laboratory performance.

CRMs from Mineral Exploration Geochemistry (MEG), RockLabs Ltd. (RockLabs), and CDN Resource Laboratories (CDN) were inserted at approximately one per 20 samples and selected to represent low-, medium-, and

high-grade gold ranges. Some included listed silver values for multi-element verification. CRMs were distributed throughout the sample stream and processed in sequence with routine samples.

Performance was evaluated against certified values using ±3 standard deviation (SD) acceptance limits. Most results met these criteria, indicating

acceptable accuracy and no systematic bias. Performance was consistent across grade ranges, with variability within expected analytical limits.

Isolated

CRM failures occurred but were not systematic or batch related. These triggered a review of associated batches and re-assay where warranted. Results indicate analytical accuracy was controlled and laboratory

performance was stable for Mineral Resource estimation.

Paramount used four MEG CRMs (Reno, Nevada) and eight RockLabs CRMs (Perth, Western Australia).

All 12 were certified for gold, some listed uncertified silver values. RESPEC data indicate CRM insertion rates of approximately 4% for gold and <1% for silver, reflecting limited silver-certified standards and selective silver analysis. Table 8-2 summarizes the CRMs used.

Table 8-2: Paramount Gold Certified Reference

Material

Standard ID

Drill Years

Insertion Count

Certified Au

(ppm)

Au SD

(ppm)

Listed Ag

(ppm)

MEG S107005X

2011-13

1.347

0.085

9.00

MEG S107006X

2011-13

2.850

0.364

8.00

MEG S107010X

2011-13

6.405

0.302

18.00

MEG-Au.09.02

2011-13

0.185

0.019

0.10

OxA89

2011-13

0.084

0.008

OxC30

2011-13

0.200

0.005

OxD87

2011-13

0.417

0.013

Si25

2011-13

1.801

0.044

33.25

Si42

2011-13

1.761

0.054

SJ63

2011-13

2.632

0.055

SL61

2011-13

5.931

0.177

SN16

2011-13

8.367

0.217

17.64

RESPEC identified three high and ten low failures in ALS gold analyses requiring review. Three of four MEG CRMs and five of

eight RockLabs CRMs show slight negative bias. Three CRM pulps were also analyzed by Inspectorate (Reno, Nevada). Due to the limited Inspectorate dataset and equivalent detection limits, results from both laboratories were evaluated together.

Results are summarized in Table 8-3, with failures detailed in Table 8-4.

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Table 8-3: Summary of Sleeper Gold Results for CRMs

2010–2013

Standard ID

Grades in Au in ppm

Count

Date Used

Failure Counts

Bias

Pct

Target

Ave

Max

Min

First

Last

High

Low

MEGS107005X

1.347

1.336

1.490

1.130

7/9/2011

8/26/2012

-0.8

MEG S107006X

2.850

3.001

3.350

2.150

7/13/2011

8/31/2012

5.3

MEG S107010X

6.405

5.899

6.450

5.080

7/9/2011

8/26/2012

-7.9

MEG-Au.09.02

0.185

0.172

0.198

0.124

7/9/2011

8/26/2012

-6.9

OxA89

0.084

0.080

0.089

0.073

9/20/2012

6/8/2013

-4.8

OxC30

0.200

0.366

3.250

0.181

7/9/2011

9/20/2012

83.2

OxD87

0.417

0.410

0.431

0.392

7/26/2012

6/8/2013

-1.8

Si25

1.801

1.796

1.915

1.395

7/9/2011

4/26/2013

-0.3

Si42

1.761

1.802

1.875

1.750

10/5/2012

6/8/2013

2.3

SJ63

2.632

2.653

2.790

2.540

9/20/2012

6/8/2013

0.8

SL61

5.931

5.808

6.270

4.800

7/26/2012

6/3/2013

-2.1

SN16

8.367

8.087

9.603

4.610

7/9/2011

1/30/2012

-3.4

Table 8-4: Gold Failure Details 2010–2013

Standard ID

Hole ID

Values in Au ppm

Sample Number

Certificate

Target for Std

Fail Type

Fail Limit

Failed Value

MEGS107010X

PGC-11-007

6.405

Low

5.499

5.330

613065

RE11131983

MEGS107010X

PGC-11-014

6.405

Low

5.499

5.080

613897

WN11189542

MEG-Au.09.02

PGC-11-007

0.185

Low

0.128

0.124

613075

RE11131983

OxC30

PGC-12-021

0.200

High

0.215

3.250

616935

WN12209477

OxC30

NDRC-11-041

0.200

Low

0.185

0.181

612271

11-338-10754-01

OxC30

SDRC-11-051

0.200

Low

0.185

0.183

612548

11-338-10755-01

Si25

PGR-11-015

1.801

Low

1.700

1.395

609960

WN11114096

SL61

PGC-12-016

5.931

Low

5.400

4.800

614254

WN12152755

SN16

NDRC-11-041

8.367

High

9.018

9.603

612436

11-338-10754-01

SN16

NDRC-12-061

8.367

High

9.018

9.117

612745

12-338-00257-01

SN16

PGR-11-013

8.367

Low

7.716

5.330

609511A

WN11114451

SN16

PGR-11-014

8.367

Low

7.716

4.610

609762A

WN11112727

SN16

PGC-11-011

8.367

Low

7.716

7.620

613501

WN11164001

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S-K 1300 Technical Report Summary

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Two failures are from certificate RE11131983. Sample 616935 is likely mislabeled, as MEG S107006X was in use

and falls within that range. Four failures lie near the failure limit and, given the observed negative bias, are likely to be due to bias rather than analytical error. CRMs were analyzed by ALS using atomic absorption fire-assay, not the gravimetric

method used for certification.

Figure 8-1 shows the control chart for CRM

MEG-Au.09.02, indicating one low-side failure. A consistent low bias is present; adjusted for this bias, the result would not be considered a failure.

Figure 8-1: Gold Control Chart for MEG-Au.09.02

Notes:

•

USL Upper Specification Limit Target + 3 Std Dev (CRM)

•

Target Expected Value (CRM)

•

LSL Lower Specification Limit Target - 3 Std Dev (CRM)

•

Items Calculated using Paramount Data

•

UCL Upper Control Limit Avg + 3 Std Dev (Population)

•

Avg Mean Value (Population)

•

LCL Lower Control Limit Avg - 3 Std Dev (Population)

Only six CRMs had listed but uncertified silver values. ALS analyzed all silver samples using three-acid digestion with ICP finish (detection limit <0.5

ppm). Sixteen CRM silver analyses at Inspectorate used aqua regia digestion with atomic absorption finish.

Because listed values lacked standard

deviations, LCL/UCL control limits for the sample population were used to evaluate performance. Table 8-5 shows no silver failures for the 2011–2013 program.

Low-side bias in MEG S107006X, MEG S107010X, and SN16 is attributed to differences in analytical methods

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S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

Table 8-5: Summary of Sleeper Silver Results for CRMs

2010–2013

Standard ID

Grades in Ag in ppm

Count

Date Used

Failure

Counts

Bias

Pct

Target

Ave

Max

Min

First

Last

High

Low

MEGS107005X

9.0

8.9

9.6

8.4

1/18/2012

1/23/2012

-1.5

MEGS107006X

8.0

7.2

7.1

1/18/2012

-10.6

MEGS107010X

18.0

9.8

1/30/2012

-45.6

OxC30

0.1

1/18/2012

1/30/2012

0.0

Si25

33.3

31.7

34.3

28.4

1/23/2012

1/30/2012

-4.8

SN16

17.6

15.7

17.6

14.0

1/18/2012

1/30/2012

-10.9

8.3.3

Duplicates

8.3.3.1

Historical

Duplicate sampling during the historical programs was implemented primarily during the X-Cal (1996–2007) and New

Sleeper Gold (2004–2005) periods, reflecting more structured QA/QC protocols. Duplicate types included field duplicates, mainly from RC drilling at regular intervals, and laboratory duplicates, including coarse reject and pulp duplicates.

Sampling frequency was variable but typically followed defined intervals, such as approximately one duplicate per 150 ft or similar spacing within batches.

Duplicate sampling indicates that analytical precision was monitored during these programs. However, detailed datasets required for quantitative assessment,

including duplicate-pair analysis, RPD calculations, and statistical precision measures, were not available to SLR. Formal evaluation of precision was therefore not possible.

Available documentation does not identify systematic precision issues or reproducibility concerns. Duplicate sampling practices are consistent with industry

standards, and although supporting data are incomplete, there is no indication that precision materially affects the reliability of the historical dataset.

X-Cal Duplicates 2003–2007

RESPEC evaluated duplicate pairs using scatterplots (RMA regression), quantile–quantile plots, relative percent difference (RPD) plots, and absolute RPD

plots. Two RPD methods were applied:

•

RPD (max) = 100 × ((Duplicate – Original) / Lesser of (Duplicate, Original))

•

RPD (mean) = 100 × ((Duplicate – Original) / Mean of (Duplicate, Original))

RPD (max) yields larger relative differences than RPD (mean).

Outliers were excluded from scatterplots by visual assessment, and pairs with absolute RPD >2,000% were removed from RPD plots. These outliers may remain

relevant and should be considered in the overall evaluation; only pairs with incorrect sample identification are excluded. Causes of extreme variability require further review.

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Preparation Duplicates: Giroux et al. (2009) reported core duplicates collected from coarse rejects

returned by AAL. Selected samples were re-prepared and analyzed at ALS, representing preparation duplicates of core samples. These were not processed at the primary laboratory (AAL), which is preferred

practice. Figure 8-2 presents the RPD plot for gold core preparation duplicates.

Figure 8-2: X-Cal Core Preparation Duplicates, Relative Differences 2003-2007

Source: RESPEC 2023

grades >0.1 g/t Au, most duplicate pairs fall within RPD limits of ±50%, with most within ±25%. A small proportion of pairs exhibit higher RPDs, indicating greater variability between the original and duplicate assays. No bias is

evident; however, high-variability pairs cause the moving-average line to deviate from 0% RPD. Data with a mean RPD near 0% indicates no bias.

Figure 8-3 presents absolute RPD values for each gold pair, illustrating the magnitude of variability. Figure 8-4 shows RPDs for X-Cal RC gold

field duplicates.

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Figure 8-3: X-Cal Core

Preparation Duplicates, Relative Differences 2003-2007

Source: RESPEC 2023

Figure 8-4: X-Cal Gold RC Field Duplicates, Relative Differences 2003-2007

Source: RESPEC 2023

The

moving-average line is influenced by extreme outliers, limiting its utility. Statistical analysis indicates an apparent high bias in duplicate assays relative to original samples; however, this bias is eliminated when the 16% of pairs with absolute

value (AV) RPD >100% are removed, indicating it is entirely attributable to this subset of highly variable pairs. Silver RC field duplicates show similar behavior, consistent with gold and silver occurring in electrum.

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The average AV RPD is 24% for pairs with AV < 100%, with most pairs < 50%, which is typical for field

duplicates. The primary issue is the proportion of pairs with AV RPD >100% and the tendency for these pairs to show higher duplicate grades. Elevated variability at low grades is expected due to reduced analytical precision and amplification of

percentage differences.

Excluding sample mix-ups or data errors, the most likely cause of AV RPD >100% is

unrepresentative RC sample splitting at the drill rig. This may be limited to duplicate intervals if sampling protocols differed from routine intervals. Otherwise, routine RC splitting may have been

non-representative in approximately 15% to 20% of cases.

Figure 8-5

presents absolute RPD values for RC duplicate pairs (RPD max). Pairs exceeding the AV RPD of 500% are truncated and shown as blue lines without apices.

Figure 8-5: X-Cal Gold RC Field Duplicates, Absolute Values of the Relative

Differences 2003-2007

Source: RESPEC 2023

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

Field duplicates reflect inherent mineralization variability and variability from all subsampling stages:

(i) coarse reject splitting; (ii) pulp preparation; (iii) assay aliquot selection; and (iv) analytical error. Variability introduced prior to duplicate splitting is captured in preparation duplicates.

At Sleeper, approximately half of the variability observed in RC field duplicates is present in core preparation duplicates. Although core duplicates were

analyzed at a different laboratory, the absence of bias supports comparison of the datasets for variability assessment.

Core preparation duplicates show

high variability at relevant gold grades, like RC field duplicates, but with fewer high-variability pairs and no associated bias. This supports potential RC splitting issues during the X-Cal 2003–2007

programs.

High-variability pairs should be reviewed to confirm validity and assess causes, including temporal or spatial clustering.

Elevated variability is also expected due to the nugget effect associated with gold and silver in electrum. This inherent variability introduces risk to

resource estimation and should be considered when selecting an estimation methodology.

8.3.3.2

Paramount Gold

Duplicate sampling during the Paramount Gold (2010–2013) programs was systematic and included multiple precision controls: coarse reject and pulp

duplicates at approximately 1 in 20 samples, and quarter-core duplicates, where one sample per batch was split and submitted under separate identifiers. Laboratories also performed internal duplicate analyses. Routine field core duplicates were not

collected; however, laboratory duplicates and quarter-core splits provide an adequate framework to evaluate analytical precision. Table 8-6 summarizes field duplicate data for

X-Cal and Paramount (2011–2013). No QA/QC data were available for the 2010 five-hole program (RESPEC 2023).

Duplicate results show good agreement across most grade ranges. Precision is consistent at low to moderate grades, with increased variability at higher grades

reflecting coarse gold and nugget effects typical of the deposit. Elevated relative differences at higher grades occur but are not systematic. No systematic bias or material precision issues are identified. Overall, duplicate data indicate

acceptable precision consistent with the mineralization style (Table 8-6) and support the reliability of the analytical dataset for the Mineral Resource Estimate.

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Table 8-6: Summary of Results

X-Cal Historical and Paramount Field Duplicates

Laboratory

Duplicate Type

Drill Type(s)

Element

Period

Counts

RMA Regression

Averages as Percent

All

Used

Outliers

y = Duplicate

x = Original

RPD

AV RPD

ALS Minerals Inspectorate ACME Labs

Field Dup

R/C

2003-2007

822

757

Y = 1.0047x + 0.0027

3.56

31.12

ALS Minerals Inspectorate ACME Labs

Prep Dup

Core

2003-2007

642

618

Y = 1.0229x - 0.0238

0.97

33.64

ALS Minerals Inspectorate ACME Labs

Field Dup

R/C Core

2011-2013

200

192

Y = 0.8866x + 0.0126

8.02

31.38

ALS Minerals Inspectorate ACME Labs

Field Dup

R/C

2011-2013

137

132

Y = 1.5165x – 0.0439

16.60

31.78

ALS Minerals Inspectorate ACME Labs

Field Dup

Core

2011-2013

Y = 1.037x – 0.0107

-9.26

30.44

ALS Minerals Inspectorate ACME Labs

Field Dup

R/C Core

2003-2007

875

870

Y= 0.992x + 0.126

0.30

54.20

ALS Minerals Inspectorate ACME Labs

Field Dup

R/C Core

2011-2013

225

224

Y = 1.063x + 0.241

-27.20

66.50

Notes:

AV absolute value

RPD relative percent difference

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S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

Pulp and Preparation Duplicates.

Paramount’s pulp and preparation duplicate data were in final compilation and analysis as of the 2023 Technical Report (RESPEC, 2023) and not available

for review.

Field Duplicates:

A total of 137 RC

field duplicates were compiled from the 2011–2013 program. Figure 8-6 presents an RPD plot for 121 pairs, excluding pairs where both values are below the detection limit.

Figure 8-6: Paramount RC Field Duplicates, Relative Differences 2010-2013

Source: RESPEC 2023

No bias

is evident at grades greater than 0.1 g/t Au. Five of 51 pairs with mean grades >0.1 ppm have AV RPD greater than 100%, all within the highest-grade subset (1.1–2.2 ppm).

Fewer core field-duplicate pairs exceed detection limits (Figure 8-7). These data indicate a consistent low bias, with

duplicate values lower than original assays; additional data are required to confirm. Three of 26 pairs with mean grades greater than 0.1 g/t Au have AV RPD greater than 100%.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

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Figure 8-7: Paramount Core Field Duplicates, Relative Differences

2010-2013

Source: RESPEC, 2023

8.3.4

Blanks

8.3.4.1

Historical

Blank samples were used during later historical programs, particularly X-Cal and New Sleeper Gold, to monitor

contamination during sample preparation and analysis, confirming inclusion of contamination control in the QA/QC framework.

Blank materials were likely

inert or low-grade; however, documentation of blank types, insertion frequency, and analytical results was not available to the SLR. Blank performance cannot be quantitatively assessed, and no statistical

evaluation of contamination is available.

No systematic contamination issues are identified, and no sample integrity concerns are reported. However, the

absence of detailed QA/QC records limits verification of blank effectiveness and remains a constraint on the QA/QC assessment of the historical dataset.

X-Cal Blanks 2003–2007

A total of 38 coarse blanks from the X-Cal drilling were analyzed for gold and, in 35 cases, for silver, with detection

limits of 0.005 ppm and 0.2 ppm, respectively (Table 8-7). This represents a subset of the blanks analyzed, as many were not sufficiently described or not reported in the RESPEC dataset.

Four gold failures and one silver failure were identified using thresholds of five times the detection limit for gold and two times for silver, reflecting the

higher silver detection limit (Table 8-8). Three of the four failures were preceded by higher-grade samples (Figure 8-8), indicating intermittent cross-contamination in

the AAL crushing circuit between May 2004 and April 2005. The remaining failure may reflect a mislabeled sample.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

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SLR Project No.: 123.020721.00001

Table 8-7: X-Cal Blank

Samples 2003–2007

Blank ID

Drill Program

Elem

Counts

Maximum

(ppm)

Dates of Analyses

All

Above

Warning

Start

End

Coarse Blank

2003-07

0.171

23-Mar-04

20-Jun-05

Coarse Blank

2003-07

5.300

23-Mar-04

20-Jun-05

Table 8-8: X-Cal Blank Failures and

Preceding Sample 2003–2007

Blank

Certificate

Elem

Method

Preceding

Blank

Det

Limit

(ppm)

Sample

Value (ppm)

Sample

Value

(ppm)

Blank

SP065348

ICP

27805

1.226

27806

0.028

0.025

Blank

SP065582

F50/ICP

28127

1.620

28128

0.050

0.025

Blank

SP065732

F50/ICP

28248

0.672

28249

0.030

0.025

Blank

SP068824

F50/ICP

WW39-05 34018

0.011

WW39-05 34019

0.171

0.025

Blank

SP068894

NS-01-05 30854

0.600

NS-01-05 30855

5.300

1.000

Figure 8-8: X-Cal Gold in Blanks and

Preceding Samples 2003–2007

Source: RESPEC 2023

8.3.4.2

Paramount

Blank samples were systematically incorporated into the QA/QC program during the Paramount Gold (2010–2013) drilling programs at approximately one blank

per 20 samples, consistent with industry best practice for contamination monitoring. Both coarse and pulp blanks were used, including commercially prepared blanks and inert materials. These included MEG laboratory blanks such as AuBlank40 (<0.002

ppm Au) and MEG-Blank.11.01 (<0.005 ppm Au), together with coarse blank material consisting of commercially crushed white marble with certified values below 0.005 ppm Au (Table 8-9)

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

Table 8-9: Blank Materials Used in Paramount QA/QC Program

Blank ID

Certified Value

Type

Origin

AuBlank40

<0.002 ppm

Coarse

MEG Labs

MEG-Blank 11.01

<0.005 ppm

Pulp

MEG Labs

Blank

<0.005 ppm

Coarse

Commercial crushed white marble

Blank samples were inserted into the sample stream and distributed throughout analytical batches to monitor contamination

during sample preparation and analysis. The use of both coarse and pulp blanks allowed assessment of contamination during crushing, pulverizing, and analytical procedures.

Analytical results show most blank values at or below detection limits, indicating minimal contamination. Performance was consistent across batches and

laboratories, indicating controlled laboratory conditions.

Coarse blanks, including two from MEG and one prepared by Paramount using commercially crushed

rock, and pulp blanks were inserted at a rate of approximately one per 30 samples (RESPEC). Values exceeding five times the detection limit were considered failures and reviewed.

A total of 231 coarse blanks were analyzed for gold and 230 for silver, with no failures. A total of 56 pulp blanks were analyzed for gold, with no failures.

ALS internal blank data (eight gold, 10 silver) also showed no issues.

Figure 8-9 shows gold values for coarse

blanks plotted with preceding sample values. Some elevated blank values, although not failures, correspond to high-grade preceding samples, indicating minor cross-contamination from the preceding sample.

Figure 8-9: Gold Values of Paramount Coarse Blanks and Preceding Samples

Source: RESPEC, 2023

Occasional elevated blank values were recorded but were isolated and not systematic. These results triggered a review of associated batches and adjacent

samples to assess potential contamination. No persistent contamination trends or material impact on the analytical dataset were identified.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

Blank results indicate that contamination during sampling, preparation, and analysis was effectively

controlled. The absence of systematic blank failures supports the integrity of the analytical dataset and confirms that field and laboratory procedures were effective in limiting cross-contamination.

8.4

Sample Security

Sample security at the Project was maintained through field handling procedures, controlled storage, documented chain-of-custody protocols, and laboratory custody practices. The level of control and documentation improved over time, with the most comprehensive procedures implemented during the Paramount Gold

(2010–2013) programs.

8.4.1

Historical (1983–2010)

Sample security procedures during the historical programs were generally consistent with industry practice, but documentation for early operators, including

AMAX, NGM, and Placer Dome, was limited. Samples were collected by trained personnel and sent to commercial laboratories for preparation and analysis; however, detailed records of the chain of custody, storage conditions, and access controls were

not available to SLR for independent verification.

During the later historical programs, particularly those completed by

X-Cal and New Sleeper Gold, more formal sample security procedures were implemented. Samples were stored in secured areas, including fenced compounds or controlled-access facilities, before shipment. Shipments

to laboratories were documented, and the laboratories maintained custody during preparation and analysis.

These procedures are consistent with accepted

industry practice. However, the lack of detailed supporting documentation limits SLR’s ability to fully evaluate the effectiveness of sample security for the historical datasets. There is no indication in the available information of sample

tampering, loss, or material compromise of sample integrity.

8.4.2

Paramount (2010–2013)

Sample security during the Paramount drilling programs included controls from drill site collection through laboratory analysis. Drill contractors transported

samples from the drill sites to the Paramount logging and sampling facility at the Sleeper site near Winnemucca, Nevada, where they were logged, processed, and stored in a secure, controlled-access facility.

Drill core was stored in core boxes within the secured facility. Reverse circulation and sonic samples were stored in designated secure areas before shipment.

Trained personnel handled samples, and access to storage areas was controlled to prevent unauthorized handling.

Before shipment, samples were organized,

inventoried, and packaged in sealed containers, including rice bags or bins secured with numbered security seals. Each shipment contained samples from a single drill hole and included sample submittal documentation listing sample numbers, requested

analyses, and QA/QC instructions. Sample batches were verified and photographed before shipment to confirm completeness and integrity.

ALS personnel or

authorized contractors transported samples to the laboratory. All transfers were documented on sample handling forms, maintaining a continuous chain of custody from the project site to the laboratory. On receipt, the laboratories logged the samples

into internal tracking systems and maintained custody through preparation and analysis.

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SLR Project No.: 123.020721.00001

After analysis, pulps and coarse rejects were retained by the laboratory or returned to the project site for

secure storage, allowing future verification and re-analysis.

These sample security procedures are consistent

with industry’s best practice and support confidence in the integrity, traceability, and security of the analytical dataset used to support the Mineral Resource Estimate.

8.5

QP Opinion

In the QP’s opinion the sample preparation, security and analytical procedures are suitable to support the disclosure of the MRE in this TRS.

Sampling (1983–2013) is appropriate for the mineralization style. RC drilling (approximately 95%) using cyclone and splitter systems, with limited

diamond drilling, supports both bulk-tonnage and structurally controlled mineralization. Later programs (X-Cal, New Sleeper Gold, Paramount) show improved controls. Early programs lack documentation but show

no material deficiencies; uncertainties are addressed through classification.

Sample preparation and analytical methods are consistent with industry

standards. Accredited laboratories (ALS, AAL), standard preparation, fire assay, and the use of metallic screen and gravimetric methods, where required, are appropriate. Multi-element ICP and check assays support data validity.

QA/QC is robust in the Paramount (2010–2013) dataset, including CRMs, blanks, duplicates, check assays, and

re-assay protocols. CRM results show acceptable accuracy with minor, non-systematic bias. Blanks show no systematic contamination. Duplicates show acceptable precision,

with higher variability at elevated grades consistent with nugget effects.

Historical QA/QC data are incomplete, limiting quantitative assessment. No

systematic bias, contamination, or precision issues are identified. Elevated variability in X-Cal RC duplicates, including RPD outliers and potential splitting issues, has been taken into account in

classification.

Sample security is adequate. Paramount programs demonstrate a controlled chain of custody, secure storage, documented tracking, and

sealed shipments. Historical documentation is limited; no evidence of tampering or loss is identified.

Key limitations are listed:

•

Incomplete QA/QC and custody records for early programs (1983–1997)

•

Limited analytical certificates for verification

•

Elevated variability in X-Cal RC duplicates from splitting and nugget

effects

These are addressed through validation, reliance on later datasets, and classification.

The dataset is sufficiently accurate and reliable to support the MRE and meets the requirements of S-K 1300 and CIM

(2019), with uncertainties reflected in the Mineral Resource classification.

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Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

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SLR Project No.: 123.020721.00001

9.0

Data Verification

Data verification comprises a systematic process to confirm that exploration and analytical data were collected using appropriate procedures, accurately

transcribed into the Project database, and are suitable for use in the preparation of this Technical Report.

All available data relevant to the Project

were compiled, digitized, and incorporated into a database by personnel from Paramount Gold. The QP audited the database for completeness, accuracy, and reliability.

The QP is of the opinion that database verification procedures for the Sleeper project comply with industry standards and are adequate for the purposes of

Mineral Resource estimation.

Project data was provided to the QP in the form of Microsoft Excel spreadsheets and subsequently imported into Leapfrog Geo

and Maptek Vulcan software for independent modeling and resource interpolation.

Verification procedures included checks for:

•

Unique, missing, or overlapping intervals

•

Total depth consistency

•

Duplicate hole identification

•

Boundary compliance

Database certification was conducted by the QP through a combination of visual inspections and statistical checks, including cross-referencing lithology,

assay values, and spatial data against original hard copy records. Identified inconsistencies were either corrected using primary source documents or excluded from the Mineral Resource estimation

9.1

RESPEC Data Validation

A SLR review shows that RESPEC undertook a comprehensive data verification program to confirm that the Sleeper project database is reliable and suitable for

Mineral Resource estimation.

This work included multiple site visits between 2021 and 2023, during which RESPEC personnel inspected drill core and RC

cuttings, reviewed logging, sampling, and data management procedures, assessed sample storage conditions, and collected GPS collar locations for comparison with the database. RESPEC also examined original drill logs, assay certificates, and

supporting records, and reviewed geological interpretations used in modeling.

The drill hole database was subjected to detailed validation testing to

identify data integrity issues such as missing or duplicated collar information, inconsistent survey data, invalid assay intervals, and gaps or overlaps in geological and analytical records. Where discrepancies were identified, they were evaluated,

corrected where appropriate, and documented using the original data sources provided by Paramount. Collar locations were verified against historical drill logs and electronic records, including validation of coordinate system conversions from local

mine grid to UTM. Downhole survey data were reviewed against available records and found to be generally consistent, although many historical holes lack survey data, limiting full verification. Assay data verification included comparison of the

database against original laboratory certificates, with a complete digital audit of available electronic records and partial manual verification of scanned certificates.

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Additional confidence in the dataset was obtained through review of QA/QC programs and results, including

resampling programs completed by Paramount to validate historical assays.

9.2

SLR Data Verification

The QP conducted a site visit on April 2, 2026. During the visit, the QP reviewed the historical mine site, waste rock dump areas, exploration facilities,

and infrastructure relevant to the evaluation of the Project. Historical drill sites were examined, selected drill collar locations were confirmed with GPS, and detailed discussions were held with Paramount technical staff regarding exploration

plans, drilling methods, analytical procedures, and geological controls on mineralization. The Paramount technical team demonstrated a strong understanding of deposit geology and assay interpretation.

9.2.1

Limitations

No material restrictions were encountered during the QP’s independent verification of the Sleeper drill hole database; however, the following limitations

were identified:

•

Bulk Density: A comprehensive bulk density sampling program has not been completed for all geological units used

in the Mineral Resource model. Additional bulk density data are required to improve confidence in tonnage estimates.

•

QA/QC Records: Documentation supporting the use of certified reference materials, blanks, and duplicates for

historical channel sampling is unavailable. A formal QA/QC program is recommended for future drilling and sampling campaigns.

•

Alteration Logging: A review of the oxidation model indicates that oxide and sulfide classifications were

interchanged across a portion of the historical drill hole database. Comparisons with historical mining records from AMAX are inconsistent with the logged oxidation data, further evidence of this issue. Resolution of these discrepancies and

validation of oxidation state logging are recommended to improve confidence in the geological and metallurgical interpretations.

•

Downhole Surveying: Most historical drill holes lack deviation surveys and are assumed to be vertical. This

assumption introduces uncertainty in the interpretation of true mineralization geometry and thickness.

9.3

QP Opinion

Although some historical information (including portions of QA/QC documentation, downhole surveys, and legacy records) could not be independently verified, the

drill hole database compiled by Paramount and validated by RESPEC aligns with S-K 1300 industry practices. The SLR QP is of the opinion that the database is reliable, internally consistent, and suitable for

use in the Mineral Resource Estimate.

The Project’s extensive production history and prior operational use of these data support their adequacy.

Historical grade control and metallurgical studies corroborate reported gold grades, although recent independent assay verification is lacking for certain legacy datasets.

Data with incomplete collars or insufficient documentation were excluded where necessary and are not considered material to the estimate. Sampling methods

from historical and recent programs are consistent with industry standards. While additional QA/QC documentation and targeted resampling are recommended to further improve confidence, the database is considered appropriate for Mineral Resource

estimation.

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10.0

Mineral Processing and Metallurgical Testing

10.1

Introduction

The metallurgical information reviewed for the Project includes historical operating performance, bottle roll and column leach testing, flotation

investigations, and later oxidation studies.

For this Initial Assessment, the proposed processing method is heap leach treatment of selected oxide,

mixed, and waste rock dump material with Merrill-Crowe recovery. Processing of sulfide, historical heap leach pad (HLP), and historical tailings materials is considered separately through on-site flotation,

with rougher concentrate assumed to be sold or toll treated off site. Sulfide processing test work remains preliminary and requires additional variability test work, concentrate quality, and commercial review.

10.2

Nature and Extent of Metallurgical Testing and Analytical Procedures

SLR reviewed historical oxide milling and heap leaching records; bottle roll and column leach testing on oxide, mixed and waste rock dump composites; flotation

investigations on selected historic HLP, tailings, waste, and sulfide-related materials; and later bio-oxidation and pressure-oxidation studies. For the current study, the McClelland bottle roll and column

leach programs provide the principal support for the coarse-crush agglomerated heap leach flowsheet, while flotation test work supports preliminary consideration of a separate flotation route for sulfide, historic HLP, and tailings materials.

Table 10-1 lists the principal metallurgical reports reviewed for the project. Later technical reports were used as

summary references, while the McClelland, Hazen, SGS, MRDI, KCA, and other historical studies provided the primary metallurgical support for interpretation of processing options and recovery assumptions.

Table 10-1: Metallurgical Reports Reviewed

Report / Document

Date

Laboratory / Organization

Comment

Sampling and Metallurgical Evaluation of Existing Leach Heaps and Mill Tailings

1997

Mineral Resources Development Inc. (MRDI)

Existing heap and tailings metallurgical study.

Sleeper Project Sampling and Metallurgical Test Program

1999

Kappes, Cassiday & Associates (KCA)

Internal report for X-Cal Resources Ltd.

Sleeper Mine Tailings and Heap Evaluation as Potential Gold Resources

2007

Edouard K. Zoutomou / X-Cal Resources Ltd.

Existing tailings and heap evaluation study.

Phase 2 Metallurgical Evaluation – Waste Rock Dump, Westwood and Facilities Composites

2012

McClelland Laboratories Inc. (including ALS and Inspectorate results)

Existing waste rock dump, West Wood, and Facilities cyanidation test work.

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Report / Document

Date

Laboratory / Organization

Comment

Pressure Oxidation Pretreatment and Cyanide Leaching of Sleeper Mine Samples

2013

Hazen Research, Inc.

POX subcontract work reported within the 2015 McClelland study.

Metallurgical Tests and Analyses on 12 Sleeper Project Core Composites

2014

McClelland Laboratories Inc.

Bottle roll, column leach, and related cyanidation test work on core composites.

Biooxidation and Pressure Oxidation Testing – Sleeper Drill Core Composites

2015

McClelland Laboratories Inc.

Sulfide-focused metallurgical test work including biooxidation and cyanidation.

Mineralogical study appendix to 2015 McClelland report

2015

SGS Canada Inc.

Supporting mineralogical/deportment study.

Technical Report and Preliminary Economic Assessment – Sleeper Project (Amended)

2017

Metal Mining Consultants Inc.

Technical Report summarizing prior metallurgical work; not a laboratory report.

2022 Sleeper S-K 1300 Technical Report Summary

2022

RESPEC / Woods Process Services LLC

TRS compiling historical metallurgical work; not a laboratory report.

The analytical procedures described in the reviewed reports are conventional for scoping-level evaluation of gold-silver heap

leach and flotation performance and include head assays, bottle roll tests, column leach tests, flotation tests, and reagent-consumption measurements. These procedures are standard industry practice for preliminary assessment of cyanide amenability,

leach kinetics, reagent demand, and flotation response. No non-conventional analytical procedure has been identified as the basis for either the heap leach case or the preliminary flotation case. Certain

recovery values remain provisional where direct representative test work is limited.

10.3

Sample Representativeness

The metallurgical dataset includes several distinct oxide and mixed material groups evaluated as potential heap leach feed, including Facilities Oxide, West

Wood Oxide, and Sleeper Oxide, together with Facilities Mixed, Sleeper Mixed, and West Wood Mixed material. These groups represent separate source areas within the Project and are treated individually because the available test work support, cyanide

amenability, recovery response, and reagent demand differ by material type. The available metallurgical testing and analysis are adequate for preliminary evaluation of selected oxide, mixed, and waste rock dump material as early heap leach feed.

Facilities Oxide is the best-supported heap leach feed type in the database, and selected West Wood Oxide and waste rock dump composites also support a phased heap leach processing scenario. Available flotation work is sufficient to justify

preliminary consideration of a separate flotation-concentrate route for sulfide, HLP, and tailings materials, but not yet for definitive design or pre-feasibility-level recovery prediction.

Sample representativeness is weaker for the sulfide, HLP, and tailings materials now grouped in the separate flotation case. The current data does not support

inclusion of these materials in the same heap leach recovery framework used for oxide, mixed, and waste materials. Historic HLP, tailings, and sulfides require additional metallurgical testing, analysis, and economic evaluation before they can be

assigned definitive recoveries, concentrate terms, and operating cost.

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10.4

Testing Laboratories

The test work reports identify McClelland Laboratories in Sparks, Nevada as the principal metallurgical laboratory for the bottle roll, column leach,

flotation, and related process test work programs used in the oxide, mixed, waste rock dump, and sulfide evaluations. Supporting specialized work was also completed by Hazen Research and SGS Canada, and project QA/QC documentation (Metal Mining

Consultants Inc. 2017) references ALS and Inspectorate for analytical and check-assay work. Based on the files reviewed, the SLR QP understands these laboratories to have been independent of the project owner.

Table 10-2 summarizes the accreditation details, which are shown only where identified during review. “No public

certification record identified” indicates that no specific accreditation record was located during the present review. All listed organizations are considered independent of the mine owner based on the available information.

Table 10-2: Laboratory Accreditation Summary

Laboratory /

Organization

Location

Certification/

accreditation

Affiliation with

mine/

owner

McClelland Laboratories, Inc. (MLI)

Sparks, Nevada

2012–2015 accreditation: IAS-accredited to ANSI/ISO/IEC 17025:2005; accreditation in place since November 12, 2012.

Independent Laboratory

Hazen Research, Inc.

Golden, Colorado

No public certification record identified

Independent Laboratory

SGS Canada Inc. / SGS Minerals Services

Ontario, Canada

Accredited to ISO/IEC 17025

Independent Laboratory

Kappes, Cassiday & Associates (KCA)

Reno, Nevada

No public certification record identified

Independent Technical Consultant

10.5

Relevant Metallurgical Results

Historical operating records show that Sleeper successfully processed oxide material by both milling and heap leaching, supporting oxide material as the

clearest near-term development path. The prior assessments and mine history, therefore, provide a precedent for a large-scale oxide heap leach concept supplied by open-pit mining and, where justified,

rehandling of selected existing waste rock dump material.

10.5.1

Oxides

Facilities oxide is the strongest candidate for initial processing utilizing heap leach and Merrill-Crowe processing. The column and bottle roll results show

favorable gold recovery and cyanide amenability, a coarse crush size of P80 19 mm, with column gold recoveries averaging 83.9% and bottle roll recovery of about 81% Au. West Wood oxide also showed a positive heap leach response with an average

column gold recovery of 76.5%, although with greater variability and higher reagent demand. Sleeper oxide bottle roll gold performance was favorable at 93.9%, but the database does not provide the same level of direct column confirmation as

Facilities oxide.

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10.5.2

Waste Rock Dumps

Selected waste rock dump material also shows potential for a heap leach case. Historical testing concluded that the dump composites evaluated were amenable to

agglomerated heap leach cyanidation at coarse crush size, with column gold recoveries ranging from the mid-60% range to the low-80% range, depending on dump area and

composite. Reagent consumption was variable and, in some cases, high. Waste material is therefore technically amenable to heap leaching, but economic performance is sensitive to recovery, crush-size, and

reagent assumptions.

10.5.3

HLP, Tailings, and Sulfide Flotation

Historical metallurgical data indicate that HLP, tailings, and sulfide materials are more amenable to flotation recovery than through direct heap leaching. The

available database is limited and variable in scope, but it provides a reasonable preliminary basis for evaluation of a flotation process at the IA level. Historical tailings work reported cleaner flotation-related recoveries of 63% Au and 33% Ag at

P75 200 mesh (75 µm) in the 1997 program and approximately 50.8% Au and 64.8% Ag, at P85 400 mesh (37 µm), in the 1999

program, demonstrating that precious metals can be recovered from these materials, although performance was variable and the work did not establish a final commercial flowsheet.

Sulfide rougher and cleaner flotation test work was completed at P80 200 mesh (75 µm) by

McClelland in 2012. The rougher flotation results showed generally favorable recovery performance and are therefore included for the flotation results. For Facilities sulfide material, rougher flotation testing returned gold recoveries of 70.7% and

91.2%, with reported silver recoveries of 43.6% and less than 48.8%. For West Wood argillic-silicic sulfide material, rougher flotation gold recoveries ranged from 57.7% to 79.7%, averaging 70.8%, with an average silver recovery of about 57.0%. For

West Wood strong silicic sulfide material, rougher flotation gold recoveries ranged from 65.0% to 84.9%, averaging 75.1%, with an average silver recovery of 67.1%. McClelland noted that these flotation results were scoping-level in nature and that

additional optimization and locked-cycle testing would be required.

Existing heap leach pad material has not been supported by a sufficiently robust and

dedicated flotation testing program and was historically evaluated primarily for in-place or re-leach potential rather than as flotation feed. At this time, HLP material

is considered with the existing tailings for a flotation-processing case based on the closest available historical flotation analogs. The QP considers this approach acceptable for initial assessment only. Additional variability testing, concentrate

characterization, and economic viability are required before HLP, tailings, and sulfide materials can be assigned recoveries and operating costs for a flotation flowsheet.

The principal processing factors identified in the test work are sulfide content, refractory gold locking, variable leach kinetics, and elevated reagent

demand in certain materials. Sulfide-rich, HLP, and tailings materials are not included in the heap leach case and are instead considered through flotation, followed by sale or toll treatment of rougher concentrate. For IA purposes, a 12% discount

to flotation recoveries is applied to reflect toll milling fees and related downstream charges.

10.5.4

Deleterious Elements

Review of the available multi-element dataset for the oxide, mixed, and waste rock dump materials indicates that mercury, arsenic, antimony and sulfur are the

primary deleterious constituents requiring additional evaluation for the Sleeper Project. The West Wood Oxide samples show elevated mean mercury and antimony concentrations, while the Facilities Mixed and North Dump materials show elevated arsenic

and antimony. The North Dump also reports elevated total sulfur concentrations.

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The identified deleterious elements are not currently considered to be prohibitive to heap leach development,

however, the elevated mercury, arsenic, antimony, and total sulfur in selected material groups warrant additional metallurgical and precipitate-quality test work prior to pre-feasibility level design.

Initial refinery capital cost allowances include a mercury retort to address the elevated mercury concentrations identified in selected material groups. This

allowance is intended to provide an IA level provision for mercury management during doré production and refinery handling. Additional test work, precipitate characterization, and doré/refinery assessments are recommended in future

study phases to confirm the required mercury-control measures and refine the associated capital and operating cost assumptions.

10.6

Recovery Assumptions and Basis for Estimation

Recovery assumptions used for the preliminary economic evaluation were derived from available test work and adjusted to reflect confidence levels across the

resource. For heap leach materials, column leach results were given greater weight than bottle roll results because they are more representative of coarse-crush heap leach conditions and kinetics. When only bottle-roll data were available,

conservative adjustments were applied. Sulfide, HLP, and tailings materials are considered separately on the basis of flotation performance, with payable recoveries reduced by 12% to reflect toll milling fees and related concentrate handling

charges.

10.6.1

Sleeper Oxide

The recovery value assigned to Sleeper oxide was based on reported bottle roll test results; however, because no directly comparable representative column

leach result is presently available for that material, the reported bottle roll recoveries of 93.9% Au and 11% Ag were discounted by 10% for use in the recovery model. This adjustment is intended to provide a conservative approximation of expected

heap leach performance and to recognize the generally more optimistic nature of bottle roll extraction results relative to column leach performance under field-relevant conditions.

10.6.2

Sleeper Mixed and West Wood Mixed

Recovery values assigned to Sleeper mixed and West Wood mixed material are estimated assumptions rather than direct outputs from a complete set of

representative column leach tests. These values were developed from metallurgical interpretation of the available data, including oxidation state, relative cyanide amenability, bottle roll, and limited column response, and comparison with analogous

oxide and mixed composites. These recoveries are suitable only for initial assessment and should be confirmed by additional representative column leach testing.

10.6.3

HLP, Tailings, and Sulfides

For the IA, flotation recoveries assigned to HLP, tailings, and sulfide materials were derived from the available historical test work and reduced by 12% to

reflect the assumed toll-milling and downstream concentrate treatment charges associated with off-site processing of rougher concentrate. These values are preliminary planning assumptions only and should not

be interpreted as demonstrated commercial recoveries.

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10.6.3.1

HLP and Tailings – Gold

The recovery assumptions for HLP and tailings were based on the average of the historical tailings flotation results from the 1997 and 1999 test programs.

Using reported recoveries of 63% Au from the 1997 program and approximately 50.8% Au from the 1999 program results in average unadjusted recoveries of 56.9.0% Au. After application of the 12% discount, the assumed recoveries for both HLP and

tailings are 50.0% Au. This assumption is necessarily approximate because direct flotation test work on HLP material is limited, and the historical HLP studies were not designed to support a modern flotation circuit.

10.6.3.2

Facilities Sulfide

The Facilities sulfide recovery assumption was based on the average of the two available McClelland rougher flotation tests. The average unadjusted gold

recovery was 80.95%, which results in an applied recovery of 71.2% Au after the 12% discount.

10.6.4

West Wood Strong Silicic and West Wood Argillic

The West Wood strong silicic recovery assumption was based on the average West Wood strong silicic rougher flotation results reported by McClelland. Average

unadjusted recoveries were 75.1% Au, resulting in applied recoveries of 66.1% Au after the 12% discount. The West Wood argillic-silicic recovery assumption was based on the average West Wood argillic-silicic rougher flotation results. Average

unadjusted recoveries were 70.8% Au, resulting in applied recoveries of 62.3% Au after discount.

These recovery assumptions provide a consistent

preliminary basis for evaluating flotation treatment of HLP, tailings, and sulfide materials in the IA. However, the underlying test work remains limited, variably representative, and unsupported by pilot-scale confirmation, finalized concentrate

specifications, or project-specific commercial toll-treatment terms. Additional metallurgical test work is required before these materials can be assigned a proven processing route with demonstrated recoveries and acceptable operating costs.

10.6.5

HLP Tailings and Sulfides Ag

No silver recovery has been applied to the HLP, tailings, or sulfide flotation cases at this time. Although historical testing reported some silver recovery,

the available dataset is limited and variable, and it is not yet supported by sufficient concentrate characterization or downstream payable assumptions. Silver is therefore excluded from the current flotation recovery model and treated as upside

potential only, pending additional metallurgical and commercial evaluation.

10.6.6

Summary of Assumptions

Metallurgical recovery assumptions applied in the IA are summarized in Table 10-3. The table distinguishes between

recoveries supported by representative column leach test work, adjusted values derived from bottle roll testing, and provisional estimates assigned where direct representative test work is limited. Oxide, mixed, and waste rock dump materials are

evaluated within the heap leach framework, whereas historic HLP, tailings, and sulfide materials are considered separately through a preliminary flotation-concentrate route.

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Table 10-3: Recovery Assumptions and Process Basis by Material

Type

Material Type

Test Basis

Au Rec

(%)

Ag Rec

(%)

Recovery Basis

Note

Facilities Oxide

Column

83.9

8.1

Column Average

Historical column basis

Sleeper Oxide

Bottle Roll

84.5

9.9

Adjusted Bottle Roll

10% discount applied

West Wood Oxide

Column

76.5

9.0

Column Average

Historical column basis

Facilities Mixed

Column

71.3

22.3

Column Value

Historical column basis

Sleeper Mixed

Limited data

70.0

15.0

Estimated

IA-level assumption

West Wood Mixed

Limited data

65.0

10.0

Estimated

IA-level assumption

North Dump

Column

79.0

40.5

Column Value

Historical column basis

South Dump

Column

69.8

43.9

Column Average

Historical column basis

West Dump

Column

81.4

54.6

Column Value

Historical column basis

HLP and Tailings Material

Flotation/ Limited data

50.0

—

Separate process route

Preliminary flotation/toll milling case

Facilities Sulfide

Flotation

71.2

—

Separate process

Preliminary flotation/toll milling case

West Wood Strong Silicic Sulfide

Flotation

66.1

—

Separate process

Preliminary flotation/toll milling case

West Wood Argillic Sulfide

Flotation

62.3

—

Separate process

Preliminary flotation/toll milling case

For heap leach materials, column leach results were given greater weight than bottle roll results because they better reflect

coarse-crush heap leach conditions and leach kinetics. In several cases, column recoveries equaled or exceeded corresponding bottle roll results because some bottle roll tests were run at coarse size and did not reach asymptotic recovery, whereas

most column tests were run longer and more closely approached asymptotic extraction under heap-representative conditions. Figure 10-1 presents the comparison of bottle roll and column test results by material

type.

No uniform discount has been applied to the reported column-based recoveries at this stage. Although column results are often reduced to

approximate field performance, the available data shows substantial variability by material type, particularly within the waste rock dump domains, and does not support a single discount factor across all heap leach materials. Additional variability

and confirmatory testing are recommended before applying any blanket reduction.

An exception was made for Sleeper Oxide, for which no representative

column leach result is currently available. In this case, the reported bottle roll recovery was reduced by 10% for use in the recovery model to provide a conservative estimate of expected coarse-crush heap leach performance pending confirmatory

column testing.

Recoveries for Sleeper Mixed and West Wood Mixed were assigned as IA-level estimates because the

available test work is insufficient to support fully representative column-based recovery assumptions. These values were derived from metallurgical interpretation of the available data and comparison with analogous oxide and mixed composites.

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For heap leach consumables, the NaCN consumption value used for capital and operating cost development was

derived as 33% of the average laboratory column test consumption. Lime/cement consumption was conservatively based on the average laboratory-scale consumptions, excluding the 40 kg/t North Dump value, with no deduction applied. The historical data

shows extreme variability and does not support a representative reduction factor without further test work. Figure 10-2 presents the reagent consumption comparison.

Existing HLP, tailings, and sulfide materials are shown separately because they are not included in the heap leach recovery framework. For IA purposes, these

materials are considered through a preliminary flotation process, with rougher concentrate assumed to be sold or toll treated off site. Applied gold recoveries for these materials include a 12% deduction to reflect toll milling and related

downstream treatment charges. No silver recovery has been applied to the flotation cases at this stage, and silver is treated as upside potential pending additional metallurgical, concentrate-quality, and commercial evaluation.

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Figure 10-1: Comparison of Reported Metallurgical Recovery Results

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Figure 10-2: Material Specific Reagent Consumption and IA Heap

Leach Recovery Assumptions by Material Type

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10.7

QP Opinion - Adequacy of Data

In the opinion of the QP, the available metallurgical data are adequate for an IA focused on heap leach processing for oxide, mixed, and existing waste rock

dump material.

There is also sufficient metallurgical test work to support the estimation of Mineral Resources from sulfide materials, including existing

HLP and tailings material. The proposed processing method for these Mineral Resources is flotation.

The data are not yet adequate to support definitive

recoveries, concentrate terms, and operating costs for the flotation case at pre-feasibility level. Additional variability testing, concentrate characterization, marketing review, and process-specific cost

definition are required before those materials can be incorporated into a more advanced development scenario.

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11.0

Mineral Resource Estimates

The information presented herein has been reviewed, edited, and, where appropriate, directly derived from RESPEC (2023). The Mineral Resource estimate,

prepared by RESPEC Company LLC (RESPEC), has been independently reviewed and validated by SLR QPs for completeness, internal consistency, and technical accuracy.

The SLR QPs confirm that the Mineral Resource estimate complies with disclosure requirements of SEC Regulation S-K

1300. The estimate is supported by appropriate geological interpretation, drilling and sampling data, analytical and QA/QC procedures, and industry-standard geostatistical methods. It incorporates inputs and assumptions sufficient to demonstrate

reasonable prospects for economic extraction (RPEE). In situ Mineral Resources are classified as Measured, Indicated, or Inferred. Material contained in waste rock dumps, heap leach pads, and tailings storage facilities (TSF) is classified as

Inferred. Mineral Resources do not constitute Mineral Reserves.

SLR’s review included assessment of the database, geological and domain

interpretations, compositing, grade capping, variography, interpolation parameters, classification criteria, and block model validation. The SLR QP assumes responsibility for the estimate and considers it reasonable, suitable for disclosure, and

compliant in all material respects with applicable reporting requirements.

This TRS presents an updated Mineral Resource estimate for the Project, with

an effective date of April 29, 2026. The estimate incorporates a review of historical drilling for surface material and supersedes prior disclosures, reflecting updated geological interpretation, revised economic parameters, and application of

RPEE through open-pit optimization and metallurgical recovery assumptions.

11.1

Summary

The Mineral Resource estimate for the Project was completed using a conventional three-dimensional block modeling approach developed by RESPEC. The workflow

included database validation, geological and oxidation domain modeling, density assignment, compositing and grade capping, followed by gold and silver grade interpolation and open-pit constraint using industry-standard software and methodologies.

Gold and silver mineralization domains were defined based on lithology, structure, alteration style, oxidation state, and grade continuity. Separate

estimation domains were constructed for gold and silver to reflect differences in grade distribution and continuity. Mineralized domains encompass stockwork, breccia, and vein-related mineralization hosted primarily within altered volcanic units in

the hanging wall of the range-bounding fault system. Oxidation was independently modeled and classified into oxide, mixed, and sulfide material, based on its metallurgical significance.

Grade estimation was validated using standard industry practices, including statistical comparison of raw assays, capped values, and composites, as well as

comparative estimates generated using inverse distance squared (ID²). Additional validation included swath plots, visual assessment of grade distributions in plan and cross-section, and direct comparison of block estimates against drill hole

assays to confirm geological and analytical consistency.

The updated Mineral Resource estimate, prepared by SLR, supersedes prior disclosures for the

Project and includes gold and silver only; no other commodities are reported.

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In situ Mineral Resources are constrained within an optimized conceptual

open-pit shell demonstrating RPEE. Pit optimization assumes open-pit mining and heap leaching, with metallurgical recoveries supported by test work and economic

parameters appropriate for the deposit.

The Mineral Resource Estimates (MRE) for the Project are reported by estimation domain consistent with the

geological, processing, and material type distinctions illustrated in Figure 11-1. Domain classifications include open-pit oxide material,

open-pit sulfide material, and surface material domains comprising west, north, and south dumps, multiple heap leach domains, and tailings storage facility (TSF) material. These domains were defined to reflect

differences in lithology, oxidation state, material origin, and anticipated processing response

Mineral Resources are classified in accordance with S-K 1300 definitions (Table 11-1).

The SLR QP is of the opinion that, with

consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

11-2

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Figure 11-1: Sleeper Mineral Resource Domains

11-3

Paramount Gold Nevada Corp. | Sleeper Gold Mine

S-K 1300 Technical Report Summary

June 17, 2026

SLR Project No.: 123.020721.00001

Table 11-1: Summary of Mineral Resources Estimate –

April 29, 2026

Category

Tonnage

(000 t)

Grade

(g/t Au)

Grade

(g/t Ag)

Contained

Metal

(000 oz Au)

Contained

Metal

(000 oz Ag)

Metallurgical

Au Recovery

(%)

Metallurgical

Ag Recovery

(%)

Measured Oxide/Mixed Pit (non-sulfide)

2,004

0.293

3.019

195

75.2%

17.1%

Measured Oxide/Mixed Pit (sulfide)

178

0.316

4.307

70.6%

0.0%

Measured Sulfide Pit

3,347

0.621

3.724

401

66.5%

0.0%

Total Measured In Situ

5,528

0.492

3.487

620

69.8%

6.2%

Indicated Oxide/Mixed Pit (non-sulfide)

77,899

0.261

3.613

653

9,049

74.2%

17.3%

Indicated Oxide/Mixed Pit (sulfide)

15,941

0.328

4.934

168

2,529

68.7%

0.0%

Indicated Sulfide Pit

85,336

0.393

3.848

1,078

10,558

66.5%

0.0%

Total Indicated In Situ

179,176

0.330

3.842

1,900

22,135

70.1%

7.5%

Total Measured + Indicated In Situ

184,704

0.335

3.832

1,987

22,755

70.0%

7.5%

Inferred Dumps

46,893

0.279

1.941

420

2,927

77.1%

44.6%

Inferred Heap Leach

31,600

0.301

8.363

306

8,497

40.0%

0.0%

Inferred TSF

11,165

0.599

6.221

215

2,233

50.1%

0.0%

Total Inferred Surface

89,658

0.327

4.738

942

13,657

60.6%

23.3%

Inferred Oxide/Mixed Pit (non-sulfide)

48,656

0.235

2.384

367

3,729

76.6%

14.4%

Inferred Oxide/Mixed Pit (sulfide)

4,960

0.286

3.543

565

68.9%

0.0%

Inferred Sulfide Pit

94,761

0.311

2.657

948

8,095

66.5%

0.0%

Total Inferred In Situ

148,377

0.285

2.597

1,361

12,390

69.9%

4.7%

Total Inferred Surface + In Situ

238,035

0.301

3.403

2,303

26,047

97.9%

8.8%

11-4