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Paramount Gold's Grassy Mountain Mine Receives Permit Completeness Determination From Oregon

Paramount Gold Nevada Corp. (“Paramount” or the “Company”) is pleased to announce that the State of Oregon’s Technical Review Team (“TRT”), which is comprised of the agencies involved in the Chemical Process Mining program has determined that Paramount’s Consolidated Permit Application (“CPA”) for its Grassy Mountain Project is complete. State agencies are now expected to start permit writing for the high-grade Grassy Mountain gold and silver mine. The decision was unanimously approved by the TRT at a public meeting on October 4, 2023.

With the completeness determination by the TRT, the next step is for The Oregon Department of Geology and Mineral Industries (the “DOGAMI”), the facilitating agency of the TRT, to issue the Notice to Proceed (the “Notice”). The DOGAMI expects to issue final consolidated permits for the Grassy Mountain Mine one year from the issuance of the Notice in concurrence with State laws.

Paramount President, COO and Director, Glen Van Treek commented: “Since the acquisition of Grassy, this is the green light we have been working towards which signals the state’s willingness for us to proceed with building and operating the Grassy Mountain mine. The CPA completeness determination couldn’t have been achieved without the unwavering dedication of our incredible team, the trust of our shareholders and the support of the local community.”

As part of the permitting process, the State of Oregon is required to concurrently complete an environmental evaluation and socio-economic analysis (“EE”) for the proposed Grassy Mountain Mine. Following the approval of the scope of the EE earlier this year, Stantec, a global leader in engineering, architecture and environmental consulting, has already commenced the EE that is expected to be completed in early 2024.

Paramount CEO and Director, Rachel Goldman stated: “We would like to acknowledge the commitment of the State permitting agencies and cooperating agencies for their efforts in ensuring the Grassy CPA meets all the necessary State requirements as we strive to build the best possible project for all stakeholders. We look forward to our continued collaboration on the next important phase of permit drafting.

Mr. Van Treek added that the project will make an important contribution to eastern Oregon. “The project includes several infrastructure upgrades to existing powerlines and roadway, the construction of the processing facility and the development of the underground mine requiring a life of mine investment of nearly $190 million. These costs include project sustaining capital and mine closure costs, reclamation and over 20 years of monitoring post mine closure. In addition, while in operation, an estimated $250 million will be paid in salaries to approximately 110 direct employees, and many external goods and services that the Company expects to source locally where possible. Our project will bring significant economic benefits to the communities of eastern Oregon.”

The Oregon permitting process is led by the Department Of Geology and Mineral industries (DOGAMI), with the involvement of the following cooperating agencies : the Department of Environmental Quality (“DEQ”), Oregon Department of Fish and Wildlife (“ODFW”), Oregon Water Resource Department (“OWRD”), and the State Historical Preservation Office (“SHPO”), Oregon Health Authority (OHA) and the support of the Oregon Department of Justice (“DOJ”), the Bureau of Land Management (“BLM”), US Fish and Wild Life Service (“USFWS”).

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