What changed in Paramount Gold Nevada Corp.'s 2023 10-K compared to 2022?

Across the narrative sections we track, Paramount Gold Nevada Corp. (PZG) added 124 paragraphs, removed 125, and edited 98 between the 2022 and 2023 10-K filings. The biggest movers are Item 7. Management's Discussion & Analysis (+43/−40), Item 2. Properties (+47/−48), Item 1A. Risk Factors (+22/−25).

Did Paramount Gold Nevada Corp. add new Risk Factors in the 2023 10-K?

Yes — Item 1A Risk Factors shows 22 new/edited paragraphs and 25 removed paragraphs versus the 2022 10-K.

What changed in Paramount Gold Nevada Corp.'s MD&A (Item 7) in 2023?

Item 7 Management's Discussion & Analysis shows 43 new/edited paragraphs and 40 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Where does this PZG 10-K diff come from?

The source filings are Paramount Gold Nevada Corp.'s official 2022 and 2023 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in Paramount Gold Nevada Corp.'s 10-K — 2022 vs 2023

Paragraph-level year-over-year comparison of Paramount Gold Nevada Corp.'s 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+124 added−125 removedSource: 10-K (2023-09-26) vs 10-K (2022-10-13)

Top changes in Paramount Gold Nevada Corp.'s 2023 10-K

124 paragraphs added · 125 removed · 98 edited across 5 sections

Item 7. Management's Discussion & Analysis+43 / −40 · 26 edited
Item 2. Properties+47 / −48 · 41 edited
Item 1A. Risk Factors+22 / −25 · 20 edited
Item 1. Business+8 / −7 · 7 edited
Item 5. Market for Registrant's Common Equity+4 / −5 · 4 edited

Item 1. Business

Business — how the company describes what it does

7 edited+1 added−0 removed34 unchanged

2022 filing

2023 filing

Biggest changeAnnual Payments made to federal and other state agencies to maintain claims: Property Number of Claims Federal payments to Bureau of Land Management Payment to Local County Total Annual Payment to Maintain Claims Sleeper Gold Project and Other Nevada Claims 2,623 $ 442,530 $ 32,355 $ 474,885 Grassy Mountain Project and Other Oregon Claims 548 $ 90,420 $ 3,093 $ 93,513 Total Annual Payment to Maintain Mining Claims $ 568,398 Permitting The Grassy Mountain, Sleeper and other properties are subject to extensive U.S. federal and state permitting laws and regulations for the exploration, development and reclamation activities we undertake.

Biggest changeAnnual Payments we have made to federal and other state agencies to maintain our claims for the upcoming 2023-24 year are as follows: Property Number of Claims 1 Total Annual Payment to Maintain Claims 2 Sleeper Gold Project and Other Nevada Claims 2,623 $ 490,194 Grassy Mountain Project and Other Oregon Claims 548 $ 97,313 Total Annual Payment to Maintain Mining Claims $ 587,507 1.

INTER-CORPORATE RELATIONSHIPS We currently have three active wholly owned direct subsidiaries: New Sleeper Gold LLC and Sleeper Mining Company, LLC, which operate our mining interests in Nevada. Calico Resources USA Corp., which holds our interest in the Grassy Mountain Project in Oregon. 5 The Company’s corporate structure is as follows: COMPETITION The mineral exploration industry is highly competitive.

INTER-CORPORATE RELATIONSHIPS We currently have three active wholly owned direct subsidiaries: New Sleeper Gold LLC and Sleeper Mining Company, LLC, which operate our mining interests in Nevada. 5 Calico Resources USA Corp., which holds our interest in the Grassy Mountain Project in Oregon. The Company’s corporate structure is as follows: COMPETITION The mineral exploration industry is highly competitive.

We believe we have or can acquire on reasonable terms to the equipment, technical expertise and materials necessary to explore and develop our current properties. GOVERNMENT REGULATION General Our business is subject to extensive federal, state and local laws governing the exploring, development, production, mine closure and reclamation, labor standards, taxes, protection of wildlife and other matters.

We believe we have or can acquire on reasonable terms the equipment, technical expertise and materials necessary to explore and develop our current properties. GOVERNMENT REGULATION General Our business is subject to extensive federal, state and local laws governing the exploring, development, production, mine closure and reclamation, labor standards, taxes, protection of wildlife and other matters.

As we advance with our permitting efforts at our Grassy Mountain Project in Oregon we strive to achieve the following: i) achieve the smallest physical imprint when we close a mine and leave the land as close to the way we found it as possible, ii) work actively with the local communities in which we operate to participate in 7 long-term economic development, and iii) implementing strong governance practices that promote environmental stewardship, societal success and strengthen equity performance.

As we advance with our permitting efforts at our Grassy Mountain Project in Oregon we strive to achieve the following: i) achieve the smallest physical imprint when we close a mine and leave the land 7 as close to the way we found it as possible, ii) work actively with the local communities in which we operate to participate in long-term economic development, and iii) implementing strong governance practices that promote environmental stewardship, societal success and strengthen equity performance.

In addition, we are required to pay the county recorder of the county in which the claim is situated an annual fee. The county fees in Nevada and Oregon are $12.00 and $5.00 per claim, respectively. On certain claims, we are required to pay a fee of $165.00 for each 20 acres of an association placer.

In addition, we are required to pay the county recorder of the county in which the claim is situated an annual fee. The county fees in Nevada and Oregon are $12.00 and $5.00 per claim, respectively. On certain claims we own, we are required to pay a fee of $165.00 for each 20 acres of an association placer.

Reclamation activities are conducted in accordance in with detailed plans which must be reviewed and approved by the both the BLM and NDEP. Additional information regarding our reclamation activities at Sleeper on Page 23 . HUMAN CAPITAL RESOURCES As of June 30, 2022, we employed seven full-time employees and one consultant.

Reclamation activities are conducted in accordance in with detailed plans which must be reviewed and approved by the both the BLM and NDEP. Additional information regarding our reclamation activities at Sleeper on Page 23 . HUMAN CAPITAL RESOURCES As of June 30, 2023, we employed seven full-time employees and one consultant.

As a result, Calico Resources USA Corp. became a wholly owned subsidiary of Paramount. OVERVIEW OF PARAMOUNT GOLD NEVADA CORP. We are engaged in the business of acquiring, exploring and developing precious metal projects in the United States of America. Paramount owns both exploration and development stage projects in the states of Nevada and Oregon.

As a result, Calico Resources USA Corp. became a wholly owned subsidiary of Paramount. OVERVIEW OF PARAMOUNT GOLD NEVADA CORP. We are engaged in the business of acquiring, exploring and developing precious metals projects in the United States of America. Paramount owns both exploration and development stage projects in the states of Nevada and Oregon.

Added

Does not include any placer claims contained within existing unpatented lode claims 2. Includes all fees paid to the BLM, respective counties and legal fees to file the claims Permitting The Grassy Mountain, Sleeper and other properties are subject to extensive U.S. federal and state permitting laws and regulations for the exploration, development and reclamation activities we undertake.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

20 edited+2 added−5 removed86 unchanged

2022 filing

2023 filing

Biggest changeWe have incurred losses in the past, and we will likely continue to incur losses in the future. Even if our drilling programs identify gold, silver or other mineral deposits, there can be no assurance that we will be able to commercially exploit these resources, generate any revenues or generate sufficient revenues to operate profitably.

Biggest changeEven if our drilling programs identify gold, silver or other mineral deposits, there can be no assurance that we will be able to commercially exploit these resources, generate any revenues or generate sufficient revenues to operate profitably. 9 We will require significant additional capital to continue our exploration activities, and, if warranted, to develop mining operations.

Although the Company maintains liability coverage in an amount which it considers adequate for its operations, such occurrences, against which the Company 8 may not be able, or may elect not to insure, may result in a material adverse change in the Company’s financial position.

Although the Company 8 maintains liability coverage in an amount which it considers adequate for its operations, such occurrences, against which the Company may not be able, or may elect not to insure, may result in a material adverse change in the Company’s financial position.

If any members of our senior management team become unable or unwilling to continue in their present positions, our financial results and our business could be materially adversely affected. 12 We operate in a regulated industry and changes in regulations or violations of regulations may result in increased costs or sanctions that could reduce our revenues.

If any members of our senior management team become unable or unwilling to continue in their present positions, our financial results and our business could be materially adversely affected. We operate in a regulated industry and changes in regulations or violations of regulations may result in increased costs or sanctions that could reduce our revenues.

Substantial expenditures will be required to determine if proven and probable mineral reserves exist at any of our properties, to develop metallurgical processes to extract metal, to develop the mining and 9 processing facilities and infrastructure at any of our properties or mine sites and, in certain circumstances, to acquire additional property rights.

Substantial expenditures will be required to determine if proven and probable mineral reserves exist at any of our properties, to develop metallurgical processes to extract metal, to develop the mining and processing facilities and infrastructure at any of our properties or mine sites and, in certain circumstances, to acquire additional property rights.

Actual cash operating costs and economic returns on projects may differ 11 significantly from the original estimates, primarily due to fluctuations in the current prices of metal commodities extracted from the deposits, changes in fuel costs, labor rates, changes in permit requirements, and unforeseen variations in the characteristics of the ore body.

Actual cash operating costs and economic returns on projects may differ significantly from the original estimates, primarily due to fluctuations in the current prices of metal commodities extracted from the deposits, changes in fuel costs, labor rates, changes in permit requirements, and unforeseen variations in the characteristics of the ore body.

Unless we can establish and exploit reserves before our sources of funds are exhausted, we will have to discontinue operations, which could make our stock valueless. The loss of key members of our senior management team could adversely affect the execution of our business strategy and our financial results.

Unless we can establish and exploit reserves before our sources of funds are exhausted, we will have to discontinue operations, which could make our stock valueless. 12 The loss of key members of our senior management team could adversely affect the execution of our business strategy and our financial results.

Various measures have been implemented to manage the risks related to the system implementation and modification, but system modification failures could have a material adverse effect on our business, financial position and results of operations. 13 Risks Related to Our Common Stock and Indebtedness Our stock price may be volatile. The market price of our common stock has been volatile.

Various measures have been implemented to manage the risks related to the system implementation and modification, but system modification failures could have a material adverse effect on our business, financial position and results of operations. Risks Related to Our Common Stock and Indebtedness Our stock price may be volatile. The market price of our common stock has been volatile.

We are a development stage company and have no ongoing mining operations of any kind. We have interests in mining claims which may or may not lead to production. We have no history of earnings or cash flow from mining operations.

We are a development stage company and have no ongoing mining operations of any kind. We have interests in mining claims which may or may not lead to production. 10 We have no history of earnings or cash flow from mining operations.

However, given the unpredictability of the timing, nature and scope of information or operational technology disruptions, we could potentially be subject to production downtimes, operational delays, operating accidents, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on cash flows, financial condition or results of operations.

However, given the unpredictability of the timing, nature and scope of information or operational technology disruptions, we could potentially be subject to production downtime, operational delays, operating accidents, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on cash flows, financial condition or results of operations.

As a result of our evaluation of the Company’s liquidity for the next twelve months, we have included a discussion about our ability to continue as a going concern in our consolidated financial statements, and our independent auditor’s report for year ended June 30, 2022 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” Our capital needs have, in recent years, been funded through sales of our debt and equity securities.

As a result of our evaluation of the Company’s liquidity for the next twelve months, we have included a discussion about our ability to continue as a going concern in our consolidated financial statements, and our independent auditor’s report for year ended June 30, 2023 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” Our capital needs have, in recent years, been funded through sales of our debt and equity securities.

The supply of and demand for gold and silver, as well as other precious and base metals, are affected by various factors, including political events, economic conditions and production costs in major mineral producing regions. Our estimates of mineral reserves and mineral resources are subject to uncertainty. Estimates of mineral reserves and other mineral resources are subject to considerable uncertainty.

The supply of and demand for gold and silver, as well as other precious and base metals, are affected by various factors, including political events, economic conditions and production costs in major mineral producing regions. 11 Our estimates of mineral reserves and mineral resources are subject to uncertainty.

Our information technology systems used in our operations are subject to disruption, damage or failure from a variety of sources, including, without limitation, computer viruses, security breaches, cyberattacks, natural disasters and defects in design.

We are currently proceeding with plans to explore and develop our mineral properties on the basis of estimated costs. If our exploration and development costs are greater than anticipated, then we will have fewer capital resources for other expenses and losses could increase.

If our exploration and development costs are higher than anticipated, then our profitability will be adversely affected. We are currently proceeding with plans to explore and develop our mineral properties on the basis of estimated costs. If our exploration and development costs are greater than anticipated, then we will have fewer capital resources for other expenses and losses could increase.

If we are able to proceed to production, commercial viability will be affected by factors that are beyond our control such as the particular attributes of the deposit, the fluctuation in metal prices, the cost of constructing and the operation of a mine, prices and refining facilities, the availability of economic sources for energy, government regulations including regulations relating to prices, royalties, restrictions on production, quotas on exploration of minerals, as well as the costs of protection of the environment. 10 If our exploration and development costs are higher than anticipated, then our profitability will be adversely affected.

Even if we are successful in identifying mineral reserves that can be commercially developed, there can be no assurances that we will generate any revenues and therefore our losses will continue. No revenue generated from operations. We have not generated any revenues from operations. Our net loss for the fiscal year ended June 30, 2022 totaled $7,837,316.

We have incurred significant losses since our inception and expect to continue to incur losses as a result of costs and expenses related to maintaining our properties and general and administrative expenses. As of June 30, 2022, we had cash of approximately $2.5 million and an accumulated deficit of approximately $67.9 million.

We have incurred significant losses since our inception and expect to continue to incur losses as a result of costs and expenses related to maintaining our properties and general and administrative expenses. As of June 30, 2023, we had cash of approximately $0.8 million and an accumulated deficit of approximately $74.3 million.

Such estimates are arrived at using standard acceptable geological techniques and are based on the interpretations of geological data obtained from drill holes and other sampling techniques.

Estimates of mineral reserves and other mineral resources are subject to considerable uncertainty. Such estimates are arrived at using standard acceptable geological techniques and are based on the interpretations of geological data obtained from drill holes and other sampling techniques.

We believe investors should expect continued volatility in our stock price. Such volatility may make it difficult or impossible for you to obtain a favorable selling price for our shares. We may not have sufficient cash to meet our debt obligation. As of June 30, 2022, we have $4.2 million in outstanding indebtedness in the form of convertible notes.

We believe investors should expect continued volatility in our stock price. Such volatility may make it difficult or impossible for you to obtain a favorable selling price for our shares. 13 We may not have sufficient cash to meet our debt obligation.

Our ability to repay the outstanding debt on at maturity will depend on the Company having sufficient cash on hand. We could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness.

We could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness.

We will require significant additional capital to continue our exploration activities, and, if warranted, to develop mining operations. None of our projects currently have proven or probable reserves.

None of our projects currently have proven or probable reserves.

Removed

The COVID-19 pandemic may adversely impact our business and may negatively impact our financial results in the future, and the ultimate impact will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic.

Added

We have incurred losses in the past, and we will likely continue to incur losses in the future.

Removed

The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations, created significant volatility and disruption in financial markets, and increased unemployment levels. In addition, the pandemic has resulted in temporary closures of many businesses and the institution of social distancing and sheltering in place requirements in many states and communities.

Added

As of June 30, 2023, we have $4.3 million in outstanding indebtedness in the form of convertible notes and $1.6 million in the form of a note payable. Our ability to repay the outstanding debt on at maturity will depend on the Company having sufficient cash on hand.

Removed

As a result, our ability to continue with our planned activities may be significantly impacted, which could adversely affect the timing of completing our development programs which include the federal and state permitting of our Grassy Mountain Project in eastern Oregon.

Removed

Furthermore, our business operations may also be disrupted if significant portions of our workforce are unable to work effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic.

Removed

The extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition, will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.

Item 2. Properties

Properties — owned and leased real estate

41 edited+6 added−7 removed97 unchanged

2022 filing

2023 filing

Biggest changeSummary of Sleeper Gold Property Mineral Resources at the End of June 30, 2022 Gold (Au) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Inferred mineral resources 237,600 0.0102 2,417 72.7 % Silver (Ag) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Inferred mineral resources 237,600 0.1030 24,458 28.2 % 1.

Biggest changeSummary of Sleeper Gold Property Mineral Resources at the End of June 30, 2023 and 2022 Gold (Au) (1,2,3,4,5,6,7,8) Silver (Ag) (1,2,3,4,5,6,7,8) 28 Years Ended June 30, 2023 2022 Summary Mineral Resources Gold Measured Resources Total tons (000s) 5,403 — Grade (oz./ ton) 0.016 — Ounces (000s) 85 — Indicated Resources Total tons (000s) 174,535 — Grade (oz./ ton) 0.010 — Ounces (000s) 1,812 — Measured and Indicated Resources Total tons (000s) 179,938 — Grade (oz./ ton) 0.011 — Ounces (000s) 1,897 — Inferred Resources Total tons (000s) 132,176 237,600 Grade (oz./ ton) 0.009 0.0102 Ounces (000s) 1,214 2,417 Summary Mineral Resources Silver Measured Resources Total tons (000s) 5,403 — Grade (oz./ ton) 0.105 — Ounces (000s) 570 — Indicated Resources Total tons (000s) 174,535 — Grade (oz./ ton) 0.118 — Ounces (000s) 20,661 — Measured and Indicated Resources Total tons (000s) 179,938 — Grade (oz./ ton) 0.118 — Ounces (000s) 21,231 — Inferred Resources Total tons (000s) 132,176 237,600 Grade (oz./ ton) 0.071 0.1030 Ounces (000s) 9,454 24,458 1.

Mine Type: Underground Commodity: Gold, Silver Mineralization Styles: Hot Spring Style, Low Sulfidation Epithermal Other: • Certain royalty interests have been granted with respect to the Grassy Mountain Project • A security interest in the Grassy Mountain Project has been granted in favor of the Convertible Note Holders (as defined below) 15 Property: Sleeper Gold Stage: Exploration Location: Nevada Ownership: 100% Titles and Mining Claims: 2474 unpatented lode claims (approximately 44,917 acres) Key Permit Conditions: BLM administered land.

Mine Type: Underground Commodity: Gold, Silver Mineralization Styles: Hot Spring Style, Low Sulfidation Epithermal Other: • Certain royalty interests have been granted with respect to the Grassy Mountain Project • A security interest in the Grassy Mountain Project has been granted in favor of the Convertible Note Holders (as defined below) Property: Sleeper Gold 15 Stage: Exploration Location: Nevada Ownership: 100% Titles and Mining Claims: 2474 unpatented lode claims (approximately 44,917 acres) Key Permit Conditions: BLM administered land.

Plan of Operations and other required State permits in place for exploration.

Previous Operators Companies and individuals involved in exploration prior to Paramount’s Project interest include prospectors Richard “Dick” Sherry and Eugene “Skip” Yates (1986), Atlas Precious Metals (Atlas) (1986 to 1992), Golden Predator Mines U.S. Inc., Newmont 19 Exploration Ltd (Newmont) (1992-1996), Tombstone Exploration Company Ltd (Tombstone) (1998), Seabridge, and Calico (2000 to 2015).

Previous Operators 19 Companies and individuals involved in exploration prior to Paramount’s Project interest include prospectors Richard “Dick” Sherry and Eugene “Skip” Yates (1986), Atlas Precious Metals (Atlas) (1986 to 1992), Golden Predator Mines U.S. Inc., Newmont Exploration Ltd (Newmont) (1992-1996), Tombstone Exploration Company Ltd (Tombstone) (1998), Seabridge, and Calico (2000 to 2015).

Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation were compiled from Paramount’s databases into RESPEC’s GeoSequel database and reviewed for improbable entries. Written procedures and guidelines are used to support estimation methods and approaches. Estimations include evaluation of modifying and technical factors.

The economic cut-off grade estimate uses a gold price of $1,600/oz, mining costs of $100/ton processed, surface re-handle costs of $0.20/ton processed, process costs of $35/ton processed, general and administrative costs of $20/ton processed, and refining costs of $6/oz Au recovered. Metallurgical recovery is 94.5% for gold. Mining recovery is 97% and mining dilution is assumed to be 8%.

The economic cut-off grade estimate uses a gold price of $1,600/oz, mining costs of $100/ton processed, surface re-handle costs of $0.20/ton 22 processed, process costs of $35/ton processed, general and administrative costs of $20/ton processed, and refining costs of $6/oz Au recovered. Metallurgical recovery is 94.5% for gold. Mining recovery is 97% and mining dilution is assumed to be 8%.

Paramount has the right to reduce the NSR from 2% to 1% for a payment of $800,000. In November 2018, Paramount entered into an agreement with Nevada Select to purchase 100% interest in the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project.

Paramount has the right to reduce the NSR from 2% to 1% for a payment of $800,000. 30 In November 2018, Paramount entered into an agreement with Nevada Select to purchase 100% interest in the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project.

Internal Controls – Grassy Mountain Property 22 Paramount’s internal controls at the Grassy Mountain project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices.

Internal Controls – Grassy Mountain Property Paramount’s internal controls at the Grassy Mountain project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices.

Grassy Mountain Property Summary of Mineral Reserves at the End of June 30, 2022 Gold (Au) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.18 47 94.5 % Probable mineral reserves 1,652 0.20 333 94.5 % Total mineral reserves 1,912 0.20 380 94.5 % Total plus mining loss & dilution 2,070 0.19 390 94.5 % Silver (Ag) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.26 68 73.4 % Probable mineral reserves 1,652 0.29 486 73.4 % Total mineral reserves 1,912 0.29 554 73.4 % Total plus mining loss & dilution 2,070 0.28 578 73.4 % 1.

Grassy Mountain Property Summary of Mineral Reserves at the End of June 30, 2023 and 2022 Gold (Au) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.18 47 94.5 % Probable mineral reserves 1,652 0.20 333 94.5 % Total mineral reserves 1,912 0.20 380 94.5 % Total plus mining loss & dilution 2,070 0.19 390 94.5 % Silver (Ag) (1,2,3) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Proven mineral reserves 260 0.26 68 73.4 % Probable mineral reserves 1,652 0.29 486 73.4 % Total mineral reserves 1,912 0.29 554 73.4 % Total plus mining loss & dilution 2,070 0.28 578 73.4 % 1.

Internal controls and resource estimation procedures are discussed where required in the relevant chapters of the technical report summary. 28 Exploration and Drilling Paramount’s internal controls protocols for exploration drilling are summarized in Section 8.2 of the technical report summary for the Sleeper property.

Internal controls and resource estimation procedures are discussed where required in the relevant chapters of the technical report summary. Exploration and Drilling Paramount’s internal controls protocols for exploration drilling are summarized in Section 8.2 of the technical report summary for the Sleeper property.

Total fully diluted Mineral Reserves includes Proven and Probable reserves plus dilution les ore lost, see detail table for each project Individual Properties GRASSY MOUNTAIN PROPERTY Overview and Location The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho ( 43°40'10.8"N 117°21'34.2"W ).

Total fully diluted Mineral Reserves includes Proven and Probable reserves plus dilution less ore lost, see detail table for each project Individual Properties GRASSY MOUNTAIN PROPERTY Overview and Location The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho ( 43°40'10.8"N 117°21'34.2"W ).

These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection and analysis of drillhole assay information based on: • Third-party certified labs used for assays reported in public disclosure or resource models; • Drill programs with insertion of blank, duplicate, and certified reference materials; and • Sufficient QA/QC results for the analytical programs.

These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection and analysis of drill hole assay information based on: • Third-party certified labs used for assays reported in public disclosure or resource models; • Drill programs with insertion of blank, duplicate, and certified reference materials; and • Sufficient QA/QC results for the analytical programs.

Technical Report Summary The Company is reporting a mineral resource estimate as prepared by QP, RESPEC Company LLC with an effective date of June 30, 2022. To determine the estimate the following material assumptions and criteria were used: • The Sleeper deposit has the potential to be mined by open pit methods.

Technical Report Summary The Company is reporting a mineral resource estimate as prepared by QP, RESPEC Company LLC with an effective date of June 30, 2023. To determine the estimate the following material assumptions and criteria were used: • The Sleeper deposit has the potential to be mined by open pit methods.

Summary Gold Mineral Reserves as of June 30, 2022( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Total 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Summary Silver Mineral Reserves as of June 30, 2022( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.26 68 1,652 0.29 486 1,911 0.29 554 Total 260 0.26 68 1,652 0.29 486 1,911 0.29 554 17 1.

Summary Gold Mineral Reserves as of June 30, 2023( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Total 260 0.18 47 1,652 0.20 333 1,911 0.20 380 Summary Silver Mineral Reserves as of June 30, 2023( 1,2,3,4 ): Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 260 0.26 68 1,652 0.29 486 1,911 0.29 554 Total 260 0.26 68 1,652 0.29 486 1,911 0.29 554 17 1.

For more information for mineral resource estimate, see Exhibit 96.1 section 11.8, the Technical Report Summary on the Sleeper Gold Project, Nevada, U.S.A. ("Sleeper TRS") prepared for the Company by QP, RESPEC Company LLC with an effective date of June 30, 2022.

Other agreements Cryla LLC ("Cryla") leased 28 unpatented lode mining claims located west of Grassy Mountain to Calico in 2018. Calico is required to make an annual lease payment of $60,000. After June 2020, Calico may elect to acquire the property for $560,000 plus $3/oz of gold reserves, as defined by a prefeasibility or higher confidence-level study.

The local terrain is gentle to moderate, with elevations ranging from 3,300 to 4,300 feet above mean sea level. The geological setting, hydrothermal alteration, styles of gold-silver mineralization, and close spatial and timing association with silica sinter deposition, indicate that Grassy Mountain is an example of the hot-springs subtype of low-sulfidation, epithermal precious-metals deposits.

The local terrain is gentle to moderate, with elevations ranging from 3,300 to 4,300 feet above mean sea level. The geological setting, hydrothermal alteration, styles of gold-silver mineralization, and close spatial and timing association with silica sinter deposition, indicate that Grassy Mountain is an example of the hot-springs sub type of low-sulfidation, epithermal precious-metals deposits.

The claims are located approximately 2 miles south of past producing Sleeper Gold Mine. The purchased claims carry a mineral production royalty based on a Net Smelter Returns (“NSR”) of one percent (1%). The purchased claims are without known mineral reserves. As of June 30, 2022, the net book value of the Sleeper Gold Property was approximately $28.5 million.

The claims are located approximately 2 miles south of past producing Sleeper Gold Mine. The purchased claims carry a mineral production royalty based on a Net Smelter Returns (“NSR”) of one percent (1%). The purchased claims are without known mineral reserves. As of June 30, 2023, the net book value of the Sleeper Gold Property was approximately $28.1 million.

The reference point at which the mineral resources are defined is therefore at the top rim of the pit, where material equal to or greater than the cut-off grade would be processed. • The metal prices used in the pit optimization and the determination of the gold cut-off grade and gold-equivalency factor are derived roughly from three-year moving-average prices as of August 2022 ($1,750/oz and $22/oz for gold and silver, respectively). • The open pit resource estimates are based on a 30,000 tonnes per day processing rate, with processing assumed to consist of crushing, milling, and first-stage gravity separation followed by carbon-in-leach recovery.

The reference point at which the mineral resources are defined is therefore at the top rim of the pit, where material equal to or greater than the cut-off grade would be processed. • The metal prices used in the pit optimization and the determination of the gold cut-off grade and gold-equivalency factor are derived roughly from three-year moving-average prices as of July 2023 ($1,800/oz and $22/oz for gold and silver, respectively). • The open pit resource estimates are based on a 30,000 tonnes per day processing rate, with processing assumed to consist of crushing, milling, and first-stage gravity separation followed by carbon-in-leach recovery.

All core and reverse-circulation samples were cataloged and stored in secure and designated areas on Paramount’s warehouse in vale Oregon. Data has been subject to validation, which includes checks on downhole surveys, collar coordinates, geological data, and assay data.

All core and reverse-circulation samples were cataloged and stored in secure and designated areas on Paramount’s warehouse in vale Oregon. Data has been subject to validation, which includes checks on down hole surveys, collar coordinates, geological data, and assay data.

Under the filed BLM Plan of Operations (“PoO”) and reclamation permit a surety bond in the amount of $4,010,403 has been posted as financial security to ensure that required reclamation activities are fulfilled.

Under the filed BLM Plan of Operations (“PoO”) and reclamation permit a surety bond in the amount of $4 million has been posted as financial security to ensure that required reclamation activities are fulfilled.

All core and reverse-circulation samples were cataloged and stored in secure and designated areas on Paramount’s property. Data has been subject to validation, which includes checks on downhole surveys, collar coordinates, geological data, and assay data.

All core and reverse-circulation samples were cataloged and stored in secure and designated areas on Paramount’s property. Data has been subject to validation, which includes checks on down hole surveys, collar coordinates, geological data, and assay data.

The Company expects to file a revised RCE in the second half of 2021 with the BLM. The revised RCE will incorporate the significant reclamation work that has been completed by the Company over the past several years.

The Company expects to file a revised RCE in the second half of calendar 2023 with the BLM. The revised RCE will incorporate the significant reclamation work that has been completed by the Company over the past several years.

Mineral Resources comprised all model blocks at a 0.137 g Au/t cut-off for Oxide and Mixed within an optimized pit; 0.251 g Au/t for Sulfide within an optimized pit; and 0.137 g Au/t for dumps. 7. The average grades of the Inferred Mineral Resources are comprised of the weighted average of Oxide, Mixed, Sulfide, and dumps mineral resources.

Mineral Resources comprised all model blocks at a 0.14 g Au/t cut-off for Oxide and Mixed, 0.17 g Au/t for Sulfide within an optimized pit; and 0.14 g Au/t for dumps. 7. The average grades of the Inferred Mineral Resources are comprised of the weighted average of Oxide, Mixed, Sulfide, and dumps mineral resources.

Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of US$1,750/oz, a silver price of US$22/oz, a throughput rate of 30,000 tonnes/day, assumed metallurgical recoveries of 72.7% for Au and 28.2% for Ag, mining costs of US$2.00/tonne mined, heap leach processing costs of US$3.08/tonne processed, bio-leach processing costs of US$9.84/tonne processed general and administrative costs of $0.46/tonne processed.

Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of $1,800/oz (2022 - $1,750/oz), a silver price of $22/oz (2022 - $22/oz), a throughput rate of 30,000 tonnes/day (2022 - 30,000 tonnes/day), assumed metallurgical recoveries of 84.6% for Au (2022 - 72.7% for Au) and 52.3% for Ag (2022 - 28.2% for Ag), mining costs of $2.40/tonne mined (2022 - $2.00/tonne mined), heap leach processing costs of $3.08/tonne processed (2022 - $3.08/tonne processed), bio-leach processing costs of $8.52/tonne processed (2022 - $9.84/tonne processed), general and 29 administrative costs of $0.46/tonne processed (2022 - $0.46/tonne processed).

To meet the requirement of reasonable prospects for eventual economic extraction, a pit optimization was run using the parameters summarized in following Table: 26 Item Value Unit Mining Cost 2.00 $/tonne Heap Leach Processing cost 3.08 $/tonne processed Biooxidation Processing cost 9.84 $/tonne processed Process rate 30,000 tonnes per day processed General and Administration cost 0.46 $/tonne processed Au price 1,750 $/oz Ag price 22 $/oz Au recovery 72.7 percent Ag recovery 28.2 percent Royalty 1.5% NSR • The pit shell created by the optimization was used to constrain the mineral resources, which are reported at a cut-off grade of 0.137 g Au/t for oxide and mixed materials, whereas the sulfide material is reported at a cut-off grade of 0.251 g Au/t.

To meet the requirement of reasonable prospects for eventual economic extraction, a pit optimization was run using the parameters summarized in following Table: Item Value Unit Mining Cost 2.40 $/tonne Heap Leach Processing cost 3.08 $/tonne processed Bio-oxidation Processing cost 8.52 $/tonne processed Process rate 30,000 tonnes per day processed General and Administration cost 0.46 $/tonne processed Au price 1,800 $/oz Ag price 22 $/oz Au recovery 84.6 percent 26 Ag recovery 52.3 percent Royalty 1.5% NSR • The pit shell created by the optimization was used to constrain the mineral resources, which are reported at a cut-off grade of 0.14 g Au/t for oxide and mixed materials, whereas the sulfide material is reported at a cut-off grade of 0.17 g Au/t.

Grassy Mountain Property Summary of Mineral Resources at the End of June 30, 2022 Gold (Au) (1,2,3,4,5,6,7) 21 Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Measured mineral resources 21,153 0.017 363 80 % Indicated mineral resources 12,902 0.030 392 80 % Measured + Indicated mineral resources 34,055 0.022 755 80 % Inferred mineral resources 1,151 0.037 42 80 % Silver (Ag) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Measured mineral resources 21,153 0.072 1,529 60 % Indicated mineral resources 12,902 0.115 1,480 60 % Measured + Indicated mineral resources 34,055 0.088 3,009 60 % Inferred mineral resources 1,151 0.109 126 60 % 1.

Gold (Au) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Measured mineral resources 21,153 0.017 363 80 % Indicated mineral resources 12,902 0.030 392 80 % Measured + Indicated mineral resources 34,055 0.022 755 80 % Inferred mineral resources 1,151 0.037 42 80 % Silver (Ag) (1,2,3,4,5,6,7) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery Measured mineral resources 21,153 0.072 1,529 60 % Indicated mineral resources 12,902 0.115 1,480 60 % Measured + Indicated mineral resources 34,055 0.088 3,009 60 % Inferred mineral resources 1,151 0.109 126 60 % 1.

Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of $1,800/oz, a silver price of $22/oz, a throughput rate of 30,000 tonnes/day, assumed metallurgical recoveries of 84.6% for Au and 52.3% for Ag, mining costs of $2.40/tonne mined, heap leach processing costs of $3.08/tonne processed, bio-leach processing costs of $8.52/tonne processed, general and administrative costs of $0.46/tonne processed.

Internal Controls - Sleeper Gold Property Paramount’s internal controls at the Sleeper project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices.

Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content. Internal Controls - Sleeper Gold Property Paramount’s internal controls at the Sleeper project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices.

The gold–silver precipitate will be dried in a mercury retort oven and then mixed with fluxes and smelted in a furnace to pour doré bars. Carbon will be re-activated in a carbon regeneration kiln before being returned to the CIL circuit. CIL tails will be treated for cyanide destruction prior to pumping to the tailings storage facility (TSF) for disposal.

The gold–silver precipitate will be dried in a mercury retort oven and then mixed with fluxes and smelted in a furnace to pour doré bars. Carbon will be re-activated in a 20 carbon regeneration kiln before being returned to the CIL circuit.

Geology and Mineralization The Sleeper Gold Project is situated within the western, apparently older, part of the Northern Nevada Rift geologic province of Miocene age, along the western flank of the Slumbering Hills within Desert Valley.

The required elements will be determined based on the results of the IA. Total $3,900,000 Geology and Mineralization The Sleeper Gold Project is situated within the western, apparently older, part of the Northern Nevada Rift geologic province of Miocene age, along the western flank of the Slumbering Hills within Desert Valley.

The installed power for the process plant will be 4,445 hp and the power consumption is estimated to be 72 kWh/ton processed. Raw water will be pumped from borehole wells to a raw-water storage tank. Potable water 20 will be sourced from the raw water tank and treated by a potable water treatment plant.

CIL tails will be treated for cyanide destruction prior to pumping to the tailings storage facility (TSF) for disposal. The installed power for the process plant will be 4,445 hp and the power consumption is estimated to be 72 kWh/ton processed. Raw water will be pumped from borehole wells to a raw-water storage tank.

In this setting the paragenetic relationships of the differing mineralization styles are as follows: • Early – quartz-pyrite-marcasite stockwork; • Intermediate – medium-grade, silica-pyrite-marcasite cemented breccias localized on zones of structural weakness; • Late – high-grade, banded, quartz-adularia-electrum-(sericite) veins; and • Post – alluvial gold-silver deposits in Pliocene gravels. 27 Reclamation Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection.

The estimate of mineral resources was done by RESPEC Company LLC in metric tonnes. 2. Mineral Resources comprised all model blocks at a 0.137 g Au/t cut-off for Oxide and Mixed within an optimized pit; 0.251 g Au/t for Sulfide within an optimized pit; and 0.137 g Au/t for dumps. 3.

Mineral Resources comprised all model blocks at a 0.14 g Au/t cut-off (2022 - 0.137 g Au/t cut-off) for Oxide and Mixed, 0.17 g Au/t (2022 - 0.251 g Au/t) for Sulfide within an optimized pit; and 0.14 g Au/t (2022 - 0.137 g Au/t) for dumps. 3.

Alluvium mineralized materials are not included in the mineral resources. 8. Mineral Resources within the optimized pit are block-diluted tabulations. Dumps mineral resources are undiluted tabulations. 9. Rounding may result in apparent discrepancies between tons, grade, and contained metal content.

Gland water will be supplied from the raw-water tank. Process water will primarily consist of TSF reclaim water. Reagents will include lime, sodium cyanide, sodium hydroxide, copper sulfate, hydrochloric acid and sodium metabisulfite. A summary of the forecast project economics are as follows: Area Item Units LOM Total/Avg.

Potable water will be sourced from the raw water tank and treated by a potable water treatment plant. Gland water will be supplied from the raw-water tank. Process water will primarily consist of TSF reclaim water. Reagents will include lime, sodium cyanide, sodium hydroxide, copper sulfate, hydrochloric acid and sodium metabisulfite.

Mine Type: Open Pit Heap Leach Commodity: Gold, Silver Mineralization Styles: Low Sulfidation, Vein Other: • Certain royalty interests have been granted with respect to the Sleeper Gold Project • A security interest in the Sleeper Gold Project has been granted in favor of the Convertible Note Holders (as defined below) Summary Gold Mineral Resources as of June 30, 2022 (1,2,4,10) : Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.017 363 12,902 0.0300 392 34,055 0.022 755 1,151 0.0370 42 Sleeper 6, 7, 8, 9 237,600 0.0102 2,417 Total 21,153 0.0170 363 12,902 0.0300 392 34,055 0.022 755 238,751 0.0103 2,459 Summary of Silver Mineral Resources as of June 30, 2022( 1,2,4,10 ): Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.0170 1,529 12,902 0.115 1480 34,055 0.088 3,009 1,151 0.1090 126 Sleeper 6, 7, 8, 9 237,600 0.1030 24,458 Total 21,153 0.0170 1,529 12,902 0.115 1,480 34,055 0.088 3,009 238,751 0.1030 24,584 16 1.

Mine Type: Open Pit Heap Leach Commodity: Gold, Silver Mineralization Styles: Low Sulfidation, Vein Other: • Certain royalty interests have been granted with respect to the Sleeper Gold Project • A security interest in the Sleeper Gold Project has been granted in favor of the Convertible Note Holders (as defined below) Summary Gold Mineral Resources as of June 30, 2023 (1,2,4,9) : Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.017 363 12,902 0.030 392 34,055 0.022 755 1,151 0.037 42 Sleeper 6, 7, 8 5,403 0.016 85 174,535 0.010 1,812 179,938 0.011 1,897 132,176 0.009 1,214 Total 26,556 0.017 448 187,437 0.012 2,204 213,993 0.012 2,652 133,327 0.009 1,256 Summary of Silver Mineral Resources as of June 30, 2023( 1,2,4,9 ): Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) United States Grassy Mountain 3, 5, 21,153 0.072 1,529 12,902 0.115 1,480 34,055 0.088 3,009 1,151 0.109 126 Sleeper 6, 7, 8 5,403 0.105 570 174,535 0.118 20,661 179,938 0.118 21,231 132,176 0.071 9,454 Total 26,556 0.079 2,099 187,437 0.118 22,141 213,993 0.113 24,240 133,327 0.071 9,580 16 1.

Gold and silver commodity prices were selected based on analysis of the three-year running average at the end of August 2022. 7. Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content.

Gold and silver commodity prices were selected based on analysis of the three-year running average at the end of August 2023 for the mineral resources at June 30, 2023. 7.

Gold and silver commodity prices were selected based on analysis of the three-year running average at the end of August 2022. 10. Rounding may result in apparent discrepancies between tons, grade, and contained metal content.

Gold and silver commodity prices were selected based on analysis of the three-year running average at the end of August 2023 for the mineral resources at June 30, 2023. 6.

As of June 30, 2022, the net book value of the Grassy Mountain Property was approximately $23.2 million.

As of June 30, 2023, the net book value of the Grassy Mountain Property was approximately $23.2 million. 21 Grassy Mountain Property Summary of Mineral Resources at the End of June 30, 2023 and June 2022 Note to Reader: Based on the assessment of the QPs and the Company it was determined that there were no material changes to the Grassy Mountain Property that required an updated Grassy TRS.

Removed

Paramount has budgeted $3.0 million for its fiscal year ended June 30, 2023, for the above stated development program.

Added

A summary of the forecast project economics are as follows: Area Item Units LOM Total/Avg.

Removed

Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of US$1,750/oz, a silver price of US$22/oz, a throughput rate of 5,000 tons/day, assumed metallurgical recoveries of 80% for Au and 60% for Ag, mining costs of US$2.50/ton mined, processing costs of US$13.00/ton processed, general and administrative costs of $2.22/ton processed, and refining costs of $5.00/oz Au and $0.50/oz Ag produced.

Added

Current Proposed Program In the Sleeper TRS, RESPEC concluded that the Sleeper project is a project of merit and warrants additional work. RESPEC recommends a work program totaling $3.9 million comprised of the following categories: Category Estimated Cost Description Initial Assessment $150,000 Updated Initial Assessment ("IA") to assess the preliminary project economics.

Removed

Mineral Resources potentially amenable to underground mining methods are reported using a gold price of US$1,750/oz, a silver price of US$22/oz, a throughput rate of 5,000 tons/day, assumed metallurgical recoveries of 90% gold equivalent, mining costs of US$90/ton mined, processing costs of US$30/ton processed, general and administrative costs of $15.00/ton processed, and refining costs of $5.00/oz gold equivalent produced. 6.

Added

Infill RC Drilling Program $1,000,000 If the IA results are favorable, an infill drill program of approximately 7,600 meters to increase drill density to potentially upgrade inferred resources to measured and indicated resources, collect information regarding geo-technical data, hydrology, metallurgical testing and validate historical RC drilling.

Removed

Current Proposed Program In completing the Sleeper TRS, the Company undertook a comprehensive review of the project’s database which included over 4,000 drill holes dating back to the early 1980s from the time of the first discovery of mineralization to when the mine was closed in 1996.

Added

Metallurgy including bio-oxidation test work $250,000 If the IA results are favorable, a metallurgical test program that would support a pre-feasibility study. A testing program would be used to optimize bio-oxidation feed size and cycle time. Testing should include load/permeability type testing on bio-oxidation residues. Pre-Feasibility Study $2,500,000 If the IA results are favorable, a pre-feasibility is recommended.

Removed

Given the lack of digitization of the original drill hole database, the Company has, under the direction of QP RESPEC Company LLC, engaged in digitizing and re-verifying the entire Sleeper database.

Added

The estimate of mineral resources was done by RESPEC Company LLC in metric tonnes. All price and cost are in US dollars. 2.

Removed

Once the data verification is complete and a higher confidence level can be applied to the resources and allowing for additional 3D modeling, Paramount will continue to advance the evaluation of Sleeper to update the Initial Assessment in 2023. The Company has budgeted $0.25 million for this program.

Added

Measured and indicated gold and silver resources were not defined for year ended 2022 and increased as a result of reclassifications and completion of database verification; inferred gold resources decreased by 99% from the previous year and inferred silver resources decreased by 159% due to the reclassifications that resulted from resources modeling. 8.

Removed

Reclamation 27 Paramount is responsible for managing the reclamation activities from the previous mine operations at the Sleeper Gold Mine as directed by the BLM and the Nevada State Department of Environmental Protection.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+0 added−1 removed2 unchanged

2022 filing

2023 filing

Biggest changeHigh Low Year Ended June 30, 2022 First Quarter $ 1.02 $ 0.76 Second Quarter $ 0.91 $ 0.65 Third Quarter $ 1.10 $ 0.53 Fourth Quarter $ 0.72 $ 0.45 Year Ended June 30, 2021 First Quarter $ 1.48 $ 1.05 Second Quarter $ 1.30 $ 0.96 Third Quarter $ 1.59 $ 0.98 Fourth Quarter $ 1.10 $ 0.96 HOLDERS As of October 11, 2022, there were 155 registered shareholders of our common stock.

Biggest changeHigh Low Year Ended June 30, 2023 First Quarter $ 0.49 $ 0.28 Second Quarter $ 0.42 $ 0.29 Third Quarter $ 0.43 $ 0.29 Fourth Quarter $ 0.42 $ 0.24 Year Ended June 30, 2022 First Quarter $ 1.02 $ 0.76 Second Quarter $ 0.91 $ 0.65 Third Quarter $ 1.10 $ 0.53 Fourth Quarter $ 0.72 $ 0.45 HOLDERS As of September 14, 2023, there were 154 registered shareholders of our common stock.

In issuing the foregoing securities, we relied on the exemptive provisions of Section 4(a)(2) of the Securities Act and Rule 506 thereunder. EQUITY COMPENSATION PLAN Set out below is information as of June 30, 2022 with respect to compensation plans (including individual compensation arrangements) under which our equity securities are authorized for issuance under our Equity Incentive Plan.

In issuing the foregoing securities, we relied on the exemptive provisions of Section 4(a)(2) of the Securities Act and Rule 506 thereunder. EQUITY COMPENSATION PLAN Set out below is information as of June 30, 2023 with respect to compensation plans (including individual compensation arrangements) under which our equity securities are authorized for issuance under our Equity Incentive Plan.

DIVIDENDS We currently do not anticipate paying cash dividends for the foreseeable future. RECENT SALE OF UNREGISTERED SECURITIES AND USE OF PROCEEDS During the year-ended June 30, 2022, we issued 404,584 shares of common stock for payment of interest accrued and owing on our outstanding 2019 Convertible Notes.

DIVIDENDS We currently do not anticipate paying cash dividends for the foreseeable future. RECENT SALE OF UNREGISTERED SECURITIES AND USE OF PROCEEDS During the year-ended June 30, 2023, we issued 799,613 shares of common stock for payment of interest accrued and owing on our outstanding 2019 Convertible Notes.

Equity Compensation Plan Information Plan Category Number of securities to be issued upon exercise of outstanding options and RSUs Weighted- average exercise price per share of outstanding options and RSUs Number of securities remaining available for future issuance under equity compensation plans Equity compensation plans approved by security holders 2,509,995 $ 1.14 724,005 Equity compensation plans not approved by security holders — $ — — TOTAL 2,509,995 724,005 As of June 30, 2022, 701,000 restricted share units ("RSUs") were outstanding and 1,808,995 stock options were outstanding under our Equity Incentive Plans to acquire 2,509,995 Common Shares. 30 Item 6.

Equity Compensation Plan Information Plan Category Number of securities to be issued upon exercise of outstanding options and RSUs Weighted- average exercise price per share of outstanding options and RSUs Number of securities remaining available for future issuance under equity compensation plans Equity compensation plans approved by security holders 2,385,500 $ 1.05 423,000 Equity compensation plans not approved by security holders — $ — — TOTAL 2,385,550 423,000 As of June 30, 2023, 980,500 restricted share units ("RSUs") were outstanding and 1,405,000 stock options were outstanding under our Equity Incentive Plans to acquire 2,385,500 Common Shares. 32 Item 6. [ Reserved].

Removed

Selected Financial Data. Not applicable as a smaller reporting company.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

26 edited+17 added−14 removed17 unchanged

2022 filing

2023 filing

Biggest changeFor purposes of the calculation, the following assumptions were used for the fiscal years ended June 30, 2022 and 2021: 2022 2021 WA Risk free interest rate N/A .22% WA Expected dividend yield N/A 0% WA Expected stock price volatility N/A 60% WA Expected life of options N/A 5 years Off-Balance Sheet Arrangements We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, or capital resources.

Biggest changeOff-Balance Sheet Arrangements We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, or capital resources.

These reclamation expenses are reimbursed from an insurance policy the Company holds related to the closure and reclamation of the past producing Sleeper mine. Total exploration and reclamation expenses at our Nevada based properties during the year were $1,576,918.

The Company prepares estimates of the timing and amounts of expected cash flows and ongoing reclamation expenditures are charged against the ARO as incurred to the extent they relate to the ARO. Significant judgments and estimates are made when estimating the fair value of ARO.

The Company prepares estimates of the timing and amounts of expected cash flows and ongoing reclamation expenditures are charged against the 36 ARO as incurred to the extent they relate to the ARO. Significant judgments and estimates are made when estimating the fair value of ARO.

Comparison of Operating Results for the year ended June 30, 2022 as compared to June 30, 2021 Results of Operations We did not earn any revenue from mining operations for the years ended June 30, 2022 and 2021. During the year ended June 30, 2022, we completed various activities and milestones as described above in operating highlights.

Comparison of Operating Results for the year ended June 30, 2023 as compared to June 30, 2022 Results of Operations We did not earn any revenue from mining operations for the years ended June 30, 2023 and 2022. During the year ended June 30, 2023, we completed various activities and milestones as described above in operating highlights.

Going Concern The Consolidated Financial Statements of the Company have been prepared on a “going concern” basis, which means that the continuation of the Company is presumed even though events and conditions exist that, when considered in aggregate, raise substantial doubt about the Company’s ability to continue as a going concern because it is possible that the Company will be required to adversely change its current business plan or many be unable to meet its obligations as they become due with one year after the date of that these financial statements were issued.

Going Concern The Consolidated Financial Statements of the Company have been prepared on a “going concern” basis, which means that the continuation of the Company is presumed even though events and conditions exist that, when considered in aggregate, raise substantial doubt about the Company’s ability to continue as a going concern because it is possible that the Company will be required to adversely change its current business plan or man be unable to meet its obligations as they become due within one year after the date that these financial statements were issued.

The following discussion updates our outlook and plan of operations for the foreseeable future. It also analyzes our financial condition and summarizes the results of our operations for the years ended June 30, 2022 and 2021 and compares each year’s results to the results of the prior year.

The following discussion updates our outlook and plan of operations for the foreseeable future. It also analyzes our financial condition and summarizes the results of our operations for the years ended June 30, 2023 and 2022 and compares each year’s results to the results of the prior year.

Our financial statements are affected by the accounting policies used and the estimates and assumptions made by management during their preparation. Management believes the Company’s critical accounting policies are those related to mineral property acquisition costs, exploration and development cost, stock-based compensation, derivative accounting and foreign currency translation.

Our financial statements are affected by the accounting policies used and the estimates and assumptions made by management during their preparation. Management believes the Company’s critical accounting policies are those related to mineral property acquisition costs, exploration and development cost, derivative accounting and foreign currency translation.

In the event that we are unable to obtain additional capital or financing, our operations, exploration and development activities will be significantly adversely affected. The continuation of the Company as a going concern is dependent on having sufficient capital to maintain our operations and to repay the convertible notes which become due in September 2023.

In the event that we are unable to obtain additional capital or financing, our operations, exploration and development activities will be significantly adversely affected. The continuation of the Company as a going concern is dependent on having sufficient capital to maintain our operations and to repay debt which become due in November 2023 and September 2024.

The work to complete the ponds are expected to be completed in the second half of 32 calendar year 2024 and the costs are expected to be reimbursed by the insurance policy held by the Company for government mandated reclamation at the Sleeper Gold Project.

The work to complete the ponds are expected to be completed in the second half of calendar year 2023 and the 34 costs are expected to be reimbursed by the insurance policy held by the Company for government mandated reclamation at the Sleeper Gold Project.

Liquidity and Capital Resources Operating, Investing and Financing Activities At June 30, 2022, we had cash and cash equivalents of $2,484,156 compared to $3,113,064 as at June 30, 2021. In May 2020, the Company established an “at the market” equity offering program (“ATM”) with Cantor Fitzgerald & Co. and Canaccord Genuity LLC to proactively increase financial flexibility.

Liquidity and Capital Resources Operating, Investing and Financing Activities At June 30, 2023, we had cash and cash equivalents of $824,920 compared to $2,484,156 as at June 30, 2022. In May 2020, the Company established an “at the market” equity offering program (“ATM”) with Cantor Fitzgerald & Co. and Canaccord Genuity LLC to proactively increase financial flexibility.

At Grassy Mountain, the Company continued with the permitting process with the State of Oregon and the BLM and submitted modified permit applications and at our Frost Property completed a drill program. Total exploration and development expenses at Grassy Mountain and Frost Project during the year were $2,859,348.

For the year ended June 30, 2022, at Grassy Mountain, the Company continued with the permitting process with the State of Oregon and the BLM and submitted modified permit applications and at our Frost Property completed a drill program. Total exploration and development expenses at Grassy Mountain and Frost Project during the year that were $2,859,348.

Other normal course of business 31 activities included filing annual mining claim fees with the BLM, reclamation work at the Sleeper mine site and on-going reviews of its mining claims were completed. Net Loss Our net loss for the year ended June 30, 2022 was $7,837,316 compared to a net loss of $5,903,618 in the previous year.

Other normal course of business activities included filing annual mining claim fees with the BLM, reclamation work at the Sleeper mine site and on-going reviews of its mining claims were completed. Net Loss Our net loss for the year ended June 30, 2023 was $6,450,531 compared to a net loss of $7,837,316 in the previous year.

The main uses of cash were comprised of the following material amounts: • Cash used to fund our operations, which included general and administration expenses, land holding costs, exploration and development programs at our mineral properties, of $6,701,139.

The increase of approximately 33% is fully described below. We will continue to incur losses for the foreseeable future as we continue with our planned exploration and development programs. Expenses Exploration, Development and Reclamation and Land Holding Costs For the year ended June 30, 2022, exploration and development expenses were $4,436,266 compared to $2,816,685 in the prior year.

The decrease of approximately 18% is fully described below. We will continue to incur losses for the foreseeable future as we continue with our planned exploration and development programs. 33 Expenses Exploration, Development and Reclamation and Land Holding Costs For the year ended June 30, 2023, exploration and development expenses were $2,595,709 compared to $4,436,266 in the prior year.

Paramount’s current business plan requires working capital to fund non-discretionary expenditures for its exploration and development activities on its mineral properties, mineral property holding costs and general and administrative expenses. It also requires approximately $4.3 million in capital to repay the 2019 convertible notes which become due in September 2023.

Paramount’s current business plan requires working capital to fund non-discretionary expenditures for its exploration and development activities on its mineral properties, mineral property holding costs and general and administrative expenses. It also requires approximately $6.0 million in capital to repay the 2019 convertible notes and the note payable to Seabridge which become due in September 2024 and November 2023 respectively.

We anticipate our twelve-month cash expenditures for our fiscal year ending June 30, 2023 to be as follows: • $3.3 million on corporate, land claim maintenance and general expenses For discretionary exploration and development, subject to available cash on hand and additional share issuances, we are budgeting the following amounts: • $3.0 million on the Grassy Mountain Project state and federal permitting activities • $0.25 million on the Sleeper Gold Project • $0.8 million on the Bald Peak exploration programs For the planned reclamation activities required by state and federal regulators at Sleeper, the Company expects that these expenditures will be reimbursed by insurance proceeds.

We anticipate our twelve-month cash expenditures for our fiscal year ending June 30, 2024 to be as follows: • $4.1 million on corporate, land claim maintenance and general expenses For discretionary exploration and development, subject to available cash on hand and additional share issuances, we are budgeting the following amounts: • $3.9 million on the Grassy Mountain Project state and federal permitting activities • $0.15 million on the Sleeper Gold Project • $2.6 million for E-Cell Conversions at the Sleeper Gold Project 35 For the planned reclamation activities required by state and federal regulators at Sleeper, the Company expects that these expenditures will be reimbursed by insurance proceeds.

On an ongoing basis, management evaluates these estimates, including those related the adequacy of the Company’s reclamation and environmental obligation, share based compensation, valuation of deferred tax assets and assessment of impairment of mineral properties.

On an ongoing basis, management evaluates these estimates, including those related the adequacy of the Company’s reclamation and environmental obligation, and assessment of impairment of mineral properties.

Directors’ Compensation For the year ended June 30, 2022, directors’ compensation decreased by 28% or by $44,977 from the prior year ended June 30, 2021. The decrease is due to the stock-based compensation recorded in the current year-ended June 30, 2022 compared to the prior year ended June 30, 2021.

Directors’ Compensation For the year ended June 30, 2023, directors’ compensation increased by 26% or by $29,475 from the prior year ended June 30, 2022. The decrease is due to the stock-based compensation recorded in the current year-ended June 30, 2023 compared to the prior year ended June 30, 2022.

The decrease primarily reflects lower cash bonus and stock-based compensation recorded in the current year compared to the previous comparable year. Included in the salary and benefits expense amount for the year ended June 30, 2022 and 2021 was non-cash stock based compensation of $262,398 and $332,786 respectively.

The increase primarily reflects higher equity based compensation recorded in the current year compared to the previous comparable year. Included in the salary and benefits expense amount for the year ended June 30, 2023 and 2022 was non-cash stock based compensation of $317,762 and $259,670 respectively.

Subsequent to October 13, 2022, the Company expects to fund operations as follows: • Existing cash on hand and working capital. • The existing ATM with Cantor Fitzgerald & Co. and Canaccord Genuity LLC. • Other debt, equity financings and sale of royalties. 33 Historically, we have been successful in accessing capital through equity and debt financing arrangements or by the sale of royalties on its mineral properties, no assurance can be given that additional financing will be available to it in amounts sufficient to meet its needs, or on terms acceptable to the Company.

Historically, we have been successful in accessing capital through equity and debt financing arrangements or by the sale of royalties on its mineral properties, no assurance can be given that additional financing will be available to it in amounts sufficient to meet its needs, or on terms acceptable to the Company.

Operating Highlights: During the fiscal year-ended June, 2022, the Company conducted several exploration programs and continued with its permitting at its Grassy Mountain Project.

Operating Highlights: During the fiscal year-ended June 30, 2023, the Company conducted several exploration programs and continued with its permitting at its Grassy Mountain Project. Highlights include: • The Oregon State Technical Review Team ("TRT") accepted the Cultural Resources final baseline data report ("BDR") as complete.

The increase is primarily due the additional mining claim maintenance from the acquisition of new exploration properties. Salaries and Benefits For the year ended June 30, 2022, salary and benefits decreased by 13% or by $177,149 from the prior year to $1,196,302. Salary and benefits are comprised of cash and stock-based compensation of the Company’s executive and corporate administration teams.

Salaries and Benefits For the year ended June 30, 2023, salary and benefits increased by 4% or by $42,593 from the prior year to $1,238,895. Salary and benefits are comprised of cash and stock-based compensation of the Company’s executive and corporate administration teams.

Professional Fees and General and Administration For the year ended June 30, 2022, professional fees were $130,765 compared to $174,039 in the prior year. This represents a decrease of 25% or $43,274. Professional fees included legal, advisory and consultant expenses incurred on corporate and operational activities being performed by the Company on a period-by-period basis.

Professional fees included legal, advisory and consultant expenses incurred on corporate and operational activities on a period-by-period basis. For the year ended June 30, 2023, general and administration expenses decreased by 2% to $774,817 from $790,668 in the prior year.

In addition to cash used in operating activities, the Company used and received cash as follows: • Cash used to purchase mining claims in the State of Nevada and equipment of $47,723; • Cash received from equity financings of $6,119,954.

In addition to cash used in operating activities, the Company used and received cash as follows: • Cash used to purchase mining claims and increase reclamation bonds of $126,700; • Cash received from equity financings and issuance of note payable of $3,719,796.

This represents an increase of 57% or $1,619,581 which was mainly due to the Company completing several exploration and development activities at both its Oregon and Nevada based properties.

This represents a decrease of 41% or $1,840,557 which was mainly due to the Company completing several exploration and development activities in 2023 at both its Oregon and Nevada based properties. Expenses related to our exploration or development activities are generally not comparable from period to period as activities will vary based on several factors.

During the fiscal year ended June 30, 2022 the Company issued 7,766,388 shares (2021- 3,209,133 shares) for net proceeds of $6,119,954 (2021 -$3,722,554) under the program. At June 30, 2022, the Company’s prepaid expenses were $1,280,895 compared to $1,152,396 for the year-ended June 30, 2021.

During the fiscal year ended June 30, 2023 the Company issued 6,996,054 shares (2022- 7,766,388 shares) for net proceeds of $2,219,796 (2022 -$6,119,954) under the program. Subsequent to the year ended June 30, 2023, the Company sold 3,515,257 shares under the program for gross proceeds of $1,130,430.

Removed

Highlights include: • Submitted a modified Consolidated Permit Application (the “CPA”) with the State of Oregon seeking approval to construct and operate its proposed gold mine for its Grassy Mountain Project. • Submitted a modified Plan of Operation to the Bureau of Land Management (the ”BLM”) for its proposes mining operations for its Grassy Mountain Project. • Entering into an option agreement with Nevada Select Royalty to purchase 100% interest in the Bald Peak Project (“Bald Peak”) located in Mineral County, Nevada.

Added

All required BDRs have been accepted as complete by the TRT and is a key condition in deeming the Company's permit application as complete. • The Federal Bureau of Land Management ("BLM") has accepted the Plan of Operation ("PoO") for the proposed underground Grassy Mountain gold mine as complete.

Removed

Total consideration of $300,000 will be paid based on achieving certain milestones over time. • Completed a drill exploration program to test several targets identified to bring the Sleeper Gold Project back into production. • Completed surface sampling and a geophysical survey at its Bald Peak Project in Nevada.

Added

With completeness, the BLM will issue a Notice of Intent which initiates the Environmental Impact Statement ("EIS") process under the National Environment Policy Act. • The Company received the permit from the U.S. Forest Service to drill its Bald Peak Project in Mineral County, Nevada. • The Oregon State TRT accepted and approved both the geo-chemistry and groundwater BDRs.

Removed

Both these programs confirm a large and shallow target that the Company will design and plan a new drill program in 2022. • Received positive assay results from geotechnical drill holes at its Grassy Mountain Project that indicate the potential for additional economic material to be used during mine operations. • Received from Malheur County an extension on the Conditional Use Permit for the proposed Grassy Mountain underground mine. • Completed a 15-hole reverse circulation drill program at the Frost Project which is located 12 miles from the Company’s Grassy Mountain Project in Eastern Oregon.

Added

Both BDRs are required to be approved in order for the State of Oregon to determine, along with other application information, that Company's submitted Consolidated Permit Application (the “CPA”) is complete.

Removed

The program was designed to locate and test historical gold intercepts from drilling that was performed by the previous operators. • Completed a metallurgical testing program using Atmospheric Alkaline Oxidation recovery process for the treatment of sulfide mineralization at the Sleeper Gold Project.

Added

As of June 30, 2023, the completeness determination has not been made by the State of Oregon. • The TRT approved the Environmental Evaluation ("EE") outline which allows the State of Oregon's contracted consultant to begin its work on EE in advance to the CPA being deemed complete. • Completed new technical report summary("TRS") for the Sleeper Gold Property under Item 1300 of Regulation S-K.

Removed

For the year ended June 30, 2021, the Company mainly focused its development activities on the permitting process with the State of Oregon. Total development expense at Grassy Mountain in the previous year were $1,949,753.

Added

At Grassy Mountain the Company continued with permitting activities with state and federal permitting agencies and completed a TRS on the property. These expenses totaled $1,466,402.

Removed

For the year ended June 30, 2021, the Company incurred $866,932 at its Sleeper Gold Project for reclamation and general exploration activities which included drill program planning. For the year ended June 30, 2022, land holding costs increased by $99,948 or by 18% from the prior year of $540,401 to $640,349.

Added

At Sleeper, the Company has re-assayed historical drill holes, digitized and re-verified its geological database, completed a TRS on the property and redesigned its E-cell pond conversion plans for upcoming reclamation work for expenses totaling $1,129,307.

Removed

For the year ended June 30, 2022, general and administration expenses increased by 17% to $565,466 from $483,608 in the prior year. The increase in expenses was mainly due to an increase in travel and marketing costs.

Added

For the year ended June 30, 2023, land holding costs decreased by $7,865 or by 1% from the prior year of $640,349 to $632,484. The decrease is primarily due to an decrease in the professional fees incurred to file and maintain the mining claims with the BLM and respective counties.

Removed

Asset Retirement Obligation For the year ended June 30, 2022, the Company's asset retirement obligation for the Sleeper Gold Project increased to $4,475,270 from $1,849,644 from the prior year ended June 30, 2021. $2,475,169 of the increase was a result of a change in estimate in the cost to convert ponds from the past mining operations to evaporation cell as required by NDEP.

Added

Professional Fees and General and Administration For the year ended June 30, 2023, professional fees were $377,822 compared to $130,765 in the prior year. This represents an increase of 189% or $247,057.

Removed

Due to the engineered designs required and approved by NDEP, the Company requested proposals to complete the pond conversions from third party contractors which were materially higher than its previous estimates.

Added

The increase was due to several factors including the timing of the recording of the audit fees for the fiscal year ended June 30, 2022 after engaging the Company's new auditor, higher auditor quarterly review expenses and incurring one-time consulting and legal fees in the period.

Removed

Included in the total for the year-ended June 30, 2022 were annual payments to hold the Company’s mining claims for all its mineral properties of $568,572. The prepaid expenses also included amounts to secure a helicopter for Paramount’s planned drill program at the Bald Peak Project.

Added

In general, these expenses which include travel, investor relations, office expenses and information technology costs remained stable from the prior year comparable period. Asset Retirement Obligation For the year ended June 30, 2023, the Company's asset retirement obligation for the Sleeper Gold Project decreased to $4,436,902 from $4,475,270 from the prior year ended June 30, 2022.

Removed

Stock Based Compensation For stock option grants with market conditions that affect vesting, the Company uses a lattice approach incorporating a Monte Carlo simulation to value stock options granted. Option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years.

Added

The net decrease of $38,368 was the result of settlements of $120,001 plus a downward revision in estimate of $364,612 offset by current year accretion of $446,245. In the prior fiscal year, our estimate was based on proposals received to complete the pond conversions from third party contractors.

Removed

To better align the interests of its key executives, employee and directors with those of its shareholders a significant portion of those share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions.

Added

During the current fiscal year, the company received several new bid proposals to complete the work and the winning bids for the conversions were lower than the previous proposals.

Removed

Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee share option plan). For the year ended June 30, 2022, the Company did not grant any stock 34 options. For the year ended June 30, 2021, the Company used the Black-Scholes option valuation model to value stock options granted.

Added

It also entered into an an amendment to its 2019 Convertible Notes with a majority of the note holders, to extend the maturity date of the 2019 Convertible Notes to be the earlier of (i) September 30, 2024 or (ii) the date of funding of the transaction contemplated by that certain non-binding term sheet by an between the Company and Sprott Resource and Streaming Royalty Corp.

Removed

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values.

Added

In December 2022, the Company issued the Note to Seabridge, an entity affiliated with the Chairman of our Board of Directors, Rudi Fronk, and an owner of approximately 5.5% of our outstanding common stock, pursuant to which the Company may borrow, in one or more advances, the principal amount of up to $1,500,000.

Added

The Loan bears interest at a per annum rate of 12%, payable upon maturity or prepayment, and matures on September 30 2023. At the year ended June 30, 2023, the Company had borrowed $1,500,000 from Seabridge.

Added

Subsequent to the year ended June 30, 2023, the Company and Seabridge entered into an agreement to extend the maturity date of the Note to Seabridge to November 30, 2023 and increase the applicable annual interest rate to 13%.

Added

Subsequent to September 25, 2023, the Company expects to fund operations as follows: • Existing cash on hand and working capital. • The existing ATM with Cantor Fitzgerald & Co. and Canaccord Genuity LLC. • Insurance proceeds to fund reclamation and environmental obligations at its Sleeper Gold Project. • Other debt, equity financings and sale of royalties.

Top changes in Paramount Gold Nevada Corp.'s 2023 10-K

Item 1. Business

Item 1A. Risk Factors

Item 2. Properties

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Other PZG 10-K year-over-year comparisons