Paramount begins IA at Nevada’s Sleeper Gold Project

Paramount Gold Nevada Unveils Strategic Path for Revitalized Sleeper Gold Project in Nevada

Reno, Nevada – April 10, 2026 – Paramount Gold Nevada (NYSE American: PZG) has announced the commencement of a pivotal Initial Assessment (IA) for its Sleeper Gold Project, located in Humboldt County, Nevada, a region renowned for its prolific gold production. This strategic move, conducted under the rigorous standards of the U.S. Securities and Exchange Commission (SEC) S-K 1300 regulations, signifies a critical step in reassessing and potentially unlocking the economic potential of this high-grade, past-producing gold mine.

The decision to initiate an IA underscores a focused effort by Paramount to leverage its significant asset base in Nevada. The Sleeper project, historically known for its high-grade production, represents a substantial brownfield opportunity within a tier-one mining jurisdiction. The current assessment aims to provide a comprehensive evaluation, forming the bedrock for future development decisions and offering transparent, robust disclosures to investors.

Paramount Initiates Strategic Evaluation at Sleeper Gold

Paramount Gold Nevada’s decision to commission an Initial Assessment for the Sleeper Gold Project is a calculated step in its long-term corporate strategy. The IA, which began in early April 2026, is being conducted in strict adherence to the U.S. Securities and Exchange Commission’s (SEC) S-K 1300 regulations. These regulations, enacted to enhance transparency and provide greater investor protection, mandate a higher standard for mineral property disclosure for U.S.-listed companies, ensuring that technical reports are prepared by qualified persons and that critical assumptions are clearly outlined.

The assessment’s primary objective is to thoroughly analyze the economic potential of the Sleeper asset. This past-producing mine, which historically operated as a high-grade producer, presents an intriguing opportunity for modern extraction techniques and project optimization. The current gold price environment, characterized by sustained strength, further enhances the economic viability of projects that might have been considered marginal in previous cycles, rendering the timing of this IA particularly strategic.

Rachel Goldman, CEO of Paramount Gold Nevada, articulated the company’s vision, stating, “Following our internal review, we believe substantial historic data supports an initial assessment of a heap-leach-only operation at Sleeper, and we are now progressing the evaluation of development options.” She emphasized the project’s inherent advantages: “Sleeper is a large, past-producing asset in a well-established mining jurisdiction with existing infrastructure, and in the current gold price environment, we see a compelling opportunity to unlock value.” This statement highlights the corporate belief in the project’s intrinsic value and the favorable external market conditions aligning to support its re-evaluation.

Focus on Heap-Leachable Material: A Phased Development Approach

A cornerstone of the Sleeper IA is its innovative focus on a staged, cost-effective development strategy. This approach is specifically designed to target heap-leachable material, a method that can offer significant capital expenditure efficiencies and potentially faster cash flow generation compared to conventional milling operations. The strategy aims to identify and prioritize material amenable to heap leaching, thereby optimizing initial project economics and de-risking the development pathway.

The scope of this focused strategy encompasses approximately 54 million tonnes of economically viable material. This substantial volume includes both surface material from previously unexamined waste dumps and in-situ oxide and mixed mineralization, all deemed suitable for heap leaching. Historically, waste dumps at past-producing mines often contain valuable material that was uneconomic to process at the time of initial operations due to lower commodity prices or less advanced processing technologies. Modern Heap Leaching techniques, combined with an understanding of historical operations, can transform these legacy materials into valuable resources.

This targeted approach is expected to significantly enhance projected project economics compared to previous assessments, which may have taken a broader, more capital-intensive view of in-situ resources. By narrowing the initial focus, Paramount aims to define a clear, achievable development path that can lead to quicker returns on investment and provide a foundation for future, potentially larger-scale expansion efforts. The IA is not just an evaluation of current resources but also a crucial tool to aid in planning and assessing these potential future expansions.

The Role of SLR International and Technical Expertise

To execute this critical Initial Assessment, Paramount Gold Nevada has engaged SLR International. SLR is a globally recognized environmental and advisory consultancy with deep expertise in the mining sector, specifically touted for its proficiency in leach kinetics. Their involvement is paramount to ensuring the technical rigor and credibility of the IA, particularly given the assessment's emphasis on heap-leachable material.

Leach kinetics, a specialized area, involves understanding the rate and efficiency at which valuable minerals, such as gold, can be dissolved and recovered from ore using chemical solutions in a heap leaching process. SLR’s expertise in this field is crucial for accurately predicting recovery rates, optimizing processing parameters, and ultimately, forecasting the economic viability of the heap-leach operation. Their detailed analysis will directly inform the feasibility and design of a successful heap-leach facility at Sleeper.

Beyond the technical assessment, SLR’s on-site activities also provide invaluable support for the ongoing monitoring and reclamation efforts at the Sleeper site. This dual role underscores a commitment to both economic development and environmental stewardship, a increasingly vital balance in modern mining operations. The integration of technical evaluation with environmental responsibility is characteristic of best practices in the industry.

Industry Context: Unlocking Value in a Past-Producing Asset

The Sleeper Gold Project’s location in Humboldt County, Nevada, places it within one of the world’s most significant and attractive gold mining jurisdictions. Nevada is celebrated for its favorable geological endowment, robust mining infrastructure, skilled labor force, and a well-defined regulatory framework that provides predictability for operators. The state’s history of large-scale gold production, home to numerous major gold discoveries and producing mines, makes it a preferred destination for mining investment.

As a past-producing mine, Sleeper offers several inherent advantages. Existing infrastructure, such as access roads, power lines, and potentially some processing facilities or waste management areas, can significantly reduce initial capital outlays and accelerate development timelines compared to greenfield projects. Moreover, a historical operational footprint often comes with a wealth of legacy data—geological, metallurgical, and environmental—which can be invaluable for current assessments and future planning. Paramount CEO Rachel Goldman specifically highlighted this, noting “existing infrastructure” and validating the strategic advantage of revisiting such a site.

The strategic focus on "oxidized and transitional material" for heap leaching is a judicious move for a brownfield site like Sleeper. Overburden and near-surface mineralisation, often oxidized by weathering, are typically more amenable to this lower-cost processing method. This approach allows for a relatively quicker, lower-risk pathway to production and cash flow generation, potentially funding further exploration and development of deeper, higher-grade primary sulfide resources if and when market conditions and project economics warrant. In the context of a strong "current gold price environment," resources that were once considered marginal through conventional processing can become economically attractive with heap leaching.

Concurrent Advancement: Sleeper and Grassy Mountain

Paramount Gold Nevada is pursuing a dual-track development strategy, advancing both the Sleeper Gold Project and its Grassy Mountain Project concurrently. While the Sleeper IA defines a strategic path for that asset, the company is simultaneously progressing with final permitting and feasibility activities at Grassy Mountain. This strategy positions Paramount with “two meaningful projects moving forward,” as articulated by CEO Rachel Goldman.

Managing two major projects in parallel requires significant corporate capacity and a clear strategic vision. This approach allows Paramount to diversify its project pipeline, mitigate risks associated with any single asset, and potentially accelerate its growth trajectory. The successful advancement of both projects would significantly enhance Paramount’s market valuation and future production profile. It reflects a confident stance on its asset portfolio and its ability to execute on multiple fronts.

For the Sleeper project itself, Paramount is also proceeding with permitting processes for infill drilling. This drilling is specifically targeting surface materials, aiming to gather more granular data that will feed directly into future feasibility studies. Infill drilling increases resource confidence and provides crucial data for mine planning, demonstrating a methodical progression from the initial assessment through to more detailed engineering and economic evaluation.

Outlook and Expected Timelines

The Initial Assessment for the Sleeper Gold Project is on track for completion by late in the second quarter of 2026. This timeline indicates a focused and efficient execution of the study, aiming to provide a clear direction for the project in the near term. The successful completion of the IA will mark a significant milestone for Paramount Gold Nevada, as it will formalize the initial economic models and articulate the most viable development options for Sleeper.

The outcomes of this assessment are anticipated to guide Paramount’s next phase of work, which would likely involve more advanced studies such as a Pre-Feasibility Study (PFS) or a Full Feasibility Study (FS), depending on the IA’s findings. These subsequent studies would build upon the economic potential identified in the IA, providing increasingly detailed engineering, cost estimates, and risk assessments necessary for a production decision.

The dual progression of Sleeper and Grassy Mountain underlines Paramount Gold Nevada's commitment to growth and value creation in the current robust gold market. By systematically evaluating and advancing these key assets, Paramount aims to solidify its position as a significant player in the U.S. gold mining landscape, offering investors a compelling opportunity through responsible and strategic development.