Paramount Gold Provides Permitting Update For Its Proposed High Grade Underground Grassy Mountain Gold Mine

Permitting Progresses at All Levels of Government

WINNEMUCCA, Nev., June 28, 2023 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) announced today that it has received approval for a two-year extension of its Conditional Use Permit during a public meeting of the Malheur County Planning Department held on June 22^nd.

The Company is also pleased to report that it has submitted all responses and additional information requested by Oregon State permitting agencies which they require to determine if the Company’s Consolidated Permit Application (“CPA”) is complete. These submissions address aspects of the CPA that the State deemed necessary to advance to the Notice to Proceed (the “Notice”) stage of the permitting process. The Notice initiates the 225 days of draft permit writing by State Agencies and a final Environmental Evaluation (“EE”). Earlier this year, the EE, led by Stantec, a globally renowned third-party environmental engineering firm, commenced in advance of the Notice to help ensure the timing of the State process is aligned with the federal Environmental Impact Statement (“EIS”) process.

Paramount’s President and COO, Glen van Treek stated, “The State having initiated the Environmental Evaluation with Stantec prior to a Notice to Proceed demonstrates that we are nearing the end of finalizing the CPA documentation and proceeding to the draft permit writing stage of the process.”

On the federal permit process, the local BLM office has reviewed the Notice of Intent (“NOI”), which is now being sent to BLM headquarters for briefing. Once approved, the NOI will be filed in the federal registry initiating the NEPA process. As with the State EE, the federal EIS is being completed by a globally recognized engineering firm that has been involved in the project for several years.

About Paramount Gold Nevada Corp.

Paramount Gold Nevada Corp. is a U.S. based precious metals exploration and development company. Paramount’s strategy is to create shareholder value through exploring and developing its mineral properties and to realize this value for its shareholders in three ways: by selling its assets to established producers; entering joint ventures with producers for construction and operation; or constructing and operating mines for its own account.