News Release

Winnemucca, Nevada – December 8, 2020 – Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount” or “the Company”) announced today that in response to higher gold prices it has initiated a program to evaluate restarting the historic Sleeper Mine. From 1986 to 1996 the Sleeper mine produced 1.7 million ounces of high-grade gold at costs well below $400 per ounce. The 38,300 acre property in Humboldt County Nevada currently hosts 3 million ounces of measured and indicated gold resources, nearly 1.5 million ounces of inferred gold resources and a considerable silver resource (see the 2015 resource estimate here).

Paramount CEO Rachel Goldman stated: “Gold at current levels makes Sleeper a much more valuable asset. Located in one of the world’s best mining jurisdictions, with excellent infrastructure and access, as well as a sizable unexplored land package, we expect Sleeper to become an increasingly important part of the Paramount story moving forward.”

The Sleeper program is multi-faceted: exploring to discover new, high grade satellite deposits similar to the original Sleeper Mine, and developing a plan to exploit the existing resource based on an in depth re-interpretation of existing data and further work designed to upgrade the current resource.

Paramount has contracted Mine Development Associates (“MDA”) of Reno, Nevada to review all available data at Sleeper. MDA will deploy a team of expert geologists, mining engineers, metallurgists and geophysicists to analyze the entire dataset with the following objectives:

• Identify the most prospective drill targets with the goal of defining a new high-grade Sleeper type vein deposit;

• Identify priority drill targets within the Sleeper deposit which could improve the overall grade and confidence level of the current resource;

• Produce a scoping level study comparing various processing and throughput alternatives for restarting production at Sleeper;

• Define the parameters of a prefeasibility or feasibility study.

Paramount expects to commence drilling priority targets in the first half of 2021.

Paramount President and Chief Operating Officer Glen Van Treek stated: “Our team has always been confident that the original Sleeper vein was not a unique occurrence. We look forward to the prospect of discovering a new ‘Sleeper type’ deposit and applying our extensive database and our understanding of the local geology to a bigger land package. We have acquired additional claims over the past years which have the right setting for range-and-basin deposits like the original Sleeper.”

Nevada has a well-established permitting process which facilitates advancing Sleeper towards a production scenario. The company will begin compiling the required data to complete baseline studies as part of the permitting process to re-open the mine. Paramount has gained recognition from the State for the award-winning reclamation work the team conducted at Sleeper over the course of it’s ownership. The company expects that future activity on the property will be carried out with a similar duty of care.

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 into joint ventures with producers for construction and operation; or constructing and operating mines for its own account.

Paramount owns 100% of the Grassy Mountain Gold Project which consists of approximately 8,200 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain Gold Project contains a gold-silver deposit (100% located on private land) for which results of a positive Feasibility Study have been released and key permitting milestones accomplished.

Paramount owns a 100% interest in the Sleeper Gold Project located in Northern Nevada, the world’s premier mining jurisdiction. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,322 unpatented mining claims (approximately 60 square miles or 15,500 hectares). The Sleeper gold project is host to a large gold deposit (over 4 million ounces of mineralized material) and the Company has completed and released a positive Preliminary Economic Assessment.

Safe Harbor for Forward-Looking Statements

This release and related documents may include "forward-looking statements" and “forward-looking information” (collectively, “forward-looking statements”) pursuant to applicable United States and Canadian securities laws. Paramount’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws.  Words such as "believes," "plans," "anticipates," "expects," "estimates" and similar expressions are intended to identify forward-looking statements, although these words may not be present in all forward-looking statements.  Forward-looking statements included in this news release include, without limitation, statements with respect to the use of proceeds from the Offerings. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the conclusions made in the feasibility study for the Grassy Mountain Gold Project (the “FS”); the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in the FS; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals and permits; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with current expectations; work meeting expectations and being consistent with estimates and plant, equipment and processes operating as anticipated. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results; environmental matters; the ability to obtain required permitting; equipment breakdown or disruptions; additional financing requirements; the completion of a definitive feasibility study for the Grassy Mountain Gold Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs and between estimated and actual production; the global epidemics, pandemics, or other public health crises, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and the other factors described in Paramount’s disclosures as filed with the SEC and the Ontario, British Columbia and Alberta Securities Commissions.

Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

Paramount Gold Nevada Corp. Rachel Goldman, Chief Executive Officer

Christos Theodossiou, Director of Corporate Communications 866-481-2233

Twitter: @ParamountNV

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