Sleeper Gold Project

Paramount Gold owns a 100% interest in the Sleeper Gold Project, a past-producing high-grade open pit gold mine located approximately 25 miles northwest of Winnemucca, Nevada.

Historically operated by AMAX Gold (1986 – 1996), Sleeper produced 1.66 million ounces of gold and 2.3 million ounces of silver and retains extensive infrastructure, including road access, power and water.

Today, Sleeper represents a district-scale opportunity with a large land position (~45,000 acres) along a highly prospective trend extending south toward the Sandman Project, owned by Borealis Mining.

Paramount is advancing an Initial Assessment evaluating a staged development approach focused on heap-leachable material, with results expected in late Q2 2026.

• Past-producing high grade gold mine (1.66 Moz Au, 2.3 Moz Ag)
• 100% owned, ~45,000-acre district-scale land package
• Located in Nevada, a top-tier global mining jurisdiction 
• Existing infrastructure: road access, power and water
• ~1.9Moz gold (Measured & Indicated) resource base
• Initial Assessment in progress (expected completion in late Q2 2026)
  • Includes ~54Mt of surface material under evaluation
  • Focus on oxide and transitional material only
  • Potential for staged, lower-cost development and future expansion

Sleeper hosts a substantial gold-silver resource that supports its potential for staged development:

Measured and Indicated resources total 163.1 million tonnes, with an average grade of 0.36 g/t gold and 4.05 g/t silver, containing approximately 1.9 Moz of gold and 21.2 Moz of silver.

Sleeper Total In-Pit Gold and Silver Resources

Source: S-K 1300 Technical Report Summary (Initial Assessment), dated August 31, 2023

Resources are constrained within an optimized pit and based on conventional heap-leach and bio-oxidation processing scenarios.

Paramount is evaluating a phased development approach at Sleeper, focused on heap-leachable materials.

The Initial Assessment includes surface material from historical waste dumps, as well as mixed in-situ mineralization amenable to heap leaching.

This approach is intended to examine a potentially lower-cost, staged development scenario that could support an accelerated path to cash flow while maintaining flexibility for future expansion.

The results of the Initial Assessment are expected to guide subsequent technical studies and development planning.

In parallel, the Company is evaluating additional work programs, including potential infill drilling of surface material, to support future resource updates and subsequent technical studies.

Sleeper is situated within the Northern Nevada Rift, a prolific gold-producing region.

The project lies on the western flank of the Slumbering Hills, where north-northeast trending fault systems provide favourable pathways for mineralizing fluids. Gold mineralization is structurally controlled along these faults and occurs in multiple styles, including high-grade vein systems and broader disseminated zones.