Oregon Set to Commence Writing Draft Permits for Paramount’s High Grade Grassy Mountain Gold Mine

Rhea-AI Summary

Paramount Gold Nevada Corp. (NYSE American: PZG) has announced a significant milestone in the permitting process for its Grassy Mountain gold mine project in Oregon. The Environmental Evaluation and Socioeconomic Analysis (EE) documents are now available for public review before the Project Coordinating Committee meeting on September 12, 2024. Final approval of the EE is expected in early October, allowing state agencies to begin drafting permits, which Paramount anticipates receiving in mid-2025.

The EE, completed by Stantec under DOGAMI's direction, confirms that the project is designed to surpass all viable alternatives and is expected to have positive economic impacts on local, state, and federal budgets. The analysis predicts minimal environmental impacts and minor, beneficial effects on environmental justice communities. Paramount expects to receive both Federal and State permits in late 2025, paving the way for construction to begin shortly after.

Positive

• EE documents for Grassy Mountain project available for public review, indicating progress in the permitting process
• Draft permits expected to be received in mid-2025
• Project designed to surpass all viable alternatives according to EE analysis
• Positive revenue impact predicted for local, state, and federal budgets
• Minimal environmental impacts and beneficial effects on environmental justice communities anticipated
• Federal and State permits expected in late 2025, allowing construction to commence shortly after

Negative

• None.

Mining Industry Analyst

The progress in Oregon's permitting process for Paramount's Grassy Mountain gold mine is a significant milestone. The Environmental Evaluation and Socioeconomic Analysis (EE) availability for public review signals advancement towards final approval. This step is important as it paves the way for drafting permits, expected by mid-2025.

The EE's positive findings, particularly regarding minimal environmental impact and net benefits to the local community, are encouraging for the project's viability. The anticipated positive revenue impact on local, state and federal budgets, coupled with minor impacts on public services, suggests a favorable economic outlook.

However, investors should note that the timeline for receiving both Federal and State permits by late 2025 is still subject to potential delays. The mining sector's sensitivity to regulatory processes means that any unforeseen issues during the public review or subsequent stages could affect the project's timeline and, consequently, Paramount's stock performance.

Environmental Policy Expert

The Environmental Evaluation for Paramount's Grassy Mountain project represents a critical juncture in the permitting process. Oregon's stringent environmental standards, requiring the use of "best available, practicable and necessary technologies," set a high bar for project approval. The EE's conclusion that the project is designed to surpass all viable alternatives is a strong endorsement of Paramount's environmental commitment.

However, the public review period and upcoming Project Coordinating Committee meeting could still unveil concerns or opposition. The project's anticipated minor and beneficial impacts on environmental justice communities is particularly noteworthy, as this aspect often faces scrutiny in mining projects. Investors should monitor the public response closely, as it could influence the final approval process and potentially impact Paramount's timeline and costs.

Economic Development Specialist

The Grassy Mountain gold mine project presents a compelling economic opportunity for Malheur County and Eastern Oregon. The EE's findings of positive revenue impacts on local government budgets throughout the project's lifetime, coupled with beneficial effects on state and federal budgets, indicate strong fiscal potential. This could translate into improved public services and infrastructure in the region.

The project's minimal anticipated impact on public services suggests that the local infrastructure can accommodate the development without significant strain. However, investors should consider the long-term economic sustainability beyond the mine's operational life. While the immediate economic boost is clear, the report doesn't address post-mining economic plans, which could be important for the region's long-term prosperity and potentially affect Paramount's social license to operate.

WINNEMUCCA, Nev., Aug. 27, 2024 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) is pleased to announce that the Environmental Evaluation and Socioeconomic Analysis (collectively, “EE” or “EE documents”) for the Grassy Mountain project have been made available for public review prior to the upcoming Project Coordinating Committee (“PCC”) meeting scheduled to be held on September 12, 2024.

Following the PCC meeting, final approval of the EE is expected at a state Technical Review Team meeting anticipated to be held in early October.

Based on Oregon permitting regulations, the EE ensures the use of the best available, practicable, and necessary technologies to minimize environmental impacts.

Paramount’s President, COO and Director, Mr. Glen Van Treek stated, “This is a critical milestone in the State permitting process that allows the lead agencies to start writing draft permits which we expect to receive in mid-2025. Further, the analysis has confirmed that the Grassy Mountain project is designed to surpass all viable alternatives.”

The EE documents were completed by Stantec, a global leader in engineering, architecture, mining and environmental consulting under the direction of DOGAMI with input from state permitting agencies.

Paramount CEO and Director, Ms. Rachel Goldman stated, “Paramount’s objective has been to develop Grassy Mountain as a net benefit to Malheur County, Eastern Oregon and all our stakeholders. The following summary reaffirms that we are on track to achieve that goal.”

” Revenues from the Project would be positive to the local government budgets over the lifetime of the Project. The proposed Project would also have positive tax impacts to the state and federal budgets. No significant impacts are anticipated on public safety, healthcare, education, and parks and recreation availability for Malheur County due to the proposed Project. Likewise, no significant impacts are anticipated on water, wastewater, solid waste, and power needs due to the proposed Project. Impacts to environmental justice communities (i.e., minority, low-income, tribal, and traditionally underrepresented communities) are anticipated to be minor and beneficial.¹ ”

Paramount expects to receive both Federal and State permits in late 2025 which will allow construction to commence shortly thereafter.

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.

Paramount holds a 100% interest in three projects: Grassy Mountain; Sleeper and Bald Peak.

The Grassy Mountain Gold Project ("Grassy") consists of approximately 8,200 acres located on private and BLM land in Malheur County, Oregon. Grassy 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.

The Sleeper Gold Project is in Northern Nevada, the world’s premier mining jurisdiction. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,474 unpatented mining claims (approximately 44,917 acres).

The drill ready, Bald Peak Project in Nevada, consists of approximately 2,260 acres.

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, CEO and Director

Christos Theodossiou, Director of Corporate Communications
844.488.2233

Twitter: @ParamountNV

¹Socioeconomics and Environmental Justice Report completed by Stantec – p7 (Executive Summary)

FAQ

When is the Project Coordinating Committee meeting for Paramount's Grassy Mountain project (PZG)?

The Project Coordinating Committee meeting for Paramount's Grassy Mountain project is scheduled for September 12, 2024.

What is the expected timeline for Paramount (PZG) to receive draft permits for the Grassy Mountain gold mine?

Paramount expects to receive draft permits for the Grassy Mountain gold mine in mid-2025.

When does Paramount Gold Nevada Corp. (PZG) anticipate receiving final Federal and State permits for Grassy Mountain?

Paramount Gold Nevada Corp. expects to receive both Federal and State permits for the Grassy Mountain project in late 2025.

What are the key findings of the Environmental Evaluation for Paramount's Grassy Mountain project (PZG)?

The Environmental Evaluation found that the Grassy Mountain project is designed to surpass all viable alternatives, with positive economic impacts and minimal environmental effects.