Oregon's New Gold Standard: Paramount Cracks the Code on Permitting

WINNEMUCCA, NV – December 08, 2025 – In a move sending quiet but powerful signals through the mining industry, Paramount Gold Nevada Corp. (NYSE American: PZG) has achieved what many considered nearly impossible. The company announced today it has received the draft consolidated permit package from the State of Oregon for its Grassy Mountain Gold Project, marking the first time any mining operation has successfully navigated the state's notoriously rigorous consolidated permitting framework.

This milestone is far more than a procedural step for a junior mining company. It represents a potential paradigm shift for resource extraction in a state renowned for its stringent environmental ethos. For years, Oregon’s complex regulatory labyrinth has been a deterrent to major mining investments. Now, Paramount’s achievement provides a potential blueprint for balancing economic development with environmental stewardship, a formula that could unlock value in other highly regulated jurisdictions.

The draft permit, published by the Oregon Department of Geology and Mineral Industries (DOGAMI), is the culmination of years of meticulous environmental analysis, multi-agency coordination, and community engagement. "This is a landmark achievement for both Grassy Mountain and the State of Oregon," said Rachel Goldman, Paramount's Chief Executive Officer, in a statement. "It demonstrates that well-designed, environmentally responsible mining projects can advance in Oregon."

The Regulatory Gauntlet: A Precedent in the Beaver State

To understand the significance of this event, one must appreciate the unique regulatory landscape Paramount has traversed. Oregon’s consolidated mining permitting process was specifically designed to provide a single, streamlined path for chemical process mines while ensuring exhaustive environmental oversight. DOGAMI acts as the lead agency, coordinating a Technical Review Team of interdisciplinary state bodies, including the Department of Environmental Quality and the Water Resources Department.

This framework is so demanding that, until now, no project had ever reached the draft permit stage. The process is applicant-funded, requiring companies to bear the full cost of the state's intensive review. Paramount's success suggests a combination of project viability, technical diligence, and strategic patience. The company’s inclusion in the federal FAST-41 program in 2025, which aims to accelerate permitting for critical infrastructure projects, also provided a structured and more transparent path for federal approvals, complementing the state's efforts.

The publication of the draft permit now triggers a public review phase, with a hearing scheduled for January 29, 2026, in Vale, Oregon. This period will be a crucial test of public sentiment and the durability of the company's environmental and social license to operate. The final permit package will set the rules for the mine’s entire lifecycle, from construction and operation to closure and long-term monitoring, establishing a precedent that will be closely watched by industry peers and environmental groups alike.

Balancing Act: Economic Revival vs. Environmental Scrutiny

For Malheur County, an agricultural region in Eastern Oregon facing economic headwinds, the Grassy Mountain project represents a significant opportunity. Proponents point to the creation of over 100 direct, family-wage jobs and hundreds of indirect jobs in supporting sectors. The 2022 feasibility study projects an initial eight-year mine life, injecting an estimated $250 million in salaries into the local economy.

"This is the kind of long-term, stable employment our community desperately needs," commented a local economic development official. "It's not just about the mine; it's about the ripple effect on transportation, services, and small businesses in towns like Vale and Ontario."

Paramount has been keen to emphasize the project's design as a small-footprint underground mine, which minimizes surface disturbance compared to more controversial open-pit operations. The gold-silver deposit is located entirely on private land, simplifying one aspect of the permitting puzzle. Furthermore, the company has incorporated specific environmental mitigations into its plan, such as avoiding construction blasting during the sage grouse mating season to reduce noise impacts on the sensitive species.

This careful approach is critical. The project must be distinguished from other resource projects that have faced fierce opposition, such as the similarly named but entirely unrelated Grassy Mountain Coal Project in Alberta, Canada, which was rejected over concerns about water pollution. Paramount's ability to gain unanimous approval from Oregon's state agencies for its proposed operations underscores a commitment to meeting the state's high environmental bar. The upcoming public comment period will reveal whether these efforts have been sufficient to assuage the concerns of environmental stakeholders in a state that places a high premium on its natural resources.

Paramount's Playbook: A Junior Miner's Strategic Win

From a capital markets perspective, Paramount's journey offers a compelling case study in strategic execution for a junior miner. Navigating a complex, multi-year permitting process in a challenging jurisdiction is a capital-intensive and high-risk endeavor. The company's success thus far is a testament to a long-term strategy focused on de-risking the project through methodical technical work and regulatory engagement.

This achievement significantly enhances the asset's value proposition. Paramount's stated strategy includes the potential sale of assets to established producers or entering into joint ventures for construction. With the primary regulatory hurdle in Oregon now in sight of being cleared, Grassy Mountain becomes a far more attractive and tangible asset for a larger mining company looking to add a permitted, U.S.-based gold project to its portfolio.

The market has taken notice. Paramount's stock (PZG) has seen a significant appreciation over the past year, with its market capitalization climbing to over $90 million. This reflects growing investor confidence that the company can translate its permitting progress into tangible shareholder value.

The Financial Foundation: Funding the Grassy Mountain Vision

While regulatory approval is paramount, a mine is ultimately built with capital. A deep dive into the project's economics and the company's financial footing reveals a solid foundation. The 2022 feasibility study outlines an initial capital expenditure of $136.2 million. The project's after-tax net present value (NPV) is estimated at $114.1 million with a robust 22.5% internal rate of return (IRR), assuming a gold price of $1,750 per ounce.

Critically, the projected all-in sustaining cost (AISC) is $815 per ounce of gold. With current gold prices well above this level, the project boasts a healthy potential profit margin and a relatively quick after-tax payback period of 3.3 years. The mine is expected to produce an average of 47,000 ounces of gold and 55,000 ounces of silver annually from proven and probable reserves of 380,000 gold ounces.

To fund this vision, Paramount has been actively shoring up its balance sheet. A key move was a $15 million financing deal completed in late 2023 with Sprott Resource Streaming and Royalty, a respected name in mining finance, which specifically earmarked funds for advancing Grassy Mountain. More recently, the company has been utilizing a controlled equity offering to raise additional capital, signaling a proactive approach to funding its development path. With a "Strong Buy" consensus from analysts and a price target suggesting significant upside, the financial community appears to believe in the company’s trajectory.

As Paramount Gold Nevada prepares for the public hearing in January, it stands at the intersection of regulatory innovation, economic opportunity, and strategic corporate finance. The final decision on the Grassy Mountain permit will not only determine the fate of a single mine but will also serve as a crucial bellwether for the future of the resource industry in the American West.