Corporate Presentation

June 2019

Forward Looking StatementsThis presentation only may include "forward-looking statements" and “forward-looking information” (collectively, “forward-looking statements”) pursuant to applicable United States and Canadiansecurities 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 Actof 1995 and other applicable securities laws. Words such as "believes," "plans," "anticipates," "expects," "estimates" and similar expressions are intended to identify forward-looking statements, althoughthese 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: production estimatesand assumptions, including production rate and grade per tonne; revenue, cash flow and cost estimates and assumptions; statements with respect to future events or future performance; anticipatedexploration, development, permitting and other activities on the Grassy Mountain project; the economics of the Grassy Mountain project, including the potential for improving project economics andfinding more ore to extend mine life; and mineral reserve and mineral resource estimates. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions ofmanagement 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 reasonablein 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-lookingstatements are reasonable. Assumptions have been made regarding, among other things: the conclusions made in the PFS; the quantity and grade of resources included in resource estimates; theaccuracy and achievability of projections included in the PFS; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals andpermits; 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 andbeing 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 fromthose 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 project; discrepancies between actual and estimatedmineral reserves and mineral resources, between actual and estimated development and operating costs and between estimated and actual production; and the other factors described in Paramount’sdisclosures 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.

Cautionary Note to U.S. Investors Concerning Estimates of Indicated, Inferred Resources and ReservesThis presentation uses the terms "measured and indicated resources", "inferred resources" and “proven and probable reserves”. We advise U.S. investors that while these terms are defined in, andpermitted by, Canadian NI 43-101 regulations, these terms are not defined terms under SEC Industry Guide 7 and not normally permitted to be used in reports and registration statements filed with theSEC. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferredmineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility studies, except inrare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves", as in-place tonnage and grade without reference to unitmeasures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves. U.S. investors are cautioned not to assume that anypart or all of an inferred resource exists or is economically or legally minable. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-yearhistorical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

• US only, advanced stage assets

• Grassy Mountain, eastern Oregon – flagship asset

• PFS completed May 2018

• Permitting progressing rapidly

• Acceptance of Conditional Use Permit – June 2019

• Sleeper, Northern Nevada

• Pipeline asset – PEA completed 2017

• ~4M ounce gold resource

• Large land package in gold rich district

• Experienced Management Team

• Supportive, Aligned Shareholders

Paramount Overview – A Solid Foundation

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Experienced Team

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Glen Van TreekPresident & CEO, Director

Carlo BuffoneCFO

Nancy WolversonProject Coordinator

Christos TheodossiouDirector – Corporate Communications

John Seaberg Executive Chairman

Rudi FronkChairman & CEO of Seabridge Gold

Pierre PelletierEnvironmental Engineer

Christopher ReynoldsCFO of Seabridge Gold

Eliseo Gonzalez-UrienProfessional Geologist

John CardenProfessional Geologist

Man

agem

ent

Dire

ctor

s

Simple Capital Structure

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NYSE AMERICAN: PZG

Shares Outstanding: 26,519,954Options: 1,568,995Warrants: 1,200,000

No Debt

Market Cap = ~$20 M

Strategic Shareholders

FCMI Financial Corp.

Seabridge Gold Inc.

Strengthened Balance Sheet

Sale of 2% NSR to Franco Nevada on Sleeper for US$2M

Grassy Mountain in Underdeveloped Eastern Oregon

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Grassy Mountain Location

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20 miles S of Vale

30 miles SSW of Ontario

70 miles West of Boise

Grassy Mountain Deposit

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3800

3600

3400

3200

3000

Elevation(ft.)

200 ft

CLASS Tonnes(millions)

Au(g/T)

Au(ozs)

Ag(g/T)

Ag(ozs)

Measured 16.27 0.69 363,000 2.71 1,409,000

Indicated 11.69 1.85 695,000 5.01 1,882,000

Total M&I 27.96 1.17 1,057,000 3.67 3,291,000

Inferred 0.96 1.37 42,000 4.08 125,000

CLASS Tonnes(millions)

Au(g/T)

Au(ozs)

Ag(g/T)

Ag(ozs)

Proven 0.21 6.55 43,000 9.26 62,000

Probable 1.35 7.34 319,000 10.29 454,000

Total P&P 1.56 7.23 362,000 10.29 516,000

*Measured and Indicated resources are inclusive of Proven and Probable reservesSource: Pre-Feasibility Study May 2018 – Completed by MD&A in partnership with Ausenco, Golder Associates and EM Strategies

NI 43-101 Resources & Reserves

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PFS - Completed May 2018

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• High grade, underground mine - 1,200 to 1,400 tpd

• Mill - 750 tpd

• Gravity concentration followed by a CIL recovery process recovers ~95% of the Gold

• Production of 47,000 oz of Au & 50,000 oz of Ag per year

• Total Initial Capital expenditures $110 Million

• Initial Mine life of ~ 7.5 years

Base Case Upside Case Lower Case

Gold Price ($/oz) $1,300 $1,500 $1,200

Silver Price ($/oz) $16.75 $19.33 $15.46

Cash Operating Cost Per Au Ounce* $528 $528 $528

Total Cost / oz of Au (includes all capital)* $853 $853 $853

Internal Rate of Return 28% 38% 22%

Net Present Value (5%) (000’s of USD’s) $87,754 $133,243 $64,871

Payback from start of production (years) 2.51 1.97 2.91

*Assumes silver creditSource: Pre-Feasibility Study May 2018 – Completed by MD&A in partnership with Ausenco, Golder Associates and EM Strategies

PFS Economics - Post Tax Analysis

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Current Mine Layout Advanced design

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Tailings and processing facility designs are expected to be completed in June 2019

Power line design complete - initial discussions with Idaho Power on construction and shared costs

Access road currently being optimized

Permitting in Oregon – A Time-Based Approach

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• State laws have been in place since 1991

• Harmonized process between State and Federal agencies

DOGAMI Receives Consolidated Permit

Application

DOGAMI Accepts Permit Application as Complete

Draft Permits

90 DaysMaximum

Permit Package

225 DaysMaximum

20 DaysMaximum

120 DaysMaximum

One Year Max1 Department of Geology and Mineral Industries

DOGAMI1 Permitting Timeline:

Completion of Final Permits

Permitting Progress – Collaborating with Regulators

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Q3 - 2019 Submit

Consolidated Permit Application

May 2018 Pre-Feasibility

Study

March 2017 Memorandum of Understanding

Q1 2022 Production

2017-2019Baseline Studies

2021 Construction

Q2 2019Conditional Use

Permit - Approved

September 2017 Plan of Operation

• Conditional Use Permit approved

• Sage Grouse Rule Permit to be considered by County Court June 2019

• Baseline Data Reports near completion: ~80% approved

Grassy Mountain Exploration Program

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Three high priority targets: Wally Wood, North Spur and Dennis Folley

Six to eight drill holes planned to test silicified structures at depth

All permits in hand to drill beyond Grassy Mountain Permit area

Acquisition – Frost Project

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High grade historical drilling of up to 20 g/t Gold

Similar geological signatures to Grassy

Control over 1,700 acres within 12mi. W of Grassy, viable trucking distance

Sleeper Gold – Northern Nevada

• Former High Grade Producer

• 1.7 Million Ounces

• Average Head Grade: ~7 g/t gold

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Additional Silver M&I Resource of 29 M ozs

Tonnes(000’s)

Gold Grade (g/T)

Gold(000’s of ozs)

Measured 209,464 0.35 2,354

Indicated 87,662 0.28 789

M&I 297,126 0.33 3,143

Inferred 148,844 0.31 1,488

M&I Resource Exceeds ~3 Million Ozs

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~38% Oxide + Mixed~62% Sulfide

PEA - September 2017

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• Large scale, open pit operation

• Conventional heap leach of 30,000 tpd

• Processing only oxide and mixed ore: ~74% recoveries

• Mineralized sulphide materials excluded from PEA scenario

• Avg. production of ~100,000 ozs of Au and Ag per year over first 7 years

• Total initial capital expenditures $175 Million

• Initial Mine life of ~ 9 years

Base Case Upside Case Lower Case

Gold Price ($/oz) $1,250 $1,400 $1,185

Silver Price ($/oz) $16.00 $16.00 $16.00

Cash Operating Cost Per Au Ounce* $529 $529 $529

Total Cost / oz of Au (includes all capital)* $869 $869 $869

Internal Rate of Return 20% 27% 17%

Net Present Value (5%) (000’s of USD’s) $125.8 $190.5 $98.3

Payback from start of production (years) 3.5 N/A N/A

Source: Technical Report and PEA, Amended September 2017

PEA Economics - Post Tax Analysis

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Strategic Options – Metallurgical Testing

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Robust PEA Completed by Metal Mining Consultants (MMC) in September 2017

MMC recommended to advance Sleeper to thecompletion of a PFS

• Additional drilling• Convert inferred resources to M&I• Find additional high grade resources

• Metallurgical Program• To confirm current recoveries

• Commence permitting process

• Completed PFS to convert mineralized material to economic reserves

Strategic Options – Metallurgical Testing

Oxide & Mixed Sulphide - Low Sulphide - high

74%

65%

81%

Inclusion of sulfide material into model has the potential to add ~2M mineable ounces

Bio-oxidation potentially improves sulfide recoveries to between 65% and 81%

Not incorporated in PEA

PEA Bio-Ox

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Strategic Options – Exploration

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• Step-out drilling

• Large, Underexplored Land Package

• ~40,000 acres

• Ground Gravity and Heli-Mag survey

• High priority targets

Precious Metals:Au, Ag

US Focused US ListedNYSE

American:PZG

US AssetsGrassy Mountain, OR

Sleeper, NV

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Thank You

Investor RelationsContact info:

John Seaberg | 1.303.668.7991 | john@paramountnevada.comChristos Theodossiou | 1.866.481.2233 | ctheo@paramountnevada.com

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Atlas Era (1986 – 1991)

• Drilled 403 holes • Expanded

original claim block

• Completed Engineering and Feasibility Study

Newmont Era(1992 – 1996)

• Leased for $30 Million

• Completed soil samples, 26 drill holes and resource est.

• Economic and Mining Evaluation

Tombstone Era(1998 – 1999)

• Exploration program including 8 RC holes

• Economic Study of alternative development scenarios

Seabridge / Calico Era(2000 – 2016)

• 2000 – signed option

• 2003 completed acquisition

• 2011 – Calico signed option to acquire 100%

• Completed 3 core holes, 9 RC holes

• 2014 completed Resource Est

• 2015 completed PEA

History at Grassy Mountain

Appendix 1

UG Portal

Grassy Mountain Mine Design

Appendix 2

2016-2017 PFS Drilling Main Intercepts

Appendix 3

Hole ID From To Width Width Au Ag (ft.) (ft.) (ft.) (m.) (g/t) (g/t)

GM16-02 545 685 140 43 47.5 12.7GM16-03 500 672 172 52.5 3.35 7.5GM16-04 520 601 81 24.7 2.48 7.3GM16-05 499 618 119 36 4.53 12.9GM16-06 520 617 97 29.6 3.37 10.5

GM17-07 524 540 16 4.9 2.69 17.7551.5 616 64.5 19.7 2.31 6.9

GM16-09 632 679 47 14.3 3.14 7.1GM17-10 640 767 127 38.7 10.30 6.6GM17-12 575 682 93 28.2 3.77 10.3

GM16-14 546 579 33 10.1 7.51 18.0613 679 66 20.1 3.56 9.2

GM17-15 607 688 81 24.7 3.68 7.4GM17-16 672 833 161 49.1 2.91 7.8

GM17-17 705 786 81 24.7 5.42 14.3831 876 45 13.7 3.59 6.0

GM17-18 670 767 97 29.6 6.15 15.1830 858 28 8.5 5.70 13.6

GM17-19 527 772 245 74.7 8.15 12.4682 772 90 27.4 16.83 15.6

Hole ID From To Width Width Au Ag (ft.) (ft.) (ft.) (m.) (g/t) (g/t)

GM17-20 611 726 115 35 4.53 8.9657 726 69 21 6.38 9.1

GM17-21 560 644 84 25.6 3.07 8.5669 702 33 10.1 3.35 8.2

GM17-22 522 792 270 82.3 3.58 12.2677 792 115 35.1 5.37 10.8

GM17-23 730 782 52 15.8 2.85 4.6GM17-24 862 896 34 10.4 2.58 2.9GM17-25 556 747 191 58.2 4.02 6.5

GM17-26 185 807 622 189.6 2.1 7.8702 804 102 31.1 6.09 9.5

GM17-27 703 761 58 17.7 2.84 4.9

GM17-28175 860 680.5 207.4 2.41 7.3705 722 17 5.2 35.7 21.9

763.5 787 23.5 7.2 5.19 8.1

GM17-29 270 747 477 145.4 4.01 8.4694.5 747 52.5 16 24.46 18.5

GM17-30 519 770 251 76.5 3.36 8.4715 749 34 10.4 11.22 7.4

Near-Mine Exploration Upside

Appendix 4

Exploring for the Long-Term

• North Spur• Historic vertical holes have

numerous low grade Au intercepts

• Area open and needs deep drilling to test vertical extent of Grassy Mtn Formation and structural controls

• Bluegrass• 16 historic shallow vertical

R/C drill holes• 65 feet @ 1.2 g/T Au• Intercepts up to 2.8 g/T Au• Requires additional angle

drilling to test for high grade feeder mineralization

• Wally-Wood• Elevated Au, As, Sb, Hg at

surface• 110 ppb Au, 648 ppb Hg• 90 feet @ 0.85 g/t Au• 30 feet @ 2.5 g/T Au• Geophysics target to east

has never been drilled

Appendix 5

Sleeper - Whittle pits at various Au$

Appendix 6

In pit MI&I Resource at various cut offs

Sleeper Mineralized Material Estimate

0.00.10.20.30.40.50.60.70.80.91.01.11.21.31.41.51.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1

MIL

LIO

N A

U O

Z

Au Grade & Ounces vs Cut offMI&I Au Oz

MI&I Au Grade (g/t)

Cutoff Tonnage Au Grade Au Ag Grade AgAu g/t x1000 (g/t) Oz (g/t) Oz

0.10 422,753 0.34 4,564,790 2.57 34,949,285 0.20 275,378 0.43 3,844,517 3.05 27,001,359 0.30 161,549 0.57 2,944,777 3.34 17,342,225 0.40 98,157 0.71 2,241,391 3.42 10,796,541 0.50 64,358 0.85 1,757,369 3.38 7,002,547 0.60 43,519 0.99 1,392,205 3.40 4,761,253 0.70 31,632 1.13 1,145,048 3.38 3,442,196 0.80 23,986 1.25 961,595 3.42 2,637,896 0.90 18,714 1.36 817,715 3.47 2,090,690 1.00 14,646 1.47 693,803 3.61 1,700,017

Appendix 7