Corporate Presentation

January 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 process well underway

• Sleeper, Northern Nevada• Pipeline asset – PEA completed 2015• ~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

4

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

Advantageous Capital Structure

5

• NYSE AMERICAN: PZG

• Shares Outstanding: 25,474,954 Options / Warrants: 3,815,000

• No Debt

• Market Cap = ~$26 M

• Strategic Shareholders ~30%

• FCMI Financial Corp. ~20%

• Seabridge Gold Inc. ~10%

Grassy Mountain in Underdeveloped Eastern Oregon (~9,500 acres)

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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

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

*Resources are inclusive of 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

9

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

• Mill - 750 tpd

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

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

• Total Initial Capital expenditures $110 Million

• Initial Mine life including construction time ~ 9 year

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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Permitting in Oregon – A Time-Based Approach

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• State laws have been in place since 1991

• State has 90 days to accept permit application as complete from date of submittal

• Draft permits issued within 225 days of acceptance of application

• Harmonized process between State and Federal agencies

Air Quality Visual Resources Outstanding Natural Areas Land Use Transportation Areas of Critical Environmental Concern Oregon Natural Heritage Plans Geology and Soils

Grazing Recreation Wild, Scenic or Recreational Rivers Environmental Justice Socioeconomics Wetlands Terrestrial Vegetation Aquatic Resources

Permitting Progress – Collaborating with Regulators

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• >50% of Baseline studies approved by DOGAMI

• 23 total (1 as part of permit application)

• 16 approved (as of January 15, 2019)

DOGAMI Receives Consolidated Permit

Application

DOGAMI Accepts Permit Application

as Complete

Draft Permits

90 DaysMaximum

Completion of Final Permits

Permit Package

DOGAMI1 Permitting Timeline

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225 DaysMaximum

20 DaysMaximum

120 DaysMaximum

One Year Max

1 Department of Geology and Mineral Industries

H1 2019 Consolidated

Permit Application

Grassy Mountain Timeline

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May 2018 Pre-Feasibility

Study

March 2017 Memorandum of Understanding

H2 2021 Production

Q1 2019File the

Consolidated Use Permit

Q3/Q4 2020 Construction

2017/18Baseline Studies

September 2017 Plan of Operation

Grassy Mountain Exploration Program

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• All permits in hand to drill beyond GM Permit area

• Geophysics (Completed)

• Define structural corridors to aid drill targeting at both Grassy and newly acquired Frost Project

• RC Drilling

• North Spur – 2 holes completed to test silicified structures at depth. Historic, shallow drilling, yielded low grade gold

• Two high priority targets (Spring 2019): Wally/Wood (4 RC holes planned); and Dennis Folley (2 RC holes planned)

• Geophysical testing of Basalts completed to define material for back-fill and tailings dam construction

Frost Project (Nov 2018)

• Right to acquire 100% interest on ~900 acres for total consideration of $250,000

• Located 12 miles west of Grassy -within trucking distance

• Similar geological signatures to Grassy

• Historical drilling includes shallow intercepts of high grade gold of up to 20g/t gold16

Consolidating Land Packages (Jan 2019)

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• Staked ~800 acres surrounding Frost: total project acreage now ~1,700 acres

• Geophysical work identified prospective near-term exploration targets

• Potential operational synergies with Grassy Mountain

Frost Exploration Program

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• Will be prioritized with Grassy exploration targets

• Targets to be defined based on mag survey and historical drilling

• Historic mineralization occurs in a structural corridor with magnetic low

Drill Hole From (Ft) To (Ft) Au g/t

FM 27 200 205 0.11205 210 0.21210 215 0.32215 220 4.13220 225 8.78225 230 11230 235 2.08235 240 1.04240 245 1.67245 250 0.59

Drill Hole From (Ft) To (Ft) Au g/tFM 15 280 285 0.17

285 290 0.12290 295 25.0295 300 20.0300 305 6.3305 310 0.96310 315 0.29

• Historic drilling conducted by Western Mining Corp. in early 1990’s

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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Sleeper – PEA Mine Plan Oxide and Mixed

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Heap Leach ProcessingOre Treated kT 77,609

Process - GoldAu Grade gpt 0.41

Contained Au oz 1,022,541 Recovery Au % 74%Leached Au oz 752,100

Leach Pad RetentionAu to Leach Pad Inventory oz 86,740 Au Inventory in Leach Pad oz 171,510

Au from Pad Inventory oz 86,740 Produced Au from Leach Pad oz 752,100

Process - SilverAg Grade gpt 2.04

Contained AG oz 5,097,891 Recovery Ag % 14.6%Leached Ag oz 743,400

Leach Pad RetentionAg to Leach Pad Inventory oz 76,150 Ag Inventory in Leach Pad oz 151,570

Ag from Pad Inventory oz 76,150 Produced Ag from Leach Pad oz 743,400

PEA Mine Plan

Sleeper Mine Plan Overview (Heap Leach Only)

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0

20,000

40,000

60,000

80,000

100,000

120,000

Year 1-7 Year 8-9

102,000

37,850

105,000

30,500

Oun

ces

Timeline

Production by Year

Gold Silver

$175M

Capital

30,000 tpd9yr Mine life

Open Pit HL Operation

84K ozs Au83K ozs Ag

Production

$529/oz (Cash Cost)$869/oz (AISC)

$1,250 Au$16 Ag

Costs Metal Prices

~77%

Au Recovery

Post Tax (10%)

PEA Economics - Post Tax Analysis

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NPV $72MIRR 20%

Exploration Upside

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• Large, Underexplored Land Package

• ~40,000 acres

• Several high priority targets

Precious Metals:Au, Ag

US Focused US ListedNYSE

American:PZG

US AssetsSleeper, NV

Grassy Mountain, OR

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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

Tailings

Processing Plant

Waste Rock Disposal

Mine Portal

Top Soil Stock Pile

Grassy Mountain Mine Layout

Appendix 2

Near-Mine Exploration Upside

Appendix 3

Sleeper - Whittle pits at various Au$

Appendix 4

In pit MI&I Resource at various cut offs

Sleeper Mineralized Material Estimate

Appendix 5

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