What changed in this filing

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Item 2. Properties

2020-09-25 compared with 2019-09-16 · 24 added, 16 removed, 212 unchanged (16% of the section changed)

16 unchanged sentences

Property Agreements and Royalty Obligations:

The Snyder Syndicate, a private company, holds a 1% net smelter returns royalty on the 1,044 Sleeper Gold mine claims in a mining scenario.

The Snyder Syndicate, a private company, holds a one percent (1%) net smelter return royalty on the 1,044 Sleeper Gold mine claims in a mining scenario.

Franco-Nevada U.S.

36 unchanged sentences

In August 2015, we completed an initial geophysical survey which consisted of a helicopter magnetometry study.

The survey defined several possible exploration targets which are being reviewed by our geological team.

The survey defined several possible exploration targets which were reviewed by our geological team.

Additional surveys on areas covered by overburden will be evaluated for further testing.

7 unchanged sentences

This mining scenario results in an average annual production of 102,000 ounces of gold and 105,000 ounces of silver for seven years with additional metal recovered over the following two years during final leaching of 37,850 ounces of gold and 30,500 ounces of silver.

The life of mine average cash operating are estimated to be $529 per equivalent gold ounce produced and the total life of mine capital requirements are estimated to be $258.8 Million.

The life of mine average cash operating expenses are estimated to be $529 per equivalent gold ounce produced and the total life of mine capital requirements are estimated to be $258.8 Million.

This PEA is preliminary in nature and should not be considered to be a pre-feasibility or feasibility study, as the economics and technical viability of the Sleeper Gold Project have not been demonstrated at this time.

Therefore, there can be no certainty that the estimates contained in the PEA will be rea lized.

Therefore, there can be no certainty that the estimates contained in the PEA will be realized.

Geology and Mineralization

28 unchanged sentences

If Seabridge exercises the right to cause Calico to purchase the NPI, the Company would likely need to seek additional equity or other financing to fund the purchase, which financing may not be available to the Company on favorable terms or at all.

An annual lease agreement for unpatented mining claims is currently in place between Calico and the Bishop Brothers.

Calico is required to make annual advance royalty payments at a rate of $33,000 per year.

In a mining scenario, the agreement provides for a production royalty payment base on the price of gold of 6%.

Exploration History at Grassy Mountain

34 unchanged sentences

New interpretations of the orientation of mineralization and geology were plotted on the new sections.

The new sections were then used to select areas where in-fill drilling was needed and areas where gold mi neralization was open-ended and resource expansion probable.

A detailed geologic model was produced based on the results of the 2011 exploration work, and subsequent supporting geophysical surveys were completed in March, 2012.

On February 5, 2013, Calico exercised its option to acquire a 100% interest in the Grassy Mountain Project from Seabridge.

The new sections were then used to select areas where in-fill drilling was needed and areas where gold mineralization was open-ended and resource expansion probable.

A detailed geologic model was produced based on

the results of the 2011 exploration work, and subsequent supporting geophysical surveys were completed in March, 2012.

On February 5, 2013, Calico exercised its option to acquire a 100% interest in the Grassy M ountain Project from Seabridge.

A mineralized material estimate was prepared by Hardrock Consulting Inc.

16 unchanged sentences

The metal prices used for the economic analysis includes $1,300 per ounce of gold sold and $16.75 per ounce of silver sold.

The life of mine average cash operating are estimated to be $528 per gold ounce including silver revenues as credit produced and the total life of mine capital requirements are estimated to be $110 Million.

The life of mine average cash operating costs are estimated to be $528 per gold ounce including silver revenues as credit produced and the total life of mine capital requirements are estimated to be $110 Million.

This PFS should not be considered to be a feasibility study, as the economics and technical viability of the Grassy Mountain Project have not been demonstrated at this time.

Therefore, there can be no certainty that the estimates contained in the PFS will be realized.

In November 2019, Paramount submitted its Consolidated Permit Application (“CPA”) to DOGAMI to enable the Company to build and operate its proposed, high grade underground gold mine located in Malheur County of eastern Oregon.

The Application was reviewed by the DOGAMI and cooperating agencies for completeness.

As part of this process, the permitting agencies have provided Paramount with a list of supplemental information and recommendations required to submit a modified CPA.

Paramount, the DOGAMI and the permitting agencies will continue to work together to discuss the additional information requested, ensuring the submission of a complete modified CPA which will trigger the 225 day maximum permit evaluation process, upon which draft permits are issued.

The NI 43-101 Feasibility Study for the Grassy Mountain Project is well underway and being led by Ausenco Engineering Canada Inc.

In February 2020, the Company submitted a revised Plan of Operation (the ”POO”) to the Federal Bureau of Land Management (“ BLM ”) outlining the Company’s plans to build and operate the proposed Grassy Mountain underground gold mine located in Malheur County, eastern Oregon.

The BLM has reviewed the POO for completeness and has provided the Company with comments to address.

The BLM has previously reviewed 19 of the baseline data reports (“BDRs”) and their requests for clarifications have all been addressed.

The BLM will register a Notice of Intent (the ”Notice”) in the Federal Register once the application is deemed complete.

The Notice initiates the Environmental Impact Statement (“ EIS ”) process under the National Environmental Policy Act.

Geology and Mineralization

2 unchanged sentences

the buried cratonic margin, the northern Basin and Range, and the Snake River Plain.

During the mid-Miocene caldera volcanism occurred in the shallow crust throughout the region, predominately ash-flow sheets and rhyolite tuff cones.

During the mid-Miocene caldera volcanism occurred in the shallow crust throughout the

region, predominately ash-flow sheets and rhyolite tuff cones.

The resulting regional stratigraphic section is a thick sequence of mid-Miocene volcanic rocks and coeval-to-Pliocene age non-marine lacustrine, volcaniclastic, and fluvial sedimentary rocks.

5 unchanged sentences

The Kern Basin Tuff ranges in thickness from 300 feet on the south bluffs of Grassy Mountain, to 1,500 feet in a drill hole beneath the Grassy Mountain Project area.

The Kern Basin Tuff is overlain by a series of f luvial, lacustrine, and tuffaceous sediments.

The Kern Basin Tuff is overlain by a series of fluvial, lacustrine, and tuffaceous sediments.

Most of the sedimentary units in the project area are silicified and strongly indurated.

These sedimentary units include granitic clast conglomerate, arkosic sandstone, fine grained sandstone, siltstone, and tu ffaceous siltstone/mudstone.

These sedimentary units include granitic clast conglomerate, arkosic sandstone, fine grained sandstone, siltstone, and tuffaceous siltstone/mudstone.

The sedimentary facies of the Grassy Mountain Formation reportedly range from 300 to over 1,000 feet thick, and provide the host rocks of the Grassy Mountain mineral resource.

39 unchanged sentences

In October 2018, Paramount entered into an agreement with Cryla LLC (“Cryla”) that gives the Company the right to acquire 44 mining claims covering 580 acres located immediately to the west of the proposed Grassy Mountain Project.

Paramount will make annual lease payments to Cryla and following year three of the agreement, Paramount has the right to purchase the claims for a cash

payment of $560,000.

Paramount will make annual lease payments to Cryla and following year three of the agreement, Paramount has the right to purchase the claims for a cash payment of $560,000.

If purchased, Cryla will maintain a production Net Smelter Royalty (“NSR”) based on the prevailing price of gold.

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties