The project has an all-in sustaining cost of US$671/oz following initial capital expenditure of $97.5 million.
The project yields an after-tax internal rate of return of 26% and a net present value of US$105 million at a 5% discount rate, with a $1,472/oz gold price and $16.96/oz silver price, which increase to 40.9% and $195 million at a $1,900/oz gold price.
"This study is everything we had hoped for, including important improvements over the preliminary feasibility study we completed a little over two years ago," said Paramount president and COO Glen Van Treek.
"Paramount can now satisfy the remaining permitting requirements identified by the state of Oregon and the Bureau of Land Management.
"We are very close to realizing our goal of building Grassy Mountain."
The study features a proven and probable reserve of 1.7 million tonnes grading 6.82 grams per tonne gold and 9.94g/t silver for 380,023oz gold and 553,943oz silver.
Shares in Paramount Gold Nevada are trading at $1.19, valuing the company at $39 million.