We want to take an opportunity to highlight the progression of Paramount Gold's (NYSE American: PZG) development and associated stock performance as we see it as a clear illustration of the thesis we have been articulating to shareholders for several years: permitting milestones drive material re-rates for Nevada-focused gold developers, and Viva is positioned to follow a similar trajectory.
The Paramount analogue
Paramount provides a near-textbook example of how the market rewards permitting progress. At the start of 2025, Paramount traded with a market capitalization of roughly $23 million USD — comparable to where Viva trades today. Over the following twelve months, as Paramount advanced its Grassy Mountain project through the final stages of federal and state permitting, the market re-rated the company step by step:
BLM release of the Draft Environmental Impact Statement (August 2025)
Oregon's draft consolidated permit package (December 2025)
BLM Record of Decision and federal approval (January 2026) — the stock jumped approximately 37.5% on this news alone
Updated feasibility study released May 28, 2026
By mid-May 2026, Paramount's market capitalization had grown to approximately $117 million USD — a roughly 5x re-rating in twelve months, driven primarily by de-risking through the permitting process.
Why this matters for Viva
Viva's Tonopah Gold Project sits in Nevada, the world's premier mining jurisdiction, on the prolific Walker Lane trend, approximately 30 km from the world-class Round Mountain mine. The July 2025 updated Mineral Resource Estimate and Preliminary Economic Assessment confirmed a measured and indicated resource of 504,000 ounces of gold, with an additional inferred resource — a strong foundation for advancement.
The catalysts that drove Paramount's re-rating are the same catalysts on Viva's path forward:
Resource growth — Viva has a demonstrated track record of adding ounces at an exceptionally low cost (US$12.25/oz in its 2020-2021 drill program), with mineralization remaining open in multiple directions.
Study advancement — Viva is positioned to advance from PEA to Pre-Feasibility and ultimately Feasibility, with each step historically driving meaningful re-ratings for comparable Nevada developers.
Permitting — The most significant value-inflection point ahead, and the one that drove the largest moves in Paramount's share price.
The Opportunity
The Viva opportunity is precisely the asymmetry that Paramount no longer offers: a Nevada-focused gold project with a growing resource, trading at a small fraction of where a permitted peer trades, with the major de-risking catalysts still ahead of it. Investors who recognized Paramount's trajectory early were rewarded with a roughly 5x return as those catalysts materialized.
Viva is positioned to follow a similar path, and today's valuation reflects an entry point ahead of those catalysts rather than after them.
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