Mr. Paul Parisotto reports

CALICO SHAREHOLDERS APPROVE BUSINESS COMBINATION

Calico Resource Corp. shareholders have overwhelmingly approved the proposed business combination with Paramount Gold Nevada Corp. to be completed by way of plan of arrangement at the annual and special general meeting of shareholders of Calico held on June 29, 2016, at the offices of Bennett Jones LLP in Vancouver, B.C.

Shareholder approval

The special resolution authorizing the arrangement was approved by: (i) approximately 97.41 per cent of the shareholders of Calico present in person or represented by proxy at the Calico meeting; and (ii) approximately 97.28 per cent of the minority shareholders of Calico present in person or represented by proxy at the Calico meeting. The shareholders of Calico who participated in the vote represented approximately 65.27 per cent and 64.16 per cent, respectively, of all issued and outstanding shares of Calico entitled to vote on the arrangement resolution.

In addition, at the Calico meeting, shareholders of Calico considered certain annual resolutions, which were also overwhelmingly approved. As such, until the earlier of the completion of the arrangement or the next annual general meeting of Calico shareholders: (i) the following individuals have been elected to the board of directors of Calico: Rudi P. Fronk, Paul Parisotto, Jay Layman, Allan Williams, Kevin Milledge, Hugo Sorensen and John Pollesel; (ii) BDO Canada LLP has been appointed as independent auditor of Calico; and (iii) the stock option plan of Calico has been reapproved.

Arrangement update

Calico is also pleased to announce that the arrangement has been overwhelmingly approved by the shareholders of Paramount at a special meeting held on June 29, 2016, seeking approval of the arrangement.

Completion of the arrangement remains subject to, among other things, satisfaction of all conditions precedent to closing the arrangement, including final approval of the British Columbia Supreme Court and final approval of the TSX Venture Exchange. The hearing for the final order of the British Columbia Supreme Court to approve the arrangement is scheduled to take place on July 5, 2016. Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, Calico currently anticipates the closing of the arrangement to occur on July 7, 2016.

Under the terms of the arrangement, holders of Calico shares will be entitled to receive 0.07 of a share of common stock of Paramount in exchange for each Calico share held. Further details regarding the arrangement are set out in the management information circular of Calico dated May 26, 2016, which is available on SEDAR under Calico's issuer profile.

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