Mr. Paul Parisotto reports

CALICO COMPLETES BUSINESS COMBINATION WITH PARAMOUNT

Calico Resources Corp. has completed its previously announced business combination with Paramount Gold Nevada Corp., pursuant to which Paramount has acquired all of the common shares of Calico by way of a court-approved plan of arrangement. Under the terms of the arrangement, holders of Calico shares are entitled to receive 0.07 of a share of common stock of Paramount in exchange for each Calico share held immediately prior to the effective time of the arrangement.

Paul Parisotto, Calico's president and chief executive officer, said: "We are very pleased to have concluded this transaction, which will allow Paramount to unlock the considerable value in the Grassy Mountain project for the benefit of the shareholders of the combined company. On behalf of the board of directors and management of Calico, we thank shareholders of Calico for their support."

With the arrangement now complete, Paramount intends to cause the common shares of Calico to be delisted from the TSX Venture Exchange (expected on or about July 7, 2016) and Calico intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

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.

We seek Safe Harbor.