Spanish Mountain Gold Ltd.

Description

Spanish Mountain Gold Ltd. is advancing the 100%-owned Spanish Mountain Gold Project near Likely, British Columbia, Canada. The project hosts a large gold-silver resource and benefits from all-weather road access and hydro power. The 2025 PEA outlines a 26,000 t/d open-pit operation over 24.5 years, producing approximately 3.0 Moz gold and 2.1 Moz silver.

The investment case is based on project scale, long mine life, infrastructure access and additional upside from higher-grade Orca and K-Zone drilling, the Phoenix satellite resource, ore-sorting work and rutile optionality. At the PEA base case of US$2,450/oz gold and US$28.50/oz silver, after-tax NPV5 is C$1.025B with an 18.2% IRR. At US$3,300/oz gold and US$36/oz silver, after-tax NPV5 increases to C$2.315B with approximately C$173M average annual FCF. A 60,000 m feasibility drill program and updated PEA/MRE work are supporting a Feasibility Study targeted for early 2028.

List of Projects:

Project 1: Spanish Mountain Gold Project
British Columbia, Canada — Gold and silver. 100%-owned flagship project located approximately 6 km from Likely. The Main deposit forms the PEA mine and resource base, while the broader property includes several exploration and feasibility targets.

Project 2: Phoenix
British Columbia, Canada — Gold. Satellite resource within the Spanish Mountain property containing approximately 0.357 Moz Au Inferred. Phoenix is excluded from the current PEA economics and provides additional development optionality.

Project 3: Orca Fault / K-Zone / Outcropping Tuff / A12
British Columbia, Canada — Gold-focused exploration and feasibility targets within the Spanish Mountain property. These areas provide potential higher-grade and resource-growth optionality.

Additional Optionality:
The contiguous Spanish Mountain claim package also carries potential resource expansion and rutile optionality.

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List of projects

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