The Spanish Mountain Project is an advanced PEA-stage development project in a pro mining jurisdiction. 98% of the resource used in the PEA was in the M&I category, allowing for the progression towards a PFS or directly to a full Feasibility Study much faster.

The 2025 PEA outlined a 24.5-year mine life, producing an annual average gold production of 122Koz (~203Koz per year in the first five years). Cash Costs and AISC are US$1,194/oz and US$1,338/oz, respectively.

The 2025 PEA after-tax NPV5% is $1.03B with an IRR of 18%, and a payback period of 3.4 years at US$2,450/oz Au. At a gold price of US$3,300/oz, the after-tax NPV5% rises to $2.32B, IRR of 32%, 2.0-year payback, and average annual FCF of $454M over the first five years.

Officers and directors are heavily invested, holding 18% of the outstanding shares, while prominent shareholders include Eric Sprott (~10%) and Ian Watson (~3%). Management has publicly likened the project to earlier stages of Artemis Gold’s Blackwater Mine.

SPA trades at a significant discount to peers on an NPV basis.