The Spanish Mountain Project is an advanced PEA-stage development project in a pro-mining jurisdiction. 98% of the mill feed in the 2026 PEA Update is in the M&I category, with 42% in Measured, which allows the Company to advance directly to a full Feasibility Study more quickly. Feasibility Study work is underway and fully funded, targeted for completion ahead of a construction decision in H1/28.

The 2026 PEA Update outlined a 25.8-year mine life, producing an annual average gold production of 129.5Koz (~207Koz per year in the first five years and ~173Koz per year over the first ten). Cash Costs and AISC are US$1,299/oz and US$1,450/oz, respectively.

The 2026 PEA after-tax NPV5% is C$2.91B with an IRR of 35.2%, and a payback period of 1.8 years at US$3,600/oz Au. At a gold price of US$4,400/oz, the after-tax NPV5% rises to C$4.24B, IRR of 46.3%, 1.5-year payback, and average annual FCF of C$684M 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.