Spanish Mountain Gold Ltd. · TSXV:SPA
Spanish Mountain Gold — Precious Metals Summit Beaver Creek, Colorado 2026
21 slides from Spanish Mountain Gold's conference presentation, September 2026
Slide 1: Corporate Presentation
TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Spanish Mountain Gold Ltd. Corporate Presentation Precious Metals Summit Beaver Creek, Colorado September 2026 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y © 2026 Spanish Mountain Gold Ltd. All rights reserved.
Slide 2: Cautionary Statement
Cautionary Statement This presentation under no circumstances is to be construed to be an offering of securities of the Company. Neither this presentation nor its delivery to the recipient will constitute an offer to sell, or the solicitation of an offer to buy the assets and or securities described
Slide 3: Investment Highlights - Feasibility Fully Funded
Investment Highlights - Feasibility Fully Funded Experienced Team Led by Peter Mah, CEO and Mark Ruus, CFO TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Emerging Developer – 2026 PEA Update C$2,910M after-tax NPV5%, 35.2% IRR and 1.8-year payback at US$3,600/oz Au — vs C$1,025M, 18.2% and 3.4 years in the 20
Slide 4: Spanish Mountain Gold Project - Feasibility Stage
Spanish Mountain Gold Project - Feasibility Stage Three Major Gold Projects in the Cariboo Gold District Contained Au Active placer gold mining since the late 1850’s Project Tonnage Au Grade (M&I) Spanish Mtn Gold Project1 342.1 Mt 0.42 g/t 4.7 Moz Favorable Tier 1 Jurisdiction TSX-V: SPA | OTCQB: S
Slide 5: Why Invest?
Why Invest? ✓ Feasibility fully funded ✓ Leverage to Gold ✓ Confidence with 260 km of drilling ✓ De-risked tailings & water management TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y GOLD FEASIBILITY MINERALIZATION SUSTAINABILITY LEVERAGE UNDERWAY GROWTH EXCELLENCE • M&I resource based on Feasibility study Dri
Slide 6: Capital Markets Summary
Capital Markets Summary Share Price & Volume (Last 12 Months) $0.45 Volume in Millions 4.5 Share Price (C$) Capital Structure Overview Analyst Coverage $0.40 4.0 $0.35 3.5 Share Price (C$) Volume (millions) $0.30 3.0 Tickers TSXV: SPA OTCQB: SPAUF $0.25 2.5 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y FSE:
Slide 7: Board & Management Team
Board & Management Team Highly experienced team with decades of innovative mining, exploration, development & operational expertise. TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Brent Bergeron Lembit Janes Richard Orazietti Garnet Dawson Chair & Director, M.A. (Economics) Director, MBA Director, MBA, CPA, B
Slide 8: Resource Growth Potential
Resource Growth Potential Spanish Mountain Gold Project — Mineral Resource Estimate1 2026 M&I RESOURCE (UPDATED) Area Classification Tonnes (Mt) Au (g/t) Au (koz) 4.66 Moz Au Main Measured 111.4 0.51 1,831 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Main Indicated 230.6 0.38 2,832 Main M&I 342.0 0.42 4,663
Slide 9: 2026 PEA Update — Results Summary
2026 PEA Update — Results Summary Base case US$3,600/oz Au, US$50/oz Ag | Spot case US$4,400/oz Au, US$66/oz Ag | US$ unless noted (US$1.00 = C$1.35) Metric First 5 Years LOM — Base Case Spot Case ALL-IN SUSTAINING COST (AISC) Avg Annual Au Production (koz) 207 129 129 AISC, net of by-product (US$/o
Slide 10: PEA Value Creation Potential
PEA Value Creation Potential Study-Over-Study Improvement Value Uplift: 2025 PEA vs. 2026 PEA Update Metric 2025 PEA 2026 PEA Update After-Tax NPV5% (C$ Millions) Mine Life (years) 24.5 25.8 (+1.3 yrs) TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 4,242 Throughput (tpd) 26,000 31,000 (+19%) 2,910 Strip Ratio
Slide 11: Attractive Positioning vs Peers
Attractive Positioning vs Peers Spanish Mountain 2026 PEA base case US$3,600/oz Au Production Scale & Operating Cost Mine Life & Strip Ratio 400 $1,800 30 10.0 351 $1,537 $1,566 $1,600 25.8 9.0 350 8.0 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 25 8.0 $1,400 22.0 300 281 275 273 $1,185 7.0 $1,098 $1,200 2
Slide 12: Process Plant Improvements
Process Plant Improvements Flowsheet optimization — coarse particle flotation and clean gangue rejection ahead of conventional flotation and leaching 2.1× FEED GRADE UPLIFT AHEAD OF ROUGHER FLOTATION Mine Plan Summary - Mill Feed & Grade Profile Direct mill feed and stockpile reclaim (tonnes) with m
Slide 13: 2026 to 2027 Plan and Catalysts
2026 to 2027 Plan and Catalysts Workstream Roadmap ✓ Feasibility study underway, funded Workstream H2 2026 H1 2027 H2 2027 by Wheaton NSR proceeds TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Resource & Exploration Drilling 60,000 m program complete (Q4 Assay follow-up & MRE Next drill phase scoping ✓ Rerat
Slide 14: Feasibility Drilling
Feasibility Drilling N 60,000 m program ~ 50% complete Proposed Condemnation DH 2024 Drilling TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y ondemnation 2025 Winter Drilling 2025 Fall Drilling BGC Sonic (with HQ3 drilling finish for rock mechanics) BGC HQ3 drilling for rock mechanics for open pit stability ai
Slide 15: Orca Fault Target: Long Section
Orca Fault Target: Long Section Composites 25-DH-1316 > 1.00 g/t Au 75.71m @ 0.73 Au g/t > 0.70 g/t Au 25-DH-1322 133.57 m @ 1.35 Au g/t TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y incl. 25.47 m @ 4.28 g/t 25-DH-1292 112.00m @ 0.77 Au g/t 26-DH-1337 incl. 41.00 @ 0.98 g/t 116.80 m @ 1.20 Au g/t 25-DH-1293
Slide 16: Highlights & H1 2028 Build Decision
Highlights & H1 2028 Build Decision TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y PLAN CATALYSTS NEXT STEPS STRATEGY NEW VISION NEXT STEPS • Feasibility Study ✓ 60 km Drilling – • FS Drilling Build the Next Gold Complete Q4 2026 Mine In BC’s Cariboo • Advance Aggressively • Tradeoffs To Build Decision • Dril
Slide 17: Subscribe for Updates
Subscribe for Updates Peter Mah Scan the QR code to sign up for emails President & CEO Investor Relations (604) 398-4377 info@spanishmountaingold.com info@spanishmountaingold.com spanishmountaingold.com TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 17
Slide 18: Appendix
Appendix TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 18
Slide 19: Updated 2026 MRE
19 Updated 2026 MRE Spanish Mountain Project NI 43-101 Mineral Resource Estimate • Incorporates 2024–2026 drilling; Area Classification Cut off Tonnes Gold Contained Silver Contained 2026 FS program 31,587 m (g/t Au) (Mt) (g/t) Gold (koz) (g/t) Silver (koz) complete of 60,000 m planned Measured 111.
Slide 20: Property size over 10,000 Hectares
Property size over 10,000 Hectares 100% SMG Owned Mineral Claims • Deposit measures approximately 1,800x TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 800m • Prospective argillite units of the Nicola Group cover a strike length of over 12km • Potential for critical metals includes the Cedar Creek and Nina La
Slide 21: Orca Fault Target: Expansion Potential
Orca Fault Target: Expansion Potential ORCA Fault NE Controls Base of Base of TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Y10 LOM Y10 LOM Orca F. Target Orca Targets Expansion Targets Indicated Resources Measured Resources Plan view of the 2025 Resource Block Model of the Main Deposit colored by Au grade (
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