Spanish Mountain Gold Ltd. · TSXV:SPA
Spanish Mountain Gold — 2025 Precious Metal Summit, Zurich
24 slides from Spanish Mountain Gold's conference presentation, November 2025
Slide 1: 2025 Precious Metal Summit
TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Spanish Mountain Gold Ltd. 2025 Precious Metal Summit November 10 – 11, Zurich TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y © 2025 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: Spanish Mountain Gold Project
Spanish Mountain Gold Project Advancing towards Feasibility Stage - Large GOLD Resource Placer mining since the late 1850’s to current Large Resource in the Cariboo Gold District Deposit Tonnage Au Grade Contained Au (M&I) Favorable Tier 1 Jurisdiction SMG Project1 292.1 Mt 0.44 g/t 4.2 Moz ▪ Low ri
Slide 4: Leverage to Gold
✓ Leverage to Gold ✓ Accelerating towards production decision ✓ Confidence with over 251 km of drilling ✓ De-risked tailings & water management FSE: FSE: SPAUF || | FSE: S3Y S3Y S3Y GOLD TOWARDS UPSIDE SUSTAINABILITY LEVERAGE PRODUCTION GROWTH EXCELLENCE OTCQB:SPAUF SPAUF • Large M&I resource at Pot
Slide 5: Capital Markets Summary
Capital Markets Summary Capital Structure Overview Share Price & Volume (Last 12 Months) Share Ownership Tickers TSXV:SPA $0.25 5.0 OTCQB:SPAU.F Volume Price FSE:S3Y 4.5 Directors & Officers TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Share Price (as of Nov 7, 2025) C$0.12 $0.20 4.0 17% Volume (millions) B
Slide 6: Board & Management Team
Board & Management Team Highly experienced team with decades of innovative mining, exploration, development & operational expertise SPAUF || FSE: OTCQB: SPAUF S3Y FSE:S3Y Brent Bergeron Lembit Janes Richard Orazietti Garnet Dawson | OTCQB: Chair & Director, M.A. (Economics) Director, MBA Director, M
Slide 7: Proposed Mine Project Footprint
Proposed Mine Project Footprint TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y A12 target OT Phoeni Main Deposit Northeast view of the unconstrained MRE Deposit from Main and Phoenix Deposits Southwest view of the new MRE of the Main Deposit Source: Refer to press release dated July 3, 2025 titled “Spanish Mo
Slide 8: Project Highlights
8 Project Highlights ✓ 24.5 yr long mine life ✓ Large mineable resource Large scale, profitable future gold operation ✓ Large throughput rate ✓ Low strip ratio with reduced environmental impacts S3Y FSE:S3Y June 2021 July 2025 PEA Improvement Life of Mine Production Profile PFS SPAUF | | FSE: Mine L
Slide 9: July 2025 PEA Highlights
9 July 2025 PEA Highlights Gold Price (US$/oz) Base Case $2,450 Spot1 $3,300 Silver Price (US$/oz) $28.50 $36.00 Exchange Rate (USD/CAD) 1.35 1.35 ✓ Re-envisioned, larger scale conventional open-pit Mine Life (years) 24.5 project Throughput (tpd) 26,000 ✓ Significant, low-cost production LOM Ore Mil
Slide 10: Updated 2025 MRE
10 Updated 2025 MRE Spanish Mountain Project NI 43-101 Mineral Resource Estimate • Over 251,000 m of drill data Cut off Tonnes Gold Contained Silver Contained Area Classification (g/t Au) (Mt) (g/t) Gold (koz) (g/t) Silver (koz) • Incorporates successful drill Measured 77.4 0.53 1,321 0.68 1,701 S3Y
Slide 11: 2025-26 Plan and Catalysts
2025-26 Plan and Catalysts Mineral Resource & Exploration Drill Program 2025 H2 2026 H1 2025-26 Fall-Winter Drill Program Drilling +48 % Complete • Advancing towards Surface exploration program assays pending feasibility studies TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Critical Minerals Review Titanium
Slide 12: Exploration Upside
The Wall Of Fame core image - 25-CCR-051 The Wall Of Fame core image – 25- DH -1285 EXPLORATION UPSIDE Sphalerite (Zn) Near Surface High Grade Focus Pyrite ✓ TWO GROWING DEPOSITS Galena (Pb) TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y ➢ MAIN Galena (Pb) ➢ PHOENIX Gold ✓ 2025-26 DRILL PROGRAM UNDERWAY ✓ HIG
Slide 13: Growth and Still Growing
GROWTH and STILL GROWING – 2 x 3 KM FOOTPRINT Expanded Mineralized System Connects Two Major Gold Deposits TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Northeast view of the unconstrained MRE from Main and Phoenix Deposits Southwest view of the new MRE of the Main Deposit • Note that the confirmed extension
Slide 14: 2025 Near Surface K Zone
2025 Near Surface K Zone – 581 gptm1 & New Record High Grade Intercept 25-DH1286 Proposed 2025 Highlights 2 Drilling • Hole 25-DH-1286 intersected 139.00 m @ 4.18 g/t Au from 56.00 m, including record high-grade intercept of 719.26 g/t Au over 0.75 m from 165.10 m Historic TSX-V: SPA | OTCQB: SPAUF
Slide 15: Fall 2025- Winter 2026 Drill Targets
Fall 2025- Winter 2026 Drill Targets OT A12 target Main Deposit Target1 Total Objective TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Phoenix Deposit ~ 3700 Expansion Main Deposit Main Zone Upper (Main Upper ~3200 High grade Zone) Condemnation Advance to (OT & A12) ~1200 FS Phoenix K-Zone ~1300 High grade To
Slide 16: 2025 Fall Drill Program
2025 Fall Drill Program MAIN DEPOSIT TIGHTER INFILL DRILLING HITTING HIGHER GRADES than block model (refer to PR Nov 3/25) 1 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 1 A-A’ Long section looking NE - Drill Section Through Orca Fault Area Red barrels indicate High grade intercepts larger than 0.6 g/t Au,
Slide 17: Highlights
Spanish Mountain Gold Highlights 2027 Build Decision TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y NEXT STEPS CATALYSTS PLAN EXPANSION ✓ FALL DRILLING +48% TRADEOFFS PHOENIX STRATEGY NEXT ADVANCING TO A COMPLETE AND ORE SORTING STEPS FEASIBILITY STUDY NEW VISION ✓ FS RFP ISSUED PEA UPDATE AFTER DRILL TO ADD
Slide 18: Peter Mah
Peter Mah President & CEO Investor Relations (604) 398-4377 info@spanishmountaingold.com info@spanishmountaingold.com spanishmountaingold.com TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Subscribe for Updates Scan the QR code to sign up for emails
Slide 19: Appendix
Appendix TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y
Slide 20: Uplifting Operating Practices & Mining Industry Standards
Uplifting Operating Practices & Mining Industry Standards TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y UPCYCLED DRILL CORE SAMPLE CRATES Going Beyond the TRIPLE BOTTOM LINE (Safety, Health & Environment, Community Involvement, and Cost Savings) Process & End Products – 2024 to 2025 Exploration Program • Rem
Slide 21: BC Hydro Power Connection Process
BC Hydro Power Connection Process1 Advancing to Stage 2 of the SIS with BC Hydro, the first step in the Transmission Load Interconnection Process for a proposed 230 kilovolt (kV), 60-mega-watt (MW) renewable hydroelectric power substation and a 75-kilometre transmission line to the SMG Project. SPA
Slide 22: 2025 Main Deposit
2025 Main Deposit: Prior to Infill drilling Shows Higher Grades in holes 25-DH-1281-82 than Block Model TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 100m A-A’ Long section looking NE The background corresponds to the PEA MRE Block Model colored by gold content. Block model is 5 x 5 x5 with subblocks of 1.25
Slide 23: Largest Resource in the Cariboo Gold Corridor
Largest Resource in the Cariboo Gold Corridor Osisko Development Cariboo Gold Project Wells NTS 093H ▪ The SMG Project has the largest resource located (McBride) WB Barkerville within a Cariboo Gold Corridor with total length of TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y LC approximately 100km AC CC ▪ Enc
Slide 24: 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
Spanish Mountain Gold — 2025 Precious Metal Summit, Zurich on 6ix