Spanish Mountain Gold Ltd. · TSXV:SPA
Spanish Mountain Gold — Investor Presentation (January 2026)
25 slides from Spanish Mountain Gold's investor presentation, January 2026
Slide 1: Corporate Presentation
TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Spanish Mountain Gold Ltd. Corporate Presentation January 2026 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: Investment Highlights
INVESTMENT HIGHLIGHTS EXPERIENCED TEAM Led by Peter Mah, CEO; Mark Ruus, CFO and Jason Dunning, Senior Technical Advisor EMERGING DEVELOPER – ADVANCING TO FEASIBILITY 3 M oz of gold production forecasted and growing advancing to feasibility S3Y FSE:S3Y SPAUF || FSE: CARIBOO DISTRICT - 3 MAJOR GO
Slide 4: Spanish Mountain Gold Project
Spanish Mountain Gold Project Advancing to Feasibility expected start Q1 2026 Active placer gold mining since the late 1850’s Three Major Gold Projects in the Cariboo Gold District Deposit Tonnage Au Grade Contained Au (M&I) Favorable Tier 1 Jurisdiction Low risk mining jurisdiction with strong co
Slide 5: New Vision
Leverage to Gold Accelerating towards production decision Confidence with over 260 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 • A
Slide 6: Capital Markets Summary
Capital Markets Summary Capital Structure Overview Share Price & Volume (Last 12 Months) Share Ownership Tickers TSXV:SPA $0.30 5.0 OTCQB:SPAU.F Volume Price Directors & FSE:S3Y 4.5 Officers TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y $0.25 Share Price (as of Jan. 19, 2026) C$0.225 4.0 18% Volume (millions
Slide 7: 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 SPA || OTCQB: Chair & Director, M.A. (Economics) Director, MBA Direct
Slide 8: Proposed Mine Project Footprint
Proposed Mine Project Footprint N TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 1 km Source: Refer to press release dated July 3, 2025 titled “Spanish Mountain Gold Announces Larger Scale Preliminary Economic Assessment with a Base Case NPV5% after-Tax of C$1.0 Billion, 18.2 % IRR and 3.4 Year Payback at US$
Slide 9: Project Highlights
9 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 10: July 2025 PEA Highlights
10 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 Mi
Slide 11: Updated 2025 MRE
11 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 12: 2026 Plan and Catalysts
2026 Plan and Catalysts Mineral Resource & Exploration Drill Program 2026 H1 2026 H2 Drill Program 9,600 m completed • Advancing to feasibility MRE update 2025 high grade drilling Main Deposit TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y • Engagement with First Metallurgical tests – rutile concentrate Titan
Slide 13: 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 Galena (Pb) TWO GROWING DEPOSITS TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y MAIN Galena (Pb) PHOENIX Gold 2025-26 DRILL 9,600m Complete ORCA
Slide 14: 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 15: Composites: Orca Fault Long Section
Composites 25-DH-1302 Orca Fault Target: Long Section > 1.00 g/t Au > 0.70 g/t Au 102.56m @ 0.55 Au g/t Inc. 47.99m @ 0.81 g/t 25-DH-1292 112.00m @ 0.77 Au g/t 25-DH-1304 incl. 41.00 @ 0.98 g/t 26.46m @ 0.80 Au g/t 25-DH-1293 25-DH-1307 102.00m @ 0.64 Au g/t 20.00m @ 1.07 Au g/t TSX-V: SPA | OTCQB:
Slide 16: Composites: Orca Fault Cross Section
Composites Orca Fault Target: Cross Section > 1.00 g/t Au > 0.70 g/t Au 25-DH-1297 50.84m @ 0.66 Au g/t 25-DH-1322 133.57 m @1.35 g/t TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y incl. 25.47m @ 4.28 g/t 25-DH-1324 57.00 m @ 0.54 g/t incl. 18.00 @ 1.10 g/t
Slide 17: 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 18: Spanish Mountain Gold Highlights
Spanish Mountain Gold Highlights 2027 Build Decision TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y NEXT STEPS CATALYSTS PLAN EXPANSION DRILLING TRADEOFFS PHOENIX STRATEGY NEXT ADVANCING TO A AND ORE SORTING FEASIBILITY STUDY FS AWARD STEPS NEW VISION PEA UPDATE AFTER DRILL TO ADD HIGH STRATEGIC ADVANCE
Slide 19: Peter Mah
Peter Mah President & CEO Investor Relations (604) 398-4377 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 20: Appendix
Appendix TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y
Slide 21: 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 22: 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. OTCQ
Slide 23: 2025 Main Deposit: Prior to Infill Drilling
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 24: Largest Resource in the Cariboo Gold Corridor
Largest Resource in the Cariboo Gold Corridor The SMG Project has a large resource located within a Cariboo Gold Corridor with total length of TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y approximately 100km Encompasses gold deposits in the Quesnel and Barkerville Terranes Placer and lode gold occurre
Slide 25: 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
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