Spanish Mountain Gold Ltd. · TSXV:SPA
Spanish Mountain Gold — Mining Forum Europe 2025
32 slides from Spanish Mountain Gold's conference presentation, Apr 2, 2025
Slide 1: Spanish Mountain Gold Ltd. - Mining Forum Europe
TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Spanish Mountain Gold Ltd. Mining Forum Europe March 31 - April 2, 2025 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: Large Resource in the Cariboo Gold District
Spanish Mountain Gold - Large Resource in the Cariboo Gold District Fast-Tracking to a Build Decision in 2027 Project Location Near Infrastructure Large Resource in the Cariboo Gold District Deposit Tonnage Au Grade Contained Au (M&I) Favorable Tier 1 Jurisdiction – Cariboo Gold Corridor SMG Project
Slide 4: Fast-track to a Build Decision by 2027
✓ Fast-track1 to a Build Decision by 2027 ✓ Confidence ~226,500 m of Drilling ✓ Targeting Robust Cashflow FSE: FSE: SPAUF || | FSE: S3Y S3Y S3Y GOLD FUNDAMENTAL HIGH GRADE SUSTAINABILITY LEVERAGE VALUE GROWTH EXCELLENCE OTCQB:SPAUF OTCQB: SPAUF Favourable gold price Lowering carbon intensity | | OTC
Slide 5: 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 Christopher Lattanzi | OTCQB: Chair & Director, M.A. (Economics) Dire
Slide 6: Capital Structure Overview
Capital Structure Overview SHAREHOLDERS* Equity Composition and Cash TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Directors & Officers Cash CDN (Sept 30, 2024) $ 1.1 M* 18% Equity Financing (Nov 15, 2024) $ 8.3 M* Eric Sprott Market Cap (Mar 14, 2025) $ 62.3 M 11% *Cash balance as at September 30, 2024 – No
Slide 7: Breakout Time Approaching
Breakout Time Approaching …Transitioning to a Developer 270% Spanish Mountain Gold Ltd. Troilus Gold Corp. Artemis Gold Inc. Osisko Development Corp. S3Y First Mining Gold Corp. Skeena Resources Limited Banyan Gold Corp. Probe Gold Inc. FSE:S3Y 245% 220% 228% SPAUF | | FSE: 195% 196% Artemis 170% Sk
Slide 8: Accelerated Transition to Developer
Accelerated Transition to Developer Value per M&I Resources ($/Oz)1 $400 $378 $350 $326 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y $300 $250 $/Oz $200 $169 $150 Average excluding SPA $141/Oz $100 $57 $50 $33 $17 $13 $11 $- Skeena Artemis Osisko Dev Probe First Mining Troilus SPA Banyan Gold Project Stage
Slide 9: 2025 Plan and Catalysts
2025 Plan and Catalysts 2025 Mineral Resource & Exploration Drill Program H1 H2 ✓ 2024 Drill Program completed COMPLETED – ALL ASSAYS RELEASED IN 2024 ➢ 2025 Drill Program (Commenced Feb 10) ➢ NEW Mineral Resource Estimate1 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Project Enhancements ➢ Whittle NPV Opti
Slide 10: Leveraged to Rising Gold Price Environment
Leveraged to Rising Gold Price Environment Robust IRR Through Gold Price Ranges After-tax Gold Spot Price USD $2,986 NPV(5%) IRR Mar14/ 2025 Close TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y 39% 36% 31% 27% C$1,580 M 22% C$1,350M 16% C$1,119 M C$888 M C$655M C$415 M PFS1 $1,400 $1,600 $1,800 $2,000 $2,200
Slide 11: Maximize Project NPV via Whittle Enterprise Optimization
Maximize Project NPV and Scale via the Whittle Enterprise Optimization 2021 Pre-Feasibility Study Highlights NPV5% The Whittle Enterprise Optimization is substantially complete and will guide the $848 — Pre-tax C$ millions $655 PEA mine plan assumptions — After-tax IRR 25% — Pre-tax % PFS Pit Shell
Slide 12: New PEA Anticipated Improvements and Derisking
12 New PEA Anticipated Improvements and Derisking SCALE 20 ktpd ✓ Assessing Range of 20ktpd – 50ktpd PIT SELECTION Sub-optimal Pit Selected ✓ Larger Optimized Pit S3Y ✓ Electrification (mine fleet and equipment) FSE:S3Y MINING Diesel SPAUF | | FSE: PROCESSING Conventional Flotation with Gravity ✓ Co
Slide 13: Exploration Value & Growth Through the Drill Bit
The Wall Of Fame core image - 08-DDH-722 Exploration Value & Growth Through the Drill Bit TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y ✓ Grow Endowment & Future Value Preservation ✓ High-Grade Gold Discovery ✓ Project Valuation Upside 13
Slide 14: 2025 Drill Program Targets & Objectives: Plan View
Growth: 2025 Drill Program Targets & Objectives: Plan View Going for high grade gold mineralization extensions near the 2021 Resource Pit Targets & Objectives: TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Extend near-surface mineralization along strike with low potential strip ratios ➢ Slipper Target, K Tar
Slide 15: 2025 Drill Targets: Long Section View
2025 Drill Targets: Long Section View Long Section - View Looking Northeast Slipper Zone Target • Testing near-surface extensions of this zone with potential for low waste TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y strip ratio open pit mining Deeper High-Grade Zone Target • Follow-up on high-grade targets
Slide 16: 2025 K-Zone and Deeper Pit Drill Targets
2025 K-Zone and Deeper Pit Drill Targets: Cross Section View K Zone Target Cross Section View - Looking Northwest • Testing near-surface extensions of this zone with potential for lowering TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y open pit mining waste strip ratio • Lack of drill information. Test the po
Slide 17: 2025 Phoenix Drill Target: Long Section View
2025 Phoenix Drill Target: Long Section View Phoenix Target Long Section View - Looking North-Northeast • Previously identified by historical drilling that encountered significant gold intercepts associated with quartz veining and TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y several holes ending in minerali
Slide 18: Spanish Mountain Gold Highlights
Spanish Mountain Gold Highlights Build Decision in 2027 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y LOOK-AHEAD CATALYSTS PLAN TARGETING AN ✓ MRE EXECUTABLE BUILD STRATEGY ✓ PEA DECISION BY 2027 NEW MRE & PEA ✓ 2025 DRILLING FAST TRACK TO A NEW VISION STAGED ✓ PFS/FS DECISION BUILD DECISION PRODUCTION BUILD
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: New PEA Anticipated Improvement Brackets
New PEA Anticipated Improvement Brackets Project Scale | Pit Selection | Mining | Processing METSO High Pressure Grinding Rolls FSE: SPAUF | |FSE: OTC: SPAFZ SPA | |OTCQB: S3Y S3Y Larger scale expected to Electrification expected SPA Pit selection optimized Improved gold production provide greater t
Slide 22: New PEA Anticipated Improvement Brackets
New PEA Anticipated Improvement Brackets Waste Rock and Water Management | Geotechnical & Tailings Management Facility (TMF) FSE: SPAUF | |FSE: OTC: SPAFZ SPA | |OTCQB: S3Y S3Y Lower volumes to Lower safety, Coarser tails product Enhance sustainability by SPA minimize treatment environment and benef
Slide 23: New PEA Anticipated Improvement Brackets
New PEA Anticipated Improvement Brackets TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y ✓ Executable Business case that is expected to Maximize NPV while Lowering Risk ✓ Leverage State-of-the-Art Low-cost renewable Significantly lower Commercially Available Technology carbon footprint with energy to replace d
Slide 24: 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 25: BC Fast-Tracking Initial List of Resource Projects
BC Fast-Tracking Initial List of 18 Resource Projects BC Premier David Eby's office fast-tracking resource projects in-order-to reduce its reliance on trade with the United States. Services and Platforms - CBC/Radio-Canada S3Y FSE:S3Y SPAUF || FSE: The Office of the Premier says in a statement We kn
Slide 26: 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 TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y within a Cariboo Gold Corridor with total length of LC approximately 100km AC CC ▪ Enc
Slide 27: 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 10km • Potential for critical metals includes the Cedar Creek and Nina La
Slide 28: Mineral Reserve & Resource Estimate
Mineral Reserve & Resource Estimate1 The Project's Mineral Reserves, a subset of the M&I Mineral Resources, are based on the PFS mine plan and estimated according to CIM 2019 Best Practices and 2014 CIM Definition Standards. The PFS includes an updated Mineral Resources estimate based on the pit she
Slide 29: Mineral Reserve & Resource Estimate Notes
Mineral Reserve & Resource Estimate Notes Mineral Reserve Estimate Notes Mineral Resource Estimate Notes 1. The Mineral Reserve estimates were prepared by Marc Schulte, P.Eng. (who is 1. The Mineral Resource Estimates were prepared by Marc Jutras, P.Eng.; M.A.Sc. also the independent Qualified Perso
Slide 30: Peer Information
Peer Information Company Source Stage Cut-Off Grade AuEq Parameters & Calculation Gold Grade Mkt Cap ($M) O/P Mineral Resources are reported at a cut-off grade of 0.7 g/t AuEq, using the equation AuEq = ((Au (g/t) * 1,700 * 0.84)+ (Ag (g/t)* 23 * 0.88))/(1,700 * 0.84). Technical Report 0.7 g/t AuEq;
Slide 31: PhotonAssay Technology
PhotonAssayTM Technology The Company has engaged MSALABS to utilize PhotonAssayTM, an innovative technology, for the 2025 drill program results to reduce assay result turnaround times and the carbon footprint. TSX-V: SPA | OTCQB: SPAUF | FSE: S3Y Source: https://www.msalabs.com/photonassay 31
Slide 32: Peter Mah, President & CEO - Investor Relations
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