# Spanish Mountain Gold Announces Uplift In Scale And Value At Its B.C. Gold Project And Receives Confirmation From Provincial Regulators To Resume The Previously Paused Environmental Assessment And Permitting Process Advancing Towards Development Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a Original source: https://www.spanishmountaingold.com/news/2026/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b.c-gold-project-and-receives-confirmation-from-provincial/ Publisher: prospectors\_exchange Original announcement: 2026-09-21T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T14:31:22.102Z Atlas analysis updated: 2026-09-22T14:31:22.102Z - Company: Spanish Mountain Gold Ltd. - Ticker: SPA - Exchange: Unavailable - Region: British Columbia - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Permitting, Metallurgy - Extracted: 2026-09-22 14:31:22 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Spanish Mountain Gold announced an updated Preliminary Economic Assessment \(PEA\) and Mineral Resource Estimate \(MRE\) for its B.C. Gold Project, showing significantly improved economics with an after-tax NPV5% of US$2,156 million and an IRR of 35.2%. The update includes a 12% increase in contained gold ounces in the Main deposit M&I category and a 17% increase in contained silver, alongside a larger open pit design and optimized processing flowsheet. Additionally, the company received authorization to resume the environmental assessment and permitting process, advancing the project towards a build decision by H1 2028. Reasoning: The updated Preliminary Economic Assessment and Mineral Resource Estimate demonstrate significantly improved project economics and resource scale, coupled with the resumption of the environmental assessment process, which collectively de-risk the project and advance it towards development. - Positive factor: Significantly improved project economics \(NPV, IRR\) - Positive factor: Increased contained gold and silver ounces in the Main Deposit MRE - Positive factor: Maiden resource for Phoenix Deposit adds to overall project scale - Positive factor: Resumption of environmental assessment process de-risks project development - Positive factor: Optimized processing flowsheet with coarse particle flotation - Negative factor: Initial capital expenditures increased - Negative factor: All-in sustaining costs increased - Negative factor: Silver recovery is low for the processing route - Negative factor: Gold recovery slightly decreased compared to prior PEA Facts used in scoring: 36 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Main Deposit M&I tonnage increased from 292.072 Mt to 342.019 Mt \(+17%\) and Inferred tonnage increased from 14.83 Mt to 42.375 Mt \(+186%\). Evidence · text > Increased the tonnes and gold ounces included in the mine plan **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The Main Deposit M&I contained gold increased from 4,163 koz to 4,663 koz \(+12%\) and Inferred contained gold increased from 155 koz to 382 koz \(+146%\). Evidence · text > Increased the tonnes and gold ounces included in the mine plan **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource Estimate was signed off by Bahram Bahrami, P.Geo. Evidence · text > The qualified person responsible for the Main Deposit MRE, effective May 19, 2026, is Bahram Bahrami, P.Geo of Equity. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Mineral Resource estimate complies with NI 43-101 Standards of Disclosure for Mineral Projects. Evidence · text > The Mineral Resource estimate complies with NI 43-101 Standards of Disclosure for Mineral Projects \(May 2016\) and CIM Definition Standards for Mineral Resources and Mineral Reserves \(May 2014\). **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Phoenix deposit MRE is described as a 'maiden' resource. Evidence · text > addition of the maiden Phoenix deposit MRE **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces a 'Mineral Resource Estimate Update' for the project. Evidence · text > Mineral Resource Estimate Update **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate was prepared to support a Preliminary Economic Assessment. Evidence · text > The PEA Update study was commissioned by the Company and prepared by consultants led by BBA Engineering Ltd. **Low Recovery** Polarity: negative Story-specific tag Definition: Recovery below the weak band for the commodity and processing route. Why it applies: The average silver recovery of 44% is below the weak band \(45%\) for byproduct silver recovery. Evidence · text > The average silver recovery as a by‐product of the milling process for the life of the Project is 44%. **Mill Route** Polarity: neutral Story-specific tag Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing flowsheet includes primary grinding, flotation, and a CIL circuit. Evidence · text > Processing of the ROM mill feed at 31,000 tpd ... is by means of a conventional process flowsheet including primary grinding, gravity concentration, preconcentration with coarse particle flotation, conventional flotation with regrind, concentrate followed by cyanidation via a CIL circuit to produce dore. **Recovery Stagnant** Polarity: negative Story-specific tag Definition: No improvement across multiple test programs on comparable material. Why it applies: The average gold recovery decreased from 89.3% in the 2025 PEA to 88.6% in the 2026 PEA Update. Evidence · table > 88.60% Context: 0.41 **Permitting Milestone** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company received authorization from provincial regulators to resume the previously paused Environmental Assessment and permitting process. Evidence · text > receives Confirmation From Provincial Regulators To Resume The Previously Paused Environmental Assessment And Permitting Process **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 36. Some facts used in scoring do not have a stored record. ## Resource Estimates (33) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-0) Spanish Mountain Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:26377eebbb66b9c47611 - Deposit or zone: Main Deposit #### Resource Data - Category: measured - Tonnes: 77370000 - Grade: 0.53 - Grade Unit: g/t - Contained Metal: 1321 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical Measured resource for gold from the 2025 MRE, now superseded by an updated estimate. - Negative factor: This is a historical estimate, superseded by the current MRE. Evidence · table > 0.53 Context: 77,370 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-1) Spanish Mountain Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:26377eebbb66b9c47611 - Deposit or zone: Main Deposit #### Resource Data - Category: measured - Tonnes: 77370000 - Grade: 0.68 - Grade Unit: g/t - Contained Metal: 1701 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical Measured resource for silver from the 2025 MRE, now superseded by an updated estimate. - Negative factor: This is a historical estimate, superseded by the current MRE. Evidence · table > 0.68 Context: 77,370 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-2) Spanish Mountain Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:eab5f79afa17ee3c4e93 - Deposit or zone: Main Deposit #### Resource Data - Category: indicated - Tonnes: 214702000 - Grade: 0.41 - Grade Unit: g/t - Contained Metal: 2842 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical Indicated resource for gold from the 2025 MRE, now superseded by an updated estimate. - Negative factor: This is a historical estimate, superseded by the current MRE. Evidence · table > 0.41 Context: 214,702 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-3) Spanish Mountain Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:eab5f79afa17ee3c4e93 - Deposit or zone: Main Deposit #### Resource Data - Category: indicated - Tonnes: 214702000 - Grade: 0.65 - Grade Unit: g/t - Contained Metal: 4463 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical Indicated resource for silver from the 2025 MRE, now superseded by an updated estimate. - Negative factor: This is a historical estimate, superseded by the current MRE. Evidence · table > 0.65 Context: 214,702 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-4) Spanish Mountain Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:c5e277cdf24aaba69523 - Deposit or zone: Main Deposit #### Resource Data - Category: inferred - Tonnes: 14830000 - Grade: 0.33 - Grade Unit: g/t - Contained Metal: 155 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical Inferred resource for gold from the 2025 MRE, now superseded by an updated estimate. - Negative factor: This is a historical estimate, superseded by the current MRE. Evidence · table > 0.33 Context: 14,830 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-5) Spanish Mountain Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:c5e277cdf24aaba69523 - Deposit or zone: Main Deposit #### Resource Data - Category: inferred - Tonnes: 14830000 - Grade: 0.95 - Grade Unit: g/t - Contained Metal: 454 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical Inferred resource for silver from the 2025 MRE, now superseded by an updated estimate. - Negative factor: This is a historical estimate, superseded by the current MRE. Evidence · table > 0.95 Context: 14,830 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-6) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:f70dbed9316c82c6db8b - Deposit or zone: Main Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 111383000 - Grade: 0.51 - Grade Unit: g/t - Contained Metal: 1831 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 - Prior Tonnes: 77370000 - Prior Grade: 0.53 - Prior Contained Metal: 1321 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Measured gold resource for the Main Deposit shows significant growth in tonnage and contained ounces, despite a slight decrease in average grade, indicating a larger, well-defined resource. - Positive factor: Measured tonnage increased significantly \(+44%\) - Positive factor: Contained gold ounces increased significantly \(+38%\) - Negative factor: Average grade slightly decreased \(-3.8%\) Evidence · table > 0.51 Context: 111,383 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 111383000 against 77370000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1831 against 1321 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-7) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:f70dbed9316c82c6db8b - Deposit or zone: Main Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 111383000 - Grade: 0.66 - Grade Unit: g/t - Contained Metal: 2356 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 - Prior Tonnes: 77370000 - Prior Grade: 0.68 - Prior Contained Metal: 1701 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Measured silver resource for the Main Deposit shows significant growth in tonnage and contained ounces, despite a slight decrease in average grade, indicating a larger, well-defined resource. - Positive factor: Measured tonnage increased significantly \(+44%\) - Positive factor: Contained silver ounces increased significantly \(+38.5%\) - Negative factor: Average grade slightly decreased \(-2.9%\) Evidence · table > 0.66 Context: 111,383 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 111383000 against 77370000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 2356 against 1701 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-8) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:652d84a800af6716b3bf - Deposit or zone: Main Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 230636000 - Grade: 0.38 - Grade Unit: g/t - Contained Metal: 2832 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 - Prior Tonnes: 214702000 - Prior Grade: 0.41 - Prior Contained Metal: 2842 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated gold resource for the Main Deposit shows tonnage growth, but a notable decrease in average grade resulted in flat contained gold ounces, suggesting dilutive growth. - Positive factor: Indicated tonnage increased \(+7.4%\) - Negative factor: Average grade decreased \(-7.3%\) - Negative factor: Contained gold ounces remained flat \(-0.35%\) Evidence · table > 0.38 Context: 230,636 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.38 against 0.41 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2832 against 2842 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 2832 from 2842 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-9) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:652d84a800af6716b3bf - Deposit or zone: Main Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 230636000 - Grade: 0.66 - Grade Unit: g/t - Contained Metal: 4863 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 - Prior Tonnes: 214702000 - Prior Grade: 0.65 - Prior Contained Metal: 4463 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated silver resource for the Main Deposit shows growth in both tonnage and contained ounces, with a slight improvement in average grade. - Positive factor: Indicated tonnage increased \(+7.4%\) - Positive factor: Average grade slightly increased \(+1.5%\) - Positive factor: Contained silver ounces increased \(+9%\) Evidence · table > 0.66 Context: 230,636 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 4863 against 4463 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-10) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:38b1ee1bcdd103fa1a66 - Deposit or zone: Main Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 42375000 - Grade: 0.28 - Grade Unit: g/t - Contained Metal: 382 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 - Prior Tonnes: 14830000 - Prior Grade: 0.33 - Prior Contained Metal: 155 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred gold resource for the Main Deposit shows substantial growth in tonnage and contained ounces, though at a lower average grade, indicating expansion of the less confident resource category. - Positive factor: Inferred tonnage increased significantly \(+186%\) - Positive factor: Contained gold ounces increased significantly \(+146%\) - Negative factor: Average grade decreased \(-15.2%\) Evidence · table > 0.28 Context: 42,375 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 42375000 against 14830000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.28 against 0.33 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 382 against 155 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-11) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:38b1ee1bcdd103fa1a66 - Deposit or zone: Main Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 42375000 - Grade: 0.86 - Grade Unit: g/t - Contained Metal: 1174 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 - Prior Tonnes: 14830000 - Prior Grade: 0.95 - Prior Contained Metal: 454 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred silver resource for the Main Deposit shows substantial growth in tonnage and contained ounces, though at a lower average grade, indicating expansion of the less confident resource category. - Positive factor: Inferred tonnage increased significantly \(+186%\) - Positive factor: Contained silver ounces increased significantly \(+158%\) - Negative factor: Average grade decreased \(-9.5%\) Evidence · table > 0.86 Context: 42,375 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 42375000 against 14830000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.86 against 0.95 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1174 against 454 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-12) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd. - Resource group id: resource:8b84a3a9a2f155125668 - Deposit or zone: Phoenix Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 90000 - Grade: 0.25 - Grade Unit: g/t - Contained Metal: 0.72 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is the maiden Indicated resource for the Phoenix Deposit, adding new ounces to the project, though the current scale is very small. - Positive factor: Maiden Indicated resource for the Phoenix Deposit adds new ounces to the project. - Negative factor: Indicated tonnage and contained ounces are very small. Evidence · table > 0.25 Context: 0.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-13) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd. - Resource group id: resource:b5b361776524334c0a10 - Deposit or zone: Phoenix Deposit - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 54450000 - Grade: 0.36 - Grade Unit: g/t - Contained Metal: 629 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is the maiden Inferred resource for the Phoenix Deposit, adding a substantial amount of gold ounces to the project, though it is in the lowest confidence category. - Positive factor: Maiden Inferred resource for the Phoenix Deposit adds significant new ounces to the project. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. Evidence · table > 0.36 Context: 54.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-14) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:9110aecf142de7378c02 - Deposit or zone: Total Spanish Mountain Gold Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 342100000 - Grade: 0.42 - Grade Unit: g/t - Contained Metal: 4664 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The consolidated M&I gold resource for the entire project demonstrates a substantial and confident resource base, supporting the project's economic viability. - Positive factor: Consolidated M&I resource shows significant contained gold ounces, providing a strong foundation for project development. Evidence · table > 0.42 Context: 342.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-15) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:9110aecf142de7378c02 - Deposit or zone: Total Spanish Mountain Gold Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 342100000 - Grade: 0.66 - Grade Unit: g/t - Contained Metal: 7219 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The consolidated M&I silver resource for the entire project demonstrates a substantial byproduct, enhancing the project's overall economics. - Positive factor: Consolidated M&I resource shows significant contained silver ounces, providing a strong byproduct credit. Evidence · table > 0.66 Context: 342.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-16) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:6a93b4527af07a975725 - Deposit or zone: Total Spanish Mountain Gold Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 96800000 - Grade: 0.32 - Grade Unit: g/t - Contained Metal: 1011 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The consolidated Inferred gold resource adds substantial ounces to the project, highlighting future growth potential, though it requires further drilling to upgrade confidence. - Positive factor: Consolidated Inferred resource adds over 1 million ounces of gold, indicating significant exploration upside. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. Evidence · table > 0.32 Context: 96.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-17) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:6a93b4527af07a975725 - Deposit or zone: Total Spanish Mountain Gold Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 96800000 - Grade: 0.86 - Grade Unit: g/t - Contained Metal: 1174 - Contained Unit: koz - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The consolidated Inferred silver resource adds substantial ounces to the project, highlighting future byproduct potential, though it requires further drilling to upgrade confidence. - Positive factor: Consolidated Inferred resource adds significant silver ounces, indicating future byproduct potential. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. Evidence · table > 0.86 Context: 96.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-21) Spanish Mountain Gold Project #### Identity - Project: Spanish Mountain Gold Project - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:58813fb27131b9bc649e - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The resumption of the environmental assessment process is a significant de-risking milestone, indicating progress towards a build decision for the project. - Positive factor: Resumption of the EA process is a critical step towards project development. - Positive factor: Avoids EA termination and reduces duplicate components of early engagement. Evidence · text > received authorization in August from BC EAO to resume the previously paused combined provincial and federal Environmental Assessment \(“EA”\) processes. #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-22) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:1b304cd2cd6c9b9d66d9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 111400000 - Grade: 0.51 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.51 Context: 111.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-23) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:1b304cd2cd6c9b9d66d9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 111400000 - Grade: 0.66 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.66 Context: 111.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-24) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:d46455721b4f068f4106 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 230600000 - Grade: 0.38 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.38 Context: 230.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-25) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:d46455721b4f068f4106 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 230600000 - Grade: 0.66 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.66 Context: 230.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-26) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:3828c88ad2854e354a93 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 342000000 - Grade: 0.42 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.42 Context: 342.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-27) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:3828c88ad2854e354a93 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 342000000 - Grade: 0.66 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.66 Context: 342.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-28) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:e7a5a83f59f15bf0e375 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 42400000 - Grade: 0.28 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.28 Context: 42.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-29) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:e7a5a83f59f15bf0e375 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 42400000 - Grade: 0.86 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.86 Context: 42.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-30) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:01e5bffce118e6db5520 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 90000 - Grade: 0.25 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.25 Context: 0.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-31) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:a266ce3c4c290b7c94f7 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 54450000 - Grade: 0.36 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.36 Context: 54.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-32) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:6a86d48fc1b159f767d9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 342100000 - Grade: 0.42 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.42 Context: 342.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-33) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:6a86d48fc1b159f767d9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 342100000 - Grade: 0.66 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.66 Context: 342.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-34) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:6c9b2951d28a82143c14 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 96800000 - Grade: 0.32 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.32 Context: 96.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-resource-facts-35) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:6c9b2951d28a82143c14 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 96800000 - Grade: 0.86 - Grade Unit: g/t - Cutoff Grade: 0.15 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.86 Context: 96.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (3) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-metallurgical-facts-18) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Test Work - Program Status: scoping - Processing Route: primary grinding, gravity concentration, preconcentration with coarse particle flotation, conventional flotation with regrind, concentrate followed by cyanidation via a CIL circuit #### Recovery - Recovery: 88.6 % - Recovery Basis: unspecified - Head Grade: 0.41 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The projected gold recovery for the 2026 PEA is strong for the chosen processing route, but it is slightly lower than the prior estimate and the basis is not fully specified. - Positive factor: Recovery is strong for a conventional CIL circuit. - Negative factor: Recovery is slightly lower than the previous PEA estimate. - Negative factor: Recovery basis is unspecified, limiting full confidence. Evidence · table > 88.60% Context: 0.41 #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-metallurgical-facts-19) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Test Work - Program Status: scoping - Processing Route: primary grinding, gravity concentration, preconcentration with coarse particle flotation, conventional flotation with regrind, concentrate followed by cyanidation via a CIL circuit #### Recovery - Recovery: 44 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The projected silver recovery for the 2026 PEA is low, falling below the weak band for byproduct silver, which could impact byproduct credits. - Negative factor: Silver recovery is below the weak band for byproduct silver. - Negative factor: Recovery basis is unspecified, limiting full confidence. Evidence · text > The average silver recovery as a by‐product of the milling process for the life of the Project is 44%. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 44% is below the weak band \(75%\) ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/spanish-mountain-gold-announces-uplift-in-scale-and-value-at-its-b-c-gold-projec--114d7481-2544-4cfe-9388-7159ab25168a#fact-metallurgical-facts-20) Spanish Mountain Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SPA #### Test Work - Program Status: scoping #### Recovery - Recovery: 89.3 % - Recovery Basis: unspecified - Head Grade: 0.46 - Head Grade Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical gold recovery assumption from the 2025 PEA, now superseded by an updated estimate. - Negative factor: This is a historical estimate, superseded by the current PEA. Evidence · table > 89.30% Context: 0.46 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.