# 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--79ea5b06-aff3-4b46-a43f-070363d6a09e Original source: https://orestocks.com/company/SPA.V/press-releases/5628828878258243 Publisher: orestocks Original announcement: 2026-09-21T11:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T12:12:05.615Z Atlas analysis updated: 2026-09-21T12:12:05.615Z - Company: Spanish Mountain Gold Ltd. - Ticker: SPA.V - Exchange: Unavailable - Region: British Columbia, Canada - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Permitting, Metallurgy - Extracted: 2026-09-21 12:12:06 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Spanish Mountain Gold announced a positive update to its 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 larger resource base, increased gold production to 3.33 Moz over a 25.8-year mine life, and optimized processing, leading to higher throughput and lower strip ratio. Additionally, the company received confirmation to resume the environmental assessment and permitting process, marking a key de-risking milestone towards a planned construction decision by H1 2028. Reasoning: The updated Preliminary Economic Assessment and Mineral Resource Estimate demonstrate substantially improved project economics, increased scale, and de-risked permitting, positioning the Spanish Mountain Gold Project for advancement towards a construction decision. - Positive factor: Significant increase in NPV and IRR from updated PEA - Positive factor: Increased gold production and mine life - Positive factor: Lower strip ratio improves mining efficiency - Positive factor: Increased Measured and Indicated gold ounces in Main Deposit - Positive factor: Successful flowsheet optimization leading to higher throughput and maintained recovery - Positive factor: Resumption of environmental assessment process de-risks permitting - Positive factor: Feasibility study is fully funded - Negative factor: Initial Capex and AISC increased compared to previous PEA - Negative factor: Phoenix deposit MRE not included in current PEA financial model - Negative factor: PEA is a conceptual study, not a definitive feasibility study - Negative factor: A portion of the mill feed \(1.8%\) is Inferred Mineral Resources Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 31 ## Classification and evidence **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 \(May 2016\) and CIM Definition Standards for Mineral Resources and Mineral Reserves \(May 2014\). 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 \(May 2014\). **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 for the Main Deposit and Phoenix Deposit are derived from resource statements prepared by Bahram Bahrami, P.Geo., a Qualified Person as defined under NI 43-101. Evidence · text > Mineral Resources are derived from resource statements for each deposit and area, prepared by Bahram Bahrami, P.Geo., a Qualified Person as defined under NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource for the Main Deposit and the Phoenix Deposit are both reported using a cut-off grade of 0.15 g/t Au. Evidence · text > The Mineral Resource for the Main Deposit and the Phoenix Deposit are both reported using a cut-off grade of 0.15 g/t Au. **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The Main deposit Measured, Indicated contained gold ounces increased by 500 koz, and Inferred ounces increased by 227 koz, indicating an overall category upgrade and growth. Evidence · text > Mineral Resource Estimate : Additional drilling, the resultant assays, and a new pit design using US$3,400 per ounce gold, increased the Main deposit Measured, Indicated contained gold ounces by 500 koz. Inferred ounces in the Main Deposit increased by 227 koz. **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: Total Measured and Indicated Mineral Resources for the Main deposit show a 12% increase in contained gold \(4.7 M oz vs 4.163 M oz\) and a 17% increase in contained silver \(7.2 M oz vs 6.163 M oz\) over the 2025 MRE. Evidence · text > Total Measured and Indicated Mineral Resources for the Main deposit includes 342.0 Mt at an average grade of 0.42 g/t gold and 0.66 g/t silver, for a total of 4.7 M contained ounces of gold \(12% increase over the 2025 gold MRE\) and 7.2 M contained ounces of silver \(17% increase over the 2025 silver MRE\). **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 MRE for the Phoenix deposit is reported for the first time, establishing a baseline for this deposit. Evidence · text > Significant Opportunities: Potential to further enhance Project economics and expand production rate have been identified with the addition of the maiden Phoenix deposit MRE **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate is part of a Preliminary Economic Assessment \(PEA\) update. Evidence · text > 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource Estimate for the Main deposit, superseding the previous 2025 MRE. Evidence · text > Mineral Resource Estimate Update \(the " PEA ", or “PEA Update”, “MRE” on the Spanish Mountain Gold Project **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The optimized flowsheet integrates coarse particle flotation and clean gangue rejection technologies, implying pilot-scale testing for these advancements. Evidence · text > The Company advanced a significant flowsheet optimization initiative through the integration of coarse particle flotation and clean gangue rejection technologies. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The average overall LOM gold recovery of 89% is strong for a conventional CIL circuit. Evidence · text > The process achieves an average overall LOM gold recovery of 89%. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) **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: 31. Some facts used in scoring do not have a stored record. ## Resource Estimates (29) ### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-0) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:84c98755268791cdca6c - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Measured resource for gold in the Main Deposit shows a substantial increase in tonnage and contained metal, indicating improved geological confidence and project scale. - Positive factor: Significant increase in Measured tonnes and contained gold compared to prior estimate - Positive factor: High confidence resource category Evidence · table > 1,831 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 ### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-1) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:84c98755268791cdca6c - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Measured resource for silver in the Main Deposit shows a substantial increase in tonnage and contained metal, contributing positively to the overall project value. - Positive factor: Significant increase in Measured tonnes and contained silver compared to prior estimate - Positive factor: High confidence resource category Evidence · table > 2,356 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 ### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-2) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:19a78456d5b2affc6b1e - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated resource for gold in the Main Deposit shows a positive increase in tonnage and contained metal, enhancing the project's overall resource base. - Positive factor: Increase in Indicated tonnes and contained gold compared to prior estimate - Positive factor: Good confidence resource category Evidence · table > 2,832 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 ### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-3) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:19a78456d5b2affc6b1e - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated resource for silver in the Main Deposit shows a positive increase in tonnage and contained metal, adding to the project's overall value. - Positive factor: Increase in Indicated tonnes and contained silver compared to prior estimate - Positive factor: Good confidence resource category Evidence · table > 4,863 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 ### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-4) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:8a02323cbd157954c4f9 - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred resource for gold in the Main Deposit shows a substantial increase, highlighting significant exploration potential, though it is a lower confidence category. - Positive factor: Significant increase in Inferred tonnes and contained gold compared to prior estimate - Positive factor: Indicates potential for future resource conversion - Negative factor: Lower confidence resource category Evidence · table > 382 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 ### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-5) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo - Resource group id: resource:8a02323cbd157954c4f9 - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred resource for silver in the Main Deposit shows a substantial increase, highlighting exploration potential, though it is a lower confidence category. - Positive factor: Significant increase in Inferred tonnes and contained silver compared to prior estimate - Positive factor: Indicates potential for future resource conversion - Negative factor: Lower confidence resource category Evidence · table > 1,174 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 ### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-6) 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, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - 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 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This historical Measured resource for gold provides a baseline for comparison but is superseded by the updated estimate. - Negative factor: This is a historical estimate, superseded by the new 2026 MRE Evidence · table > 1,321 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 **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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-7) 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, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - 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 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This historical Measured resource for silver provides a baseline for comparison but is superseded by the updated estimate. - Negative factor: This is a historical estimate, superseded by the new 2026 MRE Evidence · table > 1,701 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 **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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-8) 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, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - 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 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This historical Indicated resource for gold provides a baseline for comparison but is superseded by the updated estimate. - Negative factor: This is a historical estimate, superseded by the new 2026 MRE Evidence · table > 2,842 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 **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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-9) 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, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - 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 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This historical Indicated resource for silver provides a baseline for comparison but is superseded by the updated estimate. - Negative factor: This is a historical estimate, superseded by the new 2026 MRE Evidence · table > 4,463 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 **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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-10) 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, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - 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 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This historical Inferred resource for gold provides a baseline for comparison but is superseded by the updated estimate. - Negative factor: This is a historical estimate, superseded by the new 2026 MRE Evidence · table > 155 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 **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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-11) 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, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - 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 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This historical Inferred resource for silver provides a baseline for comparison but is superseded by the updated estimate. - Negative factor: This is a historical estimate, superseded by the new 2026 MRE Evidence · table > 454 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 **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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-12) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd. - Resource group id: resource:70ed7859069d623f19da - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Phoenix Deposit's maiden Indicated resource for gold is a new addition to the project's resource base, though it is currently small and not part of the PEA. - Positive factor: Maiden Indicated resource for the Phoenix Deposit - Positive factor: Adds to overall project resource base - Negative factor: Small tonnage and contained metal - Negative factor: Not included in current PEA financial model Evidence · table > 0.72 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-13) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Resource scope - Estimate type: resource - Effective date: 2026-05-19T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd. - Resource group id: resource:8ab4f55fdee6c5fd54e7 - 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 Au #### Prior Estimate - Resource Date: 2026-05-19 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Phoenix Deposit's maiden Inferred resource for gold adds substantial exploration potential to the project, though it is a lower confidence category and not yet part of the PEA. - Positive factor: Maiden Inferred resource for the Phoenix Deposit - Positive factor: Adds significant exploration potential to the project - Negative factor: Lower confidence resource category - Negative factor: Not included in current PEA financial model Evidence · table > 629 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 ### Fact 15 [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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-14) Spanish Mountain Gold Project #### Identity - Project: Spanish Mountain Gold Project - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### 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 critical de-risking step, providing a clear pathway for the project to advance towards a construction decision. - Positive factor: Authorization received to resume previously paused EA process - Positive factor: Avoids EA termination and reduces duplicate components - Positive factor: Clear path towards formal submission and build decision Evidence · text > receives Confirmation From Provincial Regulators to Resume the Previously Paused Environmental Assessment and Permitting Process Advancing Towards Development #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-17) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-18) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-19) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-20) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-21) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-22) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-23) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-24) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-25) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#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.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-27) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-28) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-29) Consolidated Mineral Resources for the Spanish Mountain · gold #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: gold - Ticker: SPA.V #### 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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-resource-facts-30) Consolidated Mineral Resources for the Spanish Mountain · silver #### Identity - Project: Consolidated Mineral Resources for the Spanish Mountain - Commodity: silver - Ticker: SPA.V #### 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 (2) ### pilot plant [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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-metallurgical-facts-15) Spanish Mountain Gold Project · gold #### Identity - Project: Spanish Mountain Gold Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: 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 - Recovery: 89 % - Recovery Basis: actual\_test #### Lab - Consultant: Colin Hardie, P.Eng., BBA Engineering Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The reported average gold recovery of 89% over the life of mine, achieved through an optimized conventional CIL flowsheet, is a strong metallurgical outcome for the project. - Positive factor: High average gold recovery for the LOM - Positive factor: Optimized flowsheet with coarse particle flotation implemented - Positive factor: Conventional and proven processing route \(CIL\) Evidence · text > The process achieves an average overall LOM gold recovery of 89%. #### 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 **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [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--79ea5b06-aff3-4b46-a43f-070363d6a09e#fact-metallurgical-facts-16) Spanish Mountain Gold Project · silver #### Identity - Project: Spanish Mountain Gold Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: SPA.V #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: 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 - Recovery: 44 % - Recovery Basis: actual\_test #### Lab - Consultant: Colin Hardie, P.Eng., BBA Engineering Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The average silver recovery of 44% is a positive byproduct credit, contributing to the project's overall economics, though lower than gold recovery. - Positive factor: Silver recovery as a byproduct adds to project economics - Negative factor: Moderate silver recovery compared to gold 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 **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **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 \(75%\) ## 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.