.jpg)
4) Spanish Mountain Gold - Update (June 19)
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https://investorshangout.com/images/MYImages/...A.V-TA.png
..
https://stockcharts.com/sc3/ui/?s=SPA.V&p...2963243620
https://stockcharts.com/sc3/ui/?s=SPA.V&p...1572059125
..
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Barkerville, the legend of a once booming mining town in the Cariboo region, BC, located 50 Km north of Spanish Mountain Gold, started the world famous Cariboo gold rush.
https://www.google.ca/maps/dir/Barkerville,+B...FQAw%3D%3D
Video duration: 5 minutes
https://www.youtube.com/watch?v=XGfM7Ya1ulQ
===================
Latest News Release
=================
June 15, 2026 - Spanish Mountain Gold Reports 100 Metres of 1.00 Gram Per Tonne Gold as Part of Its Feasibility Study Drill Program
https://spanishmountaingold.com/news/2026/t/
June 2, 2026 - Spanish Mountain Gold Drills Multiple 100-Metre-Plus Intercepts Including 116 Metres Grading 0.60 g/t Gold Confirming Grade Continuity Along the Orca Fault Corridor
https://spanishmountaingold.com/news/2026/spa...ing-grade/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2026 Q1 Financial Report
https://www.stockwatch.com/News/Sedardoc/6229173.pdf
Management Discussion and Analysis
https://www.stockwatch.com/News/Sedardoc/6229137.pdf
Subsequent to March 31, 2026, the Company issued 13,394,545 common shares pursuant to the exercise of 13,394,545
warrants for gross proceeds of $3,109,096.
Cash as of March 31 was C$1.3 million
Cash received from the exercising of above warrants: C$3.1 million
Cash received from Wheaton Precious Metals: US$22.5 million, approximately C$30 million
Cash as of June 2: Approximately C$34.4 million
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Spanish Mountain Gold has won a legal battle against Canada Revenue Agency (CRA) by leveraging the BC Supreme Court's 2025 ruling that forces the CRA to accept a broader definition of "eligible expenditures."
Referring to the $4.9 million account receivable in the 2026 Q1 financial report:
https://www.stockwatch.com/News/Sedardoc/6229173.pdf
The company secured a major financial victory over CRA and injected $4.9 million accounts receivable into the balance sheet. This includes $2.76 million in immediate, non-dilutive cash consisting $1.97 million BC Mining Exploration Tax Credit (METC) plus $790,000 in accumulated interest. It dramatically improves the balance sheet and guarantees a permanent 30% subsidy on future exploration spending: For every $1,000,000 the company spends on drilling and exploration moving forward, the government will refund the company $300,000. Q1 Financial Report shows that the company has incurred $2,384,633 drilling cost in Q1, so the company has already added $715,000 to its coffers in Q1. The company has unlocked millions in hidden value that independent analysts Kaiser Research completely missed. Because prominent newsletters like Kaiser Research did not include this cash in their models, the market has mispriced the company's net asset value (NAV).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
April 20, 2026 - Spanish Mountain Gold Announces Sale of a 1.5% Royalty to Wheaton Precious Metals for US$55 Million (approximately C$75 million)
https://spanishmountaingold.com/news/2026/spa...5-million/
May 1, 2026 - Spanish Mountain Gold Announces Closing of First Tranche of Royalty Financing and Receipt of US$22.5 Million (approximately C$30 million)
https://spanishmountaingold.com/news/2026/spa...5-million/
Highlights:
- The first installment of US$22.5 million has been closed and received from Wheaton.
- The second installment of US$12.5 million is payable to Spanish Mountain Gold following the completion of 60,000 meters of drilling at the Project.
- The third installment of US$20 million is payable to Spanish Mountain Gold on the receipt of approvals for the construction, development, and operation of a mine under the British Columbia Environmental Assessment Act.
WPM.TO weekly
https://stockcharts.com/sc3/ui/?s=WPM.TO&...8609492691
Wheaton Precious Metals website
https://www.wheatonpm.com/news/default.aspx
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
About Wheaton Precious Metals (WPM.TO)
Wheaton Precious Metals Corp. is the world's premier precious metals streaming company. Unlike traditional mining companies, Wheaton does not own or operate mines directly. Instead, it operates a "streaming" model, acting as a specialty financier that provides upfront capital to mining companies to construct or expand mines.
This is Wheaton's business model
https://www.wheatonpm.com/about/Our-Business-...fault.aspx
Streaming Agreements: In exchange for upfront financing, Wheaton acquires the rights to purchase a percentage of the future precious metal production (specifically gold, silver, palladium, and cobalt) from these mines at a low, fixed, or variable cost per ounce.
Asset Portfolio: Wheaton holds a high-quality portfolio of long-life, low-cost assets, with agreements on over 23 operating mines and 25 development projects globally.
Revenue Generation: The company generates revenue by selling the metals purchased through these streams, offering investors exposure to commodity price increases without the operational risks (capital expenditure, environmental, or political risk) associated with traditional mining.
Focus Areas: While they focus on precious metals, their agreements are often with large, multi-metal mines (like copper mines), where the precious metals are by-products.
Wheaton's dealing with Spanish Mountain Gold is 1.5% Royalty of the company's net revenue. The company's primary minerals are gold and silver. 2024 drilling program indicates that Portable XRF analysis identified potential for critical elements, including Titanium (Ti), Manganese (Mn), Magnesium (Mg), and Nickel (Ni). The company is analyzing this data and intends to investigate the potential for these elements as part of future exploration programs. There are also base metals such as galena, sphalerite, chalcopyrite, and pyrite.
Spanish Mountain Gold will likely stream silver and critical minerals to Wheaton for further funding.
Wheaton Precious Metals which is based in Vancouver was founded in 2004, it is a leader in the streaming sector.
Cash as of Dec 31, 2025: US$1.15 billion
Assets: US$1.2 billion
Liabilities: US$0.43 billion
2025 Sales: US$2.3 billion
2025 Cost of Sales: US$0.64 billion
Gross Profit Margin: US$1.67 billion
Net Earnings after Tax: US$1.47 billion
Basic Share Outstanding: 454,097,336
Earnings Per Share: US$3.24
PE Ratio: 60
Share Price: $198
Market Capitalization: $89.9 billion
==========================================
News on the progress of XRT ore sorting technology
==========================================
On March 2, 2026 Spanish Mountain Gold released positive X-ray transmission (XRT) particle ore sorting results from its Phoenix deposit, significantly boosting process plant feed grades. The upgrade achieved a two-or-more times increase in gold grade through a high mass rejection of waste (50%-70%), while retaining 85%-92% of the gold. Following positive Phase 1 results, Phase 2 is evaluating 100-kg bulk samples in parallel with the Main deposit, aimed at optimizing sorting algorithms. The initiative aims to significantly reduce the size of the proposed mill and lower initial capital expenditure (CAPEX) for the project, with results likely to be incorporated into an updated economic assessment in 2026. Partners ABH Engineering Inc. and OrePortal Technologies Ltd. are working on particle and bulk sorting analysis. The company aims to make a construction decision in 2027 by enhancing project economics through enhanced feed grades.
https://spanishmountaingold.com/news/2026/spa...on-upside/
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Coming events
==============
2026 new Preliminary Economic Assessment with a new Mineral Resource Estimate is being compiled diligently by the management and its partner BBA Engineering. It is a complicated and time consuming feat but it will be released soon. The 2026 PEA will be far cry from the July 3, 2025 version, it will show significant reduction in Capital Expenditure in mine construction, significant increase in MRE and significant increase in gold grade feeding to the mill, contributed by the XRT ore sorting technology.
Excerpt from Page 11 of Management Discussion & Analysis of Dec 31, 2025 Annual Report released on April 6, 2026 :
https://spanishmountaingold.com/site/assets/f...4-2025.pdf
"The Company’s current strategy remains focused on optimizing, de-risking and advancing its Spanish Mountain Gold project towards a build decision before the end of 2027. With the completion of the 2025 PEA, the Company will be advancing directly to a Feasibility Study (“FS”). The Company requested proposals for conducting a Feasibility Study in Q4 2025 and recently awarded the lead to BBA Engineering Ltd."
"In the Interim, the Company, along with BBA, will be producing a PEA Update in H1 2026 (in the first half of 2026 ending June 30) taking into account the potential addition of the Phoenix deposit mineralization, the 2025 Winter and Fall Drill Program results, the benefits of ‘ore’ sorting, and a higher long term gold forecast. The Company expects to drill at least 60,000 m over the next twelve months leading up to the production of the FS in 2027. This drilling will include geotechnical and hydrological drilling and test work necessary for designing the mill and tailing storage facilities."
"The results of optimization studies were incorporated with the Whittle Enterprise Optimization that concluded a base case to
advance to a build decision that is sustainable, executable and permittable at a robust scale with significant upside expansion
potential through the addition of preconcentration of mill feed utilizing sorting technologies. The Company used the results of the
Whittle Enterprise Optimization to guide the PEA pits and phases, life of mine plan and schedule as the basis to derisk and
identify targeted upside cases to advance to the next stage of development. Further, titanium in the form of rutile, a Critical
Mineral, has been identified in potentially anomalous amounts. The FS includes scope to assess the potential for saleable gold
and rutile concentrates. Rutile (titanium) has not been included in the 2025 PEA or MRE."
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Mineral Resource Estimate (MRE) as of July 3, 2025
==========================================
https://investorshangout.com/images/MYImages/...timate.png
Resources in the high grade K-zones are not included in the July 3 PEA.
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Unofficial gold resources estimate in the K-zone
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As of June 15, 2026
https://investorshangout.com/images/MYImages/...K-zone.jpg
Drilling area:
https://investorshangout.com/images/MYImages/...argets.png
K-zone drilling area is about 500 meter x 500 meter x 400 meter deep, so the volume of ores in the drilling area is about 100 million cubic meter.
Density of ore ranges from 2.2 to 4 tonnes per cubic meter depending on gold grade. So the tonnage in K-zone is at least 220 million tonnes. (100 x 10^6 cubic meters x 2.2 tonnes / cubic meters).
220 million tonnes of 0.54 g/t contains 3.4 million ounces of gold
Based on the updated assays in the K-zone and based on the silver resource to gold resource ratio of 1.5 in the Main Zone, if the tonnage in the K-zone is at least 200 million tonnes as in the Main zone, K-zone will has Measured + Indicated resources of 3.4 million ounces gold and 5 million ounces silver added to the July 3, 2025 PEA. 2026 new PEA's new MRE will show gold and silver Measured + Indicated resources (Proven Reserve) of 7.6 million ounces of gold and 11 million ounces of silver.
2025 drilling consistently intersecting long intervals of high grade gold could be an indication that they are drilling close to the network of gold veins where the placer gold originated as some of the gold veins disintegrated and the gold fragments corroded into fine placer gold by weathering over millions of years. There could still be intact gold veins in SMG's 135 square kilometer property to be discovered. Including the high grade gold in future PEA will significantly reduce capital expenditure and increase gold productivity.
The term "high grade" is relative to the deposit style. The Spanish Mountain project is primarily a large-scale, open-pit, bulk-tonnage project, where the average grades are generally lower compared to narrow-vein underground mines. In this context, grades approaching or exceeding 1 g/t over significant widths are considered "higher-grade" and economically significant for the project's development, especially for the early years of the mine life. The company is also investigating ore sorting technology to potentially increase the processed grade and enhance project economics.
=================================================================
Spanish Mountain Gold is inching towards Feasibility and Mine Building Decision
=================================================================
Feb 27, 2026 - Spanish Mountain Gold Signs Memorandum of Understanding with Metso Canada Inc.
https://spanishmountaingold.com/news/2026/spa...anada-inc/
Metso Canada services (video)
https://www.youtube.com/watch?v=wgiF9uZqDsE
Metso Canada website
https://www.metso.com/corporate/sustainabilit...-offering/
Metso Canada (formerly Metso Outotec) is a technology provider that supplies mining equipment such as crushers and grinding mills to various companies, including recent project like Blackwater Mine in the Cariboo region of British Columbia. It is a leading global industrial company and a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries. They focus on improving their customers’ energy and water efficiency, increase their productivity and reduce environmental risks with their product. Crushing, screening and grinding is their core business. Metso is headquartered in Espoo, Finland. At the end of 2025 Metso had close to 18,000 employees in around 50 countries, and sales in 2025 were about EUR 5.3 billion.
Key Aspects of Metso’s Business:
Aggregates: Provides crushing and screening equipment (mobile and fixed) for quarrying and construction industries.
Minerals Processing: Offers technology for mining, including grinding mills, separation, filtration, and tailings management.
Metals Refining: Provides solutions for metal processing.
Services & Wears: Delivers a broad portfolio of aftermarket services, spare parts, and wear parts to optimize equipment performance.
Sustainability: Focuses on "Planet Positive" solutions aimed at reducing energy and water consumption in customer operations.
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Spanish Mountain Gold - Vision For The Future ( following the footsteps of Blackwater Mine )
==========================================================================
Blackwater Mine - Owned by Artemis Gold, located 250 kilometers northwest of Spanish Mountain Gold and 160 km southwest of Prince George
Google Blackwater Mine map
https://www.google.ca/maps/place/Blackwater+M...FQAw%3D%3D
Artemis Gold share price ( ARTG.V )
https://stockcharts.com/sc3/ui/?s=ARTG.V&...8838982129
Blackwater Mine is an open pit gold and silver mine with mine life of 22 year and with scheduled mill throughput of 16,000 tpd, expandable to 33,000 tpd in year 6 and 55,000 tpd in year 11. The mine has Proven Reserves of 8 million ounces of gold, 62.2 million ounces of silver and Probable Resources of 11.7 million ounce of gold, 122.4 million ounces of silver.
In June, 2022 during the Phase 1 construction Metso delivered a Superior MK-III 4265 18MW primary gyratory crusher, HP900 cone crushers (secondary and tertiary), and a 14-MW Premier ball mill to Blackwater Mine. The delivery also included apron feeders, slurry pumps, hydrocyclones, and a RockSense particle size analyzer.
https://investorshangout.com/images/MYImages/...erMine.jpg
Phase 1 acquisition cost from Metso and construction cost is CAN$312 million, it included Engineering, Procurement, and Construction cost awarded to Sedgman.
Sedgman is a global leader in minerals processing and infrastructure solutions, offering end-to-end services from design and engineering to construction and operations. They specialize in coal, base/precious metals, and critical minerals, focusing on maximizing recovery, optimizing efficiency, and managing tailings for mining clients worldwide.
https://www.sedgman.com/
Artemis Gold also ordered C$134 million in primary mining equipment from Finning Canada for the Phase 1 development of the Blackwater Mine, representing a key component of the initial capital spending. This haul and load fleet includes Caterpillar trucks and excavators. Total Phase 1 project capital expenditure is estimated at C$730-C$750 million.
https://www.finning.com/en_CA.html
Mine construction began in 2023 and completed after 22-month with gold/silver pouring starting in early 2025. As one of Canada's largest gold development projects, it is a 100% electrified facility designed to be a low-emission, open-pit mine. The mine officially opened on May 30, 2025.
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Metso Superior MK-III 4265 primary gyratory 18MW SAG mill crusher (breaks big ores into small ores)
https://www.youtube.com/watch?v=AVLicyiBLo8
The Metso Superior MKIII primary gyratory crusher is considered a significant innovation in mining, delivering up to 30% higher capacity and up to 70% less maintenance downtime than traditional crushers. It is marketed as the first high-speed primary gyratory crusher, featuring innovative digital automation, rotable shells for improved liner life, and superior capital efficiency. The gyratory crusher is a paradigm shift from the traditional ore crushing method.
How does a gyratory crusher work
https://www.youtube.com/watch?v=IYeOW7UCZAg&t=15s
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Metso Nordberg HP900 cone crusher (breaks small ores into pebbles)
https://www.youtube.com/watch?v=PRLCfhPudG8
How does a cone crusher work
https://www.foremanequipment.com/cone-crushers/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Metso 14MW ball mill (pulverizes pebbles to extract gold and silver particles)
https://youtu.be/4VmJ0vBRAG4
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Subsequent wet plant (milling and CIL circuit) transitioned the operation from construction to production.
The site features a fully electrified processing facility, a 225kV transmission line, and a significant tailings storage facility.
The project employs over 400 people, with a high percentage of local and Indigenous representation.
Designed with a low carbon footprint, replacing traditional fuels with electric equipment for mining and processing.
=================================
Blackwater Mine - Capital Expenditure
================================
The initial capital expenditure (CAPEX) for Phase 1 of the Blackwater Mine was estimated to be between C$730 million and C$750 million. As of December 31, 2023, approximately $389 million of this initial capital had been spent, with 84% of the lower end of the guided range ($615 million) contractually committed.
Remaining Capex: As of March 31, 2024, remaining Phase 1 capital expenditures were estimated at $207 to $227 million.
Scope: Phase 1 focused on building an open-pit mine and a processing facility with a capacity of 6 million tonnes per annum (Mtpa).
Subsequent Phase 1 Upgrades ("Phase 1A"
In September 2025, Artemis Gold announced plans to upgrade the Phase 1 processing plant (dubbed Phase 1A), aiming to increase capacity from 6 Mtpa to 8 Mtpa by Q4 2026.
Phase 1A Capital Cost: Estimated at $100 – $110 million, to be funded by operating cash flows.
Goal: To increase throughput and efficiency while leveraging the existing team that built Phase 1.
In December 2025 Artemis Gold approved a $1.44 billion Phase 2 expansion to increase production capacity from 8 million tonnes annually to 21 million tonnes annually. In March, 2026, Metso supplied a Superior MKIII primary gyratory crusher and Nordberg HP Series cone crushers to Blackwater Mine with a total value of approximately EUR 39 million (CAN$45.25 million, US$42 million). Construction is planned for Q3 2026 and is expected to be completed before the end of 2028. The expansion cost will be funded primarily through operating cash flows. Gold production will increase to over 500,000 ounces annually for the first 10 years.
https://artemisgoldinc.com/news/media-release...water-mine
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Blackwater Mine - Average gold grade and silver grade
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First 5 Years: Averaging 1.29 g/t gold.
Subsequent 17 years: Average 0.75 g/t gold.
Silver Grade: The average silver grade is estimated to be 5.78 g/t Ag over the life of the mine.
Reserve Basis: Total proven and probable reserves are estimated at 334.3 million tonnes at 0.75 g/t gold with gold content of 8 million ounces and 5.8 g/t silver with silver content of 62 million ounces.
First 5 years average annual production: 463,000 ounces of gold and 1.9 million ounces of silver.
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Blackwater Mine 2025 Average Realized Sale Price of gold. AISC and Net Production Profit
=========================================================================
Blackwater has capped off its inaugural operating year with record quarterly production of 68,480 ounces of gold during the three months ended December 31, 2025 (“Q4 2025”), bringing full year 2025 production to 192,808 ounces of gold. The quarterly gold production represents a 12% increase from the previous quarter and was primarily driven by higher mill feed grades and higher processing recoveries.
https://www.artemisgoldinc.com/news/artemis-g...6-guidance
https://www.artemisgoldinc.com/news/media-rel...ng-results
Based on financial results released by Artemis Gold, 2025 Average Realized Sale Price of gold is US$3,684 per ounce (C$5,095 per ounce).
2025 Q4 Average Realized Sale Price of gold is higher at US$4,168 per ounce (C$5,764 per ounce).
All-In-Sustaining-Cost (AISC) is US$869 per ounce (C$1,200 per ounce).
https://investorshangout.com/images/MYImages/...dprice.png
Blackwater Mine's 2025 Net profit is C$5095 - C$1200 = C$3895 per ounce gold produced
2025 total gold production is 192,808 ounces
2025 Net Production Profit is C$3895 per ounce x 192,808 ounces = C$750 million
April 9, 2026 - Artemis Gold announces Blackwater Mine produced 61,923 ounces of gold in Q1 2026. The plant processed 1.32 million tonnes and feed grades remained strong averaging 1.59 g/t gold during the quarter. The Company is maintaining its full year production guidance of 265,000 to 290,000 ounces of gold and is continuing to advance the Phase 1A expansion and the Expanded Phase 2 projects from operating cash flow. Annual throughput will increase to 21 million tonnes annually before the end of 2028, tripling the current capacity and increasing annual gold production to over 500,000 ounces.
==============================
Blackwater Mine construction videos
==============================
1) Feb 2025 - Aerial tour
https://www.youtube.com/watch?v=ndcRuX42b3U
2) Feb 2025 - Mining Technology
https://www.youtube.com/watch?v=8WfAvX_Nzb4
3) Feb 2025 - Health and Safety
https://www.youtube.com/watch?v=ELbEBpNQMAw
4) Feb 2025 - Completion of construction
https://www.youtube.com/watch?v=fpl3Vjd9slM
5) April 2025 - First gold pouring occurred in January 2025
https://www.youtube.com/watch?v=E9nFlVjKIe4
6 May 30, 2025 - Opening ceremony
https://www.youtube.com/watch?v=MOXjjZcGdYw
7) Dec 2025 - Phase 2: Production Expansion
https://www.youtube.com/watch?v=R7xr4kidz4I
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Spanish Mountain Gold - Vision for the future through the life of Gibraltar Mines
==============================================================
https://www.youtube.com/watch?v=yJmanh1uQMQ
Gibraltar Mines - Owned by Taseko Mines, located 50 kilometers west of Spanish Mountain Gold
https://www.google.ca/maps/place/Gibraltar+Mi...FQAw%3D%3D
The Gibraltar Mine is the second-largest open-pit copper-molybdenum mine in Canada, owned and operated by Taseko Mines. Its primary resource is low-grade porphyry copper-molybdenum deposit containing minerals chalcopyrite, molybdenite, bornite, and cuprite. As of December 31, 2024, the mine has 616 million tons of 0.26% copper and 0.008% molybdenum.
https://stockcharts.com/sc3/ui/?s=TKO.TO&...5512188236
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Employment opportunities at Spanish Mountain Gold
===========================================
Spanish Mountain Gold is hiring several positions:
- We are hiring a new Health and Safety Coordinator in Vancouver, British Columbia. Apply today or share this post with your network.
- We are hiring a new Permitting and Community Engagement Coordinator in Vancouver, British Columbia. Apply today or share this post with your network.
- We are hiring a new Environmental Coordinator in Vancouver, British Columbia. Apply today or share this post with your network.
- We are hiring a new Exploration Manager in Likely, British Columbia. Apply today or share this post with your network.
At Spanish Mountain Gold, we are focused on advancing the project while creating long term value for our shareholders and meaningful shared benefits for the First Nations and communities where we operate.
Our approach emphasizes responsible exploration and development, strong relationships with local communities, and sustainable growth over the long term.
Source of information:
https://www.linkedin.com/company/spanish-moun...edView=all
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Spanish Mountain Gold - Conjectured financial report during production phases
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https://investorshangout.com/images/MYImages/...nology.jpg
Spanish Mountain Gold will be selling its gold at US$8000 per ounce (CAN$10400). The United States holds 8,133.46 metric tons (approximately 261.5 million troy ounces) of gold reserves, if US government is to pay off its 39 trillion national debts by selling all of its gold reserve, gold price has to be at US$150,000 per ounce (261.5 million ounces x US$150,000 per ounce = US$39 trillion). Higher the national debts, higher the gold price.
https://tradingeconomics.com/united-states/government-debt
https://investorshangout.com/images/MYImages/...dprice.png
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What does All In Sustaining Costs (AISC) include
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All-in Sustaining Costs (AISC) in the mining industry, particularly for gold, includes all operating costs, sustaining capital expenditures, and other costs associated with maintaining current production. This includes cash costs, sustaining capital expenditures, general and administrative (G&A) expenses, and environmental and closure costs.
Breakdown on AISC:
Cash Costs:
These are the direct costs of mining and processing, including labor, energy, consumables, and royalties (net of by-product credits).
Sustaining Capital Expenditures:
These are investments required to maintain current production levels, such as equipment replacement, mine development, and other costs to keep the mine operating at its current capacity.
General and Administrative (G&A) Expenses:
These are the costs associated with running the corporate office and other administrative functions that support the mine's operations.
Environmental and Closure Costs:
These include costs related to environmental remediation and mine closure, such as reclamation and decommissioning.
Exploration Expenses (Sustaining):
These are exploration costs that are needed to maintain current production levels and replace depleted resources.
AISC is a comprehensive metric designed to provide a more complete picture of the total cost of mining an ounce of gold, beyond just the direct cash costs.
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Spanish Mountain Gold - Corporate Presentation
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https://spanishmountaingold.com/investors/presentations/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
CFO Mark Ruus presents Spanish Mountain Gold at VRIC on January 26, 2026 (Duration: 13 minutes)
https://www.youtube.com/watch?v=YzmLGz1Xhhg
Mark Ruus, Chief Financial Officer of Spanish Mountain Gold
Mr. Ruus brings nearly three decades in the mining sector. He began his career at PwC and has since progressed to Vice President and Senior Vice President Tax positions at leading gold mining firms like Kinross Gold Corporation, Goldcorp Inc., and Placer Dome Inc. His experience and CPA - CA qualification underpin his extensive knowledge in financing, cost control, business efficiency, compliance, tax issues, mergers and acquisitions, and financial reporting for domestic and global mining companies.
=================================
Spanish Mountain Gold's Strategic Shift:
=================================
Auditor Change and Leadership Transition as Catalysts for Growth in 2026.
- Spanish Mountain Gold replaces auditor and appoints new finance director to strengthen governance for 2027 construction decision.
- New auditor BDO and Kim Leroux’s expertise aim to enhance financial oversight and First Nations engagement in British Columbia.
- Operational readiness includes updated resource estimates, 2025 drilling, and XRT technology to optimize gold recovery and reduce carbon footprint.
- Strategic moves address governance risks and sustainability trends, positioning the company to navigate regulatory and market challenges.
The mining sector's transition from exploration to development-stage projects demands robust corporate governance and operational readiness. For Spanish Mountain Gold Ltd., a junior explorer aiming to evolve into an emerging developer, recent strategic moves-namely, a change in auditors and a leadership transition-signal a deliberate effort to align governance and technical capabilities with its 2027 construction decision timeline. These changes, coupled with operational advancements, position the company to navigate the complexities of project development in a resource-constrained and increasingly sustainability-focused industry.
Auditor Change: Strengthening Governance for Development-Stage Rigor
Spanish Mountain Gold's decision to replace Smythe LLP with BDO LLP as its auditor reflects a strategic pivot toward enhanced financial oversight and credibility. According to a report by Business Wire, the Audit Committee selected BDO for its "extensive experience working with mining companies," a critical factor as the firm advances its Spanish Mountain Gold Project toward a build decision. This shift underscores the company's recognition that development-stage projects require auditors with sector-specific expertise to navigate regulatory scrutiny and investor expectations.
The transition also highlights the importance of transparency in capital markets. By filing a Notice of Change of Auditor along with required letters from both the former and successor auditors on SEDAR+, Spanish Mountain Gold has demonstrated compliance with Canadian securities regulations. For investors, this move reduces governance risks associated with inexperienced auditors, a concern that has historically plagued junior miners. BDO's track record in mining audits may also facilitate smoother interactions with lenders and partners, who often demand rigorous financial due diligence before committing to large-scale projects.
Leadership Transition: Kim Leroux's Appointment as a Governance Win
Complementing the auditor change is the appointment of Kim Leroux as Director Finance, effective January 2, 2026. Leroux's background spanning roles at DeBeers and McEwen Mining Inc.-brings a depth of mining finance expertise that aligns with the company's operational ambitions. Notably, her experience in First Nations relationship management adds a critical dimension to corporate governance, particularly in British Columbia, where community engagement is pivotal to project permitting and social license to operate.
The transition from part-time contract CFO Mathew Lee to Leroux's full-time leadership role also addresses a common vulnerability in junior mining firms: inconsistent financial stewardship. By ensuring a seamless handover during Q1 2026, the company minimizes operational disruption while positioning itself to manage the capital-intensive phases of feasibility studies and infrastructure planning. Leroux's focus on "developing and implementing processes and systems" suggests a governance-driven approach to scaling operations, which is essential for attracting institutional investment.
Operational Readiness: Technical and Sustainability-Driven Progress
Beyond governance, Spanish Mountain Gold's operational readiness measures are equally compelling. The completion of a new Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) by July 2025 provides a data-driven foundation for subsequent feasibility studies. These studies, combined with a 2025 exploration drill program targeting 10,000 meters, aim to de-risk the project by extending mineralization at key targets like Phoenix and K-zone.
Innovation in processing technology further strengthens the company's development-stage preparedness. The exploration of X-ray transmission (XRT) ore sorting-a technique to enhance gold recovery-demonstrates a proactive approach to optimizing project economics according to a Financial Post report. Simultaneously, collaborations with BC Hydro to integrate renewable diesel and electrification initiatives highlight a commitment to reducing the project's carbon footprint, a growing priority for ESG-focused investors. These efforts align with global trends toward decarbonization in mining, potentially improving the project's long-term viability in a regulatory and market landscape increasingly shaped by sustainability metrics.
Strategic Alignment and Future Outlook
Spanish Mountain Gold's dual focus on governance and operational readiness creates a synergistic foundation for its 2027 construction decision. The auditor change and leadership transition address internal capacity constraints, while technical advancements and sustainability initiatives tackle external challenges such as permitting delays and capital cost inflation. For development-stage miners, these factors are often the difference between project success and stagnation.
However, risks remain. The 2025 drill program's results will be critical in validating the MRE's assumptions, and delays in feasibility studies could push the construction decision beyond 2027. Additionally, Leroux's ability to integrate First Nations partnerships into the project's governance framework will determine the speed of regulatory approvals. Investors must monitor these milestones closely, but the company's current trajectory suggests a well-structured path to becoming a producer.
Conclusion
Spanish Mountain Gold's strategic shift in 2026-from auditor and leadership changes to operational innovations-exemplifies how development-stage mining firms can mitigate risks and enhance value. By prioritizing governance rigor and technical preparedness, the company is positioning itself to capitalize on the gold sector's long-term fundamentals while addressing the ESG imperatives of modern capital markets. For investors, the question is no longer whether the project can advance, but how swiftly it can execute its ambitious timeline.
News reference
https://spanishmountaingold.com/news/2025/spa...scal-2025/
==================================
Warrants, Options, Insider share ownership
==================================
https://investorshangout.com/images/MYImages/...312026.jpg
Insider trading transaction record
https://www.barchart.com/stocks/quotes/SPA.VN/insider-trades
https://www.canadianinsider.com/company-insid...cker=SPA.V
==================================
Charts - Gold, Silver, XAU, SPA.V, SPAUF
==================================
US Dollar Index
https://stockcharts.com/sc3/ui/?s=%24USD&...4982523747
Gold Price - weekly (price updated at End Of Day)
https://stockcharts.com/sc3/ui/?s=%24GOLD&...8609492691
50-year gold price
https://mrci.com/pdf/gc.pdf
Silver Price - weekly (price updated at End Of Day)
https://stockcharts.com/sc3/ui/?s=%24SILVER&a...8609492691
50-year silver price (price in cents)
https://mrci.com/pdf/si.pdf
XAU weekly
https://stockcharts.com/sc3/ui/?s=%24XAU&...4158123608
SPA.V weekly (In Canadian Dollar)
https://stockcharts.com/sc3/ui/?s=SPA.V&p...8609492691
SPA.V News, trade data
https://www.stockwatch.com/Quote/Detail.aspx?C:SPA.V
SPAUF.OTCQB weekly (In US Dollar)
https://stockcharts.com/sc3/ui/?s=SPAUF&p...8609492691
SPAUF Level 2
https://www.otcmarkets.com/stock/SPAUF/overview
S3Y.FSE (In Euro)
https://ca.finance.yahoo.com/quote/S3Y.F/char...NlcyI6e319
===============
Technical Analysis
===============
https://investorshangout.com/images/MYImages/...sition.jpg
SPA.V monthly
https://investorshangout.com/images/MYImages/...M16yrs.jpg
=================
Vision for the future
=================
https://investorshangout.com/images/MYImages/...future.jpg
================================
Case history of bullish Head & Shoulder
================================
https://investorshangout.com/images/MYImages/...istory.png
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Key Steps Leading to a Build Decision
===============================
Spanish Mountain Gold has indicated that production infrastructure construction decision will be made in 2026, after which a two-year construction phase will begin. This timeline allows for the completion of the ongoing drill program, a new Mineral Resource Estimate (MRE) and a new Preliminary Economic Assessment (PEA) in the second half of 2026, as well as securing all necessary reports and approvals to advance development of the project. The new PEA and MRE are crucial steps in optimizing the project for construction. Completing all technical reports and regulatory approvals is a necessary part of the process before the build decision can be made.
========
Overview
========
A mining project can pay loans before achieving revenue by using alternative financing like stream financing, royalty financing, or joint ventures, which are less restrictive than traditional debt and use future production or revenue as collateral instead of pre-existing income. Other methods include securing government grants and incentives, pre-selling a portion of future production through off-take agreements, and raising equity capital through share issues.
===========================
Pre-Revenue Financing Methods
===========================
Streaming Agreements: A company provides upfront capital in exchange for a percentage of the mine's future mineral production, often at a discounted price.
Royalty Financing: A financier funds a project in return for a share of the project's future revenue or profits, which can be seen as an endorsement of the project's potential.
Joint Ventures: Partnering with other mining companies or investors allows costs to be shared, spreading the financial burden, notes www.altfin.net.
Off-take Agreements: Pre-selling a portion of the future mineral output to buyers can secure upfront financing and provide lenders with confidence in the project's potential.
Government Funding: Governments and development banks sometimes offer grants, loans, or tax incentives for projects aligned with economic or environmental goals, according to www.altfin.net.
Equity Financing: Raising capital by issuing shares is often considered the simplest path for early-stage projects, as it avoids the complexities and strict requirements of debt financing.
Benefits of These Approaches
Non-Dilutive (for streams/royalties): These options don't dilute the original shareholders' equity in the company.
Flexible Terms: Stream and royalty structures can be more flexible and less restrictive than traditional bank debt, allowing for customized repayment profiles.
Market Confidence: Agreements like streaming and royalties can be seen as a market endorsement of the project, potentially leading to increased investor confidence.
===================
Promise for profitability
===================
Spanish Mountain Gold shows promise for profitability due to a recently updated Preliminary Economic Assessment (PEA) indicating strong economics with a base case NPV5% of C$1.0 billion and an IRR of 18.2%, potentially improving to C$2.3 billion NPV5% and 32.0% IRR with higher gold prices. The project's conventional open-pit, milling operation, access to infrastructure, and new management team with experience in construction and operations contribute to its potential success, although the company is still in the early development stages.
Factors supporting profitability:
Favorable Economics: The PEA projects significant financial returns, with an after-tax Net Present Value (NPV) of C$1.0 billion and an Internal Rate of Return (IRR) of 18.2% at a base gold price of US$2,450/oz, and even better results at a spot price of US$3,300/oz gold.
Strong Resource Confidence: The economic analysis is based on a high degree of resource confidence, incorporating measured and indicated resources, which are key to a successful mining project.
Experienced Management: A new board and management team, brought in since 2022, possess decades of experience in project management, construction, and operations, positioning the company for a production decision.
Developed Infrastructure: The project will benefit from established infrastructure in central British Columbia, including road access and proximity to the city of Williams Lake, reducing operational complexities and costs.
Strategic Project Design: The company plans a conventional open-pit and milling operation, which is a low-risk approach that is less complex than underground mining.
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https://investorshangout.com/images/MYImages/...A.V-TA.png
..
https://stockcharts.com/sc3/ui/?s=SPA.V&p...2963243620
https://stockcharts.com/sc3/ui/?s=SPA.V&p...1572059125
..
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Barkerville, the legend of a once booming mining town in the Cariboo region, BC, located 50 Km north of Spanish Mountain Gold, started the world famous Cariboo gold rush.
https://www.google.ca/maps/dir/Barkerville,+B...FQAw%3D%3D
Video duration: 5 minutes
https://www.youtube.com/watch?v=XGfM7Ya1ulQ
===================
Latest News Release
=================
June 15, 2026 - Spanish Mountain Gold Reports 100 Metres of 1.00 Gram Per Tonne Gold as Part of Its Feasibility Study Drill Program
https://spanishmountaingold.com/news/2026/t/
June 2, 2026 - Spanish Mountain Gold Drills Multiple 100-Metre-Plus Intercepts Including 116 Metres Grading 0.60 g/t Gold Confirming Grade Continuity Along the Orca Fault Corridor
https://spanishmountaingold.com/news/2026/spa...ing-grade/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2026 Q1 Financial Report
https://www.stockwatch.com/News/Sedardoc/6229173.pdf
Management Discussion and Analysis
https://www.stockwatch.com/News/Sedardoc/6229137.pdf
Subsequent to March 31, 2026, the Company issued 13,394,545 common shares pursuant to the exercise of 13,394,545
warrants for gross proceeds of $3,109,096.
Cash as of March 31 was C$1.3 million
Cash received from the exercising of above warrants: C$3.1 million
Cash received from Wheaton Precious Metals: US$22.5 million, approximately C$30 million
Cash as of June 2: Approximately C$34.4 million
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Spanish Mountain Gold has won a legal battle against Canada Revenue Agency (CRA) by leveraging the BC Supreme Court's 2025 ruling that forces the CRA to accept a broader definition of "eligible expenditures."
Referring to the $4.9 million account receivable in the 2026 Q1 financial report:
https://www.stockwatch.com/News/Sedardoc/6229173.pdf
The company secured a major financial victory over CRA and injected $4.9 million accounts receivable into the balance sheet. This includes $2.76 million in immediate, non-dilutive cash consisting $1.97 million BC Mining Exploration Tax Credit (METC) plus $790,000 in accumulated interest. It dramatically improves the balance sheet and guarantees a permanent 30% subsidy on future exploration spending: For every $1,000,000 the company spends on drilling and exploration moving forward, the government will refund the company $300,000. Q1 Financial Report shows that the company has incurred $2,384,633 drilling cost in Q1, so the company has already added $715,000 to its coffers in Q1. The company has unlocked millions in hidden value that independent analysts Kaiser Research completely missed. Because prominent newsletters like Kaiser Research did not include this cash in their models, the market has mispriced the company's net asset value (NAV).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
April 20, 2026 - Spanish Mountain Gold Announces Sale of a 1.5% Royalty to Wheaton Precious Metals for US$55 Million (approximately C$75 million)
https://spanishmountaingold.com/news/2026/spa...5-million/
May 1, 2026 - Spanish Mountain Gold Announces Closing of First Tranche of Royalty Financing and Receipt of US$22.5 Million (approximately C$30 million)
https://spanishmountaingold.com/news/2026/spa...5-million/
Highlights:
- The first installment of US$22.5 million has been closed and received from Wheaton.
- The second installment of US$12.5 million is payable to Spanish Mountain Gold following the completion of 60,000 meters of drilling at the Project.
- The third installment of US$20 million is payable to Spanish Mountain Gold on the receipt of approvals for the construction, development, and operation of a mine under the British Columbia Environmental Assessment Act.
WPM.TO weekly
https://stockcharts.com/sc3/ui/?s=WPM.TO&...8609492691
Wheaton Precious Metals website
https://www.wheatonpm.com/news/default.aspx
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
About Wheaton Precious Metals (WPM.TO)
Wheaton Precious Metals Corp. is the world's premier precious metals streaming company. Unlike traditional mining companies, Wheaton does not own or operate mines directly. Instead, it operates a "streaming" model, acting as a specialty financier that provides upfront capital to mining companies to construct or expand mines.
This is Wheaton's business model
https://www.wheatonpm.com/about/Our-Business-...fault.aspx
Streaming Agreements: In exchange for upfront financing, Wheaton acquires the rights to purchase a percentage of the future precious metal production (specifically gold, silver, palladium, and cobalt) from these mines at a low, fixed, or variable cost per ounce.
Asset Portfolio: Wheaton holds a high-quality portfolio of long-life, low-cost assets, with agreements on over 23 operating mines and 25 development projects globally.
Revenue Generation: The company generates revenue by selling the metals purchased through these streams, offering investors exposure to commodity price increases without the operational risks (capital expenditure, environmental, or political risk) associated with traditional mining.
Focus Areas: While they focus on precious metals, their agreements are often with large, multi-metal mines (like copper mines), where the precious metals are by-products.
Wheaton's dealing with Spanish Mountain Gold is 1.5% Royalty of the company's net revenue. The company's primary minerals are gold and silver. 2024 drilling program indicates that Portable XRF analysis identified potential for critical elements, including Titanium (Ti), Manganese (Mn), Magnesium (Mg), and Nickel (Ni). The company is analyzing this data and intends to investigate the potential for these elements as part of future exploration programs. There are also base metals such as galena, sphalerite, chalcopyrite, and pyrite.
Spanish Mountain Gold will likely stream silver and critical minerals to Wheaton for further funding.
Wheaton Precious Metals which is based in Vancouver was founded in 2004, it is a leader in the streaming sector.
Cash as of Dec 31, 2025: US$1.15 billion
Assets: US$1.2 billion
Liabilities: US$0.43 billion
2025 Sales: US$2.3 billion
2025 Cost of Sales: US$0.64 billion
Gross Profit Margin: US$1.67 billion
Net Earnings after Tax: US$1.47 billion
Basic Share Outstanding: 454,097,336
Earnings Per Share: US$3.24
PE Ratio: 60
Share Price: $198
Market Capitalization: $89.9 billion
==========================================
News on the progress of XRT ore sorting technology
==========================================
On March 2, 2026 Spanish Mountain Gold released positive X-ray transmission (XRT) particle ore sorting results from its Phoenix deposit, significantly boosting process plant feed grades. The upgrade achieved a two-or-more times increase in gold grade through a high mass rejection of waste (50%-70%), while retaining 85%-92% of the gold. Following positive Phase 1 results, Phase 2 is evaluating 100-kg bulk samples in parallel with the Main deposit, aimed at optimizing sorting algorithms. The initiative aims to significantly reduce the size of the proposed mill and lower initial capital expenditure (CAPEX) for the project, with results likely to be incorporated into an updated economic assessment in 2026. Partners ABH Engineering Inc. and OrePortal Technologies Ltd. are working on particle and bulk sorting analysis. The company aims to make a construction decision in 2027 by enhancing project economics through enhanced feed grades.
https://spanishmountaingold.com/news/2026/spa...on-upside/
==============
Coming events
==============
2026 new Preliminary Economic Assessment with a new Mineral Resource Estimate is being compiled diligently by the management and its partner BBA Engineering. It is a complicated and time consuming feat but it will be released soon. The 2026 PEA will be far cry from the July 3, 2025 version, it will show significant reduction in Capital Expenditure in mine construction, significant increase in MRE and significant increase in gold grade feeding to the mill, contributed by the XRT ore sorting technology.
Excerpt from Page 11 of Management Discussion & Analysis of Dec 31, 2025 Annual Report released on April 6, 2026 :
https://spanishmountaingold.com/site/assets/f...4-2025.pdf
"The Company’s current strategy remains focused on optimizing, de-risking and advancing its Spanish Mountain Gold project towards a build decision before the end of 2027. With the completion of the 2025 PEA, the Company will be advancing directly to a Feasibility Study (“FS”). The Company requested proposals for conducting a Feasibility Study in Q4 2025 and recently awarded the lead to BBA Engineering Ltd."
"In the Interim, the Company, along with BBA, will be producing a PEA Update in H1 2026 (in the first half of 2026 ending June 30) taking into account the potential addition of the Phoenix deposit mineralization, the 2025 Winter and Fall Drill Program results, the benefits of ‘ore’ sorting, and a higher long term gold forecast. The Company expects to drill at least 60,000 m over the next twelve months leading up to the production of the FS in 2027. This drilling will include geotechnical and hydrological drilling and test work necessary for designing the mill and tailing storage facilities."
"The results of optimization studies were incorporated with the Whittle Enterprise Optimization that concluded a base case to
advance to a build decision that is sustainable, executable and permittable at a robust scale with significant upside expansion
potential through the addition of preconcentration of mill feed utilizing sorting technologies. The Company used the results of the
Whittle Enterprise Optimization to guide the PEA pits and phases, life of mine plan and schedule as the basis to derisk and
identify targeted upside cases to advance to the next stage of development. Further, titanium in the form of rutile, a Critical
Mineral, has been identified in potentially anomalous amounts. The FS includes scope to assess the potential for saleable gold
and rutile concentrates. Rutile (titanium) has not been included in the 2025 PEA or MRE."
==========================================
Mineral Resource Estimate (MRE) as of July 3, 2025
==========================================
https://investorshangout.com/images/MYImages/...timate.png
Resources in the high grade K-zones are not included in the July 3 PEA.
======================================
Unofficial gold resources estimate in the K-zone
======================================
As of June 15, 2026
https://investorshangout.com/images/MYImages/...K-zone.jpg
Drilling area:
https://investorshangout.com/images/MYImages/...argets.png
K-zone drilling area is about 500 meter x 500 meter x 400 meter deep, so the volume of ores in the drilling area is about 100 million cubic meter.
Density of ore ranges from 2.2 to 4 tonnes per cubic meter depending on gold grade. So the tonnage in K-zone is at least 220 million tonnes. (100 x 10^6 cubic meters x 2.2 tonnes / cubic meters).
220 million tonnes of 0.54 g/t contains 3.4 million ounces of gold
Based on the updated assays in the K-zone and based on the silver resource to gold resource ratio of 1.5 in the Main Zone, if the tonnage in the K-zone is at least 200 million tonnes as in the Main zone, K-zone will has Measured + Indicated resources of 3.4 million ounces gold and 5 million ounces silver added to the July 3, 2025 PEA. 2026 new PEA's new MRE will show gold and silver Measured + Indicated resources (Proven Reserve) of 7.6 million ounces of gold and 11 million ounces of silver.
2025 drilling consistently intersecting long intervals of high grade gold could be an indication that they are drilling close to the network of gold veins where the placer gold originated as some of the gold veins disintegrated and the gold fragments corroded into fine placer gold by weathering over millions of years. There could still be intact gold veins in SMG's 135 square kilometer property to be discovered. Including the high grade gold in future PEA will significantly reduce capital expenditure and increase gold productivity.
The term "high grade" is relative to the deposit style. The Spanish Mountain project is primarily a large-scale, open-pit, bulk-tonnage project, where the average grades are generally lower compared to narrow-vein underground mines. In this context, grades approaching or exceeding 1 g/t over significant widths are considered "higher-grade" and economically significant for the project's development, especially for the early years of the mine life. The company is also investigating ore sorting technology to potentially increase the processed grade and enhance project economics.
=================================================================
Spanish Mountain Gold is inching towards Feasibility and Mine Building Decision
=================================================================
Feb 27, 2026 - Spanish Mountain Gold Signs Memorandum of Understanding with Metso Canada Inc.
https://spanishmountaingold.com/news/2026/spa...anada-inc/
Metso Canada services (video)
https://www.youtube.com/watch?v=wgiF9uZqDsE
Metso Canada website
https://www.metso.com/corporate/sustainabilit...-offering/
Metso Canada (formerly Metso Outotec) is a technology provider that supplies mining equipment such as crushers and grinding mills to various companies, including recent project like Blackwater Mine in the Cariboo region of British Columbia. It is a leading global industrial company and a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries. They focus on improving their customers’ energy and water efficiency, increase their productivity and reduce environmental risks with their product. Crushing, screening and grinding is their core business. Metso is headquartered in Espoo, Finland. At the end of 2025 Metso had close to 18,000 employees in around 50 countries, and sales in 2025 were about EUR 5.3 billion.
Key Aspects of Metso’s Business:
Aggregates: Provides crushing and screening equipment (mobile and fixed) for quarrying and construction industries.
Minerals Processing: Offers technology for mining, including grinding mills, separation, filtration, and tailings management.
Metals Refining: Provides solutions for metal processing.
Services & Wears: Delivers a broad portfolio of aftermarket services, spare parts, and wear parts to optimize equipment performance.
Sustainability: Focuses on "Planet Positive" solutions aimed at reducing energy and water consumption in customer operations.
==========================================================================
Spanish Mountain Gold - Vision For The Future ( following the footsteps of Blackwater Mine )
==========================================================================
Blackwater Mine - Owned by Artemis Gold, located 250 kilometers northwest of Spanish Mountain Gold and 160 km southwest of Prince George
Google Blackwater Mine map
https://www.google.ca/maps/place/Blackwater+M...FQAw%3D%3D
Artemis Gold share price ( ARTG.V )
https://stockcharts.com/sc3/ui/?s=ARTG.V&...8838982129
Blackwater Mine is an open pit gold and silver mine with mine life of 22 year and with scheduled mill throughput of 16,000 tpd, expandable to 33,000 tpd in year 6 and 55,000 tpd in year 11. The mine has Proven Reserves of 8 million ounces of gold, 62.2 million ounces of silver and Probable Resources of 11.7 million ounce of gold, 122.4 million ounces of silver.
In June, 2022 during the Phase 1 construction Metso delivered a Superior MK-III 4265 18MW primary gyratory crusher, HP900 cone crushers (secondary and tertiary), and a 14-MW Premier ball mill to Blackwater Mine. The delivery also included apron feeders, slurry pumps, hydrocyclones, and a RockSense particle size analyzer.
https://investorshangout.com/images/MYImages/...erMine.jpg
Phase 1 acquisition cost from Metso and construction cost is CAN$312 million, it included Engineering, Procurement, and Construction cost awarded to Sedgman.
Sedgman is a global leader in minerals processing and infrastructure solutions, offering end-to-end services from design and engineering to construction and operations. They specialize in coal, base/precious metals, and critical minerals, focusing on maximizing recovery, optimizing efficiency, and managing tailings for mining clients worldwide.
https://www.sedgman.com/
Artemis Gold also ordered C$134 million in primary mining equipment from Finning Canada for the Phase 1 development of the Blackwater Mine, representing a key component of the initial capital spending. This haul and load fleet includes Caterpillar trucks and excavators. Total Phase 1 project capital expenditure is estimated at C$730-C$750 million.
https://www.finning.com/en_CA.html
Mine construction began in 2023 and completed after 22-month with gold/silver pouring starting in early 2025. As one of Canada's largest gold development projects, it is a 100% electrified facility designed to be a low-emission, open-pit mine. The mine officially opened on May 30, 2025.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Metso Superior MK-III 4265 primary gyratory 18MW SAG mill crusher (breaks big ores into small ores)
https://www.youtube.com/watch?v=AVLicyiBLo8
The Metso Superior MKIII primary gyratory crusher is considered a significant innovation in mining, delivering up to 30% higher capacity and up to 70% less maintenance downtime than traditional crushers. It is marketed as the first high-speed primary gyratory crusher, featuring innovative digital automation, rotable shells for improved liner life, and superior capital efficiency. The gyratory crusher is a paradigm shift from the traditional ore crushing method.
How does a gyratory crusher work
https://www.youtube.com/watch?v=IYeOW7UCZAg&t=15s
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Metso Nordberg HP900 cone crusher (breaks small ores into pebbles)
https://www.youtube.com/watch?v=PRLCfhPudG8
How does a cone crusher work
https://www.foremanequipment.com/cone-crushers/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Metso 14MW ball mill (pulverizes pebbles to extract gold and silver particles)
https://youtu.be/4VmJ0vBRAG4
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Subsequent wet plant (milling and CIL circuit) transitioned the operation from construction to production.
The site features a fully electrified processing facility, a 225kV transmission line, and a significant tailings storage facility.
The project employs over 400 people, with a high percentage of local and Indigenous representation.
Designed with a low carbon footprint, replacing traditional fuels with electric equipment for mining and processing.
=================================
Blackwater Mine - Capital Expenditure
================================
The initial capital expenditure (CAPEX) for Phase 1 of the Blackwater Mine was estimated to be between C$730 million and C$750 million. As of December 31, 2023, approximately $389 million of this initial capital had been spent, with 84% of the lower end of the guided range ($615 million) contractually committed.
Remaining Capex: As of March 31, 2024, remaining Phase 1 capital expenditures were estimated at $207 to $227 million.
Scope: Phase 1 focused on building an open-pit mine and a processing facility with a capacity of 6 million tonnes per annum (Mtpa).
Subsequent Phase 1 Upgrades ("Phase 1A"
In September 2025, Artemis Gold announced plans to upgrade the Phase 1 processing plant (dubbed Phase 1A), aiming to increase capacity from 6 Mtpa to 8 Mtpa by Q4 2026.
Phase 1A Capital Cost: Estimated at $100 – $110 million, to be funded by operating cash flows.
Goal: To increase throughput and efficiency while leveraging the existing team that built Phase 1.
In December 2025 Artemis Gold approved a $1.44 billion Phase 2 expansion to increase production capacity from 8 million tonnes annually to 21 million tonnes annually. In March, 2026, Metso supplied a Superior MKIII primary gyratory crusher and Nordberg HP Series cone crushers to Blackwater Mine with a total value of approximately EUR 39 million (CAN$45.25 million, US$42 million). Construction is planned for Q3 2026 and is expected to be completed before the end of 2028. The expansion cost will be funded primarily through operating cash flows. Gold production will increase to over 500,000 ounces annually for the first 10 years.
https://artemisgoldinc.com/news/media-release...water-mine
==============================================
Blackwater Mine - Average gold grade and silver grade
==============================================
First 5 Years: Averaging 1.29 g/t gold.
Subsequent 17 years: Average 0.75 g/t gold.
Silver Grade: The average silver grade is estimated to be 5.78 g/t Ag over the life of the mine.
Reserve Basis: Total proven and probable reserves are estimated at 334.3 million tonnes at 0.75 g/t gold with gold content of 8 million ounces and 5.8 g/t silver with silver content of 62 million ounces.
First 5 years average annual production: 463,000 ounces of gold and 1.9 million ounces of silver.
=========================================================================
Blackwater Mine 2025 Average Realized Sale Price of gold. AISC and Net Production Profit
=========================================================================
Blackwater has capped off its inaugural operating year with record quarterly production of 68,480 ounces of gold during the three months ended December 31, 2025 (“Q4 2025”), bringing full year 2025 production to 192,808 ounces of gold. The quarterly gold production represents a 12% increase from the previous quarter and was primarily driven by higher mill feed grades and higher processing recoveries.
https://www.artemisgoldinc.com/news/artemis-g...6-guidance
https://www.artemisgoldinc.com/news/media-rel...ng-results
Based on financial results released by Artemis Gold, 2025 Average Realized Sale Price of gold is US$3,684 per ounce (C$5,095 per ounce).
2025 Q4 Average Realized Sale Price of gold is higher at US$4,168 per ounce (C$5,764 per ounce).
All-In-Sustaining-Cost (AISC) is US$869 per ounce (C$1,200 per ounce).
https://investorshangout.com/images/MYImages/...dprice.png
Blackwater Mine's 2025 Net profit is C$5095 - C$1200 = C$3895 per ounce gold produced
2025 total gold production is 192,808 ounces
2025 Net Production Profit is C$3895 per ounce x 192,808 ounces = C$750 million
April 9, 2026 - Artemis Gold announces Blackwater Mine produced 61,923 ounces of gold in Q1 2026. The plant processed 1.32 million tonnes and feed grades remained strong averaging 1.59 g/t gold during the quarter. The Company is maintaining its full year production guidance of 265,000 to 290,000 ounces of gold and is continuing to advance the Phase 1A expansion and the Expanded Phase 2 projects from operating cash flow. Annual throughput will increase to 21 million tonnes annually before the end of 2028, tripling the current capacity and increasing annual gold production to over 500,000 ounces.
==============================
Blackwater Mine construction videos
==============================
1) Feb 2025 - Aerial tour
https://www.youtube.com/watch?v=ndcRuX42b3U
2) Feb 2025 - Mining Technology
https://www.youtube.com/watch?v=8WfAvX_Nzb4
3) Feb 2025 - Health and Safety
https://www.youtube.com/watch?v=ELbEBpNQMAw
4) Feb 2025 - Completion of construction
https://www.youtube.com/watch?v=fpl3Vjd9slM
5) April 2025 - First gold pouring occurred in January 2025
https://www.youtube.com/watch?v=E9nFlVjKIe4
6 May 30, 2025 - Opening ceremony
https://www.youtube.com/watch?v=MOXjjZcGdYw
7) Dec 2025 - Phase 2: Production Expansion
https://www.youtube.com/watch?v=R7xr4kidz4I
==============================================================
Spanish Mountain Gold - Vision for the future through the life of Gibraltar Mines
==============================================================
https://www.youtube.com/watch?v=yJmanh1uQMQ
Gibraltar Mines - Owned by Taseko Mines, located 50 kilometers west of Spanish Mountain Gold
https://www.google.ca/maps/place/Gibraltar+Mi...FQAw%3D%3D
The Gibraltar Mine is the second-largest open-pit copper-molybdenum mine in Canada, owned and operated by Taseko Mines. Its primary resource is low-grade porphyry copper-molybdenum deposit containing minerals chalcopyrite, molybdenite, bornite, and cuprite. As of December 31, 2024, the mine has 616 million tons of 0.26% copper and 0.008% molybdenum.
https://stockcharts.com/sc3/ui/?s=TKO.TO&...5512188236
===========================================
Employment opportunities at Spanish Mountain Gold
===========================================
Spanish Mountain Gold is hiring several positions:
- We are hiring a new Health and Safety Coordinator in Vancouver, British Columbia. Apply today or share this post with your network.
- We are hiring a new Permitting and Community Engagement Coordinator in Vancouver, British Columbia. Apply today or share this post with your network.
- We are hiring a new Environmental Coordinator in Vancouver, British Columbia. Apply today or share this post with your network.
- We are hiring a new Exploration Manager in Likely, British Columbia. Apply today or share this post with your network.
At Spanish Mountain Gold, we are focused on advancing the project while creating long term value for our shareholders and meaningful shared benefits for the First Nations and communities where we operate.
Our approach emphasizes responsible exploration and development, strong relationships with local communities, and sustainable growth over the long term.
Source of information:
https://www.linkedin.com/company/spanish-moun...edView=all
===============================================================
Spanish Mountain Gold - Conjectured financial report during production phases
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https://investorshangout.com/images/MYImages/...nology.jpg
Spanish Mountain Gold will be selling its gold at US$8000 per ounce (CAN$10400). The United States holds 8,133.46 metric tons (approximately 261.5 million troy ounces) of gold reserves, if US government is to pay off its 39 trillion national debts by selling all of its gold reserve, gold price has to be at US$150,000 per ounce (261.5 million ounces x US$150,000 per ounce = US$39 trillion). Higher the national debts, higher the gold price.
https://tradingeconomics.com/united-states/government-debt
https://investorshangout.com/images/MYImages/...dprice.png
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What does All In Sustaining Costs (AISC) include
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All-in Sustaining Costs (AISC) in the mining industry, particularly for gold, includes all operating costs, sustaining capital expenditures, and other costs associated with maintaining current production. This includes cash costs, sustaining capital expenditures, general and administrative (G&A) expenses, and environmental and closure costs.
Breakdown on AISC:
Cash Costs:
These are the direct costs of mining and processing, including labor, energy, consumables, and royalties (net of by-product credits).
Sustaining Capital Expenditures:
These are investments required to maintain current production levels, such as equipment replacement, mine development, and other costs to keep the mine operating at its current capacity.
General and Administrative (G&A) Expenses:
These are the costs associated with running the corporate office and other administrative functions that support the mine's operations.
Environmental and Closure Costs:
These include costs related to environmental remediation and mine closure, such as reclamation and decommissioning.
Exploration Expenses (Sustaining):
These are exploration costs that are needed to maintain current production levels and replace depleted resources.
AISC is a comprehensive metric designed to provide a more complete picture of the total cost of mining an ounce of gold, beyond just the direct cash costs.
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Spanish Mountain Gold - Corporate Presentation
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https://spanishmountaingold.com/investors/presentations/
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CFO Mark Ruus presents Spanish Mountain Gold at VRIC on January 26, 2026 (Duration: 13 minutes)
https://www.youtube.com/watch?v=YzmLGz1Xhhg
Mark Ruus, Chief Financial Officer of Spanish Mountain Gold
Mr. Ruus brings nearly three decades in the mining sector. He began his career at PwC and has since progressed to Vice President and Senior Vice President Tax positions at leading gold mining firms like Kinross Gold Corporation, Goldcorp Inc., and Placer Dome Inc. His experience and CPA - CA qualification underpin his extensive knowledge in financing, cost control, business efficiency, compliance, tax issues, mergers and acquisitions, and financial reporting for domestic and global mining companies.
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Spanish Mountain Gold's Strategic Shift:
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Auditor Change and Leadership Transition as Catalysts for Growth in 2026.
- Spanish Mountain Gold replaces auditor and appoints new finance director to strengthen governance for 2027 construction decision.
- New auditor BDO and Kim Leroux’s expertise aim to enhance financial oversight and First Nations engagement in British Columbia.
- Operational readiness includes updated resource estimates, 2025 drilling, and XRT technology to optimize gold recovery and reduce carbon footprint.
- Strategic moves address governance risks and sustainability trends, positioning the company to navigate regulatory and market challenges.
The mining sector's transition from exploration to development-stage projects demands robust corporate governance and operational readiness. For Spanish Mountain Gold Ltd., a junior explorer aiming to evolve into an emerging developer, recent strategic moves-namely, a change in auditors and a leadership transition-signal a deliberate effort to align governance and technical capabilities with its 2027 construction decision timeline. These changes, coupled with operational advancements, position the company to navigate the complexities of project development in a resource-constrained and increasingly sustainability-focused industry.
Auditor Change: Strengthening Governance for Development-Stage Rigor
Spanish Mountain Gold's decision to replace Smythe LLP with BDO LLP as its auditor reflects a strategic pivot toward enhanced financial oversight and credibility. According to a report by Business Wire, the Audit Committee selected BDO for its "extensive experience working with mining companies," a critical factor as the firm advances its Spanish Mountain Gold Project toward a build decision. This shift underscores the company's recognition that development-stage projects require auditors with sector-specific expertise to navigate regulatory scrutiny and investor expectations.
The transition also highlights the importance of transparency in capital markets. By filing a Notice of Change of Auditor along with required letters from both the former and successor auditors on SEDAR+, Spanish Mountain Gold has demonstrated compliance with Canadian securities regulations. For investors, this move reduces governance risks associated with inexperienced auditors, a concern that has historically plagued junior miners. BDO's track record in mining audits may also facilitate smoother interactions with lenders and partners, who often demand rigorous financial due diligence before committing to large-scale projects.
Leadership Transition: Kim Leroux's Appointment as a Governance Win
Complementing the auditor change is the appointment of Kim Leroux as Director Finance, effective January 2, 2026. Leroux's background spanning roles at DeBeers and McEwen Mining Inc.-brings a depth of mining finance expertise that aligns with the company's operational ambitions. Notably, her experience in First Nations relationship management adds a critical dimension to corporate governance, particularly in British Columbia, where community engagement is pivotal to project permitting and social license to operate.
The transition from part-time contract CFO Mathew Lee to Leroux's full-time leadership role also addresses a common vulnerability in junior mining firms: inconsistent financial stewardship. By ensuring a seamless handover during Q1 2026, the company minimizes operational disruption while positioning itself to manage the capital-intensive phases of feasibility studies and infrastructure planning. Leroux's focus on "developing and implementing processes and systems" suggests a governance-driven approach to scaling operations, which is essential for attracting institutional investment.
Operational Readiness: Technical and Sustainability-Driven Progress
Beyond governance, Spanish Mountain Gold's operational readiness measures are equally compelling. The completion of a new Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) by July 2025 provides a data-driven foundation for subsequent feasibility studies. These studies, combined with a 2025 exploration drill program targeting 10,000 meters, aim to de-risk the project by extending mineralization at key targets like Phoenix and K-zone.
Innovation in processing technology further strengthens the company's development-stage preparedness. The exploration of X-ray transmission (XRT) ore sorting-a technique to enhance gold recovery-demonstrates a proactive approach to optimizing project economics according to a Financial Post report. Simultaneously, collaborations with BC Hydro to integrate renewable diesel and electrification initiatives highlight a commitment to reducing the project's carbon footprint, a growing priority for ESG-focused investors. These efforts align with global trends toward decarbonization in mining, potentially improving the project's long-term viability in a regulatory and market landscape increasingly shaped by sustainability metrics.
Strategic Alignment and Future Outlook
Spanish Mountain Gold's dual focus on governance and operational readiness creates a synergistic foundation for its 2027 construction decision. The auditor change and leadership transition address internal capacity constraints, while technical advancements and sustainability initiatives tackle external challenges such as permitting delays and capital cost inflation. For development-stage miners, these factors are often the difference between project success and stagnation.
However, risks remain. The 2025 drill program's results will be critical in validating the MRE's assumptions, and delays in feasibility studies could push the construction decision beyond 2027. Additionally, Leroux's ability to integrate First Nations partnerships into the project's governance framework will determine the speed of regulatory approvals. Investors must monitor these milestones closely, but the company's current trajectory suggests a well-structured path to becoming a producer.
Conclusion
Spanish Mountain Gold's strategic shift in 2026-from auditor and leadership changes to operational innovations-exemplifies how development-stage mining firms can mitigate risks and enhance value. By prioritizing governance rigor and technical preparedness, the company is positioning itself to capitalize on the gold sector's long-term fundamentals while addressing the ESG imperatives of modern capital markets. For investors, the question is no longer whether the project can advance, but how swiftly it can execute its ambitious timeline.
News reference
https://spanishmountaingold.com/news/2025/spa...scal-2025/
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Warrants, Options, Insider share ownership
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https://investorshangout.com/images/MYImages/...312026.jpg
Insider trading transaction record
https://www.barchart.com/stocks/quotes/SPA.VN/insider-trades
https://www.canadianinsider.com/company-insid...cker=SPA.V
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Charts - Gold, Silver, XAU, SPA.V, SPAUF
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US Dollar Index
https://stockcharts.com/sc3/ui/?s=%24USD&...4982523747
Gold Price - weekly (price updated at End Of Day)
https://stockcharts.com/sc3/ui/?s=%24GOLD&...8609492691
50-year gold price
https://mrci.com/pdf/gc.pdf
Silver Price - weekly (price updated at End Of Day)
https://stockcharts.com/sc3/ui/?s=%24SILVER&a...8609492691
50-year silver price (price in cents)
https://mrci.com/pdf/si.pdf
XAU weekly
https://stockcharts.com/sc3/ui/?s=%24XAU&...4158123608
SPA.V weekly (In Canadian Dollar)
https://stockcharts.com/sc3/ui/?s=SPA.V&p...8609492691
SPA.V News, trade data
https://www.stockwatch.com/Quote/Detail.aspx?C:SPA.V
SPAUF.OTCQB weekly (In US Dollar)
https://stockcharts.com/sc3/ui/?s=SPAUF&p...8609492691
SPAUF Level 2
https://www.otcmarkets.com/stock/SPAUF/overview
S3Y.FSE (In Euro)
https://ca.finance.yahoo.com/quote/S3Y.F/char...NlcyI6e319
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Technical Analysis
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https://investorshangout.com/images/MYImages/...sition.jpg
SPA.V monthly
https://investorshangout.com/images/MYImages/...M16yrs.jpg
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Vision for the future
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https://investorshangout.com/images/MYImages/...future.jpg
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Case history of bullish Head & Shoulder
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https://investorshangout.com/images/MYImages/...istory.png
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Key Steps Leading to a Build Decision
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Spanish Mountain Gold has indicated that production infrastructure construction decision will be made in 2026, after which a two-year construction phase will begin. This timeline allows for the completion of the ongoing drill program, a new Mineral Resource Estimate (MRE) and a new Preliminary Economic Assessment (PEA) in the second half of 2026, as well as securing all necessary reports and approvals to advance development of the project. The new PEA and MRE are crucial steps in optimizing the project for construction. Completing all technical reports and regulatory approvals is a necessary part of the process before the build decision can be made.
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Overview
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A mining project can pay loans before achieving revenue by using alternative financing like stream financing, royalty financing, or joint ventures, which are less restrictive than traditional debt and use future production or revenue as collateral instead of pre-existing income. Other methods include securing government grants and incentives, pre-selling a portion of future production through off-take agreements, and raising equity capital through share issues.
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Pre-Revenue Financing Methods
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Streaming Agreements: A company provides upfront capital in exchange for a percentage of the mine's future mineral production, often at a discounted price.
Royalty Financing: A financier funds a project in return for a share of the project's future revenue or profits, which can be seen as an endorsement of the project's potential.
Joint Ventures: Partnering with other mining companies or investors allows costs to be shared, spreading the financial burden, notes www.altfin.net.
Off-take Agreements: Pre-selling a portion of the future mineral output to buyers can secure upfront financing and provide lenders with confidence in the project's potential.
Government Funding: Governments and development banks sometimes offer grants, loans, or tax incentives for projects aligned with economic or environmental goals, according to www.altfin.net.
Equity Financing: Raising capital by issuing shares is often considered the simplest path for early-stage projects, as it avoids the complexities and strict requirements of debt financing.
Benefits of These Approaches
Non-Dilutive (for streams/royalties): These options don't dilute the original shareholders' equity in the company.
Flexible Terms: Stream and royalty structures can be more flexible and less restrictive than traditional bank debt, allowing for customized repayment profiles.
Market Confidence: Agreements like streaming and royalties can be seen as a market endorsement of the project, potentially leading to increased investor confidence.
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Promise for profitability
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Spanish Mountain Gold shows promise for profitability due to a recently updated Preliminary Economic Assessment (PEA) indicating strong economics with a base case NPV5% of C$1.0 billion and an IRR of 18.2%, potentially improving to C$2.3 billion NPV5% and 32.0% IRR with higher gold prices. The project's conventional open-pit, milling operation, access to infrastructure, and new management team with experience in construction and operations contribute to its potential success, although the company is still in the early development stages.
Factors supporting profitability:
Favorable Economics: The PEA projects significant financial returns, with an after-tax Net Present Value (NPV) of C$1.0 billion and an Internal Rate of Return (IRR) of 18.2% at a base gold price of US$2,450/oz, and even better results at a spot price of US$3,300/oz gold.
Strong Resource Confidence: The economic analysis is based on a high degree of resource confidence, incorporating measured and indicated resources, which are key to a successful mining project.
Experienced Management: A new board and management team, brought in since 2022, possess decades of experience in project management, construction, and operations, positioning the company for a production decision.
Developed Infrastructure: The project will benefit from established infrastructure in central British Columbia, including road access and proximity to the city of Williams Lake, reducing operational complexities and costs.
Strategic Project Design: The company plans a conventional open-pit and milling operation, which is a low-risk approach that is less complex than underground mining.
