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5) Spanish Mountain Gold - Update ( September 15 )
With update on Artemis Gold's Blackwater Mine 2026 Q2 gold production and revenue (scroll down to Blackwater Mine section).
Blackwater Mine is Spanish Mountain Gold's vision for the future
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Spanish Mountain Gold's proven gold reserves far emulates its peers while its share price and market capitalization is only at a fraction of its peers. The coming new Mineral Resource Estimate showing proven gold reserves in excess of 5 million ounces will further provoke outcry on its undervalued status.
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Hole 06-DDH-286: 125 g/t over 0.75 meters
Hole 07-DDH-588: 241 g/t over 1.50 meters
Hole 07-DDH-597A: 10.15 g/t over 3.0 meters and 17.7 g/t over 1.5 meters
Hole 07-DDH-634: 2.76 g/t gold over 22.05 meters
Hole 07-DDH-635: 4.13 g/t gold over10.5 meters
Hole 08-DDH-714: 37.6 g/t gold over 1.0 meter and 1.13 g/t over 10.5 meters
Hole 08-DDH-722: 2.04 g/t gold over 47.5 meter
Hole 08-DDH-749: 6.26 g/t gold over 6.0 meter
Hole 08-DDH-816: 31.3 g/t gold over 2.0 meters
Hole 08-DDH-823: 2.94 g/t gold over 16.0 meters
Hole 08-DDH-836: 20.0 g/t over 2.0 meters
Hole 12-DH-1042: 7.58 g/t gold over 3 meters
Hole ROG-014: 5.64 g/t over 6.0 meters
Hole ROG-015: 5.72 g/t over 9.5 meters
Hole 25-DH-1286: 4.18 g/t over 139.0 meters
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Latest News Release and Corporate Operation Strategy
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2026 Q2 Financial Report for period ending June 30
https://spanishmountaingold.com/site/assets/f...ements.pdf
Management Discussion and Analysis
https://spanishmountaingold.com/site/assets/f...26_mda.pdf
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Cash in the coffer as of June 30, 2026 : $29.86 million
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Highlights from Page 9 of Management Discussion and Analysis June 30, 2026
The Company, along with BBA Engineering will produce a new PEA in Q4 of 2026, taking into account the 2025 Fall and the 2025 and 2026 Winter Drill Program results, the Phoenix Deposit MRE, the benefits of improving gold grade from the ore sorting technology and higher gold price.
MRE for titanium which occurs in significant amounts will be published by the end of 2026.
As of August 28, 2026, 43.9 percent of the 60,000 meter program has been completed, the drilling is to design infrastructure for mill and tailing storage facilities.
Feasibility Study will be completed in late 2027 or early 2028, it will assess the potential sale of gold and titanium concentrates.
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About BBA Engineering Ltd.
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https://www.bbaconsultants.com/en-ca
BBA Engineering Ltd. is the lead engineering consultant firm appointed by Spanish Mountain Gold Ltd. to advance its project and manage its Feasibility Study through economic assessment and engineering phases as the company transitions from exploration to a formal commercial build decision with completion of the FS by late 2027 or early 2028.
A new Preliminary Economic Assessment (PEA) will be release in Q4 of 2026, incorporating results from recent drilling programs, modern ore-sorting preconcentration technologies and potential higher gold price while holding in excess of 5 million ounces gold with 98% in the Measured and Indicated categories.
BBA leverages its specialization in Mining and Mineral Processing to de-risk the project's flowsheet. This includes designing best-in-class, integrated dry-stack tailings and coarse free-draining waste water management facilities.
The project's PEA base-case model showcases an after-tax Net Present Value (NPV 5%) of C$2.3 Billion, 32% Internal Return Rate (IRR) at gold price of US$3,300, scaling aggressively up to C$3.2 Billion under premium spot pricing.
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Coming Event
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Spanish Mountain Gold will be at the Annual Wealth Conference, hosted by GCFF
GCFF (Global Chinese Financial Forum) is owned, hosted, and operated by NAI Interactive Ltd., the parent company of NAI500.
https://gcff.ca/gcff-awc-vancouver-conference-2026/
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Date: Saturday, September 19, 2026
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Time: 9:00 AM – 5:00 PM Pacific Time
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Location: Executive Hotel, 7311 Westminster Hwy, Richmond, BC
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NAI500 presents Spanish Mountain Gold
https://nai500.com/spanish-mountain-gold-ltd/
https://nai500.com/blog/2026/06/relentless-pu...-tsxv-spa/
https://www.youtube.com/watch?v=wP4vRwvw5ak
This Chinese version is disseminated over Asia Pacific Rim countries
GCFF演講中文版 - Spanish Mountain Gold Ltd (TSXV SPA) 2026年GCFF線上 貴金屬投資會議（亞太專場)
Spanish Mountain Gold GCFF Virtual 2026 Precious Metals Conference, sponsored by NAI500
https://www.youtube.com/watch?v=QgDMq5w-UYk
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About NAI Interactive Ltd. (NAI500)
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NAI Interactive Ltd. (NAI500), established in 1998, is a leading bilingual market intelligence and investor relations service provider for fast-growing public companies in North America and Asia Pacific. Our experience in the resource and mining sector makes us an expert in aggregating information and analyzing market trends. We strive to provide a powerful platform at each step towards a tighter bond between public companies and global Chinese investors. NAI500 is the leading market intelligence platform connecting North American public companies with Chinese investors, providing market insights and real-time updates for our clients.
How does NAI500 stand out among other stock platforms and IR websites?
Unlike other IR platforms on the internet, NAI puts Chinese investors as our top priority. We are known as the one of leading Chinese investor relations platforms in North America. Our 15 years of experience in the North American energy and mining sectors makes us an expert in aggregating information and analyzing market trends. Since our inception in 1998, NAI has been well trusted by Chinese investors in the US, Canada, Hong Kong, Taiwan, Singapore and China.
https://nai500.com/about-us/
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Metals 100
NAI500’s Metals 100 is a new web platform dedicated to the metals & mining sector. It features in-depth video interviews with senior executives from leading metals and minerals companies, as well as industry experts and analysts. Our goal is to offer the next level of information and market insights that can help investors. We aim to make mining investments more accessible and understandable for investors of all experience levels.
https://nai500.com/metals-100/
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GCFF
GCFF (Global Chinese Financial Forum) and NAI500 are related platforms operated by NAI Interactive Ltd., an investor relations and financial media company established in 1998. Together, they serve as a bilingual bridge connecting North American public companies with global Asian and Chinese investors. The two components work together to provide market intelligence and networking opportunities. Since 2000, GCFF has hosted over 150 virtual and in-person events in major financial hubs, including Toronto, Vancouver, and across the Asia-Pacific region. These conferences highlight sectors like precious metals, cleantech, and technology, and have evolved into events like the Annual Wealth Conference
https://gcff.ca/
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https://investorshangout.com/images/MYImages/...recast.png
SPA.V daily (live chart)
https://stockcharts.com/sc3/ui/?s=SPA.V&p...1855118363
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US DOLLAR weekly
https://stockcharts.com/sc3/ui/?s=%24USD&...4982523747
Gold weekly
https://stockcharts.com/sc3/ui/?s=%24GOLD&...8609492691
XAU weekly
https://stockcharts.com/sc3/ui/?s=%24XAU&...4158123608
SPA.V weekly
https://stockcharts.com/sc3/ui/?s=SPA.V&p...8609492691
SPAUF weekly
https://stockcharts.com/sc3/ui/?s=SPAUF&p...8609492691
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Coming catalyst for share price re-rating
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Analysts' 12-month share price forecast for SPA.V
https://money.tmx.com/en/quote/SPA
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Where will SPA.V share price peak at in the coming share price re-rating?
- Share price of its peers hit 52-week high of $1.54 to $3.20.
- Spanish Mountain Gold has the highest proven gold reserves in the Measured and Indicated category among its peers.
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In my judgement, it should peak at over $3 before pulling back and settle at $1 and as mine construction begins, share price will move in an up channel beyond $1 as institution buying trickles in as due to Internal fund rules on risk limits and strict liquidity, most institutions such as mutual funds and pensions do not invest in penny stocks under $1.
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Atrium Research analyst Ben Pirie maintains a Buy rating on Spanish Mountain Gold (TSXV: SPA), with a price target of C$1.00. This target was reaffirmed in early June 2026.
Atrium Research is a Toronto-based independent financial research firm that specializes in company-sponsored equity research for underfollowed small- and mid-cap public companies in North America. The firm aims to increase visibility for these overlooked equities by providing in-depth valuation analysis and management interviews. The firm is privately owned and operated by co-founders Ben Pirie and Nicholas Cortellucci.
Atrium Research updates on Spanish Mountain Gold with share price target
https://www.atriumresearch.ca/spa
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Red Cloud Securities currently maintains a Buy rating with a price target of C$0.90/share for Spanish Mountain Gold Ltd. (TSXV: SPA). This target was updated following continuous strong drill results at the Orca Zone and ongoing feasibility testing.
Red Cloud Securities is a Toronto-based, IIROC-regulated investment dealer and boutique global investment bank. Founded in 2011, it focuses primarily on the junior resource and mining sectors, helping exploration, development, and junior production companies raise capital and connect with retail and institutional investors.
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In the coming 2030 Cariboo gold rush Spanish Mountain Gold Mine will be the third biggest mining project in the Cariboo region after Artemis Gold's Blackwater Mine and Osisko Development's Golden Cariboo Project.
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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
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Past Event
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CFO Mark Ruus presents Spanish Mountain Gold at the Mining Investment Event in Quebec City, June 2-4 2026
https://www.youtube.com/watch?v=6QBjzRlOJKk
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Peter Mah's attendance at The Event, Quebec City, June 5, 2025 harvested partnership with Wheaton Precious Metals
https://www.youtube.com/watch?v=9MDABJPTEFU
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Spanish Mountain Gold is inching towards Feasibility and Mine Building Decision
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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 successful footsteps of Blackwater Mine )
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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
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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/
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Metso 14MW ball mill (pulverizes pebbles to extract gold and silver particles)
https://youtu.be/4VmJ0vBRAG4
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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.
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Blackwater Mine - Capital Expenditure
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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, equivalent to increasing daily throughput from 26,000 tonnes daily to 69,000 tonnes daily.
Artemis Gold is incorporating XRT (X-ray transmission) ore sorting technology as a key component of its Phase 2 expansion for the Blackwater Mine in central British Columbia. The technology is being used to pre-concentrate mineralization and reject waste rock prior to milling.The addition of XRT sorting is designed to upgrade the head grade of the mill feed, improving processing efficiency and scaling production capacity. Artemis Gold's Executive Chair highlighted the inclusion of this technology as an essential part of the mine's future development trajectory.
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
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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.
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Blackwater Mine 2026 Q1 gold production, sales and revenue
Gold production: 61,923 ounces.
Gold sales: 60,517 ounces
Average realized gold sale price: US$4,795 per ounce (CAN$6,808)
Q1 revenue: $315.4 million
Artemis Gold CEO Dale Andres commented: “We achieved record gold recoveries in the mill and strong grades from the open pit – which helped mitigate the impact of the unexpected shutdown in early March due to the ball mill gearbox failure. Our team responded quickly and mining and milling operations at Blackwater are currently performing well. We delivered strong financial performance during the quarter with low AISC and strong margins and cash flows, and we remain well positioned to achieve our full-year production and cost guidance.
Source of information:
May 6, 2026 - https://artemisgoldinc.com/news/media-release...ng-results
April 9, 2026 - https://artemisgoldinc.com/news/media-release...on-results
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Artemis Gold announces 2026 Q2 (3 months ending June 30) production results at the Blackwater Mine
https://artemisgoldinc.com/news/media-release...on-results
Blackwater produced 74,063 ounces of gold in Q2 2026, a 20% increase from the previous quarter, driven by higher feed grades, higher gold recoveries, and higher mill throughout in the processing plant. Year to date, Blackwater has produced 135,986 ounces of gold and is on track to achieve its full year production guidance of 265,000 to 290,000 ounces of gold.
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Artemis Gold Reports Record Financial and Operating Results for Q2 2026
https://artemisgoldinc.com/news/media-release...or-q2-2026
Q2 2026 Highlights
Gold production of 74,063 ounces
Gold sales of 78,126 ounces, including 22,828 ounces delivered into the hedge programs; gold sold into the spot market attracted an average realized price1 of US$4,392 per ounce
Revenue of $433.6 million
Cash costs1 of US$813 per ounce of gold sold and all-in sustaining costs (AISC)1 of US$955 per ounce of gold sold
AISC margin1 of US$2,519 per ounce of gold sold, representing 71% of cash revenue
Cash flow from operating activities of $207.5 million
Adjusted net income1 of $199.7 million, or $0.83 per share fully diluted
Adjusted EBITDA[1] of $285.2 million
Purchased 172,500 ounces of gold put options at a strike price of CAD$5,300 per ounce with expiry dates between July 2026 and June 2027, providing downside gold price protection during EP2 construction
At June 30, 2026, cash and equivalents totalled $178.9 million; total available liquidity of $878.9 million
At the end of Q2 2026, 8 million hours had been worked without a lost time incident
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Blackwater Mine construction videos
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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
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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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Update on the progress of XRT ore sorting technology at the Phoenix deposit
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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. The technology successfully upgrades the mill feed grade by over two times while rejecting 50% to 70% of waste rock, maintaining gold recoveries between 85% and 92%. By removing waste early, the company will reduce both the environmental footprint with fewer tailings and will reduce capital expenditure in mine construction.
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. Ore sorting and recent high-grade drilling results are being incorporated into an ongoing Feasibility Study expected to be completed in late 2027 or early 2028, with a mine build decision targeted for 2028.
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Update on the 2026 Feasibility Study Drill Program
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The 2026 Feasibility Study (FS) Drill Program has completed 17,143 metres of its planned 60,000-metre campaign. Drilling is pivoting to the high-grade K-zone target. Two rigs are operating along the Orca Fault Corridor, with two more mobilizing to the K-zone target.
Initiated in March 2026, the drilling program successfully confirms near-surface, high-grade gold continuity and expands the mineralized footprint along the critical Orca Fault
Hole 26-DH-1361 returned significant results, including 100.0 m at 1.00 g/t gold
Hole 26-DH-1366 returned 138.8 m at 0.79 g/t gold within the core zone
Holes 26-DH-1367 to 26-DH-1373 confirm broad, near-surface gold mineralization. Key intercepts include 69.20 m of 0.74 g/t gold (including 14.85 m of 2.05 g/t), 77.85 m of 0.70 g/t gold, and a 193.00 m intercept of 0.41 g/t gold.
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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).
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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
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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
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Mineral Resource Estimate (MRE) as of July 3, 2025
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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 July 27, 2026 news release on K-zone drill assays
https://investorshangout.com/images/MYImages/...July27.jpg
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Drilling area:
https://investorshangout.com/images/MYImages/...ngarea.jpg
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).
Average gold grade in the K-zone is 0.42 g/t, 220 million tonnes of 0.42 g/t contains 3.0 million ounces of gold.
But the XRT ore sorting technology successfully upgrades the mill feed grade by over two times while rejecting 50% to 70% of waste rock, maintaining gold recoveries between 85% and 92%. By removing waste early, the company will increase gold grade feeding to the mill to around 1 g/t or higher, it will also reduce both the environmental footprint with fewer tailings and will reduce capital expenditure in mine construction.
Based on the silver resource to gold resource ratio of 1.5 in the Main Zone, K-zone will has Measured + Indicated resources of 3 million ounces gold and 4 million ounces silver added to the July 3, 2025 PEA. 2026 new PEA's new MRE will likely show Proven Reserve of 7 million ounces of gold and 10 million ounces of silver in the Measured + Indicated category.
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Spanish Mountain Gold - Corporate Presentation
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https://spanishmountaingold.com/site/assets/f..._draft.pdf
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Spanish Mountain Gold - Conjectured financial report during production phases
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https://investorshangout.com/images/MYImages/...nology.jpg
The U.S. government is currently paying a historic record of over $1.2 trillion per year in gross interest on the national debt, which now exceeds $39 trillion. This equates to over $3 billion every day, making debt servicing one of the single largest expenses in the federal budget. 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). Spanish Mountain Gold will be selling its gold at US$8000 per ounce (CAN$10400). 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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Warrants, Options, Insider share ownership
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As of July 16, 2026
https://investorshangout.com/images/MYImages/...162026.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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Vision for the future
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https://investorshangout.com/images/MYImages/...future.jpg
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Prospect of future Net Present Value
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At gold price of US$2,450/oz, after tax NPV is C$1.0 billion.
At gold price of US$3,300/oz, after tax NPV is C$2.3 billion.
For each US$100 increase in gold price, the company's Net Present Value will increase by CAN$150 million.
For each US$1 increase in gold price, the company's Net Present Value will increase by CAN$1.5 million.
At Blackwater Mine's 2025 gold sale price of US$4,168/oz, after tax NPV will be at C$3.6 billion.
At gold price of US$5,000/oz, after tax NPV will be at C$4.8 billion.
In 2030, if gold sale price will be US$8,000/oz, after tax NPV will surge to C$9.3 billion.
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Will gold price hit US$8,000?
https://ca.finance.yahoo.com/news/gold-could-...00012.html
https://www.google.com/search?q=will+gold+pri...nt=gws-wiz
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NPV5% = (Future Cash Flow / (1+Discount Rate)^24.5 years ) - Capital Expenditure
5% discount rate is typically used in calculating the Net Present Value to account for the future diminishing purchasing power of paper money.
https://www.visualcapitalist.com/purchasing-p...over-time/
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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 2028, after which a two-year construction phase will begin. Tentative production is scheduled for early 2030. 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.
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With update on Artemis Gold's Blackwater Mine 2026 Q2 gold production and revenue (scroll down to Blackwater Mine section).
Blackwater Mine is Spanish Mountain Gold's vision for the future
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Spanish Mountain Gold's proven gold reserves far emulates its peers while its share price and market capitalization is only at a fraction of its peers. The coming new Mineral Resource Estimate showing proven gold reserves in excess of 5 million ounces will further provoke outcry on its undervalued status.
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Hole 06-DDH-286: 125 g/t over 0.75 meters
Hole 07-DDH-588: 241 g/t over 1.50 meters
Hole 07-DDH-597A: 10.15 g/t over 3.0 meters and 17.7 g/t over 1.5 meters
Hole 07-DDH-634: 2.76 g/t gold over 22.05 meters
Hole 07-DDH-635: 4.13 g/t gold over10.5 meters
Hole 08-DDH-714: 37.6 g/t gold over 1.0 meter and 1.13 g/t over 10.5 meters
Hole 08-DDH-722: 2.04 g/t gold over 47.5 meter
Hole 08-DDH-749: 6.26 g/t gold over 6.0 meter
Hole 08-DDH-816: 31.3 g/t gold over 2.0 meters
Hole 08-DDH-823: 2.94 g/t gold over 16.0 meters
Hole 08-DDH-836: 20.0 g/t over 2.0 meters
Hole 12-DH-1042: 7.58 g/t gold over 3 meters
Hole ROG-014: 5.64 g/t over 6.0 meters
Hole ROG-015: 5.72 g/t over 9.5 meters
Hole 25-DH-1286: 4.18 g/t over 139.0 meters
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Latest News Release and Corporate Operation Strategy
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2026 Q2 Financial Report for period ending June 30
https://spanishmountaingold.com/site/assets/f...ements.pdf
Management Discussion and Analysis
https://spanishmountaingold.com/site/assets/f...26_mda.pdf
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Cash in the coffer as of June 30, 2026 : $29.86 million
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Highlights from Page 9 of Management Discussion and Analysis June 30, 2026
The Company, along with BBA Engineering will produce a new PEA in Q4 of 2026, taking into account the 2025 Fall and the 2025 and 2026 Winter Drill Program results, the Phoenix Deposit MRE, the benefits of improving gold grade from the ore sorting technology and higher gold price.
MRE for titanium which occurs in significant amounts will be published by the end of 2026.
As of August 28, 2026, 43.9 percent of the 60,000 meter program has been completed, the drilling is to design infrastructure for mill and tailing storage facilities.
Feasibility Study will be completed in late 2027 or early 2028, it will assess the potential sale of gold and titanium concentrates.
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About BBA Engineering Ltd.
========================
https://www.bbaconsultants.com/en-ca
BBA Engineering Ltd. is the lead engineering consultant firm appointed by Spanish Mountain Gold Ltd. to advance its project and manage its Feasibility Study through economic assessment and engineering phases as the company transitions from exploration to a formal commercial build decision with completion of the FS by late 2027 or early 2028.
A new Preliminary Economic Assessment (PEA) will be release in Q4 of 2026, incorporating results from recent drilling programs, modern ore-sorting preconcentration technologies and potential higher gold price while holding in excess of 5 million ounces gold with 98% in the Measured and Indicated categories.
BBA leverages its specialization in Mining and Mineral Processing to de-risk the project's flowsheet. This includes designing best-in-class, integrated dry-stack tailings and coarse free-draining waste water management facilities.
The project's PEA base-case model showcases an after-tax Net Present Value (NPV 5%) of C$2.3 Billion, 32% Internal Return Rate (IRR) at gold price of US$3,300, scaling aggressively up to C$3.2 Billion under premium spot pricing.
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Coming Event
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Spanish Mountain Gold will be at the Annual Wealth Conference, hosted by GCFF
GCFF (Global Chinese Financial Forum) is owned, hosted, and operated by NAI Interactive Ltd., the parent company of NAI500.
https://gcff.ca/gcff-awc-vancouver-conference-2026/
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Date: Saturday, September 19, 2026
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Time: 9:00 AM – 5:00 PM Pacific Time
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Location: Executive Hotel, 7311 Westminster Hwy, Richmond, BC
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NAI500 presents Spanish Mountain Gold
https://nai500.com/spanish-mountain-gold-ltd/
https://nai500.com/blog/2026/06/relentless-pu...-tsxv-spa/
https://www.youtube.com/watch?v=wP4vRwvw5ak
This Chinese version is disseminated over Asia Pacific Rim countries
GCFF演講中文版 - Spanish Mountain Gold Ltd (TSXV SPA) 2026年GCFF線上 貴金屬投資會議（亞太專場)
Spanish Mountain Gold GCFF Virtual 2026 Precious Metals Conference, sponsored by NAI500
https://www.youtube.com/watch?v=QgDMq5w-UYk
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About NAI Interactive Ltd. (NAI500)
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NAI Interactive Ltd. (NAI500), established in 1998, is a leading bilingual market intelligence and investor relations service provider for fast-growing public companies in North America and Asia Pacific. Our experience in the resource and mining sector makes us an expert in aggregating information and analyzing market trends. We strive to provide a powerful platform at each step towards a tighter bond between public companies and global Chinese investors. NAI500 is the leading market intelligence platform connecting North American public companies with Chinese investors, providing market insights and real-time updates for our clients.
How does NAI500 stand out among other stock platforms and IR websites?
Unlike other IR platforms on the internet, NAI puts Chinese investors as our top priority. We are known as the one of leading Chinese investor relations platforms in North America. Our 15 years of experience in the North American energy and mining sectors makes us an expert in aggregating information and analyzing market trends. Since our inception in 1998, NAI has been well trusted by Chinese investors in the US, Canada, Hong Kong, Taiwan, Singapore and China.
https://nai500.com/about-us/
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Metals 100
NAI500’s Metals 100 is a new web platform dedicated to the metals & mining sector. It features in-depth video interviews with senior executives from leading metals and minerals companies, as well as industry experts and analysts. Our goal is to offer the next level of information and market insights that can help investors. We aim to make mining investments more accessible and understandable for investors of all experience levels.
https://nai500.com/metals-100/
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GCFF
GCFF (Global Chinese Financial Forum) and NAI500 are related platforms operated by NAI Interactive Ltd., an investor relations and financial media company established in 1998. Together, they serve as a bilingual bridge connecting North American public companies with global Asian and Chinese investors. The two components work together to provide market intelligence and networking opportunities. Since 2000, GCFF has hosted over 150 virtual and in-person events in major financial hubs, including Toronto, Vancouver, and across the Asia-Pacific region. These conferences highlight sectors like precious metals, cleantech, and technology, and have evolved into events like the Annual Wealth Conference
https://gcff.ca/
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https://investorshangout.com/images/MYImages/...recast.png
SPA.V daily (live chart)
https://stockcharts.com/sc3/ui/?s=SPA.V&p...1855118363
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US DOLLAR weekly
https://stockcharts.com/sc3/ui/?s=%24USD&...4982523747
Gold weekly
https://stockcharts.com/sc3/ui/?s=%24GOLD&...8609492691
XAU weekly
https://stockcharts.com/sc3/ui/?s=%24XAU&...4158123608
SPA.V weekly
https://stockcharts.com/sc3/ui/?s=SPA.V&p...8609492691
SPAUF weekly
https://stockcharts.com/sc3/ui/?s=SPAUF&p...8609492691
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Coming catalyst for share price re-rating
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Analysts' 12-month share price forecast for SPA.V
https://money.tmx.com/en/quote/SPA
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Where will SPA.V share price peak at in the coming share price re-rating?
- Share price of its peers hit 52-week high of $1.54 to $3.20.
- Spanish Mountain Gold has the highest proven gold reserves in the Measured and Indicated category among its peers.
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In my judgement, it should peak at over $3 before pulling back and settle at $1 and as mine construction begins, share price will move in an up channel beyond $1 as institution buying trickles in as due to Internal fund rules on risk limits and strict liquidity, most institutions such as mutual funds and pensions do not invest in penny stocks under $1.
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Atrium Research analyst Ben Pirie maintains a Buy rating on Spanish Mountain Gold (TSXV: SPA), with a price target of C$1.00. This target was reaffirmed in early June 2026.
Atrium Research is a Toronto-based independent financial research firm that specializes in company-sponsored equity research for underfollowed small- and mid-cap public companies in North America. The firm aims to increase visibility for these overlooked equities by providing in-depth valuation analysis and management interviews. The firm is privately owned and operated by co-founders Ben Pirie and Nicholas Cortellucci.
Atrium Research updates on Spanish Mountain Gold with share price target
https://www.atriumresearch.ca/spa
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Red Cloud Securities currently maintains a Buy rating with a price target of C$0.90/share for Spanish Mountain Gold Ltd. (TSXV: SPA). This target was updated following continuous strong drill results at the Orca Zone and ongoing feasibility testing.
Red Cloud Securities is a Toronto-based, IIROC-regulated investment dealer and boutique global investment bank. Founded in 2011, it focuses primarily on the junior resource and mining sectors, helping exploration, development, and junior production companies raise capital and connect with retail and institutional investors.
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In the coming 2030 Cariboo gold rush Spanish Mountain Gold Mine will be the third biggest mining project in the Cariboo region after Artemis Gold's Blackwater Mine and Osisko Development's Golden Cariboo Project.
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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
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Past Event
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CFO Mark Ruus presents Spanish Mountain Gold at the Mining Investment Event in Quebec City, June 2-4 2026
https://www.youtube.com/watch?v=6QBjzRlOJKk
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Peter Mah's attendance at The Event, Quebec City, June 5, 2025 harvested partnership with Wheaton Precious Metals
https://www.youtube.com/watch?v=9MDABJPTEFU
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Spanish Mountain Gold is inching towards Feasibility and Mine Building Decision
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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 successful footsteps of Blackwater Mine )
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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
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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/
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Metso 14MW ball mill (pulverizes pebbles to extract gold and silver particles)
https://youtu.be/4VmJ0vBRAG4
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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.
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Blackwater Mine - Capital Expenditure
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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, equivalent to increasing daily throughput from 26,000 tonnes daily to 69,000 tonnes daily.
Artemis Gold is incorporating XRT (X-ray transmission) ore sorting technology as a key component of its Phase 2 expansion for the Blackwater Mine in central British Columbia. The technology is being used to pre-concentrate mineralization and reject waste rock prior to milling.The addition of XRT sorting is designed to upgrade the head grade of the mill feed, improving processing efficiency and scaling production capacity. Artemis Gold's Executive Chair highlighted the inclusion of this technology as an essential part of the mine's future development trajectory.
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
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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.
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Blackwater Mine 2026 Q1 gold production, sales and revenue
Gold production: 61,923 ounces.
Gold sales: 60,517 ounces
Average realized gold sale price: US$4,795 per ounce (CAN$6,808)
Q1 revenue: $315.4 million
Artemis Gold CEO Dale Andres commented: “We achieved record gold recoveries in the mill and strong grades from the open pit – which helped mitigate the impact of the unexpected shutdown in early March due to the ball mill gearbox failure. Our team responded quickly and mining and milling operations at Blackwater are currently performing well. We delivered strong financial performance during the quarter with low AISC and strong margins and cash flows, and we remain well positioned to achieve our full-year production and cost guidance.
Source of information:
May 6, 2026 - https://artemisgoldinc.com/news/media-release...ng-results
April 9, 2026 - https://artemisgoldinc.com/news/media-release...on-results
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Artemis Gold announces 2026 Q2 (3 months ending June 30) production results at the Blackwater Mine
https://artemisgoldinc.com/news/media-release...on-results
Blackwater produced 74,063 ounces of gold in Q2 2026, a 20% increase from the previous quarter, driven by higher feed grades, higher gold recoveries, and higher mill throughout in the processing plant. Year to date, Blackwater has produced 135,986 ounces of gold and is on track to achieve its full year production guidance of 265,000 to 290,000 ounces of gold.
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Artemis Gold Reports Record Financial and Operating Results for Q2 2026
https://artemisgoldinc.com/news/media-release...or-q2-2026
Q2 2026 Highlights
Gold production of 74,063 ounces
Gold sales of 78,126 ounces, including 22,828 ounces delivered into the hedge programs; gold sold into the spot market attracted an average realized price1 of US$4,392 per ounce
Revenue of $433.6 million
Cash costs1 of US$813 per ounce of gold sold and all-in sustaining costs (AISC)1 of US$955 per ounce of gold sold
AISC margin1 of US$2,519 per ounce of gold sold, representing 71% of cash revenue
Cash flow from operating activities of $207.5 million
Adjusted net income1 of $199.7 million, or $0.83 per share fully diluted
Adjusted EBITDA[1] of $285.2 million
Purchased 172,500 ounces of gold put options at a strike price of CAD$5,300 per ounce with expiry dates between July 2026 and June 2027, providing downside gold price protection during EP2 construction
At June 30, 2026, cash and equivalents totalled $178.9 million; total available liquidity of $878.9 million
At the end of Q2 2026, 8 million hours had been worked without a lost time incident
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Blackwater Mine construction videos
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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
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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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Update on the progress of XRT ore sorting technology at the Phoenix deposit
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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. The technology successfully upgrades the mill feed grade by over two times while rejecting 50% to 70% of waste rock, maintaining gold recoveries between 85% and 92%. By removing waste early, the company will reduce both the environmental footprint with fewer tailings and will reduce capital expenditure in mine construction.
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. Ore sorting and recent high-grade drilling results are being incorporated into an ongoing Feasibility Study expected to be completed in late 2027 or early 2028, with a mine build decision targeted for 2028.
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Update on the 2026 Feasibility Study Drill Program
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The 2026 Feasibility Study (FS) Drill Program has completed 17,143 metres of its planned 60,000-metre campaign. Drilling is pivoting to the high-grade K-zone target. Two rigs are operating along the Orca Fault Corridor, with two more mobilizing to the K-zone target.
Initiated in March 2026, the drilling program successfully confirms near-surface, high-grade gold continuity and expands the mineralized footprint along the critical Orca Fault
Hole 26-DH-1361 returned significant results, including 100.0 m at 1.00 g/t gold
Hole 26-DH-1366 returned 138.8 m at 0.79 g/t gold within the core zone
Holes 26-DH-1367 to 26-DH-1373 confirm broad, near-surface gold mineralization. Key intercepts include 69.20 m of 0.74 g/t gold (including 14.85 m of 2.05 g/t), 77.85 m of 0.70 g/t gold, and a 193.00 m intercept of 0.41 g/t gold.
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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).
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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
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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
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Mineral Resource Estimate (MRE) as of July 3, 2025
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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 July 27, 2026 news release on K-zone drill assays
https://investorshangout.com/images/MYImages/...July27.jpg
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Drilling area:
https://investorshangout.com/images/MYImages/...ngarea.jpg
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).
Average gold grade in the K-zone is 0.42 g/t, 220 million tonnes of 0.42 g/t contains 3.0 million ounces of gold.
But the XRT ore sorting technology successfully upgrades the mill feed grade by over two times while rejecting 50% to 70% of waste rock, maintaining gold recoveries between 85% and 92%. By removing waste early, the company will increase gold grade feeding to the mill to around 1 g/t or higher, it will also reduce both the environmental footprint with fewer tailings and will reduce capital expenditure in mine construction.
Based on the silver resource to gold resource ratio of 1.5 in the Main Zone, K-zone will has Measured + Indicated resources of 3 million ounces gold and 4 million ounces silver added to the July 3, 2025 PEA. 2026 new PEA's new MRE will likely show Proven Reserve of 7 million ounces of gold and 10 million ounces of silver in the Measured + Indicated category.
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Spanish Mountain Gold - Corporate Presentation
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https://spanishmountaingold.com/site/assets/f..._draft.pdf
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Spanish Mountain Gold - Conjectured financial report during production phases
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https://investorshangout.com/images/MYImages/...nology.jpg
The U.S. government is currently paying a historic record of over $1.2 trillion per year in gross interest on the national debt, which now exceeds $39 trillion. This equates to over $3 billion every day, making debt servicing one of the single largest expenses in the federal budget. 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). Spanish Mountain Gold will be selling its gold at US$8000 per ounce (CAN$10400). 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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Warrants, Options, Insider share ownership
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As of July 16, 2026
https://investorshangout.com/images/MYImages/...162026.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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Vision for the future
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https://investorshangout.com/images/MYImages/...future.jpg
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Prospect of future Net Present Value
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At gold price of US$2,450/oz, after tax NPV is C$1.0 billion.
At gold price of US$3,300/oz, after tax NPV is C$2.3 billion.
For each US$100 increase in gold price, the company's Net Present Value will increase by CAN$150 million.
For each US$1 increase in gold price, the company's Net Present Value will increase by CAN$1.5 million.
At Blackwater Mine's 2025 gold sale price of US$4,168/oz, after tax NPV will be at C$3.6 billion.
At gold price of US$5,000/oz, after tax NPV will be at C$4.8 billion.
In 2030, if gold sale price will be US$8,000/oz, after tax NPV will surge to C$9.3 billion.
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Will gold price hit US$8,000?
https://ca.finance.yahoo.com/news/gold-could-...00012.html
https://www.google.com/search?q=will+gold+pri...nt=gws-wiz
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NPV5% = (Future Cash Flow / (1+Discount Rate)^24.5 years ) - Capital Expenditure
5% discount rate is typically used in calculating the Net Present Value to account for the future diminishing purchasing power of paper money.
https://www.visualcapitalist.com/purchasing-p...over-time/
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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 2028, after which a two-year construction phase will begin. Tentative production is scheduled for early 2030. 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.
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