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SPA: Strong Drill Results Continue into 2026

What you need to know:
• This morning, SPA announced assay results from five drill holes within the Orca Fault target at its Spanish Mountain Gold project.
• The release reported several wide intervals of grade above resource grades, including 0.58 g/t Au over 206m, 0.77 g/t Au over 142m.
• SPA has completed 13,819m of drilling, surpassing the original target of 9,000-10,000m. Assays remain pending from seven drill holes.
• Drilling supports advancement toward a 2027 construction decision, building on a PEA with $2.3B NPV5% and 32% IRR at US$3,300/oz (well below the current spot price of US$5,200/oz).

This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) announced assay results from five exploration drill holes as part of its 2025 fall diamond drill program, which has now continued into 2026 at its Spanish Mountain Gold project. All drill holes were again drilled within the Orca Fault, an area in the heart of the deposit which continues to be a zone with higher-grade gold mineralization. The Company has completed 13,819m of drilling as part of its 2025 Fall Drill Program, which is now continuing in 2026. Assays remain pending on seven holes also within the Orca Fault area.

Today’s results impress as intercept grades are materially higher than the average M&I resource grade of 0.44 g/t and are also over very wide widths. Three holes reported in this release all intersected impressive results with the three key highlights being 0.58 g/t Au over 206m, 0.77 g/t over 142m, and 0.99 g/t over 69m (see below). The Company also reported a batch of drill results on February 3rd, with similar high-grade over large width intercepts (see page 2 for a breakdown). Drill assay results continue to intersect higher-grade mineralization over ~530m in strike length in the Orca Fault target area, and the continuity can now be traced across multiple parallel, adjacent drill sections over 200m. We are maintaining our BUY rating and $0.80/share target price on Spanish Mountain Gold.

Highlights from today’s release:
26-DH-1328:
• 0.58 g/t Au over 205.9m from 10.1m, including 1.19 g/t over 47.0m with a high-grade subset of 2.22 g/t Au over 14.5m
• 0.52 g/t Au over 58.0m from 290.0m, including 1.31 g/t Au over 10.3m
26-DH-1329:
• 0.77 g/t Au over 142.0m from 9.0m, including 0.88 g/t Au over 53.0m with a high-grade subset of 1.57 g/t Au over 23.0m
• 0.69 g/t Au over 19.5m from 213.5m, including 6.16 g/t Au over 1.5m
• 0.88 g/t Au over 7.5m from 247.5m, including 8.17 g/t Au over 0.70m
26-DH-1331A:
• 0.99 g/t Au over 69.4m from 50.6m, including 1.86 g/t Au over 19.5m