Spanish Mountain Gold Acquires 28 Mineral Claims, Expands Exploration Opportunities to Grow Mineralization
Spanish Mountain advances feasibility toward a 2028 build decision through claim expansion and a power study.
Spanish Mountain Gold Ltd. has entered into a purchase agreement to acquire 28 mineral claims totaling more than 2,000 hectares contiguous with its Spanish Mountain Gold Project in British Columbia. The consideration for the transaction includes $37,500 in cash, $37,500 in common shares, and a 0.5% Net Smelter Returns (NSR) royalty, with deferred payments due at the one-year anniversary.
The transaction is subject to TSXV acceptance and aims to expand the claim area to support long-term exploration and project economics. Additionally, the company continues to advance a fully funded feasibility study initiated in Q2 2026, targeting a construction decision in 2028.
Spanish Mountain Gold Ltd. (SPA) has completed a land acquisition that expands its exploration portfolio, a standard move for development-stage gold companies securing additional rights. The financial consideration for the deal is immaterial relative to the company’s cash position and market capitalization.
As part of the agreement, the company granted a 0.5% net smelter return (NSR) royalty, a standard industry practice that does not significantly alter the project's economic profile. This new royalty sits alongside an existing 1.5% NSR previously sold to Wheaton Precious Metals. The transaction does not change the project's timeline, financing status, or operational roadmap, serving instead as an incremental step that aligns with the ongoing feasibility study and exploration program.
Spanish Mountain Gold Ltd. is advancing the Spanish Mountain Gold Project in the Cariboo District of British Columbia, a Tier 1 mining jurisdiction. The project is currently in the feasibility study phase, which was initiated in Q2 2026, with a target construction decision set for H1 2028.
The flagship Main Deposit holds a consolidated M&I resource of 342.0 Mt at 0.42 g/t Au for 4.7 million ounces of gold. A September 2026 PEA Update outlines a 25.8-year life of mine producing 3.33 million ounces of payable gold, with an after-tax NPV5% of US$2.156 billion at a $3,600/oz gold price and an IRR of 35.2%.
The company is also testing sensor-based ore sorting on the Phoenix deposit to potentially upgrade feed grades and improve project economics.