Spanish Mountain Gold Expands Mineralization Intersecting 252.3 Meters of 0.82 g/t Gold Including 93.5 Meters of 1.32 g/t Gold as Part of Its Feasibility Study Drill Program

Spanish Mountain Gold Ltd. (SPA) has released assay results from ten diamond drill holes, numbered 26-DH-1381 through 26-DH-1390, as part of its 2026 feasibility drill program at the Spanish Mountain Gold project in British Columbia.

The company highlighted hole 26-DH-1390, which returned 252.3 m @ 0.82 g/t Au from 75.5 m depth. This interval includes 93.5 m @ 1.32 g/t Au and a 5.2 m sub-interval grading 3.23 g/t Au. A lower intercept of 106.9 m @ 0.55 g/t Au was also reported for this hole.

Other holes returned long, low-grade intervals: * 26-DH-1388: 279 m @ 0.35 g/t * 26-DH-1381: 346.7 m @ 0.36 g/t * 26-DH-1389: 322.35 m @ 0.28 g/t

Approximately 18,500 m of the planned 60,000 m program has been completed, with results pending for 16 holes. The feasibility study is fully funded and targets completion by early 2028.

Spanish Mountain Gold Ltd. (SPA) is an explorer and developer with a 4.2 moz measured and indicated resource and a preliminary economic assessment showing a C$1.0 billion net present value. The company’s 2026 drilling program is designed to upgrade resources to reserves and potentially increase grade for the feasibility study. Hole 1390’s 206.9 g‑m intercept is considered strong for this deposit type, though the existing resource already contains many higher-grade zones.

Market expectations, as reflected in the chart, have drifted lower since May, with the stock trading at C$0.29 compared to a post-NSR high of C$0.40. Earlier similar intercepts, such as the 100 m @ 1.00 g/t reported on June 15, generated a brief $0.01–$0.02 bounce that quickly faded. This suggests the market has priced in a steady stream of good-but-incremental infill hits and is not repricing on each one.

As a pre-feasibility developer with no revenue, drill results are the main near-term catalyst, but the NSR financing and feasibility progress remain the dominant value drivers. A single infill hole does not materially alter the resource size or the probability of a 2028 build decision.

Spanish Mountain Gold Ltd. (SPA) holds the Spanish Mountain Gold project in the Cariboo Gold Corridor, British Columbia. The project is a large, low-grade open-pit gold deposit with 4.16 moz Measured and Indicated resources at 0.44 g/t Au and 0.51 moz Inferred resources. A 2025 Preliminary Economic Assessment outlined an after-tax NPV(5%) of C$1.0B at US$2,450/oz gold.

The company is fully funded for a feasibility study through a US$55M NSR sale to Wheaton Precious Metals, with the first US$22.5M received in May 2026. The feasibility study targets completion in H1 2028, with a construction decision expected in 2028.

Financials for Q1 2026 show working capital of approximately C$4.3M and cash of approximately C$1.4M, with subsequent NSR proceeds not yet reflected. The company has no debt, though it carries a going-concern note due to its pre-revenue stage and reliance on future funding.