Spanish Mountain Gold Reports C$1B Economic Assessment for 3M Oz BC Project

Spanish Mountain Gold Ltd. has announced a larger scale Preliminary Economic Assessment (PEA) for its Spanish Mountain Gold Project in British Columbia, revealing a base case after-tax NPV5% of C$1.0 billion and an 18.2% internal rate of return (IRR) at a gold price of US$2,450 per ounce, with a projected 24.5-year mine life producing 3 million ounces of payable gold. At the current spot gold price of US$3,300 per ounce, the after-tax NPV5% rises to C$2.3 billion with an IRR of 32.0% and a reduced payback period of 2 years, underscoring the project's strong economic potential. The PEA, prepared by a consortium led by Ausenco Engineering Canada ULC, includes an updated mineral resource estimate and envisions a conventional open pit mining and milling operation with improved throughput and gold recovery metrics, alongside innovative environmental management strategies. Spanish Mountain Gold is advancing the project towards feasibility with a targeted construction decision by 2027, highlighting its commitment to sustainable mining practices and strong community and Indigenous engagement. The company also announced a debt settlement agreement involving cash payments and share issuance to Whittle Consulting Ltd., which supports its financial restructuring. Overall, the assessment marks a significant milestone in Spanish Mountain Gold's transition from exploration to development, supported by extensive drilling data and optimistic project upside prospects.