Spanish Mountain Gold Project Consolidated Mineral Resources
Total combined Mineral Resources for the Spanish Mountain Gold Project are summarized in the table below. Total Measured and Indicated mineral resources include 292.1 Mt at 0.44 g/t gold for total 4.16 M contained gold ounces. Total inferred mineral resources include 40.3 Mt at 0.40 g/t gold for total 512 k contained gold ounces.
Consolidated Mineral Resources for the Spanish Mountain Gold Project
| Area | Classification | Cut Off Gold Grade (g/t) |
Tonnes (Mt) |
Gold (g/t) |
Contained Gold (koz) |
Silver (g/t) |
Contained Silver (koz) |
| Main Deposit | Measured | 0.15 | 77.4 | 0.53 | 1,321 | 0.68 | 1,701 |
| Indicated | 214.7 | 0.41 | 2,842 | 0.65 | 4,463 | ||
| M&I | 292.1 | 0.44 | 4,163 | 0.66 | 6,163 | ||
| Inferred | 14.8 | 0.33 | 155 | 0.95 | 454 | ||
| Phoenix Deposit | Indicated | 0.20 | 0.1 | 0.35 | 0.58 | - | - |
| Inferred | 25.4 | 0.44 | 357 | - | - | ||
| Total Spanish Mountain Gold Project |
M&I | 292.1 | 0.44 | 4,164 | 0.66 | 6,163 | |
| Inferred | 40.3 | 0.40 | 512 | 0.95 | 454 |
Notes:
- The Mineral Resource for the Main Deposit is reported using a cut-off grade of 0.15 g/t Au, while the Phoenix Deposit uses a 0.20 g/t Au cut-off.
- The Mineral Resources are constrained within an optimized pit shell generated using Lerchs–Grossman pit optimization based on a gold price of US$2,400/oz, 99.8% payability, 90% gold recovery, C$12/t processing and G&A, C$3.75/t mining for ore and waste, C$0.03/t incremental mining cost, 1.5% royalty, C$7/oz offsite charges, and an exchange rate of 0.73:1 (CAD:USD).
- Mineral Resources are derived from resource statements for each deposit and area, prepared by Bahram Bahrami, P.Geo., a Qualified Person as defined under NI 43-101.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- The Mineral Resource estimate complies with NI 43-101 Standards of Disclosure for Mineral Projects (May 2016) and CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014).
- Any discrepancies in totals are due to rounding.
- The effective date of the Mineral Resource statement is January 10, 2025 for the Main Deposit and June 17, 2025 for the Phoenix Deposit.
Mineral Resource Estimate for the Main Deposit
Note: The Main Deposit is included in the financial modelling for the 2025 PEA.
The updated MRE for the Main deposit is based on the amalgamation of what have been historically described as the Main Zone, North Zone, Slipper Zone, and K Zone, effective January 10, 2025, and it is reported at a 0.15 g/t gold cut-off (see Table 3). There is no certainty that Mineral Resources will be converted into Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources include Inferred Mineral Resources which have had insufficient work to classify them as Indicated Mineral Resources. It is uncertain but reasonably expected that Inferred Mineral Resources could be uplifted to Indicated Mineral Resources with additional drilling.
Total Measured and Indicated Mineral Resources for the Main deposit includes 292.1 Mt at an average grade of 0.44 g/t gold and 0.66 g/t silver, for a total of 4.2 M contained ounces of gold and 6.2 M contained ounces of silver. Total Inferred Mineral Resources for the Main deposit includes 14.8 Mt at an average grade of 0.33 g/t gold and 0.95 g/t silver, for a total of 0.2 M ounces of gold and 0.5 M ounces of silver.
Mineral Resource for the Main deposit
| Category | Cut-off Grade |
Tonnes (kt) |
Au Avg. Grade |
Au (koz) |
Ag Avg. Grade |
Ag (koz) |
| Measured | 0.15 | 77,370 | 0.53 | 1,321 | 0.68 | 1,701 |
| Indicated | 0.15 | 214,702 | 0.41 | 2,842 | 0.65 | 4,463 |
| Measured & Indicated |
0.15 | 292,072 | 0.44 | 4,163 | 0.66 | 6,163 |
| Inferred | 0.15 | 14,830 | 0.33 | 155 | 0.95 | 454 |
Notes:
- The qualified person responsible for the Main deposit MRE, with an effective as of as of January 10, 2025, is Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd.
- Mineral Resources are classified in accordance with CIM (2014) definition standards
- Bulk density assigned on a block per block basis
- Mineral Resources are reported using a 0.15 g/t gold cut-off grade
- Metal price assumptions include US$2,400/oz Au and US$30/oz Ag
- Metallurgical recoveries assumptions are 90% recovery for gold and 50% for silver.
- 99.8 payability for gold and 90% for silver
- Numbers may not add due to rounding
- Mineral resources are not Mineral reserves and do not have demonstrated economic viability.
- The qualified persons responsible for this section of the technical report are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate other than those disclosed in this news release and in the PEA Technical Report.
Mineral Resource Estimate for the Phoenix Deposit
Note: The Phoenix Deposit is not included in the financial modelling for the 2025 PEA.
The inaugural MRE for the Phoenix deposit is reported at a 0.20 g/t gold cut-off. Total Indicated Mineral Resources for the Phoenix deposit include 0.05 Mt at an average grade of 0.35 g/t Au, for a total of 0.6 thousand ounces (koz) of contained gold. Inferred Mineral Resources include 25.4 Mt at an average grade of 0.44 g/t Au, for a total of 357 koz of contained gold (see below table).
Mineral Resources for the Phoenix deposit
| Resource Classification |
Cut-off Grade (Au, g/t) |
Tonnes (kt) |
Gold Grade (Au, g/t) |
Contained Gold (Au, koz) |
| Indicated | 0.2 | 52 | 0.35 | 0.57 |
| Inferred | 0.2 | 25,426 | 0.44 | 357 |
Notes:
- The qualified person responsible for the Phoenix deposit MRE, with an effective as of as of June 17, 2025, is Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd.
- Mineral Resources are classified in accordance with CIM (2014) definition standards
- Mineral Resources are reported using a 0.20 g/t gold cut-off grade
- Metal price assumptions include US$2,400/oz Au
- Metallurgical recoveries assumptions are 90% recovery for gold
- 99.8 payability for gold
- Numbers may not add due to rounding
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- The qualified persons responsible for this section of the technical report are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate other than those disclosed in this news release and in the PEA Technical Report
- Refer to Appendix C for the estimation methodology
Mineral Resource for the Phoenix deposit at varying gold cut-off grades, noting base case is in bolded text.
| Resource Classification |
Cut-off Grade (Au, g/t) |
Tonnes (kt) |
Gold Grade (Au, g/t) |
Contained Gold (Au, koz) |
| Indicated | 0.15 | 96 | 0.27 | 0.8 |
| 0.2 | 52 | 0.35 | 0.6 | |
| 0.25 | 35 | 0.41 | 0.5 | |
| 0.3 | 23 | 0.47 | 0.4 | |
| Inferred | 0.15 | 33,451 | 0.37 | 402 |
| 0.2 | 25,426 | 0.44 | 357 | |
| 0.25 | 20,152 | 0.49 | 319 | |
| 0.3 | 16,827 | 0.54 | 290 |
Notes:
- The qualified person responsible for the Phoenix deposit MRE, with an effective as of as of June 17, 2025, is Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd.
- Mineral Resources are classified in accordance with CIM (2014) definition standards
- Mineral Resources are reported using a 0.20 g/t gold cut-off grade
- Metal price assumptions include US$2,400/oz Au
- Metallurgical recoveries assumptions are 90% recovery for gold
- 99.8 payability for gold
- Numbers may not add due to rounding
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- The qualified persons responsible for this section of the technical report are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate other than those disclosed in this news release and in the PEA Technical Report
- Refer to Appendix C for the estimation methodology
Cautionary Note
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Inferred Mineral Resources have insufficient confidence to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability suitable for public disclosure.
Readers should refer to the Company’s current technical reports and other continuous disclosure documents filed by the Company, available on SEDAR at www.sedar.com for further information on the mineral resource estimates of the Company’s projects, which are subject to the qualifications and notes set forth therein, as well as for additional information relating to the Company more generally.
Neither the Company, nor readers, should assume that all or any part of an inferred mineral resource will be upgraded to indicated or measured mineral resources. Most projects at the inferred mineral resource stage do not ever form the basis of feasibility or other economic studies, or achieve successful commercial production. Each stage of a project is contingent on the positive results of the previous stage and that there is a significant risk that the results may not support or justify moving to the next stage.
