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Spanish Mountain Gold Ltd

www: www.spanishmountaingold.com   email: info@spanishmountaingold.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
CVE:SPA CAD
OTCMKTS:SPAUF USD

Description

Spanish Mountain Gold Ltd are a gold focused junior, late stage developer with one mine in development in Canada and three exploration properties. They have approximately 5.7Moz. of gold in the reserves and resources category of which 4.7Moz. are in the measured and indicated category. They have a market capitalisation of ~C$113.44M which is a rise of roughly 64% over the last eight months. As of 07/05/2025 they have no debt and ~C$3.65M cash. They have 508M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 07/05/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $69.18M $113.44M 02/28/2026
MCap (OS): $58.91M $96.57M 02/28/2026
Total Assets: $55.19M $54.79M 07/05/2025
Total Liabilities: $0.22M $0.22M 07/05/2025
Current Assets: $3.68M $3.65M 07/05/2025
Current Liabilities: $0.22M $0.22M 07/05/2025
Total Debt: $0.00M $0.00M 07/05/2025
Cash: $3.68M $3.65M 07/05/2025
Debt (Net): $-3.68M $-3.65M
Enterprise Value: $65.50M $109.78M
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 07/05/2025
Misc 07/05/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 444,742,340 508,394,005 02/28/2026
Shares (FD): 522,340,548 597,186,112 02/28/2026
Insider Ownership: n/a 35% 03/05/2026
Dividend (Annual): n/a n/a 03/05/2026
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 01/01/2029 07/05/2025
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 07/05/2025
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 07/05/2025
Development Phase: none PEA Released 08/07/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 10
Developer: Likely Path to Production
 10
Developer: Likely Path to Production
 04/24/2023
Cash Flow Multiple: 2 3 02/28/2026

Resource Data

GOLD 07/05/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.30M 2.30M 07/05/2025
Measured & Indicated: 4.70M 4.70M 07/05/2025
Inferred: 1.00M 1.00M 07/05/2025
Reserves & Resources: 5.70M 5.70M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.96M 1.96M 07/05/2025
Measured & Indicated: 3.59M 3.59M 07/05/2025
Inferred: 0.43M 0.43M 07/05/2025
Reserves & Resources: 4.01M 4.01M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 07/05/2025
Extra Operating Cost: n/a n/a 07/05/2025
Total: $1,750 $2,400 07/05/2025
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): n/a n/a
EV / Production (AuEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 07/05/2025
Open Pit (Avg): n/a 0.50 g/t 07/04/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/05/2026
F
U
T
U
R
E		 Proven & Probable: 4.50M 5.00M 02/28/2026
Annual Production: 200,000oz. 200,000oz. 07/05/2025
Cash Cost: $1,000 $1,500 02/28/2026
Extra Operating Cost: $750 $900 02/28/2026
SILVER 07/05/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 07/05/2025
Measured & Indicated: n/a n/a 07/05/2025
Inferred: n/a n/a 07/05/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 07/05/2025
Measured & Indicated: n/a n/a 07/05/2025
Inferred: n/a n/a 07/05/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 07/05/2025
Extra Operating Cost: n/a n/a 07/05/2025
Total: n/a n/a 07/05/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): n/a n/a
EV / Production (AgEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 07/05/2025
Open Pit (Avg): n/a n/a 07/04/2023
Recovery Rate: n/a n/a 07/05/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/05/2025
Annual Production: n/a n/a 07/05/2025
Cash Cost: n/a n/a 07/05/2025
Extra Operating Cost: n/a n/a 07/05/2025

Property

Last Analysis Data  (07/05/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Spanish Mountain
100 show
This is their 7 million oz flagship project. It has a very large capex of $400 million and they might have a problem with financing.
Exp Manson Creek
100 n/a
Exp Prince George
100 n/a
Exp Thunder Ridge
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Spanish Mountain
100 1500.00 30.00 900.00 show
This is their 7 million oz flagship project. It has a very large capex of $400 million and they might have a problem with financing.
Exp Manson Creek
100 n/a
Exp Prince George
100 n/a
Exp Thunder Ridge
100 n/a

Profitability (by resource)

Proven &
Probable		 07/05/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.30M 2.30M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.96M 1.96M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,092.79M $5,119.54M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,092.79M $5,119.54M n/a
Max Profit / Current MCap: 44.704 45.131 n/a
Max Profit Per Share (Gold): $5.92 $8.57 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.92 $8.57 n/a
Total Free Profit Per Share: $5.74 $8.31 n/a
FD MCap / Gold Eq.: $35.39 $58.02 n/a
FD MCap / Silver Eq.: $0.39 $0.93 n/a
FD MCap / Per Metal
as % Spot Price:		 1.06% 1.16% n/a
EV / Gold Eq.: $33.51 $56.16 n/a
EV / Silver Eq.: $0.37 $0.90 n/a
EV / Per Metal
as % Spot Price:		 1.01% 1.12% n/a
Measured &
Indicated		 07/05/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 4.70M 4.70M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.59M 3.59M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $5,674.60M $9,393.24M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $5,674.60M $9,393.24M n/a
Max Profit / Current MCap: 82.023 82.806 n/a
Max Profit Per Share (Gold): $10.86 $15.73 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $10.86 $15.73 n/a
Total Free Profit Per Share: $10.68 $15.47 n/a
FD MCap / Gold Eq.: $19.29 $31.62 n/a
FD MCap / Silver Eq.: $0.21 $0.51 n/a
FD MCap / Per Metal
as % Spot Price:		 0.58% 0.63% n/a
EV / Gold Eq.: $18.26 $30.61 n/a
EV / Silver Eq.: $0.20 $0.49 n/a
EV / Per Metal
as % Spot Price:		 0.55% 0.61% n/a

Reserves &
Resources		 07/05/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.70M 5.70M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.01M 4.01M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,346.94M $10,506.18M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,346.94M $10,506.18M n/a
Max Profit / Current MCap: 91.741 92.618 n/a
Max Profit Per Share (Gold): $12.15 $17.59 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $12.15 $17.59 n/a
Total Free Profit Per Share: $11.97 $17.33 n/a
FD MCap / Gold Eq.: $17.24 $28.27 n/a
FD MCap / Silver Eq.: $0.19 $0.45 n/a
FD MCap / Per Metal
as % Spot Price:		 0.52% 0.56% n/a
EV / Gold Eq.: $16.33 $27.36 n/a
EV / Silver Eq.: $0.18 $0.44 n/a
EV / Per Metal
as % Spot Price:		 0.49% 0.55% n/a

Future Valuation (Cash Flow & Totals)

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