What you need to know: • SPA announced a 9,000-10,000m drill program at its Spanish Mountain Gold Project, targeting high-grade extensions in multiple zones. • The program follows 2024 and 2025 drilling that outlined growth potential at the Main, Phoenix, K-zone, A12, and OT targets. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $1.03B NPV5% and 18% IRR at US$2,450/oz. • Last week, we initiated coverage on Spanish Mountain; read it here. On September 12th, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) announced plans to conduct a 9,000-10,000m drill program at its Spanish Mountain Gold Project located within the Cariboo Gold Corridor in BC. Spanish Mountain recently completed an updated Preliminary Economic Assessment in July 2025, which highlighted an after-tax NPV5% of $1.03B and an IRR of 18% at a conservative gold price of US$2,450/oz (>$1,000/oz below current spot prices). The upcoming program will focus on high-grade extensions as the Company advances the project toward a potential construction decision in 2027. We are maintaining our BUY rating and our $0.40/share target price on Spanish Mountain Gold. The objectives of the drill program are highlighted below: • Extend near-surface, higher-grade gold mineralization across five priority areas: Main deposit, Phoenix deposit, K-zone, Outcropping Tuff (OT) target, and A12 target (Figure 1). • Collect drill samples from the Phoenix deposit for ore-sorting metallurgical studies to reduce waste and increase the gold grade of material entering the Process Plant. • De-risk infrastructure sites identified in the 2025 PEA by drilling high-priority exploration targets to inform future engineering studies. The upcoming diamond drill program will include 27 HQ3-sized holes ranging from 250m to 600m in depth. Scheduled to begin this quarter (Q3/25) and conclude in Q1/26, the program will use oriented drill core and split tube core barrels to improve structural measurements and core recovery. Drilling will target extensions of high-grade, near-surface gold mineralization within the Main and Phoenix Deposits, as well as nearby targets outlined in the July 2025 PEA and MRE. SPA contracted Hardrock Diamond Drilling to complete the program. The campaign follows two recent programs, a 5,590m drill program completed in September 2024 and a 10,000m program finished in May 2025. Results from both efforts provided key insights that are shaping this next phase of drilling.