What you need to know: • This morning, SPA announced assay results from three drill holes as part of its 9,000-10,000m fall drill program (6,947m completed). • The results continue to hit high-grade over wide widths, within the 2025 Resource Pit. We will note there were two intersections of much higher grade than typical, including 7 g/t Au over 7.6m and 4.8 g/t over 14m. • The results reported today and in the last two releases are well above resource grades and could have a material impact on future economics. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $2.3B NPV5% and 32% IRR at US$3,300/oz. This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) announced assay results from drill holes 25-DH-1297, -1298, & -1299 completed as part of its 9,000-10,000m 2025 fall diamond drill program at its Spanish Mountain Gold project. This is SPA’s third batch of assays as part of the fall drill program and continues to build on the very strong results that it previously reported. The highlights from today include 0.82 g/t Au over 140m, including 2.19 g/t Au over 35m (within a high-grade section of 7.09 g/t over 7.6m). All three holes intersected wide intervals of strong grades, with holes -1299 and -1297 intersecting wide intercepts well above resource grades and within the pit limits (hole -1299 intersected high-grade in two different zones). These results stack on top of previous results, which all support the idea that infill drilling will add higher-grade gold mineralization and potentially ounces to the growing resource. We are maintaining our BUY rating and our $0.40/share target price on Spanish Mountain Gold. Highlights from today’s release include: • 25-DH-1299: 0.82 g/t Au over 140m (from 48m), including 2.17 g/t over 35m within 7.09 g/t over 7.6m. o 1.67 g/t Au over 46m (from 284m), including 2.19 g/t over 34m, within 4.79 g/t over 14m (still within 2025 Resource Pit). • 25-DH-1297: 0.66 g/t Au over 51m (from 45m), including 1.12 g/t over 19m, within 2.30 g/t over 3.6m. Assays and geochemistry remain pending on 15 additional holes. 10 of the holes with pending assays are drilled at the newly defined Orca Fault area, and the remaining are at the A12 target (Figure 3). SPA has completed 6,947m of the 9,000-10,000m 2025 drill program. We remind readers that SPA already completed a 10,000m drill program in May 2025. The program is expected to conclude in Q1/26 and will inform the decision whether to proceed to a PFS or FS, which is expected to be made in H1/26.