What you need to know: • SPA reported assay results from 21 diamond drill holes, confirming sustained grade continuity along the Orca Fault Corridor. • Results included multiple intercepts exceeding 100m in width, including 0.60 g/t Au over 116.6m and 0.62 g/t Au over 114.0m, with several high-grade subsets. • SPA has drilled ~25,588m to date, including 11,600m of the planned 60,000m 2026 FS Drill Program, which began in March. Assays are pending for 23 additional holes. Yesterday, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) released assay results from 21 diamond drill holes completed at its Spanish Mountain Gold Project. The results confirm grade continuity across the Main Deposit, with multiple intercepts exceeding 100m in width and grading from 0.44 to 0.62 g/t Au, consistent and/or exceeding the 2025 PEA expectations, which outlines an average head grade of 0.46 g/t. The Company has drilled ~25,588m to date, including 11,600m of a planned 60,000m program under the 2026 Feasibility Exploration Drill Program that was initiated in March 2026, with assays pending for 23 additional holes, and a steady cadence of results anticipated in the coming months. We are maintaining our BUY rating and target price of $1.00/share on Spanish Mountain Gold. Highlights from yesterday’s release include: • 26-DH-1355: 0.60 g/t Au over 116.6m from 189.2m, within 0.47 g/t Au over 188m from 142.0m. • 26-DH-1343: 0.52 g/t Au over 145.0m from 56.0m, including 0.62 g/t Au over 114m from 87.0m. • 26-DH-1346: 0.52 g/t Au over 167.5m from 19.0m, including 1.14 g/t Au over 36.8m from 145.7m, with a high-grade subset of 2.36 g/t Au over 11.1m from 167.0m. • 26-DH-1350: 0.57 g/t Au over 115.3m from 5.7m near surface, including 0.87 g/t Au over 58.6m. • 26-DH-1338: 21.53 g/t Au over 0.5m (visible gold) within 0.44 g/t Au over 116m. The Orca Fault Corridor is one of the primary structural controls hosting higher-grade, quartz-vein-dominated late-stage mineralization with visible gold and gold-bearing sulphides, and northeast and southwest step outs further validate its scale. Several holes intersected visible gold in quartz veins like the high-grade intercept from 26-DH-1338 outlined above. SPA has mobilized two diamond drill rigs focused on infill drilling on the Main Deposit and one sonic rig dedicated to groundwater and geotechnical drilling to support the FS. The Company plans to mobilize additional diamond drill rigs in the coming months to accelerate drilling.