What you need to know: • SPA announced a royalty deal with Wheaton Precious Metals for US$55M, granting a 1.5% NSR on gold and silver production from the Spanish Mountain Gold Project for three milestone-related payments. • SPA will receive US$22.5M in the coming weeks, with US$12.5M tied to completing 60,000m of drilling and a final US$20M contingent on receiving BC Environmental Assessment Act approvals. • SPA is targeting a Feasibility Study within 18 months and a construction decision in 2028. This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) announced it has entered into a royalty agreement with Wheaton Precious Metals, securing US$55M in exchange for a 1.5% NSR royalty on gold and silver production from the Spanish Mountain Gold Project. Consideration is split across three milestone-linked payments, with the first US$22.5M expected to reach SPA's balance sheet within the coming weeks. The capital will fund the feasibility study, which management is targeting for completion within 18 months and will set up the Company for a construction decision in 2028. Importantly, this is non-dilutive cash that will allow SPA to advance the project to a construction decision without diluted shareholders. Support from Wheaton is a significant vote of confidence in SPA’s ability to reach production as the largest company in the royalty/streaming space, which would have completed extensive due diligence prior to signing this definitive deal. We have incorporated our estimated impact of the royalty and Wheaton payments on our NAV and are maintaining our BUY rating and increasing our target price to $1.00/share (previously $0.80/share) on Spanish Mountain Gold. Transaction Terms The US$55M is structured across three payments, each tied to a distinct project milestone. • Payment 1 – US$22.5M: Expected in the coming weeks, upon closing. • Payment 2 – US$12.5M: Released on completion of 60,000m of drilling. • Payment 3 – US$20.0M: Unlocked upon receipt of BC Environmental Assessment Act approvals from mine construction, development, and operation. SPA holds an option to repurchase one-third of the 1.5% NSR if the Company changes hands before December 31st, 2030 or before a throughput-based completion test is met, whichever is earlier. Should the completion test remain unachieved as of April 1st, 2030 (Outside Date), the NSR rate can increase by up to 0.15%, scaled to actual throughput relative to the target; SPA may alternatively pay Wheaton US$6M to avoid the step-up. The same mechanism repeats on each anniversary of the Outside Date until the completion test is satisfied.