logo
Can AngloGold's Cost Discipline Help It Maintain Edge Over Peers?

Can AngloGold's Cost Discipline Help It Maintain Edge Over Peers?

Globe and Mail14-07-2025
AngloGold Ashanti plc AU continues to navigate industry-wide inflationary pressures and manages to deliver resilient cost performance, backed by its Full Asset Potential (FAP) program and increased cost vigilance at the site level.
AU reported a 4% year-over-year increase in group total cash costs to $1,223 per ounce in the first quarter of 2025. But digging deeper, the increase reflected a 5% rise in inflation across its operating jurisdictions and a 5% uptick in royalty costs linked to the higher gold prices. Overall, the company saw a 7% increase in market-driven costs.
Managed operations saw a 2% year-over-year decline in total cash costs per ounce despite increases in royalties. This was driven by the inclusion of Sukari following the Centamin acquisition in November 2024 and steady performance at Siguiri. These gains were partially offset by operational challenges and a temporary plant stoppage at Iduapriem.
Non-managed joint ventures experienced cost pressures, with total cash costs soaring 59% year over year to $1,325 per ounce. This was due to lower gold production, higher royalties and increased open pit volume-related operating costs at Kibali.
All-in sustaining costs per ounce (AISC) for the group inched up 1% year over year to $1,640 per ounce in the quarter. At managed operations, AISC per ounce dipped 2% reflecting the positive impact of Sukari's inclusion, while AISC at non-managed joint ventures increased 37% due to weaker operational performance at Kibali.
For 2025, AngloGold projects group total cash costs at $1,125-$1,225 per ounce, and AISC between $1,580 and $1,705 per ounce. Both ranges indicate a 2% increase at the midpoint from the year-ago reported levels.
The company remains focused on improving its position on the cost curve, leveraging the FAP program to enhance operational efficiency and productivity offsetting inflationary impacts.
Its cost management appears effective, with only a 1% rise in average real cash costs over the timeframe between first-quarter 2021 and first-quarter 2025. Its peer group, which includes major gold miners like Barrick Mining Corporation B and Newmont Corporation NEM, has seen a more than 20% spike in average real cash costs.
Newmont's gold costs applicable to sales rose 16% year over year to $1,227 per ounce in the first quarter. AISC was $1,651 per ounce, reflecting a roughly 15% year-over-year increase. The rise was attributed to a decline in production due to non-core asset divestments as Newmont shifts its focus to Tier 1 assets.
Barrick Mining saw a 22% sequential increase in AISC to $1,775 per ounce in the first quarter due to operational challenges, higher total cash costs per ounce and an uptick in mine site sustaining capital expenditure. Lower production due to the suspension of operations at Barrick's Loulo-Gounkoto mine also contributed to the rise.
AU's Price Performance, Valuations & Estimates
AngloGold Ashanti's stock has skyrocketed 104% year to date, outperforming the Zacks Mining – Gold industry's 53% growth. During this time, the Basic Materials sector has risen 13.7% and the S&P 500 has rallied 5.9%.
AU is currently trading at a forward 12-month earnings multiple of 9.51X, at a discount to the industry average of 12.62X. The stock has a Value Score of B.
The Zacks Consensus Estimate for AngloGold Ashanti's 2025 sales is $8.85 billion, indicating 52.8% year-over-year growth. The consensus mark for the year's earnings is $4.99 per share, indicating year-over-year growth of 125.8%.
The Zacks Consensus Estimate for 2026 sales implies 2.3% year-over-year growth. The same for earnings indicates a decline of 1.3%.
EPS estimates for 2025 and 2026 have been trending north over the past 60 days, as seen in the chart below.
AU currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
Download Atomic Opportunity: Nuclear Energy's Comeback free today.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
AngloGold Ashanti PLC (AU): Free Stock Analysis Report
Barrick Mining Corporation (B): Free Stock Analysis Report
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Element79 Gold Corp Shifts Focus to US Projects and Appoints New VP of Corporate Development
Element79 Gold Corp Shifts Focus to US Projects and Appoints New VP of Corporate Development

Globe and Mail

timean hour ago

  • Globe and Mail

Element79 Gold Corp Shifts Focus to US Projects and Appoints New VP of Corporate Development

Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF), a gold and silver exploration company, has issued a strategic corporate update for the remainder of 2025, highlighting a renewed operational focus on its advanced-stage Nevada projects and the appointment of Michael Smith as Vice President, Corporate Development. In the near term, the Company is accelerating development across its Nevada portfolio, including the Elephant Project—where a NI 43-101 technical report and work plan are being finalized—and the pending acquisition of the drill-ready Gold Mountain Project. These U.S.-based assets represent a shift toward jurisdictions with clearer permitting pathways and near-term execution potential. In addition to Element79 Gold Corp. (CSE: ELEM | OTCQB: ELMGF) keep an eye on other stocks making waves: Wang & Lee Inc. (NASDAQ: WLGS), Dragonfly Energy (NASDAQ: DFLI), NuCana plc (NASDAQ: NCNA), GIBO Ltd (NASDAQ: GIBO) and Power Metallic Mines Inc. (TSXV: PNPN) (OTCQB: PNPNF), as they are moving aggressively in early Trading trading today. To support this growth trajectory and capital markets strategy, Element79 is pleased to announce the appointment of Michael Smith as Vice President, Corporate Development. Engaged under contract, Mr. Smith brings more than 15 years of leadership experience in business development, capital raising, public company operations, and investor relations. As Founder of Lions Bridge Capital, he has advised numerous startups and CSE-listed companies, with expertise in M&A, compliance, and corporate messaging—directly aligning with Element79's objectives in advancing its Nevada assets. The Company has declared force majeure on its Lucero Project in Peru, citing ongoing political instability, regulatory uncertainty, and community access challenges that have delayed exploration activities. While long-term engagement with stakeholders in Chachas continues, internal assessments indicate that material progress on surface rights will continue in the future. Element79 is actively exploring a potential restructuring of its agreement with Condor Resources to position Lucero for future reactivation once conditions stabilize. Element79 Gold remains committed to unlocking shareholder value through strategic asset alignment, stakeholder engagement, and disciplined project advancement. For more information, visit: Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors with a safe harbor with regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, and assumptions about future events or performance are not statements of historical fact and may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's investment may be lost or due to the speculative nature of the companies profiled. TheStreetReports (TSR) is responsible for the production and distribution of this content."TSR" is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. "TSR" authors, contributors, or its agents, may be compensated for preparing research, video graphics, podcasts and editorial content. "TSR" has not been compensated to produce content related to "Any Companies" appearing herein. As part of that content, readers, subscribers, and everyone viewing this content are expected to read the full disclaimer in our website.

Fortune Minerals Reports Additional Cobalt, Gold & Copper Process Optimization Validation for the NICO Project
Fortune Minerals Reports Additional Cobalt, Gold & Copper Process Optimization Validation for the NICO Project

National Post

time2 hours ago

  • National Post

Fortune Minerals Reports Additional Cobalt, Gold & Copper Process Optimization Validation for the NICO Project

Article content Additional critical mineral process improvements for the Alberta Hydrometallurgical Facility Article content LONDON, Ontario — Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (' Fortune ' or the ' Company ') ( is pleased to report additional process optimization test work validation for the NICO cobalt-gold-bismuth-copper critical minerals project in Canada (' NICO Project '). The test work was completed at SGS Canada Inc. (' SGS ') in Lakefield, Ontario and proved additional enhancements to the cobalt, gold and copper circuits and recoveries for the planned Alberta Hydrometallurgical Facility, expanding on the improvements already announced for the mill, concentrator and bismuth circuits (see January 8 and May 9, 2025, news releases). The Process Design Criteria have been compiled and delivered to Worley Canada Services Ltd. (' Worley ') for engineering evaluation and incorporation into the Company's updated Feasibility Study in progress. Article content The NICO Project consists of a planned mine and concentrator in the Northwest Territories (' NWT ') and a hydrometallurgical process facility in Lamont County, Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products for the energy transition, new technologies, and defence industries. Development of the NICO Project will provide a reliable North American vertically integrated supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement, thereby enhancing the domestic production of three critical minerals, plus 1.1 million ounces of in-situ gold as a countercyclical co-product to mitigate metal price volatility. Article content Like our news? Click-to-post on X. New Process Improvement Highlights Test Work Results The Alberta Hydrometallurgical Facility will process a bulk concentrate produced at the NICO mine and concentrator in the NWT, and other feed sources that the Company has identified. Concentrate from the NWT will be repulped, reground to minus 14 microns, and floated into separate gold-bearing cobalt and bismuth concentrates. The cobalt concentrate will be blended with the leach residue from the bismuth circuit after bismuth has been recovered in order to capture the contained gold in one process stream. The blend will then be fed into an autoclave with oxygen for processing by Pressure Oxidation (' POX ') to dissolve the contained cobalt and copper in an autothermic reaction that also contributes acid. Recent test work successfully confirmed the 2008 pilot-validated POX conditions at the design feed grade and for a low cobalt grade feed variability condition. Extractions were 97% for cobalt and 74% for copper at the design feed grade vs. 95% for cobalt in the 2008 pilot plant. Extractions using an off-specification low-grade cobalt feed confirmed the previous 95% cobalt recovery and 79% for copper. Article content Liquid / Solid separation of the autoclave POX discharge was proven to be unnecessary, allowing for streamlining of the previous 2008 flowsheet and significantly lower the capital and operating costs. The entire autoclave discharge slurry will now be subjected to non-oxidative pre-neutralization and will no longer require the addition of oxygen or heating, and the residence time has been reduced to 0.5 hours as compared to the 5 hours with heat, oxygen and a hydrogen peroxide finish in the 2008 pilot. This simplified pre-neutralization process also effectively removed 99% of the arsenic contaminant without any cobalt losses from co-precipitation or entrapment and eliminated the need for a re-leach step that was also part of the previous 2008 flow sheet. Similar results were achieved using limestone or lime as the neutralization reagent, allowing for process design and cost flexibility. Article content Gold recoveries from the combined autoclave leach residue using the more direct process optimization were also higher, ranging between 97% and 98% compared to 95% recoveries using the 2008 pilot demonstrated targets. Article content Further study of the gold deportation during flotation for the NWT concentrator also identified losses to the cleaner scavenger tails when processing higher gold content ores. These tails can be selectively stockpiled at the mine site for subsequent processing at the Alberta Hydrometallurgical Facility. Leaching tests carried out at SGS verified that about 83% of the gold contained in these tails can be recovered using the same process conditions and equipment that will be installed to recover the bulk of the gold contained in the autoclave leach residue. However, inclusion of this gold stream would reduce the combined gold recovery from 98% to 95% – the same recovery indicated in the 2008 pilot. Article content Pre-neutralized autoclave Pregnant Leach Solution (' PLS ') that was separated from the gold plant feed residue was subjected to copper cementation tests and confirmed that a polishing step will no longer be required. Secondary neutralization of the copper cementation process indicated complete removal of iron and arsenic from the discharge regardless of using air or oxygen and will not require heating as a further improvement. Article content Selective precipitation of a gypsum by-product could not be achieved with arsenic concentrations below 30 parts per million (' ppm '), exceeding the upper limits for the products Fortune had identified for potential sale. Production of a gypsum by-product has therefore been deferred until the Company identifies an alternative market for this material. Article content Toxicity Characteristic Leaching Procedure (' TCLP ') and Acid Base Accounting (' ABA ') abatement tests were carried out on the gold leach discharge residues generated from the autoclave and the cleaner scavenger tails, both individually, and when they were combined. Tests confirm they are not leachate toxic and can be deposited in a government approved Class 2 landfill. Article content Fortune expects to complete its optimization validation test work next month after verifying the cobalt PLS manganese removal, Solvent-Extraction (' S-X ') purification step, and evaporation and crystallization conditions for a high purity cobalt sulphate heptahydrate product for the lithium-ion rechargeable battery industry. Article content 'We are very pleased with the results of the process optimization test work, which continues to exceed the Company's expectations and support higher metal recoveries and a potential material reduction in the capital and operating cost for the Company's planned Alberta Hydrometallurgical Facility,' stated Robin Goad. Fortune's President and CEO. Government Support Article content Fortune is working closely with the Government of Canada, the Government of Alberta and the Government of the United States to expand North American critical minerals production and enhance domestic supply chain resilience and security. The Company has been awarded ~C$17 million of non-dilutive contribution funding from the U.S. Department of Defense through its Defense Production Act Title III program, Natural Resources Canada's Global Partnerships Initiative and Critical Minerals Research Development and Demonstration programs, and Alberta Innovates Clean Resource Intake program. These funds are helping Fortune complete metallurgical improvements, updated Feasibility and Front-End Engineering and Design (' FEED ') studies, and secure the remaining permits needed to finance, construct and operate the NICO Project (see news releases dated, May 16, 2024, and December 5, 2023). Article content China has effectively cornered the supply for many critical minerals through a decades-long policy of proactive strategic investment in mines and mid- and down-stream processing, financed with low-cost loans from its sovereign banks. Western democratic governments have now recognized the risks associated with critical mineral supply disruptions from this dominance and are investing in domestic production and collaboration among countries with fair trade practices. At the recent G7 Summit in Kananaskis, Alberta, world leaders agreed on strategies to strengthen critical minerals supply. ' Non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals ', the draft statement said. ' Recognizing this threat to our economies, as well as various other risks to the resilience of our critical minerals supply chains, we will work together and with partners beyond the G7 to swiftly protect our economic and national security.' Article content Following the summit, Canada's Prime Minister Mark Carney also commented, 'We will create a critical minerals production alliance, a G7-led strategic initiative to stockpile and develop critical minerals needed for defence and technology'. The G7 agreed to work together to anticipate critical minerals shortages, coordinate responses to deliberate market disruption, and diversify mining, processing, manufacturing, and recycling. Further to this commitment to shore up critical mineral supplies, Carney said Canada can in part meet its potential annual $150 billion NATO spending obligation with investment in extracting, processing and exporting Canada's critical minerals to allies that will count towards the 5% of GDP target. Article content About Fortune's Metals Article content The Minerals Reserves for the NICO Project contain four payable metals, including cobalt, gold, bismuth and copper. The Alberta Hydrometallurgical Facility will be a mid-stream process plant to produce value-added products with supply chain transparency and custody control of the contained metals. Article content Fortune's cobalt production is targeting the rapidly expanding lithium-ion rechargeable battery industry needed to power electric vehicles, portable electronics and stationary storage cells. Cobalt is also used in aerospace superalloys, permanent magnets, cutting tools, cemented carbides, catalysts and pigments. The annual cobalt market is ~245,000 metric tonnes and is anticipated to grow to ~350,000 metric tonnes by 2030. The Democratic Republic of the Congo produces ~78% of global cobalt mine production, more than 60% of which is controlled by Chinese companies, which also control ~83% of refinery production and ~93% of the production of cobalt chemicals. Article content Bismuth's unique physical and chemical properties are difficult to substitute with other metals, and the NICO Project is the largest known deposit in the world with 12% of global reserves. Bismuth is used in automotive glass and steel coatings, paints and pigments, and brake pads. It is also used to make low melting temperature and dimensionally stable alloys and compounds, fire suppressant systems, cosmetics and pharmaceuticals. Bismuth consumption is increasing as an environmentally safe and non-toxic replacement for lead in brass, solder, free machining steel and aluminum, galvanizing alloys, glass, ceramic glazes, and ammunition. Bismuth-tin alloy is used to make environmentally safe plugs to properly seal decommissioned oil and gas wells. Bismuth is also used in high performance semiconductors, solders for artificial intelligence data centers, and supercomputers. Manganese-bismuth magnets are resistant to demagnetization from heat. In the nuclear industry, bismuth is used for radiation shielding, coolants in some reactor designs, and it is a collector for plutonium in fuel re-processing and enrichment. China controls ~80% of current bismuth mine production and ~90% of refinery supply in an annual market of ~23,000 metric tonnes growing at ~7.5% CAGR. Article content About the NICO Project Article content Fortune has expended approximately C$145 million to advance the NICO Project from an in-house mineral discovery to a near construction-ready development asset with environmental assessment approval and the major mine permits already secured in the NWT. NICO and the Company's nearby Sue-Dianne copper deposit are IOCG-type mineral deposits with multiple payable metals, reducing the Company's vulnerability to price volatility or market manipulation. The Open Pit and Underground Mineral Reserves for the NICO deposit contain 33.1 million metric tonnes of ore containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper. Development of the NICO Project would provide vertically integrated domestic production of three critical minerals to help diversify the current sources of supply from foreign entities of concern with a highly liquid and countercyclical gold co-product. The NICO Project will have average annual production during the first 14 years of the 20-year mine life of 1,800 metric tonnes of cobalt contained in 8,780 tonnes of cobalt sulphate, 47,000 troy ounces of gold in doré bars, 1,700 metric tonnes of bismuth in high purity ingots, and 300 tonnes of copper in a cement product. Article content For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled 'Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada', dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at The disclosure of scientific and technical information contained in this news release have been approved by Robin Goad, President and Chief Executive Officer of Fortune and Alex Mezei, Fortune's Chief Metallurgist, who are 'Qualified Persons' under National Instrument 43-101. Article content About Fortune Minerals Article content Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper project in the NWT and Alberta. Fortune also owns the Sue-Dianne copper-silver-gold satellite deposit located 25 km north of the NICO deposit and a potential future source of incremental mill feed to extend the life of the NICO concentrator. Article content Follow Fortune Minerals: Article content Click here Article content to subscribe to Fortune's email list. Article content Click here Article content to follow Fortune on LinkedIn. Article content @FortuneMineral on X. Article content This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the construction of the proposed mine and concentrator in the NWT and the hydrometallurgical process facility in Alberta, the potential for expansion of the NICO deposit and the Company's plans to develop the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given including, in respect of the forward-looking information contained in this press release, assumptions regarding: the successful completion of the Company's updated feasibility study, the Company's ability to secure the necessary financing to fund the working capital required for the government funded work, the Company's ability to complete construction of a NICO Project hydrometallurgical process facility; the Company's ability to secure other feed sources for the hydrometallurgical process facility, the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical process facility and the timing thereof; growth in the demand for cobalt and bismuth; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt, bismuth and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project. However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the Company may not be able to complete the metallurgical test work to validate process improvements, update the Feasibility and FEED studies and secure the remaining permits and authorizations needed to construct and operate the mine, concentrator in the NWT and hydrometallurgical facility in Alberta, the Company may not achieve material reductions in the cobalt and gold circuit sizes, the Company may not achieve the anticipated reductions in capital and operating costs, the Company may not be able to economically discharge residues in a Class 2 landfill, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical process facility, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law. Article content Article content Article content Article content Article content Contacts Article content Fortune Minerals Limited Article content Article content Troy Nazarewicz Article content Article content Article content Article content

Spanish Mountain Gold Announces Completion of Shares For Debt
Spanish Mountain Gold Announces Completion of Shares For Debt

National Post

time5 hours ago

  • National Post

Spanish Mountain Gold Announces Completion of Shares For Debt

Article content VANCOUVER, British Columbia — Spanish Mountain Gold Ltd. (the ' Company ' or ' Spanish Mountain Gold ') (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to announce that, further to the Company's news release on July 4, 2025, the Company has completed a shares for debt transaction with Whittle Consulting Ltd., an arm's length creditor of the Company (' Whittle ') to settle an aggregate of $379,720 in outstanding debt (the ' Debt '). In settlement of the Debt, the Company has (i) paid Whittle $14,320, in cash, and (ii) issued 2,110,919 common shares in the capital of the Company (the ' Shares ') as directed by Whittle at a price of $0.1731 per Share (the ' Debt Settlement '). The Debt Settlement extinguishes the Debt owed to Whittle for past services to the Company. Article content Closing of the Debt Settlement was subject to a number of customary closing conditions, including, but not limited to, approval from the TSX Venture Exchange. The Shares are subject to a statutory four month plus a day hold period in accordance with applicable securities legislation. Article content Article content About Spanish Mountain Gold Ltd. Article content Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project (Project) towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. The Company will publish, within 45 days of the July 3, 2025 Preliminary Economic Assessment (PEA) news release, a new NI 43-101 Technical Report setting out the new executable vision to advance the Project. This new NI 43-101 Technical Report, with a de-risked and optimized PEA with an updated Mineral Resource Estimate (MRE), will supersede the prior technical report of the Company. Upon receipt of the new PEA and updated MRE, the Company will decide the next steps to advance the Project to position the Company to make a construction decision in or before 2027. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details of the Company are available on Article content Article content and on the Company's website: Article content . Article content On Behalf of the Board, Article content 'Peter Mah' Article content President, Chief Executive Officer and Director Article content Spanish Mountain Gold Ltd. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Article content FORWARD-LOOKING INFORMATION: Article content Certain of the statements and information in this press release constitute 'forward-looking information'. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects', 'anticipates', 'believes', 'plans', 'estimates', 'intends', 'targets', 'goals', 'forecasts', 'objectives', 'potential' or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be considered forward-looking information. The Company's forward-looking information is based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release and include but are not limited to information with respect to, the potential to extend mineralization within the near-surface environment; the potential to expand resources and to find higher-grade mineralization at depth; the timing, size and budget of a winter drill program, and the results thereof; and the delivery of a maiden resource for the Phoenix Target, and the timing and results thereof. Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking information. Article content Article content Article content Article content Article content Article content

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store