Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>SPA announced an updated PEA and Mineral Resource Estimate on the Spanish Mountain Gold Project, materially lifting project economics.</li>
<li>The updated PEA produced an NPV5% of US$2.16B (C$2.91B), with an IRR of 35.2% using a gold price of US$3,600/oz.</li>
<li>At spot gold of US$4,400/oz the NPV5% rises to US$3.14B (C$4.24B) and IRR of 46.3%.</li>
</ul>


SPA announced an updated PEA and Mineral Resource Estimate on the Spanish Mountain Gold Project, materially lifting project economics.
The updated PEA produced an NPV5% of US$2.16B (C$2.91B), with an IRR of 35.2% using a gold price of US$3,600/oz.
At spot gold of US$4,400/oz the NPV5% rises to US$3.14B (C$4.24B) and IRR of 46.3%.


SPA: Reports Updated 2026 PEA & MRE; NPV Nearly Triples

<ul>
<li>SPA reported assay results from ten diamond drill holes from its Feasibility Study Drill Program, targeting infill and mineralization expansion of the Main Deposit.</li>
<li>Highlights include 0.82 g/t Au over 252.3m, including 1.32 g/t Au over 93.5m, plus wide higher-grade intervals across several other holes.</li>
<li>To date, SPA has drilled ~18,500m of the planned 60,000m (~31% complete), with assays pending for 16 additional holes.</li>
</ul>


SPA reported assay results from ten diamond drill holes from its Feasibility Study Drill Program, targeting infill and mineralization expansion of the Main Deposit.
Highlights include 0.82 g/t Au over 252.3m, including 1.32 g/t Au over 93.5m, plus wide higher-grade intervals across several other holes.
To date, SPA has drilled ~18,500m of the planned 60,000m (~31% complete), with assays pending for 16 additional holes.


SPA: More Strong Drill Results from the 60,000m Drill Program

<ul>
<li>SPA reported assay results from seven diamond drill holes (26-DH-1367 to 26-DH-1373) from its 2026 FS Drill Program, extending higher-grade, Orca-style mineralization along the eastern side of the main deposit.</li>
<li>Highlights include 0.74 g/t Au over 69.2m and 0.70 g/t Au over 77.8m, with high-grade subsets up to 3.01 g/t Au near surface.</li>
<li>To date, SPA has drilled ~16,083m of the planned 60,000m, with assays pending for 20 additional holes.</li>
</ul>


SPA reported assay results from seven diamond drill holes (26-DH-1367 to 26-DH-1373) from its 2026 FS Drill Program, extending higher-grade, Orca-style mineralization along the eastern side of the main deposit.
Highlights include 0.74 g/t Au over 69.2m and 0.70 g/t Au over 77.8m, with high-grade subsets up to 3.01 g/t Au near surface.
To date, SPA has drilled ~16,083m of the planned 60,000m, with assays pending for 20 additional holes.


SPA: Feasibility Study Drilling Continues to Impress

<ul>
<li>SPA reported assay results from 21 diamond drill holes, confirming sustained grade continuity along the Orca Fault Corridor.</li>
<li>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.</li>
<li>SPA has drilled ~25,588m to date, including 11,600m of the planned 60,000m 2026 FS Drill Program, which began in March.</li>
</ul>


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.


SPA: 100m+ Intercepts Reinforce Orca Fault Corridor Continuity

<ul>
<li>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.</li>
<li>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.</li>
<li>SPA is targeting a Feasibility Study within 18 months and a construction decision in 2028.</li>
</ul>


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.


SPA: US$55M Wheaton Royalty Accelerates Development

Canada

Spanish Mountain Gold Ltd. is a mineral exploration and production company. The Company is developing the Spanish Mountain Gold Project in south-central British Columbia.

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Spanish Mountain Gold (SPA CN)

SPA: Reports Updated 2026 PEA & MRE; NPV Nearly Triples

SPA announced an updated PEA and Mineral Resource Estimate on the Spanish Mountain Gold Project, materially lifting project economics.

Atrium Research

SPA: More Strong Drill Results from the 60,000m Drill Program

SPA reported assay results from ten diamond drill holes from its Feasibility Study Drill Program, targeting infill and mineralization expansion of...

Atrium Research

SPA: Feasibility Study Drilling Continues to Impress

SPA reported assay results from seven diamond drill holes (26-DH-1367 to 26-DH-1373) from its 2026 FS Drill Program, extending higher-grade...

Atrium Research

SPA: 100m+ Intercepts Reinforce Orca Fault Corridor Continuity

SPA reported assay results from 21 diamond drill holes, confirming sustained grade continuity along the Orca Fault Corridor.

Atrium Research

SPA: US$55M Wheaton Royalty Accelerates Development

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...

Atrium Research

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