Spanish Mountain Gold (SPA) AI Stock Analysis

• Market Cap: $112.82M
• Dividend Yield: N/A
• Average Volume (3M): 1.08M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.12
• Revenue Growth: N/A
• EPS Growth: 29.58%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 490,539,180
• 10 Day Avg. Volume: 840,083
• 30 Day Avg. Volume: 1,075,746
• PEG Ratio: -2.33
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.33
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.45K
• Enterprise Value/Ebitda: -49.50
• 1Y Price Target: $0.80
• Price Target Upside: 249.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$0.25 ▲(10.43% Upside)

The score is held back primarily by weak financial performance (no revenue, continued losses, and ongoing cash burn with negative free cash flow). This is partly offset by strong technical momentum (price above key moving averages with positive MACD) and a conservative balance sheet with minimal leverage, while valuation is neutral-to-weak due to negative earnings and no dividend.

Positive Factors

Low Leverage

Near-zero debt materially reduces refinancing and interest-rate risk for a capital-intensive explorer/developer. This structural strength gives management flexibility to sequence exploration, permitting, or staged financing without immediate pressure from creditors, supporting multi‑year project timelines.

Growing Equity Base

A larger shareholder equity base strengthens the company's ability to absorb exploration write-offs and fund technical studies. Over months this bolsters credibility with partners and lenders for project financing, increasing optionality to advance the Spanish Mountain asset toward development.

Defined Project Development Path

Having a clear flagship asset and explicit development activities (drilling, resource definition, technical studies, permitting) provides a durable roadmap to potential value creation. A focused strategy concentrates capital and expertise, improving the odds of progressing to a development decision over time.

Negative Factors

Pre-revenue Operations

A pre-revenue profile with sustained operating losses means the firm cannot internally fund project advancement or cover recurring costs. Over the medium term this structurally increases dependence on external capital, raising dilution risk and potentially delaying milestone delivery if funding is constrained.

Negative and Deteriorating Cash Flow

Worsening negative free cash flow signals heavier cash burn to sustain exploration and technical work. Structurally this increases funding needs and execution risk, making the company reliant on equity raises or project finance which can dilute shareholders and slow project timelines if markets tighten.

Negative Returns on Capital

A negative ROE indicates that invested capital is not generating returns, reflecting inefficiency or early-stage development costs. Persistently negative returns reduce investor appetite and can raise the long-term cost of capital, making it harder to fund stage-gated development without significant dilution.

Spanish Mountain Gold Business Overview & Revenue Model

Company Description

Spanish Mountain Gold Ltd., an exploration stage resource company, engages in the acquisition, exploration, and development of mineral properties in Canada. It holds a 100% interest in the Spanish Mountain gold project, which comprises approximately 50 contiguous mineral claims and 6 placer claims covering an area of approximately 10,000 hectares located in the Cariboo region of central British Columbia. The company was formerly known as Skygold Ventures Ltd. and changed its name to Spanish Mountain Gold Ltd. in January 2010. Spanish Mountain Gold Ltd. was incorporated in 1996 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Spanish Mountain Gold makes money primarily through the exploration and potential development of its gold mining projects. While the company currently does not generate revenue from gold production, its financial model is based on increasing the value of its mineral assets through strategic exploration and development activities. Revenue is expected to be generated in the future through the production and sale of gold, once the projects become operational. Additionally, the company may also secure funding through equity financing, joint ventures, or strategic partnerships with larger mining companies, which can contribute to its financial stability and enable continued project development.

Spanish Mountain Gold Financial Statement Overview

Summary

Pre-revenue profile with persistent operating losses and negative cash flow. Income statement and cash flow are weak (no revenue; ongoing net losses; worsening negative free cash flow), partially offset by a strong, low-leverage balance sheet with a sizable equity base.

Income Statement

The company reports no revenue across all periods provided, with consistently negative gross profit and ongoing operating losses. Losses have widened versus 2022 (net loss of -0.9M) to 2024 (-2.5M) and remain elevated in TTM (Trailing-Twelve-Months) (-2.3M), indicating higher spending without an offsetting increase in operating scale. Strength: losses are relatively stable year-to-year recently (TTM slightly improved vs. 2024), but overall profitability remains weak given the pre-revenue profile.

Balance Sheet

Balance sheet leverage is very low, with debt-to-equity near zero (roughly 0.002 in 2024 and ~0.002 in TTM (Trailing-Twelve-Months)), which reduces financial risk and provides flexibility. Equity has grown over time (from ~91.4M in 2020 to ~110.3M in TTM (Trailing-Twelve-Months)), supporting the asset base. Weakness: returns remain negative (return on equity around -2% in TTM (Trailing-Twelve-Months)), reflecting that capital is not yet generating profits.

Cash Flow

Cash generation is weak: operating cash flow is negative in every period and remains meaningfully negative in TTM (Trailing-Twelve-Months) (-1.9M). Free cash flow is also consistently negative and deteriorated sharply in TTM (Trailing-Twelve-Months) (-11.3M) versus 2024 (-7.3M), signaling heavier cash investment or spend. Strength: low debt reduces near-term refinancing pressure, but the business still appears reliant on external funding to cover ongoing cash burn.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-74.36K	-75.20K	-76.35K	-72.16K	-83.72K	-84.62K
EBITDA	-2.17M	-2.44M	-2.25M	-963.06K	-1.06M	-857.32K
Net Income	-2.28M	-2.47M	-2.14M	-876.46K	-965.43K	-746.87K
Balance Sheet
Total Assets	111.87M	106.59M	97.25M	94.15M	93.52M	93.79M
Cash, Cash Equivalents and Short-Term Investments	5.55M	6.87M	3.31M	3.07M	6.94M	11.55M
Total Debt	182.43K	230.96K	290.85K	377.01K	79.79K	171.97K
Total Liabilities	1.60M	1.60M	695.60K	1.73M	1.83M	2.44M
Stockholders Equity	110.27M	104.99M	96.56M	92.42M	91.70M	91.35M
Cash Flow
Free Cash Flow	-11.26M	-7.31M	-5.82M	-4.95M	-6.60M	-4.67M
Operating Cash Flow	-1.86M	-1.76M	-2.28M	-464.79K	-465.76K	-886.81K
Investing Cash Flow	-8.07M	-5.55M	-3.29M	-4.49M	4.50M	-12.75M
Financing Cash Flow	13.98M	10.79M	6.06M	1.08M	723.81K	15.17M

Spanish Mountain Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.23
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SPA, the sentiment is Positive. The current price of 0.23 is above the 20-day moving average (MA) of 0.23, above the 50-day MA of 0.23, and above the 200-day MA of 0.17, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.23 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SPA.

Spanish Mountain Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
KTO	59 Neutral	C$137.38M	-61.54	-7.04%	―	―	-62.50%
SPA	53 Neutral	$112.82M	-46.00	-2.03%	―	―	29.58%
WVM	51 Neutral	C$121.79M	-46.46	-6.60%	―	―	-35.33%
NCAU	49 Neutral	C$205.52M	-47.27	-5.92%	―	―	-7.14%
ESM	47 Neutral	C$131.10M	-24.22	―	―	―	-77.78%

Spanish Mountain Gold Corporate Events

Spanish Mountain Gold Extends High-Grade Orca Fault Mineralization With Strong Drill Results

Spanish Mountain Gold reported additional assay results from seven diamond drill holes at the Orca Fault target within its Spanish Mountain Gold project, with standout intercepts including 133.57 metres grading 1.35 g/t gold, featuring a higher-grade subset of 25.47 metres at 4.28 g/t gold. The latest results extend higher-grade mineralization over a 530-metre strike length and demonstrate continuity across multiple parallel sections, reinforcing the geological model and indicating that tighter drill spacing is unlocking more near-surface, higher-grade open-pit potential, which may enhance the project’s overall resource quality and future development prospects.

The most recent analyst rating on (TSE:SPA) stock is a Hold with a C$0.23 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Hires Veteran Communicator to Bolster Investor Outreach

Spanish Mountain Gold has hired veteran mining communications specialist Laura Stein of New York to lead shareholder and investor outreach, signaling a stepped-up effort to engage existing investors, analysts and potential new backers as the company advances its flagship gold project in British Columbia. Stein, who brings more than three decades of sector experience, will conduct communications through digital channels and conferences and has been granted 250,000 stock options vesting over 18 months, with her agreement subject to approval by the TSX Venture Exchange, underscoring the company’s bid to strengthen its capital markets profile as it progresses toward potential mine construction.

The most recent analyst rating on (TSE:SPA) stock is a Hold with a C$0.23 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Hires Veteran Mining Communicator to Bolster Investor Outreach

Spanish Mountain Gold has engaged New York-based communications specialist Laura Stein to handle shareholder and investor relations, marking a move to strengthen its market profile as it advances its flagship Spanish Mountain Gold Project in British Columbia. Stein, a veteran communicator with more than three decades of experience in the mining sector, will liaise directly with existing shareholders, analysts and prospective investors through digital channels and industry conferences, and has been granted 250,000 stock options subject to a multi-stage vesting schedule and TSX Venture Exchange approval, underscoring the company’s effort to bolster stakeholder engagement during a key phase of project development.

The most recent analyst rating on (TSE:SPA) stock is a Hold with a C$0.23 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Extends High-Grade Orca Fault Mineralization With Strong Drill Results

Spanish Mountain Gold reported new assay results from five diamond drill holes completed in the Orca Fault target trend as part of its 2025 Fall Drill Program at the Spanish Mountain Gold project in British Columbia, with standout intercepts including 171.36 metres grading 0.64 g/t gold in hole 25-DH-1315, featuring a higher-grade 102.36-metre interval at 0.92 g/t gold and a 17.00-metre subset at 2.12 g/t gold. The latest results extend and confirm higher-grade mineralization over a 530-metre strike length within the Main deposit’s Orca Fault area, demonstrate strong thickness continuity with prior drilling, and reveal shallow, near-surface grades above the current mineral resource estimate, suggesting that tighter drill spacing is unlocking additional mineral potential that could enhance the scale and quality of the project’s open-pit resource for stakeholders.

The most recent analyst rating on (TSE:SPA) stock is a Hold with a C$0.26 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Extends Orca Fault Trend With Higher-Grade Drill Results

Spanish Mountain Gold reported further assay results from its 2025 Fall Diamond Drill program at the Spanish Mountain Gold project, highlighting six new holes from the Orca Fault trend and five from the A12 target. The latest drilling in the southeastern extension of the Orca Fault has extended the target’s strike length to over 500 metres and returned numerous higher-grade gold intercepts, including 40 metres grading 0.98 g/t gold and 74.35 metres grading 0.66 g/t gold with higher-grade subsets. Management says tighter drill spacing and a preferred 120-degree drilling azimuth are improving geological understanding and demonstrating continuity of higher-grade mineralization in the Main deposit, potentially enhancing the project’s resource quality and supporting future development plans.

The most recent analyst rating on (TSE:SPA) stock is a Buy with a C$0.40 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Reports Promising Drilling Results in British Columbia

Spanish Mountain Gold has announced significant assay results from its 2025 Fall Diamond Drill program, revealing extensive mineralization in the Orca Fault target area. The results include high-grade gold intersections, which suggest potential for increased gold production and resource growth. The drilling program has extended the Orca Fault trend by 130 meters to the southeast, enhancing the company’s confidence in the geological continuity of the area. These findings are expected to support Spanish Mountain Gold’s strategy to scale up gold production at its proposed mining operation in British Columbia.

The most recent analyst rating on (TSE:SPA) stock is a Buy with a C$0.40 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Announces Auditor Change and New Finance Director

Spanish Mountain Gold Ltd. has announced a change of auditor from Smythe LLP to BDO LLP as part of its growth strategy to transition from a junior explorer to an emerging developer. This change is intended to support the company as it advances the Spanish Mountain Gold Project, with BDO LLP selected for its extensive experience in the mining sector. Additionally, Kim Leroux will join as Director Finance to lead the development of financial processes, replacing Mathew Lee, who will leave after a transition period. These changes aim to position the company for a 2027 construction decision and enhance its financial management capabilities.

The most recent analyst rating on (TSE:SPA) stock is a Buy with a C$0.40 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Unveils Promising Drill Results in British Columbia

Spanish Mountain Gold has announced promising assay results from its 2025 Fall Diamond Drill program, revealing significant gold mineralization in the Orca Fault area of its Spanish Mountain Gold project. The results, including a high-grade intercept of 2.19 g/t gold over 33.54 metres, suggest potential for deeper mineral resources, indicating the need for further exploration to quantify this potential, which could enhance the project’s value and attract stakeholder interest.

The most recent analyst rating on (TSE:SPA) stock is a Buy with a C$0.40 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Extends High-Grade Domain with New Drill Results

Spanish Mountain Gold has announced promising assay results from its 2025 Fall Diamond Drill program at the Spanish Mountain Gold project. The latest drill holes, 25-DH-1294 and 25-DH-1296, have intersected significant higher-grade mineralization, extending the near-surface higher-grade domain of the newly defined Orca Fault target. These results highlight the potential for additional gold resources in the area, reinforcing the company’s strategic focus on unlocking further mineral potential through tighter exploration drill spacing. This development could enhance Spanish Mountain Gold’s industry positioning by potentially increasing its resource base, which may have positive implications for stakeholders.

The most recent analyst rating on (TSE:SPA) stock is a Buy with a C$0.40 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.

Spanish Mountain Gold Reports Promising Drill Results in 2025 Fall Program

Spanish Mountain Gold Ltd. announced promising assay results from the first two drill holes of its 2025 Fall Drill Program at the Spanish Mountain Gold project. The results indicate significant higher-grade gold mineralization, which could enhance future gold production and project value. The drilling program aims to confirm the continuity of gold mineralization and potentially increase the robustness of the resource, with a total of 9,000 to 10,000 metres of drilling planned. The findings underscore the company’s commitment to advancing the project and delivering value for shareholders as it moves towards a potential build decision in 2027.

The most recent analyst rating on (TSE:SPA) stock is a Buy with a C$0.40 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.