Spanish Mountain Gold : Jan 24, 2022 Corporate Presentation View

TSX-V :SPA | OTC : SPAZF

Certain of the statements and information on this presentation constitute "forward-looking statements" or "forward-looking information". Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those reflected in the forward- looking statements or information, including, without limitation, risks relating to results from infill and exploration drilling, geotechnical studies, metallurgical studies, planning of tailings facilities, access to power supply, fluctuations in the spot and forward price of gold or certain other commodities, timing of receipt of permits and regulatory approvals, the sufficiency of the Company's capital to finance the Company's operations, geological interpretations and potential mineral recovery processes, changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, business opportunities that may be presented to, or pursued by, the Company, operating or technical difficulties in connection with mining activities. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Readers should carefully review the Risk Factors section of the continuous disclosure documents of the Company and the Company's technical reports available under its profile on the SEDAR website at www.sedar.comfor more information on such risks.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of posting on the presentation, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward- looking statements and 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 statements and information.

A Measured or Indicated Mineral Resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. Mineral Resources are not Mineral Reserves do not have demonstrated economic viability.

International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, are recognized standards for financial reporting in Canada and most jurisdictions. The Company provided certain non-IFRS performance figures for the Project based on guidance issued by the World Gold Council. These non-IFRS measures are intended to provide additional information to evaluate the underlying performance of the Project and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable with other issuers.

The Company's measured and indicated resources estimates were prepared in accordance with NI 43-101 by Marc Jutras, P. Eng.; MA Sc. with an effective date of February 3, 2021. Mr. Jutras is a Qualified Person under NI 43-101and is a consultant who is independent of the Company.

Judy Stoeterau, P.Geo., an Officer and Vice-President of Geology of the Company, is a qualified person as defined under National Instrument 43-101. Ms. Stoeterau has reviewed and approved the project's written technical information presented herein.

TSX-V:SPA | OTC : SPAZF	2

		 Excellent access & infrastructure in a top-tier mining jurisdiction (British
			Columbia, Canada)
				Modest initial capital cost & low operating cost
		 Advancing multi-millionoz. gold Reservethrough critical milestones towards
	Project		production
			Main Zone Mineral Reserve : higher-grade/near-surface portion of Mineral Resource
				Underway: project optimization and environmental assessment
		 Robust economics shown in Pre-Feasibility Study (2021)
			Advanced stage project
				>$85m expenditures & >900 drill holes over 180,000 metres
		 Large & growingresource with ongoing drilling campaign
Reserve/ Resource			2.3 Moz Mineral Reserve within 4.7 Moz in M&I Mineral Resource
				Allows development flexibility & expansion potential

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Project

Attributes

	Renewable Power	Efficiency
	Connectivity to
	hydroelectric power	 Low power
	means significantly	requirements for
	lowered greenhouse gas	energy efficient
	emissions	milling process

Communities Empowerment

• Long-termthinking and commitments on ESG issues commensurate with a long mine life
• Abundance of local labor and suppliers / enhanced local socioeconomic development

Management

Approach

TSX-V:SPA | OTC : SPAZF

Employment

Practice

• Decades-longpractice of hiring employees from
  Indigenous Nations and local communities

Indigenous Nations &

Communities

• Cooperation agreements signed a decade ago with all three Nations whose traditional territories include the project area
• Community open houses commenced a decade ago

4

Prioritize ESG

• Direct and hands-on involvement of senior management in social engagement including Indigenous Nations & community consultations
• Appointment of a senior executive to exclusively focus on sustainability and indigenous affairs

1. De-risk & Optimize Main Zone Reserve

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2. Continue Resource Growth

• Deliver project milestoneswithin compressed timeline
• • Completed Pre-Feasibility Study in Q2 2021
  • Resumed Environmental Assessment activities in Q1 2021
  • Deliverables: project optimization, feasibility study, EA & permitting
• Target significant resource expansion
• • Resource remains open at depth and along strikes
  • Deliverables: additional drilling programs, resource estimate update

TSX-V:SPA | OTC : SPAZF	5