Companies · Mining & Resources

Spanish Mountain Gold Ltd.

VANCOUVER · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on Spanish Mountain Gold Ltd. — recommendation, valuation, rhythm, risks.
$2.7M
Total raised · real
6
Rounds
1.2×
Latest step-up
Top 45%
Sector rank · raised
Pre-Seed
Latest stage · inferred · Wed Aug 27 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Spanish Mountain Gold Ltd. looks over-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 1.93× the median modeled value of Pre-Seed Mining & Resources companies in 2025–2027 (85 peers) — value vs value, same stage and era.
Active
  • Last raise 10 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

Spanish Mountain Gold Ltd. is one of 701 Mining & Resources companies tracked from VANCOUVER. By capital raised it ranks mid-pack (ahead of 56% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
2
Investors (latest)
2025-08-27
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3M$2.5M$3.8M$5.0MPre-Seed · 2011-07-12 Raised $569K (real) Modeled valuation $3.8M (est)$569K$3.8MPre-Seed2011Pre-Seed · 2017-09-28 Raised $163K (real) Modeled valuation $1.1M (est)$163K$1.1MPre-Seed2017Pre-Seed · 2020-07-13 Raised $420K (real) Modeled valuation $2.8M (est)$420K$2.8MPre-Seed2020Pre-Seed · 2023-05-11 Raised $444K (real) Modeled valuation $1.5M (est)$444K$1.5MPre-Seed2023Pre-Seed · 2024-11-15 Raised $500K (real) Modeled valuation $1.2M (est)$500K$1.2MPre-Seed2024Pre-Seed · 2025-08-27 Raised $615K (real) Modeled valuation $1.2M (est)$615K$1.2MPre-Seed2025+$163K+$420K+$444K+$500K+$615KCumulative $2.7M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$569K · 2011
Pre-Seed extension$163K · 2017
Pre-Seed extension$420K · 2020
Pre-Seed extension$444K · 2023
Pre-Seed extension$500K · 2024
Pre-Seed extension$615K · 2025

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$1.2M
Base estimate est.
$390K
Conservative case
$2.8M
Upside case
$3.4M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Pre-Seeda round under $1.0M). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $3.8M · 2011-07-122011Pre-Seed · modeled $1.1M · 2017-09-28Pre-Seed · modeled $2.8M · 2020-07-13Pre-Seed · modeled $1.5M · 2023-05-11Pre-Seed · modeled $1.2M · 2024-11-15Pre-Seed · modeled $1.2M · 2025-08-272025
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
28%
Survival probability
11% low · 52% high
1.27×/yr
Annual markup
1.72×/yr upside case
0.8 yr
Elapsed time used
0.8 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
34 mo
Avg between rounds
$192K/yr
Capital velocity
15.0 yr
On record since
2011
First round
6
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 1.2× above median
This company$2.7M
Sector median$2.3M
Latest round — vs other Pre-Seed rounds in sector (real $, this stage) 2.3× above median
This company$615K
Sector median$271K
Modeled value — vs sector median (estimate, all stages) 0.5× of median
This company$1.2M
Sector median$2.5M

Raised more than 56% of sector peers (real $). Modeled value above 37% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Pre-Seed) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #15 of 85.

This companyCohort peer
$1.0M$10.0M$100K$1.0M$10.0MCapital raised (log)Silver Creek Investors, LLC /WI/ · Pre-Seed Raised $900K · modeled $2.0M (est)Viridian Metals Inc. · Pre-Seed Raised $919K · modeled $1.9M (est)Gold Candle Ltd. · Pre-Seed Raised $1.8M · modeled $1.9M (est)Argenta Silver Corp. · Pre-Seed Raised $931K · modeled $1.8M (est)Relevant Gold Corp. · Pre-Seed Raised $2.0M · modeled $1.8M (est)North Shore Uranium Ltd. · Pre-Seed Raised $1.3M · modeled $1.8M (est)Premier American Uranium Inc. · Pre-Seed Raised $952K · modeled $1.7M (est)ISS Mining 1, LLC · Pre-Seed Raised $898K · modeled $1.6M (est)Kingfisher Metals Corp. · Pre-Seed Raised $2.6M · modeled $1.6M (est)Yukon Metals Corp. · Pre-Seed Raised $707K · modeled $1.5M (est)Copper Giant Resources Corp. · Pre-Seed Raised $891K · modeled $1.4M (est)Sanu Gold Corp. · Pre-Seed Raised $694K · modeled $1.3M (est)Spanish Mountain Gold Ltd. (this company) Raised $2.7M · modeled $1.2M (est)Spanish Mountain Gold Ltd.
CompanyStageRaised · realValue · estvs peer med.
Silver Creek Investors, LLC /WI/Pre-Seed$900K$2.0M3.20×
Viridian Metals Inc.Pre-Seed$919K$1.9M3.10×
Gold Candle Ltd.Pre-Seed$1.8M$1.9M3.02×
Argenta Silver Corp.Pre-Seed$931K$1.8M2.95×
Relevant Gold Corp.Pre-Seed$2.0M$1.8M2.86×
North Shore Uranium Ltd.Pre-Seed$1.3M$1.8M2.85×
Premier American Uranium Inc.Pre-Seed$952K$1.7M2.69×
ISS Mining 1, LLCPre-Seed$898K$1.6M2.65×
Kingfisher Metals Corp.Pre-Seed$2.6M$1.6M2.62×
Yukon Metals Corp.Pre-Seed$707K$1.5M2.43×
Copper Giant Resources Corp.Pre-Seed$891K$1.4M2.25×
Sanu Gold Corp.Pre-Seed$694K$1.3M2.04×
Spanish Mountain Gold Ltd. this companyPre-Seed$2.7M$1.2M1.93×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$569K2011-07-12$3.2M$3.8M85%
Pre-Seed$163K2017-09-28$908K$1.1M90%
Pre-Seed$420K2020-07-13$2.3M$2.8M90%
Pre-Seed$444K2023-05-11$2.5M$1.5M90%
Pre-Seed$500K2024-11-15$2.8M$1.2M90%
Pre-Seed$615K2025-08-27$3.4M$1.2M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$569K2011-07-12
    • First recorded raise — entered as Pre-Seed.
    • 3 investors on this round.
  2. Pre-Seed$163K2017-09-28
    • Raised again after 75 mo — slower than the ~11 mo sector norm.
    • Round 3.5× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 10 investors on this round.
  3. Pre-Seed$420K2020-07-13
    • Raised again after 33 mo — slower than the ~11 mo sector norm.
    • Round 2.6× larger than the prior — scaling up.
    • 22 investors on this round.
  4. Pre-Seed$444K2023-05-11
    • Raised again after 34 mo — slower than the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  5. Pre-Seed$500K2024-11-15
    • Raised again after 18 mo — slower than the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  6. Pre-Seed$615K2025-08-27
    • Raised 9 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 2 investors on this round.
Intelligence
2028 ~Q2
Modeled next raise · ~34mo cadence
$756K
Modeled next size est.range $615K$1.2M
1.2×
Last step-up
$192K/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
JAMES ROGERS6 other2017-09
DALE CORMAN2 other2011-07
Garnet Dawson2 other2023-05
BRIAN GROVES1 other2011-07
DONALD SHARP1 other2011-07
IAN WATSON1 other2011-07
JAMES CLARE1 other2011-07
Brent Bergeron2023-05
CHRISTOPHER LATTANZI2011-07
Donald Coxe2017-09
G. Peter Mah2024-11
JUDY STOETERAU2011-07
LARRY YAU2011-07
Lembit Janes2023-05
Mark Ruus2024-11
MORRIS BEATTIE2011-07
Peter Mah2023-05
Richard Orazietti2023-05
RON HALAS2011-07
Sara Heaton2020-07
Sharon Ng2020-07
Terry MacLean2020-07
Registry & provenance

Spanish Mountain Gold Ltd. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1337090
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Kingfisher Metals Corp.Mining & ResourcesPre-Seed$2.6M$1.6Msame sector · same stage
Fitzroy Minerals Inc.Mining & ResourcesPre-Seed$2.8M$772Ksame sector · same stage
Intrepid Metals Corp.Mining & ResourcesPre-Seed$2.5M$658Ksame sector · same stage
Nevada Exploration IncMining & ResourcesPre-Seed$2.9M$551Ksame sector · same stage
Bravada Gold CorpMining & ResourcesPre-Seed$2.5M$253Ksame sector · same stage
Galway Metals Inc.Mining & ResourcesPre-Seed$3.0M$703Ksame sector · same stage
Latin Metals Inc.Mining & ResourcesPre-Seed$2.4M$856Ksame sector · same stage
MAGELLAN GOLD CorpMining & ResourcesPre-Seed$2.4M$1.9Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Cordoba Minerals Corp.Mining & ResourcesSeries A$33.5M85%
Crystal Mountain Gold Mine, LlcMining & ResourcesSeries B$131.3M85%
Mexican Gold Corp.Mining & ResourcesPre-Seed$601K85%
Golden Minerals CoMining & ResourcesSeries A$6.7M84%
Westmountain Gold, Inc.Mining & ResourcesSeries A$19.7M84%
Sierra Blanca Metals LpMining & ResourcesSeries A$21.9M83%
Thunder Mountain Gold IncMining & ResourcesSeed$5.4M83%
Mineral Mountain Mining & Milling CoMining & ResourcesPre-Seed$708K83%
Frequently asked
How much funding has Spanish Mountain Gold Ltd. raised?
Spanish Mountain Gold Ltd. has raised approximately $2.7M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Spanish Mountain Gold Ltd.'s estimated valuation?
Provath's modeled valuation for Spanish Mountain Gold Ltd. is approximately $1.2M (modeled range $390K–$2.8M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Spanish Mountain Gold Ltd. at?
Spanish Mountain Gold Ltd.'s latest modeled financing stage is Pre-Seed. Its most recent recorded round closed around Wed Aug 27.
What does Spanish Mountain Gold Ltd. do and where is it based?
Spanish Mountain Gold Ltd. operates in the Mining & Resources sector, based in VANCOUVER.
Explore related

See where Spanish Mountain Gold Ltd. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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