Spanish Mountain Gold expands Orca Fault as part of Its Feasibility Study Drill Program at Spanish Mountain Gold Project, British Columbia

Spanish Mountain Gold Ltd. [TSXV: SPA; FSE: S3Y; OTCQB: SPAUF] reported assay results from seven diamond drill holes on the Spanish Mountain Gold Project located in the Cariboo Gold Corridor, British Columbia, Canada.

Assay results from these drill holes are part of the 2026 Feasibility Drill Program, which was initiated in March 2026 with the objective of increasing resource confidence (infill drilling) and expanding on the current mineral resource. Approximately 17,143 metres of a planned 60,000-metre drilling program has been completed to date. This news release presents results for holes 26-DH-1374 to 26-DH-1380. Assay results are pending for 19 additional drill holes.

Highlights: 26-DH-1376, collared 75 metres northeast of 26-DH-1363, returned 303.18 metres of 0.50 g/t gold from 76.02 metres, including 80.15 metres of 0.83 g/t gold from 205.0 metres with a higher-grade subset of 27.2 metres of 1.92 g/t gold from 242.8 metres, cross-cutting multiple Orca-style higher-grade structures on the western side of the Main Deposit.

26-DH-1379, collared 50 metres northeast of 26-DH-1376, intersected three separate Orca-style mineralization zones, including a broader interval of 107.0 metres of 0.56 g/t gold from 221.0 metres with a higher-grade subset of 53.1 metres of 0.85 g/t gold from 270.9 metres.

26-DH-1378, collared 210 metres southeast of 26-DH-1359, intersected 60.65 metres of 0.93 g/t gold from 39.55 metres and encountered mineralization in the southern part of the deposit between Fault 2 and Fault 3, within the Years 5–10 life-of-mine shells.

26-DH-1375 and 26-DH-1377 extending the Orca Fault Corridor on the eastern margin of the main deposit returned near-surface mineralization starting from 90.2 m and 15.0 m, respectively. 26-DH-1375 intersected 95.0 metres of 0.40 g/t gold from 49.0 metres, including 34.8 metres of 0.78 g/t gold from 90.2. 26-DH-1377 intersected 135 metres of 0.32 g/t gold from 15.00 metres including 81.25 metres of 0.40 g/t gold from 38.5 metres.

Key Findings: Drilling in the western side of the deposit – tested by 26-DH-1374, 26-DH-1376, and 26-DH-1379 (Sections A-A’ and B-B’) crosscuts multiple higher-grade zones associated with the Orca Fault Corridor, with results confirming structural continuity from near surface to over 370 metres depth.

The southern part of the Main Deposit – tested by 26-DH-1378 (Section C-C’), collared 210 metres southeast of 26-DH-1359 – encountered gold mineralization between Fault 2 and Fault 3, within the Years 5–10 life-of-mine shells defined in the 2025 Preliminary Economic Assessment.

The eastern part of the Main Deposit – tested by 26-DH-1375 and 26-DH-1377 – continues to deliver higher-grade near-surface mineralization relative to the 2025 MRE starting from 15.0 m (26-DH-1377) and 90.2 m (26-DH-1375), helping to delineate the structural controls interpreted as part of the Orca Fault Corridor at the eastern margin of the Main Deposit.

Higher-grade subsets including 27.2 metres of 1.92 g/t gold from 242.8 metres (26-DH-1376), 53.1 metres of 0.85 g/t gold from 270.9 metres (26-DH-1379), and 60.65 metres of 0.93 g/t gold from 39.55 metres (26-DH-1378) are consistent with Orca-style vein clusters and reinforce the structural model across all three drilled areas.

26-DH-1374 and 26-DH-1376 were collared to test the Orca Fault Corridor on the western side of the Main Deposit. 26-DH-1374, collared approximately 100 m northeast of 26-DH-1370, demonstrates continuity along the interpreted Orca corridor, intersecting a broad interval of 364.0 metres of 0.24 g/t gold from 9.0 metres, including 80.0 metres of 0.54 g/t gold from 123.0 metres with internal higher-grade zones of 15.7 metres of 0.61 g/t gold from 130.4 metres and 34.0 metres of 0.65 g/t gold from 162.0 metres.

26-DH-1376 is the standout hole of Section A-A’, returning 303.18 metres of 0.50 g/t gold from 76.02 metres, including a high-grade upper zone of 209.13 metres of 0.61 g/t gold from 76.02 metres with 24.83 metres of 1.22 g/t gold from 76.02 metres and 9.7 metres of 2.72 g/t gold from 89.0 metres near surface, a middle zone of 41.0 metres of 0.64 g/t gold from 142.0 metres with 18.14 metres of 1.07 g/t gold from 161.0 metres, and a deeper zone of 80.15 metres of 0.83 g/t gold from 205.0 m including a higher-grade vein cluster of 27.2 metres of 1.92 g/t gold from 242.8 metres. Mineralization remains open at depth and it is interpreted to be consistent with the top of the third argillite target defined in 2024.

26-DH-1379, collared 50 metres northeast of 26-DH-1376, intersected three separate mineralization zones associated with the Orca Fault Corridor, confirming structural continuity across an interval of 314.0 metres of 0.35 g/t gold from 14.0 metres.

Zone 1 (near surface): 22.0 metres of 0.72 g/t gold from 14.0 metres, including 13.0 metres of 1.08 g/t gold from 23.0 metres.

Zone 2 (intermediate): 50.5 metres of 0.50 g/t gold from 120.5 metres, including 14.0 metres of 0.78 g/t gold from 151.5 metreds.

Zone 3 (deep): 107.0 metres of 0.56 g/t gold from 221.0 metres, including 53.1 metres of 0.85 g/t gold from 270.9 metres and a tighter higher-grade interval of 40.35 metres of 0.99 g/t gold from 270.9 metres. Mineralization remains open at depth and along strike.

26-DH-1378, collared 210 metres southeast of 26-DH-1359, was designed to test gold mineralization in the southern part of the Main Deposit between Fault 2 and Fault 3, within the Years 5–10 life-of-mine shells defined in the 2025 PEA and towards the 2025 MRE resource pit bottom. The hole intersected 243.1 metres of 0.38 g/t gold from 39.55 metres, including a strong near-surface zone of 60.65 metres of 0.93 g/t gold from 39.55 metres with a high-grade interval of 2.2 metres of 3.97 g/t gold from 98.0 metres and a narrow Orca-style vein of 0.7 mettres of 56.61 g/t gold from 57.8 metres. A deeper zone of 70.65 metres of 0.40 g/t gold from 212.0 metres remains open along strike and at depth.

26-DH-1375 and 26-DH-1377 were collared in the eastern block to help delineate the structural controls for this part of the project, interpreted as part of the Orca Fault Corridor extending to the east. Both holes confirm near-surface mineralization, with 26-DH-1377 intercepting gold from 15.0 metres and 26-DH-1375 from 49.00 metres, contributing to the definition of the eastern corridor limits.

26-DH-1375 intersected 95.0 metres of 0.40 g/t gold from 49.0 metres, including 53.8 metres of 0.58 g/t gold from 90.2 metres, and a higher-grade subset of 24.0 metres of 0.94 g/t gold from 95.0 metres.

26-DH-1377 returned 135.0 metres of 0.32 g/t gold from 15.0 metres, including 81.25 metres of 0.40 g/t gold from 38.55 metres and a higher-grade zone of 10.15 metres of 1.10 g/t gold from 109.65 metres.

26-DH-1380 returned broad lower-grade intervals of 117.0 metres of 0.24 g/t gold from 12.0 metres and 39.0 metres of 0.35 g/t gold from 209.0 metres, with a near-surface higher-grade subset of 10.1 metres of 1.46 g/t gold from 12.0 metres.

Spanish Mountain Gold is focused on advancing its 100%-owned Spanish Mountain Gold project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia.

On May 1, 2026, the company received the first instalment of US$22.5 million in connection with the sale of a 1.5% NSR to Wheaton Precious Metals Corp. [TSX, NYSE, LSE: WPM] for US$55 million. In Q2 2026, the company initiated a feasibility study on the Project, which is fully funded and will position the company to make a construction decision in 2028.