Company Announcements

VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 1, 2025-- Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold") (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to provide additional assay results from exploration drill holes 25-DH-1297, 25-DH-1298, and 25-DH-1299 that were completed as part of its 2025 Fall Diamond Drill program (“2025 Fall Drill Program”) for the Spanish Mountain Gold (“SMG”) project, which is located in the Cariboo Gold Corridor, British Columbia, Canada.

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Figure 1: Drill Long Section Through Orca Fault Area (looking northeast); section line A-A’ (see Figure 3)

The company has completed approximately 6,947 m of drilling has been completed to date of the 9,000 to 10,000 metres (“m”) of exploration drilling planned under the 2025 Fall Drill Program. Assays and geochemistry are pending on fifteen (15) additional drill holes completed on the newly defined Orca Fault area, and from five (5) completed drill holes on the A12 target.

Highlights:

• 25-DH-1299 intersected two key intervals:
  • from 139.82 m of 0.82 g/t gold between 48.18 to 188.00 m, including 34.60 m of 2.17 g/t gold with a subset of 7.60 m of 7.09 g/t gold
  • from 284.00 to 329.54 m of 45.54 m of 1.67 g/t gold including 33.54 m of 2.19 g/t gold with a subset of 13.53 m of 4.79 g/t gold
• 25-DH-1297 intersected 50.84 m of 0.66 g/t gold from 44.76 to 95.60 m, including 19.41 m of 1.12 g/t gold with a subset of 3.59 m of 2.30 g/t gold

Key Findings:

• Current exploration drilling assay results continues to intersect significant higher-grade mineralization over 300 m in strike length in the newly defined Orca Fault target (Figure 1 and 2) and the continuity can now be traced across two parallel, adjacent drill sections.
• The deep intersection in drill hole 25-DH-1299, grading 1.67 g/t gold over 45.54 m, which is below the constraining open pit shell for the 2025 Mineral Resource Estimate (“MRE”), confirms historical drilling that there is higher-grade mineralization at depth and highlights that additional exploration drilling is required to quantify the deeper mineral potential.

Main Deposit – Orca Fault area

Drill hole 25-DH-1299 (see Table 3) was designed to confirm the new Orca Fault target and intersected higher-grade mineralization (Figure 1), approximately 75 m south of drill hole 25-DH-1294 (Figure 3), which is on the next drill section line immediately to the north. It should be noted that 25-DH-1299 has two key intersections, the first interval near surface from 48.18 to 188.00 m of 0.82 g/t gold over 139.82 m, including 34.60 m of 2.17 g/t gold with a subset of 7.60 m of 7.09 g/t gold. The second interval came near the base of constraining open pit shell for the 2025 Mineral Resource Estimate (see July 3, 2025 news release) from 284.00 to 329.54 m, grading 1.67 g/t gold over 45.54 m, including 33.54 m of 2.19 g/t gold with a subset of 13.53 m of 4.79 g/t gold. This deeper intercept highlights the mineral potential at depth that will require additional drilling to further delineate, but investors should be cautioned it is not guaranteed that additional drilling will result in conversion of this area into the mineral resource estimate.

Drill hole 25-DH-1297 (Table 1) was designed at 45 m south from 25-DH-1294 (Figure 3) and it also successfully intersected higher-grade mineralization, 50.84 m grading 0.66 g/t gold from 44.76 to 95.60 m including 19.41 m of 1.12 g/t gold with a subset of 3.59 m of 2.30 g/t gold. Drill hole 25-DH-1298 (Table 2) was designed at 50 m southeast of 25-DH-1296 (Figure 3) and it intersected per plan 34.77 m of 0.48 g/t gold from 58.00 to 92.77 m (Figure 2).

The results from these three new exploration drill holes compare very favorably with the results of 25-DH-1281 and 25-DH-1282 (see April 21, 2025 news release), 25-DH-1292 and 25-DH-1293 (see November 3, 2025 news release), and 25-DH-1294 and 25-DH-1296 (see November 17, 2025 news release), continuing to prove that tighter exploration drill spacing at the preferred azimuth of 120-degrees is key to unlocking additional mineral potential in the Main deposit. These exploration drill holes are presented on a drill section (Figure 1 and Figure 2) that shows the alignment of the higher-grade mineralization to the new Orca Fault target.

Table 1: Assay Results for 25-DH-1297

Table 2: Assay Results for 25-DH-1298

Table 3: Assay Results for 25-DH-1299

The integration of assay results from 25-DH-1297, 25-DH-1298, and 25-DH-1299 with other recently released drill holes (see November 3 and 17, 2025 news releases), strengthens the continuity for the new Orca Fault target and the association of higher-grade mineralization over a strike length of 300 m, northwest to southeast (see Figure 1 and Figure 2) now spanning two parallel, adjacent drill sections.The current interpretation is that there is strong continuity between these section lines linking geology, structure and the higher-grade mineralization.

The mineralization in these drill holes occurs in faults and quartz-dominated veins that appear to extend for more than 25 m beyond each drill hole. Two dominant sets of veins were identified, high-angle and low-angle. The lower-angle veins (~45 degrees) occur in proximity to the Orca Fault (see November 3 and 17, 2025 news releases).

Figure 3 illustrates the locations for three drill hole results outlined in this news release and the drill holes currently in the assay lab, or in process of being drilled. Drill collar location coordinates are summarized for the 2025 Fall Drill Program in Table 4 at the end of this news release.

Abbreviations: metres = m, grams per tonne = g/t, gold = Au, mineral resource estimate = MRE, Spanish Mountain Gold = SMG

Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QAQC)

Once received from the drill and processed, all drill core samples were sawn in half, labeled, and bagged. The remaining half of the drill core was securely stored on-site. Numbered security tags were applied to sample shipments to ensure chain of custody compliance. The Company inserts quality control (QC) samples at regular intervals, including blanks and reference materials, for all sample shipments to monitor laboratory performance. Standards and blanks account for a minimum of 20% of the samples in addition to the laboratory’s internal quality assurance programs. The QAQC program was overseen by the Company’s Qualified Person, Julian Manco, P.Geo, Director of Exploration (as described below).

The data verification process involved a multi-step approach to ensure accuracy and integrity. This included a detailed quality control (QC) analysis of the data, which was performed using both internal and external platforms, such as the MxDeposit™ software. These QC checks involved the analysis of certified reference materials (CRMs), blanks, and duplicates to confirm the reliability of the assay results. In addition, a field inspection of the specific drill intervals mentioned in this release has been conducted to directly observe the geological features and verified the nature of the results presented.

Drill core samples were submitted to MSALABS’s analytical facility in Prince George, British Columbia, for sample preparation and PhotonAssay^TM analysis. The MSALABS facilities are accredited to the International Standards ISO/IEC 17025 and ISO 9001 standard for gold and multi-element assays, with all analytical methods incorporating quality control materials at defined frequencies and established data acceptance criteria. MSALABS Inc. is independent of the Company.

PhotonAssay^TM

The PhotonAssay^TM method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssay^TM instrument (PA1408X). This non-destructive, fully automated technique offers high accuracy for analyzing ores and pulps. Sample preparation begins with drying and crushing up to 1 kg of material to achieve at least 70% passing through a 2-millimetre (mm) sieve. The sample is then riffle split to obtain a suitable aliquot for 2 testing cycles (MSALABS Method CPA-Au1).

The PhotonAssay^TM instrument bombards 400- to 600-gram samples contained in sealed containers with gamma rays. These containers remain sealed throughout the process, preserving the sample for potential further testing. The analysis is performed robotically, with results that integrate into existing laboratory management systems. Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). Both the sample and reference disc undergo gamma ray exposure, with signals detected and analyzed to ensure accurate and reliable results. The method offers a gold detection range from 0.015 parts per million (ppm - lower limit) to 10,000 ppm (upper limit). Quality control includes the use of reference materials and blanks, with all results reviewed by a competent person before reporting.

Spanish Mountain Gold implemented two QAQC methodologies to validate the accuracy of PhotonAssay^TM results, both demonstrating good comparability: 1) comparative analysis of diverse mineralization styles using Total Au screen metallic methods with both FAS-415 (gravimetric finish) and FAS-211 (AAS finish), and 2) comprehensive testing of both sample aliquots and rejects using FAS-211 (AAS finish). QAQC Testing typically can include the following spot checks: 1) Pulverizing tests to evaluate variability in sample preparation, 2) Cross-analysis at external laboratories using screen metallic method, and 3) Four-cycle radiation testing to identify and calibrate potential variability in gold results with variable radiation intensity.

Multi-Elemental Analysis

For the 2025 drilling campaign Spanish Mountain Gold used IMS-230 method to provide multi-element determination using a four-acid digestion followed by ICP-OES and ICP-MS analysis.

Key Process Steps:

Sample Preparation: Samples are dried and ground to a specific criterion (85% passing 75 microns (μm) for rocks and drill core; 180μm for soils and sediments). A homogeneous 10-gram sample is required. Digestion: Samples undergo sequential digestion with nitric, perchloric, hydrofluoric, and hydrochloric acids, followed by dilution with deionized water.

Analysis: The solution is analyzed via ICP-OES and ICP-MS for multi-element quantification. Quality Control: The process includes reference materials, blanks, and duplicates, with corrections for spectral interferences and thorough review before final reporting.

Qualified Person

Julian Manco, M.Sc., P.Geo., Director of Exploration with Spanish Mountain Gold, is the Qualified Person as defined under National Instrument 43-101 who has reviewed the technical information in this news release and has approved the content for dissemination.

About Spanish Mountain Gold Ltd.

Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project (Project) towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. On August 18, 2025, the Company filed an NI 43-101 Technical Report on SEDAR+ that sets out the Project’s de-risked and optimized Preliminary Economic Assessment (PEA), with an updated Mineral Resource Estimate (MRE). We will continue to advance the Project to position the Company to make a construction decision in 2027. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.

On Behalf of the Board,

“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION:

Certain of the statements and information in this press release constitute "forward-looking information". Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be considered forward-looking information. The Company's forward-looking information is based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release and include but are not limited to information with respect to, the potential for adding more higher-grade gold mineralization within the pit or below current pit design; and the timing and size (m) of the 2025 Fall Drill Program, and the results thereof. Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking 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 information.

Table 4: Drill Collar Information for Drill Holes

View source version on businesswire.com: https://www.businesswire.com/news/home/20251201261476/en/

For more information, contact:
Peter Mah
(604) 601-3651
info@spanishmountaingold.com

Source: Spanish Mountain Gold Ltd.