Spanish Mountain Gold Ltd. (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 for the Spanish Mountain Gold project, which is located in the Cariboo Gold Corridor, British Columbia, Canada.

The company has completed approximately 6,947 m of drilling has been completed to date of the 9,000 to 10,000 metres 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, 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

PhotonAssay^TM

The PhotonAssay^TM method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssay^TMinstrument (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^TMresults, 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.

About Spanish Mountain Gold Ltd.

Spanish Mountain Gold Ltd. 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 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, with an updated Mineral Resource Estimate. 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.

Table 4: Drill Collar Information for Drill Holes