South Pacific Metals Corp. (TSX-V: SPMC) (OTCQB: SPMEF) (FSE: 6J00) is pleased to announce outstanding assay results from drill hole ONED26-009 at its 100%-owned Ontenu Project, located adjacent to K92 Mining’s Kainantu gold-copper mine in Papua New Guinea. The results represent a significant step forward to confirming the Company’s hypothesis that Ontenu hosts high-grade epithermal gold-copper veins.

Highlights

• Drill hole ONED26-009 successfully targeted the Megabe structure (Figure 1), a NW-trending mineralised corridor located between the Jorkol and Onki zones in the Ontenu NE prospect, and intersected multiple gold-bearing veins across a wide zone of mineralisation.

• Three intersections stand out for their grade and thickness:

*Zones 2 and 3 returned elevated silver assays (up to 262 ppm Ag in Zone 3). [Au Eq based on 100% equal co-recoveries of Au, Ag & Cu using Au price of US$4,180 per ounce, Ag price of US$62 per ounce and Cu price of $6.20 per lb. Intervals are reported as downhole length. True widths have not yet been determined pending further structural interpretation.]

Octavio Garcia, Exploration Manager of the Company, commented, “The results from hole ONED26-009 are highly encouraging because they demonstrate that the Megabe structure is not an isolated occurrence, but part of a broader mineralised system with clear continuity and scale potential. What is particularly exciting is that we are still in the early stages of testing Ontenu, and each drill hole is helping us refine our geological model and vector towards higher-grade zones. Our team’s methodical approach is beginning to reveal a much larger field of veins than initially recognised, with significant exploration upside remaining across the project.”

• The high-grade intersections in Zones 1 and 2 are interpreted as the along-strike continuation of previously announced, “hanging wall” mineralisation intersected in hole ONED26-007 (see news release dated June 16, 2026), providing early evidence of grade and structural continuity along the Megabe vein system.

• Hole ONED26-009 intersected this “hanging wall” mineralisation about 75m along strike to the southeast from the ONED26-007 intersection.

• Zone 3 forms the Megabe structure and confirms significant width and high-grade mineralisation.

• These results support a vectoring model pointing towards higher-grade zones to the southeast and at depth.

Figure 1 – Ontenu NE Targets and Drill Holes

CEO Timo Jauristo commented, “These results from hole ONED26-009 are a major validation of our exploration model at Ontenu. Our goal is to demonstrate that Ontenu has the potential to host high grade Au-Cu veins similar to those being mined by K92 at their nearby world-class mining operation. Hitting over 28 g/t gold over 2m within a broader mineralised envelope, one of three significant intercepts in drill hole ONED26-009, demonstrates continuity with hole ONED26-007, and tells us that we may be on the edge of something significant at Megabe. Importantly, this is just one of at least eight known mineralised structures across a five-kilometre trend at Ontenu that have been discovered so far. Only a small part of these have been tested by drilling to date. This story has evolved rapidly over a short time, and we are learning a lot from every drill hole. The entire team is excited about following up these results as well as starting to test the other structures in the Ontenu project area.”

Figure 2 – Cross Section 3 mineralised zones in Drill Hole ONED26-009, Megabe

Significance of Results

The Company considers these results significant for several reasons:

• They confirm the Company’s geological hypothesis that the Ontenu project hosts high-grade epithermal Au-Cu veins comparable in style to those being mined at the neighbouring world-class Kainantu operation.

• They provide the good evidence for along-strike continuity of one of the high-grade veins between holes ONED26-007 and ONED26-009.

• Two of the three zones (Zones 1 and 2) contain a higher-grade gold core (Figure 2).

• The distribution of grade within hole ONED26-009 and comparison with results from other holes will help the Company vector towards higher-grade mineralisation. Results to date suggest the priority direction for follow-up drilling is to the southeast and at greater depth.

• The Megabe structure is only one of multiple NW-trending mineralised structures identified at Ontenu NE, with similar structures also recently identified at Ontenu Central.

• The Company has now identified mineralised structures over a five-kilometre trend at Ontenu, of which only small portions of three structures, Jorkol, Onki and Megabe, have been drill-tested to date. At least five further known structures remain entirely undrilled.

• Finally, the mapping and drilling are starting to show that there are more mineralised structures in this area than previously thought.

Next Steps

Drill holes ONED26-010 (a separate structure 150 metres SW of Megabe) and ONED26-011 (75 metre step-out to SE from ONED26-009) have been completed and are being logged and sampled in preparation for assays.

Holes ONED26-012 (150 metre step-out SE from ONED26-011) and ONED26-013 (100 metre step-out NW from ONED26-009) are being drilled.

Drilling at Ontenu will continue, with one more hole planned to test the Megabe structure further along strike to the NW. Subsequently the Company will commence testing of additional undrilled structures identified across the broader project area, including Ontenu Central.

Table 2 – All Individual Assay Results Used in Intercept Calculations

Table 3 – Drill Hole Details (Coordinates in WGS 84, Zone 55)

Quality Assurance and Quality Control

All drill holes are logged on site by the Company’s geology team. Drill core (PQ or HQ) is half-cut, with samples secured and shipped to Intertek Laboratory in Lae, Papua New Guinea. Gold is assayed by 50 g fire assay with AAS finish (FA50/AA); copper and silver are assayed by 3-acid digest with AAS finish (PGGA03) at Intertek Lae. Sample pulps are subsequently sent to Intertek in Perth, Western Australia, for multi-element ICP-MS analysis using a 4-acid digest (4A/MS) (hole ONED26-009 is pending the multi-element ICP-MS work). Two certified reference materials (standards), one blank and one duplicate are inserted within each batch of 100 samples to monitor laboratory performance.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Dr. Darren Holden, B.Sc. (Hons), Ph.D., FAusIMM, a technical advisor and consultant to the Company and a “Qualified Person” as defined under National Instrument 43-101. Resource information is drawn from the independent technical report dated November 18, 2022, prepared by Graeme J. Fleming, B.App.Sc., MAIG, and available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

About South Pacific Metals Corp.

South Pacific Metals Corp. is an emerging gold-copper exploration company operating in the heart of Papua New Guinea’s proven gold and copper production corridors. SPMC has four exploration properties:

• Ontenu (Osena) – Bordering K92 to the southwest. Drilling underway on K92-style targets with surface assays up to 21% Cu, 13.9 g/t Au, 645 g/t Ag and 73 g/t Au defining kilometre-scale corridors.
• Anga – Bordering K92 to the northeast, along strike from K92’s Arakompa discovery; soils to 1,080 ppb Au, 3,397 ppm Cu and stream samples up to 281.8 g/t Au.
• Kili Teke – 4.2 Moz AuEq* NI 43-101 Inferred Resource (effective 18 November 2022) containing 1.81 Moz Au, 802 kt Cu, & 40 kt Mo; results outside of resource include drilling 7.8 m @ 12.98% Cu plus 11.75 g/t Au, surface samples up to 27.5% Cu.
• May River – District-scale system beside Frieda River; high-grade drilling includes 19 m @ 11.47% Cu, 2.17 g/t Au and 109 m @ 1.53 g/t Au.

* Au-equivalent contained ounces based on equal recoveries of Au and Cu only and prices of US$3,300/oz Au and US$4.45/lb Cu. Preliminary metallurgical testwork by Harmony Gold shows gold reporting to copper minerals, indicating the two can be co-recovered. Molybdenum is not included in the Au-equivalent figure.