Spanish Mountain Gold Expands Orca Fault Mineralization Intersecting 80.15 Metres of 0.83 g/t Gold Including 27.2 Metres of 1.92 g/t Gold as Part of Its Feasibility Study Drill Program

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

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

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

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Table 2: Assay Results for 26-DH-1379

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Section C-C’ (Figure 4) – Drill Hole 26-DH-1378

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26-DH-1378, collared 210 m 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 (see news release from July 3, 2025) and towards the 2025 MRE resource pit bottom. The hole intersected 243.1 m of 0.38 g/t gold from 39.55 m, including a strong near-surface zone of 60.65 m of 0.93 g/t gold from 39.55 m with a high-grade interval of 2.2 m of 3.97 g/t gold from 98.0 m and a narrow Orca-style vein of 0.7 m of 56.61 g/t gold from 57.8 m. A deeper zone of 70.65 m of 0.40 g/t gold from 212.0 m remains open along strike and at depth.

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Table 3: Assay Results for 26-DH-1378

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Eastern Block – Drill Holes 26-DH-1375, 26-DH-1377, and 26-DH-1380

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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 m and 26-DH-1375 from 49.00 m, contributing to the definition of the eastern corridor limits.

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

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

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26-DH-1380 returned broad lower-grade intervals of 117.0 m of 0.24 g/t gold from 12.0 m and 39.0 m of 0.35 g/t gold from 209.0 m, with a near-surface higher-grade subset of 10.1 m of 1.46 g/t gold from 12.0 m. Results for all three holes are summarized in Table 4.

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Table 4: Assay Results for 26-DH-1375, 26-DH-1377, and 26-DH-1380

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

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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, blanks, preparation and field duplicates 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).

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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 verify the nature of the results presented.

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Drill core samples were submitted to MSALABS’s analytical facility in Prince George, British Columbia, for sample preparation and PhotonAssay™ 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.

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PhotonAssay™

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The PhotonAssay™ method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssay™ 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™ instrument bombards 400- to 600-gram samples contained in sealed containers with gamma rays. Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). The method offers a gold detection range from 0.015 ppm (lower limit) to 10,000 ppm (upper limit).

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Spanish Mountain Gold implemented two QAQC methodologies to validate the accuracy of PhotonAssay™ 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).

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Multi-Elemental Analysis

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For the 2026 drilling campaign, Spanish Mountain Gold used the IMS-230 method to provide multi-element determination using a four-acid digestion followed by ICP-OES and ICP-MS analysis.

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Qualified Person

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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.

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About Spanish Mountain Gold Ltd.

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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 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 for US$55 million (see news release from May 1, 2026). 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.