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SPA.V ·

Spanish Mountain Gold Engages Red Cloud Financial Services

Corporate Updates

Spanish Mountain Gold Ltd.

910-1111 Melville Street

Vancouver, British Columbia, V6E 3V6

Tel: 604.601.3651

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Spanish Mountain Gold Engages Red Cloud Financial Services

Vancouver, B.C., January 24, 2024 - Spanish Mountain Gold Ltd. (the " Company" or "Spanish

Mountain Gold") (TSX-V: SPA) (FSE: S3Y) (OTC: SPAZF) is pleased to announce that, subject to

TSX Venture Exchange (TSXV) acceptance, it has engaged Red Cloud Financial Services Inc. (“Red

Cloud”) to provide media and marketing services for the Company.

Red Cloud is a Toronto -based financial services company that supports mineral exploration and

mining companies in accessing capital markets and enhancing their corporate profile and visibility.

The engagement is for a period of six months commencing on or after receipt of the acceptance

of the TSXV , for a total fee of $ 60,000, which will be paid from working capital in monthly

installments of $10,000.

Red Cloud is at arm’s length from the Company and does not have any interest, directly or

indirectly, in the Company or its securities, or any right or intent to acquire such an interest.

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 . We are

conducting an integrated Whittle Enterprise Optimization to identify the highest potential value -add

improvements while increasing the understanding of the high-grade geologic controls and associated

drill targets that could upgrade and expand the gold resource. 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 mean ingful

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.

For more information, contact:

Suzette N Ramcharan

(604) 601-3651

[email protected]

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

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 "expect s", "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 advancement of the project towards development, and the timing and 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 eve nts affecting such statements or

information. For the reasons set forth above, investors should not place undue reliance on forward -

looking information.