SPMC.V · 2024-04-03 12:00:00

South Pacific Metals Corp. Provides Update to Private Placement Financing

Financings

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PUBLICATION, DISTRIBUTION, DISSEMINATION, DIRECTLY OR INDIRECTLY IN OR INTO THE

UNITED STATES

Vancouver, B.C. – April 3, 2024 – South Pacific Metals Corp. (TSX-V: SPMC; FSE: 6J00) (“SPMC” or the

“Company”) announces that it plans to extend the closing of the previously announced private placement

(see news release dated February 23, 2024) of up to 7,500,000 common shares in the capital of the

Company (the “ Shares”) at a price of C$0.20 per Share for gross proceeds of up to C$1,500,000 (the

“Offering”). The Company anticipates the Offering will close on or before April 22, 2024.

The Shares issued under the Offering will be subject to a four month hold period. The Company may pay

finders a fee in cash and/or warrants under the Offering. The proceeds of the Offering will be used as

follows: (i) approximately US $500,000 (approximately C $685,000) to carry out exploration work on its

properties located in Papua New Guinea, and (ii) the balance on general administrative and working capital

purposes.

The Offering is subject to the acceptance of the TSX Venture Exchange.

About South Pacific Metals Corp. (SPMC)

SPMC is an Asia -Pacific focused gold mining company with four highly prospective gold -copper projects,

Kili Teke, KRL South, KRL North and the May River Project. All projects are located in premier mining

regions in Papua New Guinea. Both KRL North and KRL South show potential to host high-grade epithermal

and porphyry mineralisation, as seen elsewhere in the high -grade Kainantu Gold District. The May River

project is near the world -renowned Frieda River Copper -Gold Project, with his torical drilling indicating the

potential for significant copper-gold projects. Kili Teke is an advanced development project with an existing

inferred mineral resource. SP MC has a highly experienced board and management team with a proven

track record of working together in the region; and an established in-country partner.

South Pacific Metals Corp.

Adam Clode, Interim Chief Executive Officer (Tel: +65 6920 2020)

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for

the adequacy or accuracy of this release.

Disclaimer and Forward-Looking Information

Statements contained in this release that are not historical facts are forward -looking statements that involve various risks and

uncertainty affecting the business of SPMC. In making the forward -looking statements, SPMC has applied certain assumptions that

are based on information available, including SPMC’s strategic plan for the near and mid-term. There can be no assurance that such

information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such

statements. Accordingly, readers should not place undue reliance on forward-looking information. SPMC does not undertake to update

any forward-looking information, except in accordance with applicable securities laws.