SPMC.V · 2026-06-16 12:00:00

South Pacific Metals Intersects 12 m at 3.1 g/t Gold, Including 1 m at 18.1 g/t Gold, at New Megabe Target, Ontenu NE; Provides Corporate Update Across Its Multi-Asset PNG Gold-Copper Portfolio Drill hole ONED26-007 returns 12 m at 3.1 g/t Au, including 1 m

Drill Results Corporate Updates

South Pacific Metals Intersects 12 m at 3.1 g/t

Gold, Including 1 m at 18.1 g/t Gold, at New

Megabe Target, Ontenu NE; Provides

Corporate Update Across Its Multi-Asset PNG

Gold-Copper Portfolio

Drill hole ONED26-007 returns 12 m at 3.1 g/t Au, including 1 m

at 18.1 g/t Au, at the new Megabe target; two rigs turning at

Ontenu NE within the Osena Project, with a porphyry test

being prepared at Ontenu Central; surface exploration and

drill-target definition advancing at the Anga Project, adjacent

to K92 Mining's operation; reconnaissance at May River

secures community consent and site access

Vancouver, British Columbia--(Newsfile Corp. - June 16, 2026) -

South Pacific Metals Corp.

(TSXV:

SPMC) (OTCQB: SPMEF) (FSE: 6J00) ("SPMC" or "South Pacific Metals" or the "Company") is

pleased to report new high-grade gold drill results from its Ontenu NE project and to provide a corporate

update across its portfolio of gold-copper exploration projects in Papua New Guinea ("PNG"). Drill hole

ONED26-007, the first hole testing the new Megabe target at Ontenu NE, returned

12 m at 3.1 g/t Au,

including 1 m at 18.1 g/t Au

. The Company has two diamond drills turning at Ontenu NE, within the

Osena Project on the southwest border of K92 Mining Inc.'s Kainantu Gold Mine, while drill targeting is

being finalised at the adjacent Ontenu Central prospect; surface exploration and drill targeting are

underway at the Anga Project (northeast of, and adjacent to, K92); and field work is restarting at May

River following a recent reconnaissance visit that secured community consent and confirmed site

access.

Executive Chairman, Michael Murphy, commented:

"This is an important stretch for SPMC. Two rigs are turning at Ontenu NE, where our first hole into

the new Megabe target has returned high-grade gold, a porphyry test is taking shape at Ontenu

Central, and we have completed a reconnaissance visit to May River that secured community

consent and site access. We built this position deliberately, and this is the stage where years of

groundwork start to show up in the drill core."

Figure 1: SPMC exploration progress and H2 2026 outlook, showing work completed across the

portfolio through 2025 and anticipated activity and news flow at the Ontenu NE, Ontenu Central, Anga,

Kili Teke and May River projects. Sequencing and timing are indicative only and subject to change.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10890/301686_f6edcb2c540ad877_001full.jpg

OSENA PROJECT - Active Drilling

Ontenu NE

is the engine of the current campaign. Two rigs are now turning, with Exploration Manager

Octavio Garcia overseeing the program. The Company has drilled both the Onki target and the Jorkol

vein system and is currently drilling newly identified NW-trending structures at Megabe (between Onki

and Jorkol). Assays from the first Megabe hole, ONED26-007, have now been received and are

reported below; holes ONED26-008 (Jorkol) and ONED26-009B (Megabe) have recently been

completed and are pending assay results.

New High-Grade Gold at the Megabe Target

New high-grade gold zone intersected at the

Megabe

target, in the corridor between the

Jorkol

and Onki prospects

at Ontenu NE.

12 m @ 3.1 g/t Au

and 15.4 g/t Ag from 185 m downhole,

including 1 m @ 18.1 g/t Au and 84

g/t Ag

Mineralisation hosted in

NW-SE-striking fault breccia within metasediments

- a comparable

geological host and orientation to K92 Mining's nearby Kora-Judd operations.

The Megabe area is located at Otitapa Creek, a notable source of alluvial gold mined by local

artisanal miners.

Two drill rigs continue to operate at Ontenu NE; a second Megabe hole, ONED26-009, has been

completed and dispatched to the laboratory for assay.

Hole ONED26-007 was the first hole into the Megabe area, which lies within a package of interlayered

metasediments and porphyry rocks, proximal to the Onki Diorite contact, and is transected by Otitapa

Creek. The hole intersected a recently surface-mapped NW-SE structure in the hanging wall of the main

Megabe structure and returned

1 m @ 18.1 g/t Au within 12 m @ 3.1 g/t Au

. Other assays within the

intercept include up to 1,462 ppm copper and 84 g/t silver. Reported intervals are downhole (core)

lengths; based on the interpreted orientation of the host structure relative to the drill hole, true width is

estimated at approximately 30% of the downhole interval, preliminary and subject to confirmation by

further drilling. Mineralisation is dominantly gold and silver associated with sulphides (mainly pyrite)

within a fault breccia zone. The hole was terminated at 198.8 m.

Figure 2: Cross-section through hole ONED26-007 at the Megabe target, Ontenu NE.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10890/301686_f6edcb2c540ad877_002full.jpg

Table 1 - Assay results from ONED26-007

Hole_ID

From (m)

To (m)

Intercept (m)

Gold (g/t)

Silver (g/t)

Copper (ppm)

ONED26-007

140

158

0.24

ONED26-007

185

197

3.10

540

INCLUDING:

ONED26-007

185

186

18.10

153

ONED26-007

186

187

0.99

ONED26-007

187

188

0.11

109

ONED26-007

188

189

0.04

ONED26-007

189

190

2.97

126

ONED26-007

190

191

1.48

1462

ONED26-007

191

192

0.69

1371

ONED26-007

192

193

1.03

1347

ONED26-007

193

194

0.17

830

ONED26-007

194

194.4

0.4

5.47

0.5

ONED26-007

194.4

195.2

0.8

4.33

375

ONED26-007

195.2

196

0.8

3.58

641

ONED26-007

196

197

3.18

104

Hole_ID

From (m)

To (m)

Intercept (m)

Gold (g/t)

Silver (g/t)

Copper (ppm)

Intervals are downhole (core) lengths. True width is estimated at approximately 30% of the downhole

interval and is preliminary.

Figure 3: Regional geology and drill plan at the Ontenu Project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10890/301686_f6edcb2c540ad877_003full.jpg

The Ontenu NE Target Areas

Ontenu NE is a single project area that contains several distinct drill targets along one mineralised

corridor. To date the Company has reported drilling from three of these - Jorkol, Onki and, for the first

time in this release, Megabe.

Jorkol

- the western target. Hosts gold-silver mineralisation in structurally controlled zones; drilling to

date has returned assays up to 3.16 g/t Au (holes ONED25-001 and ONED26-001, -004 and -005).

Onki

- the north-eastern target, centred on the Onki Diorite. Carries copper-gold porphyry-style and

higher-grade vein mineralisation; drilling to date has returned peak assays of 9.92 g/t Au and 2.35% Cu

(holes ONED26-002, -003 and -006).

Megabe

- the new central target reported in this release, in the corridor between Jorkol and Onki and

transected by the gold-bearing Otitapa Creek. First-hole results (ONED26-007) returned 12 m at 3.1 g/t

Au, including 1 m at 18.1 g/t Au.

All three targets sit within the same NW-SE structural corridor, which the Company interprets as

analogous to the setting of K92 Mining's nearby Kora-Judd system.

Table 2 - Drill hole details

Hole ID

Target

Easting

Northing

Elev (m)

Length (m)

Azimuth

Dip

Assay Status

ONED25-001

Jorkol

365,693

9,295,361

1,771

318.8

-61

Received

Au+Full ME

ONED26-001

Jorkol

365,745

9,295,652

1,762

400.0

235

-57

Received

Au+Full ME

ONED26-002

Onki

366,382

9,296,303

1,817

348.8

290

-55

Received

Au+Full ME

ONED26-003

Onki

366,254

9,296,133

1,823

401.9

290

-55

Partial

Received

preliminary Au-

Cu-Ag

ONED26-004

Jorkol

365,667

9,295,561

1,769

171.1

347

-55

Received

Au+Full ME

ONED26-005

Jorkol

365,667

9,295,561

1,760

123.0

-55

Received

Au+Full ME

ONED26-006

Onki

366,261

9,296,122

1,851

304.0

-55

Received

preliminary Au-

Cu-Ag

ONED26-007

Megabe

366,147

9,295,620

1,824

198.8

325

-55

Received

preliminary Au-

Cu-Ag for part

of hole.

ONED26-008

Jorkol

365,670

9,295,560

1,760

167

-56

Pending assay

ONED26-009

Megabe

366,160

9,295,800

1,889

371

220

-59

Pending assay

Ontenu NE Drill Program Highlights to Date

(see news release dated

May 20, 2026

)

Gold mineralisation confirmed in 7 of 8 holes

at Ontenu NE. Seven holes for 2,804 m

completed within the wider Osena Project area on the Kainantu Transfer Zone, the same regional

structural corridor that hosts K92 Mining's producing Kainantu gold-copper mine.

Onki Zone, hole ONED26-006:

92 m @ 0.34 g/t Au from 67 m, including 2 m @ 5.74 g/t Au,

1.49% Cu and 35 g/t Ag from 119 m (

peak re-assay of 9.92 g/t Au and 2.35% Cu

over 1 m).

Jorkol Zone, hole ONED26-001:

4.5 m @ 0.77 g/t Au, 0.14% Cu and 19 g/t Ag from 203.5 m,

including a 0.5 m

peak sample assaying 3.16 g/t Au, 0.62% Cu and 96 g/t Ag with 602 ppm

- the strongest bismuth signature of the program. Elevated Bi-Te with Au is a recognised

indicator of intermediate- to high-sulfidation epithermal systems.

Wide low-grade halos surrounding both high-grade peaks

, with multi-element pathfinder

signatures (As, Sb, Bi, Te) consistent with the upper levels of such a system.

Geological evidence of an intact, vertically zoned hydrothermal system at Onki.

Probable

phreatic breccia overlying an intensely silicified horizon, interpreted as a silica cap above a

preserved system, implying the productive levels of the system may sit at depth, intact and as yet

untested.

Ontenu Central advancing in parallel:

a 2 km zoned alteration footprint with a classic porphyry

signature and a relatively shallow (~400 m) porphyry target. Recently identified NW-trending

mineralised zones overlying the northern margin of the porphyry signature continue to indicate the

potential for K92 Mining Kora-Judd-style structures in the Ontenu area.

Two rigs now active:

continued drilling at Ontenu NE, with ONED26-007 (Megabe) reported

above and holes ONED26-008 and ONED26-009B pending assay; holes ONED26-010 and

ONED26-011 in progress; and additional holes planned.

CEO Timo Jauristo commented:

"Our new hole at the Megabe target returned 12 m at 3.1 g/t Au, including 1 m at 18.1 g/t Au, finding

gold in another one of the NW trending structures, within a fault-breccia setting similar to K92

Mining's nearby Kora-Judd system. Our maiden holes had already confirmed that the Ontenu area

hosts gold-copper mineralisation within these NW-trending structures, and the multi-element

pathfinders are pointing us deeper and along strike, toward where we'd expect the higher-grade

mineralisation to sit. With two rigs turning, the assays and the alteration are telling the story and

guiding us towards the better parts of the system. We are looking forward to commencing drilling at

Ontenu Central - where there are near-surface epithermal targets as well as the makings of a

porphyry target at depth."

Ontenu Central

may be the most important target of the campaign. Partially completed detailed

geological mapping has outlined three NW-trending mineralised zones overlying and along the northern

margin of a 2 km zoned porphyry alteration footprint. The current program contemplates a minimum of

three drill holes as a first-pass test of these new NW-trending trends. The Company is also planning a

first hole of approximately 600 m to test the porphyry target, the top of which is interpreted at a relatively

shallow depth of around 400 m.

The Company is conducting detailed geological mapping over both the Ontenu NE and Ontenu Central

projects and has planned a drone-based LiDAR survey across the broader Ontenu area to further tighten

the geological understanding and drill targeting.

ANGA PROJECT - Surface Exploration

SPMC's Anga Project borders K92 Mining's operations to the northeast, 1.5 km east of K92's plant and

3 km along strike from K92's Arakompa-Maniape vein systems. Within a 4 × 3 km footprint, coincident

gold-in-soil and magnetic-low geophysical anomalies define prospective structural corridors. Mapping

and rock-chip sampling at Golkona are continuing with the objective of locating the sources of these

large soil anomalies and defining drill targets to test them.

Previously reported Au-Cu-As-Ag soils

anomalies up to 1,080 ppb Au, 3,397 ppm Cu, 2,160 ppb Ag and nearby stream-sediment pan

concentrates including 281.8 ppm Au, 79.1 ppm Au, 64.9 ppm Au, and 51.6 ppm

(see news

release dated

October 14, 2025

). The Company recently commenced first-pass reconnaissance and

sampling, which will continue.

Figure 4: Anga Project geophysics and soil geochemistry compilation, showing apparent conductivity

(709 Hz), Au-in-soil anomalies, and mapped vein and shear structures along the SPMC-K92 property

boundary. Target prospects (Golkona, Golkona South, Binano, Satup) and surface rock-chip results

are annotated.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10890/301686_f6edcb2c540ad877_004full.jpg

KILI TEKE PROJECT - 4.2 Moz AuEq Inferred Resource

SPMC's wholly-owned Kili Teke Project in Hela Province hosts an NI 43-101 Inferred Mineral Resource

4.2 Moz AuEq

* (effective 18 November 2022), comprising 1.81 Moz Au, 802 kt Cu and 40 kt Mo, and

remains the largest defined resource in the Company's portfolio. Prior operator Harmony Gold

completed extensive drilling and metallurgical testwork at the project; results outside the current resource

include

7.8 m @ 12.98% Cu plus 11.75 g/t Au

, with surface samples up to

27.5% Cu

(see news

release dated

October 1, 2024

* 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.

MAY RIVER PROJECT - Data Compilation & Validation

May River is a district-scale gold-copper system adjacent to PanAust's Frieda River deposit in PNG's

East Sepik region. Historical drilling at the project includes a copper-gold intercept of

19 m @ 11.47%

Cu, 2.17 g/t Au

(hole 010UF97) and gold intercepts of

109 m @ 1.53 g/t Au

57 m @ 1.1 g/t Au

and

m @ 1.5 g/t Au

at the Skirasia prospect (holes 006SK98, 001SK98 and 011SK98), highlighting the

scale and grade potential the Company is now working to advance (see news release dated

October

30, 2024

SPMC's technical team recently completed a reconnaissance visit to the project, which set out to secure

community consent for exploration, locate historical drill collars at the Skirasia prospect, and confirm site

access - and achieved all three. Communities within proximity to the work area were consulted and

briefed on the program, welcoming the Company to begin work.

At Skirasia, a target located within the broader Skygate Cu-Au Porphyry-Epithermal Trend, the team

relocated four historical drill sites (one cemented collar and three drill pads) and recorded eight historical

trenches and soil-sampling sites, with further historical holes still to be relocated. Field observations

during the visit included active local alluvial mining, diatreme breccia, and highly deformed calcareous

schist with secondary copper staining in creek float.

Access to the remote site was confirmed, and operational contacts were established with the PNG

Defence Force, police, and PanAust at Frieda River. The reconnaissance positions May River for a

renewed, community-supported exploration program, with planning for the Company's first phase of

exploration underway.

Figure 5: May River Project regional tenement map showing SPMC tenement boundaries over

regional topography, prospect and target locations, historical drill-hole intercepts (including 010UF97:

19 m @ 11.47% Cu, 2.17 g/t Au and 006SK98: 109 m @ 1.53 g/t Au), existing and proposed access,

and PanAust's Frieda River deposit and proposed open pit to the southeast.

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