South Pacific Metals Upsizes its Previously Announced $4 Million Non-Brokered Private Placement Offering to $6.3 Million in Response to Investor Interest

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South Pacific Metals Upsizes its Previously Announced $4 Million Non-Brokered

Private Placement Offering to $6.3 Million in Response to Investor Interest

//NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES//

Vancouver, British Columbia – January 20, 2025 – South Pacific Metals Corp. (TSX-V: SPMC; FSE: 6J00)

(“SPMC” or the “ Company”) is pleased to announce that further to its press release of December 11,

2024, the Company has increased the size of its previously announced non -brokered private placement

offering (the " Offering"), due to increased investor interest, to up to 13,125,000 units of the Company

(“Units“) at a price of C$0.48 per Unit for gross proceeds of up to C$6,300,000 (the “Offering“).

Each Unit will consist of one (1) common share of the Company (“ Share”) and one-half (1/2) of one (1)

Share purchase warrant, whereby each whole Share purchase warrant (“Warrant”) will be exercisable at

$0.90 into an additional Share for a period of 24 months from the date of issuance. If the volume weighted

average trading price of the Shares on the TSX -V is equal to or greater than C$1.20 for a period of 10

consecutive days, th e Company will have the right to accelerate the expiry date of the Warrants by

providing notice that the Warrants will expire on the date that is not less than 10 days from the date such

notice is provided by the Company to the warrant holders.

All securities to be issued in connection with the Offering will be subject to a four -month hold period in

accordance with applicable securities legislation. Finder’s fees may be applicable and the net proceeds of

the Offering will be used to carry out exploration work on the Company’s properties in Papua New Guinea

and for general administrative and working capital purposes. The Offering is expected to close on or about

January 29, 2025 (the "Closing Date") and is subject to certain conditions including, but not limited to, the

receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange

(“TSXV”).

The securities described herein have not been, and will not be, registered under the United States

Securities Act of 1933, as amended (the “ U.S. Securities Act”), or any state securities laws, and may not

be offered or sold within the United States except in compliance with the registration requirements of the

U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.

This release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the

United States.

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. With an expansive 3,100 km² land

package and four transformative gold -copper projects contiguous with major producers K92 Min ing,

PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing

thoughtful and rigorous technical programs focused on boots -on-the-ground exploration to prioritize

discovery across its portfolio projects: Anga, Osena, Kili Teke and May River.

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Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest,

SPMC’s Anga and Osena Projects are located within the high -grade Kainantu Gold District – each having

the potential to host similar -style lode -gold and porphyry copper -gold mineralization as that present

within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-

class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for

expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda

River copper -gold project, with historical drilling indicating potential for a significant, untapped -gold

mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSX -V: SPMC), the

OTCQB Marketplace, and Frankfurt Stock Exchange (FSE: 6J00).

For further information please contact:

Michael Murphy, Executive Chair

South Pacific Metals Corp.

Tel: +1 604-428-6128

Email: [email protected]

Neither 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.

Disclaimer and Forward-Looking Information

This news release contains certain “forward -looking information” and “forward -looking statements”

(collectively, “forward -looking statements”) within the meaning of applicable securities legislation. All

statements, other than statements of historical fact included herein, including without limitation,

statements relating the future operations and activities of SPMC, are forward -looking statements.

Forward-looking statements are frequently, but not always, identified by words such as “expects”,

“anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or

statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved.

Forward-looking statements in this news release relate to, among other things, statements in respect of

the size and use of proceeds of the Offering, and the timing and ability of the Company to close the

Offering, including obtaining approval of the Offering from the TSX-V. There can be no assurance that such

statements will prove to be accurate, and actual results and future events could differ materially from

those anticipated in such statements. Forward -looking statements reflect the beliefs, opinions and

projections on the date the statements are made and are based upon a number of assumptions and

estimates that, while considered reasonable by SPMC, are inherently subject to significant business,

economic, competitive, political and social uncertainties and contingencies. Many factors, both known and

unknown, could cause actual results, performance or achievements to be materially different from the

results, performance or achievements that are or may be expressed or implied by such forward -looking

statements and the parties have made assumptions and estimates b ased on or related to many of these

factors. Such factors include, without limitation, the ability to complete the Offering on the terms proposed

and the ability to obtain necessary approvals, including the approval of the TSX -V, proposed exploration

work, the results of exploration, continued availability of capital, and changes in general economic, market

and business conditions. Readers should not place undue reliance on the forward-looking statements and

information contained in this news release concerning these items. SPMC does not assume any obligation

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to update the forward -looking statements of beliefs, opinions, projections, or other factors, should they

change, except as required by applicable securities laws.