Spanish Mountain Gold Acquires 28 Mineral Claims, Expands Exploration Opportunities to Grow Mineralization

The proposed claim expansion carries cash and share payments at closing and one year later, plus a royalty the company may buy back.

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VANCOUVER, British Columbia--(BUSINESS WIRE)-- Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold") (TSXV: SPA; FSE: S3Y; OTCQB: SPAUF) is pleased to announce that it has entered into a purchase agreement dated October 16, 2026, with an arm's-length vendor, pursuant to which it will acquire 28 mineral claims, an area over 2,000 hectares, that are contiguous with the Company’s Spanish Mountain Gold Project.

Peter Mah, President and CEO, commented: "This claims purchase substantially expands the claim area of the Spanish Mountain Gold Project. We are excited about the exploration opportunities on the claims acquired, their growth prospects and the potential to support long-term Project economics.”

On closing of the acquisition, the vendor will receive (i) $37,500 in cash, (ii) $37,500 of common shares (calculated using the closing price of the common shares on the day prior to closing), and (iii) a 0.5% net smelter returns royalty (NSR), subject to the Company’s right to purchase the entire NSR for $500,000. Further, on the one-year anniversary of closing, the vendor will receive $37,500 in cash, and $37,500 of common shares (calculated using the closing price of the common shares on the day prior to the anniversary date). The number of common shares issued to the vendor on closing and the one-year anniversary will be subject to a maximum number of shares determined in accordance with TSXV requirements.

Closing is subject to TSXV acceptance and will occur immediately following receipt of such acceptance. No finder's fee is payable in connection with the acquisition. All common shares issued pursuant to the acquisition will be subject to a four-month hold period.

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. 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.

The Company is seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities, which the Company terms “The Relentless Pursuit of Better Gold”. For more information on Spanish Mountain Gold, please visit the Company's website: www.spanishmountaingold.com or the Company’s profile on www.sedarplus.ca.

On Behalf of the Board,
"Peter Mah"
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the 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 "expects", "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 includes but is not limited to information with respect to the receipt of TSXV acceptance, exploration opportunities, growth prospects and the potential to support long-term Project economics from the acquired claims, the feasibility study being fully funded, and the timeline to make a construction decision. 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 events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261028391813/en/

For more information, contact:
Peter Mah
(604) 601-3651
info@spanishmountaingold.com

Source: Spanish Mountain Gold Ltd.