South Pacific Metals Appoints Timo Jauristo as CEO

Rhea-AI Summary

South Pacific Metals (OTCQB: SPMEF) has appointed Timo Jauristo as its new Chief Executive Officer, effective June 30, 2025. Jauristo brings over 40 years of mining sector experience, notably serving as Executive VP of Corporate Development at Goldcorp Inc. and holding senior positions at Placer Dome.

The appointment comes as SPMEF prepares to launch its maiden drill program at Osena. The company has also granted 200,000 stock options at $0.49 per share and awarded 1,000,000 restricted share units (RSUs) to directors and officers, both vesting over three years.

Positive

• None.

Negative

• Significant equity compensation package (1.2M shares) may lead to future dilution

Vancouver, British Columbia--(Newsfile Corp. - July 2, 2025) - South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) ("SPMC" or "South Pacific Metals" or the "Company") is pleased to announce the appointment of Mr. Timo Jauristo as Chief Executive Officer of the Company, effective June 30, 2025.

Mr. Jauristo brings more than four decades of leadership experience with an accomplished career covering global exploration, corporate development, and corporate strategy in the mining sector to South Pacific Metals. He previously served as Executive Vice President of Corporate Development at Goldcorp Inc., where he was instrumental in driving the company's international expansion through strategic acquisitions and project assessments. Before Goldcorp Inc., Timo held senior executive positions at Placer Dome and other leading mining firms, playing key roles in assessing multiple world-class gold and copper projects across the Americas and the Asia-Pacific region. He currently sits on the board of Integra Resources Corp. as an independent director and has also served as a Senior Advisor to Canaccord Genuity Corp.'s Metals and Mining Investment Banking Group.

"As we kick off our maiden drill program this month at Osena, I am looking forward to leading South Pacific Metals at such a pivotal time," said Mr. Jauristo. "SPMC maintains a robust portfolio of gold and copper assets adjacent to some of the most productive mines in the region. Michael and I visited Papua New Guinea this past week. I was excited to meet our impressive team and see firsthand the quality and potential of the portfolio, particularly in the Kainantu area. I look forward to working closely with the Board and our in-country team to demonstrate the potential of our assets."

Michael Murphy, Executive Chair, added, "We are thrilled to welcome Timo as CEO. His deep operational and capital markets experience, strategic insight, and global industry relationships will be instrumental as we advance our Osena and Anga Gold-Copper Projects and mobilize for drilling at our Ontenu Target-our most important milestone yet."

The Company also announces it has granted, effective June 30, 2025 (the "Grant Date"), stock options and awarded restricted share units ("RSUs") to certain directors and officers of the Company to acquire an aggregate of 1,200,000 common shares in the capital of the Company, pursuant to the Company's Omnibus Compensation Plan (as herein defined) as incentives and in recognition of their respective contributions to the development of the Company, as further detailed below.

An aggregate of 200,000 stock options (the "Options"), each convertible into a common share of the Company at an exercise price of $0.49 until June 30, 2025, were granted with 1/3 of the Options to vest on the first anniversary of the Grant Date, 1/3 of the Options to vest on the second anniversary of the Grant Date, and the final 1/3 of the Options to vest on the third anniversary of the Grant Date.

An aggregate of 1,000,000 RSUs, each convertible into a common share of the Company, were awarded with 1/3 of the RSUs to vest on the first anniversary of the Grant Date, 1/3 of the RSUs to vest on the second anniversary of the Grant Date, and the final 1/3 of the RSUs to vest on the third anniversary of the Grant Date.

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 Mining, 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.

Immediately flanking K92 Mining'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 (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).

For further information please contact:

Michael Murphy, Executive Chair
or
Investor Relations
South Pacific Metals Corp.
Tel: +1-604-653-9464
Email: info@southpacificmetals.ca

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.

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 to the Company, including SPMC's strategic plan for the near and mid-term. There is 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. Forward-looking statements may involve various risks and uncertainties affecting the business of the Company. These forward-looking statements can generally be identified as such because of the context of the statements, including such words as "believes," "anticipates," "expects," "plans", "may", "estimates", or words of a similar nature. Forward-looking statements or information in this news release relate to, among other things: the Company's upcoming exploration program. These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic, regulatory, or other unforeseen uncertainties and contingencies. These assumptions include, without limitation: success of the Company's projects, prices for metals remaining as estimated, currency exchange rates remaining as estimated, availability of funds for the Company's projects, capital, decommissioning and reclamation estimates, prices for energy inputs, labour, materials, supplies and services (including transportation), no labour-related disruptions, no unplanned delays or interruptions in scheduled construction and production, all necessary permits, licenses and regulatory approvals are received in a timely manner, and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Accordingly, readers should not place undue reliance on forward-looking information. Such factors include, without limitation: fluctuations in gold prices, fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation), fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar), operational risks and hazards inherent with the business of mineral exploration, inadequate insurance or inability to obtain insurance to cover these risks and hazards, the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner, changes in laws, regulations and government practices, including environmental, export and import laws and regulations, legal restrictions relating to mineral exploration, increased competition in the mining industry for equipment and qualified personnel, the availability of additional capital, title matters and the additional risks identified in the Company's filings with Canadian securities regulators on SEDAR+ (www.sedarplus.ca). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/257501

FAQ

Who is the new CEO of South Pacific Metals (SPMEF)?

Timo Jauristo was appointed as CEO of South Pacific Metals, effective June 30, 2025. He previously served as Executive VP of Corporate Development at Goldcorp Inc. and held senior positions at Placer Dome.

What experience does Timo Jauristo bring to South Pacific Metals?

Timo Jauristo brings over 40 years of leadership experience in global exploration, corporate development, and corporate strategy in the mining sector, including executive roles at Goldcorp Inc. and Placer Dome.

What stock options and RSUs did SPMEF grant in June 2025?

SPMEF granted 200,000 stock options at $0.49 per share and 1,000,000 RSUs to directors and officers, both vesting over three years starting June 30, 2025.

What are South Pacific Metals' main projects?

South Pacific Metals' main projects include the Osena and Anga Gold-Copper Projects, with the Ontenu Target preparing for drilling. These assets are located in the Kainantu area of Papua New Guinea.

When will South Pacific Metals begin its drilling program?

South Pacific Metals announced it will begin its maiden drill program at Osena in July 2025.