South Pacific Intersects 5 Metres at 12.84 g/t AuEq (Including 2 Metres at 28.06 g/t AuEq) and 12.2 Metres at 6.24 g/t AuEq (Including 2 Metres at 16.65 g/t AuEq) in Three Mineralised Zones Within One Drill Hole at Recently Discovered Structure at Ontenu

South Pacific Metals Corp. reported that drill hole ONED26‑009 at the Megabe target within the Ontenu NE project intersected three mineralised zones. Zone 1 returned 8.0 m @ 8.95 g/t Au, 0.10% Cu, 16 g/t Ag (AuEq 9.28 g/t), including 5.0 m @ 12.46 g/t Au (AuEq 12.84) and a 2.0 m core @ 27.45 g/t Au (AuEq 28.06). Zone 2 measured 2.0 m @ 3.26 g/t Au, 0.21% Cu, 45 g/t Ag (AuEq 4.13). Zone 3 consisted of 12.2 m @ 4.93 g/t Au, 0.50% Cu, 55 g/t Ag (AuEq 6.24), with internal very-high-grade sub-intervals including 0.8 m @ 12.31 g/t Au, 1.26% Cu, 206 g/t Ag.

The company stated the results validate continuity with hole ONED26‑007, located approximately 75 m away, and noted the structure remains open along strike and at depth. AuEq calculations assume 100% recoveries and metal prices of US$4,180/oz Au, US$62/oz Ag, and $6.20/lb Cu.

South Pacific Metals Corp. (SPMC) is a pre-resource explorer with zero revenue and a C$37M market cap. The latest drill hole represents a positive step in proving a mineralised structure, though it is not transformational.

The market’s revealed expectation saw the price spike from approximately C$0.40 to C$0.56 prior to the news release, suggesting some anticipation or leak.

It keeps the project alive and supports further drilling, but lacks the scale or confidence to change the resource thesis on its own. The absence of QA/QC and true widths prevents any “Material” rating, meaning investors cannot reliably value the intercept.

South Pacific Metals Corp. is a junior explorer focused on four gold-copper projects in Papua New Guinea: Ontenu, an epithermal vein project currently undergoing drilling; Kili Teke, which holds a 4.2 moz AuEq inferred resource in a porphyry/skarn setting; Anga, featuring early-stage soil anomalies; and May River, known for high-grade copper-gold historical intercepts. The company has no production and no reserves, with Kili Teke holding an inferred resource only. It is funded with approximately C$9.1 million in cash as of Q3-2026, following a C$9.2 million raise in late 2025. The core team includes experienced executives such as Murphy, a Torex founder, and Jauristo, formerly of Newcrest and Goldcorp, alongside a board with significant PNG experience.