South Pacific Metals Extends the Mineralized Structures at Megabe to More than 300 Metres of Confirmed Strike Length; Structures Open Along Strike and at Depth

South Pacific Metals Corp. released assay results from five step-out holes drilled at the Megabe structure within the Ontenu NE / Osena Project. The holes, designated ONED26-010 through ONED26-014, all intersected mineralized structures. Four of these holes extended the confirmed mineralized strike to more than 300 meters, ranging from ONED26-014 in the northwest to ONED26-012 in the southeast.

The best reported intercept came from hole ONED26-011, which returned 5.13 meters at 1.66 g/t Au, 140 ppm Cu, and 7.6 g/t Ag from 313.27 meters, equivalent to 1.79 g/t AuEq. This interval includes 3.01 meters at 2.52 g/t Au, 155 ppm Cu, and 8.2 g/t Ag, or 2.66 g/t AuEq. ONED26-011 also returned narrow moderate-grade hits, including 1 meter at 4.53 g/t Au from 108 meters and 2 meters at 1.76 g/t AuEq from 129 meters.

Hole ONED26-010 tested a separate structure southwest of Megabe and returned only broad low-grade mineralization. The other Megabe step-outs returned broad but very low-grade intercepts:

• ONED26-010: 18 m at 0.25 g/t AuEq from 213 m; 5 m at 0.35 g/t AuEq from 183 m.
• ONED26-012: 5.7 m at 0.55 g/t AuEq from 79.3 m.
• ONED26-013: 13.4 m at 0.18 g/t AuEq from 153.6 m and 9 m at 0.27 g/t AuEq from 177 m.
• ONED26-014: 10.1 m at 0.50 g/t AuEq from 77 m.

The company states that this drilling cut the upper part of the system, above the high-grade target zone and partly within a leached horizon. True widths are not determined; all intervals are downhole lengths. Next drilling will target deeper high-grade zones below and southeast of discovery hole ONED26-009.

South Pacific Metals Corp. (SPMC) is a pre-revenue junior explorer with no resource yet at Ontenu. Its equity value is driven almost entirely by exploration news flow, particularly the July 2026 ONED26-009 discovery.

The stock re-rated from about C$0.56 before ONED26-009 to C$0.84 within days, and reached C$0.93 on 21 August 2026. That is a clear embedded expectation that Megabe would continue to deliver high-grade or at least significant expansion.

The new step-out results do not match that expectation. The best new interval is a fraction of the anchor’s grade-width product, at much lower grade, with no true width, and the other holes are dominated by sub-0.5 g/t AuEq material.

This is not a fatal blow to the wider exploration thesis: the holes did confirm structure and the deeper high-grade target remains untested. But as a standalone release against a stock sitting at its 52-week high, it is materially weaker than what the price already assumed.

South Pacific Metals Corp. is a Papua New Guinea-focused junior explorer managing four primary projects. The Osena / Ontenu project features active drilling on intermediate-sulphidation epithermal Au-Cu veins located southwest of K92 Mining’s Kainantu mine. The Anga project represents an early-stage gold-copper target situated northeast of K92. The Kili Teke project holds a NI 43-101 inferred resource of 4.2 moz AuEq, derived from 237 Mt at 0.24 g/t Au and 0.34% Cu. The May River project is a district-scale copper-gold exploration area near Frieda River.

Prior financial context from FY2026 filings, which was not updated in this release, indicates nil revenue. As at 31 March 2026, the company held C$6.94 million in cash against total assets of C$28.6 million and total liabilities of C$1.44 million. The company reported a net loss of C$2.34 million and flagged a going concern, dependent on future capital raises.

The investor presentation states there are about 69.7 million shares outstanding and about 92.9 million fully diluted. This results in a market capitalization near C$59 million at C$0.85 on 11 August 2026.