Mr. Peter Mah reports

SPANISH MOUNTAIN GOLD PROVIDES AN UPDATE ON THE SYSTEM IMPACT STUDY WITH BC HYDRO

Spanish Mountain Gold Ltd. expects to receive the results of the system impact study (SIS) from BC Hydro (the province's utility company) in Q2 2024 for a new 230-kilovolt, 60-megawatt renewable power transmission line into the Spanish Mountain gold project located in the Cariboo gold corridor near Likely, B.C., Canada.

As part of the continuing project optimization work being undertaken, the transmission line was increased to a larger line than specified in the 2021 prefeasibility study report to increase available power to accommodate electrification of the mining fleet, provide flexibility in the processing circuit and other potential modifications as a result of the continuing project optimization currently being undertaken by the company.

Peter Mah, Spanish Mountain Gold's president, chief executive officer and director, comments: "The SIS with BC Hydro is an important step for the company as we move closer to securing a renewable power supply for the proposed mine. It will also support several of our key electrification objectives that aim to lower the project's carbon intensity and greenhouse gas emissions."

About Spanish Mountain Gold Ltd.

Spanish Mountain Gold is advancing its 100-per-cent-owned, multimillion-ounce Spanish Mountain gold project toward construction of the next gold mine in the Cariboo gold corridor, British Columbia. Its immediate focus is to conduct an integrated Whittle enterprise optimization to identify highest-potential value-add improvements while increasing the understanding of the high-grade geologic controls and associated drill targets that could upgrade and expand the gold resource. The company is striving to be a leader in community and indigenous relations and will add to this leadership position by leveraging technology and innovation to build the greenest gold mine in Canada. Its goal for the Spanish Mountain gold project is to reset the bar for lowering open-pit gold mining carbon intensity and greenhouse gas emissions while contributing to the circular economies of the region.

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