Mr. Peter Mah reports

SPANISH MOUNTAIN GOLD ANNOUNCES CLOSING OF FIRST TRANCHE OF ROYALTY FINANCING AND RECEIPT OF US$22.5 MILLION

Spanish Mountain Gold Ltd. has closed the first tranche of its previously announced royalty sale to Wheaton Precious Metals Corp. As part of the first tranche closing, the company received $22.5-million (U.S.) from Wheaton. A further $32.5-million (U.S.) is available to the company under the terms of the royalty financing following the satisfaction of certain conditions precedent.

About Spanish Mountain Gold Ltd.

Spanish Mountain is focused on advancing its 100-per-cent-owned Spanish Mountain gold project toward its goal to build the next gold mine in the Cariboo gold corridor, British Columbia. On Aug. 18, 2025, the company filed a National Instrument 43-101 technical report on SEDAR+ that sets out the project's derisked and optimized preliminary economic assessment (PEA), with an updated mineral resource estimate (MRE). Spanish Mountain will continue to advance the project to position the company to make a construction decision in 2028. The company is striving to be a leader in community and indigenous relations by leveraging technology and innovation to build the greenest gold mine in Canada. The relentless pursuit for better gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the company are available on SEDAR+ and on the company's website.

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