Spanish Mountain Gold Ltd. announced a new metallurgical test program and assay results from the 2022 metallurgical drill program for its Spanish Mountain Gold Project located in the Cariboo Gold Corridor near likely, British Columbia, Canada. A new metallurgical test program has been scoped and tendered to assess the potential benefits and flowsheet improvements using coarse ore floatation. The Company anticipates to award and begin testing later in First Quarter 2024.

The program will include using the 2022 metallurgical diamond drill hole samples. The results of the test program will provide inputs for the Whittle Enterprise Optimization. The drill program consisted of five (5) HQ2 diamond drill holes totaling 1,026 m. The drill holes were collared at specific locations within the 2021 Prefeasibility Study Report ("PFS") defined pit Main Zone area designed to maximize the mineralized intercepts within the major geometallurgical domains to provide optimal samples for the metallurgical test work.

The mineralized intervals were calculated on downhole weighted gold assay results using parameters from the PFS mineral resource estimate including a cut-off grade of 0.15 g/t Au and a minimum five (5) m width. Drill hole collar locations are shown in Figure 1 and the details are provided in Table 1. Significant mineralized interval assay results are summarized in Table 2. Significant mineralized interval assay Results. Hole_ID, NAD83z10 East (m), NAD83z10 North (m), Elevation (m), Dip (deg), Azimuth (deg), Final Depth (m), 22-DH-1259, 604304.04, 5827733.04, 1178.19, -82, 000, 176, 22-DH-1260, 604518.57, 5827597.24, 1193.77, -64, 221, 22-DH-1261, 604394.83, 5827798.92, 1147.70, -90, 000, 244, 22-DH-1262, 604556.30, 5827811.76, 1126.09, -85, 191, 22-DH-1263, 604501.73, 5827729.33, 1158.60, -85, 270, 270, 270, 194.

Table 2: Summary of Significant Assay Results. Hole, From, To, Interval, Au (g/t), Ag (g/t), 22-DH-1258, 13.50, 19.50, 6.00, 0.31, 0.25, 0.32, Including, 56.00, 57.00, 1.00, 1.30, and 130.50, 14.50, 1.44, 1.32, and, 163.00, 164.00, 2.53, 2.40, 2.40, and 172.00, 176.00, 4.00, 4.83, 1.10, 22-DH-12 60, 8.00, 24.50, 16.50, 0.54, 0.69, Including, 4.50, 0.69, Including the 4.50, 0.53, 0.50, 0.75, 0.69, Including.