South Pacific Metals Drills 92m at Ontenu NE; Peak Returns 9.92 g/t Gold and 2.35% Copper

Mineralisation hit in 5 of 7 holes; high-grade intercepts at Onki (9.92 g/t Au, 2.35% Cu) and Jorkol (3.16 g/t Au with 602 ppm Bi) confirm SPMC is drilling within a mineralised hydrothermal system — ongoing drilling will target the productive, high-grade parts of the veins. Vancouver, British Columbia--(Newsfile Corp. - May 20, 2026) - South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (" SPMC " or the " Company ") reports results from the first-ever drill program at its Ontenu NE project in Papua New Guinea — seven holes for 2,266 m completed to date within the wider Osena Project area on the Kainantu Transfer Zone, the same regional structural corridor that hosts K92 Mining's producing Kainantu gold-copper mine (see Figure 6). Assays have been received for six holes; the seventh is pending.

Holes 8 and 9 are currently being drilled. Program Highlights Gold mineralisation confirmed in 5 of 7 holes across two distinct zones (Onki and Jorkol) and two distinct mineralisation styles (see Figure 4). Two high-grade peak intercepts on the K92 corridor: Onki Zone — hole ONED26-006: 2 m @ 5.74 g/t Au, 1.49% Cu, 35 g/t Ag ( peak 9.92 g/t Au re-assay, 2.35% Cu ).

Jorkol Zone — hole ONED25-001: 0.5 m peak assaying 3.16 g/t Au, 0.62% Cu, 96 g/t Ag with 602 ppm Bi . Wide low-grade halos surrounding both peaks — 92 m @ 0.34 g/t Au at Onki and 4.5 m @ 0.77 g/t Au at Jorkol — with multi-element pathfinder signatures (As, Sb, Bi, Te) characteristic of intermediate- to high-sulfidation epithermal systems. Geological evidence of an intact, vertically zoned hydrothermal system at Onki: phreatic breccia overlying an intensely silicified horizon, interpreted as a silica cap above a preserved hydrothermal system.

Large volumes of hydrothermal fluids have interacted with host rocks to cause significant alteration and broad intervals of mineralisation , with higher-grade intercepts over narrower widths. Strongest bismuth signature of the p