South Pacific intercepts 5 m at 12.84 g/t AuEq and 12.2 m at 6.24 g/t AuEq at Ontenu

Vancouver, British Columbia--(Newsfile Corp. - July 6, 2026) - South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (" SPMC " or the " Company ") is pleased to announce outstanding assay results from drill hole ONED26-009 at its 100%-owned Ontenu Project, located adjacent to K92 Mining's Kainantu gold-copper mine in Papua New Guinea. The results represent a significant step forward to confirming the Company's hypothesis that Ontenu hosts high-grade epithermal gold-copper veins. Highlights Drill hole ONED26-009 successfully targeted the Megabe structure (Figure 1), a NW-trending mineralised corridor located between the Jorkol and Onki zones in the Ontenu NE prospect, and intersected multiple gold-bearing veins across a wide zone of mineralisation.

Three intersections stand out for their grade and thickness:   *Zones 2 and 3 returned elevated silver assays (up to 262 ppm Ag in Zone 3). [Au Eq based on 100% equal co-recoveries of Au, Ag & Cu using Au price of US$4,180 per ounce, Ag price of US$62 per ounce and Cu price of $6.20 per lb. Intervals are reported as downhole length. True widths have not yet been determined pending further structural interpretation.] Octavio Garcia, Exploration Manager of the Company, commented , "The results from hole ONED26-009 are highly encouraging because they demonstrate that the Megabe structure is not an isolated occurrence, but part of a broader mineralised system with clear continuity and scale potential.

What is particularly exciting is that we are still in the early stages of testing Ontenu, and each drill hole is helping us refine our geological model and vector towards higher-grade zones. Our team's methodical approach is beginning to reveal a much la