South Pacific Metals extends Megabe structures to 300+ m strike

Step-out drilling places SPMC on the upper margin of a potential large epithermal vein system; high-grade target drilling set to commence beneath ONED26-009

Vancouver, British Columbia--(Newsfile Corp. - August 24, 2026) - South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (" SPMC " or the " Company ") is pleased to announce assay results from five drill holes, ONED26-010 to ONED26-014, at its 100%-owned Osena Project, located immediately southwest of K92 Mining's Kainantu gold-copper mine in Papua New Guinea. The program involved step-out drilling along the Megabe structures, and a first test of an adjacent structure to the southwest. All five holes intersected mineralised structures. The four holes on Megabe mapping strike extension to more than 300 metres, and the structures remain open along strike in both directions and at depth; ONED26-010 confirmed that mineralisation extends beyond the Megabe corridor.

Highlights

More than 300 metres of confirmed mineralised strike at Megabe. Step-out drilling has traced continuous mineralised structures from ONED26-014 in the northwest to ONED26-012 in the southeast.

ONED26-011 intersects a potential fourth mineralized zone at Megabe. The hole returned 5.1 m at 1.79 g/t AuEq from 313.3 m, including 3 m at 2.66 g/t AuEq beyond the window predicted by the Company's interpretation.

Information to date indicates the Company is above a significant intermediate-sulphidation epithermal vein system. Every reported hole targeting Megabe has intersected mineralised structures, from the first intercept in ONED26-007 (12 m at 3.1 g/t Au, including 1 m at 18.1 g/t Au ) (see news release dated June 16, 2026 ); through the ONED26-009 discovery; four of the five step-out holes reported today cut Megabe in the upper part of the system, above the high-grade