South Pacific Metals closes C$20 million equity offering

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Vancouver, British Columbia--(Newsfile Corp. - September 23, 2026) - South Pacific Metals Corp. (TSXV: SPMC) (FSE: 6J00) (" South Pacific Metals ", " SPMC " or the " Company ") is pleased to announce that it has closed its previously announced best-efforts private placement of units (the "Offering"), led by BMO Capital Markets, for gross proceeds of C$20,008,810. Each unit (a " Unit ") consisted of one common share of the Company (a " Common Share ") and one common share purchase warrant (" Warrant ") of the Company. Under the Offering, a total of 24,107,000 Units were issued at a price of C$0.83 per Unit. This includes proceeds from the full exercise of the option granted to the Agents (as defined below) to purchase an additional 6,027,000 Units.

BMO Capital Markets acted as lead agent and sole bookrunner for a syndicate of agents including Paradigm Capital Inc. and Velocity Trade Capital Ltd. (the " Agents ").

Each Warrant entitles the holder to purchase one Common Share at a price of C$1.40 per Common Share for a period of 24 months following the closing of the Offering. At any time following the 12-month anniversary of the closing of the Offering, if the closing price of the Common Shares on the TSX Venture Exchange (" TSXV ") exceeds C$1.80 for 20 or more consecutive trading days, the Company may deliver a notice to the holders thereof accelerating the expiry date of the Warrants to a date that is 30 days after the date of such notice.

The Company intends to use the net proceeds of the Offering to expand exploration activities and for general corporate purposes. The Units issued under the Offering were issued pursuant to applicable exemptions under Canadian securities laws and are subject to a four month and one day hold period.

The Company intends to use the net proceeds of the Offering to expand exploration activities and for general corporate purposes. The Units issued under the Offering were issued pursuant to applicable exemptions from prospectus requirements under Canadian securities laws and are subject to a hold period expiring on January 24, 2027.

The Offering involved the issuance of 60,000 Units (for a subscription amount of $49,800) to a related party (as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (" MI 61-101 ")) and therefore constitutes a related party transaction under MI 61-101. This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the securities to be distributed and the consideration to be received for the securities issued to related parties under the Offering does not exceed 25% of the Company's market capitalization.

The Offering was conducted pursuant to an agency agreement between the Company and the Agents dated September 23, 2026 (the " Agency Agreement "). Pursuant to the Agency Agreement, the Agents received a cash commission of $1,200,528.60 in connection with the Offering.