SPANISH MOUNTAIN GOLD LTD - SPAZF STOCK NEWS

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) has announced its engagement with Red Cloud Financial Services to provide media and marketing services, pending TSX Venture Exchange approval. The six-month engagement comes with a total fee of $60,000, to be paid in monthly installments of $10,000 from working capital. Red Cloud, a Toronto-based financial services company specializing in supporting mineral exploration and mining companies with capital markets access and corporate visibility enhancement, operates at arm's length from Spanish Mountain Gold and holds no direct or indirect interest in the company or its securities.

Spanish Mountain Gold (SPAZF) has provided an update on its Spanish Mountain Gold project in British Columbia. The company aims for a build decision by 2027, with plans to complete a new Mineral Resource Estimate and Preliminary Economic Analysis by H1 2025. Following positive results, they plan to begin a Pre-feasibility or Feasibility Study in 2025.

A 5,590-meter exploration drill program was completed in September 2024, and a new 10,000-meter program is planned for Q1 2025. The company has secured funding through a private placement closed in November 2024. The new PEA targets several improvements over the 2021 PFS, including potential scale increase from 20,000 to 50,000 tonnes per day, electrification of mining operations, and implementation of coarse ore flotation with gravity processing.

The company is partnering with ANDRITZ to assess optimal power scenarios and has completed Phase 2 metallurgical testing supporting coarse ore flotation. The project aims to reduce carbon intensity and achieved a 72% reduction in emissions during its 2024 drill program through renewable diesel use.

Spanish Mountain Gold (SPAZF) has announced the advancement to Stage 2 of the System Impact Study (SIS) with BC Hydro for a new power line to their project site. The study is part of BC Hydro's process to provide 60 mega-watts of renewable hydroelectric power to the Spanish Mountain Gold project in British Columbia's Cariboo Gold Corridor.

The scope includes constructing a new power substation to connect SMG's planned 75-kilometre 230 kilovolt transmission line to the BC Hydro grid. The company aims for a build decision by 2027. The renewable power supply could enable various project improvements, including mining fleet electrification, increased mineral processing throughput, and enhanced waste management capabilities.

These opportunities are being evaluated as part of the Whittle Enterprise Optimization to improve project economics. The company has also completed ANDRITZ's energy reduction and sustainability work, which will be used for the upcoming Preliminary Economic Assessment trade-offs.

Spanish Mountain Gold (SPAZF) has announced final results from its 2024 diamond drill program at the Spanish Mountain Gold project in British Columbia. Key highlights include Hole 24-DH-1268 intersecting 96.47 meters grading 0.91 g/t gold, including a high-grade intercept of 29 meters grading 2.55 g/t gold. The drilling program revealed continuous mineralization with potential resource expansion, particularly in holes 1268 and 1269, which were spaced approximately 200m apart and ended in strong mineralization. The company plans to initiate a winter exploration diamond drill program in 2025 to follow up on targets that could enhance project scale and value.

Spanish Mountain Gold (SPAZF) has announced additional results from its 2024 drill program at the Spanish Mountain Gold project in British Columbia. Key highlights include:

- Hole 24-DH-1265: 49.00m at 0.58 g/t Au, including 9.00m at 2.09 g/t Au and 1.50m at 11.95 g/t Au

- Hole 24-DH-1266: 56.70m at 0.40 g/t Au, including 7.50m at 1.09 g/t Au

- Hole 24-DH-1264: 46.50m at 0.22 g/t Au

The results indicate extended near-surface mineralization northwest of the 2021 resource pit, with three holes ending in strong mineralization. The company plans to update its mineral resource estimate and PEA in the first half of 2025.

Spanish Mountain Gold (SPAZF) has announced a brokered private placement to raise up to C$5,000,000. The offering includes up to 18,518,519 Units at $0.135 per Unit and up to 16,129,035 flow-through share units at $0.155 per FT Unit. Each Unit includes one common share and one warrant exercisable at C$0.18 for 24 months. Each FT Unit includes one flow-through share and half a warrant exercisable at C$0.23. The proceeds will fund working capital, a new Preliminary Economic Assessment, and exploration drilling at the Spanish Mountain Gold project. The offering is expected to close around November 13, 2024.

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) has provided an update on its 2024 drill program at the Spanish Mountain Gold project in British Columbia, Canada. The company completed 11 NQ-sized diamond drill holes totaling 5,590 meters. Results from the first reported hole, 24-DH-1267, confirmed near-surface mineralization and provided information on mineralization extensions on three horizons.

Highlights include:

• Upper Intercept: 80.00 m grading 0.44 g/t Au, including 22.50 m grading 0.74 g/t Au
• Middle Intercept: 91.50 m grading 0.22 g/t Au
• Lower Intercept: 8.50 m grading 0.67 g/t Au and 41.00 m grading 0.19 g/t Au

The drill program aimed to validate the new geological model and explore potential mineralization extensions. The results provide insights into structural controls on mineralization and suggest further potential within various host lithologies.

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) has amended its engagement terms with Proactive Investors North America Inc. The company will now pay a monthly fee of $3,750 for a one-year term from July 1, 2024, to June 30, 2025, without the option for accelerated payments. Any further revisions require TSXV approval.

Proactive Investors, a global multimedia news organization and events management company, provides business and finance news content to investors worldwide. This engagement supports Spanish Mountain Gold's communications strategy to raise awareness and disseminate information about its progress on the 100% owned Spanish Mountain Gold Project.

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) has announced the appointment of Suzette N. Ramcharan as Vice President, Investor Relations and Corporate Development, effective October 1, 2024. Ms. Ramcharan brings over 21 years of experience in capital markets, specializing in the mining and metals sector. Her expertise includes investor relations, brand management, business development, and M&A transactions.

Peter Mah, CEO of Spanish Mountain Gold, expressed excitement about the addition to the team, highlighting Ramcharan's extensive experience and expertise. Ramcharan herself commented on her enthusiasm for advancing the Spanish Mountain Gold Project, emphasizing the importance of a united team focused on people, the environment, and safety.