VANCOUVER, British Columbia -- (Business Wire)

Spanish Mountain Gold Ltd. ("SMG")(TSX-V: SPA; FSE: S3Y; OTCQB: SPAUF) is pleased to report that the Spanish Mountain Gold Project (the "Project") continues to advance through the provincial and federal environmental assessment process, and that active engagement continues with First Nations.

SMG is on track to submit a Detailed Project Description in Q1 2027, and continues to engage with Lhtako Dene Nation, Williams Lake First Nation, and Xatśūll First Nation ("XFN") as the Project progresses. SMG is committed to establishing engagement frameworks appropriate to the current stage of the Project and to supporting each Nation’s ongoing participation in the environmental assessment process.

The XFN issued a news release yesterday addressing the status of the engagement agreements the parties signed in 2012 and 2021. SMG has provided context that addresses the status of the engagement agreement in SMG's Management Discussion and Analysis for the three and six months ended June 30, 2026.

SMG is committed to meaningful and respectful engagement with XFN, Lhtako Dene Nation, and the Williams Lake First Nation, on whose territories the Project is situated. In respect of XFN, SMG continues to engage in dialogue with XFN regarding the Project and additional capacity funding, including to support XFN's review of the current Project design.

More broadly, SMG recognizes the deep cultural, spiritual, and ecological significance of the area to the First Nations on whose territories the Project is situated. SMG has supported this recognition through, among other things, funding a Traditional Knowledge and Use Study conducted by XFN. The refinements made to the Project since the Initial Project Description reflect direct responsiveness to concerns and feedback raised by First Nations during the Early Engagement phase of the environmental assessment process.

Exploration and feasibility study work on the Project have increased significantly in 2026. Throughout this period, a key priority of SMG is to offer economic and employment opportunities for XFN, Lhtako Dene Nation and Williams Lake First Nation members. SMG will continue to prioritize these efforts as the Project advances through the feasibility study.

In August 2026, the British Columbia Environmental Assessment Office ("EAO") confirmed that SMG's plan for resuming the environmental assessment is acceptable and that the EAO is not pursuing termination of the assessment. SMG continues to engage with First Nations, government agencies, and stakeholders as part of that process.

"We are committed to building relationships with all First Nation communities in the region and to advancing a project that reflects the highest standards of environmental stewardship and community engagement. We look forward to continuing our work with XFN, as well as the Lhtako Dene Nation and the Williams Lake First Nation," said Peter Mah, Chief Executive Officer of SMG.

About the Company

Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project (Project) towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. The Company will be publishing a new NI 43-101 Technical Report setting out the new executable vision to advance the Project. This new NI 43-101 Technical Report, with a de-risked and optimized Preliminary Economic Assessment (PEA) with an updated Mineral Resource Estimate (MRE), will supersede the prior technical report of the Company. On May 1, 2026, the Company received the first instalment of US$22.5 million in connection with the sale of a 1.5% NSR to Wheaton Precious Metals for US$55 million (see news release from May 1, 2026). In Q2 2026, the Company initiated a feasibility study on the Project, which is fully funded and will position the Company to make a construction decision in H1 2028.

The Company is seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities, which the Company terms “The Relentless Pursuit of Better Gold”. Details on the Company are available on www.sedarplus.caand on the Company's website: www.spanishmountaingold.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION:

Certain of the statements and information in this press release constitute "forward-looking information". Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be considered forward-looking information. The Company's forward-looking information is based on the assumptions, beliefs, expectations, and opinions of management as of the date of this press release and include but are not limited to information with respect to the timeline to submit a Detailed Project Description. Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking information if circumstances or management's assumptions, beliefs, expectations, or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking information.

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Contacts:

For more information, contact:
Ranbir Kalan, Investor Relations
+1 (604) 601-3651
info@spanishmountaingold.com

Source: Spanish Mountain Gold Ltd.