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Not for distribution to U.S. news wire services or dissemination in the United States.

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VANCOUVER, British Columbia, Sept. 09, 2026 (GLOBE NEWSWIRE) — South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (“South Pacific Metals”, “SPMC” or the “Company”) is pleased to announce that it has entered into an agreement with a syndicate of agents led by BMO Capital Markets as sole bookrunner, along with Paradigm Capital Inc. and Velocity Capital Partners (together, the “Agents”) to market on a best-efforts basis by way of a private placement, up to C$15 million of units (the “Offering”) consisting of one common share and one common share purchase warrant (“Warrant”) of the Company (a “Unit”), at an indicative price of C$0.83 per Unit (the “Issue Price”).

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Each Warrant will entitle the holder to acquire one common share from the Company at a price of C$1.40 per share for a period of 24 months following the Closing Date (as defined below). At any time following the 12-month anniversary of the closing of the Offering, if the closing price of the Common Shares exceeds $1.80 for 20 or more consecutive trading days, the Company may, within 20 days following such occurrence, 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.

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The Company also granted the Agents an option, exercisable in whole or in part, at any time up to 48 hours prior to the Closing Date, to purchase, or arrange for the purchase of, up to an additional C$5 million of the Units (the “Additional Units”) at the Issue Price and otherwise on the same terms and conditions as the Units.

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The Company intends to use the net proceeds of the Offering to expand exploration activities and for general corporate purposes.

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Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units are being offered for sale to purchasers resident in all provinces of Canada, except for Quebec, and in such other jurisdictions as may be mutually agreed upon by the Agents and the Company. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

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The Offering is expected to close on or about September 23, 2026 (“Closing Date”) and is subject to South Pacific Metals receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

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The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons (as such terms are defined in Regulation S under the U.S. Securities Act of 1933) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any State in which such offer, solicitation or sale would be unlawful.

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ABOUT SOUTH PACIFIC METALS CORP.

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South Pacific Metals Corp. is an emerging gold-copper exploration company operating in the heart of Papua New Guinea’s proven gold and copper production corridors. SPMC has four exploration properties:

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1) Ontenu (Osena Project) – Bordering K92 to the southwest. Drilling underway on K92-style targets with drill hits including 8.0 m grading 8.95 g/t Au, 0.10% Cu and 16 g/t Ag and 12.2 m grading 4.93 g/t Au, 0.50% Cu and 55 g/t Ag (ONED26-009). All intervals are downhole lengths; true widths have not yet been determined.
2) Anga – Bordering K92 to the northeast, along strike from K92’s Arakompa discovery; soils to 1,080 ppb Au, 3,397 ppm Cu and stream samples up to 281.8 g/t Au.
3) Kili Teke – 4.2 Moz AuEq* NI 43-101 Inferred Resource (effective 18 November 2022) of 237 Mt @ 0.34% Cu, 0.24 g/t Au and 168 ppm Mo; containing approximately 802 kt Cu, 1.81 Moz Au and 40 kt Mo.
4) May River – District-scale system beside Frieda River; high-grade drilling includes 19 m @ 11.47% Cu, 2.17 g/t Au and 109 m @ 1.53 g/t Au.