202612 releases
South Pacific Metals Announces Closing of C$20 Million Marketed Equity Offering
A best-efforts private placement of units closed for gross proceeds of C$20,008,810, with 24,107,000 units issued at C$0.83 each, including full exercise of the agents' option for an additional 6,027,000 units. Each unit comprised one common share and one warrant exercisable at C$1.40 for 24 months, subject to acceleration if shares close above C$1.80 for 20 or more consecutive trading days after 12 months. BMO Capital Markets led the syndicate and received a cash commission of $1,200,528.60; proceeds will fund expanded exploration and general corporate purposes.
FinancingSouth Pacific Metals Returns up to 12.8% Copper from Outcrop Outside the Kili Teke Resource; Massive Sulphide Traced over 200 Metres
First assay results from the Kili Teke copper-gold project in Hela Province, Papua New Guinea included an outcrop sample grading 12.8% Cu, 0.30 g/t Au and 104 g/t Ag from a massive sulphide unit mapped over 200 metres outside the Inferred Mineral Resource, with eight samples across a historic trench averaging 0.36% Cu and 0.72 g/t Au. A further 205 soil and 60 rock samples are pending, with drill-ready targets expected by end-October 2026. SPMC also expanded its i2i marketing budget by US$100,000 and signed a US$20,000 TDM Financial distribution agreement.
Drill resultsSouth Pacific Metals Extends the Mineralized Structures at Megabe to More than 300 Metres of Confirmed Strike Length; Structures Open Along Strike and at Depth
Assay results from five drill holes (ONED26-010 to ONED26-014) at the 100%-owned Osena Project in Papua New Guinea traced the Megabe structures over more than 300 metres of confirmed strike, with all five holes intersecting mineralised structures and the structures remaining open along strike and at depth. ONED26-011 returned 5.1 m at 1.79 g/t AuEq from 313.3 m, including 3 m at 2.66 g/t AuEq, in a potential fourth mineralised zone; ONED26-010 returned 18 m at 0.25 g/t AuEq on a separate structure southwest of Megabe. Next holes will test below and down-plunge southeast of ONED26-009.
Drill resultsSouth Pacific Metals Targets Exploration Upside Outside the 4.2 Moz AuEq (3.14B lbs. CuEq) Inferred Resource at Kili Teke; First Rock Samples Dispatched
The first phase of field work by South Pacific Metals' technical team is underway at the Kili Teke copper-gold project in Hela Province, Papua New Guinea, targeting mineralisation outside the current NI 43-101 Inferred Resource of 237 Mt at 0.34% Cu, 0.24 g/t Au and 168 ppm Mo (4.2 Moz AuEq). Machine-learning re-interpretation with UBC's Mineral Deposit Research Unit ranked 14 drill targets, six Rank 1. Fifty-two rock samples are being dispatched for assay; no results are yet available. A first drill campaign is targeted for H2 2026.
Drill resultsSouth Pacific Intersects 5 Metres At 1284 Gt Aueq Including 2 Metres At 2806 Gt Aueq And 122 Metres At 624 Gt Aueq Including 2 Metres At 1665 Gt Aueq In Three Mineralised Zones Within One Drill Hole At Recently Discovered Structure At Ontenu 2026 07 14 04 33 15
Drill hole ONED26-009 at the 100%-owned Ontenu Project in Papua New Guinea, adjacent to K92 Mining's Kainantu mine, intersected three mineralised zones on the Megabe structure: 8.0 m at 9.28 g/t AuEq from 157.0 m, including 5.0 m at 12.84 g/t AuEq and 2.0 m at 28.06 g/t AuEq; 2.0 m at 4.13 g/t AuEq from 210.0 m; and 12.2 m at 6.24 g/t AuEq from 324.0 m, including 2.0 m at 16.65 g/t AuEq. Holes ONED26-010 and ONED26-011 are complete and awaiting assays, with ONED26-012 and ONED26-013 drilling.
Drill resultsSouth Pacific Metals Commences Exploration at the Kili Teke Copper-Gold Project, Papua New Guinea – Host to a 4.2Moz Gold-Equivalent NI 43-101 Inferred Resource
Exploration has begun at the 100%-owned Kili Teke copper-gold project in Hela Province, Papua New Guinea, on Exploration Licence 2310, following community awareness meetings in Tari in late April and early May 2026 and endorsement from landowners, the Hela Provincial Government, Koroba-Kopiago District and Awi-Logayu Local Level Government. The project hosts an NI 43-101 Inferred Resource (effective 18 November 2022) of 237 Mt at 0.24 g/t Au and 0.34% Cu, containing 1.81 Moz Au, 802 kt Cu and 40 kt Mo, or 4.2 Moz AuEq. The staged programme starts with mapping, soil geochemistry, ground magnetics and trenching, with drilling last.
Drill resultsSouth Pacific Metals Intersects 12 m at 3.1 g/t Gold, including 1 m at 18.1 g/t Gold, at New Megabe Target, Ontenu NE; Provides Corporate Update Across Its Multi-Asset PNG Gold-Copper Portfolio
Drill hole ONED26-007, the first hole into the new Megabe target at Ontenu NE within the Osena Project, Papua New Guinea, returned 12 m at 3.1 g/t gold and 15.4 g/t silver from 185 m downhole, including 1 m at 18.1 g/t gold and 84 g/t silver; true width is estimated at about 30% of the downhole interval. Two rigs are drilling at Ontenu NE, with holes ONED26-008 and ONED26-009 pending assay and a ~600 m porphyry test planned at Ontenu Central. A May River reconnaissance visit secured community consent and site access.
Drill resultsSouth Pacific Metals Engages Marketing Services And Grants Stock Options
An online marketing agreement dated June 5, 2026 has been entered into with i2i Marketing Group, LLC for corporate marketing and investor awareness services, with an initial creation and media budget of US$300,000 payable in cash in advance and no securities issued as compensation. Services are expected to commence on or about June 12, 2026, subject to TSX Venture Exchange acceptance, and either party may terminate on 10 days' notice. Also granted 1,070,000 stock options at $0.54 per share expiring June 5, 2031, vesting in thirds.
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