Spanish Mountain Gold Provides an Update on the System Impact Study with BC Hydro

Vancouver, British Columbia--(Newsfile Corp. - January 23, 2024) - Spanish Mountain Gold Ltd. (TSXV:SPA) (the "Company" or "Spanish Mountain Gold") is pleased to announce the Company expects to receive the results of the System Impact Study (SIS) from BC Hydro (the province's utility company) in Q2, 2024 for a new 230 kilovolt, 60 mega-watt renewable power transmission line into the Spanish Gold Mountain project ("Project") located in the Cariboo Gold Corridor near Likely, British Columbia, Canada.

As part of the ongoing project optimization work being undertaken, the transmission line was increased to a larger line than specified in the 2021 Prefeasibility Study Report* to increase available power to accommodate electrification of the mining fleet, provide flexibility in the processing circuit and other potential modifications as a result of the ongoing Project optimization currently being undertaken by the Company.

Peter Mah, Spanish Mountain Gold's President, CEO and Director comments, "The SIS with BC Hydro is an important step for the Company as we move closer to securing a renewable power supply for the proposed mine. It will also support several of our key electrification objectives that aim to lower the Project's carbon intensity and green-house gas emissions."

*Spanish Mountain Gold Project Prefeasibility Study NI 43-101 Technical Report Effective Date: 10 May 2021. Read it HERE.

About Spanish Mountain Gold Ltd.
Spanish Mountain Gold is advancing it's 100% owned multi-million ounce Spanish Mountain Gold project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. Our immediate focus is to conduct an integrated Whittle Enterprise Optimization to identify highest potential value-add improvements while increasing the understanding of the high grade geologic controls and associated drill targets that could upgrade and expand the gold resource. We are striving to be a leader in community and indigenous relations and will add to this leadership position by leveraging technology and innovation to build the 'greenest' gold mine in Canada. Our goal for the Spanish Mountain Gold project is to reset the bar for lowering open pit gold mining carbon intensity and greenhouse gas emissions while contributing to the circular economies of the region. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.

On Behalf of the Board,
"Peter Mah"
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.

For more information, contact:
Investor Relations
(604) 601-3651
[email protected]
www.spanishmountaingold.com

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

FORWARD-LOOKING STATEMENTS:

Certain of the statements and information in this press release constitute "forward-looking statements" or "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 forward-looking statements or information. The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and 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 statements and information.

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