South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) («SPMC» or the «Company«) is pleased to report the successful completion of the Warden’s Hearing for the renewal of Exploration License EL 2310, covering the 253 km2 concession comprising the Kili Teke Copper-Gold Project (the «Project«), located in Papua New Guinea. The Project currently hosts an Inferred Mineral Resource defined on only a portion of the system: the Central Porphyry hosts 1.81 Moz Au, 802 kt Cu & 40 kt Mo contained metal, in 237 Mt at 0.34% cu, 0.24 g/t Au &, 168 ppm Mo1 (see January 12, 2023, press release and technical report available on SEDAR+ under the Company’s profile at www.sedarplus.ca).
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The Warden’s Hearing for EL 2310, which is a mandatory part of the renewal process for all exploration licenses in Papua New Guinea, took place on March 11, 2025, with principal landowners present. The meeting was conducted by senior Mineral Resources Authority Mining Warden Mr. Kopi Wapa and attended by community stakeholders and landowners who were supportive of EL 2310’s renewal and plans for exploration programs under new SPMC management. Renewals of exploration licenses are for two-year terms.
With road access to the tenement and a nearby airfield, the Project is situated in the Western Highlands of Papua New Guinea within the world-class producing Papuan Fold Belt and just 40 km west of Barrick/Zijin’s Porgera Gold Mine and only 20 km northwest of the Mt. Kare Project, a historic gold mine. The Project was acquired from Harmony Gold Exploration Limited («Harmony Gold«) in 2023, having completed extensive exploration in and around a copper porphyry deposit (the «Central Porphyry«). This included extensive diamond drilling of approximately 36,000 m at an estimated cost if US$20 million within the deposit.
Most recently, results from the latest targeting exercise (see October 1, 2024, press release) have revealed 10 new exploration targets proximal to the Central Porphyry with at least three mineralization styles identified (see Figure 1), including bulk-tonnage copper-rich targets (Ieru Porphyry), Porgera-style gold-rich targets (Ridge Gold Area), and high grade skarn as evidenced by historical drilling that returned 12.98% Cu, 11.75 g/t Au and 21.07 g/t Ag over 7.8 m within 54 m @ 2.1% Cu, 1.82 g/t Au, 3.87 g/t Ag (from 878 m depth down hole)2.
The Company is currently focused on landowner mapping and community engagement with the intention of commencing on-ground exploration that prioritizes additional discoveries of high-grade skarn and Porgera-style gold. The Company remains committed to responsible exploration, ensuring that all activities are conducted in a safe, ethical, and environmentally sustainable manner.
Figure 1: Map illustrating the Kili Teke Cu-Au Porphyry Complex, recently identified sub-surface targets and the 2.5 km x 1.5 km Au-Te-As surface geochemical footprint.
About the Kili Teke Project
The Kili Teke Project consists of a 253 km2 land package located approximately 40 km west of the Porgera Gold Mine, in the Western Highlands of Papua New Guinea. The Project is 100% owned by the Company and was acquired from Harmony Gold in late 2023. The majority of the previous exploration work completed by Harmony Gold focused on advancing the Central Porphyry to resource stage. This deposit hosts an Inferred Mineral Resource of 1.81 Moz Au, 802 kt Cu & 40 kt Mo contained metal, in 237 Mt at 0.34% cu, 0.24 g/t Au &, 168 ppm Mo1. Harmony Gold also conducted regional exploration on the wider intrusive complex including mapping, rock chips, soil geochemistry, airborne geophysics (magnetics and radiometrics) and a small amount of trenching and drilling. There remains exciting potential for further Cu-Au porphyry, skarn and alkalic-epithermal mineralization on the Project.
Qualified Person
The scientific and technical information disclosed in this release has been reviewed and approved by Darren Holden, Ph.D., FAusIMM, a «Qualified Person» as defined under the Canadian Institute of Mining National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.
About South Pacific Metals Corp.
South Pacific Metals Corp. is an emerging gold-copper exploration company operating across Papua New Guinea’s proven gold and copper production corridors. With an expansive 3,100 km² land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Anga, Osena, Kili Teke, and May River.
Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest, SPMC’s Anga and Osena Projects are located within the high-grade Kainantu Gold District – each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).
