South Pacific Metals Corp. Announces Management Changes

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VANCOUVER, May 15, 2024 - South Pacific Metals Corp. (TSX-V:SPMC)(FSE:6J00) ("SPMC" or the "Company") is pleased to announce the appointment of Michael Murphy as Chief Executive Officer, and Cathy Fitzgerald as President and Chief Geologist of the Company, effective immediately.

Both Mr. Murphy and Ms. Fitzgerald are accomplished executives with extensive experience in designing and executing strategic initiatives and creating value for shareholders. Mr. Murphy has an established track record of transformational leadership within the metals and mining sector. He is the founder of TSX-listed gold producer Torex Gold Resources Inc., prior to which he spent more than 15 years in the financial services sector in London, UK, with Merrill Lynch, DLJ, and Credit Suisse. Ms. Fitzgerald is a proficient executive and professional geologist with more than 20 years of exploration and resource development experience across multiple commodities. Ms. Fitzgerald most recently served as Vice President, Exploration and Resource Development for Apollo Silver Corp., prior to which she was Director Resource Evaluation, Ivanhoe Electric (formerly High Power Exploration).

With these appointments, the core of the Company's senior management team is now based in Canada.

The Company also takes this opportunity to thank the outgoing interim Chief Executive Officer, Adam Clode, for his services. Michael Murphy, Chief Executive Officer, states "the Company would like to sincerely thank Adam for his efforts and contributions during South Pacific's transitional period and we wish him nothing but the very best on his future endeavours."

About South Pacific Metals Corp.

SPMC is an Asia-Pacific focused copper and gold exploration company with four highly prospective projects: KRL South, KRL North, Kili Teke and the May River Project. All projects are located in premier exploration mining regions in Papua New Guinea. KRL South and KRL North both have the potential to host copper-gold porphyry and high-grade epithermal mineralisation, similar to that being currently mined in the adjacent high-grade Kainantu Gold District. Kili Teke is an advanced exploration project only 15 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 adjacent to the world-renowned Frieda River Copper-Gold Project, and historical drilling indicating there is potential for a significant copper-gold mineralized system. SPMC has a highly experienced leadership team with experience working together in the region and with established in-country partners.

For further information please contact:

Michael Murphy, Chief Executive Officer

Tel: +1 604-428-6128
Email: info@krl.com.sg

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

Disclaimer and Cautionary Statement Regarding Forward-Looking Information

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements that involve various risks and uncertainty affecting the business of SPMC. In making the forward-looking statements, SPMC has applied certain assumptions that are based on information available, including SPMC's strategic plan for the near and mid-term. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. SPMC does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.

SOURCE: South Pacific Metals Corp.