Spanish Mountain Gold Expands Higher Grade Near Surface Mineralization Starting at 16 M Down the Hole Intersecting 40.7 M of 1.26 g/t Gold and Files Updated Preliminary Economic Assessment

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov 9, 2026--

Spanish Mountain Gold Ltd. (the “Company” or “Spanish Mountain Gold” ) (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to provide assay results recently received for 21 diamond drill holes on the Spanish Mountain Gold project (the “Project”) and announce it has filed on SEDAR+ an updated 2026 Preliminary Economic Assessment (2026 PEA). The 2026 PEA further outlines potential Project scale upside to its proposed mine located in the Cariboo Gold Corridor, British Columbia, Canada (see our news release dated September 21, 2026).

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Approximately 47,011 metres of a planned 60,000 metres 2026 Feasibility Drill Program have been completed to date. The Company is continuing to advance the Project turning its focus now towards the completion of the 60 km drill program and a potential MRE update by year end 2026, advancing the feasibility study to completion in H1, 2028 and a subsequent build decision. This news release presents assay results from holes 26-DH-1419 to 26-DH-1436, 26-DH-1438, 26-DH-1439 and 26-DH-1441, and commentary on the potential expanded production scale scenario outlined in Section 24 of the 2026 PEA. Results are pending for 49 drilled holes.

Drilling Highlights:

Mike Buchanan, Vice President Exploration commented, “I am excited to join Spanish Mountain Gold as Vice President, Exploration. Spanish Mountain represents one of British Columbia’s premier gold development opportunities, combining a substantial mineral resource, exploration potential, and the opportunity for higher-grade mineralization to enhance the mine plan through reduced waste stripping and improved project economics.”

These drill holes are part of the 2026 Feasibility Drill Program, initiated in March 2026 targeting infill drilling and resource expansion at the Main Deposit. Other drill programs to provide information on condemnation, geotechnical, metallurgy, geochemistry and groundwater will be used to support the Feasibility Study which is targeted for completion in H1 2028.

2026 PEA – Alternate Project Development Plan

The 2026 PEA update presents the potential for a larger scale pit with moderate conceptual footprint impacts that would contain approximately 348 Mt of mineralized mill feed at a grade of 0.39 g/t or 4.4 Moz from measured, indicated and inferred mineral resources. As the company works to complete its 60 km 2026 Exploration Drill Program and continues to optimize its mill flowsheet utilizing coarse particle flotation and associated mill throughput enhancements, it expects to assess this alternate case as part of the feasibility study underway (as filed on SEDAR+, November 6, 2026).

Peter Mah, President, CEO and Director commented, “We are very encouraged with the ongoing positive drill results reported in recent news releases. We see the potential for an even larger scale gold operation in a region of British Columbia, Canada where jobs and economic opportunities are critically needed to support a vibrant community.”

Drill Results (Table 1)

Table 2: Drill Collar Information

Collar coordinates and hole depths to be confirmed upon final survey data entry. Abbreviations: metres = m, Collar coordinates Datum: UTM NAD83 Zone 10N

Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QAQC)

Drill core is received daily from the rigs and logged for recovery, RQD, lithology, alteration, mineralization and vein style and intensity before samples are marked for cutting, with core photography being done to capture the marked sample intervals. The entire holes are sampled, with core sawn in half and samples labeled and bagged. The remaining half core is stored on-site. Numbered security tags are applied to sample shipments to ensure chain of custody compliance. The Company inserts quality control (QC) samples at regular intervals to monitor laboratory performance, including blanks, certified reference materials and duplicates. Standards, blanks, preparation and field duplicates account for a minimum of 20% of the samples in addition to the laboratory's internal quality assurance programs. The QAQC program is overseen by the Company's Qualified Person, Michael Buchanan, P.Geo., Vice President Exploration.

The data verification process involves a multi-step approach to ensure accuracy and integrity. This includes a detailed quality control (QC) analysis of the data, which is performed using both internal and external platforms, such as the MxDeposit™ software. The QC checks involve monitoring the results of analyses of certified reference materials (CRMs), blanks, and duplicates to confirm the reliability of the assay results. In addition, inspection of the specific drill intervals mentioned in this release has been conducted to directly observe the geological features and verify the nature of the results presented.

Drill core samples were submitted to MSALABS's analytical facility in Prince George, British Columbia, for sample preparation and PhotonAssay™ analysis. The MSALABS facilities are accredited to the International Standards ISO/IEC 17025 and ISO 9001 standard for gold and multi-element assays, with all analytical methods incorporating quality control materials at defined frequencies and established data acceptance criteria. MSALABS Inc. is independent of the Company.

PhotonAssay™

The PhotonAssay™ method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssay™ instrument (PA1408X). This non-destructive, fully automated technique offers high accuracy for analyzing ores and pulps. Sample preparation begins with drying and crushing up to 1 kg of material to achieve at least 70% passing through a 2-millimetre (mm) sieve. The sample is then riffle split to obtain a suitable subsample for 2 testing cycles (MSALABS Method CPA-Au1). The PhotonAssay™ instrument bombards 400- to 600-gram samples contained in sealed containers with gamma rays. Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). The method offers a gold detection range from 0.015 ppm (lower limit) to 10,000 ppm (upper limit).

Spanish Mountain Gold implemented Photon assaying after conducting two QAQC methodologies to validate the accuracy of PhotonAssay™ results, both demonstrating good comparability: 1) comparative analysis of diverse mineralization styles using Total Au screen metallic methods with both MSA code FAS-415 (gravimetric finish) and FAS-211 (AAS finish), and 2) comprehensive testing of both sample aliquots and rejects using FAS-211 (AAS finish).

Multi-Elemental Analysis

For the 2026 drilling campaign, Spanish Mountain Gold routinely obtains multi-element determinations using a four-acid digestion followed by ICP-OES and ICP-MS analysis (MSA code IMS-230).

NSR Buy Back

The Company is also pleased to report that it has entered into an agreement (“Buy Back Agreement”) to buy back a portion of the net smelter interest that was originally granted to Robert Mickle (the “Mickle NSR”). The Mickle NSR is a 2.5% net smelter royalty interest on certain claims of the Spanish Mountain Gold Project. Pursuant to the Buy Back Agreement, the Company will acquire in a first closing 25% of the Mickle NSR (i.e., 0.625%) for $755,000, in cash, payable in stages, with the final payment due on July 1, 2030. In a second closing, the Company will acquire the vendor’s additional interest in the Mickle NSR (the exact percentage of which is subject to confirmation from the other parties with an interest in the Mickle NSR) for $5,000, in cash.

The first closing is expected to occur on November 10, 2026. Following the purchase of the additional interest from the vendor in the second closing, the Company will have the right to buydown the remaining Mickle NSR royalty to .6875% for $343,750. The second closing will occur on the earlier of receipt of confirmation from all holders of the Mickle NSR of the vendor’s additional interest, the commencement of commercial production at the Project, and July 1, 2030. The vendor is at arm’s-length to the Company.

Qualified Person

Michael Buchanan, MSc, P.Geo., Vice President Exploration for Spanish Mountain Gold, is the Qualified Person as defined under National Instrument 43-101 who has reviewed the technical information in this news release and has approved the content for dissemination.

About Spanish Mountain Gold Ltd.

Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. On May 1, 2026, the Company received the first instalment of US$22.5 million in connection with the sale of a 1.5% NSR to Wheaton Precious Metals for US$55 million (see news release from May 1, 2026). In Q2 2026, the Company initiated a feasibility study on the Project, which is fully funded and will position the Company to make a construction decision in 2028.

The Company is seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities, which the Company terms “The Relentless Pursuit of Better Gold”. For more information on Spanish Mountain Gold, please visit the Company's website: www.spanishmountaingold.com or the Company’s profile on www.sedarplus.ca.

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

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

FORWARD-LOOKING INFORMATION:

Certain of the statements and information in this press release constitute "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 considered forward-looking information. The Company's forward-looking information is based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release and includes but is not limited to information with respect to exploration drilling extending gold mineralization, the potential to reduce waste stripping requirements and support enhancements to the 10-year mine plan, the potential production scale upside, the receipt of the two remaining instalments from the sale of the 1.5% NSR to Wheaton Precious Metals for US$55 million, the feasibility study being fully-funded, the results of the feasibility study, and the timeline to complete the feasibility study in H1 2028 and make a construction decision in 2028. Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking 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 information.

Figure 6. Section E-E’ - Drill Hole 26-DH-1432 and 1435 (looking northeast 030°)

Figure 5. Section D-D’ - Drill Hole 26-DH-1422 (looking northeast 030°)

Figure 4. Section C-C’ - Drill Hole 26-DH-1421 (looking northeast 030°)

Figure 3. Section B-B’ - Drill Holes 26-DH-1434 and 1419 (looking northeast 030°)

Figure 2. Section A-A’ - Drill Hole 26-DH-1431, 1429 and 1426 (looking northeast 030°)

Figure 1: Drill Collar Location Map. The figure illustrates the collar locations for drill holes reported in this news release. Section lines correspond to cross-sections presented in Figures 2 to 6. Collar coordinates are summarized in Table 2. (Drilling planned and currently underway for condemnation and at Phoenix deposit excluded.)

TOKYO & MIDLAND, Texas--(BUSINESS WIRE)--Nov 9, 2026--

Rakuten Group, Inc. and AST SpaceMobile, Inc. (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, agreed to establish Rakuten AST, Inc. on November 6, 2026 (Japan Standard Time) *1. The joint venture is tasked with building a direct-to-device communications network in Japan using low Earth orbit (LEO) satellites to provide service to commercially available smartphones, strengthening Japan’s communications infrastructure in the event of disasters and other emergencies.

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The Ministry of Internal Affairs and Communications' (MIC) selected the joint proposal from Rakuten’s preparatory company and Rakuten Mobile, Inc. for the publicly solicited " J-LEO: Japan Low Earth Orbit Satellite Communications Project "* 2. Rakuten AST is expected to receive up to 148 billion yen (approx. 1 billion USD) in support over approximately three years under J-LEO, through the Communications and Information Network Association of Japan (CIAJ), the organization established to manage the fund *3,4. Through this joint venture, Rakuten AST will collaborate with AST SpaceMobile to deploy and manage satellites compatible with mid-band spectrum, in order to establish a satellite communications network and commence domestic operations by the end of March 2029.

The J-LEO Project will leverage the largest communication satellites ever deployed in LEO to build domestic communications infrastructure that enables direct satellite-to-smartphone connectivity and strengthens economic security. In addition to extending cellular broadband connectivity to areas with limited or no terrestrial coverage, the project aims to ensure cellular broadband connectivity during emergencies, such as natural disasters, by establishing a framework for emergency inter-carrier roaming among mobile network operators.

Through Rakuten AST, Rakuten and Rakuten Mobile aim to establish a non-terrestrial network (NTN) managed and operated in Japan. The companies will deploy and operate a resilient, stable communications infrastructure capable of maintaining priority and stable connectivity, independent of external conditions – even in times of emergency.

The satellite communications service to be deployed by Rakuten AST will leverage AST SpaceMobile's large-scale satellites to enable high-speed internet connectivity — such as video streaming and social media — on off-the-shelf smartphones without the need for specialized equipment *5. Because the base station equipment is installed on ground-based infrastructure, Japanese telecommunications operators can flexibly and autonomously manage and operate the network.

AST SpaceMobile will supply the satellites to power Japan's sovereign D2D constellation. Beyond priority Japanese domestic market usage, Rakuten AST also plans to work with AST SpaceMobile to provide these services through AST SpaceMobile to its customers worldwide, subject to regulatory approval.

Rakuten Mobile will also work with AST SpaceMobile to advance the use of AI edge computing and plans to develop AI-driven spectrum management technology, exploring their application for higher-speed data communications and industry-specific solutions such as IoT. The company aims to expand its solution offerings beyond telecommunications carriers to include connectivity-reliant industries, such as logistics, infrastructure monitoring, construction, and agriculture.

Mickey Mikitani, Chairman and CEO, Rakuten Group, commented, "This project is a key pillar of Rakuten Mobile's network strategy. By building an integrated framework spanning satellite procurement through operations and accelerating technological innovation, we will contribute to the development of disaster-resilient communications infrastructure and the improvement of Japan's communications environment. We will maximize capital efficiency and pursue the expansion of business opportunities in the satellite communications sector."

Abel Avellan, Founder, Chairman and CEO, AST SpaceMobile, commented, "This represents a significant milestone for AST SpaceMobile and validates the importance of space-based cellular broadband connectivity as countries around the world increasingly recognize the technology as a critical complement to terrestrial wireless infrastructure to realize the goal of 100% broadband availability wherever people work, live and travel. Through our technology, we will enhance the resilience of Japan's communications infrastructure while strengthening our global network by leveraging capacity that can also be utilized outside of Japan.”

In addition to this project, Rakuten Mobile plans to begin commercial-environment testing of its satellite-to-mobile service within 2026, under the strategic partnership between Rakuten and AST SpaceMobile established in March 2020 *6.

Rakuten, Rakuten Mobile, and AST SpaceMobile will continue working toward the early realization of D2D satellite communications, advancing the development of resilient communications networks.

About AST SpaceMobile, Inc.

AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio, and designed for both commercial and government applications. Our engineers and space scientists are on a mission to enable 4G and 5G space-based cellular broadband to every device, everywhere, for today’s nearly 6 billion mobile subscribers globally. For more information, follow AST SpaceMobile on YouTube, X (Formerly Twitter), LinkedIn and Facebook.

About Rakuten

Rakuten Group, Inc. (TSE: 4755) is a global technology leader in services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and telecommunications to 2.2 billion members around the world. The Rakuten Group has around 30,000 employees, and operations in 30 countries and regions. For more information visit https://global.rakuten.com/corp/.

About Rakuten Mobile

Rakuten Mobile, Inc. is a Rakuten Group company responsible for mobile communications, centered on its mobile network operator (MNO) business. Through continuous innovation and the deployment of advanced technology, Rakuten Mobile aims to redefine expectations in the mobile communications industry in order to provide appealing and convenient services for diverse customer needs. For more information on Rakuten Mobile visit https://corp.mobile.rakuten.co.jp/english/.

Forward Looking Statements

This communication contains “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile’s control and are difficult to predict.

Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile’s strategies and future financial performance, including AST’s future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing of the launch of the Block 2 BlueBird satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST SpaceMobile’s ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile Service that would supersede preliminary agreements and memoranda of understanding and the ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile’s responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company’s filings with the Securities and Exchange Commission (SEC), including those in the Risk Factors section of AST SpaceMobile’s Form 10-K filed with the SEC on March 2, 2026, its Form 10-Q for the fiscal quarter ended March 31, 2026 filed with the SEC on May 11, 2026 and the future reports that it may file from time to time with the SEC.

AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile’s Form 10-K filed with the SEC on March 2, 2026, its Form 10-Q for the fiscal quarter ended March 31, 2026 filed with the SEC on May 11, 2026 and the future reports that it may file from time to time with the SEC. AST SpaceMobile’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Rakuten and AST SpaceMobile Establish "Rakuten AST" Joint Venture to Build D2D Satellite Communications Network in Japan