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Vancouver, BC – August 7, 2024 – Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold") (TSX-V: SPA | FSE: S3Y) is pleased to announce the appointment of Mr. Mark Ruus as Chief Financial Officer ("CFO") of the Company. Bringing almost three decades of mining experience, Mr. Ruus began his career at PwC, and has since held Vice President and Senior Vice President Tax positions at several major gold mining companies including Kinross Gold Corporation, Goldcorp Inc. and Placer Dome Inc.. Holding his CPA – CA designation, Mr. Ruus brings a wealth of knowledge and experience with regard to financing, cost control, business efficiency, compliance, tax, merger and acquisition, and financial reporting for domestic and multinational mining companies.

Mark Ruus shared, "I am excited to be joining the Spanish Mountain team at this stage of the Company. I believe my experience will help build the Company as it transitions from explorer, developer to producer. I am eager to contribute to the Company's collective success and honoured to join the dynamic, forward-thinking team at Spanish Mountain."

Peter Mah, Spanish Mountain Gold's President, CEO and Director comments, "We are very excited to announce Mark Ruus' appointment as Chief Financial Officer of the Company. Mark's passion and leadership skills will be instrumental to our mission to deliver sustainable growth.

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. We are conducting an integrated Whittle Enterprise Optimization to identify the 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 by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimizes environmental impact and create meaningful sustainability for communities. 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:

Peter Mah, CEO

+1 604 601-3651

info@spanishmountaingold.com

About this press release:

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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. Statements herein about the closing and use of proceeds are forward looking statements that, like the Company's other 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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