Eric Sprott Announces Holdings in Spanish Mountain Gold Ltd.

Toronto, Ontario--(Newsfile Corp. - August 8, 2022) - Eric Sprott announces that, on August 5, 2022, 11,904,761 common share purchase warrants (Warrants) of Spanish Mountain Gold Ltd., (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing a decrease in holdings of approximately 2.9% of the outstanding common shares (Shares) on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 48,571,427 Shares and 11,904,761 Warrants representing approximately 14.5% of the outstanding Shares on a non-diluted basis and approximately 17.4% on a partially diluted basis assuming the exercise of such Warrants.

As a result of the Warrant expiry, Mr. Sprott now beneficially owns and controls 48,571,427 Shares representing approximately 14.5% of the outstanding Shares on a non-diluted basis. The Warrants expiry resulted in a partially diluted ownership change of greater than 2% and, therefore, the filing of an update to the early warning report.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Spanish Mountain Gold Ltd., is located at 910-1111 Melville Street, Vancouver, BC V6E 3V6. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133012