Spanish Mountain Gold Announces Appointments to the Board of Directors

Vancouver, British Columbia--(Newsfile Corp. - October 13, 2022) - Spanish Mountain Gold Ltd. (TSXV: SPA) (the "Company") is pleased to announce the appointments of Brent Bergeron and Garnet Dawson to the Board of Directors.

Brent Bergeron

Mr. Bergeron joined Pan American Silver in 2019. He leads the development and implementation of the company's corporate affairs and sustainability strategy and programs, including government and external relations, environmental stewardship, community relations, social responsibility, and country risk analysis activities.

Prior to joining Pan American Silver, Mr. Bergeron was a member of the management team at Goldcorp Inc., most recently as Executive Vice President, Corporate Affairs and Sustainability. Prior to joining Goldcorp, he served as a senior executive with international experience in the fields of construction and infrastructure development, telecommunications, broadcasting and media throughout Africa, North, South and Central America. Mr. Bergeron has served as a member of the Executive Steering Committee for the Responsible Gold Standard Initiative at the World Gold Council (WGC), Chairman of the International Council of Metals and Mining's (ICMM) Environmental and Social Committee and as a member of the Clean Resources Economic Strategy Table for the Government of Canada.

He currently serves as a member of the Board and Executive Committee of the Mining Association of Canada (MAC) and of the B.C. Special Olympics. Mr. Bergeron holds a Bachelor of Arts (Economics) and a Master of Arts (Economics) from Carleton University in Ottawa, Canada.

Garnet Dawson

Mr. Dawson is a geologist with over 40 years of experience in the exploration and mining business working with senior and junior mining companies in the Americas, Europe, Africa and China. He has held executive roles with several Canadian mining companies including Chief Executive Officer of GoldMining Inc., Vice President, Exploration of Brazilian Gold Corporation and Vice President, Exploration of EuroZinc Mining Corporation. He has led teams that have added significant resources and reserves at the Neves Corvo and Aljustrel copper and zinc mines in Portugal (Lundin/EuroZinc), Sao Jorge gold project in Brazil (Brazilian Gold) and more recently through acquisition of resource stage gold projects in the Americas at GoldMining. Prior to joining EuroZinc, he consulted internationally and held a number of positions with Battle Mountain Canada Inc., British Columbia Geological Survey and Esso Minerals Canada Ltd. He currently serves as a Director of GoldMining Inc., U.S. GoldMining Inc. and Freegold Ventures Limited. Mr. Dawson is a registered Professional Geologist with Engineers & Geoscientists British Columbia and holds a Bachelors of Science degree in Geology from the University of Manitoba and a Masters of Science degree in Economic Geology from the University of British Columbia.

Stock Option Grant

The Board of Directors has authorized granting of incentive stock options to acquire an aggregate of 600,000 common shares of the Company to new directors. The options, which will be vested in accordance with the Company's Incentive Stock Option Plan, have an exercise price of $0.14 per share expiring October 12, 2027. The foregoing is subject to regulatory acceptance.

About Spanish Mountain Gold

Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain gold project in southern central British Columbia. The Company is simultaneously pursuing the dual objectives of delivering critical project milestones for the multi-million ounce Mineral Reserve and further expanding the overall Mineral Resource. The Pre-Feasibility Study (2021) demonstrates the Project's potential to be a mining operation with a robust production profile (>150,000 oz per year) and profitability (AISC $801 per oz) over a mine life of 14 years. Details on the Project and the Company are available on www.sedar.com and on the Company's website: www.spanishmountaingold.com

Board of Directors,

SPANISH MOUNTAIN GOLD LTD.

Inquiries:

Spanish Mountain Gold Ltd.
Phone: (604) 601-3651
E-mail: info@spanishmountaingold.com
Website: www.spanishmountaingold.com

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.

The Company's 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.

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

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