Spanish Mountain Gold Announces Appointments to the Board of Directors

Vancouver, British Columbia--(Newsfile Corp. - October 20, 2022) - Spanish Mountain Gold Ltd. (TSXV: SPA) (the "Company") is pleased to announce the appointments of Peter Mah and Richard Orazietti to the Board of Directors.

Peter Mah

Mr. Mah is a professional engineer with over 30 years of Canadian and global mining experience in gold, silver, diamonds and base metal projects. He has held several senior management roles including the President of Avanti Kitsault Mine Ltd, British Columbia, COO of Alloycorp Mining Inc., and Group Executive of prefeasibility and feasibility projects at Newmont Mining Corp. Most recently he was the Chief Operating Officer (COO) at McEwen Mining Inc. where he was responsible for all open pit and underground operations and projects in Canada, Mexico, Argentina and the USA. His expertise includes new mine construction and has a proven track record of building, transitioning and operating mines. Most notable was the Debeer's Victor open pit diamond mine where he was the Mine General Manager. In 2009, Peter's Victor Mine Team was awarded the Mining Magazine's international 'Mine of the Year' award. He's a former Director at Mining Association British Columbia, Mining Association Ontario, Noront Resources and Argo Gold Inc. He is currently a Director at Golden Lake Exploration Ltd. Mr. Mah holds a Bachelor's of Applied Science in Mining and Mineral Process Engineering and a Master's of Applied Science majoring in Rock Mechanics from the University of British Columbia, Vancouver Canada.

Richard Orazietti

Richard Orazietti is currently the Chief Financial Officer of Westport Fuel Systems Inc., a global clean technology company in the automotive sector, since 2019. Mr. Orazietti is a senior executive with extensive experience in corporate development, capital markets, risk management, financial reporting and control, operational management, strategic planning and leading change in multiple industries, including mining, telecom and automotive. Prior to joining Westport Fuel Systems, he served as Senior Vice President, Treasurer of Goldcorp, Inc., a former NYSE and TSX listed senior gold producer, where he was responsible for financing the company's strategic and operating objectives and managing risk exposure. Previously, he also held roles as Senior Vice President, Controller and Vice President, Internal Audit. Prior to Goldcorp, Mr. Orazietti served as Vice President, Finance at BCE Inc., Canada's largest communications company, where he led the financial management of various operating divisions during a period of significant change in the industry. He is a Chartered Professional Accountant ("CPA") in British Columbia and holds a Global Executive MBA from the IESE Business School at the University of Navarra and a Bachelor of Business Administration from Simon Fraser University. Mr. Orazietti is also fluent in French, Italian, and Spanish.

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 $0.13 per share expiring October 19, 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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