Vancouver, B.C., August 30, 2023 - Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold") (TSX-V: SPA) announces today the appointment of Mr. Troy Gill as Vice President, Exploration effective immediately.

Peter Mah, Spanish Mountain Gold's President and CEO, comments, "We are excited to have someone with Troy's extensive experience globally and with gold projects in British Columbia to join the Spanish Mountain Gold team. He will help us expand our large resource base and help the team advance our robust, economical Spanish Mountain Gold Project through further development, permitting and ultimately towards construction."

Mr. Gill, Member of the Australian Institute of Geoscientists (MAIG), is a geologist with 30 years of exploration and mining experience for a diverse range of commodities and styles of mineralization in Australia, Canada, Mexico and Solomon Islands. He was a Senior Project Geologist and Team Leader at Rio Tinto for 15 years. Since then, Mr. Gill has held roles of Exploration Manager, VP Exploration and Director in Canadian junior exploration companies. For the last three years Mr. Gill has focused on exploration in British Columbia including epithermal gold and silver in the Nechako Plateau region south of Burns Lake and orogenic gold in the northern Stikine terrane. Most recently as VP Exploration for Canagold Resources Ltd. he delivered the updated mineral resource estimate of 1.1Moz Indicated gold for New Polaris Gold Project. Other commodity experience includes porphyry copper, VMS base metal, kimberlites and diamonds, komatiite nickel and iron ore. The range of his experience in exploration methods spans from grassroots regional surficial geochemical sampling in regolith and glacial environments, remote sensing and geophysical survey data interpretation, geological and structural mapping through to various methods of resource definition drilling and geological modeling. Mr. Gill, MAIG, meets the requirements of a Qualified Person as defined by National Instrument 43-101.

About Spanish Mountain Gold Ltd.

Spanish Mountain Gold is focused on advancing its 100%-owned Spanish Mountain Gold Project in southern central British Columbia. The Company is focused on trade-off assessments to determine the targeted optimal production to advance its multimillion-ounce gold resource towards a construction decision. The 2021 Pre-Feasibility Study demonstrated the Project's potential to be a mining operation with a production profile of greater than 150,000 gold ounces per year and low All-In Sustaining Cost (AISC) of $801 per ounce over a 14-year mine life. 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:
Investor Relations
(604) 601-3651
info@spanishmountaingold.com
www.spanishmountaingold.com

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.

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.