South Pacific Metals Corp. · TSXV:SPMC
South Pacific Metals — Investor Presentation (December 2025)
32 slides from South Pacific Metals's investor presentation, Dec 16, 2025
Slide 1: Finding Copper and Gold in One of the Last True Exploration Frontiers
TSX.V: SPMC | FSE: 6J00 | OTCQB: SPMEF KAINANTU RESOURCES LTD. (KRL) – PNG OPERATING SUBSIDIARY, WHOLLY OWNED BY SPMC FINDING COPPER AND GOLD IN ONE OF THE LAST TRUE EXPLORATION FRONTIERS— PAPUA NEW GUINEA December 2025 southpacificmetals.ca
Slide 2: Disclaimer
D ISC LAIM ER Legal Disclaimer: This presentation is for information only and shal l not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell, or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unla
Slide 3: PNG Is One of the Last Underexplored Mining Frontiers
P N G I S O N E O F T H E L A S T U N D E R E X P L O R E D MI N IN G F R O N T I E R S SPMC’s Mineralized Projects are Positioned to Take Advantage of This and to Unlock District-Scale Value Metal endowments based on estimates of published resources and past production. Au Equivalent grade based on
Slide 4: Kainantu Gold District – Top Priority for SPMC
KA INA NT U G O LD D IS TRIC T – T O P PR IORITY F O R S P MC Immediately Adjacent to K92 Mining’s Operation • Excellent Neighbourhood • Active gold mining in a well- endowed district • Ability to Operate - Excellent infrastructure • Highway access to both projects and • Nearby power and water • Pro
Slide 5: Osena - Ontenu: A Priority
O S E N A - O n t e nu : A Priority ONTENU Ontenu NE • Laterally distal from Ontenu intrusive centre (Kora-Judd analogue) • Extensive NW-SE structures inferred (Kora-Judd analogue) • Strong Au-Cu-Te-As pathfinders with at least 6 corridors each 500m to >1km strike length • Rock chips up to 21% Cu, 1
Slide 6: Osena - Ontenu: Porphyry Cu-Au + HS Epithermal Zone
O S E N A - O n t e nu : A Prio rity P O R P H Y R Y C u - A u + H S E p it h e r ma l Z o n e TSX.V: SPMC FSE: 6J00 OTCQB: SPMEF Back ground image: MT apparent conductivity 7
Slide 7: Osena - Ontenu: A Priority
O S E N A - O n t e nu : A priority >5km x 3km footprint of mineralization of fully preserved system: • Epithermal Au-Cu-Ag from surface • Porphyry Cu-Au target at depth • High Au in soils + pathfinders • Up to 73g/t Au, 603g/t Ag & 10% Cu in rocks TSX.V: SPMC FSE: 6J00 OTCQB: SPMEF 8
Slide 8: Osena - Ontenu NE
O S E N A - O n t e n u NE : ONTENU NE: Epithermal Au-Cu 5 • New discovery from reconnaissance soils to drilling in less than 9 months. 6 • At least 6 x high-grade epithermal Au-Cu target zones • Rocks up to 13.9g/t Au, 645g/t Ag, 21% Cu 4 • Classically zoned from Au-Ag-Zn to Au-Cu-Ag • Individual s
Slide 9: Ontenu NE: Southern Area
O S E N A - O n t e n u NE : S o u t h e r n A re a ONTENU NE: Epithermal Au-Cu • Currently drilling • Jorkol Breccia with 6m channel (3-4m true width) averaging 2.1g/t Au, 0.37% Cu, 211g/t Ag and peak value 3.95g/t, 1.56% Cu, 645g/t Ag • Multiple other epithermal structures with rocks up to 3.68g/t
Slide 10: Ontenu NE: Southern Area First Drill Hole
O S E N A - O n t e n u NE : S o u t h e r n A re a ONTENU NE: Epithermal Au-Cu First Drill Hole • Drilling underway • Targeting: • Equivalent shale host to K92 • Hanging wall Au-Ag-Zn structures • Main Au-Cu-Ag-Zn structures of the Jorkol Breccias • Modelled demagnetized zone on footwall – inferred
Slide 11: Ontenu NE: Onki Fault Area
O S E N A - O n t e n u NE : O n k i F a u lt A re a ONTENU NE: Epithermal Au-Cu • Two significant NNE-SSW 6 striking mineralized structures 5 and multiple splays • Gold in shear zone up 8.6g/t Au • Copper in massive sulphide splay structures up to 21.1% Cu • Silver up to 310g/t Au • 19m wide target
Slide 12: Osena - Ontenu Central
O S E N A - O n t e n u C en t r al ONTENU Central • 2 x main corridors each >1km long with high tenor >100ppb Au & >250ppm Cu in soils • Strong N-S and NE-SW structural control for targeting of high-sulphidation epithermal veins • Historic drilling did NOT intersect main interpreted structures yet
Slide 13: Ontenu Comparison to K92 Mining
O n t e n u C o m p a r i s o n to K 9 2 M in in g K92 Mining – Kainantu Operations SPMC: Ontenu Prospect Area Discovery history • Irumafimpa discovered and mined by Barrick • Ontenu Central prospected by RG C and Barrick, little concerted • Kora, Judd, discovered by Barrick, expanded and mined by K
Slide 14: Anga: Targeting K92-Style Lode Gold Vein Mineralization
ANGA: TA RG ETI N G K9-S T Y L E L OD E - G O L D VEI N MI NER ALI ZA TION • 4x3km footprint coincident gold-geophysical anomalies • 1.5 km east of K92’s plant, & only 3 km along strike from Arakompa vein system. • Analogous geology, geophysical anomalies, metal pathfinders & structure to that assoc
Slide 15: Anga: Golkona to Golkona South
A N G A : G o lk o n a to G o lk o n a S o u t h • Advanced geophysical modelling • Structures (demagnetized zones) Soil Results >100ppb Au linking to K92 deposits 30-100ppb Au 10-100ppb Au • Potential source intrusions <10ppb Au • Upcoming mapping and sampling ahead of finalised drill targeting TSX
Slide 16: Anga: Golkona to Golkona South
A N G A : G o lk o n a to G o lk o n a S o u t h Gold in Soils Copper & Silver in Soils • Large gold-silver-copper anomalies 2.2 x 1.1km • Very high soil anomalies up to: • 1080ppb Au • 3397ppm Cu • 2160ppb Ag • Visible gold in stream sediment (PC) samples draining from target area with assays inclu
Slide 17: Ontenu to Anga – Increasing Work Programs
ONT ENU TO ANGA – INCREASING W O R K P RO GR AMS It’s been a busy time…and getting busier… • 9 x geologists in country and more coming • 6 x field technicians in the field sampling and surveying • 5 x community relations personnel • >25 x local employees on trenching, soil sample collection & drill
Slide 18: Social & Environmental License
Social & Environmental License Prime Minister James Marape & Michael Murphy Environment Social Governance Company operations are driven by We prioritize social responsibility by We uphold the highest environmental stewardship. We investing in local communities, standards of governance strive to mini
Slide 19: Leadership Team
L E A D E R S H I P TEA M E X P E R I E N C E D & S U C C E S S F U L I N M I NE R A L R E S O U R C E D E V E L O P M E N T Jonathan Rubenstein Michael Murphy, MBA, M.Sc., ICD.D. D i re ctor E x e c u ti v e C ha i r m a n Experienced corporate director and mining professional with a strong Founder
Slide 20: Technical Team
T E C H N I C AL TEAM P N G - B a s e d Ge ol og i st s & C om m u ni t y Re lat ions Oscar Clark Pr oj e c ts M a na ge r Team of PNG-based, experienced geologists, technicians, operations and community team A geologist with 18+ years international experience in remote operations. members with mult
Slide 21: Capital Structure
CAPIT AL ST RUCTURE Issued and Outstanding shares 69,140,020 Options Outstanding 3,565,000 Warrants Outstanding 22,385,995 Total (Fully Diluted) 96,266,015 Insider and Strategic Ownership ~60 % Working Capital C$9M Option Proceeds (if exercised) C$2.0M Warrant Proceeds (if exercised) C$23.7M Fully D
Slide 22: Two Other Large-Scale Projects Providing World-Class Potential
T WO OTHER LARGE-S C AL E PRO JEC T S PROVIDING WOR LD - C L AS S POTENTIAL A C R O S S P A P U A N E W GUINEA’S M AJ O R MINERAL BELT S KILI T E K E & MA Y RI VE R 23
Slide 23: Kili Teke Project
K I LI T E K E P R O J E C T : C L A S S I C P O R P H Y R Y C U - A U S Y S T E M W I T H P O T E N T I A L P O R G E R A - L I K E G O L D O V E R P R I N T K ILI T EK E G OLD - C O P P E R P R OJ E C T • Located 40 km from the world-class Porgera Gold Mine, in a similar geological and structural
Slide 24: Kili Teke: Multiple Drill-Ready Targets Proximal to Resource
KI LI TEK E: M UL TI P L E D RI L L - R E A D Y T A RG E TS P RO X I M A L TO R E S O U R C E Recent Targeting Completed Using Machine Learning Kili Teke Cu-Au Project – Ten highly prospective targets proximal to resource • Recently completed targeting exercise identified 10 exploration targets prox
Slide 25: May River Project
MAY R IVER P R O J E C T 25+ Years Exploration Data Consolidated & Evaluated • More than 20 targets, two of which host large scale previously drill prospects. Recent data review shows they host Au or Au-Cu mineralization: • Skygate Cu-Au Trend: • Adjacent to Frieda River (26.6Moz Au Eq) • 7 km long
Slide 26: May River - Skygate Cu-Au Trend
MAY R IVER - S K YGA TE Cu -Au T R E N D Skygate Cu-Au Trend Geological and Structural Setting Relative to Frieda River Porphyry-Epithermal Cu-Au Complex With 7 km Strike • Similar structural and geological setting as giant Frieda River Cu-Au Porphyry-Epithermal Complex (15 km to the east) • Skygate
Slide 27: May River - Skiraisa Gold Breccia Deposit
MAY R IVER - S KIRAISA G O LD B R E C C I A D EP O S IT Skirai sa Gold Breccia 3D Model with High Sulfidation Gold and Porphyry Target High-Sulfidation Vein, Breccia Gold Deposit & Porphyry System Historic 5.3 g/t Au in soil So ils 2 g/t Au in soil • 3D Geological and geophysical modelling and depos
Slide 28: May River - Ufuo Polymetallic Massive Sulfide Deposit
MAY R IVER - U FU O P O LY M ET AL LIC MAS SIVE S U LF ID E D EP O S IT Ufuo Massive Sulfide (Cu-Zn-Au-Ag-Pb) System – Drill Confirmed Body VMS4 High-Grade Massive Sulfide Complex Open • Ufuo polymetallic massive sulfide system comprises five bodies, discovered in 1993 by Highlands Gold • Early work
Slide 29: Appendix: Estimated Endowment of Deposits
A p p e nd i x : E st i m a te d E n d o wm e nt of de pos i ts s h o wn on sl ide 4. A u EQ , if not r epor t ed b y t he ope rator, a s s u m e s equal r ec ov e r y of C u - A u a n d pr i c es of $ 3 30 0 pe r oz Au, $ 4. 4 5 pe r l b C u ( $ 9 8 0 0 pe r t on ne C u) Au Equivalent MT MLbs Au Eq
Slide 30: Evidence of Large-Scale Cu-Au Porphyry & Vein Systems Across All Projects
O S E N A A N D A N G A P R O J E C T S ( A D J A C E N T T O K 9 2 MI NI NG) • Both border K92, show similar geological, structural and metal associations to Kainantu Mine, along a major 45 km NNE Cu-Au trend • Shows classic Cu-Au porphyry style alteration & geophysical signatures and epithermal Au
Slide 31: South Pacific Metals – Investment Case
SOUTH PACIFIC METALS – INVESTMENT CASE One of the Last Great Frontiers: Papua New Guinea hosts some of the world’s largest copper-gold deposits, yet remains underexplored District-Scale Projects: Four 100%-owned properties; Ontenu & Anga directly beside K92 Mining’s billion-dollar operation Discover
Slide 32: Michael Murphy, Executive Chair
KAINANTU RESOURCES LTD. (KRL) – PNG OPERATING SUBSIDIARY, WHOLLY OWNED BY SPMC Michael Murphy, Executive Chair info@southpacificmetals.ca TSX.V: SPMC |FSE: 6J00 | OTCQB: SPMEF southpacificmetals.ca
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