1. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

South Pacific Metals Corp. (SPMC:TSXV; SPMEF:OCTMKTS) announced results from drill hole ONED26-009 at its Ontenu gold-copper project in Papua New Guinea on July 6, 2026. The company believes these results are a significant step toward confirming that the property hosts high-grade epithermal gold-copper veins. ONED26-009 targeted the Megabe structure, which is a NW-trending mineralized corridor between the Jorkol and Onki zones in the Ontenu NE prospect, where multiple gold-bearing veins were intersected across a wide zone of mineralization.

Zones 1, 2, and 3 reported high grades and thickness, ranging from 3.26 g/t Au (gold) and 27.45 g/t Au, 952 ppm and 12,554 ppm Cu (copper), and 16 g/t and 206 g/t Ag (silver). Octavio Garcia, Exploration Manager of South Pacific, said in the release: "The results from hole ONED26-009 are highly encouraging because they demonstrate that the Megabe structure is not an isolated occurrence, but part of a broader mineralized system with clear continuity and scale potential. What is particularly exciting is that we are still in the early stages of testing Ontenu, and each drill hole is helping us refine our geological model and vector towards higher-grade zones. Our team's methodical approach is beginning to reveal a much larger field of veins than initially recognized, with significant exploration upside remaining across the project."

The press release argued that these results support a vectoring model that points toward higher-grade zones to the southeast and at depth.

Timo Jauristo, CEO of South Pacific, ended the release by saying: "These results from hole ONED26-009 are a major validation of our exploration model at Ontenu. Our goal is to demonstrate that Ontenu has the potential to host high-grade Au-Cu veins similar to those being mined by K92 Mining Inc. (KNT:TSX.V; KNTNF:OTCMKTS) at their nearby world-class mining operation. Hitting over 28 g/t gold over 2m within a broader mineralized envelope, one of three significant intercepts in drill hole ONED26-009, demonstrates continuity with hole ONED26-007, and tells us that we may be on the edge of something significant at Megabe. Importantly, this is just one of at least eight known mineralized structures across a five-kilometer trend at Ontenu that have been discovered so far. Only a small part of these have been tested by drilling to date. This story has evolved rapidly over a short time, and we are learning a lot from every drill hole. The entire team is excited about following up on these results as well as starting to test the other structures in the Ontenu project area."

South Pacific is a gold-copper exploration company focused on exploration and development of properties within Papua New Guinea's proven gold and copper production corridors. The company's properties include Ontenu (Osena), Anga, Kili Teke, and May River.

Filling the Supply Gap

Junior miners and exploration companies hit the ground running this year after gold rallied at a high of US$5,500 per ounce in January. Many companies, like South Pacific, chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, rates are still up 24% compared to July 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts – a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold’s momentum and lift it back towards US$4,500/oz or above."

Renewed tensions between the U.S. and Iran dropped gold prices on July 8, 2026, with the per-ounce price sinking to only US$4,074.10. Inflationary fears were reignited after Brent crude oil prices rose again after a several-week ceasefire between the two countries lost its stability.

In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."

Despite the volatility of gold, the sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.

Almost immune to market uncertainty, copper prices are continuing to boom due to industrial demand and the rise of AI data centers. On May 12, 2026, Piyush Shukla of The Economic Times wrote that, "Copper prices are soaring aggressively in 2026 as copper futures smash record highs above US$14,000 per ton. The rally is no longer only about manufacturing demand. AI data center construction is now driving a massive global copper rush. China's factory recovery, Middle East sulfuric acid shortages, and tightening mine supply are deepening the global copper crunch." So far, copper prices have risen more than 10% since the start of the year, and over 40% since the beginning of 2025.

Demand for copper is expected to rise due to continued use in electronics, especially with the widespread construction of new data centers and defense needs America is experiencing. A report from Businessworld claimed that "global copper demand is gradually shifting towards strategic and less price-sensitive sectors such as AI infrastructure, defense, power grids, and clean energy systems. By 2040, these categories are expected to account for nearly 45% of total copper demand, up from 32% in 2024."

Copper has experienced some volatility this year. While a bull market for traders, physical products are trending toward a bear market due to potential tariffs. Last year, the looming potential of President Donald Trump's tariffs surged copper prices in the U.S. as American investors stockpiled the metal.

This hype created an overstocking of copper, widening the gap between futures and physical worth. "Collectively, inventories at the world's main exchanges have risen by more than 500,000 tons since the start of the year," stated a March 6 article by Bloomberg News. The imagined certainty of inaccessible copper due to tariffs evaporated, however, when premiums for U.S. copper futures disappeared, and the tariffs did not materialize. Trump may choose to impose tariffs next year, but analysts and investors are skeptical since his administration chose to forego them in January 2026.

Copper futures rested at US$5.95 per pound on July 8, 2026. Industry data showed that global shipments of copper concentrate have risen since April, pointing to ample raw material availability." Still, copper prices are unlikely to fall dramatically, even if a resolution is found. China's output fell by 3% in April 2026, and tariff expenses are keeping the stock price high.

Expert Calls Out Multi-Zone Discovery

Chen Lin of What is Chen Buying? What is Chen Selling? discussed the company on July 7, 2026. He wrote: "SPMC.v hit a great hole near K92 — 5 meters at 12.84 g/t AuEq (including 2 meters at 28.06 g/t AuEq) and 12.2 meters at 6.24 g/t AuEq (including 2 meters at 16.65 g/t AuEq) in three mineralized zones within one drill hole at a recently discovered structure at Ontenu. This is a multiple-zone and K92-style discovery."

SPMC has been on a big run since I pounded the table one week ago, [moving] from CA0.30+ to CA$0.60+ yesterday. I think, given its tight share structure, this stock can run like WPG.v [did] last year. I am trying to add more on any weaknesses. I did an interview on . . . SMPC.v last week with my partner, Jay Taylor; it will be available on YouTube tomorrow."

Multiple Drill Holes to Explore

The company's investor presentation lists potential work in 2026 for the Kili Teke project as close-spaced soils and patting to pin down Alkali gold targets, a ground magnetics survey to look for near-surface skarns, and potential drilling depending on the results.

According to the press release, the next steps for Megabe are as follows:

• Drill holes ONED26-010 (a separate structure 150 meters SW of Megabe) and ONED26-011 (75-meter step-out to SE from ONED26-009) have been completed and are being logged and sampled in preparation for assays.
• Holes ONED26-012 (150-meter step-out SE from ONED26-011) and ONED26-013 (100-meter step-out NW from ONED26-009) are being drilled.
• Drilling at Ontenu will continue, with one more hole planned to test the Megabe structure further along strike to the NW. Subsequently, the company will commence testing of additional undrilled structures identified across the broader project area, including Ontenu Central.

Ownership & Share Information¹

South Pacific Metals Corp. has a market cap of CA$28.35 million, with 69.14 million shares outstanding. The company's 52-week range is CA$0.31-CA$0.94.

Institutions own 9.16% of shares, while Management & Insiders own 8.50%. The remaining 82.34% of shares are held by Retail.