Author: Date

(MENAFN– Newsfile Corp)
Calgary, Alberta–(Newsfile Corp. – April 30, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (” Obsidian Energy “, the ” Company “, ” we “, ” us ” or ” our “) expects to release our first quarter 2025 financial and operational results (the ” Release “) before North American markets open on Wednesday, May 7, 2025. In addition, the first quarter management’s discussion and analysis and the unaudited consolidated financial statements will be available on our website at , and under our SEDAR+ profile at and EDGAR profile at on or about the same date.

ANNUAL AND SPECIAL MEETING

The Company’s Annual and Special Meeting (the ” Meeting “) is scheduled for Wednesday, May 7, 2025, at 1:00 p.m. MT (3:00 p.m. ET) at the offices of Obsidian Energy, Suite 200, 207 – 9 Avenue SW, Calgary, Alberta. Access to the Meeting will, subject to Company’s by-laws, be limited to essential personnel, registered shareholders and proxyholders entitled to attend and vote at the Meeting as well as invited guests. Additional information about the Meeting can be found on our website .

In association with the Meeting, our President and CEO, Stephen Loukas and other members of management will host a webcast presentation after the formal portion of the meeting at 2:00 p.m. MT (4:00 pm ET) (the ” Presentation “).

The Presentation will be broadcast live on the Internet and may be accessed either through our website or directly at the webcast portal . Those who wish to listen to the Presentation should connect at least five to 10 minutes prior to the scheduled start time through the following numbers:
Canada/U.S.: 1-844-763-8274 (toll-free)
International: 1-647-484-8814

A question-and-answer session will be held following the Presentation. If you wish to submit a question to the Company, participants can do so ahead of time after registering on the webcast portal on the Intranet or by emailing questions to … . An updated corporate presentation and the Presentation will be available following the webcast on our website .

ADDITIONAL READER ADVISORIES

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements or information (collectively ” forward-looking statements “) within the meaning of the safe harbour provisions of applicable securities legislation. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the expected date for the Release, Presentation and corporate presentation.

The forward-looking statements and information are based on certain key expectations and assumptions made by Obsidian Energy. Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Obsidian Energy can give no assurance that they will prove to be correct. By its nature, such forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations in commodity prices, changes in industry regulations and political landscape both domestically and abroad, and financial market volatility. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such forward-looking statements and information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on such forward-looking statements and information. Obsidian Energy gives no assurance that any of the events anticipated will transpire or occur, or, if any of them do, what benefits Obsidian Energy will derive from them. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary statement. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein. Readers should also carefully consider the matters discussed that could affect Obsidian Energy, or its operations or financial results in Obsidian Energy’s Annual Information Form (see “Risk Factors” and “Forward-Looking Statements” therein) for the year ended December 31, 2024, which is available on the SEDAR+ website ( ), EDGAR website ( ) or Obsidian Energy’s website .

Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol “OBE”.

CONTACT

OBSIDIAN ENERGY
Suite 200, 207 – 9th Avenue SW, Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Toll Free: 1-866-693-2707
Website: ;

Investor Relations:
Toll Free: 1-888-770-2633
E-mail: …

To view the source version of this press release, please visit

SOURCE: Obsidian Energy Ltd.

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(MENAFN– Newsfile Corp)
Highlights:

Irinke Extension Gold Prospects, a potential extension of K92’s Arakompa gold system, is a new cluster of four priority gold exploration targets revealed within a broad 4 km by 4 km area by advanced lithogeochemistry;

Arakompa-like geochemical signature of the Irinke Prospect now confirmed ;

Sampling underway across prospects, with assay results expected in May/June timeframe to help refine growing target pipeline; and

Newly purchased diamond drill rig scheduled to arrive in-country mid-June, with year-round drilling to begin soon after.

Vancouver, British Columbia–(Newsfile Corp. – April 30, 2025) – South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (” SPMC ” or the ” Company “) is pleased to announce new exploration work programs are underway at the Anga Project, following surface geochemistry targeting results confirming the Irinke Prospect’s priority nature and identifying several new gold prospects extensional to Irinke. Surface sampling will assist with prioritized drill targeting.

Cathy Fitzgerald, President and Chief Geologist of the Company, stated, “As the Company awaits delivery of its brand-new drill rig, we are accelerating exploration across our highly prospective Kainantu Gold District projects. In particular, the new study of all surface samples collected to date at the Anga Project has revealed further exciting targets near our Irinke Prospect, where mineralization of the same nature as K92’s Arakompa system returned rock samples up to 3.68 g/t Au. We will be very active sampling across this broad area of gold-mineralization.”

ALS Geoanalytics Advanced Technology Targeting Results

The Company engaged ALS Geoanalytics to complete a geochemical study of all soil, stream sediment and rock samples (including historic data) to provide a deeper understanding of geochemical indicators for discovery at the Anga Project. This work has confirmed the K92 Mining Arakompa-like geochemical signature of the Irinke target, providing vectors to further mineralized areas as well as identifying new prospects warranting on-the-ground follow up now underway.

Figure 1: Regional Location Map of SPMC Projects Relative to K92 Mining Projects

To view an enhanced version of this graphic, please visit:

Irinke Prospect

The Irinke Prospect is located only 1,500 m east of K92 Mining’s processing plant and is approximately three km along strike from the Arakompa discovery. Previous work by the Company has identified gold in soil anomalism along with rock chips, from early-stage reconnaissance up to 3.68 g/t Au (see news release dated November 13, 2024 ). The Irinke Prospect is hosted in metasediments intruded by diorite, making it a comparable setting to K92 Mining’s operations. Analyses of the geophysics indicates alteration and major structures are also similar. The results of this work provide additional confidence that the surface anomalism at Irinke is linked to a significant target (refer to Figure 2, target areas A, B, & C in the Irinke prospect region). Upcoming surface work will include closely spaced soil sampling and structural mapping.

Figure 2: Target Areas at Irinke and Extensions on the Anga Project

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Binano North (Irinke Extension to NE)

The Binano North Prospect is located approximately 1 km east of Irinke. Both metasediments and series of intrusive dykes are mapped in this area and there are strong indicators of hydrothermal activity. Previous work has been reconnaissance rock sampling with modest anomalous rock chips of up to 0.8 g/t Au . The pathfinder elements through this area (Bi-Sb-Te-Ag-Mo-Cu-Zn-Pb) are strong.

A review of aerial imagery indicated several disturbed areas which may be artisanal or alluvial gold workings, to be determined pending on-ground investigation. This target area incorporates three targets covering an area of 2.5 km by 1 km , from which the Company has collected approximately 250 grid soil samples at 50×50 m spacing to advance this large system to potentially drill ready Upcoming surface work will include closely-spaced soil sampling, and structural mapping (refer to Figure 2, target areas H, G & M).

Golkona and Golkona South (Irinke Extensions East)

The Golkona Prospect is located approximately 4 km east of Irinke. The area includes a large altered intrusive complex anomalous in gold in soils (>10 ppb Au, up to 70 ppb Au ) over an area approximately 750 x 750 m (refer to Figure 2). The prospect area is located on a major NE-SW structure that can be linked through geophysical and topography analyses through to the Maniape vein system owned by K92 Mining. The work by ALS Geoanalytics indicates the Golkona area is near a mineral system with structural indicators to the south and a strong association to Cu-Mo pathfinder elements (refer to Figure 2).

The Golkona South area consists of a strong magnetic anomaly coincident with an apparent conductivity anomaly (referred to as the N1 anomaly in news release dated June 9, 2022 ), identified in the 2021 MobileMT survey. This area has been largely unsampled. Anomalous stream sediment sample results and alluvial gold in this area has not been followed up since sampling was initially completed in 2022. With the results of analysis at Golkona indicating that mineral indicators point southward, the Company is embarking on a ridge and spur soil sampling and rock chip sampling program in this region.

Other Targets

A number of other targets have been identified that warrant upcoming surface work which will include closely spaced soil sampling and structural mapping. These include:

North Ridge Target (L) – has Au soil results up to 90 ppb and rock results up to 0.85 g/t Au . Prior to infill sampling, the area is going to have reconnaissance to check several unsampled outcrops.

East Skarn Target (P) – An area of very high gold in soils ( up to 330 ppb Au and 270pb Au ) in an area mapped as metamorphosed carbonates. The geology and geochemical data suggest a possible gold-rich skarn target. Further reconnaissance work with mapping and rock sampling is planned in the short-term.

About the Anga Project

The Anga Gold-Copper Project comprises 461 km2 of 100%-owned exploration licenses in the highly gold-copper mineralized Kainantu Gold District. The project is located immediately northeast of, and adjacent to, K92’s Kainantu Gold Mine Project (see Figure 3), and its southwestern project boundary is only 3 km from where K92 is currently drilling on the Arakompa lode-gold vein system, where multiple wide and high-grade gold zones have been intercepted. Access to the Anga Project is via the Ramu-Markham highway to the northeast.

About South Pacific Metals Corp .

South Pacific Metals Corp. is an emerging gold-copper exploration company operating across Papua New Guinea’s proven gold and copper production corridors. With an expansive 3,100 km2 land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Osena, Anga, Kili Teke, and May River.

Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest, SPMC’s Osena and Anga Projects are located within the high-grade Kainantu Gold District – each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).

Quality Assurance and Quality Control

Rock Sampling

Rock samples are selected and collected by a Company geologist in the field. Samples were sent to the ITS (PNG) Ltd (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge Fire Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of 0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.

Multi-element assays were determined using 4-acid digestion with Induced Coupled Optical Emission (ICPOS) (Intertek code 4A/OE33). Certified reference material, duplicates and blanks were inserted into the rock sample to monitor laboratory performance, with no significant variations from expected results.

Soil Sampling

Soil sampling involves sieving a c-horizon soil to a 2 mm in the field. Soil samples were sent to the ITS (PNG) Ltd. (Intertek) Laboratory in Port Moresby for assay. Assaying for gold and other elements is determined by aqua regia digestion with a mass-spectrometry finish (Intertek code AR01/MS). Certified Reference Material, duplicates and blanks are inserted in the soil sample to monitor laboratory performance, with no significant variations from expected results.

Stream Sediment sampling

Stream sediment sampling involves collecting and sieving a sediment from a naturally occurring trap site (no pan-concentrates reported in this release) from selected streams. Samples were sent to the ITS (PNG) Ltd. (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge Fire Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of 0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.

Qualified Person

The scientific and technical information disclosed in this release has been compiled by Company geologists and reviewed and approved by Darren Holden, Ph.D., FAusIMM, a “Qualified Person” as defined under the Canadian Institute of Mining National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.

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