The present paper examines possible benefits of spatial audio guides on learning outcomes in the spatial learning setting of an experimental exhibition and attempts to differentiate between different mechanisms underlying such an effect. In Experiment 1, we examined whether the spatial contiguity principle may be such a mechanism. A spatial audio guide was used that allows for perception of audio explanations either at the location of the exhibit (audio-visuo-spatially close) or within the headphones (audio-visuo-spatially distant). The results showed that with the external, exhibit-located compared to headphone-located presentation, memory of audio explanations was significantly better. No significant differences were found regarding text-picture-integration. However, these results cannot only be explained by audio-visuo-spatial contiguity but also by externalization and audio-spatial cueing. In Experiment 2, we therefore tried to disentangle these possible mechanisms and compared three conditions (audio explanations perceptually located within the exhibits, behind the visitors at the opposite wall, always at the same location in the room), thereby keeping externalization constant while varying audio-visuo-spatial contiguity and audio-spatial cueing. No significant differences between the conditions were found regarding memory of the audio explanations and text-picture integration, whereby memory of audio explanations in all conditions was at the same level as in the picture-located audio condition in the first experiment. This excludes spatial contiguity effects and audio-spatial cueing as explanations for the results in Experiment 1 and indicates a general externalization effect needing closer examination. The results are discussed regarding future studies and the use of spatial audio guides in museums and exhibitions.