Problem statement
If the image is exported with premultiplied alpha turned off, the multiply blend mode will not work correctly. The following example is a modification of the physics2.html spine-phaser example. The image on the right do not have premultiplied alpha, and you can see the nose and mouth are not rendered correctly.
<!DOCTYPE html>
<html lang="en">
  <head>
    <meta charset="UTF-8" />
    <meta http-equiv="X-UA-Compatible" content="IE=edge" />
    <meta name="viewport" content="width=device-width, initial-scale=1.0" />
    <script src="//cdn.jsdelivr.net/npm/phaser@3.60.0/dist/phaser.js"></script>
    <script src="../dist/iife/spine-phaser-v3.js"></script>
    <link rel="stylesheet" href="../../index.css" />
    <title>Spine Phaser Example</title>
  </head>
  <body class="p-4 flex flex-col items-center">
    <h1>Physics example 2 - Drag physics</h1>
  </body>
  <script>
    class BasicExample extends Phaser.Scene {
      preload() {
        this.load.spineBinary("celestial-circus-data", "/assets/celestial-circus-pro.skel");
        this.load.spineAtlas("celestial-circus-atlas", "/assets/celestial-circus-pma.atlas");
        this.load.spineAtlas("celestial-circus-atlas-no-pma", "/assets/celestial-circus.atlas");
      }
      create() {
        this.add.spine(
          200,
          350,
          "celestial-circus-data",
          "celestial-circus-atlas"
        ).setScale(0.3);
        this.add.spine(
          600,
          350,
          "celestial-circus-data",
          "celestial-circus-atlas-no-pma"
        ).setScale(0.3);
      }
    }
    new Phaser.Game({
      type: Phaser.AUTO,
      width: 800,
      height: 600,
      type: Phaser.WEBGL,
      scene: [BasicExample],
      plugins: {
        scene: [
          {
            key: "spine.SpinePlugin",
            plugin: spine.SpinePlugin,
            mapping: "spine",
          },
        ],
      },
    });
  </script>
</html>
Runtime information
Phaser 3.60, 3.80, 3.90, 4.0 all have this issue