Spartan Metals

Investor Insight

Spartan Metals is advancing a portfolio of US-based tungsten assets anchored by high-grade past production at the Eagle tungsten-silver-rubidium project in Nevada and a large-scale historical resource at the Victorio tungsten-molybdenum project in New Mexico. With exposure to multiple critical minerals and ongoing exploration and technical programs, the company is aligned with US initiatives to strengthen the domestic supply of strategic and defense-critical metals.

Overview

Spartan Metals ( TSXV:W,OTCQB: SPRMF) is a US-focused exploration company advancing tungsten-dominant assets with additional exposure to critical minerals including molybdenum, rubidium, silver, antimony, bismuth, arsenic and indium. The company’s strategy focuses on advancing past-producing systems and historically defined resources, supported by ongoing exploration and technical programs.

The company’s portfolio is anchored by two core assets: the Eagle project in Nevada, a district-scale system with high-grade past production, and the Victorio project in New Mexico, which hosts the largest tungsten resource in the United States based on historical estimates. These assets provide exposure to both high-grade mineralization and large-scale resource potential.

Spartan’s leadership team has experience in US exploration, project development and government-related initiatives, supporting the advancement of its assets within the US regulatory and funding environment.

Company Highlights

• Dual-Asset US Tungsten Platform: Portfolio anchored by the Eagle project in Nevada and the Victorio project in New Mexico, providing exposure to both high-grade past production and a large-scale historical resource.
• High-Grade Past-Producing Asset: Eagle hosts historic production of 8,379 units of tungsten oxide (WO₃) at grades of approximately 0.8 percent to 1.0 percent WO₃, with multiple past-producing mines across a district-scale system.
• Largest U.S. Tungsten Resource (Historical): Victorio hosts a 2012 historical resource of 131.4 million pounds WO₃ (Measured and Indicated), representing the largest tungsten resource in the United States based on historical estimates.
• Multi-Metal Exposure: Projects contain tungsten, molybdenum, rubidium, silver, antimony, bismuth, arsenic and indium, all identified as critical or strategic minerals in US supply chains.
• District-Scale Exploration Potential: Eagle covers 36.5 sq km and hosts multiple deposit types, including porphyry, skarn and carbonate replacement systems, supporting ongoing exploration programs.
• Active Exploration and Technical Programs: Ongoing work includes drilling, sampling, geological mapping, geophysics and tailings evaluation to support target definition and future resource work.
• Tight Capital Structure: 41.6 million shares outstanding (non-diluted) with 43.4 percent held by management and strategic shareholders.
• Aligned with US Supply Chain Initiatives: Positioned within a market supported by US government programs focused on strengthening domestic production of critical minerals.

Key Projects

Victorio Project (New Mexico)

The Victorio project is a tungsten-molybdenum system with a 2012 historical resource of 77.2 million tons grading 0.09% WO₃, containing 131.4 million pounds of WO₃ and 138.6 million pounds of molybdenum in the Measured and Indicated categories, with an average grade of 0.14 percent WO₃ equivalent. The project also hosts additional inferred resources of 139.0 million pounds WO₃ and 108.1 million pounds molybdenum, with an average grade of 0.13 percent WO₃ equivalent.

A 2008 preliminary economic assessment evaluated two underground mining scenarios, both of which demonstrated positive economics at significantly lower commodity prices. Spartan is re-evaluating the project using metal prices that more accurately reflect current long-term market conditions, including additional analysis of fluorspar and beryllium.

The deposit remains open to the east, west and northeast, with additional mineralization identified above the current resource model. Planned work includes updating the resource model and advancing technical programs including drilling, metallurgy and engineering studies.

Eagle Project (Nevada)

The Eagle project is a district-scale tungsten system covering 36.5 sq km in eastern Nevada and includes the past-producing Tungstonia, Rees, Yellow Jacket and Antelope mines. Historic production totaled 8,379 units of WO₃ at grades of approximately 0.8 percent to 1.0 percent WO₃, with individual mines reporting grades including greater than 1.0 percent WO₃ at Rees and 1.12 percent WO₃ at Yellow Jacket.

Mineralization at Eagle includes multiple deposit types, including porphyry, skarn and carbonate replacement systems. Exploration has returned high-grade results, including underground channel samples up to 5.32 percent WO₃, as well as polymetallic values with silver and base metals, and rubidium mineralization with rock chip results up to 2,264 ppm.

Recent work includes drilling and evaluation of historic tailings, where 2025 results returned 0.13 percent WO₃, 10.6 g/t silver and 626 ppm rubidium. Ongoing programs include drilling, geological mapping, sampling and geophysical surveys to support target definition and future resource work, while metallurgical testing and economic analyses of the tailings are underway and expected to be completed in Q2 2026.

Management Team

Brett R. Marsh – President, CEO and Director

Professional geologist with more than 25 years of experience in exploration and development. His experience includes evaluation of the Aurizona gold project and development of the McDermitt lithium project, as well as involvement in U.S. Department of Defense and Department of Energy grant proposal initiatives.

Rebecca Ball – Vice President, Exploration

Geologist with over 10 years of experience across critical, base and precious metals. She has led geological modeling and stratigraphy work supporting mineral resource expansion at McDermitt.

Terese Gieselman – CFO and Corporate Secretary

Financial executive with more than 35 years of experience in mining and exploration companies, with expertise in financial reporting, compliance and corporate structuring.