Spartan Metals
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spartan 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.
Tungsten is not currently mined commercially in the United States, and global supply remains concentrated, with China accounting for 82.3 percent of production in 2024. Demand is driven by applications in defense, industrial manufacturing, electronics, and electric vehicles, while US government programs focus on strengthening domestic supply chains through funding, permitting support, and strategic initiatives. Reflecting these dynamics, tungsten prices have increased from approximately US$170/mtu in 2008 to US$2,250 as of March 13, 2026, and Spartan plans to update the 2008 PEA using metal prices that align with current market conditions.
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.
Detailed Quote
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.
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.
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This profile contains forward-looking information, including statements regarding planned activities, timelines, business objectives, and market conditions. Forward-looking information is based on assumptions and is subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. Readers should not place undue reliance on forward-looking information, which reflects the views of the profiled company as of the date of this profile and is not updated by INN.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. In exchange for publishing services rendered by INN on behalf of Spartan Metals named herein, including the promotion by INN of Spartan Metals in any content on the INN website, the INN receives from Spartan Metals annual cash compensation of typically up to two hundred and fifty thousand dollars. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Spartan Metals and seek advice from a qualified investment advisor.