Spartan Metals Corp. · TSXV:W
Spartan Metals — Investor Presentation (March 2026)
31 slides from Spartan Metals's investor presentation, March 2026
Slide 1: Unlocking America's Critical Mineral Resources
UNLOCKING AMERICA’S CRITICAL MINERAL RESOURCES Corporate Presentation March 2026 TSX-V: W OTCQB: SPRMF FSE: J03
Slide 2: Disclaimer – Forward Looking Statements
DISCLAIMER – FORWARD LOOKING STATEMENTS The information contained in this document (the “Presentation”) has been prepared by Spartan Metals Corp ("Spartan" or the "Company") and contains confidential information pertaining to the business, operations and assets of the Company. All oral and written m
Slide 3: Why Spartan Metals?
WHY SPARTAN METALS? PREMIER US TUNGSTEN & CRITICAL METALS EXPLORER LARGEST US TUNGSTEN RESOURCE BASE VICTORIO PROJECT EAGLE PROJECT The largest US tungsten- One of the highest-grade past molybdenum resource. ~131.8 producing tungsten mines in the US million pounds WO3 and ~138.6 ~1.0% W03) with valu
Slide 4: Leadership Team
LEADERSHIP TEAM Significant Critical Metals and US Government Engagement Experience BRETT MARSH M.Sc., MBA, CPG PRESIDENT AND CEO • 25+ years diverse mining and exploration experience in critical minerals, base and precious metals • Led evaluation and geologic redevelopment of Aurizona Au project in
Slide 5: Capital Structure
5 CAPITAL STRUCTURE As of March 13, 2026 Tightly Held with Strong Insider and Strategic Shareholder Alignment 29.4% Board and Management o Brett Marsh 8.1% 41.6M Significant Non-Diluted I/O Shareholders 14.0% Ridgeline Minerals* o Burton Egger 1.85M 6.1M 0.7M o Ridgeline Minerals Options Warrants RS
Slide 6: Spartan Significant Upside Potential
SPARTAN SIGNIFICANT UPSIDE POTENTIAL Spartan Metals Corp (TSX-V: W) launched August 5, 2025, following acquisition of Eagle Tungsten-Silver-Rubidium-CRD Project W shareholders up ~313% from Eagle Project acquisition on June 3, 2025 to March 13, 2026 close US TUNGSTEN RESOURCES MARKET CAP COMPARISON
Slide 7: Tungsten Market and Applications
TUNGSTEN MARKET AND APPLICATIONS US is heavily import reliant for key defense critical metals - found in high concentration at Spartan’s Eagle Project and massive quantities at Spartan’s Victorio Project High-value commodity 1 % WO3 ≈ 17.6 % Cu • China accounted for 82.3% of 2024 world production an
Slide 8: Leveraging US Govt Connections to Deliver Project Value
LEVERAGING US GOVT CONNECTIONS 8 TO DELIVER PROJECT VALUE SPARTAN AND ITS ADVISORY TEAM ARE EXPERIENCED AND WELL CONNECTED WITH NEVADA LEGISLATORS, DEPARTMENT OF WAR, AND DEPARTMENT OF ENERGY PERSONNEL RECENT EXAMPLE AWARDS (USD) Department of War utilizes mandate from Defense Production Act (DPA) T
Slide 9: Our Portfolio
OUR PORTFOLIO EAGLE PROJECT, NEVADA High-Grade Past Producing VICTORIO PROJECT, NEW MEXICO Tungsten District in Tier 1 Largest US Tungsten-Molybdenum Jurisdiction Resource with Clear Path to Production
Slide 10: Victorio Project
• Transformational Earn-In Agreement to Largest Tungsten US Asset • $1.8M over 5-years, $14.0M work commitments, $2.2M in milestone payments, delivery of Feasibility Study, and 2.5% NSR (full details can be found here) • Tungsten-Molybdenum skarn with significant fluorspar and beryllium • Opportunit
Slide 11: Prime Location to Support Development
PRIME LOCATION TO SUPPORT DEVELOPMENT CLOSE TO KEY INFRASTRUCTURE • ~ 4km south of I-10 and established rail • Natural gas distribution at property Silver City • Near experienced mining workforce and services • 222 claims – 3,909 acres Utah Colorado Lordsburg Deming Arizona New Mexico 11
Slide 12: Significant Upside Potential to 2008 PEA
SIGNIFICANT UPSIDE POTENTIAL TO 2008 PEA 1 VALUE-ADD UPDATES TO MINERAL RESOURCE ESTIMATE, COMMODITY PRICE ASSUMPTIONS, AND MINING METHODS PLANNED FOR 2026 SRK evaluated two underground production scenarios – both positive – using $8/lb W and $15/lb Mo – well below current prices of $95/lb W and 35/
Slide 13: A US Tungsten Giant
A US TUNGSTEN GIANT Category $Cut-off Total tons Average Contained Average Contained Mo WO3%_Eq* value/ton (millions) Grade WO3 Grade (million lbs) (WO3%) (million lb) (Mo%) Measured $25 37.7 0.08 60.3 0.10 75.4 0.14 Indicated $25 39.5 0.09 71.1 0.08 63.2 0.14 Total M&I $25 77.2 0.09 131.4 0.09 138.
Slide 14: Near-Term Opportunity
NEAR-TERM OPPORTUNITY • Update 2008 PEA – New resource model, commodity prices, additional critical metal by-products • Resource expansion - Existing resource is open to East, West, and Northeast. • Define upper mineralization – significant tungsten, fluorspar, and beryllium mineralization identifie
Slide 15: Victorio Program Timeline
VICTORIO PROGRAM TIMELINE 2026 2027 2028 Updated Model and PEA Geophysics Technical Project Updates Drilling Project Optimization Metallurgical Testing Program Updated Resource & Prefeasibility Study Drill Expanded Drill Permitting (as needed) Environmental Permitting & Permitting Baseline Data Coll
Slide 16: Eagle Project
D I S TRI C T- S C AL E EAGLE PROJECT H I GH-GRAD E 1 • 36.5 km2 land package in eastern Nevada includes past producing Tungstonia, Rees, and Yellow Jacket tungsten mines and Antelope copper-silver mine Tungstonia Mine: historic grade = • Multiple deposit types including Porphyry, Skarn, and Carbona
Slide 17: Nevada: A Tier-1 Mining Jurisdiction
NEVADA: A TIER-1 TIER-1 MINING JURISDICTION JURISDICTION HISTORIC HIGH-GRADE PRODUCTION Eagle Project hosts past producing mines1 Tungstonia (~0.8% WO3, 500-1000 ppm Rb), Aguila Rees (~1%WO3, 1% Cu), Yellowjacket (~1.12% WO3), and Antelope (~4% Cu, 29 opt Ag) STRATEGIC DEFENSE METALS2 Historic produ
Slide 18: Tungstonia Claim Block
TUNGSTONIA CLAIM BLOCK TUNGSTEN CORNERSTONE Tungstonia Mine Past Producing Tungsten Mines Historical Exploration Target1 3-4 MT @ 0.6-0.9% WO3 Tungstonia - Historic tungsten exploration target1 of 3-4MT 1.51% WO3 @ 0.6-0.9% WO3 hosted in quartz veins up to 3m thick at 50.5 g/t Ag Yellow Jacket Mine
Slide 19: Tailings Reclamation Near-Term Opportunity
TAILINGS RECLAMATION 19 NEAR-TERM OPPORTUNITY Excellent 2025 Results Metallurgical 34 drill holes plus 2 metallurgical, results included: and mineralogy Tails-2502 characterization • Tungsten grades of 0.13% WO3 pending • Silver grades of 10.6 g/t • Rubidium grades of 626 ppm Main Tailings A A’ Tail
Slide 20: Rees Claim Block
REES CLAIM BLOCK SIGNIFICANT TUNGSTEN, SILVER and HIGH GRADE PAST PRODUCER • Poly-metallic CRD/Skarn mineralization in several Rock Chip 0.01% WO3 Rock Chip 0.01% WO3 1.8% Cu 1.5% Cu 1,927 g/t Ag 880 g/t Ag unnamed adits, test pits concentrated in a NE trending 0.6% Sb 0.1% Sb structural corridor •
Slide 21: Growth Strategy
GROWTH STRATEGY • Establish Maiden Resources and deliver value via exploration partnerships, custom processing, and/or MONETIZE off-take agreements PARTNERED • Leverage US Government Programs and potential DEVELOPMENT Joint Venture partners to advance toward commercial production • Acquire critical
Slide 22: Eagle Project 2026 Work Plan
EAGLE PROJECT 22 2026 WORK PLAN Tigre Characterization of historic Tungstonia tails Engage with DoW and strategic partners on tail and waste material potential and monetize Define W-Rb-Sb-Ag vein system at Tungstonia and reconcile to historic production Drill and establish maiden resource at Tungsto
Slide 23: Summary
SUMMARY SPARTAN CONTROLS NATIONALLY SIGNIFICANT TUNGSTEN ASSETS • Positive PEA and largest US tungsten resource at Victorio ADVANCED AND LARGE • 77.2 million tons with 10.8 million mtu tungsten equivalent (M&I) • Historic production at Tungstonia near 1.0% WO3 among highest grade HIGH-GRADE world-wi
Slide 24: Get in Touch
SPARTAN METALS CORP 202 – 3310 Carrington Rd West Kelowna, BC V4T 0C6 Canada SPARTAN EXPLORATION NEVADA 8 E Haskell St, Suite B Winnemucca, NV 89446 United States GET IN TOUCH (888) 535-0325 (Investor Information) (623) 570-3359 (Brett Marsh mobile) [email protected] FOLLOW US 24
Slide 25: Appendix
S$ SPARTAN APPENDIX
Slide 26: US Import Reliance
US IMPORT RELIANCE • 100% import reliance on 12 of 50 critical minerals, including Rubidium, Arsenic and Indium • +50% import reliance on an additional 28 critical minerals, including Tungsten, Silver, Tin, Antimony, and Bismuth • Strong bipartisan US Government support to address • Spartan’s Victor
Slide 27: Our Metals
OUR METALS SPARTAN OFFERS EXPOSURE THE LARGEST TUNGSTEN RESOURCE BASE IN THE UNITED STATES PLUS MULTIPLE STRATEGIC CRITICAL MINERALS
Slide 28: US Supply Risk
US SUPPLY RISK SPARTAN CAN SATISFY US ONSHORING EFFORTS FOR MULTIPLE STRATEGIC CRITICAL MINERALS
Slide 29: Tungstonia Claim Block: Significant Silver Upside
TUNGSTONIA CLAIM BLOCK SIGNIFICANT SILVER UPSIDE Tungstonia Mine Silver Credits Potentially Add Substantial Historical Exploration Target1 3-4 MT @ 0.6-0.9% WO3 1.51% WO3 Yellow Jacket Project Value 50.5 g/t Ag Mine 1.12% WO3 2.4% WO3 1.4% WO3 9.6 g/t Ag 308 g/t Ag • +10g/t common within Tungsten ve
Slide 30: Tungstonia Claim Block: Rubidium Potential
TUNGSTONIA CLAIM BLOCK US and Globally Significant Rubidium Potential Tungstonia Mine Historical Exploration Target2 3-4 MT @ 0.6-0.9% WO3 Rubidium occurs as micaceous enrichment halos Vein 1 Vein 3 - 5 around quartz-tungsten veins, pegmatites, and 2264 ppm Yellow Jacket Tungstonia Rb as enrichments
Slide 31: Eagle Project: A Unique Rubidium Resource Potential
31 EAGLE PROJECT: A UNIQUE RUBIDIUM (Rb) RESOURCE POTENTIAL Global Rb Resources • Low grade lithium extraction Bubble size normalized to largest Rb resource 4000 Uncommon by-product (~50 ppm) • Global resources uncertain as Resource many very early-stage projects 3500 Mt Edon (Exp Target) reporting