Spartan Metals Corp. · TSXV:W
Spartan Metals — Investor Presentation (2026)
21 slides from Spartan Metals's investor presentation, Oct 14, 2026
Slide 1: Developing America's Tungsten and Critical Mineral Future
SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 DEVELOPING AMERICA’S TUNGSTEN AND CRITICAL MINERAL FUTURE SPARTANMETALS.COM | TSX-V: W | OTCQB: SPRMF | FSE: J03 INVESTOR PRESENTATION Q4 2026
Slide 2: Developing America's Tungsten and Critical Mineral Future
DEVELOPING AMERICA’S TUNGSTEN SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 AND CRITICAL MINERAL FUTURE Spartan controls two vital U.S. Tungsten projects; Victorio - New Mexico, which hosts a large 2012 historical mineral resource estimate, and Eagle - Nevada, a district of three past-produc
Slide 3: Disclaimer
DISCLAIMER 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 materials prepared or presente
Slide 4: Why Tungsten Now?
WHY TUNGSTEN NOW? RISING DEMAND + CONSTRAINED SUPPLY = STRATEGIC OPPORTUNITY Tungsten is one of the world’s most strategic critical minerals, valued for its exceptional strength, density, and resistance to extreme temperatures. SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Possessing the hig
Slide 5: U.S. Government Fasttrack
U.S. GOVERMENT FASTTRACK GOVERNMENT-BACKED PERMITTING REFORMS, STRATEGIC FUNDING INITIATIVES, AND DOMESTIC SUPPLY CHAIN POLICIES ARE ACCELERATING CRITICAL MINERAL EXPLORATION AND DEVELOPMENT IN THE U.S. FAST-41 PERMITTING SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Selected projects receiv
Slide 6: America's Critical Mineral Opportunity
AMERICA'S CRITICAL MINERAL OPPORTUNITY NATIONAL SECURITY PRIORITY STRATEGIC INDUSTRIES SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Demand Across Strategic Industries Global demand for critical minerals continues to increase as governments and industry invest in artificial intelligence, def
Slide 7: Why Spartan Metals?
WHY SPARTAN METALS? LARGE-SCALE U.S. TUNGSTEN OPPORTUNITY Exposure to a growing U.S. tungsten platform anchored by dual projects in SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Nevada and New Mexico, providing geographic diversification and multiple high-potential exploration targets. ATTRA
Slide 8: Market Cap Comparison
8 SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Market Cap (Million CAD) 1000 1500 2000 2500 3000 0 500 Spartan Metals $29 Fox Tungsten $52 Tra American d Tungsten i $120.6 Market data from Sept 21, 2026, respective market close and converted to CAD where necessary nga t Northcliff a fr Reso
Slide 9: U.S.A. Properties
U.S.A. PROPERTIES A strategically positioned U.S. tungsten portfolio spanning Nevada and New Mexico, offering exposure to resource growth, SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 exploration upside, and domestic supply- chain security. NEVADA EAGLE PROJECT NEVADA High-Grade NEW MEXICO
Slide 10: New Mexico Tungsten: Victorio Project
NEW MEXICO TUNGSTEN TUNGSTEN-MOLYBDEMUN PROJECT SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 VICTORIO PROJECT Historical M&I PEA Resource Est1 In Progress- 70 Mt Early Q4 2026 POTENTIAL TO DEVELOP A SIGNIFICANT SOURCE OF US TUNGSTEN, MOLYBDENUM, Molybdenum WO₃ Contained FLUORSPAR AND BERYLL
Slide 11: Victorio Project Historic Mineral Resource Estimate
VICTORIO PROJECT HISTORIC MINERAL RESOURCE ESTIMATE Category $Cut-off Total tons Average Contained Average Grade Contained Mo WO3_Eq%* Mo_Eq% value/ton (millions) Grade WO3 (million (Mo%) (million lbs) (WO3%) lb) SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Measured $25 37.7 0.08 60.3 0.10
Slide 12: Nevada Tungsten: Eagle Project
NEVADA TUNGSTEN POTENTIAL TO DELINEATE ONE OF THE LARGEST AND HIGHEST-GRADE TUNGSTEN DISTRICTS IN THE U.S. HIGH-GRADE PAST U.S. PRODUCER EAGLE PROJECT SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 High-grade Past Production1 36.5 km2 Tungstonia Mine2: historic grade = 0.6- (1954-1955) DISTRI
Slide 13: Eagle Tungstonia Claim Block
EAGLE TUNGSTONIA CLAIM BLOCK TUNGSTEN CORNERSTONE PAST PRODUCING TUNGSTEN MINES Tungstonia Mine SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 1.51% WO3 Historic underground channel samples up to 5.32% WO3 50.5 g/t Ag Yellow Jacket Mine Successful 2025 surface program. 1.12% WO3 • Multiple st
Slide 14: Eagle Rees Claim Block
EAGLE REES CLAIM BLOCK SIGNIFICANT HISTORIC PRODUCTION AND GRADE SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 2026 EXPLORATION VALIDATES HIGH GRADE PAST PRODUCTION • Spartan 2026 Rock chip samples from inside the Mine Rees assayed at 6.76% and 3.75% tungsten trioxide (“WO3”) • Historic Unit
Slide 15: Spartan Roadmap
SPARTAN ROADMAP FORGING THE ROAD TO AMERICA’S CRITICAL MINERAL INDEPENDENCE SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Q4 2025 Q4 2025 We’re Here Q3 2026 Exploration Drill results Drilling/Exploration Q3 2025 - Launched T EC Spartan Metals Corp OJ PR E Q3 2025 Q4 2025 Q3 2026 Q3 2026 GL C
Slide 16: Spartan Cap Structure
SPARTAN CAP STRUCTURE TIGHTLY HELD WITH STRONG INSIDER AND STRATEGIC SHAREHOLDER ALIGNMENT 63% - RETAIL 37% - MANAGEMENT INSIDERS SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 SECURITY TYPE SHARES O/S PRICE EXPIRY COMMON SHARES 59.1 OPTIONS 2.5 0.35 $0.395 JANUARY 2031 1.50 $0.395 JANUARY 20
Slide 17: Defence Industrial Base Consortium (DIBC)
DEFENCE INDUSTRIAL BASE CONSORTIUM (DIBC) SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Strategic Access to the U.S. Defence Industrial Base Joined September 2026 DEFENCE ALIGNMENT INDUSTRY COLLABORATION CRITICAL METALS EXPOSURE DIBC advances innovation, Opportunity to engage with Spartan's
Slide 18: Management Team
MANAGEMENT TEAM EXPERIENCED U.S. CRITICAL MINERALS TEAM SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 BRETT MARSH M.Sc., MBA, CPG REBECCA BALL B.Sc. TERESE GISELMAN PRESIDENT, CEO AND DIRECTOR VICE PRESIDENT EXPLORATION CFO & CORPORATE SECRETARY • 25+ years in critical minerals, base and • 1
Slide 19: Board of Directors
BOARD OF DIRECTORS BRETT MARSH M.Sc., MBA, CPG DIRECTOR Mr. Marsh has over 25 years of diverse mining and exploration experience in critical minerals, base, and precious metals. He has actively led multiple Dept. of Defense and Dept. of Energy grants for US Critical Mineral Projects and SPARTANMETAL
Slide 20: Notes
21 SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 NOTES
Slide 21: Thank You
THANK YOU Spartan Metals Corp SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Brett Marsh – PRESIDENT, CEO, AND DIRECTOR 1-888-535-0325 [email protected] Jeff Walker – VP HOWARD GROUP INC 1-403-221-0904 [email protected] Spartan Nevada spartanmetals.com 8 E Haskell St, Suite B Winne