Spartan Metals – Announces AdopƟon of New Equity IncenƟve Plans and the Grant of Security-Based CompensaƟon
Vancouver, Canada, January 23, 2026 – Spartan Metals Corp. (“Spartan” or the “Company”) (TSX-V: W | OTCQB: SPRMF | FSE: J03) announces its shareholders have approved the Company’s new 10% rolling stock op�on plan (the “Op�on Plan”) and it’s share unit plan (the “Share Unit Plan”) (collec�vely the “Equity Incen�ve Plans”) at the Company’s annual mee�ng of shareholders held on January 19, 2026 (the “Shareholders’ Mee�ng”).
The Equity Incen�ve Plans provide the Company with the ability to issue stock op�ons (“Op�ons”), restricted share units (“RSU’s”) and deferred share units (“DSU’s”) to directors, officers, employees or consultants of the Company or its subsidiaries. The aggregate number of common shares reserved for issuance in connec�on with the Op�on Plan shall not exceed 10% of the issued and outstanding common shares of the Company at the �me of grant. The number of shares reserved for issuance under the Share Unit Plan shall not exceed 2,500,000 common shares.
Further details regarding the Equity Incen�ve Plans are included in the management informa�on circular of the Company filed on SEDAR+ in connec�on with the Shareholders’ Mee�ng.
The Company further announces it has granted an aggregate of 1,850,000 Op�ons to directors, officers, employees and consultants of the Company in accordance with the Company's Op�on Plan. These Op�ons are exercisable at $0.395per share for a period of five years. The Company also announces that it has granted an aggregate of 682,000 DSU’s to directors and officers of the Company and 60,000 RSU’s to eligible persons of the Company. The DSUs and RSUs are governed by the Company's Share Unit Plan and will be subject to applicable securi�es law hold periods.
About Spartan Metals Corp.
Spartan Metals is focused on developing cri�cal minerals projects in well-established and stable mining jurisdic�ons in the Western United States, with an emphasis on building a por�olio of diverse strategic defense minerals such as Tungsten, Rubidium, An�mony, Bismuth, and Arsenic.
Spartan’s flagship project is the Eagle Project in eastern Nevada that consists of one of the highest-grade historic tungsten resources in the USA (the past-producing Tungstonia Mine) along with significant underdefined resources consis�ng of: rubidium; an�mony; bismuth; indium; as well as precious and base metals. More informa�on about Spartan Metals can be found at www.SpartanMetals.com
On behalf of the Board of Spartan “Bre� Marsh”
President, CEO & Director
Further Informa�on:
Bre� Marsh, M.Sc., MBA, CPG President, CEO & Director
1-888-535-0325 [email protected]
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