Historic Measured and Indicated Resources of 77.2 million tons at 0.09 WO 3% and 0.09 Mo% (0.15 WO3% equivalent)
Spartan Metals Acquires the Largest(1) Tungsten Resource in the United States
- Historic Measured and Indicated Resources of 77.2 million tons at 0.09 WO3% and 0.09 Mo% (0.15 WO3% equivalent)
- Historic Inferred Resources at 77.2 million tons at 0.09 WO3% and 0.07 Mo %
(0.13 WO3% equivalent)*
Vancouver, Canada, March 17, 2026 – Spartan Metals Corp. (“Spartan” or the “Company”) (TSX-V: W OTCQB: SPRMF | FSE: J03) is pleased to announce that it has entered into a defini�ve op�on agreement (the “Agreement”) dated March 13, 2026, with Donegan Resources, LLC (“Donegan” or the “Owner”), an arms-length party. Pursuant to the Agreement, Spartan has been granted the op�on (the “Op�on”) to earn a 100% interest in the Victorio Tungsten-Molybdenum Project (“Victorio” or the “Project”) in Luna County, New Mexico (Figure 1).
The Victorio Project hosts the largest historic Tungsten-Molybdenum resource in the United States(1). To exercise the Op�on, Spartan will pay the Owner a total of $1,800,000 and invest $14,000,000 in explora�on work commitments over a 5-year period and deliver a Feasibility Study on or before the 8th anniversary of the Agreement. Addi�onal milestone payments are associated with delivery of prefeasibility and feasibility studies and commencement of commercial produc�on totaling $2,200,000. Upon exercise of the Op�on, Spartan will grant a 2.5% Net Smelter Return (“NSR”) to the Owner. For a detailed summary of commercial terms click here.
Bre� Marsh, Spartan’s President and CEO, stated: “Victorio is a transforma�onal acquisi�on for Spartan Metals that aligns with our long-term growth strategy and immediately posi�ons the Company as a - tungsten developer to help deliver cri�cal metal independence in the United States. Tungsten prices have increased roughly 1,130% since 2008 lows of approximately US$170/mtu(2) to US$2,250 as of March 13, 2026(3). Spartan’s first step will be to release an update to a 2008 PEA(2) u�lizing metal prices that be�er reflect the current poten�al economics of the project.”
Mr. Marsh con�nues, “Adding Victorio into the Spartan por�olio gives the Company control of both the largest tungsten resource in the United States as well as the highest-grade historical tungsten mine at our past producing Eagle project. Together, these assets establish a domes�c tungsten resource base and reinforces Spartan’s long-term strategy of developing scalable, strategically important cri�cal mineral assets in the United States.”
Historic 2012 Victorio Mineral Resource Es�mate (MRE)(4)
- 2012 Mineral Resource update posi�ons Victorio as the largest tungsten (W) resource in the United
States.
- Measured and Indicated Resources of 77.2 million tons at 0.09% tungsten trioxide (WO3%) and 0.09 molybdenum (Mo%), (or 0.14 WO3% equivalent)
- Approximately 131.4 million pounds WO3 and 138.6 million pounds Mo.
WO3% equivalent calcula�on using $750/metric ton unit (mtu) for WO3 and $21.6/lb Mo with 75% and 75% recoveries(1), respec�vely.
WO3%_EQ = WO3%+(Mo% x (((Mo Price x lb/mtu) x Mo Recovery)/(W price x WO3% recovery))) 1 mtu = 1% or 10 kg (22.0462 lb).
Work commitments begin in Year 2 of the Agreement.
- Inferred Resources at 77.2 million tons at 0.09 WO3% and 0.07 Mo %, (or 0.13 WO3% equivalent)
- Approximately 139.0 million pounds WO3 and 108.1 million pounds Mo.
Table 1 2012 Mineral Resource Estimate at US$25/ton combined W and Mo value
| Category | $Cut-off value/ton | Total tons (millions) | Average | Contained | Average | Contained | WO % Eq* 3 _ | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Grade | WO 3 | Grade | Mo | ||||||||
| (WO %) 3 | (million lb) | (Mo%) | (million lbs) | ||||||||
| 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 | 138.6 | 0.14 | ||||
| Inferred | $25 | 77.2 | 0.09 | 139.0 | 0.07 | 108.1 | 0.13 |
- WO3% equivalent calcula�on using $750/metric ton unit (mtu) for WO3 and $21.6/lb Mo with 75% and 75% recoveries(1), respec�vely.
WO3%_EQ = WO3%+(Mo% x (((Mo Price x lb/mtu) x Mo Recovery)/(W price x WO3% recovery))) 1 mtu = 1% or 10 kg (22.0462 lb).
- 2012 MRE Represents significant tonnage and contained metal upgrade over a historic 2008 Posi�ve Preliminary Economic Analysis, sugges�ng significant upside poten�al once new mineral resources are included in an updated economic analysis
The historical es�mate is considered relevant as it provides an indica�on of the poten�al mineraliza�on on the property and supports the Company’s decision to further explore the project. The Company considers the historical es�mate to be reliable as it is based on internal due diligence and es�mate verifica�on from an independent contractor that, in management’s view, were carried out in a manner consistent with industry prac�ce. However, a qualified person has not done sufficient work to classify the historical es�mate as current mineral resources or mineral reserves, and the Company is not trea�ng the historical es�mate as current mineral resources or mineral reserves.
The historical es�mate uses the categories Measured, Indicated and Inferred which are consistent with current standards however, a qualified person has not done sufficient work to classify the historical es�mate as current mineral resources or mineral reserves and the Company is not trea�ng the historical es�mate as current mineral resources or mineral reserves.
Spartan is not aware of any Mineral Resource Es�mates subsequent to the historic 2012 es�mate.
To verify the historical es�mate as a current mineral resource, the Company’s planned work program includes: confirmatory twinning of select historical drill holes, addi�onal infill and step-out drilling, re-sampling of available core, verifica�on of historical assay data, applica�on of modern QA/QC protocols, updated geological modeling, and es�ma�on using current CIM Defini�on Standards and NI 43-101-compliant procedures. Un�l this work is completed and a qualified person has prepared a current mineral resource es�mate, the historical es�mate should not be relied upon as a current mineral resource or mineral reserve.
The Victorio Project
The project consists of 34 Bureau of Land Management (BLM) mining claims (558 acres) located approximately 45 kilometers (km) west of Deming (Figure 1), New Mexico and approximately 75 km south of the Freeport McMoRan Chino and Tyrone mines. Spartan Metals, through its US subsidiary, Spartan Explora�on Nevada Corp, has located an addi�onal 188 BLM claims con�guous with and surrounding the op�oned claims for a totaling 3,909 acres (Figure 2).
The Victorio Tungsten-Molybdenum deposit mineraliza�on is in stockwork vein and skarn deposits located in the upper Cambrian/Ordovician Bliss Sandstone and Ordovician El Paso Limestone. The mineraliza�on is primarily distributed in fracture controlled east-northeast striking quartz veins that form an inverted saucer and horseshoe shaped deposit. The current deposit has dimensions of approximately 3,700 feet (�) (1,125 meters (m) by 3,250 � (990 m) in plan and is between 25 � (8 m) to 1000 � (300 m) in thickness (Figures 3 and 4).
Molybdenite and Scheelite are the principal minerals of economic interest, but beryllium and fluorspar have secondary interest and require further defini�on. The mineral deposit has been drilled at approximately 400-foot (120 m) spacing and approximately 50% of the current resources are classified as Inferred so further infill drilling is required to upgrade the resource classifica�on. There is also poten�al to incrementally expand the resource tonnage in the northeast, east, and west of the exis�ng resource es�mate (Figure 3).
Figure 1: Location map of the Victorio Tungsten-Molybdenum Project in Southwest New Mexico Figure 2: Land status map of the Victorio Project with SRK historic resource outline at $25 per ton cut-off
Figure 3: Plan view of historic economic assessment model at US$25/short ton cut off. Note higher dollar value core in west- central portion of the deposit with expansion opportunities toward the north-northeast, east, and west.
Figure 4 Oblique 3D view of Victorio 2008 Historic Resource Model $25 per ton blocks illustra�ng deposit width, thickness, and rela�ve posi�on below surface. Note a secondary zone of mineraliza�on above the primary deposit that could contribute addi�onal value to the project.
Metallurgical
Metallurgical test work has been conducted at Hazen Research in 1992 and 2007. Both sets of tests are considered historical but indicate posi�ve recoveries of up to 85% for Mo with a 55-56% Mo in concentrates and flota�on plus gravity separa�on of tungsten (scheelite) ranging between 74%-77%. It is believed that final recoveries could be improved with further tes�ng and process op�miza�on. Recoveries of 75% have been u�lized for WO3 equivalent calcula�ons.
2026 Explora�on and Development Plans
Spartan will immediately begin upda�ng the 2008 PEA study and Mineral Resource Es�mate as well as develop explora�on plans based on the recommenda�ons of the SRK, Knudsen, Hazen Research reports, and Spartan’s consultants.
Commercial Terms
All prices in US Dollars unless otherwise stated.
Spartan will act as the Project Operator and can exercise the Op�on by comple�ng cash payments and incurring the following work commitments on the Project and comple�ng a Feasibility Study on or before the 8th anniversary of the Agreement:
| Cash ConsideraƟon | Work Commitments | |||
|---|---|---|---|---|
| (USD) | (USD) | |||
| Agreement ExecuƟon | $250,000 | |||
| Year 1 | $200,000 | |||
| Year 2 | $250,000 | $2,000,000 | ||
| Year 3 | $300,000 | $3,000,000 | ||
| Year 4 | $400,000 | |||
| Year 5 | $400,000 | $9,000,000 | ||
| Subtotal | $1,800,00 | $14,000,000 | ||
| Project Milestones | ||||
| Delivery of Prefeasibility Study (PFS) | $500,000 | |||
| Delivery of Feasibility Study (FS) | $700,000 | |||
| Total | $3,000,000 | $14,000,000 |
Commencing on the 6th anniversary of the Agreement, Spartan will pay Donegan an Advanced Minimum Royalty (“AMR”) payment of US$100,000 per year un�l commencement of commercial produc�on. Once commercial produc�on is achieved, Spartan will pay an addi�onal milestone payment of US$1,000,000 and the AMR will cease.
Donegan will also receive a NSR royalty of 2.5% on the 34 Donegan Resources, LLC claims. An addi�onal 2% NSR royalty with a US$1,000,000 buy down per half percent to 1% will be applied to and future claims located by Spartan within a 3-mile Area of Interest of the 34 Donegan Resources, LLC claims.
Qualified Person Statement
The technical informa�on contained in this news release has been prepared under the supervision of, and approved by Bre� R. Marsh, CPG. Mr. Marsh is President and CEO of Spartan Metals Corp. and a “qualified person” as defined under Na�onal Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Company cau�ons that produc�on, tonnage, grade and recovery informa�on rela�ng to the historic Victorio Project mineral resources and economic assessments are considered “historical” in nature and are not supported by a current NI 43-101 compliant technical report. A Qualified Person has not done sufficient work to classify the historical es�mates or produc�on records as current mineral resources or mineral reserves, and Spartan is not trea�ng these historical es�mates as current mineral resources or reserves.
The historical informa�on referenced herein is derived from two NI 43-101 Technical Reports completed for previous operators, which the Company believes to be reliable, but has not independently verified. There has been no systema�c explora�on and/or verifica�on work completed by Spartan to date to confirm the historical mining, grade or metallurgical informa�on reported for these past producing opera�ons.
Annual cash payments to be paid with 30-days of each anniversary date.
The references in this news release to historical produc�on, resources, and economic assessments are provided for context only and should not be interpreted as indica�ve of the mineraliza�on that may be present on Spartan’s current claims, nor as evidence of the economic viability of the Victorio Project. There is no assurance that Spartan’s explora�on programs will confirm the presence of economically mineable mineraliza�on, or that any future resource es�mates will reflect similar grades, tonnages or recoveries to those historically reported.
References
1 – United States Geological Survey – Tungsten Resources in the United States (Ver. 2.0 August 2020) h�ps://www.sciencebase.gov/catalog/item/5e3dce84e4b0edb47be3d6a6
2 – United States Geological Survey, 2008 Minerals Yearbook – Tungsten. h�ps://d9-wret.s3.us-west- 2.amazonaws.com/assets/palladium/produc�on/mineral-pubs/tungsten/myb1-2008-tungs.pdf
3 - SRK Consul�ng, 2008, NI 43-101 Preliminary Assessment Victorio Molybdenum-Tungsten Project Luna County, NM
4 - Knudsen, 2012, NI 43-101 Technical Report on Resources Victorio Molybdenum-Tungsten Explora�on Project Luna County, NM
About The Victorio Tungsten-Molybdenum Project
Victorio is an advanced explora�on Tungsten-Molybdenum project with historical mineral resources es�mates that rank Victorio as one the largest tungsten resources in the United States with up to 77.2 million tons of Measured and Indicated Resources grading 0.09 WO3% and 0.09 Mo% (0.14 WO3% equivalent), and an addi�onal 77.2 million tons of Inferred Resources grading 0.09 WO3% and 0.07 Mo% (0.13% WO3% equivalent). The Victorio Project provides an opportunity to poten�ally deliver significant quan��es of tungsten and molybdenum and addi�onal significant cri�cal metals such as beryllium, fluorspar, rhenium, and rubidium into the US supply chain.
The Project is ~ 15.8 km² in size and located approximately 45 km west of the city of Deming, in the Victorio Mountains of Luna County, New Mexico. The project is 3,909 acres in size consis�ng of 222 Bureau of Land Management unpatented lode mining claims.
About The Eagle Project
The Eagle Project presents a unique opportunity to delineate one of the largest and highest-grade Tungsten (“W”) and Rubidium (“Rb”) districts in the United States. The Project consists of the pastproducing (1) high-grade Tungstonia, Yellow Jacket, and Rees/Antelope tungsten (W-Cu-Ag) mines. Opera�ons at these mines were from 1915 to 1942 with intermi�ent small-scale produc�on occurring un�l 1956. Tungsten produc�on from these mines totaled 8,379 units at grades between 0.6%-0.9% WO3
The Project is ~36.5 km² in size and located approximately 120 kilometers northeast of the town of Ely, in the Kern Mountains of White Pine County, Nevada. The Project covers 9,033 acres consis�ng of 445 Bureau of Land Management (BLM) unpatented lode mining claims.
Three deposit types are present at Eagle; Porphyry, Skarn, and Carbonate Replacement (CRD) that contain significant or anomalous grades of Tungsten (W), Silver (Ag), and Rubidium (Rb) plus Cu-Sb±Au-Pb-Zn-Bi- As across three project focus areas that also includes the poten�al to recover W-Rb-Ag from the legacy Tungstonia Mill Tailings.
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 high quality project por�olio includes an op�on to earn 100% of the Victorio Tungsten- Molybdenum Project in New Mexico and the Eagle Tungsten-Silver-Rubidium Project in Nevada. Victorio hosts the largest tungsten resource in the United States and contains significant concentra�ons of beryllium and fluorspar, while the Eagle Project consists of the highest-grade historic tungsten resource in the United States which includes significant under-defined resources consis�ng of: high-grade silver; 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]
Neither the TSX Venture Exchange nor its Regula�on Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release
Forward Looking Statements
This news release contains statements that cons�tute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertain�es and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the an�cipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, iden�fied by the words “expects,” “plans,” “an�cipates,” “believes,” “intends,” “es�mates,” “projects,” “poten�al” and similar expressions, or that events or condi�ons “will,” “would,” “may,” “could” or “should” occur. Forward-Looking Informa�on in this news release, Spartan has applied several material assump�ons, including, but not limited to, assump�ons that: the current objec�ves concerning the Company’s projects can be achieved and that its other corporate ac�vi�es will proceed as expected; that general business and economic condi�ons will not change in a materially adverse manner; and that all requisite informa�on will be available in a �mely manner.
Although the Company believes the forward-looking informa�on contained in this news release is reasonable based on informa�on available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertain�es and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assump�ons, known and unknown risks and uncertain�es and other factors, which may cause actual results, levels of ac�vity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assump�ons, risks and uncertain�es include, without limita�on, assump�ons, risks and uncertain�es associated with general economic condi�ons; adverse industry events; future legisla�ve and regulatory developments; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of the Company to implement its business strategies; compe��on; the ability of the Company to obtain and retain all applicable regulatory and other approvals and other assump�ons, risks and uncertain�es.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.