SRI.V · 2024-04-22 12:00:00

Eldorado Gold Corporation Exercises Option for Bruell Gold Project

Mergers & Acquisitions Property Options & Staking

TORONTO, April 22, 2024 -- Sparton Resources Inc. (SRI: TSX-V) (“Sparton”) is pleased to announce that Eldorado Gold

Corporation (“Eldorado”) has, effective April 18, 2024, exercised its option to acquire from Sparton an initial 75% (seventy five

percent) interest in the Bruell gold project, east of Val D’Or, Québec.

Further Option Extension

Sparton and Eldorado have executed, effective April 18, 2024, a further amendment to the original Option Agreement to delete

the twenty (20) business day further option period and replace it with a seventy-five (75) business day option period for

Eldorado to implement the joint venture or decide if it wishes to acquire all of the remaining Sparton 25% interest for a

combination of a $1.8 million cash payment (adjusted for CPI) and a residual 2% Net Smelter Return (“NSR”) royalty. Fifty

percent (50%) of the NSR can be purchased by Eldorado for $2.5 million at any time. This extension will enable transferring of

the Bruell claim titles to Eldorado, preparation of joint venture documents and the efficient implementation of other things

necessary for the property ownership change.

“Sparton is delighted that Eldorado has decided to exercise its option and we look forward to working with them,” stated A.

Lee Barker, Sparton’s CEO. “With gold prices at all time highs and positive technical results from Eldorado’s work to date, we

welcome the possible opportunity to participate in further programs”.

For more information contact:

A. Lee Barker, President and CEO Tel.: +1-647-344-7724

Fax: +1-647-344 -7734

Mobile: +1 416 -716-5762

SPARTON RESOURCES INC. Company website: www.spartonres.ca

Listed: TSX Venture Exchange Trading Symbol: SRI

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.