Historic Measured and Indicated Resources of 77.2 million tons at 0.09 WO 3% and 0.09 Mo% (0.15 WO3% equivalent)
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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 WO 3%
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 definiƟve opƟon 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 Ɵon (the “OpƟon”) 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 Ɵon, Spartan will pay the Owner a total of $1,800,000 and invest $14,000,000 in
exploraƟon work commitments over a 5-year period and deliver a Feasibility Study on or before the 8 th
anniversary of the Agreement. AddiƟonal milestone payments are associated with delivery of prefeasibility
and feasibility studies and commencement of commercial producƟon totaling $2,200,000. Upon exercise
of the OpƟon, Spartan will grant a 2.5% Net Smelter Return (“NSR”) to the Owner . For a detailed summary
of commercial terms click here.
BreƩ Marsh, Spartan’s President and CEO, stated: “Victorio is a transforma Ɵonal acquisiƟon for Spartan
Metals that aligns with our long- term growth strategy and immediately posi Ɵons the Company as a -
tungsten developer to help deliver criƟcal 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) uƟlizing metal prices that beƩer
reflect the current potenƟal economics of the project.”
Mr. Marsh conƟnues, “Adding Victorio into the Spartan por ƞolio 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 Ɵc tungsten resource base and
reinforces Spartan’s long- term strategy of developing scalable, strategically important cri Ɵcal mineral
assets in the United States.”
Historic 2012 Victorio Mineral Resource EsƟmate (MRE)(4)
2012 Mineral Resource update posiƟons 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 (WO 3%)
and 0.09 molybdenum (Mo%), (or 0.14 WO3% equivalent)
Approximately 131.4 million pounds WO3 and 138.6 million pounds Mo.
WO3% equivalent calculaƟon using $750/metric ton unit (mtu) for WO3 and $21.6/lb Mo with 75% and 75% recoveries(1), respecƟvely.
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.
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Inferred Resources at 77.2 million tons at 0.09 WO 3% and 0.07 Mo %, (or 0.13 WO 3%
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
Grade
(WO3%)
Contained
WO3
(million lb)
Average
Grade
(Mo%)
Contained
Mo
(million lbs)
WO3%_Eq*
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 calculaƟon using $750/metric ton unit (mtu) for WO3 and $21.6/lb Mo with 75% and 75% recoveries(1), respecƟvely.
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 PosiƟve
Preliminary Economic Analysis, suggesƟng significant upside potenƟal once new mineral resources are
included in an updated economic analysis
The historical esƟmate is considered relevant as it provides an indica Ɵon of the poten Ɵal mineralizaƟon
on the property and supports the Company’s decision to further explore the project. The Company
considers the historical es Ɵmate to be reliable as it is based on internal due diligence and es Ɵmate
verificaƟon from an independent contractor that, in management’s view, were carried out in a manner
consistent with industry pracƟce. However, a qualified person has not done sufficient work to classify the
historical esƟmate as current mineral resources or mineral reserves, and the Company is not treaƟng the
historical esƟmate as current mineral resources or mineral reserves.
The historical es Ɵmate 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
esƟmate as current mineral resources or mineral reserves and the Company is not treaƟng the historical
esƟmate as current mineral resources or mineral reserves.
Spartan is not aware of any Mineral Resource EsƟmates subsequent to the historic 2012 esƟmate.
To verify the historical es Ɵmate as a current mineral resource, the Company’s planned work program
includes: confirmatory twinning of select historical drill holes, addi Ɵonal infill and step -out drilling,
re-sampling of available core, verificaƟon of historical assay data, applicaƟon of modern QA/QC protocols,
updated geological modeling, and es ƟmaƟon using current CIM Defini Ɵon Standards and NI
43-101-compliant procedures. UnƟl this work is completed and a qualified person has prepared a current
mineral resource esƟmate, the historical esƟmate should not be relied upon as a current mineral resource
or mineral reserve.
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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
ExploraƟon Nevada Corp, has located an addiƟonal 188 BLM claims conƟguous with and surrounding the
opƟoned claims for a totaling 3,909 acres (Figure 2).
The Victorio Tungsten-Molybdenum deposit mineralizaƟon is in stockwork vein and skarn deposits located
in the upper Cambrian/Ordovician Bliss Sandstone and Ordovician El Paso Limestone. The mineraliza Ɵon
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
(Ō) (1,125 meters (m) by 3,250 Ō (990 m) in plan and is between 25 Ō (8 m) to 1000 Ō (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 Ɵon. 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 classificaƟon. There is also potenƟal to
incrementally expand the resource tonnage in the northeast, east, and west of the exis Ɵng resource
esƟmate (Figure 3).
Figure 1: Location map of the Victorio Tungsten-Molybdenum Project in Southwest New Mexico
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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.
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Figure 4 Oblique 3D view of Victorio 2008 Historic Resource Model $25 per ton blocks illustraƟng deposit width, thickness, and
relaƟve posiƟon below surface. Note a secondary zone of mineralizaƟon above the primary deposit that could contribute
addiƟonal 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 Ɵve recoveries of up to 85% for Mo with a 55-56% Mo in
concentrates and flotaƟon plus gravity separaƟon of tungsten (scheelite) ranging between 74%-77%. It is
believed that final recoveries could be improved with further tesƟng and process opƟmizaƟon. Recoveries
of 75% have been uƟlized for WO3 equivalent calculaƟons.
2026 ExploraƟon and Development Plans
Spartan will immediately begin upda Ɵng the 2008 PEA study and Mineral Resource Es Ɵmate as well as
develop exploraƟon plans based on the recommendaƟons 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 Ɵon by comple Ɵng cash payments and
incurring the following work commitments on the Project and compleƟng a Feasibility Study on or before
the 8th anniversary of the Agreement:
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Cash ConsideraƟon
(USD)
Work Commitments
(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 6 th anniversary of the Agreement, Spartan will pay Donegan an Advanced Minimum
Royalty (“AMR”) payment of US$100,000 per year unƟl commencement of commercial producƟon. Once
commercial producƟon is achieved, Spartan will pay an addi Ɵonal 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. A n addiƟonal
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 informaƟon contained in this news release has been prepared under the supervision of, and
approved by BreƩ R. Marsh, CPG. Mr. Marsh is President and CEO of Spartan Metals Corp. and a “qualified
person” as defined under NaƟonal Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The Company cauƟons that producƟon, tonnage, grade and recovery informaƟon relaƟng 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 Ɵmates or producƟon records as current mineral resources or
mineral reserves, and Spartan is not trea Ɵng these historical es Ɵmates as current mineral resourc es or
reserves.
The historical informaƟon 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 Ɵc explora Ɵon and/or verifica Ɵon work completed by Spartan to date to
confirm the historical mining, grade or metallurgical informa Ɵon reported fo r these past producing
operaƟons.
Annual cash payments to be paid with 30-days of each anniversary date.
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The references in this news release to historical produc Ɵon, resources, and economic assessments are
provided for context only and should not be interpreted as indica Ɵve of the mineraliza Ɵon 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 exploraƟon programs will confirm the presence of economically mineable
mineralizaƟon, or that any future resource esƟmates 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)
hƩps://www.sciencebase.gov/catalog/item/5e3dce84e4b0edb47be3d6a6
2 – United States Geological Survey, 2008 Minerals Yearbook – Tungsten. hƩps://d9-wret.s3.us-west-
2.amazonaws.com/assets/palladium/producƟon/mineral-pubs/tungsten/myb1-2008-tungs.pdf
3 - SRK ConsulƟng, 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 ExploraƟon
Project Luna County, NM
About The Victorio Tungsten-Molybdenum Project
Victorio is an advanced explora Ɵon Tungsten-Molybdenum project with historical mineral resources
esƟmates 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 WO 3% and 0.09 Mo% (0.14 WO 3%
equivalent), and an addiƟonal 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 potenƟally deliver significant
quanƟƟes of tungsten and molybdenum and addi Ɵonal significant criƟcal 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 consisƟng 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 past-
producing (1) high-grade Tungstonia, Yellow Jacket, and Rees/Antelope tungsten (W-Cu-Ag) mines.
OperaƟons at these mines were from 1915 to 1942 with intermi Ʃent small-scale producƟon occurring
unƟl 1956. Tungsten producƟon 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 consisƟng 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-
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As across three project focus areas that also includes the poten Ɵal to recover W-Rb-Ag from the legacy
Tungstonia Mill Tailings.
About Spartan Metals Corp.
Spartan Metals is focused on developing cri Ɵcal minerals projects in well-established and stable mining
jurisdicƟons in the Western United States, with an emphasis on building a por ƞolio of diverse strategic
defense minerals such as Tungsten, Rubidium, AnƟmony, Bismuth, and Arsenic.
Spartan’s high quality project por ƞolio includes an op Ɵon 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 concentraƟons 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 Ɵng of: high -grade silver;
rubidium; anƟmony; bismuth; indium; as well as precious and base metals.
More informaƟon about Spartan Metals can be found at www.SpartanMetals.com
On behalf of the Board of Spartan
“BreƩ Marsh”
President, CEO & Director
Further InformaƟon:
BreƩ Marsh, M.Sc., MBA, CPG
President, CEO & Director
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Neither the TSX Venture Exchange nor its Regula Ɵon 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 Ɵtute “forward-looking statements.” Such forward looking statements involve
known and unknown risks, uncertain Ɵes 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 Ɵcipated 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 Ɵfied by the words “expects,” “plans,” “an Ɵcipates,” “believes,” “intends,” “esƟmates,”
“projects,” “poten Ɵal” and similar expressions, or that events or condi Ɵons “will,” “would,” “may,” “could” or “should”
occur. Forward-Looking InformaƟon in this news release, Spartan has applied several material assump Ɵons, including, but not
limited to, assump Ɵons that : the current objec Ɵves concerning the Company’s projects can be achieved and that its other
corporate ac ƟviƟes will proceed as expected; that general business and economic condi Ɵons will not change in a materially
adverse manner; and that all requisite informaƟon will be available in a Ɵmely manner.
Although the Company believes the forward-looking informaƟon contained in this news release is reasonable based on informaƟon
available on the date hereof, by their nature forward- looking statements involve known and unknown risks, uncertain Ɵes 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 assumpƟons, known and unknown risks and uncertainƟes and other factors, which may cause
actual results, levels of acƟvity and achievements to differ materially from those expressed or implied by such statements.