Spartan Metals Appoints SRK ConsulƟng to Lead Preliminary Economic Assessment on the Victorio Tungsten-Molybdenum Project, New Mexico
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Spartan Metals Appoints SRK ConsulƟng to Lead Preliminary Economic
Assessment on the Victorio Tungsten-Molybdenum Project, New Mexico
• Market maker firm engaged
Vancouver, Canada, May 5, 2026 – Spartan Metals Corp. (“Spartan” or the “Company”) (TSX-V: W OTCQB:
SPRMF | FSE: J03) is pleased to anno unce that it has appointed SRK Consul Ɵng (U.S.) Inc. (“SRK”) as lead
consultant to complete a Preliminary Economic Assessment (“PEA”) on its Victorio Tungsten-Molybdenum
Project (“Victorio” or the “Project”) in Luna County, New Mexico (Figure 1).
The PEA will represent the first comprehensive economic evaluaƟon of the Victorio Project since 2008 (1)
and is expected to further define the Project’s potenƟal and development requirements, including mining
methods, metallurgical and processing op Ɵons, infrastructure, environmental, social, and cultural
requirements and project economics. The study will be prepared in accordance with NI 43-101 standards.
SRK will act as the lead author and will be supporte d by Teal CPG, Inc. who will update the 2012 Historic
Mineral Resource EsƟmate (“MRE”) (2). The scope of the PEA is expected to include:
• Update to the 2012 Mineral Resource Es Ɵmate with evalua Ɵon of tungsten, molybdenum,
beryllium, and fluorite
• EvaluaƟon and recommendaƟon on metallurgical work for process flowsheet design
• Capital and operaƟng cost esƟmates
• Financial modeling, including sensiƟvity analyses on commodity prices and key inputs
The Company an Ɵcipates comple Ɵon of the PEA in early Q4 2026, marking a signi ficant milestone in
advancing Victorio toward potenƟal development.
BreƩ Marsh, Spartan’s President and CEO, stated: “We are excited to engage SRK as lead consultant for
the Victorio PEA. SRK’s global reputaƟon and technical experƟse in advancing projects similar to Victorio
provides a strong foundaƟon for this study. SRK completed the 2008 PEA and the Teal CPG, Inc. team was
instrumental in assisƟng our due diligence prior to the acquisiƟon of Victorio I believe previous insƟtuƟonal
knowledge of the Project will help us bring the updated PEA results to market quickly.”
Mr. Marsh conƟnues, “We are eager to begin work on the PEA as Victorio represents a strong opportunity
to advance a poten Ɵally significant U.S.-based tungsten project at Ɵme when secure, domes Ɵc supply of
criƟcal minerals is increasingly strategic. This PEA will be an important step to demonstrate the Project’s
economic potenƟal defining a clear path forward.”
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Figure 1: Location map of the Victorio Tungsten-Molybdenum Project in Southwest New Mexico
Market-maker Services Agreement
As of May 5, 2026, the Company has entered into an agreement with Integral Wealth SecuriƟes Limited of
181 University Avenue, Suite 1600, Toronto, ON M5H 3M7. Integral to provide market-making service for
assistance in maintaining an orderly trading market for the common shares of the Company. The market-
making service will be undertaken by Integral. All efforts will follow the applicable policies of the Toronto
Venture Exchange (“TSX-V”) and other applicable laws. For its services, the Company has agreed to pay
Integral $6,000 per month. The term of the contract will ini Ɵally be three months and will renew on a
month-to-month basis aŌer that. The agreement may be terminated at any Ɵme by Spartan or Integral.
Spartan and Integral act at arm's length, and Integral has no present interest, directly or indirectly, in the
Company or its securi Ɵes. The finances and the shares required for the market-making service will be
exclusively provided by Integral. The fee paid by the Company to Integral is for services only. Integral is a
specialized consulƟng firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
The agreement with Integral is subject to TSX-V approval. All dollars noted are in Canadian dollars.
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 informa Ɵon relaƟng to the historic
Victorio Project mineral resources and economic asse ssments are considered “historical” in nature and
are not supported by a current NI 43-101 compliant technical report. A Quali fied Person has not done
sufficient work to classify the historical es Ɵmates or produc Ɵon records as current mineral resources or
mineral reserves, and Spartan is not trea Ɵng these historical es Ɵmates as current mineral resources or
reserves.
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The historical informaƟon referenced herein is derived from two NI 43-101 Technical Reports completed
for previous operators, which the Company believe s to be reliable, but has not independently veri fied.
There has been no systema Ɵc explora Ɵon and/or veri ficaƟon work completed by Spartan to date to
confirm the historical mining, grade or metallurgical informa Ɵon reported for these past producing
operaƟons.
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 - SRK ConsulƟng, 2008, NI 43-101 Preliminary Assessment Victorio Molybdenum-Tungsten Project Luna
County, NM
2 - Knudsen, 2012, NI 43-101 Technical Report on Re sources 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 WO 3% and 0.07 Mo%
(0.13% WO3% equivalent). The Victorio Project provides an opportunity to poten Ɵally deliver signi ficant
quanƟƟes of tungsten and molybdenum and addi Ɵonal signi ficant cri Ɵcal 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 produc Ɵon 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.
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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 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 signi ficant concentra Ɵons of
beryllium and fluorspar , while the Eagle Project consists of the highest-grade historic tungsten resource
in the USA which includes signi ficant under-defined resources consisƟng of: high-grade silver; rubidium;
anƟmony; bismuth; indium; as well as precious and base metals, and More informa Ɵon 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 de fined in the
policies of the TSX Venture Exchange) accepts responsi bility 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 Co mpany’s actual results, performance or
achievements, or developments in the industry to di ffer 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,
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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.
Examples of such assumpƟons, risks and uncertainƟes include, without limitaƟon, assumpƟons, risks and uncertainƟes associated
with general economic condiƟons; adverse industry events; future legislaƟve 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 ƟƟon; the ability of the Company to obtain and retain all
applicable regulatory and other approvals and other assumpƟons, risks and uncertainƟes.
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.