Spartan Metals Corp. · TSXV:W
Spartan Metals — Investor Presentation (September 2025)
25 slides from Spartan Metals's investor presentation, September 2025
Slide 1: Unlocking American Critical Mineral Resources – Corporate Summary
UNLOCKING AMERICAN CRITICAL MINERAL RESOURCES CORPORATE SUMMARY September 2025 TSX-V: W
Slide 2: Disclaimer – Forward Looking Statements
DISCLAIMER – FORWARD LOOKING STATEMENTS The information contained in this document (the “Presentation”) has been prepared by Spartan Metals Corp ("Spartan" or the "Company") and contains confidential information pertaining to the business, operations and assets of the Company. All oral and written m
Slide 3: Why Spartan Metals?
3 WHY SPARTAN METALS? NEVADA BASED TUNGSTEN & CRITICAL METALS EXPLORER HIGH-GRADE TUNGSTEN ASSET SPARTAN EXPLORATION EAGLE PROJECT: One of the highest- Experienced team will develop early- grade past producing Tungsten mines in stage multi-commodity critical the US ~1.0% W03) mineral projects to be
Slide 4: Capital Structure and Leadership
4 CAPITAL STRUCTURE AND LEADERSHIP Share Structure (as of 8/14/2025) Key Personnel Issued Outstanding 29,298,826 William C. Pettigrew CEO/Director Board and Retail Warrants @ $0.075 7,000,000 Management 42.3% 17.8% Brett R Marsh, CPG President Options NIL High Net Ryan E Cheung Director Worth Ridgel
Slide 5: Tungsten & Rubidium Markets and Applications
5 TUNGSTEN & RUBIDIUM MARKETS AND APPLICATIONS US is heavily import reliant for key defense critical metals - found in high concentration at Spartan’s Eagle Project TUNGSTEN (W) RUBIDIUM (Rb) • Not mined commercially in the US since 2015 • Produced as by-product (low-grades of ~50 ppm) • China domin
Slide 6: US Import Reliance
US IMPORT RELIANCE • 100% import reliance on 12 of 50 critical minerals, including Rubidium, Arsenic and Indium • +50% import reliance on an additional 28 critical minerals, including Tungsten, Silver, Tin, Antimony, and Bismuth • Strong bipartisan US Government support to address • Eagle Project ho
Slide 7: Leveraging DoD Connections to Deliver Project Value
LEVERAGING DoD CONNECTIONS TO 7 DELIVER PROJECT VALUE SPARTAN AND ITS ADVISORY TEAM ARE EXPERIENCED AND WELL CONNECTED WITH NEVADA LEGISLATORS AND DoD PERSONNEL DoD utilizes mandate from Defense RECENT EXAMPLE AWARDS (USD) Production Act (DPA) Title III and National Defense Industrial Strategy RARE
Slide 8: Eagle Project
8 EAGLE PROJECT • 20 km2 land package in eastern Nevada includes past producing Tungstonia and Rees tungsten mines and Antelope copper-silver mine H I GH-GRAD E 1 • Multiple deposit types including Porphyry, Skarn, and Carbonate Replacement (CRD) • Three opportunities: Tungstonia Claims, Rees Claims
Slide 9: Nevada: A Tier-1 Mining Jurisdiction
NEVADA: A TIER-1 9 TIER-1 MINING JURISDICTION Tigre JURISDICTION HISTORIC HIGH-GRADE PRODUCTION Eagle Project hosts past producing mines Aguila Tungstonia (~0.8% WO3, 500-1000 ppm Rb), Rees (~1%WO3, 1% Cu), and Antelope (~4% Cu, 29 opt Ag) STRATEGIC DEFENSE METALS1 Historic production of W (8,379 un
Slide 10: Eagle Project – Historic Tungsten Mining & Resources
EAGLE PROJECT – HISTORIC TUNGSTEN 10 MINING & RESOURCES • Historic Exploration Target1 3- HISTORIC US TUNGSTEN RESOURCES (kmtu) Highest Grade 4MT at 0.6-0.9% WO3 • Past production up to 1% WO3 1.2% Bubble size normalized to largest WO3 kmtu US W Deposit with underground channel samples up to 5.32% W
Slide 11: Tungstonia Claim Block – W-Ag-CRD Exploration Potential
TUNGSTONIA CLAIM BLOCK – W-Ag-CRD 11 EXPLORATION POTENTIAL Tungstonia Mine Historical Exploration Target1 Past Producing Tungstonia Mine Tungstonia 3-4 MT @ 0.6-0.9% WO3 Pluton Vein 1 Vein 3 - 5 Historic tungsten exploration target1 of 3-4MT @ 0.6- 1.51% WO3 50.5 g/t Ag 0.9% WO3 hosted in quartz vei
Slide 12: Tungstonia Mine X-Section
12 TUNGSTONIA MINE X-SECTION Rock Chip Veins 1 and 2 were the 0.61% WO3, 31.2 g/t Ag primary zones of historic Rock Chip Rock Chip production but only mined 0.18% WO3, 7.3 g/t Ag 1.49% WO3, 50.5 g/t Ag Rock Chip (dump) to depths of ~75m vertical 0.38% WO3, 3.58 g/t Ag Vein 3 - 5 depth Vein 2 mined t
Slide 13: Tungstonia Claim Block – Rb Exploration Potential
TUNGSTONIA CLAIM BLOCK – Rb EXPLORATION POTENTIAL Tungstonia Mine Historical Exploration Target2 Rubidium occurs as micaceous enrichment halos Tungstonia 3-4 MT @ 0.6-0.9% WO3 Pluton Vein 1 around quartz-tungsten veins, pegmatites, and Vein 3 - 5 as enrichments in granites 2264 ppm Rb Significant ro
Slide 14: Tailings Reprocessing: Near-Term Opportunity
TAILINGS REPROCESSING: NEAR-TERM 14 OPPORTUNITY TUNGSTONIA TAILS AND WASTE ROCK • 2024 sampling (3 tail and 8 waste rock) returned: • 3 tailings samples averaged 0.14% WO3, 464 0.12% WO3 0.18% WO3 441 ppm Rb ppm Rb, 7 g/t Ag, 867 ppm Mn 458 ppm Rb 7.6 g/t Ag • 8 waste rock samples averaged 0.19% WO3
Slide 15: Rees Claim Block – High Grade Cu-Ag-W-Sb ± As
REES CLAIM BLOCK – HIGH GRADE 15 Cu-Ag -W-Sb ± As HIGH GRADE PAST PRODUCER Rock Chip 0.01% WO3 Rock Chip 0.01% WO3 1.5% Cu 1.8% Cu • Poly-metallic CRD/Skarn mineralization in several 1,927 g/t Ag 880 g/t Ag 0.6% Sb 0.1% Sb unnamed adits, test pits concentrated in a NE trending structural corridor An
Slide 16: Growth Strategy
GROWTH STRATEGY • Establish Maiden Resources and deliver value via exploration partnerships, custom processing, and/or MONETIZE off-take agreements PARTNERED • Leverage DoD and potential JV partners to DEVELOPMENT advance toward commercial production • Acquire past producing critical metals projects
Slide 17: Spartan Significant Upside Potential
SPARTAN SIGNIFICANT UPSIDE POTENTIAL Spartan Metals Corp (TSX-V: W) launched August 5, 2025, Following acquisition of Eagle Tungsten-Rubidium-CRD Project – similarities to TUNG acquisition of Ima Mine American Tungsten Corp. (CSE: TUNG) – 12-Month Stock Market Cap Comparison 1 Performance 2.5 300 $2
Slide 18: Summary
18 SUMMARY THE EAGLE PROJECT IS A NATIONALLY SIGNIFICANT CRITICAL MINERAL ASSET • Strategic (W-Rb-Sb) plus precious and base metals (Ag-Cu-Pb-Zn) HIGH-GRADE PAST • Historic production near 1.0% WO3 among highest grade world-wide PRODUCING DISTRICT • Possibly the only significant Rb source in US • Po
Slide 19: Get in Touch
19 SPARTAN METALS CORP Suite 228 – 1122 Mainland Street Vancouver BC V6B 5L1 Canada SPARTAN EXPLORATION NEVADA 2080 E Frontage Rd Battle Mountain, NV 89820 United States GET IN TOUCH (888) 535-0325 (Investor Information) (604) 313-8585 (W Pettigrew mobile) (623) 570-3359 (B Marsh mobile) FOLLOW US
Slide 20: Appendix
S$ SPARTAN APPENDIX
Slide 21: Eagle Project: A Unique Rubidium Resource Potential
21 EAGLE PROJECT: A UNIQUE RUBIDIUM (Rb) RESOURCE POTENTIAL Global Rb Resources • Low grade lithium extraction Bubble size normalized to largest Rb resource 4000 Uncommon by-product (~50 ppm) • Global resources uncertain as Resource many very early-stage projects 3500 Mt Edon (Exp Target) reporting
Slide 22: Eagle Project Approach
22 EAGLE PROJECT 22 APPROACH Tigre Characterize historic Tungstonia tails and waste rock Define W-Rb-Sb-Ag vein system at Tungstonia and reconcile to historic production Characterize bonanza grade mineralization at Rees and Antelope Test CRD potential at Tungstonia, Rees, and Antelope Engage with Do
Slide 23: Tungsten Facts
23 TUNGSTEN FACTS • Not mined commercially in US since 2015 • China accounted for 82.3% of 2024 world production and 52.5% of world reserves • On USGS Critical Mineral List • Primary use as tungsten carbide/cemented • DoD investing heavily to secure supply carbides • Department of Defense Makes Inve
Slide 24: Rubidium Facts
24 RUBIDIUM FACTS US 100% IMPORT RELIANT MILITARY APPLICATIONS HIGH TECH AND MILITARY • USGS Critical Mineral • Atomic Clocks DEMAND TO DOMINATE NEW • No primary production • Night Vision Goggles MARKET GROWTH worldwide • Radar • Key imports from China, Russia, and Germany MARKET HIGH TECH APPLICATI
Slide 25: Antimony Facts
25 ANTIMONY FACTS NO MARKETABLE ANTIMONY MINED IN US IN 2024 Key Military Applications • Ammunition • Nuclear weapons • Night vision goggles • Optics • Infrared sensors • Laser sighting • Explosives 2024 World Sb Reserves 2024 World Sb Production (metric tons rounded) Estimated 2.25 MT Total Worldwi
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