Spartan Metals Corp. · TSXV:W
Spartan Metals — Investor Presentation (December 2025)
23 slides from Spartan Metals's investor presentation, December 2025
Slide 1: Unlocking America's Critical Mineral Resources
UNLOCKING AMERICA’S CRITICAL MINERAL RESOURCES Corporate Presentation December 2025 TSX-V: W OTCQB: SPRMF FSE: J03
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-grade past Experienced team will develop early-stage producing Tungsten mines in the US ~1.0% multi-commodity critical mineral projects W03) to be ex
Slide 4: Experienced Leadership
EXPERIENCED LEADERSHIP BRETT MARSH M.Sc., MBA, CPG PRESIDENT AND CEO • 25+ years diverse mining and exploration experience in critical minerals, base and precious metals • Led evaluation and geologic redevelopment of Aurizona Au project in Brazil • Led definition and development of the McDermitt Lit
Slide 5: Capital Structure
5 CAPITAL STRUCTURE As of November 28, 2025 28.2% Board and Management o Brett Marsh 4.9% 37.2M Significant Shareholders Non-Diluted I/O o Burton Egger 15.8% Ridgeline Minerals o Ridgeline Minerals 10.5M o William Pettigrew (fmr. CEO) Warrants o Brett Marsh o Research Capital Corp 6.6.0M Warrants @
Slide 6: 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 HISTORIC US TUNGSTEN RESOURCES (kmtu) Market Cap Comparison 1 Bubble size normalized to largest WO3
Slide 7: Tungsten & Rubidium Markets and Applications
7 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 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 HIGH-GRADE1 • Multiple deposit types including Porphyry, Skarn, and Carbonate Replacement (CRD) • Three opportunities: Tungstonia Claims, Rees Claims and
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) S T R AT E G I C D E F E N S E M E TA L S 1 Historic product
Slide 10: Tungstonia Claim Block – W-Ag-CRD Exploration Potential
TUNGSTONIA CLAIM BLOCK – W-Ag-CRD 10 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 @ 0.6-0.9% Tungstonia 1.51% WO3 0.5% WO3 Mine Dumps 50.5 g
Slide 11: Tungstonia Claim Block – Rb Exploration Potential
TUNGSTONIA CLAIM BLOCK – Rb EXPLORATION POTENTIAL Tungstonia Mine Historical Exploration Target2 Rubidium occurs as micaceous enrichment halos around Tungstonia 3-4 MT @ 0.6-0.9% WO3 Pluton quartz-tungsten veins, pegmatites, and as enrichments in Vein 1 Vein 3 - 5 granites 2264 ppm Soil sampling and
Slide 12: Tailings Reprocessing: Near-Term Opportunity
TAILINGS REPROCESSING: NEAR-TERM 12 OPPORTUNITY Drilling initiated TUNGSTONIA TAILS AND WASTE ROCK October 20th • 2024 sampling (3 tail and 8 waste rock) returned: 34 total holes plus two for metallurgy • 3 tailings samples averaged 0.14% WO3, 464 ppm Rb, 7 0.12% WO3 0.18% WO3 441 ppm Rb g/t Ag, 867
Slide 13: Rees Claim Block – High Grade Cu-Ag-W-Sb ± As
REES CLAIM BLOCK – HIGH GRADE 13 Cu-Ag -W-Sb ± As HIGH GRADE PAST PRODUCER Rock Chip 0.01% WO3 Soil sampling and Rock Chip 0.01% WO3 1.5% Cu 1.8% Cu • Poly-metallic CRD/Skarn mineralization in several unnamed 1,927 g/t Ag 880 g/t Ag surface mapping 0.6% Sb 0.1% Sb adits, test pits concentrated in a
Slide 14: Growth Strategy
GROWTH STRATEGY • Establish Maiden Resources and deliver value via exploration partnerships, custom processing, and/or off-take agreements MONETIZE PARTNERED • Leverage DoD and potential JV partners to advance DEVELOPMENT toward commercial production • Acquire past producing critical metals projects
Slide 15: Eagle Project 2025-2026 Approach
15 EAGLE PROJECT 2025- 15 2026 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 Engage with DoD and strategic partners on tail and waste
Slide 16: Summary
16 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 PRODUCING • Historic production near 1.0% WO3 among highest grade world-wide DISTRICT • Possibly the only significant Rb source in US • Po
Slide 17: Get in Touch
17 SPARTAN METALS CORP Suite 228 – 1122 Mainland Street Vancouver BC V6B 5L1 Canada SPARTAN EXPLORATION NEVADA 8 E Haskell St Winnemucca, NV 89446 United States GET IN TOUCH (888) 535-0325 (Investor Information) (623) 570-3359 (B Marsh mobile) FOLLOW US
Slide 18: Appendix
S$ SPARTAN APPENDIX
Slide 19: 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 20: Leveraging DoD Connections to Deliver Project Value
LEVERAGING DoD CONNECTIONS TO 20 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 (NDI
Slide 21: Eagle Project: A Unique Rubidium (Rb) Resource Potential
21 EAGLE PROJECT: A UNIQUE RUBIDIUM (Rb) RESOURCE POTENTIAL Global Rb Resources Bubble size normalized to largest Rb resource • Low grade lithium extraction by- 4000 Uncommon product (~50 ppm) Resource • Global resources uncertain as many very early-stage projects reporting 3500 Mt Edon (Exp Target)
Slide 22: Tungsten Facts
22 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 carbides • DoD investing heavily to secure supply • Super-alloy for armaments and tu
Slide 23: Rubidium Facts
23 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
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