Spartan Metals Corp. · TSXV:W
Spartan Metals — Investor Presentation (September 2026)
20 slides from Spartan Metals's investor presentation, Sep 23, 2026
Slide 1: Developing America's Tungsten and Critical Mineral Future
SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 DEVELOPING AMERICA’S TUNGSTEN AND CRITICAL MINERAL FUTURE SPARTANMETALS.COM | TSX-V: W | OTCQB: SPRMF | FSE: J03 INVESTOR PRESENTATION Q3 2026
Slide 2: Developing America's Tungsten and Critical Mineral Future
DEVELOPING AMERICA’S TUNGSTEN SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 AND CRITICAL MINERAL FUTURE Spartan controls two vital U.S. Tungsten projects; Victorio - New Mexico, which hosts a large 2012 historical mineral resource estimate, and Eagle - Nevada, a district of three past-produc
Slide 3: Disclaimer
DISCLAIMER 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 materials prepared or presente
Slide 4: Why Tungsten Now?
WHY TUNGSTEN NOW? RISING DEMAND + CONSTRAINED SUPPLY = STRATEGIC OPPORTUNITY Tungsten is one of the world’s most strategic critical minerals, valued for its exceptional strength, density, and resistance to extreme temperatures. Possessing the highest SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE:
Slide 5: U.S. Government Fasttrack
U.S. GOVERMENT FASTTRACK GOVERNMENT-BACKED PERMITTING REFORMS, STRATEGIC FUNDING INITIATIVES, AND DOMESTIC SUPPLY CHAIN POLICIES ARE ACCELERATING CRITICAL MINERAL EXPLORATION AND DEVELOPMENT IN THE U.S. FAST-41 PERMITTING SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Selected projects receiv
Slide 6: America's Critical Mineral Opportunity
AMERICA'S CRITICAL MINERAL OPPORTUNITY NATIONAL SECURITY PRIORITY STRATEGIC INDUSTRIES SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Demand Across Strategic Industries Global demand for critical minerals continues to increase as governments and industry invest in artificial intelligence, def
Slide 7: Why Spartan Metals?
WHY SPARTAN METALS? LARGE-SCALE U.S. TUNGSTEN OPPORTUNITY Exposure to a growing U.S. tungsten platform anchored by dual projects in Nevada and New SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Mexico, providing geographic diversification and multiple high-potential exploration targets. ATTRA
Slide 8: Market Cap Comparison
8 SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Market Cap (Million CAD) 0 1000 1500 2000 3000 2500 500 Spartan Metals $29 Fox Tungsten $52 Market data from Sept 21, 2026, respective market close and converted to CAD where necessary American Tungsten $120.6 Northcliff Resources $258.7 Allied
Slide 9: U.S.A. Properties
U.S.A. PROPERTIES A strategically positioned U.S. tungsten portfolio spanning Nevada and New Mexico, offering exposure to resource growth, SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 exploration upside, and domestic supply- chain security. NEVADA EAGLE PROJECT NEVADA High-Grade NEW MEXICO
Slide 10: New Mexico Tungsten: Victorio Project
NEW MEXICO TUNGSTEN TUNGSTEN-MOLYBDEMUN PROJECT SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Historical M&I PEA VICTORIO PROJECT Resource Est1 In Progress- 70 Mt Early Q4 2026 POTENTIAL TO DEVELOP A SIGNIFICANT SOURCE OF US TUNGSTEN, MOLYBDENUM, Molybdenum WO₃ Contained FLUORSPAR AND BERYLL
Slide 11: Victorio Project Historic Mineral Resource Estimate
VICTORIO PROJECT HISTORIC MINERAL RESOURCE ESTIMATE Category $Cut-off Total tons Average Grade Contained WO3 Average Grade Contained Mo WO3_Eq%* Mo_Eq% value/ton (millions) (WO3%) (million lb) (Mo%) (million lbs) Measured $25 37.7 0.08 60.3 0.10 75.4 0.14 0.19 SPARTANMETALS.COM | TSX-V:W | OTCQB: SP
Slide 12: Nevada Tungsten: Eagle Project
NEVADA TUNGSTEN POTENTIAL TO DELINEATE ONE OF THE LARGEST AND HIGHEST- GRADE TUNGSTEN DISTRICTS IN THE U.S. HIGH-GRADE PAST U.S. PRODUCER EAGLE PROJECT SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 High-grade Past Production1 36.5 km2 Tungstonia Mine2: historic grade = 0.6-0.9% W03 (1954-195
Slide 13: Eagle Tungstonia Claim Block
EAGLE TUNGSTONIA CLAIM BLOCK TUNGSTEN CORNERSTONE PAST PRODUCING TUNGSTEN MINES Tungstonia Mine SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 1.51% WO3 Historic underground channel samples up to 5.32% WO3 50.5 g/t Ag Yellow Jacket Mine Successful 2025 surface program. 1.12% WO3 2.4% WO3 • Mu
Slide 14: Eagle Rees Claim Block
EAGLE REES CLAIM BLOCK SIGNIFICANT HISTORIC PRODUCTION AND GRADE SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 2026 EXPLORATION VALIDATES HIGH GRADE PAST PRODUCTION • Spartan 2026 Rock chip samples from inside the Mine assayed Rees at 6.76% and 3.75% tungsten trioxide (“WO3”) • Historic Unit
Slide 15: Spartan Roadmap
SPARTAN ROADMAP FORGING THE ROAD TO AMERICA’S CRITICAL MINERAL INDEPENDENCE SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Q4 2025 Q4 2025 We’re Here Q3 2026 Exploration Drill results Drilling/Exploration Q3 2025 - Launched Spartan Metals Corp Q3 2025 Q4 2025 Q3 2026 Q3 2026 Continued Project
Slide 16: Spartan Cap Structure
SPARTAN CAP STRUCTURE TIGHTLY HELD WITH STRONG INSIDER AND STRATEGIC SHAREHOLDER ALIGNMENT 63% - RETAIL 37% - MANAGEMENT INSIDERS SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 SECURITY TYPE SHARES O/S PRICE EXPIRY COMMON SHARES 59.1 OPTIONS 2.5 0.35 $0.395 JANUARY 2031 1.50 $0.395 JANUARY 20
Slide 17: Management Team
MANAGEMENT TEAM EXPERIENCED U.S. CRITICAL MINERALS TEAM SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 BRETT MARSH M.Sc., MBA, CPG REBECCA BALL B.Sc. TERESE GISELMAN PRESIDENT, CEO AND DIRECTOR VICE PRESIDENT EXPLORATION CFO & CORPORATE SECRETARY • 25+ years in critical minerals, base and • 1
Slide 18: Board of Directors
BOARD OF DIRECTORS BRETT MARSH M.Sc., MBA, CPG DIRECTOR Mr. Marsh has over 25 years of diverse mining and exploration experience in critical minerals, base, and precious metals. He has actively led multiple Dept. of Defense and Dept. of Energy grants for US Critical Mineral Projects SPARTANMETALS.CO
Slide 19: Notes
SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 19 NOTES
Slide 20: Thank You
THANK YOU Spartan Metals Corp SPARTANMETALS.COM | TSX-V:W | OTCQB: SPRMF | FSE: J03 Brett Marsh – PRESIDENT, CEO, AND DIRECTOR 1-888-535-0325 info@spartanmetals.com Jeff Walker – VP HOWARD GROUP INC 1-403-221-0904 jeff@howardgroupinc.com Spartan Nevada spartanmetals.com 8 E Haskell St, Suite B Winne
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