Spartan Metals Corp. · TSXV:W
Spartan Metals — Investor Presentation (October 2025)
26 slides from Spartan Metals's investor presentation, October 2025
Slide 1: Unlocking American Critical Mineral Resources – Corporate Summary
UNLOCKING AMERICAN CRITICAL MINERAL RESOURCES CORPORATE SUMMARY October 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: Tungsten & Rubidium Markets and Applications
4 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 5: 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 6: Leveraging DoD Connections to Deliver Project Value
LEVERAGING DoD CONNECTIONS TO 6 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 7: Eagle Project
7 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 8: Nevada: A Tier-1 Mining Jurisdiction
NEVADA: A TIER-1 8 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 9: Eagle Project – Historic Tungsten Mining & Resources
EAGLE PROJECT – HISTORIC TUNGSTEN 9 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 10 kmtu US W Deposit with underground channel samples up to 5.32%
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- Tungstonia 1.51% WO3 0.5% WO3 Mine Dumps 50.5 g/t A
Slide 11: Tungstonia Mine X-Section
11 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 12: 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 13: Tailings Reprocessing: Near-Term Opportunity
TAILINGS REPROCESSING: NEAR-TERM 13 OPPORTUNITY Drilling initiated TUNGSTONIA TAILS AND WASTE ROCK October 20th • 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
Slide 14: Rees Claim Block – High Grade Cu-Ag-W-Sb ± As
REES CLAIM BLOCK – HIGH GRADE 14 Cu-Ag -W-Sb ± As HIGH GRADE PAST PRODUCER Soil sampling and Rock Chip 0.01% WO3 1.5% Cu Rock Chip 0.01% WO3 1.8% Cu • Poly-metallic CRD/Skarn mineralization in several 880 g/t Ag surface mapping 1,927 g/t Ag 0.6% Sb 0.1% Sb unnamed adits, test pits concentrated in a
Slide 15: 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 16: 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 5 400 4.5
Slide 17: Capital Structure
17 CAPITAL STRUCTURE As of October 16, 2025 28.2% Board and Management o Brett Marsh 4.9% 36.8M Large Shareholders Non-Diluted I/O o Burton Egger 15.8% Ridgeline Minerals o Ridgeline Minerals 10.9M o William Pettigrew Warrants o Brett Marsh o Research Capital Corp 7.0M Warrants @ $0.075 (Expire Apri
Slide 18: Experienced Leadership
EXPERIENCED LEADERSHIP BRETT MARSH M.Sc., MBA, CPG PRESIDENT AND CEO • 25+ years diverse mining and exploration experience in critical minerals, base and precious metals • Led evaluation and geologic redevelopment of Aurizona Au project in Brazil • Led definition and development of the McDermitt Lit
Slide 19: Summary
19 SUMMARY THE EAGLE PROJECT IS A NATIONALLY SIGNIFICANT CRITICAL MINERAL ASSET • Strategic (W-Rb-Sb) plus precious and base metals (Ag-Cu-Pb-Zn) HIGH-GRADE PAST • Historic production near 1.0% WO3 among highest grade world-wide PRODUCING DISTRICT • Possibly the only significant Rb source in US • Po
Slide 20: Get in Touch
20 SPARTAN METALS CORP 202-3310 Carrington Rd West Kelowna, BC V4T OC6 Canada SPARTAN EXPLORATION NEVADA 8 E Haskell St Winnemucca, NV 89446 United States GET IN TOUCH (888) 535-0325 (Investor Information) (623) 570-3359 (B Marsh mobile) FOLLOW US
Slide 21: Appendix
S$ SPARTAN APPENDIX
Slide 22: Eagle Project: A Unique Rubidium (Rb) Resource Potential
22 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 23: Eagle Project Approach
23 EAGLE PROJECT 23 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 24: Tungsten Facts
24 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 25: Rubidium Facts
25 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 26: Antimony Facts
26 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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