Mr. Brett Marsh reports

SPARTAN METALS APPOINTS SRK CONSULTING TO LEAD PRELIMINARY ECONOMIC ASSESSMENT ON THE VICTORIO TUNGSTEN-MOLYBDENUM PROJECT, NEW MEXICO

Spartan Metals Corp. has appointed SRK Consulting (U.S.) Inc. as lead consultant to complete a preliminary economic assessment (PEA) on its Victorio tungsten-molybdenum project in Luna county, New Mexico.

The PEA will represent the first comprehensive economic evaluation of the Victorio project since 2008 and is expected to further define the project's potential and development requirements, including mining methods, metallurgical and processing options, infrastructure, environmental, social and cultural requirements, and project economics. The study will be prepared in accordance with National Instrument 43-101 standards.

SRK will act as the lead author and will be supported by Teal CPG Inc., which will update the 2012 historic mineral resource estimate (MRE). The scope of the PEA is expected to include:

• Update to the 2012 mineral resource estimate with evaluation of tungsten, molybdenum, beryllium and fluorite;
• Evaluation and recommendation on metallurgical work for process flow sheet design;
• Capital and operating cost estimates;
• Financial modelling, including sensitivity analyses on commodity prices and key inputs.

The company anticipates completion of the PEA in early Q4 2026, marking a significant milestone in advancing Victorio toward potential development.

Brett Marsh, Spartan's president and chief executive officer, stated: "We are excited to engage SRK as lead consultant for the Victorio PEA. SRK's global reputation and technical expertise in advancing projects similar to Victorio provides a strong foundation for this study. SRK completed the 2008 PEA and the Teal CPG Inc. team was instrumental in assisting our due diligence prior to the acquisition of Victorio. I believe previous institutional knowledge of the project will help us bring the updated PEA results to market quickly."

Mr. Marsh continued: "We are eager to begin work on the PEA as Victorio represents a strong opportunity to advance a potentially significant U.S.-based tungsten project at time when secure, domestic supply of critical minerals is increasingly strategic. This PEA will be an important step to demonstrate the project's economic potential defining a clear path forward."

Market-maker services agreement

As of May 5, 2026, the company has entered into an agreement with Integral Wealth Securities Ltd. of 181 University Ave., Suite 1600, Toronto, Ont., 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 and other applicable laws. For its services, the company has agreed to pay Integral $6,000 per month. The term of the contract will initially be three months and will renew on a month-to-month basis after that. The agreement may be terminated at any time 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 securities. 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 consulting firm based in Toronto providing a variety of services focused on TSX Venture Exchange-listed issuers.

The agreement with Integral is subject to TSX-V approval. All dollars noted are in Canadian dollars.

Qualified person statement

The technical information contained in this news release has been prepared under the supervision of and approved by Brett R. Marsh, CPG. Mr. Marsh is president and chief executive officer of Spartan Metals and a qualified person as defined under NI 43-101, Standards of Disclosure for Mineral Projects.

The company cautions that production, tonnage, grade and recovery information relating to the historic Victorio project mineral resources and economic assessments are considered historical in nature and are not supported by a current NI 43-101-compliant technical report. A qualified person has not done sufficient work to classify the historical estimates or production records as current mineral resources or mineral reserves, and Spartan is not treating these historical estimates as current mineral resources or reserves.

The historical information referenced herein is derived from two NI 43-101 technical reports completed for previous operators, which the company believes to be reliable, but has not independently verified. There has been no systematic exploration and/or verification work completed by Spartan to date to confirm the historical mining, grade or metallurgical information reported for these past-producing operations.

The references in this news release to historical production, resources and economic assessments are provided for context only and should not be interpreted as indicative of the mineralization that may be present on Spartan's current claims or as evidence of the economic viability of the Victorio project. There is no assurance that Spartan's exploration programs will confirm the presence of economically minable mineralization or that any future resource estimates will reflect similar grades, tonnages or recoveries to those historically reported.

About the Victorio tungsten-molybdenum project

Victorio is an advanced exploration tungsten-molybdenum project with historical mineral resources estimates 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 per cent WO3 (tungsten trioxide) and 0.09 per cent Mo (0.14 per cent WO3 equivalent) and an additional 77.2 million tons of inferred resources grading 0.09 per cent WO3 and 0.07 per cent Mo (0.13 per cent WO3 equivalent). The Victorio project provides an opportunity to potentially deliver significant quantities of tungsten and molybdenum and additional significant critical metals such as beryllium, fluorspar, rhenium and rubidium into the U.S. supply chain.

The project is approximately 15.8 square kilometres in size and located approximately 45 kilometres west of the city of Deming, in the Victorio Mountains of Luna county, New Mexico. The project is 3,909 acres in size consisting 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 and rubidium districts in the United States. The project consists of the past-producing high-grade Tungstonia, Yellow Jacket and Rees/Antelope tungsten (tungsten-copper-silver) mines. Operations at these mines were from 1915 to 1942, with intermittent small-scale production occurring until 1956. Tungsten production from these mines totalled 8,379 units at grades between 0.6 per cent and 0.9 per cent WO3.

The project is approximately 36.5 square kilometres in size and located approximately 120 kilometres northeast of the town of Ely, in the Kern Mountains of White Pine county, Nevada. The project covers 9,033 acres consisting of 445 BLM unpatented lode mining claims.

Three deposit types are present at Eagle (porphyry, skarn and carbonate replacement (CRD)), which contain significant or anomalous grades of tungsten, silver and rubidium plus copper/antimony plus or minus gold-lead-zinc-bismuth-arsenic across three project focus areas that also include the potential to recover tungsten-rubidium-silver from the legacy Tungstonia mill tailings.

About Spartan Metals Corp.

Spartan Metals is focused on developing critical minerals projects in well-established and stable mining jurisdictions in the Western United States, with an emphasis on building a portfolio of diverse strategic defence minerals such as tungsten, rubidium, antimony, bismuth and arsenic.

Spartan's high-quality project portfolio includes an option to earn 100 per cent 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 significant concentrations of beryllium and fluorspar while the Eagle project consists of the highest-grade historic tungsten resource in the United States, which includes significant underdefined resources consisting of high-grade silver, rubidium, antimony, bismuth, indium, as well as precious and base metals.

We seek Safe Harbor.