Mr. Brett Marsh reports

SPARTAN METALS CLOSES PRIVATE PLACEMENT OF $5.5M

Further to the news releases of April 2, 2026, and April 13, 2026, Spartan Metals Corp. has closed the private placement and issued 10 million units of the company at a price of 55 cents per unit for aggregate gross proceeds of $5.5-million.

Each unit consists of one common share of the company and one-half of one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at a price of 85 cents per share until April 29, 2027, subject to, in the event that the closing price of the shares of the company on the TSX Venture Exchange or other trading system exceeds $1.10 for more than 10 consecutive trading days, the company will have the right to accelerate the expiry date by disseminating a press release announcing that the warrants will be void within 14 calendar days if not exercised within that time period.

Insiders of the company participated in the private placement for an aggregate amount of 300,000 units. Such participation is considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the shares issued nor the consideration paid by such persons exceeds 25 per cent of the company's market capitalization.

In connection with the private placement and in accordance with the policies of the exchange, the company paid aggregate cash finders' fees totalling $183,876 and issued 334,320 non-transferable finder warrants. Each finder warrant will entitle the holder to acquire one additional common share in the capital of the company at a price of 85 cents until the expiry date and subject to the acceleration right.

All securities to be issued in the private placement are subject to a statutory four-month-and-one-day hold period expiring on Aug. 30, 2026.

The proceeds from the sale of the private placement will be used to finance the company's exploration projects and for general working capital.

About Spartan Metals Corp.

Spartan Metals is focused on developing critical mineral 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 and indium, as well as precious and base metals.

We seek Safe Harbor.