Spartan Metals Expands Victorio Tungsten-Molybdenum Resource with Measured and Indicated Grades of 0.25% MoEq or 0.15% WO3Eq

Spartan’s resource estimate shows a larger, higher-value tungsten-molybdenum project in New Mexico.

What the company is saying

Spartan Metals Corp. is presenting a new Mineral Resource Estimate for its Victorio Tungsten-Molybdenum Project, positioning the asset as a substantial and growing U.S. critical minerals resource. The company emphasizes that the Measured and Indicated resource now totals 84.54 million short tons at 0.10% WO₃ and 0.09% Mo, with Inferred resources at 101.84 million short tons at 0.09% WO₃ and 0.06% Mo. Management highlights that these figures represent a 9.5% increase in Measured and Indicated and a 31.9% increase in Inferred tonnage compared to the 2012 estimate, despite using a higher US$50/ton cutoff. The release stresses that the updated estimate is based on more drill holes (85 total, including 12 new core holes) and higher assumed metal prices (US$30/lb WO₃ and US$18/lb Mo), which are still below current spot prices. CEO Brett Marsh frames the update as a critical step for Spartan, linking the project’s scale and jurisdiction to U.S. defense supply chain priorities, and points to an upcoming Preliminary Economic Assessment (PEA) as the next milestone. The company’s tone is confident, technical, and focused on scale, with explicit reference to compliance with NI 43-101 and the involvement of independent Qualified Person Rita M. Teal.

What the data suggests

The disclosed data show a material increase in both resource tonnage and contained metals at the Victorio project. Measured and Indicated resources are now 84.54 million short tons at 0.10% WO₃ and 0.09% Mo, equivalent to 0.15% WO₃Eq or 0.25% MoEq, containing 165.54 million pounds of WO₃ (7.51 million MTU) and 147.85 million pounds of Mo. Inferred resources total 101.84 million short tons at 0.09% WO₃ and 0.06% Mo (0.13% WO₃Eq or 0.22% MoEq), with 187.58 million pounds of WO₃ (8.51 million MTU) and 130.02 million pounds of Mo. The resource estimate is based on 85 drill holes, including 12 not previously used, and a three-dimensional geological model. The increase in resource size is attributed to higher metal price assumptions (US$30/lb WO₃ and US$18/lb Mo, compared to US$8 and US$15 in 2012), additional drilling, and improved modeling. The company notes that current spot prices are much higher (US$39.75/lb Mo and US$2,700/MTU or $122.47/lb WO₃), suggesting potential upside. The next technical milestone is an updated PEA expected in early Q4 2026, which will assess economic viability. No production, revenue, or cash flow figures are disclosed, as the project remains at the resource definition stage.

Analysis

The announcement is a factual, technical update on the Victorio Tungsten-Molybdenum Project's Mineral Resource Estimate (MRE), prepared by an independent Qualified Person under NI 43-101. The release provides detailed, specific resource figures, grades, and a clear comparison to the 2012 estimate, showing measurable increases in both tonnage and contained metals. Forward-looking statements are limited to the timeline for the Preliminary Economic Assessment (PEA) and plans for further drilling, but these are presented as next steps rather than as realised value. There is no exaggerated language or overstatement of project economics or imminent production. No large capital outlay is disclosed at this stage, and the next milestone (PEA) is expected within the next 6-12 months, making the execution distance near-term. The gap between narrative and evidence is minimal; the company avoids promotional claims and sticks to technical facts.

Risk flags

• ●Economic viability is unproven: The project remains at the resource estimate stage, with no PEA, feasibility study, or economic analysis yet completed. The company explicitly states that Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
• ●Dependence on commodity prices: The resource size and cutoff are sensitive to assumed metal prices. The 2026 estimate uses US$30/lb WO₃ and US$18/lb Mo, which are below current spot prices (US$39.75/lb Mo, US$2,700/MTU WO₃), but future economics could be impacted by price volatility.
• ●Execution and permitting risk: Advancing from resource to production will require successful completion of the PEA, further drilling, metallurgical testing, environmental studies, permitting, and financing. Each step introduces technical, regulatory, and funding risks.
• ●Resource confidence limitations: Inferred resources have lower geological confidence, and there is no certainty that they will be upgraded or converted to reserves. The company notes that historical drilling may have under-reported grades due to less complete analytical methods.
• ●No current production or cash flow: The company is pre-revenue and will require additional capital to advance the project, increasing exposure to dilution or funding risk if market conditions deteriorate.

Bottom line

Spartan Metals’ updated resource estimate for the Victorio project demonstrates a larger and higher-grade tungsten-molybdenum deposit than previously reported, with Measured and Indicated resources up 9.5% and Inferred up 31.9% at a higher cutoff. The technical disclosure is detailed and credible, with resource figures, grades, and price assumptions clearly stated and benchmarked against both historical estimates and current market prices. The next key event is the delivery of a Preliminary Economic Assessment in early Q4 2026, which will be the first real test of the project’s economic potential. Until then, the project remains at the resource definition stage, with no production, revenue, or reserves. Investors should focus on the upcoming PEA for evidence of economic viability, while recognizing that significant technical, permitting, and funding hurdles remain before any value can be realized. The main takeaway is that Victorio is now a larger, technically robust resource, but its commercial potential will depend on the results of the PEA and subsequent studies.

Announcement summary

(TSXV:W, OTCQB:SPRMF, FSE:J03) Spartan Metals Corp. announced an updated Mineral Resource Estimate (MRE) for its Victorio Tungsten-Molybdenum Project in Luna County, New Mexico, with an effective date of August 3, 2026. The MRE was prepared by Rita M. Teal, CPG, an independent Qualified Person, in accordance with NI 43-101, and supersedes the November 2012 historical estimate. The Measured and Indicated resource is 84.54 million short tons at 0.10% tungsten trioxide (WO₃) and 0.09% molybdenum (Mo), equivalent to 0.15% WO₃Eq or 0.25% MoEq. The Inferred resource is 101.84 million short tons at 0.09% WO₃ and 0.06% Mo (0.13% WO₃Eq or 0.22% MoEq). The Measured and Indicated tonnage increased by 9.5% and Inferred tonnage by 31.9% compared to the 2012 estimate, at a US$50 cutoff versus US$25 in 2012. The resource contains 165.54 million pounds of WO₃ (7.51 million MTU) and 147.85 million pounds of Mo in Measured and Indicated, and 187.58 million pounds of WO₃ (8.51 million MTU) and 130.02 million pounds of Mo in Inferred. The next milestone is an updated Preliminary Economic Assessment (PEA) on track for early Q4 2026 delivery. The MRE uses 2026 base case prices of US$18/lb Mo and US$30/lb WO₃ at a US$50/short ton GMV cutoff. The estimate is based on 85 drill holes, with 12 previously unreported core holes included, and uses a three-dimensional geological model. The PEA will incorporate 26 drill holes not used in the previous economic analysis and will evaluate mining, processing, costs, and project economics. A technical report supporting the MRE will be filed on SEDAR+ within 45 days. Following the PEA, Spartan plans an extensive drilling program to upgrade resource categories, collect core samples for metallurgical testing, validate historic holes drilled by Gulf Minerals, and define near-surface tungsten, fluorspar, and beryllium mineralization. The 2026 MRE grades at the US$25 cutoff are 0.07% WO₃ and 0.08% Mo (0.12% WO₃Eq or 0.20% MoEq) for Measured and Indicated, and 0.07% WO₃ and 0.05% Mo (0.10% WO₃Eq or 0.16% MoEq) for Inferred. The 2012 estimate used US$8/lb WO₃ and US$15/lb Mo, while the 2026 MRE uses US$30/lb WO₃ and US$18/lb Mo. The weekly midpoint molybdenum price was US$39.75/lb on October 15, 2026, and the tungsten (APT) weekly midpoint was US$2,700/MTU ($122.47/lb) on October 16, 2026. The MRE was prepared in accordance with CIM Definition Standards (2014), and the Qualified Person is not aware of any factors that could materially affect the MRE. Brett Marsh, President and CEO, and Rita M. Teal, CPG, are the Qualified Persons for the release.

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