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Spartan Metals offers a compelling investment opportunity in the US critical minerals sector through its high-grade, 100-percent-owned Eagle tungsten-silver-rubidium project in Nevada. With strong grades, multi-metal exposure, and alignment with US defense and supply chain initiatives, Spartan provides investors with exceptional leverage to the growing demand for domestically sourced strategic critical minerals.

Overview

Spartan Metals (TSXV:W) is a US-focused critical minerals explorer advancing its high-grade tungsten and rubidium asset in Nevada. Through its flagship Eagle project, the company is unlocking American critical mineral resources essential to defense, technology and energy independence. Spartan’s projects are strategically positioned to contribute directly to the United States’ onshoring objectives under the Defense Production Act and related supply-chain initiatives.

Eagle project site in Nevada

The Eagle tungsten-silver-rubidium project in eastern Nevada anchors a district-scale opportunity covering 4,936 acres across three historic mine areas – Tungstonia, Rees and Antelope. With historic production of 8,379 units of tungsten trioxide (WO₃) at grades between 0.6 to 0.9 percent, the project hosts one of the highest-grade past-producing tungsten systems in the United States, enriched by rubidium and other US defense-critical metals such as antimony, bismuth, indium and arsenic. Spartan is now executing an exploration program to validate and expand this potential through modern geochemistry, geophysics and tailings drilling.

Led by a team with deep Nevada exploration experience and direct US Department of Defense (DOD) engagement, Spartan is pursuing a partnership-driven approach to project advancement. It combines early-stage exploration and reprocessing opportunities and joint ventures to accelerate development. With a strong insider ownership base (42 percent) and exposure to multiple critical metals, Spartan Metals is an emerging US leader in strategic mineral discovery and domestic supply security.

Company Highlights

• Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
• Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
• Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
• Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
• Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
• Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.

Key Asset: Eagle Project

Spartan’s 100-percent-owned Eagle project in White Pine County, Nevada, is a nationally significant critical mineral asset which includes the past-producing Tungstonia, Rees and Antelope mines. The Eagle project historically produced over 8,000 units of WO₃ between 1915 and 1956, and now presents a rare opportunity to redefine one of the highest-grade tungsten and rubidium systems in the United States.

With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.

Project Highlights

• District-scale Footprint with High-grade Legacy Production: 4,936 acres (20 sq km) across 244 BLM claims in eastern Nevada; Past-producing Tungstonia and Rees mines averaged 0.6 to 0.9 percent WO₃, with channel samples up to 5.32 percent WO₃
• Rubidium Discovery: Rock chip assays up to 2,264 parts per million (ppm) rubidium, positioning Eagle as a potentially significant US rubidium source
• Polymetallic Opportunity: System hosting tungsten-rubidium-silver with antimony, bismuth and arsenic, all metals critical for US defense sector
• Three Deposit Types: Features porphyry, skarn and carbonate replacement deposit (CRD) styles, a rare combination that indicates a large, long-lived hydrothermal system capable of hosting multiple mineralization centers, supporting district-scale exploration potential
• Active 2025 Exploration Program: Fieldwork commenced in October 2025, executing Phase 1 of its NI 43-101-recommended program and part of Phase 2. Activities include drilling of historic Tungstonia tailings, detailed soil and rock sampling, geologic mapping and CSAMT/MT geophysics to define high-priority tungsten-rubidium drill targets and support future resource modeling.
• Tailings Reprocessing Opportunity: ~9,000 tonnes of tailings averaging 0.14 percent WO₃ and 460 ppm rubidium offer near-term reclamation value-add
• Tier-1 Mining Jurisdiction: Excellent access to infrastructure near Ely, Nevada
• Strategic Positioning: Fully aligned with US DOD and Department of Energy initiatives to secure domestic tungsten and rubidium supply chains

Management Team

Brett R. Marsh – President, CEO and Director

Brett Marsh is a professional geologist with more than 25 years of experience in mineral exploration and project development across North America and internationally. Marsh previously led major exploration initiatives for both junior and mid-tier mining companies and has extensive experience in tungsten and critical mineral systems. He oversees Spartan’s technical and strategic direction and is the company’s “qualified person under NI 43-101..

Rebecca Ball – Vice-president, Exploration

Rebecca Ball brings over a decade of exploration and operational experience across base, precious and critical minerals. She specializes in greenfield targeting and geological modeling, most recently leading the McDermitt Lithium stratigraphy initiative that expanded its resource significantly. Her expertise is instrumental in defining the next phase of resource development at the Eagle project.

Michael Harp – Director

Currently VP Exploration at Ridgeline Minerals, Michael Harp has over 15 years of exploration experience in Nevada, including the discovery of over 5 million ounces of gold in the Carlin Trend’s Railroad-Pinion district. His extensive field and project management experience supports Spartan’s Nevada-focused exploration programs.

Terese Gieselman – Chief Financial Officer and Corporate Secretary

Terese Gieselman is a seasoned financial executive with over 30 years of experience in public company management and corporate finance in the mining sector. She brings expertise in governance, financial reporting, and capital markets strategy that will support Spartan’s growth.

Spartan Metals (TSXV:W) is a US-focused explorer advancing its high-grade tungsten and rubidium Eagle Project in Nevada. The company is unlocking critical minerals essential to US defense, technology, and energy independence, supporting onshoring goals under the Defense Production Act.

The Eagle tungsten-silver-rubidium project in eastern Nevada spans 4,936 acres across three historic mine areas — Tungstonia, Rees, and Antelope. With historic production of 8,379 units of WO₃ grading 0.6–0.9 percent, Eagle ranks among the highest-grade past-producing tungsten systems in the US, enriched with rubidium and other defense-critical metals including antimony, bismuth, indium, and arsenic. Spartan is advancing an exploration program to validate and expand this potential using modern geochemistry, geophysics, and tailings drilling.

With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.

Company Highlights

• Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
• Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
• Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
• Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
• Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
• Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.

This Spartan Metals profile is part of a paid investor education campaign.*

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Silver price, July 1 to October 17, 2025.

Chart via Trading Economics.

Silver broke the US$40 mark on September 1, then continued on up, rising to US$42.69 on September 15.

By September 30, it was closing in on all-time highs, reaching US$46.66. As the fourth quarter began, the price continued to climb, reaching an all-time high of US$54.47 on October 17.

Silver’s industrial demand drivers

Silver’s price gains over the past few years have been driven partially by increasing demand from industrial segments, where the metal has various applications, including in the production of photovoltaics (PVs).

An April report from the Silver Institute notes that industrial demand for silver increased for the fourth year in a row in 2024, rising 4 percent and setting a record of 680.5 million ounces.

The rise was attributed mainly to the green economy, which includes PVs, and artificial intelligence (AI).

Although the institute isn’t forecasting gains for 2025, it’s still predicting that silver industrial demand will remain near record levels, at 677.4 million ounces, with 195.7 million ounces coming from PVs.

A key reason for the high demand for solar energy is that production costs have made it more competitive than coal, gas or wind. This has increased the attractiveness of PVs for use in data centers.

Speaking at the Metals Investor Forum in Vancouver, BC, at the end of September, Peter Krauth, editor of Silver Stock Investor and author of ‘The Great Silver Bull,’ discussed the staggering rise in demand for solar energy and noted that during the 2010s, deployment exceeded expectations by 200 percent.

“Data center power demand over the next four years is expected to grow 21 percent, and AI is expected to see a 33 percent annual growth in electricity demand over the next four years,” he said.

He explained that tech companies favor solar over wind three-to-one, and nuclear at a rate of five-to-one. That’s because solar is not only cheaper than other energy forms, but also faster to permit, as long as space is available.

While PVs remain a strong demand driver for silver, it’s not the only one.

“Silver, after oil, is the commodity with the single most applications worldwide,’ said Krauth.

‘So when you say silver is indispensable, it’s irreplaceable in some ways. It has so many applications that if silver were to disappear tomorrow, it would wreak havoc on a lot of industry,’ he continued.

“Silver’s main growth driver is industrial usage. Especially when it comes to electric cars and batteries, silver is nearly irreplaceable,” she said. However, she also noted risks coming from the US and its ability to influence the global market, suggesting that with high uncertainty, commodities can be unpredictable. Additionally, Khandoshko pointed to market saturation in the tech sector, suggesting tailwinds may not be what they once were.

“The technology market is on the verge of a breakthrough, but at the same time, it is close to saturation, and the potential for a sharp increase in demand is limited. As a result, I would say that it is not worth expecting rapid leaps from silver, although for now the metal is in plus,” she said.

Silver benefiting from investment demand

Although industrial components have grown in the past few years, they aren’t the only factor that drove silver during the third quarter. Investment demand also helped push it toward record highs.

In a July report, the Silver Institute states that as of June 30, 1.13 billion ounces of silver were held in exchange-traded products, 7 percent below the all-time high set in February 2021. It attributes the rise in silver investment to geopolitical tensions and economic uncertainty as more investors turn to silver as a safe-haven asset.

Additionally, many investors view silver as undervalued compared to gold.

Since 2000, the gold-silver ratio has averaged 69:1; however, in 2025, it has been significantly higher, reaching 104:1 in May. Although it has fallen, the ratio remains above the 25 year average, reaching 79:1 in October.

“If you take US$3,700 (per ounce) gold today, and you use the average going back to 2000, that puts you already at US$54. So we’re beyond that all-time high of silver potentially pretty easily just based on that ratio,” Krauth said.

He added that he expects the gold price to continue climbing, pushing up the potential for an even higher silver price if it approaches that 69:1 average.

Silver price forecast for 2025

As suggested by the Silver Institute, Krauth and Khandoshko, silver is supported not only by supply and demand fundamentals, but also by tailwinds on the investment side.

In his talk, Krauth suggested that US$95 isn’t out of the question for silver over the next 12 to 24 months. He also said that silver producers are likely to benefit from the metal’s increasing price.

“When money starts to flow into the silver stocks, the impact can be really massive,’ he said.

‘If you take the bottom essentially of the last year and a half since late February 2024, silver’s up 105 percent and silver stocks, juniors are up 183 percent so far,’ added Krauth. Although it is difficult to predict how long a cycle will last, Krauth looked to the past and suggested there could still be significant runway ahead.