Spartan Metals Acquires the Largest(1) Tungsten Resource in the United States

The most recent news (March 17, 2026) announces that Spartan Metals has entered into a definitive option agreement to acquire a 100% interest in the Victorio Tungsten-Molybdenum Project in New Mexico. This project is described as hosting the largest historic tungsten-molybdenum resource in the U.S. The deal involves a $1.8M cash payment and a commitment to invest $14M in exploration over five years. The project contains a historic (2012) Mineral Resource Estimate (MRE) of 77.2 million tons of Measured and Indicated resources grading 0.09% WO3 and 0.09% Mo, with an equal amount in the Inferred category.

This is a Material - Positive development. While the resource is "historic" and requires verification to meet NI 43-101 standards, the sheer scale (77.2M tons M&I) immediately elevates Spartan from a junior explorer at the Eagle Project to a potential major player in the U.S. critical minerals sector. - Strategic Shift: The company is moving from high-grade, small-scale vein targets (Eagle) to a large-tonnage, bulk-style deposit. - U.S. Onshoring: The acquisition aligns with the U.S. Department of Defense's push for domestic critical mineral supplies, potentially opening doors for non-dilutive government funding. - Cost of Entry: The $1.8M cash outlay is manageable, but the $14M work commitment is significant relative to the company's current size, necessitating future capital raises.

Spartan Metals (formerly Midasco Capital) is focused on U.S. critical minerals. - Victorio Project (New Mexico): Now the primary flagship. Large-tonnage Tungsten-Molybdenum deposit. - Eagle Project (Nevada): Secondary asset. Includes the past-producing Tungstonia and Yellow Jacket mines. High-grade tungsten, silver, and rubidium.