Sparton Advances Pense Critical Metals Project

• Sparton Resources announced drilling results from two holes at the Pense Critical Metals Project on April 15, 2026.
• Intersections confirmed polymetallic sulphide zones including chalcopyrite, pyrrhotite, pyrite, sphalerite, and pentlandite.
• First identification of chromium enrichment in this specific area of the property was reported (0.15% Cr over 4.5 meters).
• Land position expanded by 40 claims to a total of 185 claims covering approximately 9,000 hectares straddling Ontario/Quebec.
• Geophysical survey identified 16 conductive anomalies with 14 remaining untested.
• Specific intercepts included 0.16% Ni over 10.5 meters and 0.50% Zn over 9.0 meters in Hole PM-02.
• Future work includes follow-up HLEM and Magnetic surveys, plus planned drilling in the Verrier zone in Ontario.

• The news represents execution of the exploration program funded by recent private placements (Jan-Dec 2025/2026).
• Discovery of chromium adds a new critical metal dimension to the polymetallic profile, potentially increasing project valuation if grades prove consistent.
• However, grades are low-to-moderate (e.g., 0.16% Ni), typical for early-stage volcanogenic massive sulphide (VMS) style deposits rather than high-grade economic ore bodies at this stage.
• The financing completed in January 2026 ($410k gross proceeds) was specifically earmarked for these Canadian exploration expenses, meaning the market likely anticipated this work.
• VRB Energy update from March 2026 indicates operational progress in China and US expansion, but Sparton's economic interest is indirect (via VanSpar Mining/VRB Energy), limiting immediate cash flow impact to Sparton shareholders.
• Overall, the news confirms project viability without fundamentally altering the risk/reward profile or providing a resource estimate that would justify a major re-rating.

• Flagship Project: Pense Critical Metals/Gold Property (Ontario/Quebec border).
• Project Status: Exploration / Development with active drilling programs.
• Asset Portfolio: Includes Oakes Gold Property, Bruell Gold Royalty Property, and VRB Energy stake.
• Strategy: Identify undervalued projects in proven mining districts; leverage cash-generating VRB Energy subsidiary to fund exploration.
• VRB Energy: Indirect interest via VanSpar Mining (90% owned by Sparton) holding 9.975% of VRB Energy, which operates a JV in China and plans US manufacturing.