New Risk • May 05
New major risk - Revenue and earnings growth Earnings have declined by 37% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (131% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (CA$39.5m market cap, or US$29.0m). Announcement • Apr 30
Spartan Metals Corp. announced that it has received CAD 5.5 million in funding On April 29, 2026, Spartan Metals Corp. closed the transaction. The company issued 10,000,000 units at an issue price of CAD 0.55 per unit for gross proceeds of CAD 5,500,000. 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 CAD 0.85 per share until April 29, 2027. Insiders of the Company participated in the Private Placement for an aggregate amount of 300,000 Units. In connection with the Private Placement and in accordance with the policies of the Exchange the Company paid aggregate cash finder’s fees totaling CAD 183,876 and issued 334,320 non-transferrable finders warrants. Each Finder Warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of CAD 0.85 until the Expiry Date and subject to the Accelerate on Right. All securities to be issued in the Private Placement are subject to a statutory four month and one day hold period expiring on August 30, 2026. Announcement • Apr 02
Spartan Metals Corp. announced that it expects to receive CAD 4.4 million in funding Spartan Metals Corp. has announced to issue a non-brokered private placement up to 8,000,000 units at the price of CAD 0.55 per Unit for gross proceeds of CAD 4,400,000 on April 2, 2026. 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 CAD 0.85 per share for a period of 12 months from the date of issue subject to, in the event that the closing price of the Shares of the Company on the TSX Venture Exchange. Certain insiders of the Company may acquire securities es under the Private Placement. Any such participation would be considered to be a “related party transaction on” as defined under Mul lateral Instrument 61-101 (“MI 61-101”). The transaction on will be exempt from the formal valuation on and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration on paid by such persons will exceed 25% of the Company's market capitalization. The Company may pay finders fees of 6% in connection on with the Private Placement in cash and warrants. Each Finder Warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of CAD 0.85 for 12 months un l the Expiry Date and subject to the acceleration on Right. All securities to be issued in the Private Placement will be subject to a four month plus one day hold period from the closing date under applicable securities es laws in Canada. 
