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. Recent Insider Transactions Derivative • Mar 01
Director exercised options to buy CA$882k worth of stock. On the 24th of February, Burton Egger exercised options to buy 1m shares at a strike price of around CA$0.075, costing a total of CA$105k. This transaction amounted to 19% of their direct individual holding at the time of the trade. Since June 2025, Burton's direct individual holding has increased from 6.71m shares to 8.62m. Company insiders have collectively bought CA$255k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Feb 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Burton Egger is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Jan 28
President exercised options to buy CA$500k worth of stock. On the 23rd of January, Brett Marsh exercised options to buy 1m shares at a strike price of around CA$0.075, costing a total of CA$94k. This transaction amounted to 69% of their direct individual holding at the time of the trade. Since September 2025, Brett has owned 1.80m shares directly. Company insiders have collectively bought CA$124k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 24
Spartan Metals Corp., Annual General Meeting, Jan 19, 2026 Spartan Metals Corp., Annual General Meeting, Jan 19, 2026. Announcement • Sep 27
Spartan Metals Corp. announced that it has received CAD 2.25 million in funding On September 25, 2025, Spartan Metals Corp closed the transaction. Insiders of the company participated in the financing for an aggregate amount of 893,332 units. Such participation is considered a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. In connection with the offering, the company paid aggregate cash finders' fees totaling CAD 49,809 and issued 166,030 warrants. Each finder's warrant entitles the holder to purchase one additional share of the company at a price of CAD 0.45 per share until March 25, 2027. Announcement • Aug 19
Spartan Metals Corp. announced that it expects to receive CAD 2.25 million in funding Spartan Metals Corp. announced a non-brokered private placement offering to issue 7,500,000 units at an issue price of CAD 0.30 per unit for gross proceeds of CAD 2,250,000 on August 18, 2025. Each Unit consists of one common share 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 0.45 per share for a period of 18 months from the date of issue. Certain insiders of the Company may acquire securities under the Private Placement. The Company may pay finders fees of 6% in connection with the Private Placement in cash and warrants (“Finder Warrant”). Each Finder Warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of CAD 0.45 for 18 months from closing. 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 laws in Canada. The Company anticipates closing of the private placement as soon as practicable and is subject to TSX Venture Exchange approval. Announcement • Aug 01
Midasco Capital Corp. (TSXV:MGC.H) completed the acquisition of Spartan Exploration Nevada Corporation from Ridgeline Exploration Corporation. Midasco Capital Corp. (TSXV:MGC.H) entered into a share purchase agreement to acquire Spartan Exploration Nevada Corporation from Ridgeline Exploration Corporation for CAD 1.7 million on June 2, 2025. At the time of closing, 5,830,466 Consideration Shares representing 19.9% of Midasco's total issued and outstanding shares; and on the one-year anniversary of the closing date, Consideration Shares equal to the lesser of: (i) 5,000,000; and (ii) such number of Consideration Shares as would result in Ridgeline's holding 19.9% of Midasco's total issued and outstanding shares. Ridgeline will also be granted a 1% net smelter royalty on the property as well as on any additional ground staked within a 2-mile area of interst around the property. As of July 22, 2025, concurrently with the closing of the Proposed Transaction, it is anticipated that Midasco Capital Corp. will change its name to “Spartan Metals Corp.” and change its ticker symbol to “W”. The Proposed Transaction, Reactivation and name and ticker change remain subject to final Exchange acceptance.
The transaction is subject to consummation of due diligence investigation and Exchange acceptance. The Proposed Transaction is expected to close in July 2025.
Pushor Mitchell LLP acted as legal advisor to Midasco Capital Corp.
Midasco Capital Corp. (TSXV:MGC.H) completed the acquisition of Spartan Exploration Nevada Corporation from Ridgeline Exploration Corporation on July 31, 2025. In addition, Midasco announces that it has changed its name to "Spartan Metals Corp." It is anticipated that the Midasco Shares will begin trading on the Exchange under its new name and ticker symbol "W" on or about August 5, 2025. The ISIN/CUSIP for Spartan Metals Corp. is: CA8468111072/846811107. Board Change • Jun 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 05
Midasco Capital Corp. (TSXV:MGC.H) entered into a share purchase agreement to acquire Spartan Exploration Nevada Corporation from Ridgeline Exploration Corporation for CAD 1.7 million. Midasco Capital Corp. (TSXV:MGC.H) entered into a share purchase agreement to acquire Spartan Exploration Nevada Corporation from Ridgeline Exploration Corporation for CAD 1.7 million on June 2, 2025. At the time of closing, 5,830,466 Consideration Shares representing 19.9% of Midasco's total issued and outstanding shares; and on the one-year anniversary of the closing date, Consideration Shares equal to the lesser of: (i) 5,000,000; and (ii) such number of Consideration Shares as would result in Ridgeline's holding 19.9% of Midasco's total issued and outstanding shares. Ridgeline will also be granted a 1% net smelter royalty on the property as well as on any additional ground staked within a 2-mile area of interst around the property.
The transaction is subject to consummation of due diligence investigation and Exchange acceptance. Pushor Mitchell LLP acted as legal advisor to Midasco Capital Corp. New Risk • May 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$3.52m market cap, or US$2.52m). Board Change • May 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 17
Midasco Capital Corp. announced that it has received CAD 0.35 million in funding On April 16, 2025 Midasco Capital Corp. closed the transaction. All securities issued pursuant to the Offering are subject to a four-month hold period ending August 17, 2025. In addition, the securities will be subject to a contractual restriction on transfer for a period of 12 months from the date of closing, with 1/12th of the securities being released to investors on each one-month anniversary of the closing date, subject to acceleration at the sole discretion of the Company. certain directors and officers of the Company participated in the Offering, acquiring an aggregate of 1,600,000 Units on the same basis as other subscribers. The transaction includes participation from Egger and Pettigrew Prior to the completion of the Offering. Egger beneficially owned or exercised control or direction over 5,314,009 Common Shares, representing approximately 32.27% of the issued and outstanding Common Shares on both an undiluted and partially diluted basis. Upon completion of the Offering. Egger beneficially owns or exercises control or direction over 6,714,009 Common Shares and 1,400,000 Warrants, representing approximately 28.67% of the issued and outstanding Common Shares on an undiluted basis and 26.63% of the issued and outstanding Common Shares on a partially diluted basis assuming that Egger exercised all of his Warrants, and no other holders of convertible securities exercised or converted any of their securities. Prior to the completion of the Offering, Pettigrew beneficially owned or exercised control or direction over 2,293,496 Common Shares, representing approximately 13.93% of the issued and outstanding Common Shares on both an undiluted and partially diluted basis. Upon completion of the Offering, Pettigrew beneficially owns or exercises control or direction over 2,493,496 Common Shares and 200,000 Warrants, representing approximately 10.62% of the issued and outstanding Common Shares on an undiluted basis and 8.84% of the issued and outstanding Common Shares on a partially diluted basis assuming that Pettigrew exercised all of his Warrants, and no other holders of convertible securities exercised or converted any of their securities. The securities acquired under the Offering are being acquired by Egger and Pettigrew, respectively, for investment purposes. Neither Egger nor Pettigrew has any current intention to enter into any of the transactions listed in clauses (a) to (k) of item 5 of Form 62-103F1 of National Instrument 62-103 Board Change • Apr 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 26
Midasco Capital Corp. announced that it expects to receive CAD 0.35 million in funding Midasco Capital Corp. announced a non-brokered private placement to issue 7,000,000 units at issue price of CAD 0.05 per unit for gross proceeds of CAD 350,000 on March 25, 2025. Each Unit will consist of one common share of the Company and one share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of CAD 0.075 per share for a period 12 months from the date of closing. All securities issued pursuant to the private placement will be subject to a four-month hold period from the date of closing. The private placement is subject to the acceptance of the TSX Venture Exchange and subject to regulatory approval. It is currently expected that one or more directors and/or officers of the Company will participate in the private placement, acquiring Units on the same basis as other subscribers. . It is not anticipated that the Company will pay any finder's fees in connection with the above financing. Board Change • Mar 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 10
Midasco Capital Corp., Annual General Meeting, Dec 06, 2024 Midasco Capital Corp., Annual General Meeting, Dec 06, 2024. Location: british columbia, vancouver Canada Board Change • Jul 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 13
Midasco Capital Corp., Annual General Meeting, Dec 06, 2023 Midasco Capital Corp., Annual General Meeting, Dec 06, 2023. Board Change • Oct 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 20
Midasco Capital Corp., Annual General Meeting, Sep 28, 2022 Midasco Capital Corp., Annual General Meeting, Sep 28, 2022. Board Change • Feb 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Burton Egger was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 19
Midasco Capital Corp. announced that it has received CAD 0.25 million in funding On May 18, 2021, Midasco Capital Corp. (TSXV:MGC.H) closed the transaction. The warrants can be exercised until May 11, 2022. All securities comprising the units are subject to a four-month statutory hold period ending on September 12, 2021. The transaction remains subject to final approval of the TSX Venture Exchange. Announcement • Mar 03
Midasco Capital Corp. announced that it expects to receive CAD 0.25 million in funding Midasco Capital Corp. (TSXV:MGC.H) announced a non-brokered private placement of 2,500,000 units at a price of CAD 0.10 each for gross proceeds of CAD 250,000 on March 1, 2021. The transaction will include participation from accredited investors. Each unit will consist of one common share and one common share purchase warrant. Each purchase warrant will entitle the holder to purchase one additional common share at a price of CAD 0.15 per share for a period of 12 months from the closing of the transaction. All securities issued will be subject to a four-month statutory hold period. In the event that the closing price of the company's common shares is at or above CAD 0.40 per share for a period of 10 consecutive trading dates, the company will have the option to provide notice to the warrant holders to accelerate the expiry date of the warrants to a date that is 30 days following the date of such notice provided. 
