Spartan Metals ($W | $SPRMF): Advancing Eagle and Victorio Toward U.S. Tungsten Supply

Spartan Metals positions itself as a top US tungsten play, with CEO Marsh arguing the stock trades at a notable discount to listed peers.

Victorio's first PEA in roughly 18 years targets early Q4 2026, updating 2008 economics with current tungsten pricing near $140 per pound.

Eagle drilling tests depth on eight veins running nearly two kilometers; past mines there reported WO3 grades up to 8%.

Spartan is pursuing non-dilutive US critical-minerals grants and credits co-product metals at Victorio — silver, molybdenum, fluorspar, beryllium — as leverage.

Insiders and strategic holders reportedly control a large slice of the roughly 60 million Spartan shares outstanding (71 million fully diluted), keeping the float tight.