# Spartan Metals Appoints SRK Consulting to Lead Preliminary Economic Assessment on the Victorio Tungsten-Molybdenum Project, New Mexico

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/spartan-metals-appoints-srk-consulting-to-lead-preliminary-economic-assessment-o--d84b4543-1682-4e37-a6e8-4a63efd529fd

Original source: https://money.tmx.com/en/quote/W/news/8011537888825979/spartan-metals-appoints-srk-consulting-to-lead-preliminary-economic-assessment-o

Publisher: tmx

Original announcement: 2026-05-05T11:20:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Spartan Metals Corp.

- Ticker: W

- Exchange: TSX

- Region: New Mexico

- Primary commodity: Tungsten

- Secondary commodities: Molybdenum, Beryllium, Fluorite

- Document categories: Resource update, Other

- Extracted: 2026-08-22 18:36:22 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Spartan Metals has appointed SRK Consulting to lead a Preliminary Economic Assessment \(PEA\) for the Victorio Tungsten-Molybdenum Project in New Mexico. The study will include an update to the 2012 Mineral Resource Estimate and is expected to be completed in early Q4 2026.

Reasoning: The appointment of SRK to lead a PEA is a significant de-risking milestone for project advancement, though the underlying resource data is currently historical.

- Positive factor: Appointment of major consultant SRK to lead PEA

- Positive factor: Advancement toward economic evaluation

- Positive factor: Large historical resource base

- Negative factor: Historical data requires verification

- Negative factor: No current NI 43-101 compliant resource reported by Spartan

Facts used in scoring: 5

## Classification and evidence

**Historical Estimate Only**

Polarity: negative

Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.

Why it applies: The resource figures provided are explicitly identified as a 2012 historic MRE that Spartan has not independently verified.

Evidence · text

> The technical information... are considered “historical” in nature and are not supported by a current NI 43‑101 compliant technical report.

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The project contains a significant portion of Inferred resources \(77.2 Mt\).

Evidence · text

> an additional 77.2 million tons of Inferred Resources

## Extracted facts

Stored fact records: 5. Some facts used in scoring do not have a stored record.

## Resource Estimates (5)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/spartan-metals-appoints-srk-consulting-to-lead-preliminary-economic-assessment-o--d84b4543-1682-4e37-a6e8-4a63efd529fd#fact-resource-facts-0)

tungsten

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: tungsten
- Ticker: W

#### Resource Data

- Category: measured
- Tonnes: 77200000
- Grade: 0.09
- Grade Unit: % WO3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2012-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-05-05T00:00:00.000Z

Reasoning: Historical M&I tungsten grade and tonnage reported from 2012 data.

- Positive factor: Large tonnage

- Negative factor: Historical data

- Negative factor: Not independently verified by Spartan

Evidence · text

> 77.2 million tons of Measured and Indicated Resources grading 0.09 WO 3 %

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/spartan-metals-appoints-srk-consulting-to-lead-preliminary-economic-assessment-o--d84b4543-1682-4e37-a6e8-4a63efd529fd#fact-resource-facts-1)

tungsten

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: tungsten
- Ticker: W

#### Resource Data

- Category: measured
- Tonnes: 77200000
- Grade: 0.09
- Grade Unit: % WO3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2012-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-05-05T00:00:00.000Z

Reasoning: Historical M&I tungsten grade and tonnage reported from 2012 data.

- Positive factor: Large tonnage

- Negative factor: Historical data

- Negative factor: Not independently verified by Spartan

Evidence · text

> 77.2 million tons of Measured and Indicated Resources grading 0.09 WO 3 %

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/spartan-metals-appoints-srk-consulting-to-lead-preliminary-economic-assessment-o--d84b4543-1682-4e37-a6e8-4a63efd529fd#fact-resource-facts-2)

molybdenum

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: molybdenum
- Ticker: W

#### Resource Data

- Category: measured
- Tonnes: 77200000
- Grade: 0.09
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2012-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-05-05T00:00:00.000Z

Reasoning: Historical M&I molybdenum grade reported from 2012 data.

- Positive factor: Byproduct metal

- Negative factor: Historical data

Evidence · text

> 77.2 million tons of Measured and Indicated Resources grading 0.09 WO 3 % and 0.09 Mo%

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/spartan-metals-appoints-srk-consulting-to-lead-preliminary-economic-assessment-o--d84b4543-1682-4e37-a6e8-4a63efd529fd#fact-resource-facts-3)

tungsten

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: tungsten
- Ticker: W

#### Resource Data

- Category: inferred
- Tonnes: 77200000
- Grade: 0.09
- Grade Unit: % WO3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2012-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-05-05T00:00:00.000Z

Reasoning: Historical Inferred tungsten grade and tonnage reported from 2012 data.

- Positive factor: Large tonnage

- Negative factor: Inferred category

- Negative factor: Historical data

Evidence · text

> 77.2 million tons of Inferred Resources grading 0.09 WO 3 %

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/spartan-metals-appoints-srk-consulting-to-lead-preliminary-economic-assessment-o--d84b4543-1682-4e37-a6e8-4a63efd529fd#fact-resource-facts-4)

molybdenum

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: molybdenum
- Ticker: W

#### Resource Data

- Category: inferred
- Tonnes: 77200000
- Grade: 0.07
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2012-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-05-05T00:00:00.000Z

Reasoning: Historical Inferred molybdenum grade reported from 2012 data.

- Positive factor: Byproduct metal

- Negative factor: Inferred category

- Negative factor: Historical data

Evidence · text

> 77.2 million tons of Inferred Resources grading 0.09 WO 3 % and 0.07 Mo%

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.