Ridgeline files Early Warning Report in Respect of Spartan Metals Corp.

Rhea-AI Summary

Ridgeline Minerals (OTCQB: RDGMF) has acquired an additional 5,000,000 common shares of Spartan Metals Corp. on July 31, 2026, as a second tranche under a June 2, 2025 share purchase agreement related to the sale of Spartan Exploration Nevada Corporation. The shares were issued for no additional cash consideration and form part of the original purchase price.

Following this issuance and prior share sales, Ridgeline now beneficially owns or controls 10,230,466 Spartan Metals shares, representing about 17.3% of Spartan’s outstanding common shares on a non-diluted basis. Ridgeline states the investment is for investment purposes and has filed an early warning report on SEDAR+ in accordance with National Instrument 62-103.

Positive

• Spartan Metals ownership increases to 10,230,466 shares (17.3% non-diluted)
• Second tranche shares received with no additional cash consideration

Negative

• None.

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Vancouver, British Columbia--(Newsfile Corp. - August 5, 2026) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("Ridgeline" or the "Company") announces that it has acquired an additional 5,000,000 common shares (the "Second Tranche Shares") of Spartan Metals Corp. (formerly Midasco Capital Corp.) ("Spartan Metals") pursuant to the terms of a share purchase agreement dated June 2, 2025 (the "Agreement") among Midasco Capital Corp. (now Spartan Metals Corp.), Ridgeline, Spartan Exploration Nevada Corporation and Ridgeline Exploration Corporation.

The Second Tranche Shares were issued to Ridgeline on July 31, 2026, in connection with the one-year anniversary of the closing of the sale by Ridgeline to Spartan Metals of all of the issued and outstanding shares of Spartan Exploration Nevada Corporation. The Second Tranche Shares were issued for no additional cash consideration, as they form part of the purchase price under the Agreement.

Immediately prior to the acquisition of the Second Tranche Shares, Ridgeline beneficially owned and/or exercised control or direction over 5,830,466 common shares of Spartan Metals, of which 600,000 common shares had been sold prior to the date of this news release (see News Release of July 14, 2026), resulting in holdings of 5,230,466 common shares. Following completion of the acquisition of the Second Tranche Shares, Ridgeline beneficially owns and/or exercises control or direction over an aggregate of 10,230,466 common shares of Spartan Metals, representing approximately 17.3% of the issued and outstanding common shares of Spartan Metals on a non-diluted basis.

Ridgeline acquired the Second Tranche Shares for investment purposes. Ridgeline may, from time to time, acquire additional securities of Spartan Metals or dispose of some or all of the securities of Spartan Metals that it holds, in the open market, by private agreement or otherwise, depending on market conditions and other factors relevant to Ridgeline's investment decisions, and subject to applicable securities laws.

An early warning report in respect of this acquisition will be filed under Spartan Metals' profile on SEDAR+ at www.sedarplus.ca. A copy of the early warning report may be obtained by contacting Ridgeline at the contact information set out below.

Spartan Metals' head office is located at:
202 - 3310 Carrington Road
West Kelowna, BC V4T 0G6

This news release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. The early warning report in respect of the Acquisition has been filed on SEDAR+ (www.sedarplus.ca) under Spartan's issuer profile. To obtain a copy of the early warning report filed by Ridgeline, please contact Chad Peters, P.Geo., President and CEO of Ridgeline at +1 775 304 9773 or refer to SEDAR+ (www.sedarplus.ca) under Ridgeline's issuer profile.

About Ridgeline Minerals Corp.

Ridgeline Minerals is a discovery focused precious and base metal hybrid explorer with a proven management team and a track record of discovery in Nevada. The Company is fully financed and controls a 97km² exploration portfolio across three highly prospective projects in Nevada, USA. Ridgeline's hybrid exploration model includes a US$20 million earn-in agreement with South32 Limited at the Company's flagship Selena CRD discovery as well as a mix of 100%-owned exploration assets (Big Blue & Coyote), royalties and marketable securities. More information about Ridgeline can be found at www.ridgelineminerals.com

On behalf of the Board
"Chad Peters"
President & CEO

Further Information:
Chad Peters, P.Geo.
President, CEO & Director Ridgeline Minerals Corp.
+1 775 304 9773
cpeters@ridgelineminerals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308321

FAQ

What did Ridgeline Minerals (RDGMF) announce about Spartan Metals on August 5, 2026?

Ridgeline announced it received 5,000,000 additional Spartan Metals shares on July 31, 2026. According to Ridgeline, these second tranche shares were issued under a 2025 share purchase agreement as part of the purchase price, with no extra cash paid.

How many Spartan Metals shares does Ridgeline Minerals (RDGMF) now own after the latest tranche?

Ridgeline now beneficially owns or controls 10,230,466 Spartan Metals common shares. According to Ridgeline, this represents approximately 17.3% of Spartan Metals’ issued and outstanding common shares on a non-diluted basis following the July 31, 2026 issuance.

Why did Ridgeline Minerals receive 5,000,000 Spartan Metals shares with no cash consideration?

Ridgeline received the 5,000,000 second tranche shares as part of the agreed purchase price in a 2025 sale transaction. According to Ridgeline, no additional cash was paid because the shares were contractually included in the original share purchase agreement.

What is the purpose of Ridgeline Minerals’ investment in Spartan Metals?

Ridgeline states it acquired the second tranche Spartan Metals shares for investment purposes. According to Ridgeline, it may buy or sell additional Spartan Metals securities over time, depending on market conditions and other factors, subject to applicable securities laws.

Why did Ridgeline Minerals file an early warning report related to Spartan Metals?

Ridgeline filed an early warning report because its Spartan Metals ownership reached about 17.3% of outstanding shares. According to Ridgeline, the report was filed on SEDAR+ in compliance with National Instrument 62-103 early warning and insider reporting requirements.