Spearmint Acquires the Sisson North Tungsten Project

Rhea-AI Summary

Spearmint Resources Inc. (SPMTF) has acquired the 'Sisson North Tungsten Project' in New Brunswick, comprising 2,582 contagious acres adjacent to the Sisson Tungsten Mine. The acquisition comes amid increasing trade tensions with China and recent export controls on critical minerals, including tungsten.

The company highlights the strategic importance of tungsten, particularly in light of current tariffs and China's dominance in the global supply chain. The US has implemented a 10% duty on Chinese goods as of February 2025, while China has responded with export controls on critical minerals.

Spearmint also maintains lithium holdings in Clayton Valley, Nevada, which are prospective for both lithium clay and lithium brine. The company notes strengthening global EV sales momentum despite previous negative sentiment in the sector.

Positive

• Strategic acquisition of tungsten property adjacent to existing mine
• Diversification into critical minerals amid favorable market conditions
• Portfolio includes lithium assets in Nevada during increasing EV demand

Negative

• No immediate revenue generation from new acquisition
• Dependent on future tungsten market conditions and geopolitical factors
• Project is in early exploration stage with no proven reserves

Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company" or "Spearmint") wishes to announce that it has acquired the 'Sisson North Tungsten Project' in New Brunswick directly bordering the Sisson Tungsten Mine. This new project consists of 2,582 contagious acres prospective for tungsten.

James Nelson, President of Spearmint stated, "We feel that with the tariff issues that are now very present, tungsten will be one of the most sought after domestically sourced strategic metals. Similar to our foray into antimony, management feels that the China stranglehold will create a demand for tungsten and antimony as the supply chain tightens. We feel that diversifying into these sectors gives our shareholders the best opportunity for success especially now that the junior markets have become very buoyant for tungsten as witnessed by the strong movement of companies such as American Tungsten Corp who's shares have risen from $0.03 cents in October to a high of $2.37 yesterday showing the strong investor demand for tungsten related companies." Mr. Nelson went on to say, "In addition, we would like to remind the market of our lithium holdings in Clayton Valley, Nevada, which are prospective for both lithium clay & lithium brine, at a time when we feel domestically sourced lithium projects will garner significantly more market interest in 2025. Despite the negative sentiment around lithium and EV's over the last two years, the recent data clearly shows that EV sales are increasing and the momentum for EV sales globally is in fact strengthening, not weakening."

As of February 2025, the United States under President Donald Trump has implemented significant tariffs on imports from China, including a 10% duty on nearly all Chinese goods, effective February 4, 2025. In response, China has enacted countermeasures, notably imposing export controls on critical minerals, including tungsten, which is essential for various industries such as aerospace, electronics, and defense.

Tungsten has always been a valuable material due to its unique properties, such as its extremely high melting point, strength, and durability. It is used in a wide variety of applications, including manufacturing hard metals, electronics, lightbulb filaments, and in military and aerospace technologies. However, China's actions regarding tungsten have made it even more valuable for several reasons:

1. Supply Control: China is one of the world's largest producers and exporters of tungsten, controlling a significant portion of global tungsten reserves. By tightening its production and export quotas, China reduces the global supply of tungsten. This limited supply increases the material's value, as demand remains high but availability becomes constrained.
2. Increased Demand: As industries evolve, the demand for tungsten in high-tech applications-such as electronics, energy production, and military hardware-has risen. The scarcity of tungsten, due to China's restrictions, further drives up its market price as industries compete for access to this crucial resource.
3. Strategic Resource: Tungsten is a critical material for many industries, particularly in defense and aerospace sectors. China's control over the supply means it can influence the global market and, in some cases, potentially use tungsten as a strategic lever in geopolitical relations, adding to its perceived value.

In short, the combination of China's tightening control over tungsten production and the growing demand for this critical material has made tungsten even more valuable on the global market.

Recently, China banned exports of critical minerals, including antimony, to the United States. As trade tensions escalate between the United States and China, this move clearly emphasizes the urgent need for Western nations to secure reliable long-term sources of these critical minerals, which are now at the forefront of the global supply chain crisis.

Qualified person for mining disclosure:

The technical contents of this release were reviewed and approved by Frank Bain, PGeo, a director of the company and qualified person as defined by National Instrument 43-101.

About Spearmint Resources Inc.

Spearmint's projects include four projects in Clayton Valley, Nevada: the 1,136-acre McGee lithium clay deposit, which has a resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent (LCE) for a total of 2,092,000 tonnes of LCE, directly bordering Pure Energy Minerals & Century Lithium Corp.; the 280-acre Elon lithium brine project, which has access to some of the deepest parts of the only lithium brine basin in production in North America; the 124-acre Green Clay lithium project; and the 248-acre Clayton Ridge gold project, the 4,722-acre George Lake South Antimony Project in New Brunswick and the 2,582 acre Sisson North Tungsten Project.

This project was acquired via staking.

For a cautionary note and disclaimer on the crypto diversification, please refer to the news release dated November 12, 2024.

Contact Information
Tel: 1604646-6903
www.spearmintresources.ca

"James Nelson"
President
Spearmint Resources Inc.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240730

FAQ

What is the size of Spearmint's (SPMTF) new Sisson North Tungsten Project?

The Sisson North Tungsten Project consists of 2,582 contagious acres in New Brunswick.

How has the US-China trade tension affected tungsten supply in 2025?

China has implemented export controls on critical minerals including tungsten, while the US has imposed a 10% duty on Chinese goods, creating supply chain constraints.

What other strategic minerals does SPMTF hold besides tungsten?

SPMTF holds antimony assets and lithium properties in Clayton Valley, Nevada, prospective for both lithium clay and lithium brine.

Why is tungsten considered strategically important for SPMTF's portfolio?

Tungsten is important for aerospace, electronics, and defense industries, with supply outside China, making it valuable amid current trade restrictions.

How does the Sisson North Tungsten Project acquisition align with SPMTF's strategy?

The acquisition aligns with SPMTF's strategy to diversify into critical minerals and capitalize on supply chain constraints caused by China's export restrictions.