Sparta Group announced that it is several steps closer to filing its annual financial statements in accordance with the new filing deadline of March 29 2024, as an update to its February 8, 2024 news release (Default Announcement) announcing the order from the Alberta Securities Commission (ASC) for a Management Cease Trade Order (MCTO) under National Policy 12-203, Management Cease Trade Orders. In the Default Announcement, Sparta reported that it had received the order for a MCTO from the ASC because the Company was unable to file its annual financial statements for the year ended September 30, 2023, including the related management's discussion and analysis (MD&A) and certifications from the CEO and CFO (Annual Filings) in time to meet the January 29, 2024, filing deadline. The delay in filing the Annual Flings is largely related to the unexpected and sudden passing of a former director and key officer, John O'Bireck, and the transition of day-to-day operations to a new management team.

Mr. O'Bireck was responsible for all the operations of the Issuer, including liaising with the auditor. During this transitionary period, there have been unavoidable delays in responding to information requests from the auditor resulting in a delay in completion of the Annual Filings. The company expects to file the Annual Filings on or before March 29, 2024.