Spartan Resources (SPR) Corporate Presentation summary

Corporate overview and capital structure

• 1,280 million shares on issue, market cap of A$1.82B, and A$272M cash as of Dec 2024.

• No debt, resulting in an enterprise value of A$1.55B.

• Major shareholders include Ramelius Resources (19.9%), Tembo Capital (8.6%), and 1832 Asset Management (7.1%).

Project portfolio and resources

• Dalgaranga Gold Project hosts 2.87Moz at 5.61g/t gold, with a 2.5Mtpa processing plant on care and maintenance.

• Never Never Deposit: 1.45Moz at 8.81g/t gold; Pepper Deposit: 0.87Moz at 10.31g/t gold.

• Group total mineral resources as of Dec 2024: 3.15Moz at 4.39g/t gold.

• Yalgoo Gold Project adds 243,600oz at 1.45g/t Au.

Resource growth and exploration

• High-grade gold resources increased from 0.71Moz at 1.3g/t (end 2021) to 2.87Moz at 5.61g/t (end 2024).

• Three major discoveries in two years: Never Never, Pepper, and Freak prospects.

• Over 150,000m drilled to date; ongoing 20,000m surface campaign and 65,000m underground drilling planned.

• Consistent high-grade intercepts, including 27.01m at 39.15g/t and 59.00m at 12.50g/t.