Spartan Resources (SPR) Corporate Presentation summary

Capital structure and major shareholders

• 1,280 million shares on issue with a share price of A$1.42, resulting in a market cap of A$1.82 billion and enterprise value of A$1.55 billion.

• Cash balance as of 31 Dec 2024 was A$272 million, with no debt.

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

Project portfolio and resource growth

• Dalgaranga Gold Project in Western Australia hosts 2.87Moz at 5.61g/t gold, with a 2.5Mtpa processing plant.

• Never Never Deposit contains 1.45Moz at 8.81g/t gold, and Pepper Deposit holds 0.87Moz at 10.31g/t gold.

• Group mineral resources as of December 2024 total 3.15Moz at 4.39g/t gold, including high-grade underground resources.

• Resource growth from 0.71Moz at 1.30g/t in 2021 to 2.87Moz at 5.61g/t in 2024, driven by new discoveries.

Exploration and drilling strategy

• Over 150,000m of drilling completed, with ongoing campaigns and up to three drill rigs active.

• Recent discoveries include Pepper (0.87Moz @ 10.31g/t) and Freak (volume and grade drilling ongoing).

• 65,000m of underground drilling commencing in March quarter, fully funded.

• Regular resource estimate updates planned every six months, with the next in June 2025.