Spartan Resources (SPR) Q1 2025 TU earnings summary

Executive summary

• Dalgaranga Gold Project Mineral Resource Estimate (MRE) increased 47% to 2.48Moz at 4.79g/t, with grade nearly doubling year-over-year.

• Major resource growth driven by Never Never (1.485Moz @ 8.07g/t) and maiden Pepper deposit (0.438Moz @ 7.66g/t).

• High-grade drill results at Pepper and Never Never, including record intercepts, highlight belt-scale potential.

• Underground exploration drill drive (Juniper Decline) commenced, supporting future resource growth and production restart assessment.

• Mining and processing operations remain on care and maintenance; focus is on exploration and feasibility studies.

Financial highlights

• Cash and listed investments at 30 September 2024 totaled $84.3 million, with $22.0 million in cash and $61.0 million in call deposits.

• Net cash outflow for the quarter was $10.0 million, with over 70% spent on exploration, evaluation, and technical studies.

• No revenue from operations as Dalgaranga remains on care and maintenance.

• Administration and corporate costs for the quarter were $1.2 million, including annual insurance renewals.

• Estimated 10.8 quarters of funding available at current expenditure rates.

Outlook and guidance

• Over 95km of drilling planned for CY2025, including 25km surface and 65km underground.

• Next MRE update scheduled for end of 2024, with ongoing focus on expanding high-grade resources.

• Approval for underground mining expected in H1 2025.

• Feasibility and technical studies ongoing to support a potential production restart.