Spartan Resources (SPR) Q3 2025 TU earnings summary

Executive summary

• Entered binding agreement with Ramelius Resources for a transformational merger, aiming to create a leading Australian gold producer with a growth profile targeting 500,000ozpa in coming years.

• Completed sale of Glenburgh and Egerton Gold Projects and re-acquired lithium rights over key projects.

• Joined the S&P/ASX 200 Index as of March 2025.

Financial highlights

• Cash and listed investments totaled $268.6 million at 31 March 2025, with $76.2 million in cash, $180 million in call deposits, and $12.4 million in listed investments.

• Net cash outflow from operating and investing activities for the quarter was $15.6 million, mainly for exploration, evaluation, and the Juniper exploration decline.

• Market capitalization reached $2.6 billion as of 24 April 2025.

Outlook and guidance

• Integrated feasibility study with Ramelius underway to optimize processing infrastructure and accelerate cash flow from high-grade ore.

• Targeting completion of Juniper Decline’s initial 2,350m scope by June 2025.

• Aspirational vision to grow combined group production to over 500,000oz per annum by FY30, subject to integration and optimization.