Spartan Resources (SPR) Q4 2024 TU earnings summary

Executive summary

• Major high-grade gold intercepts at Never Never and new Pepper Prospect, including deepest project assay to date at Dalgaranga.

• Maiden Mineral Resource Estimates (MREs) for Pepper, Four Pillars, and West Winds due for imminent release; updated MREs for Never Never and Sly Fox pending.

• $80 million capital raising completed to fund exploration, development, and site infrastructure.

• Dalgaranga operations remain on care and maintenance; focus on exploration and technical studies for restart.

Financial highlights

• Cash and listed investments at 30 June 2024: $93.8 million, with $93.0 million in cash.

• Net cash inflow for the quarter of $63.2 million, driven by capital raising.

• Quarterly exploration and evaluation spend: $8.0 million; technical/feasibility studies: $0.8 million.

• Administration and corporate payments: $0.6 million for the quarter.

Outlook and guidance

• Underground exploration drill drive at Dalgaranga awarded to Barminco, with construction to commence in Q3 2024.

• Imminent release of updated and maiden MREs for key prospects.

• 65,000m drill program planned, targeting Never Never, Pepper, and broader Gilbey's Complex.

• Sufficient funding for at least 8.7 quarters of operations at current outgoings.