Spartan Resources (SPR) RRS Summer Series Melbourne summary

Key announcements and achievements

• Announced a AUD 220 million capital raise via institutional placement at $1.32 per share, a 7% discount to last close, to fund underground mine development, infrastructure, and exploration at Dalgaranga.

• Share price rose from AUD 0.01 to AUD 1.42, reflecting significant value creation.

• Resource base increased to 2.87Moz @ 5.61g/t at Dalgaranga, with Never Never and Pepper deposits contributing 2.4Moz @ 8.7g/t.

• Discovery cost maintained at approximately AUD 16.50 per ounce.

• Delivered over 400% increase in ounces and 430% in grade since leadership change.

Exploration and resource development

• Major discoveries include Never Never, Pepper, and Freak, with Pepper eclipsing Never Never in grade and thickness.

• Newest prospect, Freak, is being aggressively drilled with three rigs on site.

• Strike length of high-grade system now exceeds 750m, among the most consistent in Australia.

• Over 50 stopes identified with more than 10,000 ounces each, highlighting significant gold potential.

• System remains open at depth and along strike, with ongoing drilling to expand resources and support further growth.

Operational strategy and infrastructure

• Transitioning from open pit to underground mining to access high-grade ore.

• Over 600m of underground development completed, targeting a 2,350m plan, with 11,000m of underground development planned for CY25/26.

• All work is on schedule and on budget, with robust ground conditions.

• Infrastructure upgrades include mill modifications, paste plant installation, and operational readiness works to support a restart in CY25/26.

• Focus remains on maximizing profit margin by processing high-grade material.