• Vision to be a +500koz/pa producer by FY30
• Combination creates a leading Australian gold producer with exceptional growth potential
• Accelerated development and cash flow generation from Spartan's high-grade underground assets

Ramelius Resources Limited (ASX: RMS) and Spartan Resources Limited (ASX: SPR) have entered into a binding Transaction Implementation Deed under which Ramelius will acquire all of the issued ordinary shares of Spartan that it does not already own. The consideration will be A$0.25 in cash and 0.6957 new Ramelius shares for each Spartan share, implying a value of A$1.78 per Spartan share and a fully-diluted equity value for Spartan of ~A$2.4 billion. The combination will create a leading Australian gold producer with a supercharged growth profile and exceptional exploration upside. The combined group will have a Mineral Resource estimate of 12.1Moz Au and Ore Reserve of 2.6Moz Au, with a vision to increase production to +500koz by FY30. The transaction is expected to accelerate the development and cash flow generation from Spartan's high-grade underground assets, while also benefiting from Ramelius' operational expertise and strong balance sheet. The Spartan Board has unanimously recommended that Spartan shareholders support the transaction, and several major Spartan shareholders have provided intention statements to vote in favor of the scheme.

The combined group is targeting +500koz/pa production by FY30.

The transformational combination of Ramelius and Spartan is expected to create a leading Australian gold producer with a supercharged growth profile and exceptional exploration upside. The combined group will benefit from accelerated development and cash flow generation from Spartan's high-grade underground assets, as well as Ramelius' operational expertise and strong balance sheet.