• Spartan and Ramelius to create a leading Australian gold producer
• Significant new high-grade assay results from Pepper Deposit
• Maiden underground drilling campaign underway at West Winds

Spartan Resources has announced a transformational combination with Ramelius Resources to create a leading Australian gold producer with an exceptional asset base and a clear line of sight to grow production to 500,000 ounces per annum over the next few years. The transaction will provide a liquidity event for Spartan shareholders and deliver a significantly de-risked pathway to develop the Dalgaranga Project as part of a larger, stronger group. Spartan reported significant new high-grade assay results from in-fill and extensional drilling at the Pepper Deposit, including 25.76m at 23.20g/t gold and 15.42m at 19.44g/t gold. The company also commenced a maiden underground drilling campaign at the West Winds Gold Deposit, with over 5,300m of drilling completed during the quarter. Development of the Juniper Decline continues to advance on schedule, with 1,758 metres completed by the end of March 2025. Spartan is also working with Ramelius on an integrated study to determine the optimum use of processing infrastructure in the Mt Magnet area and deliver earlier cash-flow generation from high-grade ore to be mined from the Never Never and Pepper deposits.

Spartan continues to make excellent progress with the development of the Juniper Decline and the maiden underground drilling program, which is delivering exciting results. The company is also working with Ramelius to assess the optimum pathways to deliver high-grade ounces across the expanded Dalgaranga-Mt Magnet production hubs, which is expected to reveal significant value drivers for the transaction.