Spartan Resources Limited (Spartan or Company) (ASX: SPR) is pleased to advise that it has executed binding purchase agreements to acquire the remaining 20% interest in a portfolio of exploration tenements at its Dalgaranga Gold Project in WA that it does not already own.
Spartan is party to two unincorporated joint ventures at Dalgaranga covering exploration tenements E59/1904, E59/1906, E21/195 and E59/1709 under which it holds an 80% interest and private parties hold the remaining 20% interest. Under the terms of the binding agreements, Spartan will acquire the remaining 20% interest in each tenement from the respective private holders and the two joint ventures will be disbanded.
The aggregate cash consideration to be paid is $2.5 million and completion of the purchase is expected in the coming days. The consideration is being funded from Spartan’s current substantial cash balance.
Spartan Executive Chairman, Simon Lawson, said: “We are pleased to be able to consolidate the tenure immediately adjacent to our flagship Dalgaranga Gold Project. Moving to 100% ownership provides us with operational flexibility as we progress forward with making a re-start decision at Dalgaranga underpinned by the high-grade Never Never and Pepper underground deposits. A number of prospects on these tenements have been identified as being prospective for mineralisation similar to Never Never and Pepper and will be the subject of future exploration programmes.
“Outright ownership of the Dalgaranga exploration tenements assists in simplifying aspects of our business model as we continue to progress the steps required to implement the transaction with Ramelius that we announced on 17 March 2025.”
