Ramelius Resources has officially completed its acquisition of Spartan Resources, bringing the Dalgaranga gold project in Western Australia under its portfolio of assets.
Every Spartan share has been transferred to Ramelius, and eligible scheme shareholders have been issued the 0.6957 new Ramelius shares and $0.25 per Spartan share held as of July 24 5pm AWST.
The new Ramelius shares are expected to commence trading on the ASX on August 1, with Spartan’s ASX delisting to take effect on the same day at close of trading.
Spartan executive chairman Simon Lawson has been appointed as Ramelius’ non-executive director and deputy chair, and Spartan non-executive director Deanna Carpenter has joined Ramelius as a non-executive director.
Lawson and Carpenter will retain their positions as Spartan directors until Spartan’s 2024–25 financial year annual report has been finalised.
“On behalf of everyone at Ramelius, I welcome Spartan’s team and its shareholders to our company,” Ramelius managing director Mark Zeptner said.
“We strongly believe that this will be a transformational combination bringing together a highly regarded producer with a successful explorer, as we embark towards our newly founded vision of being a 500,000-ounce producer within five years.”
Joining Ramelius’ Mt Magnet hub in WA is the Dalgaranga gold project, which comprises a fully developed gold mining operation, a carbon-in-leach processing facility, a camp and airstrip, and an extensive landholding with potential for new gold discoveries.
By acquiring Spartan, Ramelius’ portfolio of gold mines and projects is expected to hold a combined group mineral resource estimate of 12.1 million ounces (Moz) and an ore reserve of 2.6Moz.
The transaction also highlights geographical synergies between both companies. Dalgaranga is located 65km north-west of Mt Magnet, the mining town in which Ramelius owns and operates a gold production hub.
To aid Mt Magnet in sustaining a long production life, Ramelius recently updated its mine plan for the operation, which will see 1.5Moz produced in the next 10.5 years.
Bringing Dalgaranga under Ramelius’ fold is expected to only further enhance the quality, scale and grade of the existing Mt Magnet operation.
“The Ramelius team looks forward to completing the integration of the Dalgaranga asset into our portfolio, building on the collaboration that Spartan has been open to during the scheme process,” Zeptner said.