Completion of Retail Entitlement Offer as Part of A$80M Equity Raising

Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to announce that the Company has completed the retail component (Retail Entitlement Offer) of its 1-for-17 fully underwritten pro rata accelerated non-renounceable entitlement offer (Entitlement Offer) of new fully paid ordinary shares in Spartan (New Shares) as announced on Thursday, 18 April 2024.

The Retail Entitlement Offer closed at 7.00pm (Sydney time) on Friday, 10 May 2024 to raise a total of approximately A$11m at the offer price of A$0.58 per New Share. The Retail Entitlement Offer follows the completion of the institutional component of the Entitlement Offer and placement (Placement) which raised A$69m. In total the Placement and Entitlement Offer (together the Equity Raising) raised approximately A$80m.

Pursuant to the Retail Entitlement Offer, the Company received applications for approximately 7.4 million shares for A$4 million. The shortfall under the Retail Entitlement Offer is 12.0 million shares (Shortfall Shares) for A$7 million which will be issued to the underwriters of the Entitlement Offer. The total raising under the fully underwritten Entitlement Offer is approximately A$11m (before costs).

New Shares under the Retail Entitlement Offer (including the Shortfall Shares) are expected to be allotted on Friday, 17 May 2024 and commence trading on a normal settlement basis on Monday, 20 May 2024. New Shares issued under the Retail Entitlement Offer will rank equally with the Company’s existing fully paid ordinary shares.

Canaccord Genuity (Australia) Limited, Sternship Advisers Pty Ltd and Euroz Hartleys Limited are acting as Underwriters and Joint Lead Managers to the Equity Raising.

Further information on the Entitlement Offer is set out in the Investor Presentation separately lodged with ASX on Thursday, 18 April 2024 and the Retail Offer Booklet lodged with ASX on Friday, 26 April 2024.

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