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    Ramelius Announces Takeover of Spartan for AU$2.4 Billion

    Gabrielle De La Cruz
    Mar. 18, 2025 09:25AM PST

    Ramelius Resources announced plans to acquire Spartan Resources in a AU$2.4 billion deal that it says will create a leading mid-tier ASX-listed gold producer with growth potential.

    "M&A" written on stacked wooden blocks.
    Maks_Lab / Adobe Stock

    Ramelius Resources (ASX:RMS,OTC Pink:RMLRF) is set to take over Spartan Resources (ASX:SPN,OTC Pink:GYYSF) in a "transformational" deal, the companies said in a joint announcement on Monday (March 17).

    Under a binding transaction implementation deed, Ramelius will acquire the remaining issued Spartan ordinary shares it does already not own. Ramelius currently holds a 19.9 percent stake in Spartan.

    It participated in a capital raising by Spartan in December 2024, raising its stake from 18.3 percent to 19.9 percent.


    Ramelius will pay Spartan AU$0.25 in cash and 0.6957 new Ramelius shares per Spartan share, which implies a value of AU$1.78 per Spartan share and a fully diluted equity value for Spartan of AU$2.4 billion.

    “The combined group will be positioned as a leading mid-tier ASX-listed gold producer with an enviable and robust growth pipeline including a significantly de-risked development pathway for Dalgaranga underpinned by Ramelius’ robust balance sheet, strong cash generation and development expertise,” said Spartan Executive Chair Simon Lawson.

    Dalgaranga is located 475 kilometres northeast of Perth and approximately 65 kilometres northwest of Mount Magnet in Western Australia. The site was commissioned in 2018, but then put on care and maintenance in November 2022 after Spartan decided to pursue a different strategy geared at finding and delineating high-grade resources.

    The Department of Energy, Mines, Industry Regulation and Safety, as well as the Department of Water and Environment Regulation, approved the mining and processing of underground ores at the project last November.

    Speaking about the deal, Ramelius Managing Director Mark Zeptner said Ramelius' Mount Magnet production hub will be "supercharged" by the integration of Dalgaranga, outlining a path to annual output of 500,000 ounces.

    "The combination will see Mt Magnet deliver higher ounces, at higher grade, with higher margins," he said. "With the Spartan Effect, Ramelius has a vision for the Combined Group to be a +500koz/pa producer in FY30."

    Ramelius acquired Mount Magnet in 2010 from Harmony Gold Mining Company (NYSE:HMY), and restarted operations in late 2011. It is located 500 kilometres northeast of Perth, in close proximity to Dalgaranga.

    Both Ramelius and Spartan were nominated for the 2025 Craig Oliver Award, with Ramelius bringing home the award.

    Spartan expects to hold a shareholder meeting for deal approval in mid-July. If shareholders and the court approve the combination with Ramelius, the scheme will be implemented between late July and early August.

    Shares of Ramelius reached a peak of AU$2.22 on Monday following the takeover announcement.

    Don’t forget to follow us @INN_Australia for real-time news updates!

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

    From Your Site Articles
    • 5 Best-performing ASX Gold Stocks of 2024 ›
    • ASX Gold Stocks: 5 Biggest Companies in 2024 ›
    • Ramelius Makes Strategic Investment in Spartan Resources ›
    • Spartan Resources Gets Green Light for Underground Mining at Dalgaranga Gold Project ›
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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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    Gabrielle De La Cruz
    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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