Quarterly Activities Report for the Period Ended 31 December 2023

Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to present its Quarterly Activities and Cash Flow Report.

Exploration / Growth

• Updated Mineral Resource Estimate (MRE) completed for the Dalgaranga Gold Project (Dalgaranga) in WA:
  • 21.15Mt @ 2.49g/t gold for 1,692,600 ounces, comprising:
    • 5.16Mt @ 5.74g/t gold for 952,900 ounces – Never Never Gold Deposit
    • 15.99Mt @ 1.45g/t gold for 739,800 ounces – Gilbey’s Complex
• Updated MRE delivered a 43% increase in Dalgaranga Resource ounces,13% uplift in grade and 27% more tonnes, all within 2km of the existing Dalgaranga processing plant.
• Updated Spartan Group Mineral Resources now stand at:
  • 44.16Mt @ 1.8g/t gold for 2,512,400 ounces
• More high-grade assays received from recent drilling at the Never Never Gold Deposit, including:
  • 40.0m @ 7.03g/t gold from 160.00m incl. 14.3m @ 10.57g/t (DGDH037)
• Outstanding assays from the Four Pillars and West Winds gold prospects, including:
  • 61.0m @ 2.13g/t gold from 85.0m incl. 22.0m @ 4.69g/t (DGRC1352) – West Winds
  • 11.0m @ 2.44g/t gold from 162.0m (DGRC1334) – Four Pillars
• First RC hole at the new “Patient Wolf” geophysical target, immediately north of Never Never, returned assays including 10.0m @ 19.84g/t gold from 96.0m, incl. 4.0m @ 40.15g/t (DGRC1295)
• Drilling at the Arc gold prospect, 1,000m north of Never Never, returned 4.0m @ 8.33g/t gold from 106m, incl. 1.0m @ 30.66g/t (DGRC1245)
• High-grade assays returned from drilling at Spartan’s non-core northern assets, the Glenburgh and Egerton Gold Projects.

Care and Maintenance (Dalgaranga)

Mining and processing operations remained on care and maintenance, with scheduling of ongoing care and maintenance activities underway to maintain the process plant and associated site infrastructure in a state for a rapid restart.

Corporate

• $25 million Institutional Share Placement completed to underpin an expanded exploration campaign at Dalgaranga in 2024, with strong support from high-quality institutions.
• Unmarketable Parcel Share Sale Facility established, enabling shareholders who hold less than A$500 worth of fully paid ordinary shares in the Company to sell their shares without incurring brokerage or handling costs.
• Total cash and listed company investments at 31 December 2023 of $40.1M.

“The December Quarter was another successful period for Spartan, with Dalgaranga continuing to go from strength to strength as we delivered on our mantra of finding and drilling out high-grade ounces in front of established high-quality infrastructure.

“This quarter also marked the culmination of what has been a truly remarkable year for the Company, which saw Spartan’s transformation from a $50 million recapitalisation at the start of the year into a $440 million gold company at the end 2023 with an exceptional high-grade asset base, a strong balance sheet and a very exciting future as one of the fastest-growing gold stocks on the ASX.

“In December, we delivered another key update to the Mineral Resource Estimate (MRE) at Dalgaranga, with our high-grade Never Never discovery reaching 952,900 ounces of contained gold and the overall Dalgaranga resource now standing at just under 1.7 million ounces.

“Importantly, as we continue to grow tonnes at Never Never, the grade also remains exceptionally robust – at 5.74g/t gold – with drilling continuing to deliver outstanding high grades in new locations within the orebody. The deepest assay from Never Never to date returned 12.19m grading 4.16g/t gold from 516.6m down-hole, including 2.00m grading 15.96g/t.

“In addition, our goal to unlock additional higher-grade ore sources has seen our geology team apply the lessons learned at Never Never to new areas within the former Gilbey’s open pit, reaffirming the exciting potential of the West Winds and Four Pillars targets on the western side of the pit.

“A reassessment of these structurally-associated gold shoots underpinned a significant increase in the MRE within the Gilbey’s Complex, with the current Gilbey’s MRE grade of 1.45g/t gold representing a more than 50% increase over the average grades we were mining from the Gilbey’s pit before mining and processing operations ceased in November 2022.

“We have also seen some very encouraging results from new prospects that surround Never Never, with high-grade assays from the Patient Wolf and Arc prospects, both of which lie in close proximity to the processing plant.

“Further afield, we have seen very positive results from our non-core Gascoyne Regional Project, which comprises the Glenburgh and Egerton gold projects in the Gascoyne region of WA. While our core focus firmly remains on the delineation of high-grade gold at Dalgaranga, it’s very pleasing to also see positive results from elsewhere within our asset portfolio.

“Our ongoing exploration and resource development programs are well supported following the completion of a successful $25 million institutional share placement in November 2023. This raising has provided the Company with a robust cash balance of $39.2 million as at 31 December 2023, ensuring we are well funded to maintain our aggressive exploration campaign at Dalgaranga in the year ahead.

“We were also pleased to launch an Unmarketable Parcel Share Sale Facility late in the reporting period, providing shareholders who hold less than $500 worth of shares with the opportunity to sell their shareholding without incurring brokerage costs.

“With a strong balance sheet, active exploration programs planned for 2024 and a clear vision for growth, Spartan is poised for an incredibly exciting year ahead.”

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