Spartan Resources (ASX:SPR) has finalized agreements to acquire the remaining 20% interest in the Dalgaranga Gold Project tenements in Western Australia for $2.5 million. This move consolidates Spartan’s ownership to 100%, eliminating the existing joint venture structure. According to Executive Chairman Simon Lawson, full ownership provides greater operational flexibility as Spartan progresses toward a restart decision at Dalgaranga and integrates with Ramelius Resources (ASX:RMS). The tenements are believed to have significant exploration potential, similar to the Never Never and Pepper prospects.
The acquisition simplifies Spartan’s business model as it moves toward the Ramelius Resources transaction announced earlier this year. Ramelius is set to acquire all outstanding Spartan shares at $0.25 cash and 0.6957 Ramelius shares per Spartan share, valuing Spartan at $1.87 per share, or $2.4 billion fully diluted. The Dalgaranga Project, located 475km northeast of Perth, includes a gold mining operation currently under care and maintenance. The mine previously produced 71,153 ounces of gold in FY22 before being placed on hold in November 2022. The acquisition and subsequent merger aim to create a mid-tier gold producer.
