Spartan Resources (ASX:SPR) has executed binding purchase agreements to acquire the remaining 20% interest in a portfolio of tenements at the Dalgaranga Gold Project in Western Australia.
The project is currently subject to two unincorporated joint ventures, under which Spartan holds 80% interest and private parties hold the remaining 20%.
Under the terms of the binding agreements, Spartan will acquire the remaining 20% interest in all four tenements from the private holders and the two joint ventures will be disbanded.
Spartan, which has a market capitalisation of $2.33 billion, will pay $2.5 million in cash, which is expected to be completed in the coming days.
Executive Chairman Simon Lawson says moving to full ownership provides the company with operational flexibility as it progresses forward with making a restart decision at Dalgaranga.
“A number of prospects on these tenements have been identified as being prospective for mineralisation similar to Never Never and Pepper and will be the subject of future exploration programs,” Lawson says.
“Outright ownership of the Dalgaranga exploration tenements assists in simplifying aspects of our business model as we continue to progress the steps required to implement the transaction with Ramelius Resources (ASX:RMS) that we announced on 17 March 2025.”
As Mining.com.au previously reported, Ramelius entered into a binding transaction implementation deed to acquire all of Spartan’s shares that it does not already own.
Under the takeover offer, the consideration of $0.25 in cash and 0.6957 new Ramelius shares for each Spartan share implies a value of $1.87 per Spartan share and a fully-diluted equity value of $2.4 billion.
The Dalgaranga Project, located 475km northeast of Perth and 65km northwest of Mt Magnet in Western Australia, includes a fully developed gold mining operation that is currently on care and maintenance.
The mine produced 71,153 ounces of gold during FY22 before being placed on care and maintenance in November 2022.
Write to Aaliyah Rogan at Mining.com.au
Images: Spartan Resources
