Spartan Resources Secures AU$25 million Investment

In a strategic move to propel its Dalgaranga Gold Project, Spartan Resources Limited (ASX: SPR) has successfully secured firm commitments from prominent domestic and international resource investors, raising AU$25 million through a targeted institutional placement. The placement, priced at AU$0.40 per share, marks a premium of approximately 3% to the last close on November 15, 2023. The funds, combined with existing reserves, will fuel an expanded exploration campaign at Dalgaranga in 2024. Key focuses include drilling out Never Never Deeps, exploring new high-grade discoveries, and conducting a Feasibility Study for a fully integrated restart. Spartan's Managing Director, Simon Lawson, expressed satisfaction with the robust support, emphasizing the commitment to thorough exploration and resource drilling efforts.

Placement Overview:

• Spartan secured AU$25 million from institutional investors, issuing approximately 62.5 million new shares at AU$0.40 per share.
• The placement represents around 7% of Spartan's existing shares and was conducted at a 3% premium to the last closing price.
• New shares will rank equally with existing shares and are expected to be issued on November 24, 2023.

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