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High-Grade Focus Delivers 2.48MOZ @ 4.79g/T – 47% Increase in Ounces and 91% in Grade

July 23, 2024

Spartan Resources Limited (“Spartan” or the “Company”) (ASX: Spartan) is pleased to announce the Updated Mineral Resource Estimate (“MRE”) for its 100%-owned Dalgaranga Gold Project “DGP”, located in the Murchison region of Western Australia.

HIGHLIGHTSUpdated Mineral Resource Estimate (“MRE”) completed for the Dalgaranga Gold Project, located on granted Mining Leases and within 2km of the 2.5Mtpa processing plant:16.1Mt @ 4.79g/t gold for 2,482,200 ounces, comprising:5.72Mt @ 8.07g/t gold for 1,485,200 ounces – Never Never Gold Deposit1.78Mt @ 7.66g/t gold for 438,100 ounces – Pepper Gold Deposit8.63Mt @ 2.01g/t gold for 558,900 ounces – “Other” Underground MREResource Classification breakdown for the updated Dalgaranga Gold Project MRE:8.70Mt @ 4.98g/t gold for 1,392,800 ounces (56%) classified as Indicated;7.44Mt @ 4.56g/t gold for 1,089,400 ounces (44%) classified as Inferred.Resource Classification breakdown for the Underground Never Never Gold Deposit MRE:3.88Mt @ 8.74g/t gold for 1,091,200 ounces (76%) classified as Indicated;1.08Mt @ 9.95g/t gold for 346,200 ounces (24%) classified as Inferred.Maiden Mineral Resource Estimate for the Underground Pepper Gold Deposit:1.78Mt @ 7.66g/t gold for 438,100 ounces (100%) classified as Inferred.Combined high-grade underground MRE for the Never Never and Pepper Gold Deposits:6.75Mt @ 8.65g/t gold for 1,875,600 ounces (58%) classified as Indicated.The ounces per vertical metre (“ozpvm”) for the updated high-grade underground MRE has increased 24% to 2,284ozpvm, from 1,690ozpvm. Between 450mbsl and 650mbsl, through both Never Never and Pepper, the ozpvm averages 3,796ozpm.A focus on delineating higher grade underground Mineral Resources for the Four Pillars and West Winds gold prospects, as well as the nearby Sly Fox and Plymouth gold deposits has underpinned the “Other” Underground MRE of:8.63Mt @ 2.01g/t gold for 558,900 ounces:Updated Spartan Group Mineral Resources for the Dalgaranga and Yalgoo (“Murchison”) and Glenburgh and Egerton (“Gascoyne”) Projects now stand at:39.15Mt @ 2.62g/t gold for 3,302,000 ounces (61% or 2.01Moz Indicated)

This latest MRE update is a pivot towards Dalgaranga as an emerging high-grade underground gold mining operation, and comprises Never Never, Pepper, Four Pillar, West Winds, Applewood, Plymouth and Sly Fox deposits. MRE details are shown in Tables 1 to 4:

Table 1. Dalgaranga Gold Project Combined Resources at 30 June 2024*

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