Highlights
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said:
“This is a landmark capital raising for Spartan which puts the Company in an exceptional position to deliver on the huge potential of the Never Never discovery and our other recent exploration successes at Dalgaranga.
“The proceeds will allow us to establish an underground exploration decline that will take underground development to within 50 to 100 metres of the Never Never orebody. This will allow us to cost effectively drill-out Never Never, the new Pepper discovery and Four Pillars to a very high level of definition, while also testing other ‘look-alike’ targets in the vicinity.
“Importantly, the underground exploration decline is also likely to provide for an accelerated pathway to re-commence mining at the time of a Final Investment Decision to re-start production. The Spartan team is committed to ensuring a thorough and diligent approach is taken to the delineation of the high-grade orebodies at Dalgaranga. The proceeds of this capital raise will ensure we have the balance sheet strength to progress our robust and thorough re-start plan, and the financial flexibility to commence early works in advance of the re-start decision.”
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