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Spartan Resources Ltd (SPR) $1.95

SPR is one of many gold companies whose market cap has increased along with the underlying gold price. In the case of SPR, this has taken the $2.5bn gold miner into the ASX200. Spartan Resources (SPR) owns the high-grade ~2.5 million ounce Dalgaranga project, but it’s still unprofitable as it focuses on advancing the project. The junior gold company sparked M&A speculation last year with the arrival of Ramelius (RMS) on SPR’s share register. This came to fruition in March of this year:

  • The RMS bid offered 25c cash plus 0.6957 new RMS shares. Hence, the SPR price now moves with the underlying RMS share price.
  • The proposed acquisition has received backing from Spartan’s board and its three largest shareholders—Tembo Capital, 1832 Asset Management, and Fourth Sail Capital—who collectively hold approximately almost 19% of Spartan’s shares

The takeover of Spartan Resources (SPR) by Ramelius Resources (RMS) is progressing and is expected to be completed between late July and early August 2025. SPR looks set to leave the ASX200 shortly after entering!

  • We like the risk/reward of SPR as it heads towards the $1.80 area, but it’s a proxy for buying into RMS.
SPR
MM is bullish SPR inline with the RMS share price
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Spartan Resources Ltd (SPR)
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