Dalgaranga

High-grade gold project acquired by Ramelius via the Scheme of Arrangement takeover of Spartan Resources Limited, implemented on 31 July 2025 (post FY25 balance date). Total consideration on implementation: $270.6M cash + 752.9M new RMS shares. The project sits ~65-70km from Mt Magnet and includes a 2.5Mtpa processing plant currently in care and maintenance. Key deposits are the Never Never and Pepper underground discoveries (combined 2.3Moz @ 9.32g/t) plus Gilbeys, Sly Fox, Plymouth, Archie Rose, and exploration upside at West Winds, Four Pillars and Applewood. Most gold mineralisation is associated with shears within biotite-sericite-carbonate-pyrite altered schists hosted by a volcaniclastic-shale-mafic rock package. Mt Magnet & Dalgaranga Integration Studies (results expected December 2025 Q) will evaluate combined 3.0-5.0Mtpa milling capacity. Maiden Never Never (incl. Pepper) Underground PFS targeted for December 2025 Q. FY26 spend A$15-19M planned on studies and up to 75,000m exploration drilling.