Spartan Resources Ltd.

Spartan Resources Ltd. is a junior gold development company headquartered in West Perth, Australia, operating primarily in Australia. The company's portfolio consists of 2 projects, comprising 1 development and 1 advanced exploration project. Key assets include Dalgaranga. The company's business model has transitioned from a low-grade bulk mining operation to a high-grade development story focused on leveraging existing infrastructure. This infrastructure includes a fully developed processing facility, which is currently on care and maintenance but maintained for a potential restart. The operational approach centers on innovative geological interpretation and fearless execution of extensive drilling programs to target high-grade deposits in close proximity to the existing plant. A key operational characteristic is the development of an underground exploration drill drive, designed to provide improved access for targeting depth extensions of high-grade systems and to support future production activities. This integrated approach of using smart geology to make discoveries near established processing capabilities provides a significant competitive advantage, enabling rapid resource growth and a clear pathway to development. The organization's focus on technical execution and collaboration with key contracting partners facilitates safe and efficient exploration and development activities.

Strategic focus centers on delivering high-grade ounces as the foundation for a sustainable, long-term operating plan. The primary objective is to rapidly grow the scale, grade, and quality of the resource inventory through targeted exploration. Key initiatives include executing extensive surface and underground drilling campaigns focused on extending known high-grade deposits, upgrading and expanding recent discoveries, and testing new regional targets with potential for similar high-grade systems. A critical component of this strategy is the development of an underground exploration decline to provide superior drilling platforms for more effective resource definition and exploration. Concurrently, the organization is advancing technical and feasibility studies to determine the optimal restart pathway for its processing operations. Capital allocation is directed towards these high-impact exploration and development activities, funded by strongly supported equity raisings, to position the company for a final investment decision on recommencing production.

Executive leadership and board composition have evolved significantly to align with the company's growth, adding substantial corporate, commercial, and technical expertise. The board includes directors with extensive experience as mining engineers, corporate lawyers, and finance executives, with one of the 4 directors being female. The Interim Executive Chair is a geoscientist with over 18 years of experience in exploration and production, including founding roles at a major producer. A new Chief Operating Officer, an experienced mining and operations executive, was appointed to oversee the operational restart. Governance is managed through an Audit and Risk Committee and a Remuneration Committee, which utilizes independent external consultants for benchmarking executive and director remuneration against industry peers. The senior executive team is 25% female, and the overall workforce is 21% female. The leadership team fosters a culture of fearless execution and innovative thinking to advance discoveries and projects.

The corporate structure has been strengthened by a transformation of the share register, which now includes several leading Australian and international institutional investors. Ramelius Resources Limited became the largest shareholder during the year, holding an 18.3% interest. Deutsche Balaton Aktiengesellschaft is a notable former major shareholder. The group operates through several wholly-owned subsidiaries that hold its various projects and tenements. The structure also includes 2 contractual joint ventures for which the company acts as the operator and is required to sole-fund all exploration and development activities under a free-carry arrangement until a decision to mine is made or a bankable feasibility study is completed. At that point, the joint venture partners can elect to contribute or convert their interest to a net smelter return royalty. This structure allows the company to control exploration and development across its key land holdings while managing capital outlay.