$80 Million Equity Raise Investor Presentation – April 2024

Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to present its investor presentation.

Investment Highlights

Rapid Resource Growth & Step-Out Exploration Success

• Growth of Never Never Mineral Resource to 953koz @ 5.7g/t¹ – drill campaign funded for 2024/2025 and updated Mineral Resource Estimate expected to be released in mid-2024
• Never Never Exploration Target of 8.1 – 9.9 million tonnes at a grade of between 5.8 – 6.7g/t for 1.6 – 1.9Moz (inclusive of December 2023 MRE)²
• Multiple high-grade, wide intercepts in the past 18 months, including 59.0m @ 12.5g/t, 12.6m @ 34.5g/t and 54.0m @ 6.55g/t³
• One of the highest-grade deposits and most exciting recent discoveries in Australia

High-Impact Regional Targets

• Exploration success at Pepper including 17.5m @ 15.9g/t⁴ validates Spartan’s exploration thesis at the Dalgaranga Gold Project (Dalgaranga)
• Pepper sits parallel to Never Never and displays the same Never Never style mineralisation characteristics
• Multiple additional high-grade targets extending from the Gilbey’s Pit, including Four Pillars, West Winds and Sly Fox – lookalike mineralisation to Never Never
• Positive intercepts from recent drilling, including 17.5m @ 15.9g/t4 (Pepper), 20m @ 3.49g/t4 (West Winds) and 15m @ 6.06g/t4 (Four Pillars)

Infrastructure & Proximity

• < 6-year-old processing plant located less than 2.5km from Never Never and Gilbey’s deposits
• Installed infrastructure substantially reduces timeline and expenditure to restart operations
• Spartan currently investigating multiple strategies on potential development approach, including optimizing mill throughput to match sustainable mining schedules

Well Positioned to Execute Strategy

• Strong balance sheet strength with pro-forma cash of $110m⁵ and nil-debt on completion of the Offer
• Focused team with proven experience in exploration and resource development
• Spartan focused on exploration with proposed underground exploration decline to take Spartan within 50 to 100 metres of the Never Never orebody
• Importantly, this investment in the underground exploration decline will offset any future restart capex and reduce lead time to production

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