Meanwhile The West is mostly about the seller, with an addendum...

Meanwhile The West is mostly about  the seller, with an addendum speculating its’ industry sources think Red 5 is thus morning’s big  buyer …

https://thewest.com.au/business/min...wn-amid-spending-spree-speculation-c-15137473
Spartan Resources and Red 5 chiefs Simon Lawson and Luke Tonkin sell down amid spending spree speculation

Adrian RausoThe West Australian
Tue, 25 June 2024 12:37PM



Spartan Resources boss Simon Lawson at the Dalgaranga project. Credit: Trevor Collens

The leaders of red hot Spartan Resources and a recently enlarged Red 5 have raked in millions from share sales, while Red 5 emerges as a dark horse behind a raid on Spartan’s stock.

Spartan chief executive Simon Lawson sold 3.45 million shares last week and netted $2.8m in the process “to meet personal tax obligations”, according to ASX disclosures tabled by the company on Monday afternoon.
Mr Lawson retains about 11.7 million Spartan shares.

Meanwhile, Mr Lawson’s gold miner head honcho counterpart — Red 5 chief executive Luke Tonkin — offloaded 5.4m of his 11.7m shares to reap $2.25m.

The sale occurred on Thursday last week, just one day after Silver Lake’s $2.7 billion acquisition by Red 5 formally came into effect.
The sell down was announced after market close on Monday and shares in Red 5 had slumped 8.5 per cent in morning trade on Tuesday.

But Spartan’s share price is continuing its steep growth trajectory, adding another 10 per cent on Tuesday morning, taking its total gains over the past year to 430 per cent.

Street Talk on Monday reported that an existing Spartan shareholder is snapping up shares to take their holding to at least 10 per cent.
It pointed to the deals-hungry Ramelius Resources as the likely purchaser of the strategic stake.

But industry sources have told The West Australian that it might be Red 5 who is the acquirer.

Spartan’s shuttered Dalgaranga operation is located in the Murchinson region of WA, splitting a gap between Ramelius’ Cue and Red 5’s Deflector projects.
Mr Tonkin, formerly the boss of Silver Lake, also has form taking strategic stakes in other producers. Silver Lake grabbed 11 per cent of Red 5 in September last year.