Ann: Dalgaranga Gold Project - Mineral Resource Estimate Update, page-242

Well, the last couple of weeks here have been fun - talk about a run of dopamine shots! But back to work...

I am trying to find out what the work schedules are for the Spartan team for the rest of 2024. I've had a hunt around the recent announcements but could not see a clear to do list. The best I got was this from the June quarterly (no real timelines though):

"Proceeds from the $80.0 million Capital Raising will be used for:
• The development of an underground exploration decline, which is scheduled to commence in theSeptember Quarter of CY2024;
• An extensive 65,000m drill program targeting Never Never, Pepper and the broader Gilbey’s Complexincluding “look-alike” targets (Sly Fox, Four Pillars, West Wings); and
• Site infrastructure early works, general working capital, care and maintenance, tenementcommitments and corporate and transaction costs."

A bit more detail about what appears to be the two main tasks in the short term

1. some drilling: "Given this new high-grade discovery is in such close-proximity to thedevelopment associated with any Never Never underground access scenario, Pepper is the drill team’sPriority-1 in-fill and extensional drill target right throughout the second half of 2024. We will focus onclosing in the drill spacing and testing extensions to the Pepper Gold Deposit from surface right up to theunderground exploration drill drive giving us an underground drill platform to continue this work."page 4 MRE announcement of 23 July

2. the drill drive: "All regulatory mining approvals are now in place and all major support services have been engaged tofacilitate the commencement of construction and development in the September quarter." page 8 June quarterly report of 22 July.

My own view is that the third major task for the coming period will be Simon Lawson, David Coyne and Deanna Carpenter jousting / duelling / dancing / fighting / cajoling with Ramelius. The boss of Ramelius, Mark Zeptner, said in his recent quarterly conference call that for Ramelius Spartan was a "nice to have not a need to have" ... what piffle! A 10 year +150kozpa high grade high margin mining operation would be a mainstay asset for a mid-tier operator like Ramelius. Also, for the Zep to claim that developing Rebecca / Roe is a plausible alternative to Dalgaranga is laughable. Here's a question: were Ramelius to acquire Spartan which would Ramelius be better off developing first, Rebecca / Roe or Spartan's Gascoyne assets at Glenburgh and Mt Egerton?