Ann: Pepper Resource Soars 99% to 873koz at 10.3g/t Gold, page-5

Management Comment

Spartan Interim Executive Chair, Simon Lawson, said: “This is an exceptional result which once again
reflects the extraordinary efforts of the Spartan team. In the space of less than six months since we
posted our maiden Inferred Resource for Pepper of 438,100oz at 7.66g/t, the drilling success we have
achieved has translated into a phenomenal 99% increase in ounces and 35% in grade!
“The new high-grade Pepper MRE of 2.64Mt grading 10.31g/t Au for 873,400oz is a truly remarkable
result, particularly considering that 88% or 767,200oz is now classified at the higher confidence Indicated
level at a spectacular grade of 12.18g/t. This provides unequivocal evidence of the exceptional
endowment of this spectacular high-grade gold system.

“The updated Pepper MRE is the key driver of the December 2024 resource update, which takes the
combined high-grade underground MRE for the neighbouring Never Never and Pepper Gold Deposits to
2.3Moz at a phenomenal average grade of 9.3g/t. Of this, 80% or 1.86Moz at a grade of 9.81g/t, is in the
Indicated category and available for conversion to Ore Reserves.

“These Indicated ounces will now underpin our mine scheduling work and feasibility studies, which are
well progressed. In this regard, it’s important to highlight the incredible endowment of the two
underground deposits, with the ounces per vertical metre for the updated high-grade underground MRE
increasing by 20% to 2,735ozpvm. As we go deeper into the deposits, by combining Never Never and
Pepper, this figure soars to 4,502ozpvm.

“This would see the Never Never/Pepper deposits compare favourably with some of the richest and
highest-grade underground deposits globally and gives us great confidence that we have a very robust
underground mining proposition on our hands with multiple mining fronts and a diversity of ore sources.