Ann: RMS: Ramelius makes strategic investment in Spartan Resourc., page-63

Hi Albatrosss,
RMS past corporate activity is as follows:

2018 - T/O of Explaurum (EXP)



2020 - T/O of Spectrum (SPX)



2021 - T/O of Apollo (AOP)



2023 - T/O Breaker (BRB)


2023 - T/O Musgrave (MGV)



Basically, a 30% premium is a minimum going from their historical actions, with... the upside being as high 92%.
Each deal saw varying moves in the target companies shares prices before RMS announced their offers.

I am sure I looked at a few graphs showing some of the average premiums paid in W.A gold stocks, but.... of course these are all skewed towards producers buying stranded assets, so they can justify paying a lot more for soon to be produced ounces, which... makes for some interesting discussion when you compare what RMS paid for Penny (SPX) (i.e close to $1000 AUD per reserve ounce), and then ponder SPRs ounces (ignoring the plant and synergies).

In any case, no offer has been made, nor would I or many others (just speculating on that part) would accept it, as right now, SPR has huge upside, arguably even more so that RMS cash pile (which is growing), yet.... I am not blind to the clear logic of a tie up, though yes, it' could be very bittersweet if SLs pondering about Dalgaranga potentially holding just as much gold as Mt Magnet (5m+ ounces). Though... better to still be holding shares in the company that mines it, than... not all all

Good luck to all holders (hopefully I did not miss any T/Os by RMS!).