Chart, page-272

yes, they only seem to model NN production, so a lot of upside is implicit from other zones.

Here is the summary;

With the share price for Spartan tracing back, we see a compelling entry point for those wishing to accumulate their position in what we see as one of the highest grade and arguably one of the lowest cost gold assets in Western Australia.

We model a 120- 160kozpa run rate by FY 27 and assume minimal capex to get into full production.We are entering a catalyst rich period for the company with the following on the radar;

Drill results: Across all the lodes, and excitingly, the new discovery, Pepper. We canexpect to see results in the next couple of weeks.

Underground development: Contractor to be secured, however no start date announced as yet. We expect with Craig Jones (COO) this process will be fast- tracked, and assume underground mining will commence in H1 of FY25. With labour tightness and commodity price suppression in Nickel and Lithium, the company is likely to get favourable terms to what they would have received even 3 months ago.

Mineral Resource Estimate: Expected mid-year. We only model recovery of 973koz in our DCF (current JORC resource at Dalgaranga of 1.7Moz @ 2.5g/t) and as such the upside to our modelled numbers is clear.Our exploration value assumes conservatively, 300koz is added to the current Never Never resource base. This puts the company 'on track' for delivery of the 1.6- 1.9Moz exploration target in time.

We use the average EV:Resource for BGL, DEG and GMD which is currently $477/oz (this number doubles when we look at the the average EV:reserve for these companies which is currently $893/oz).

Mine Studies: Ongoing in the background, led by newly appointed COO Craig Jones and designs by ex-Northern Star mine planning superintendent, Alex De Rossi. We can expect the mine design to be to a tier-1 standard. From what we can see, the design released by the company is set-up for an eventual production outcome.

Spartan is in evolution from an explorer, to a developer - with exploration accelerating from underground as part of the process. We believe the Lassonde curve could be skipped (particularly as the mill and all supporting infrastructure is already in place)…