I'm in Undies camp that Spartan made a strategic mistake in not expediting the restart of their mill (though I reckon that was by design by the Spartan board). I think I heard Simon Lawson say recently that it will be 18-24 months from formal decision to first production at the mill. Were the Ramelius deal to be rejected that leaves a shitload of high grade ore laying around not getting monetised during boom conditions. Ramelius is the best placed to work around that by hauling the Dalgaranga ore up to the Checkers mill. Maybe Westgold is a chance, sending ore to one of their mills (though Ramelius has the poison pill of already holding 19.9% of Spartan). But for everyone else it is a matter of waiting for the Dalgaranga mill to be started up again: a hard ask when all the grasshoppers are turning into locusts.
Also I suggest it is quite a persuasive argument to Spartan holders that by agreeing to the Ramelius deal they end up owning 40% of Dalgaranga ore and mill plus a torrent of cash flows starting from the moment they agree to the deal. It's not a done deal until Spartan shareholders have their cash and RMS scrip but it continues to make most sense in my opinion.
SPR Price at posting:
$2.25 Sentiment: Hold Disclosure: Held
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