Not sure if you thought you'd pay an entrance fee and was hoping...

Not sure if you thought you'd pay an entrance fee and was hoping for a floorshow with dinner but I bought SPR shares for the capital gains.
Don't reckon Simon Lawson would cut it as a song and dance man but as the boss of Spartan he's been continuing to deliver the goods as far as I can see.


For what it is worth just before the merger was announced Ramelius put out an absolute dog of an announcement about how its Mt Magnet project would perform out to the next 10 years or so which gutted the RMS share price (as you can see in the chart above). It basically assumed that Ramelius would not take on new production but rather it would simply run out what it already had on its books. Clearly Ramelius was ready to pounce, if not on Spartan, then on something else but the announcement presented an underwhelming vision for the company. The merger deal was done in part on the rubbish share price numbers for RMS flowing from that announcement.

I threw in Bellevue and Vault to the chart as a balance as both are producers but both are weighed down by hedging. Hard to think of a fair comparison for Spartan as a stock with a great project but more than two years away from a revenue flow. In any case a 50% gain in 3 months on SPR shares is not too shoddy in my eyes.