Ramelius Resources → Spartan Resources
completedRamelius Resources agreed to acquire fellow gold miner Spartan Resources in a cash-and-scrip deal, creating what was described as the third-largest ASX gold producer; new Ramelius shares began trading on 1 August 2025.
Ramelius wanted to match Spartan's excess processing capacity and high-grade Never Never deposit with its own larger resource base and operating team, targeting 500,000 ounces of annual gold production by 2029-30.
Spartan shareholders received A$0.25 cash plus 0.6957 new Ramelius shares per share held, an 11.3% premium, backed by a supportive independent expert report.
Spartan Resources shares rose sharply on the announcement, per contemporary coverage.
Framed as creating the third-largest ASX-listed gold producer behind Northern Star and Evolution Mining, at a time of record gold prices.
Deal mechanics
Barrenjoey (financial adviser) and Allion Legal (legal adviser) to Ramelius
Sternship Advisers (financial adviser) and Herbert Smith Freehills (legal adviser) to Spartan
Cash-and-scrip scheme: A$0.25 cash plus 0.6957 new Ramelius shares per Spartan share
Not publicly disclosed
Court-approved scheme, backed by a supportive independent expert report
Ramelius's own cash and newly issued shares