Australian gold mining company Ramelius Resources has completed its acquisition of smaller peer Spartan Resources.

As part of the agreement, shareholders of Spartan will receive 0.6957 shares of Ramelius and A$0.25 in cash for each Spartan share held as of the record date on 24 July 2025.

According to the initial announcement in March of this year, the deal valued Spartan at approximately A$2.4bn.

The newly issued shares of Ramelius are set to begin trading on the Australian Securities Exchange under normal settlement conditions from 1 August 2025.

The acquisition has led to changes in the leadership teams of both companies.

Simon Lawson has been appointed as a non-executive director and deputy chairperson of Ramelius, with Deanna Carpenter also joining as a non-executive director.

Mark Zeptner and Robert Vassie have been added to the board of Spartan.

Following the transaction, several executives and board members from Spartan have resigned.

With this deal, Ramelius secures ownership of Spartan’s Dalgaranga gold project in Western Australia (WA).

In April, Spartan signed deals to acquire the remaining 20% interest in four exploration tenements at the Dalgaranga gold project.

The tenements, E59/1904, E59/1906, E21/195 and E59/1709, were previously held by two unincorporated joint ventures, with Spartan holding 80% and private parties owning the remaining 20%.

Ramelius managing director Mark Zeptner said: “On behalf of everyone at Ramelius, I welcome Spartan’s team and its shareholders to our company.

“We strongly believe that this will be a transformational combination bringing together a highly regarded producer with a successful explorer, as we embark towards our newly founded vision of being a 500,000oz producer within five years.

“The Ramelius team looks forward to completing the integration of the Dalgaranga asset into our portfolio, building on the collaboration that Spartan has been open to during the scheme process.”