Ramelius Resources has made a strategic investment in Spartan Resources (ASX:SPR) by purchasing 98.5 million shares, representing approximately 8.9% of Spartan's ordinary shares on issue.
The acquisition aims to enhance Ramelius' portfolio, which includes multi-stage operations and a long-life, low-cost operation at Mt Magnet.
The investment aligns with Ramelius' ongoing evaluation of gold assets in Western Australia.
"We also have extensive greenfield exploration opportunities and our investment into Spartan Resources provides us with a strategic addition to the portfolio," said Ramelius Managing Director Mark Zeptner.