His geological acumen was critical in the 2022 discovery of the Never Never deposit at Spartan’s Dalgaranga gold project, 65 kilometres northwest of Mount Magnet in Western Australia’s Mid West region. The high-grade find, with 952,000 ounces at 5.74 grams per tonne (g/t) gold, was a mere 140 metres from the company’s mothballed Gilbey’s pit.
Gadsby’s team followed up that impressive and timely win with the discovery of the nearby Pepper deposit, adding a maiden estimate of 438,100 ounces at 7.65g/t gold to bring the combined resource to 2.3 million ounces at 9.32 g/t.
The discoveries revitalised Spartan, boosting its share price by more than 400 per cent within a year and positioning it as a prime acquisition target.
Gadsby’s leadership extends well beyond exploration. He also guided Spartan’s operational strategy, helping to secure its ASX relisting and lay the groundwork for its $2.4 billion merger with Ramelius Resources, which was completed in July 2025.
The merger offered Spartan shareholders $1.78 per share in cash and stock and created a mid-tier gold producer with an eye-watering 12.1 million-ounce resource base. Gadsby’s contributions were pivotal in making Spartan an attractive partner, integrating Dalgaranga’s high-grade assets with Ramelius’ Mt Magnet operations.
King River’s Chairman Anthony Barton said: “The board is delighted to welcome Graham Gadsby as managing director of King River. The appointment is a significant step forward for the company and Graham’s extensive mineral experience and his past achievements with Spartan Resources provide King River with the leadership and skills to take the company forward.”
Gadsby’s remuneration at King River will include a base salary of $300,000 per annum, inclusive of superannuation, a $40,000 director’s fee and 100 million performance rights.
Subject to shareholder approval at this year’s annual general meeting, the rights will convert to shares if King River’s share price reaches 2.5 cents over 20 trading days or a takeover occurs by November 30, 2028. He starts the new role on October 14.
King River appears poised to accelerate its exploration strategy. As King River targets new finds at Tennant Creek and Mt Remarkable, Gadsby’s leadership will help position the company to make a serious mark in Australia’s competitive gold sector.
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