Latitude 66 Secures $6M from Greater Duchess JV, Now Debt Free

Completion of Strategic JV Sale

Latitude 66 Limited (ASX, LAT) has successfully concluded the sale of its 17.5% interest in the Greater Duchess Copper Gold Joint Venture to Carnaby Resources Limited (ASX, CNB). This transaction, first announced in July 2025, marks a significant milestone for Latitude 66, as it divests a non-core asset to sharpen its focus on other promising projects.

Financial Strengthening Through Cash and Shares

The consideration for the sale comprised an upfront cash payment of A$2 million and approximately A$4 million worth of unrestricted, fully paid Carnaby shares, based on the 30-day volume weighted average price prior to Carnaby’s acceptance of the offer. This dual-component payment structure not only provides immediate liquidity but also positions Latitude 66 as a major shareholder in Carnaby, aligning their interests with the ongoing development of the Greater Duchess copper asset.

Debt-Free and Ready to Advance

Proceeds from the sale were promptly used to fully repay a loan from Argonaut Partners Pty Ltd, resulting in Latitude 66 becoming debt free. With cash and shares now totaling approximately A$6.4 million, the company has significantly strengthened its balance sheet. This enhanced financial position empowers Latitude 66 to accelerate exploration and development activities across its project portfolio, including its Finnish projects and Western Australian gold assets.

Strategic Outlook and Market Context

Managing Director Grant Coyle highlighted the timing of the transaction as particularly advantageous, noting the gold price at record highs and the importance of non-dilutive funding. The sale not only unlocks capital but also creates a strategic partnership with Carnaby Resources, potentially benefiting from the copper asset’s future growth. Latitude 66’s focus now shifts to leveraging this financial flexibility to advance its pipeline, with an eye on both domestic and international opportunities.

Looking Ahead

As Latitude 66 moves forward debt free and with a stake in Carnaby, investors will be watching how effectively the company deploys its strengthened capital base to deliver exploration success and project development milestones. The sale of the Greater Duchess JV interest marks a pivotal step in Latitude 66’s evolution, setting the stage for its next phase of growth.