Latitude 66 Secures $6.4M in Cash and Shares After JV Stake Sale
Latitude 66 Limited has completed the sale of its 17.5% interest in the Greater Duchess Joint Venture to Carnaby Resources, transforming its balance sheet to a debt-free position with $6.4 million in cash and shares. Meanwhile, promising exploration results at its Australian gold projects and a new cobalt processing agreement in Finland set the stage for growth.
- Completed sale of 17.5% Greater Duchess JV interest to Carnaby Resources
- Received A$2 million cash plus A$4 million in Carnaby shares
- Debt fully repaid, cash and shares total $6.4 million
- Encouraging gold assay results at Edjudina Project confirm mineralisation continuity
- New tenement granted at Piastri Project near Capricorn Metals’ Ricciardo deposit
- Binding agreement with Iondrive to apply proprietary cobalt processing technology in Finland
Strategic Divestment Strengthens Balance Sheet
Latitude 66 Limited (ASX – LAT) has taken a decisive step to reshape its portfolio and financial position by completing the sale of its 17.5% interest in the Greater Duchess Joint Venture (JV) to Carnaby Resources Limited. The transaction, finalised shortly after the September quarter, delivered A$2 million in upfront cash and approximately A$4.92 million in unrestricted Carnaby shares based on a 30-day volume-weighted average price.
This deal has enabled Latitude 66 to fully repay its $750,000 loan from Argonaut Partners and emerge debt-free with combined cash and share holdings valued at $6.4 million. Managing Director Grant Coyle highlighted this as a pivotal moment, providing the company with financial flexibility to advance exploration and development across its Australian and Finnish assets.
Advancing Gold Exploration in Western Australia
Latitude 66’s exploration efforts at the Edjudina Project in Western Australia continue to yield encouraging results. An 88-hole aircore drilling program tested multiple gold-in-soil anomalies, confirming the presence and continuity of gold mineralisation at key prospects such as Colossus, Hornet South, Hercules, and Falcon.
Notably, Colossus assays revealed bottom-of-hole gold mineralisation with intercepts including 4 meters at 0.32 grams per tonne and 1 meter at 0.45 grams per tonne of gold. These findings reinforce the prospect’s potential and justify planned deeper drilling to evaluate structurally controlled, intrusion-related gold systems.
Meanwhile, the recently granted Piastri Project tenement situates Latitude 66 adjacent to Capricorn Metals’ Ricciardo gold-antimony deposit, a 1.96 million ounce equivalent resource currently under acquisition for over A$300 million. Initial soil sampling at Piastri has identified multiple anomalous gold and arsenic trends along interpreted structural splays, underscoring the project’s exploration upside.
Innovative Cobalt Processing Partnership in Finland
In Finland, Latitude 66 has entered a binding agreement with Iondrive Limited to apply Iondrive’s proprietary Deep Eutectic Solvent (DES) technology to upgrade cobalt concentrates from Latitude 66’s Kuusamo Schist Belt (KSB) Project. This collaboration aims to demonstrate the commercial viability of DES processing for critical minerals, potentially positioning Latitude 66 as a key supplier of responsibly sourced cobalt within Europe’s critical materials supply chain.
The partnership includes lab-scale testing, techno-economic assessments, and potential pilot operations, reflecting Latitude 66’s commitment to sustainable and innovative mineral processing technologies.
Corporate Outlook and Market Position
With a strengthened balance sheet and a diversified project portfolio spanning gold and critical minerals, Latitude 66 is well positioned for an active exploration and development phase. The company’s focus on shareholder value creation is underpinned by disciplined capital management and strategic partnerships.
As the company progresses its exploration programs and evaluates new technologies, market participants will be watching closely for further drill results and commercial milestones, particularly from the Edjudina and KSB projects.
Bottom Line?
Latitude 66’s strategic divestment and exploration progress set the stage for a transformative year ahead, but upcoming drill results and technology trials will be critical to sustaining momentum.
Questions in the middle?
- Will deeper drilling at Edjudina confirm economically viable gold mineralisation?
- Can Iondrive’s DES technology be successfully commercialised for cobalt processing at KSB?
- How will Carnaby’s share price fluctuations impact the value of Latitude 66’s shareholding?
