Latitude 66 Secures Finnish Permits and Advances Laverton Gold Drilling

KSB Project Tenure Secured After Finnish Mining Act Update

Latitude 66 Limited (ASX:LAT) has taken a pivotal step in its Finnish operations by lodging exploration permit applications for its Kuusamo Schist Belt (KSB) Project. This move follows a significant amendment to the Finnish Mining Act, which now allows permits to be administered under current procedures even where previous mining rights have expired. The permits cover the entire KSB prospect areas K1, K2, and K3, collectively hosting an Indicated and Inferred Mineral Resource Estimate of 7.3 million tonnes at 2.7 grams per tonne gold for 650,000 ounces and 0.08% cobalt for 5,840 tonnes, with over 85% classified as Indicated.

The Finnish Mining Authority, Tukes, is expected to complete the permit approval process within approximately eight weeks, including a public hearing phase that invites community and regulatory feedback. Latitude 66's Managing Director Grant Coyle emphasised the importance of this milestone, noting that the secured tenure clears the path for immediate development activities and value unlocking at KSB.

KSB Project Economics and Development Plans

The KSB Project's 2025 Scoping Study painted a robust economic picture with a post-tax NPV8 of approximately US$433 million (A$610 million) and an IRR of 98% based on a gold price of US$3,000 per ounce. The study outlined a low capital expenditure of around US$100 million to support a 7-year mine life producing 65,000 ounces of gold and 465 tonnes of cobalt annually. Latitude 66 is now advancing an Optimised Scoping Study expected in Q2 2026, incorporating an underground/open pit trade-off analysis that could enhance project economics further.

Complementing the study work, the company has initiated the Environmental Impact Assessment (EIA) programme phase and plans a drilling campaign targeting down-dip and along-strike extensions during the European summer months. The appointment of André van Wageningen as Project Development Manager brings seasoned expertise to the project, with his background including leadership roles at Rupert Resources and Agnico Eagle Finland, positioning Latitude 66 to accelerate permitting and feasibility work.

Laverton Gold Project Drilling Highlights Potential Resource Expansion

On the Australian front, Latitude 66 has completed a 3,914-metre Phase 2 Reverse Circulation drilling program at its Laverton Gold Project in Western Australia, focusing on the Red Dog and Tin Dog prospects. Early assay results have confirmed extensions of high-grade gold mineralisation, including notable intersections such as 11 metres at 4.6 grams per tonne gold at Red Dog and 2 metres at 12.5 grams per tonne gold at Tin Dog. These results validate the company's structural model and suggest a larger mineralised system than previously delineated.

The drilling has also uncovered a previously under-recognised NW–SE trending shear corridor associated with the Laverton Tectonic Zone, which appears to control gold-bearing fluid flow and syenite emplacement. This structural insight significantly expands the project's prospective footprint, providing new targets for future exploration. The existing Red Dog Mineral Resource Estimate stands at 231,000 tonnes at 1.82 grams per tonne gold for 13,500 ounces, with the current drilling campaign expected to contribute to rapid resource growth once final assay results are received.

Latitude 66's exploration strategy at Laverton is building on momentum from earlier phases, including the successful Phase 1 drilling campaign and the recent discovery of new lodes. The company’s strategic focus on the Laverton Gold Project aligns with its broader portfolio development approach, balancing high-grade gold opportunities in Australia with critical mineral supply potential in Finland.

Financial Position Supports Ongoing Exploration

Despite a net cash outflow from operating activities of AUD 1.323 million during the March quarter, Latitude 66 ended the period with AUD 1.18 million in cash and cash equivalents. This liquidity position, representing just under a quarter of funding based on current cash burn, was bolstered post-quarter by the sale of listed shares worth approximately AUD 2.2 million, providing non-dilutive funding to advance exploration. The company maintains confidence in meeting its business objectives through targeted, cost-effective exploration and remains open to future capital raises if necessary.

Latitude 66’s cash flow management reflects a balancing act common among junior explorers, where investment in drilling and permitting must be carefully matched with available funds to sustain momentum without undue dilution. The company’s recent asset disposals and disciplined expenditure signal prudent stewardship in this regard.

Outlook and Strategic Positioning

Latitude 66’s twin-track approach, advancing the high-grade gold-cobalt KSB Project in Finland while expanding gold resources at Laverton, positions it uniquely in the market. The KSB Project’s cobalt component is particularly relevant amid growing European demand for critical minerals, while Laverton offers near-term gold development upside in a prolific district. The company’s recent operational updates, including the lodgement of exploration permits for KSB and the completion of Phase 2 drilling at Laverton, underscore a pipeline of catalysts that could reshape Latitude 66’s valuation trajectory.

Investors will be watching closely for the final assay results from Laverton’s Phase 2 program, expected shortly, which could confirm significant resource expansions and validate the new structural model. Meanwhile, the progress on KSB’s permitting and the forthcoming Optimised Scoping Study will be critical to sustaining development momentum in Finland.