Latitude 66 Secures Permits to Accelerate Development of Finnish Gold-Cobalt Project

Exploration Tenure Secured for Flagship Finnish Project

Latitude 66 Limited (ASX:LAT) has achieved a major regulatory milestone with the Finnish Mining Authority (Tukes) granting exploration permits covering the K1, K2, and K3 deposits at its flagship Kuusamo Schist Belt (KSB) Project in northern Finland. This secures tenure across the entire project area, enabling Latitude 66 to accelerate its exploration and development activities.

The permits come after the Finnish Government amended the Mining Act in March 2026, providing a clear pathway for exploration permits where historic mining rights had expired. Latitude 66 promptly lodged applications following the legislative change and has now emerged with a fully secured exploration position, a crucial prerequisite for advancing the project towards production.

High-Grade Resource Underpins Strong Economics

The KSB Project boasts a substantial mineral resource estimate of 7.3 million tonnes at 2.7 grams per tonne gold and 0.08% cobalt, translating to 650,000 ounces of gold and 5,840 tonnes of cobalt. Notably, over 85% of this resource is classified as Indicated, reflecting a relatively high confidence level in the resource base.

A scoping study published in March 2025 laid out compelling economics for a standalone open-pit operation with a seven-year mine life producing around 65,000 ounces of gold and 465 tonnes of cobalt annually. At a gold price of US$3,000 per ounce, the study estimated a post-tax net present value (NPV8) of approximately US$433 million (A$620 million) and an internal rate of return (IRR) of 98%, supported by a modest capital expenditure estimate of about US$100 million.

Environmental Approvals Progressing

Latitude 66 has also completed the first phase of Finland's Environmental Impact Assessment (EIA) process, a key regulatory hurdle. The North Ostrobothnia Centre for Economic Development, Transport and the Environment (ELY Centre) has provided formal feedback following extensive consultations with local communities and stakeholders, setting the framework for the subsequent EIA Report phase. This progress substantially de-risks the project’s environmental permitting pathway.

Exploration Targets and Upcoming Drilling

Recent Fixed Loop Electromagnetic (FLEM) surveys have identified multiple high-priority drill targets immediately outside the current Mineral Resource, particularly around the K1 deposit. One standout conductor northwest of a previously known anomaly showed a conductance of 2,466 siemens, more than double the historical figure, indicating a potentially significant extension of the mineralised system.

Drilling is scheduled to commence in Q3 2026, aiming to test these targets and unlock resource growth potential. This aligns with Latitude 66's strategic push into a fully integrated development phase, combining exploration, permitting, and technical studies.

Advancing Studies Towards Development Decisions

Latitude 66 is finalising an Optimised Scoping Study that includes an underground/open pit trade-off analysis, expected to be released in the third quarter of 2026. This study will feed directly into a Prefeasibility Study (PFS), which is underway and encompasses mine design optimisation, geotechnical and hydrogeological investigations, environmental baseline studies, and infrastructure assessments.

Managing Director Grant Coyle highlighted the significance of the milestone, noting the company’s systematic de-risking of the project over the past 18 months and the exciting phase ahead as drilling and studies ramp up amid a supportive gold price environment and growing European demand for critical minerals like cobalt.