Latitude 66 (ASX:LAT) has entered a binding agreement to divest its Piastri Project in the Mid West region of Western Australia to Capricorn Metals (ASX:CMM) for $1.5 million.
The sale is set to be completed five business days after the execution of the sale and purchase agreement, with the entirety of the $1.5 million consideration to be paid in shares.
Share issuance will be valued at Latitude 66’s 20-day volume weighted average price prior to the completion of the sale.
Latitude 66 says the sale of this project realises non-dilutive, latent value from a non-core asset that has been “generated over approximately 12 months since being granted” to the company in August 2025.
The transaction will provide non-dilutive liquidity as the company focuses on the continued development of its Finnish projects, led by ongoing studies and exploration at the Kuusamo Schist Belt (KSB) Project, along with the advancement of the Laverton Project in Western Australia.
Managing Director Grant Coyle says Capricorn Metals is a “natural and logical buyer for the Piastri Project” given its nearby Ricciardo development.
“This sale is in line with our strategic objectives, and we continue to review opportunities to unlock and monetise further value from our other non-core assets across the portfolio,” Coyle says.
“Ultimately, this transaction ensures our capital and attention remain firmly focused on our core portfolio.
“Following the recent grant of the KSB Project exploration permits, which has enabled the acceleration of our development activities in Finland, alongside positive drill results at the Laverton Project in WA that are currently being incorporated into our resource calculations, we are fully committed to shareholder value creation from exploration and development at these key projects.”
The Piastri Project is considered highly prospective for gold and antimony mineralisation. To date, Capricorn has identified several target zones for exploration within the tenure.
Piastri is located contiguous with Capricorn’s Golden Rage tenure in Western Australia, sitting adjacent to its Ricciardo deposit and around 200m east of mining infrastructure related to Ricciardo’s resource estimate.
Ricciardo’s mineral resource comprises 24.5 million tonnes @ 2.5 grams per tonne gold equivalent for 1.96 million ounces of gold equivalent, situated within the north-south trending Yalgoo-Singleton Greenstone Belt.
Latitude 66’s next move
As reported by Mining.com.au in late July, Latitude 66 cleared the permitting hurdle for its KSB Gold-Cobalt Project in Finland.
Drilling is scheduled to begin this quarter, after the Finnish Mining Authority granted exploration permits over the K1, K2, and K3 deposits.
The company is now able to advance environmental approvals and technical studies in parallel with exploration.
Latitude intends to release an optimised Scoping Study in the third quarter, which will be followed by a Prefeasibility Study.
The KSB Project hosts 650,000 ounces of gold and 5,840 tonnes of cobalt, with more than 85% of the resource sitting in the indicated mineral resource category.
Latitude 66 is a Perth-based explorer with a portfolio of gold and critical mineral projects across Finland and Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Latitude 66
