Latitude 66 (ASX:LAT) has agreed to sell two Australian royalty interests to Vox Royalty (TSX:VOXR) for $3.4 million in cash.
Together with its recently announced sale of the Piastri Project to Capricorn Metals (ASX:CMM), the deal lifts Latitude 66’s proceeds from non-core asset transactions announced over the past week to $4.9 million.
The transaction covers the Kalman royalty in Queensland and the Sylvania royalty in Western Australia.
Kalman includes a 2% royalty over tenement EPM13870 and any applicable renewals, extensions, conversions, or replacement tenure. Meanwhile, Sylvania contains a 1% net smelter return royalty on precious minerals and a 1.5% net smelter return royalty on other minerals across 12 tenements.
Completion of the Sylvania sale remains conditional on privately held Greenmount Resources waiving its right of first refusal or allowing the relevant period to expire without exercising it. Each royalty sale is subject to a separate completion process.
Managing Director Grant Coyle says the sales will provide additional funding without issuing new shares.
“Together with the recently announced sale of the Piastri Project, we have now realised $4.9 million from non-core assets in the past week, providing significant additional funding without dilution to our shareholders,” Coyle says.
“These transactions demonstrate the underlying value embedded across Latitude 66’s broader portfolio and our ability to actively monetise non-core assets while maintaining a clear focus on our priority projects.”
Latitude 66 says it plans to steer the proceeds towards exploration and development across its core portfolio, including the Kuusamo Schist Belt (KSB) and Peräpohja Schist Belt (PSB) projects in Finland, and the Laverton Gold Project in WA.
The company notes it intends to undertake drilling across the three projects while progressing study work at KSB and evaluating development opportunities at Laverton.
KSB hosts a mineral resource estimate containing 650,000 ounces of gold and 5,840 tonnes of cobalt and is supported by a Scoping Study. Laverton comprises the Red Dog and Tin Dog targets and is covered by granted mining leases.
Under the agreement, each royalty sale is to be completed within five business days of the relevant conditions being satisfied or waived.
Latitude 66 is an Australian mineral exploration and development company focused on gold and critical mineral projects in Finland and Western Australia.
Write to France Pinzon at Mining.com.au
Images: Latitude 66
