Latitude 66 (ASX:LAT) has completed the sale of the Sylvania Project to Australian gold producer Capricorn Metals (ASX:CMM).
The Sylvania Project, which covers 1,740km2, is located in the Pilbara region of Western Australia and is immediately to the west of Capricorn’s Karlawinda Gold Mine.
Under the binding sale agreement, announced on 9 December 2024, Latitude 66 received $1.5 million worth of Capricorn Metals’ shares.
The company will also receive $750,000 upon a mineral resource estimate being defined that is greater than 200,000 ounces of gold, as well as an additional $750,000 once Capricorn decided to begin commercial mining operations at the project.
Capricorn Metals will also grant Latitude 66 a 1% net smelter return royalty in respect of the sale of all precious metals and a 1.5% NSR royalty in respect of the sale of non-precious metals extracted from the project.
Managing Director Grant Coyle says as the company advanced its Finnish projects towards development, Latitude 66 continues to pursue opportunities to realise further value from its remaining Australian assets.
“The sale realises latent value for shareholders from a non-core Australian asset and boosts funding for Latitude 66’s future exploration and development activities in Northern Finland,” Coyle says.
Latitude 66 is a diversified gold and critical minerals company focused primarily on its assets in Finland. The company’s project portfolio includes the Kuusamo Schist Belt, Greater Duchess joint venture, and Edjudina projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Capricorn Metals
