Latitude 66 Obtains Finnish Exploration Permits for KSB Gold-Cobalt Project, Accelerates Development Plans

Exploration Permits Secure Tenure Across KSB Project Following Finnish Mining Act Update

Latitude 66 has received formal notification from Finland's Mining Authority (Tukes) granting four Exploration Permits covering the KSB Project in northern Finland. These permits secure exploration tenure over the K1, K2, and K3 mineral deposits and the wider project area, marking a major regulatory milestone. The permits were granted following amendments to the Finnish Mining Act in March 2026, which created a framework for issuing exploration permits after the expiration of historical mining rights, according to the company.

The permits authorize Latitude 66 to conduct exploration activities including drilling, geological mapping, geophysical and geochemical surveys, environmental baseline studies, and other technical investigations essential for resource expansion and project advancement. Crucially, the permits allow the company to explore significant upside potential beyond the current Mineral Resource. They include execution orders permitting exploration work during the standard 37-day appeal period under Finnish Mining Act regulations, ensuring uninterrupted progress.

KSB Project Resource Overview: 650,000 Ounces Gold and 5,840 Tonnes Cobalt at Premium Grades

Situated in the Kuusamo Schist Belt in northern Finland, the KSB Project hosts a substantial high-grade gold-cobalt resource. The Indicated and Inferred Mineral Resource Estimate totals 7.3 million tonnes at 2.7 grams per tonne gold, amounting to 650,000 ounces of gold, alongside 5,840 tonnes of cobalt at 0.08%. Over 85% of the resource is classified as Indicated, reflecting a high level of geological confidence supported by extensive drilling and data.

The dual-commodity nature of the KSB Project offers a unique development opportunity, with cobalt providing additional revenue amid rising European strategic demand for critical minerals. The resource encompasses three main deposits—K1, K2, and K3—that form the basis of the planned mining operation. Recent geophysical surveys have identified multiple high-priority drill targets just outside the current Mineral Resource, indicating strong potential for resource growth.

March 2025 Scoping Study Highlights Robust Economics at US$3,000 Gold Price

On 25 March 2025, Latitude 66 released a Scoping Study for the KSB Project evaluating conventional open-pit mining of the K1, K2, and K3 deposits with a combined free milling CIL and flotation processing plant. The study projected a 7.2-year mine life, averaging approximately 65,000 ounces of gold and 465 tonnes of cobalt annually. At a gold price of US$3,000 per ounce, the post-tax Net Present Value (NPV8) was estimated at approximately US$433 million (around A$620 million), with a post-tax Internal Rate of Return (IRR) of 98%.

Capital expenditure was estimated at a modest US$100 million. All-in sustaining costs (AISC) were about US$1,038 per ounce of gold, or US$996 per ounce gold equivalent when factoring in cobalt byproduct credits. These figures were based on the gold spot price prevailing at the study’s release. Latitude 66 sees significant opportunities to enhance project economics through ongoing optimization and resource growth, especially given the current elevated gold price environment.

Environmental Impact Assessment Completed, Advancing Critical Permitting Stage

Latitude 66 has successfully completed the Environmental Impact Assessment (EIA) program, a vital step toward securing environmental permits required for project development in Finland. This regulatory milestone reduces permitting risk and enables the company to advance toward subsequent environmental approvals necessary for mining operations.

Environmental permitting is progressing alongside technical studies and exploration activities, reflecting an integrated development strategy to optimize timelines. The combination of EIA completion and Exploration Permit grants removes major regulatory barriers and facilitates continued environmental approval processes.

Optimised Scoping Study and Prefeasibility Study to Drive Technical Progress in 2026

Latitude 66 is conducting an Optimised Scoping Study for the KSB Project, expected to conclude in Q3 2026. This study will update the March 2025 findings with refined engineering, updated assumptions, and recent exploration results. Upon completion, the company plans to initiate a Prefeasibility Study, which will provide more detailed design and engineering with higher precision.

These studies aim to reduce execution risk and improve confidence in project economics and mine design. The favorable high gold price environment supports project evaluation and financing discussions. This development pathway targets advancing the project toward a construction decision in late 2026 or early 2027.

Drilling Campaign Targeting Near-Mine Resource Expansion to Begin This Quarter

Latitude 66 announced imminent commencement of drilling focused on near-mine resource growth at the KSB Project. Recent geophysical surveys have identified multiple high-priority drill targets adjacent to the existing Mineral Resource, providing clear exploration objectives.

This drilling aims to expand the current 650,000-ounce gold resource, which would enhance project value by extending mine life or increasing production. The focus on near-mine targets reflects a strategic approach to adding reserves close to planned infrastructure, minimizing development complexity. The company anticipates significant resource growth potential from this campaign.

European Strategic Demand for Critical Minerals Bolsters Cobalt Market Outlook

Latitude 66 highlights that the KSB Project’s development aligns with growing European strategic demand for critical minerals, especially cobalt. The project’s dual production of gold and cobalt positions it to benefit from Europe’s increasing focus on securing critical mineral supplies essential for battery technologies, renewable energy, and industrial uses.

Producing approximately 465 tonnes of cobalt annually over the projected mine life, the KSB Project offers strategic value beyond gold economics. European geopolitical and energy transition factors are driving demand for secure cobalt sources, potentially enhancing project financing, offtake, and government support prospects.

Latitude 66 Advances Integrated Development Phase, Positioning KSB as Leading European Gold Project

Latitude 66 is entering a fully integrated development phase encompassing resource growth, permitting, and technical studies for the KSB Project. The company regards KSB as one of Finland’s most advanced gold development projects, reflecting progress through Exploration Permit grants, EIA completion, technical study advancement, and a well-defined resource base. This phase transitions the project from exploration to production-focused development with multiple parallel workstreams to shorten timelines.

Exploration Permit security enables confident investment in environmental permitting, technical studies, and exploration simultaneously. Managing Director Grant Coyle stated the company has "systematically de-risked major aspects of the KSB Project" over the past 18 months, including securing landowner agreements, collaborating with authorities, completing EIA stages, and advancing exploration. He described KSB as "one of Europe's premier undeveloped gold projects," highlighting its competitive advantages in grade, economics, and development schedule.

Managing Director Highlights Favorable Timing and Value Creation Amid Strong Market Conditions

Managing Director Grant Coyle emphasized that Latitude 66 is entering "one of the most exciting periods in the Company's history," with drilling for near-mine resource growth starting soon, technical studies progressing, and environmental approvals advancing. This momentum across multiple fronts is expected to drive project advancement.

Coyle noted the favorable external environment, stating the company is "doing this against a backdrop of a high gold price environment and increasing strategic demand across Europe for security of critical mineral supply, such as cobalt." He affirmed that the KSB Project is "emerging as one of Europe's premier undeveloped gold projects" and that the recent Exploration Permit grant "provides the platform to unlock significant value for our shareholders," reflecting confidence in the project’s future growth and value realization.