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Highlights
Latitude 66 agrees to divest its interest in the Greater Duchess Copper Gold Joint Venture
Non-binding agreement includes payment terms, options clause, and funding support
Carnaby Resources receives right of first refusal notification under joint venture terms
Latitude 66 Ltd (ASX:LAT), a participant on the All Ordinaries index, has entered a non-binding agreement to divest its minority holding in a Queensland-based copper-gold joint venture. The deal includes privately held entities Argonaut Partners and Neon Space and involves the sale of Latitude’s stake in the Greater Duchess Copper Gold Joint Venture, which spans a resource-rich region in northwest Queensland.
This transaction marks a step in Latitude’s focus on reallocating resources toward its core project areas in Finland and Western Australia.
Terms of Agreement with Argonaut Partners and Neon Space
Under the structure of the proposed transaction, Argonaut Partners and Neon Space will acquire Latitude’s full interest in the joint venture. Alongside the primary terms, Argonaut has extended a secured funding arrangement to Latitude, offering interim non-dilutive capital to support operational continuity.
In a move to maintain compliance with joint venture agreements, Latitude has issued formal written notice to its JV partner Carnaby Resources Ltd (ASX:CNB). This notice grants Carnaby the right of first refusal to match the agreed terms within the specified timeframe. Should Carnaby elect to proceed, the purchasing entities would be compensated through unlisted options in Latitude 66, featuring a defined expiry period and fixed exercise terms.
Strategic Objectives and Corporate Commentary
Managing Director Grant Coyle expressed that the transaction aligns with the broader strategic vision of Latitude 66. By shifting focus to priority jurisdictions and unlocking value from non-core holdings, the company seeks to optimise its operational structure and financing avenues. Support from Argonaut was acknowledged as central to facilitating the agreement.
Coyle highlighted that the arrangement would provide immediate working capital benefits without equity dilution, allowing ongoing development of flagship assets located in Finland and Western Australia.
Project Overview and Forward Process
The Greater Duchess Project encompasses a wide geographic area positioned near Mount Isa. Known for copper-rich iron oxide-copper-gold systems and epigenetic Tick Hill-style gold targets, the project area remains of geological interest. The project’s future structure will depend on the response from Carnaby Resources and potential follow-on decisions by the involved counterparties.
Carnaby Resources is scheduled to appear at the upcoming Noosa Mining Investor Conference, where industry updates and company plans are expected to be shared with stakeholders and peers.
