Latitude 66 Limited (ASX: LAT) has announced the proposed sale of its 17.5% interest in the Greater Duchess Copper Gold Joint Venture, located near Mount Isa in Queensland. The company has entered into a non-binding term sheet with Argonaut Partners Pty Ltd and Neon Space Pty Ltd to divest its stake.
Under the terms of the agreement, Latitude 66 will receive an upfront cash consideration of A$2M. A contingent payment of up to A$4M may also be payable, depending on subsequent developments, including the acquisition of the entire joint venture by a third party or a partial divestment by the purchaser.
Carnaby Resources Limited, Latitude’s joint venture partner, has been issued a formal notice and holds a 30-day right of first refusal to match the terms of the sale. Should Carnaby exercise this right, the buyers will be granted 7.5M unlisted options in Latitude 66.
As part of the transaction, Latitude has also secured aA $750,000 unsecured loan from Argonaut Partners to support ongoing operations. The loan carries an interest rate of 1% per month, starting from October 2025, with repayment due upon certain trigger events or within 12 months.
Latitude 66 described the Greater Duchess interest as a non-core asset and said the transaction is in line with its strategy to unlock value from Australian assets while advancing projects in Finland and Western Australia.
For more information, please visit www.lat66.com
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