Latitude 66 (ASX:LAT) has moved to secure tenure over its KSB gold-cobalt project in northern Finland, lodging exploration permit applications covering the K1, K2 and K3 prospect areas. Permit applications over K1, K2 and K3 would give the company control of its full gold-cobalt resource base as it advances optimisation work, drilling and prefeasibility planning.
That matters because KSB is already a sizeable gold-cobalt project with an indicated and inferred mineral resource of 7.3Mt at 2.7 grams per ton (g/t) gold for 650,000 ounces and 0.08% cobalt for 5,840 tonnes, with more than 85% of the resource in the indicated category.
By covering the K1, K2 and K3 areas, the applications give Latitude a pathway to secure the tenure underpinning the project’s current resource and move ahead with the next stage of technical, environmental and exploration work.
Location map of KSB Project.
The project is also backed by a March 2025 scoping study, which outlined the potential for a standalone operation based on open pit mining across the three deposits and a conventional free-milling CIL and flotation processing plant.
That study outlined a 7.2-year mine life with average annual production of about 65,000 ounces of gold and 465 tonnes of cobalt, alongside estimated upfront capital of about US$100 million. At a US$3,000/oz gold price, it delivered a post-tax NPV8 of about US$433 million and an internal rate of return of 98%.
“We are highly encouraged to see these pragmatic amendments to the Mining Act come into legal force. It is a clear demonstration of the Finnish Government’s ongoing commitment to ensuring a predictable and supportive environment for the mining sector,” Latitude 66’s managing director, Grant Coyle, said.
“Knowing how critical this milestone is for the Company, we immediately, lodged our Exploration Permit applications so we can progress our development plans for the KSB Project.
“With a clear pathway to secure tenure now in place, we are excited to recommence work and aggressively advance the KSB Project. We already have multiple work programs ready to deploy, including optimising the 2025 Scoping Study and upcoming drilling campaigns to test the significant exploration potential. Furthermore, we have appointed the highly-credentialled Andre Van Wageningen as Project Development Manager to drive these programs.
“In the current high gold price environment, the underlying economics of the KSB Project are even more compelling. We firmly believe there is significant untapped value in this project that is not yet reflected in our current market valuation, and our focus now is on unlocking that upside for our shareholders.”
KSB Project area under Exploration Permit applications.
Next steps take shape
Latitude’s tenure move follows an amendment to Finland’s Mining Act that came into force on April 1, 2026, allowing exploration permits to be granted where a mining right has expired or been revoked. The company moved immediately to lodge its applications once the amendment became effective.
The permits are expected to be granted in Q2 2026. Under the Finnish process, once an application is deemed complete it secures priority rights over the area, ahead of any subsequent applicants.
With the tenure pathway now opened, Latitude is preparing to push ahead on several fronts. The company is completing an optimised scoping study incorporating underground and open pit trade-off work, with the update targeted for Q2 2026.
It is also finalising its phase 1 environmental impact assessment programme for submission in Q2 2026, while planning drilling for the European summer from June 2026 to test down-dip and along-strike extensions to known mineralisation.
At the same time, Latitude has started planning for a prefeasibility study targeted for completion by the end of 2026.
The company has also appointed Finland-based André van Wageningen as project development manager, strengthening its in-country capability as it works to advance KSB through studies, permitting and drilling towards the next stage of development.