Capricorn Metals to acquire Piastri Project from Latitude 66

Latitude 66 has entered into a binding agreement to sell its Piastri Project, located in the Mid West region of Western Australia, to Capricorn Metals. The transaction is valued at $1.5 million and will be settled entirely through the issuance of Capricorn Metals shares. The share price will be determined by Capricorn’s 20-day volume-weighted average price prior to the completion of the sale.

The Piastri Project is situated within the Yalgoo-Singleton Greenstone Belt, approximately 200 meters east of the infrastructure used for Capricorn’s Ricciardo mineral resource. Latitude 66 described the project as a non-core asset and noted that the sale allows the company to focus its capital and resources on its core development projects, specifically the Kuusamo Schist Belt (KSB) Project in Finland and the Laverton Project in Western Australia.

Managing Director Grant Coyle stated that Capricorn Metals is a “natural and logical buyer” for the project due to its proximity to the Ricciardo development. The transaction is expected to be completed within five business days of the execution of the sale and purchase agreement.