Projects
Kuusamo Schist Belt
Latitude 66 has established the potential for a camp scale district within the KSB Project which hosts an existing high-grade gold and cobalt JORC Mineral Resource of 7.3Mt at 2.7g/t Au for 650,000oz and 0.08% Co for 5,840t.
A Scoping Study based on the K1, K2 and K3 deposits within the K North project area was completed in March 2025 and confirms the KSB Project as a highly economic standalone gold-cobalt development opportunity with expansion potential.
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Northern Finland
Latitude 66 has accumulated one of the largest exploration land holdings in Finland (around 1,000 km2) and currently owns the third largest undeveloped cobalt resource in Europe. Latitude 66 has unlocked the potential of the Kuusamo Schist Belt (KSB) with new discoveries, significantly increasing their gold and cobalt mineral resource inventory. Latitude 66 possesses gold and critical minerals projects spanning all stages of the exploration pipeline, from greenfield exploration targets to development stage.
Beyond the KSB, Latitude 66 is conducting regional exploration activities in the highly prospective Peräpohja Schist Belts (PSB), Kainuu Schist Belts (Kainuu) and Central Lapland Greenstone Belt (Kola and Kolari). Refer to Figure 1.
Kuusamo Schist Belt project areas
Latitude 66 has established two project areas with the KSB region being K North and K South (Refer to figure 2).
K North (K1, K2 and K3) contains a JORC compliant resource of 7.3Mt at 2.7g/t Au for 650,000oz and 0.8% Co for 5,840t with the following resource category:
- Indicated – 5.9Mt at 2.9g/t Au for 554,000oz and 0.08% Co for 5,150t
- Inferred – 1.4Mt at 2.0g/t Au for 93,000oz and 0.08% Co for 690t
Extensive exploration work has been undertaken across the K South targets, with Latitude 66 completing geophysical and geochemistry work programmes with follow up drilling resulting in the discovery of mineralisation prospects at K8, K9 and K10.
KSB Project Scoping Study
A Scoping Study (Study) was completed in March 2025 for the Company’s flagship KSB Gold-Cobalt Project in northern Finland, confirming the potential for a highly economic, standalone operation with attractive development metrics.
NPV8 (After Tax)
US$310 million
US$433 million at spot pricing
IRR (After Tax)
74%
IRR 98% at spot pricing
CAPEX
US$101 million
AISC
US$1,038/oz gold
PAYBACK PERIOD
16 months
12 months at spot pricing
LOM FREE CASH FLOW (After Tax)
US$513 million
US$699m at spot pricing
ANNUAL GOLD PRODUCTION
65,000oz
ANNUAL COBALT PRODUCTION
465 tonnes
The study outlines a conventional open pit mining operation across the K1, K2 and K3 deposits, supported by a 750ktpa processing plant that will produce both gold doré and cobalt concentrate. Over a 7.2-year mine life, the project is expected to deliver average annual production of approximately 65,000 ounces of gold and 465 tonnes of cobalt in concentrate.
The Study has a high confidence level, with more than 90% of forecast production sourced from Indicated Resources, and confirms low operating costs with an all-in sustaining cost (AISC) of US$1,038 per ounce of gold, or US$996 per ounce on a gold-equivalent basis.
Table 1: Base Case Key Financial Metrics
| Costs and Financials | Unit | Metric |
| Project Costs | ||
| Initial Capital | US$m | 100.5 |
| AISC (Au only) | US/oz | 1,038 |
| AISC (Au equivalent) | US/oz Au eq* | 996 |
| Project Net Cash Flow | ||
| Net Project cash flow | US$m | 513 |
| NPV8 (post tax) | US$m | 310 |
| lRR (post tax) | % | 74% |
| Payback period | Months | 16 |
The initial capital requirement estimate is low at approximately US$101 million with a payback period of 16 months. Base case economics are robust, with an after-tax Net Present Value (NPV8) of US$310 million and an internal rate of return (IRR) of 74%, based on a US$2,500/oz gold price. LOM free cash flow is projected at US$513 million after tax.
At spot pricing of US$3,000/oz, the NPV8 increases to US$433 million and the IRR to 98%, with payback reduced to just 12 months. Total Life of Mine (LOM) gold production is estimated at 467,586 ounces and cobalt at 3,235 tonnes.
Table 2: JORC Mineral Resource Estimate for KSB Project.
| Deposit | Category | Tonnage (kt) | Αυ (g/t) | Co (%) | Αυ (oz) | CO(t) |
| Κ1 | Indicated | 4600 | 2.9 | 0.10 | 430,000 | 4,440 |
| Inferred | 1200 | 2.1 | 0.05 | 80,000 | 570 | |
| SUB-TOTAL | 5,800 | 2.7 | 0.09 | 510,000 | 5,010 | |
| Κ2 | Indicated | 960 | 3.2 | 0.05 | 100,000 | 500 |
| Inferred | 90 | 1,7 | 0.05 | 5,000 | 50 | |
| SUB-TOTAL | 1050 | 3.1 | 0.05 | 105,000 | 550 | |
| K3 | Indicated | 340 | 2.2 | 0.06 | 24,000 | 210 |
| Inferred | 120 | 2 | 0.06 | 8,000 | 70 | |
| SUB-TOTAL | 450 | 2.2 | 0.06 | 32,000 | 280 | |
| GRAND TOTAL | 7300 | 2.7 | 0.08 | 650,000 | 5,840 | |
Latitude 66’s development approach leverages excellent regional infrastructure, including access to grid power, sealed highways and a skilled local workforce. The processing plant is planned to be located near the town of Kuusamo, offering logistical, environmental and permitting advantages.
Low-cost expansion options were also evaluated as part of the Study. These include increasing throughput to 1Mtpa at an estimated additional cost of US$13 million. Further scaling to 1.25Mtpa and 1.5Mtpa was also assessed and will be explored further during the Prefeasibility Study.
Table 3: Development Capital under expansion cases
| Plant Capacity | Capital Cost US$M |
| 0.75Mtpa | 101 |
| 1.00Mtpa | 114 |
| 1.25Mtpa | 127 |
| 1.50Mtpa | 140 |
The KSB Project has significant strategic value due to its cobalt output, which would represent approximately 25% of current cobalt production within the European Union. Cobalt is classified as a Strategic Mineral under the EU’s Critical Raw Materials Act and a Critical Mineral by NATO. Gold production will underpin the economic viability of this secure, ethical supply of cobalt, which is increasingly important for battery technologies, defence and aerospace sectors. The project is expected to deliver strong socio-economic benefits to the region, including the creation of around 200 new direct high-paying jobs, and increased municipal revenues through royalties and potential land lease arrangements.
Latitude 66 is progressing parallel workstreams aimed at unlocking further value through resource expansion and optimisation opportunities. Ongoing exploration includes near-mine extensional drilling at K1, as well as regional targets at K6E and K6W where high-grade boulder sampling has returned promising results. Down-plunge and along-strike potential has also been identified within the existing resource areas.
The Company is also evaluating underground mining potential at K1 and investigating a carbon-neutral development model leveraging Finland’s non-fossil fuel power grid. The Prefeasibility Study will focus on refining plant design, enhancing metallurgical recoveries, and integrating environmental best practices including dry-stack tailings and circular economy initiatives.
The Study was led by Andrew Doe, Latitude 66’s Study Manager, and included contributions from leading consultants and contractors. The Company considers the study results to provide a solid foundation for further development and remains committed to progressing the KSB Project as a high-margin, low-risk and strategically significant gold-cobalt operation within a Tier-1 jurisdiction.