Latitude 66 offloads Qld copper for $2M upfront and future upside
The company has also positioned itself for a further $4 million windfall if the full project changes hands in the coming months.
The company has signed a non-binding term sheet with Argonaut Partners and Neon Space to offload its interest, with a baked-in bonus clause.
If the entire joint venture is snapped up within 90 days of the announcement, Latitude will receive a further $4 million in cash or the same value in ASX-listed shares, based on the 30-day volume-weighted average price.
'The sale transaction announced today is in line with our strategy to unlock value from our Australian assets.'
Latitude 66 managing director Grant Coyle
Alternatively, if the new buyers decide to flick the stake onto a third party other than Carnaby, the company could still bank 50 per cent of any upside above $4 million, giving the deal serious contingent kicker potential.
Under the joint venture terms, Carnaby has been formally offered the same deal under a right-of-first-refusal clause. It now has 30 days to match the terms and acquire Latitude's share itself.
If Carnaby exercises its right, Argonaut and Neon Space will be compensated with 7.5 million unlisted options in Latitude, exercisable at 7.5 cents and valid until June 2028.
Latitude 66 managing director Grant Coyle said: 'The Greater Duchess joint venture is a non-core asset and the sale transaction announced today is in line with our strategy to unlock value from our Australian assets. This transaction is well timed to provide Lat66 with near term, non-dilutive funding that will enable the company to continue advancing its Finnish and Western Australian projects.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
44 minutes ago
- Sydney Morning Herald
ASX set to fall, Wall Street rises as Tesla rallies; Microsoft cuts 9000 jobs
US stock indexes are drifting higher on Wednesday, ahead of a highly anticipated report about how the US job market is holding up amid uncertainty about President Donald Trump's tariffs. The S&P 500 was up 0.3 per cent in afternoon trading and on track to set a record for the third time in four days. The Dow Jones was down 50 points, or 0.1 per cent, in mid-afternoon trade, and the Nasdaq composite was 0.8 per cent higher. The Australian sharemarket is set to retreat with futures at 4.53am AEST pointing to a fall of 24 points, or 0.3 per cent, at the open. The ASX added 0.7 per cent on Wednesday to close at a fresh record. The Australian dollar was steady. It was fetching 65.83 US cents at 5.03am Treasury yields were mixed in the bond market ahead of Thursday's report, which will show how many jobs US employers created and destroyed last month. The widespread expectation is that they hired more people than they fired but that the pace of hiring slowed from May. A stunningly weak report released Wednesday morning, though, raised worries that Thursday's report may fall short. The data from ADP suggested that US employers outside the government cut 33,000 jobs from their payrolls last month, when economists were expecting to see growth of 115,000 jobs. Loading 'Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,' according to Nela Richardson, chief economist at ADP. The ADP report does not have a perfect track record predicting what the US government's more comprehensive jobs report will say each month. That preserves some hope that Thursday's data could be more encouraging. But a fear has been that uncertainty around Trump's tariffs could cause employers to freeze their hiring. Many of Trump's stiff proposed taxes on imports are currently on pause, and they're scheduled to kick into effect in about a week. Unless Trump reaches deals with other countries to lower the tariffs, they could hurt the economy and worsen inflation.
The Age
an hour ago
- The Age
ASX set to fall, Wall Street rises as Tesla rallies; Microsoft cuts 9000 jobs
US stock indexes are drifting higher on Wednesday, ahead of a highly anticipated report about how the US job market is holding up amid uncertainty about President Donald Trump's tariffs. The S&P 500 was up 0.3 per cent in afternoon trading and on track to set a record for the third time in four days. The Dow Jones was down 50 points, or 0.1 per cent, in mid-afternoon trade, and the Nasdaq composite was 0.8 per cent higher. The Australian sharemarket is set to retreat with futures at 4.53am AEST pointing to a fall of 24 points, or 0.3 per cent, at the open. The ASX added 0.7 per cent on Wednesday to close at a fresh record. The Australian dollar was steady. It was fetching 65.83 US cents at 5.03am Treasury yields were mixed in the bond market ahead of Thursday's report, which will show how many jobs US employers created and destroyed last month. The widespread expectation is that they hired more people than they fired but that the pace of hiring slowed from May. A stunningly weak report released Wednesday morning, though, raised worries that Thursday's report may fall short. The data from ADP suggested that US employers outside the government cut 33,000 jobs from their payrolls last month, when economists were expecting to see growth of 115,000 jobs. Loading 'Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,' according to Nela Richardson, chief economist at ADP. The ADP report does not have a perfect track record predicting what the US government's more comprehensive jobs report will say each month. That preserves some hope that Thursday's data could be more encouraging. But a fear has been that uncertainty around Trump's tariffs could cause employers to freeze their hiring. Many of Trump's stiff proposed taxes on imports are currently on pause, and they're scheduled to kick into effect in about a week. Unless Trump reaches deals with other countries to lower the tariffs, they could hurt the economy and worsen inflation.
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
Albanese is the conservative who mugged the Liberals. Let's hope he seizes the moment
Anthony Albanese is a man who likes props. In the 2022 election campaign, he regularly brandished a one-dollar coin to emphasise his support for a pay rise for workers on the minimum wage. And in the lead-up to this year's election, he employed his Medicare card as a talisman to ward off Peter Dutton's supposedly evil plans for the nation's healthcare system. Clearly, his approach has worked. Everyone has a Medicare card and Albanese was wise to embed in the public consciousness that Medicare is a Labor Party creation, implemented by Bob Hawke's government in 1984 against the fierce opposition of the Coalition. Because Medicare, for all its shortcomings, is an entrenched and popular feature of everyday Australian life, the Labor Party of today has been able to leverage Hawke's long-ago policy success to its great advantage. There's upside for the ALP in portraying itself as a defender of institutions, as it can make the party look less risky, and Albanese leant into this heavily during the election campaign. At his recent post-election address at the National Press Club, he outlined the reasons Labor had won a second term. Electors, he said, had voted for Australian values and for doing things 'our way' – that is, not like Donald Trump and Trump-wannabe Peter Dutton. He also cited Labor's 'commitment to fair wages and conditions, universal Medicare and universal superannuation' that 'set us apart from the world'. In some respects, it's a conservative formulation for a centre-left party: preserving what's already in place. And that signals some potential downside for the government. Universal super was the joint brainchild of Paul Keating and the ACTU's Bill Kelty as part of the union movement's Accord agreement, which also gave rise to Medicare. The historically transformational nature of universal super has been brought into sharp focus this week, with the attainment of the compulsory 12 per cent super contribution and the wider discussion about super balances in the millions of dollars. Inevitably, talk of that achievement invites comparisons between the current Labor government and the all-conquering five-term government led first by Hawke and then Keating. Hawke and Keating wasted no time in office. The Albanese government is 38 months old. Inside the same timeframe, the Hawke government had held two summits – on the economy and on tax – and introduced Medicare, a new incomes policy, an assets test on pensions, floated the dollar, changed the banking system, begun the march on super and produced a comprehensive new package of tax measures. Loading Somewhere within the Labor Party, people will eventually start to ask what a Labor leader 40 years from now will be fighting to preserve from the Albanese years. The course that the prime minister is pursuing – backed strongly by Labor's national secretary Paul Erickson, who has definitely earned his status as the nation's campaigning guru du jour – is the one that secured the government's second victory. In short, the government's first priority will be about delivering methodically on its promises, namely reducing HECS debts, building 1.2 million homes, continuing the push towards renewables, increasing the number of Medicare urgent clinics, and continuing to keep inflation down. That makes sense, especially since the national political scene is now a bunch of players who have, to an extent, been mugged by reality. Everyone is a smartie after the event, but no one expected a Labor landslide. The government wasn't geared up for it. The Liberals had even less of a clue. None of the polls predicted it. YouGov got closest; its central projection was 84 lower house seats for Labor – a mild increase on its majority but still 10 short of the actual, stratospheric result.
