en.Wedoany.com Reported - Latitude 66 (ASX:LAT) has obtained an exploration permit for its Kuusamo Schist Belt (KSB) gold-cobalt project in Finland, with drilling expected to commence this quarter. The Finnish Mining Authority approved exploration permits for the K1, K2, and K3 deposits, covering mining rights following legislative changes in March.

The KSB project hosts 650,000 ounces of gold and 5,840 tonnes of cobalt resources, of which over 85% are classified as indicated mineral resources. A scoping study completed in March 2025 indicates a planned seven-year operation producing 65,000 ounces of gold and 465 tonnes of cobalt annually. Based on a gold price of $3,000 (A$4,288) per ounce, the study yielded a post-tax net present value of approximately $433 million and an internal rate of return of 98%.

Managing Director Grant Coyle stated that the permit grant followed 18 months of landowner agreements, government engagement, and completion of the first phase of the Environmental Impact Assessment (EIA). Coyle noted that the company has systematically de-risked the KSB project, including securing landowner agreements, close collaboration with authorities, successful completion of EIA Phase 1, and advancing exploration activities.

The EIA has now completed its first phase. The ELY Centre's statement summarizes feedback from municipalities, agencies, and indigenous representatives. On the exploration front, recent fixed-loop electromagnetic surveys in the K1 extension area have identified multiple conductive targets. The most prominent conductor lies northwest of a previous downhole anomaly, with conductivity reaching 2,466 Siemens, significantly higher than earlier readings. This conductor extends approximately 320 meters along strike and 650 meters down dip.

An optimized scoping study is scheduled for completion in the third quarter, followed by a prefeasibility study. Diamond drilling will test the K1 extension area and newly defined conductors. These permits come with enforcement orders, allowing field work to proceed during the 37-day appeal period. Latitude 66 plans to advance exploration and development work into the second half of 2026.

Latitude 66, headquartered in Perth, holds a portfolio of gold and critical minerals projects in Finland and Western Australia.