Capricorn will pay $1.5M in shares for Latitude 66's Piastri project, adjacent to its Ricciardo resource, adding antimony upside. CMM shares slipped 1.62%.
Alpha Score of 68 reflects moderate overall profile with strong momentum, strong value, weak quality, moderate sentiment.
Capricorn Metals (ASX: CMM) has signed a binding agreement to buy Latitude 66's Piastri project in Western Australia's Mid-West region. The consideration is $1.5 million, settled by issuing fully paid ordinary Capricorn shares to Latitude 66 on completion.
Piastri sits contiguous to Capricorn's Golden Range tenure and is considered highly prospective for gold and antimony mineralisation. Capricorn has identified several target zones for exploration across the package. The tenure covers a granted exploration licence of about 15.2 square kilometres of largely untested strike inside the north-south trending Yalgoo-Singleton Greenstone Belt. It lies roughly 200 metres east of mining infrastructure tied to the Ricciardo mineral resource, which comprises 24.5 million tonnes at 2.5 grams per tonne silver equivalent for 1.96 million ounces of silver equivalent.
Historic exploration has been limited to shallow drilling across parts of the strike. Capricorn told shareholders it will start with geological and regolith mapping, then geochemical sampling and targeted drilling.
Latitude 66 managing director Grant Coyle said the transaction provides non-dilutive liquidity to continue work on the Finnish projects, especially the studies and exploration at the KSB project, and to advance the Laverton project in Western Australia.
Coyle said the $1.5 million consideration in Capricorn shares realises 'non-dilutive latent value' for Latitude 66 shareholders and keeps them exposed to a 'premier Australian gold developer'. The sale fits the company's strategic objectives, he said, and Latitude 66 continues to review other non-core assets for potential monetisation.
Capricorn shares closed down 1.62% at $15.80, for a market capitalisation of about $7.34 billion.
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