Latitude 66 Limited announced on 31 July 2025 that Carnaby Resources Limited has exercised its right of first refusal to acquire Latitude 66’s 17.5% interest in the Greater Duchess Copper Gold Joint Venture located near Mount Isa in Queensland. The transaction is set to provide Latitude 66 with a total consideration of A$6 million, consisting of an upfront A$2 million cash payment and fully paid shares in Carnaby Resources Limited valued at A$4 million. The share component will be priced based on the 30-day volume-weighted average price prior to Carnaby’s acceptance. The agreement stems from Latitude 66’s earlier non-binding term sheet discussions with other parties, which were contingent upon Carnaby Resources Limited not exercising its contractual rights. With Carnaby’s decision, the joint venture sale is now finalized under pre-established terms, offering significant non-dilutive funding. Latitude 66’s management sees this transaction as a strategic move to reallocate resources towards enhancing its exploration assets in Western Australia and Finland. The deal will be brought into effect once formal documentation between Latitude 66 Limited and Carnaby Resources Limited is completed, with closing expected within the current quarter. The Greater Duchess Joint Venture, which includes a cluster of tenements and mineral resource estimates for projects such as Lady Fanny, Nil Desperanum, Duchess, Burke & Wills and Mt Birnie, remains a key element in the region’s mining portfolio. From a market sentiment perspective, bullish indicators include the infusion of non-dilutive capital, which may positively impact Latitude 66’s ability to fund promising exploration assets and potentially drive future growth. On the other hand, bearish sentiment might arise from concerns about divesting a non-core asset in a competitive resource sector, as well as the inherent risks tied to reliance on exploration outcomes. This development is set to be closely monitored by investors, particularly those keen on early-stage mining ventures and resource allocation strategies.