Capricorn's WA Gold Expansion
Capricorn Metals Expands Western Australian Gold Footprint with Piastri Project Acquisition
Key Points
The Piastri tenement package sits roughly 200 metres east of Capricorn's Ricciardo mining infrastructure, with Ricciardo described as 24.5 million tonnes at 2.5 g/t AuEq for 1.96 Moz AuEq, underscoring the strategic value of the adjacent ground.
The Piastri tenure comprises Exploration Licences 59/2833, 59/3047 and 59/3051, covering about 15.2 square kilometres in the north-south Yalgoo-Singleton Greenstone Belt.
The deal is unconditional and completion is scheduled to occur five business days after execution.
Latitude 66 describes the sale proceeds as non-dilutive liquidity for the company, providing equity-based consideration rather than cash.
Capricorn Metals (ASX:CMM) has agreed to buy the Piastri Project in Western Australia from Latitude 66 (ASX:LAT) for A$1.5 million, paid entirely in Capricorn shares, according to Mining.com.au. The deal is unconditional and closes just five business days after signing.
The Piastri tenement sits roughly 200 metres east of Capricorn's existing Ricciardo deposit — a resource of 24.5 million tonnes at 2.5 g/t gold equivalent for 1.96 million ounces, reports The Market Online. Adding this ground extends Capricorn's Golden Range footprint in the Yalgoo-Singleton Greenstone Belt.
15.2 Square Kilometres Right Next to Ricciardo Infrastructure
The Piastri package covers three exploration licences — EL 59/2833, 59/3047, and 59/3051 — totalling about 15.2 square kilometres, according to Discovery Alert. The land sits directly adjacent to infrastructure already built for Capricorn's Ricciardo deposit, meaning Capricorn won't need to build roads or access points from scratch.
The area targets gold and antimony mineralisation along the Mougooderra shear zone, reports The Market Online. Antimony is a critical mineral used in batteries and defence, adding an extra layer of strategic interest beyond gold alone.
Capricorn Issues 108,652 Shares Instead of Cash
Rather than paying cash, Capricorn will issue exactly 108,652 new shares to Latitude 66, based on Capricorn's 20-day volume-weighted average price before completion, according to Kalkine. The total share consideration is recorded at A$1,500,000.
For Latitude 66, the deal provides what the company calls non-dilutive liquidity. Instead of issuing new LAT shares to raise cash, it receives Capricorn equity — a ready-to-sell asset — while shedding a non-core project, says Mining.com.au.
Latitude 66 Trims Non-Core Assets to Fund Finland Push
Latitude 66 has flagged Piastri as non-core for some time. The company is focused on its key projects in Finland and its remaining Western Australian ground, leaving little room for an early-stage WA exploration licence far from its core operations, reports Mining.com.au.
Selling for shares rather than cash lets Latitude 66 avoid diluting its own stock. It can sell the Capricorn shares on market when needed, giving it flexible, low-cost funding without printing new LAT shares, according to Kalkine.
Capricorn Plans Drilling and Mapping to Test Gold-Antimony Targets
Once the deal closes, Capricorn will launch an initial exploration program on the Piastri ground. Plans include geological mapping, regolith mapping, geochemical sampling, and targeted drilling, according to The Market Online. The goal is to find new mineralisation that could link up with the Ricciardo resource next door.
This acquisition follows Capricorn's broader strategy of consolidating ground around Ricciardo to grow its resource base, says Discovery Alert. Owning the land directly east of existing infrastructure gives Capricorn a fast, low-cost path to testing new drill targets inside the Yalgoo-Singleton Greenstone Belt.
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