Unlocking Project Potential: Finland’s Mining Reforms Benefit Latitude 66

Finnish Government Takes Positive Step Toward Mining Permit Clarity

In a significant development for mining operations in Finland, the Finnish Government announced on May 14, 2025, that it is preparing amendments to the Mining Act that would enable permits granted under the 1965 Mining Act to be administered under current legislation procedures. This change directly impacts Latitude 66 Limited (ASX: LAT) and its latitude 66 kuusamo schist belt project, which includes the Juomasuo and Pohjasvaara mining zones.

The proposed amendments address a critical regulatory gap in Finland's mining legislation. Currently, permits granted under the 1965 Mining Act cannot smoothly transition to the framework of the current Mining Act, creating unpredictable licensing conditions for operators.

For Latitude 66, these amendments represent a potential pathway forward after the Supreme Administrative Court of Finland declined the company's application for leave to appeal a previous ruling concerning the extension of mining rights over key project areas.

"Lat66 is delighted with the Finnish Government's preparation of proposed Mining Act amendments. This represents a positive step toward clarifying licensing processes that will likely affect multiple projects within Finland including the KSB Project." – Managing Director Grant Coyle

Securing Land Position: Latitude 66's Strategic Advantage

Despite the expiration of mining rights for the Juomasuo and Pohjasvaara zones, Latitude 66 has strategically positioned itself by:

• Securing majority landownership across the affected mining zones
• Obtaining consent from minority landowners across the remaining areas
• Maintaining possession of the mining zones until Tukes (Finnish Safety and Chemicals Agency) makes a final decision

This land position provides Latitude 66 with a significant competitive advantage. Following the cessation of mining zones, Finland imposes a three-year restriction period during which exploration or mining permits can only be granted based on landowner consent.

"We have secured majority landownership and reached agreements with remaining landowners within the KSB Project area, and those rights remain entirely unaffected." – Managing Director Grant Coyle

Understanding Finland's Mining Regulatory Framework

What is the 1965 Mining Act vs. Current Mining Act?

Finland's mining legislation underwent significant reform when the country transitioned from the 1965 Mining Act to the current Mining Act that came into force in 2011. The key differences include:

• The 1965 Act focused primarily on resource extraction rights
• The current Act places greater emphasis on environmental considerations, community impact, and sustainability
• The transition between these frameworks created regulatory gaps that affect permits issued under the older legislation

For investors, understanding this distinction is crucial because it explains why mining companies like Latitude 66 face unexpected permitting challenges even when they hold valid historical mining rights.

Unlike many jurisdictions where older permits are automatically grandfathered into new regulatory regimes, Finland's current framework didn't provide a clear pathway for these transitions. The proposed amendments aim to resolve this issue.

Finland's Mining Permit Process

The mining permit process in Finland involves several key stages:

1. Exploration permits – Allow companies to conduct detailed geological investigations
2. Mining rights – Grant the right to extract minerals from a defined area
3. Environmental permits – Assess and mitigate environmental impacts
4. Mining safety permits – Ensure operations meet safety standards

The current regulatory gap primarily affects the transition of mining rights from the old regime to the new one, creating uncertainty for projects like Latitude 66's KSB Project that were originally permitted under the 1965 Act.

The Finnish Government has indicated that the proposed amendments are specifically prompted by "legislative formulations in the Mining Act, which have resulted in licensing procedures that can be difficult for operators to foresee."

Future Timeline and Next Steps

Latitude 66 is taking a multi-pronged approach to advance the latitude 66 kuusamo schist belt project:

1. Continuous engagement with regulators: The company is actively working with Tukes to determine procedural requirements following the court decision.

2. Ongoing environmental permitting: Despite the mining rights setback, Latitude 66 continues to advance environmental permitting processes in parallel.

3. Exploration tenure security: The company is working to ensure exploration activities can continue uninterrupted across the Juomasuo and Pohjasvaara areas.

4. Contributing to legislative development: Latitude 66 is engaged with the Finnish Mining Association to provide insights on how the current framework impacts operators and to offer recommendations for the forthcoming mining legislation.

5. Leveraging land position: The company's strategic landholdings will likely secure preferential rights in future permitting processes.

"We believe our established land position will help secure preferential rights in future permitting. We look forward to continuing our close collaboration with the Finnish Government and local authorities to ensure the legislative amendments can be shaped in a way that supports our long-term objectives in Kuusamo." – Managing Director Grant Coyle

Investment Case: Why Latitude 66 Deserves Attention

Despite the regulatory challenges, several factors make Latitude 66 a compelling investment consideration:

Strategic Asset Portfolio

Beyond the KSB Project, Latitude 66 maintains a diverse portfolio of assets:

• Exploration activities in Finland's Peräpohja Schist Belt
• Operations in the Kainuu Schist Belt
• Projects in the Central Lapland Greenstone Belt (Kola and Kolari)
• A 17.5% free-carried interest in Carnaby Resources' Greater Duchess Project in Australia's Mt Isa Copper district

Critical Minerals Focus

The company focuses on gold and critical minerals, positioning it well within Europe's strategic push for secure supply chains of essential raw materials. The latitude 66 kuusamo schist belt project has the potential to be significant for both Finland and the European Union's critical minerals strategy.

Established Relationships

Latitude 66 has cultivated strong working relationships with Finnish authorities and stakeholders over several years, which should facilitate navigating the regulatory environment.

"The KSB Project has the potential to be a significant project for both Finland and the European Union. Lat66 has fostered strong supportive and transparent working relationships in-country over several years and remains committed to unlocking the KSB Project's full potential." – Managing Director Grant Coyle

The Importance of Regulatory Reform in Mining

Mining regulatory frameworks globally are increasingly focused on balancing resource development with environmental and social considerations. Finland's current situation illustrates the challenges that can arise during regulatory transitions.

Effective mining regulations typically need to address:

• Clarity and predictability – Providing operators with a clear understanding of requirements
• Balanced stakeholder interests – Considering the needs of industry, communities, and environmental protection
• Administrative efficiency – Ensuring permitting processes move forward in reasonable timeframes
• Regulatory continuity – Providing smooth transitions between different legislative regimes

The amendments being prepared by the Finnish Government appear aimed at addressing these principles by creating a pathway for historical mining rights to transition to the current regulatory framework.

Why Follow Latitude 66's Progress

Investors should keep a close eye on Latitude 66 for several compelling reasons:

1. The proposed Mining Act amendments could create a clear pathway for project advancement, potentially unlocking significant value.

2. The company's strategic land position gives it a competitive advantage in securing future mining rights.

3. Finland's reputation as a mining-friendly jurisdiction, combined with its commitment to regulatory improvement, provides a stable long-term operating environment.

4. Latitude 66's focus on critical minerals aligns with global trends toward securing supply chains for essential commodities.

5. The company's diversified asset portfolio provides multiple opportunities for value creation beyond the latitude 66 kuusamo schist belt project.

The Finnish Government's recognition of the need for regulatory improvements, combined with Latitude 66's strategic land position, suggests that despite current challenges, the company is well-positioned to navigate the path forward for its flagship KSB Project and broader portfolio of Finnish mining assets.

"We remain confident that our landownership, together with the relevant provisions of the Mining Act, provide us a pathway forward to development of the KSB Project." – Managing Director Grant Coyle

Ready to Invest in Finland's Mining Future?

Discover how Latitude 66's strategic land position and the Finnish Government's proposed regulatory amendments could unlock significant value for investors. For comprehensive information about the company's KSB Project and diverse asset portfolio across Finland's mineral-rich regions, visit Lat66.com today and explore the investment potential of this ASX-listed critical minerals opportunity.