As you can see, you can save it instead of assigning to lalLat and lblLon.
B4X:
Public Sub LocationChanged(Location1 As Location)
lblLat.Text = "Lat = " & Location1.ConvertToMinutes(Location1.Latitude)
lblLon.Text = "Lon = " & Location1.ConvertToMinutes(Location1.Longitude)
lblSpeed.Text = $"Speed = $1.2{Location1.Speed} m/s "$
End Sub