Legend Mining Limited has completed the acquisition of the Pinnacle Well Project in Western Australia, marking its strategic entry into gold exploration while continuing progress at its Rockford Project.
- Acquisition of Pinnacle Well Project near Leonora for $50,000 cash
- Project offers gold and base metals potential with historical exploration data
- Cash balance of $11.8 million as of June 30, 2025
- Ongoing land access negotiations and rehabilitation at Rockford Project
- Board changes with Managing Director resignation and new director appointment
Strategic Acquisition Broadens Portfolio
Legend Mining Limited has taken a significant step in diversifying its exploration portfolio with the acquisition of the Pinnacle Well Project, located approximately 25 kilometres north-northeast of Leonora in Western Australia's northern goldfields. Completed on 2 July 2025, this purchase marks Legend's first foray beyond its established Fraser Range base metals focus, introducing exposure to gold mineralisation in a historically rich region.
The Pinnacle Well Project comprises two granted exploration licences covering 110 square kilometres. The geology is characterised by a complex mix of volcanic and granitic rocks, with evidence of hydrothermal alteration that suggests potential pathways for mineralising fluids. The area has a history of exploration dating back to the 1970s, with previous work targeting molybdenum, base metals, and gold. Notably, no drilling has been conducted since 2003, presenting an opportunity for renewed exploration efforts.
Exploration and Development Plans
Legend plans to leverage modern geophysical techniques, including reprocessing aeromagnetic and gravity data, to refine structural interpretations and identify promising targets. Early-stage soil sampling has already highlighted zones of quartz veining and gossan outcrops, which are priority areas for follow-up. The company is systematically compiling and validating historic data to build a comprehensive project database that will underpin future exploration programs.
Meanwhile, at the Rockford Project in the Fraser Range district, Legend continues statutory rehabilitation and is actively negotiating land access agreements. The project remains a key part of Legend's portfolio, with joint ventures involving notable partners such as IGO Limited and the Creasy Group. However, updates from joint venture partners remain awaited.
Corporate Updates and Financial Position
On the corporate front, Legend Mining has undergone leadership changes with the resignation of Managing Director Oliver Kiddie, effective May 2025. Executive Chair Mark Wilson has assumed the role of Managing Director, while Company Secretary Tony Walsh has been appointed to the board. These changes reflect a consolidation of leadership as the company embarks on its expanded exploration strategy.
Financially, Legend reported a healthy cash balance of $11.8 million at the end of June 2025, supporting ongoing exploration expenditure of $173,000 during the quarter. The company also saw the exercise of employee incentive options, which will modestly impact share capital structure. No substantive mining production occurred during the quarter, consistent with the company’s focus on exploration and project development.
Overall, Legend Mining’s June quarter report signals a pivotal moment as the company broadens its commodity exposure and prepares for a new phase of exploration activity in one of Australia’s most prospective gold regions.
Bottom Line?
Legend’s acquisition of Pinnacle Well sets the stage for a critical exploration push that could redefine its growth trajectory.
Questions in the middle?
- What initial exploration results will Legend report from Pinnacle Well in the coming quarters?
- How will the leadership changes influence the company’s strategic priorities and operational execution?
- What progress will be made on land access agreements and joint venture updates at the Rockford Project?