Legacy Minerals’ Exploration Push Hinges on Pending Assays and Stage 2 Study Outcomes

Robust Economics at Drake Project

Legacy Minerals Holdings Limited has unveiled a compelling Stage 1 Scoping Study for its flagship Drake Project, situated within the prolific New England Fold Belt. The study highlights an average annual gold production of approximately 31,400 ounces over a five-and-a-half-year mine life, with an all-in sustaining cost of around A$1,726 per ounce. The project boasts a robust net present value (NPV) of A$290.4 million based on a conservative gold price of A$4,250 per ounce, underscoring its strong economic potential.

Importantly, this initial study only evaluates a fraction of the total resource base, 209,500 ounces of gold equivalent, while the broader resource estimate stands at 0.8 million ounces of gold equivalent and 35 million ounces of silver equivalent. Legacy Minerals is now contemplating a Stage 2 Scoping Study to assess this larger resource, which could significantly enhance the project's value proposition.

Encouraging Drilling Results and Exploration Upside

The company completed an inaugural drilling campaign at the Thomson Project, targeting interpreted intrusion-related gold and copper systems at the F4 and Cut-B anomalies. Although assay results are pending, visual core analysis has already identified quartz and sulphide veins consistent with mineralisation. Historical drill core assays from the Thomson Project have returned broad zones of gold, silver, and niobium mineralisation, reinforcing the project's discovery potential.

At the Drake Project, assays from previously unsampled historical diamond drill holes have returned broad and high-grade gold intercepts, confirming resource continuity at the Strauss deposit and extensions at Kylo. These results suggest mineralisation extends beyond current pit designs, providing further upside for resource growth.

Strategic Expansion into Critical Minerals

Legacy Minerals has strategically pegged the Nico Young nickel-cobalt deposit, one of Australia's largest known nickel resources, with an estimated 1 million tonnes of contained nickel and 100,000 tonnes of cobalt. This acquisition positions the company to capitalize on the growing demand for critical battery metals. Legacy is actively seeking partners to advance this asset while maintaining low holding costs.

Additionally, the company is progressing exploration across its generative projects, including Bauloora, Fontenoy, and Glenlogan. Notably, a joint venture with Hilltops Gold has been established to earn an 80% interest in the Harden Gold Project, with drilling planned to commence in the coming quarter. Meanwhile, S2 Resources is advancing diamond drilling at Glenlogan, targeting porphyry-style copper-gold mineralisation.

Financial Position and Capital Raising

Legacy Minerals completed a $7.75 million equity raising during the quarter, reflecting strong investor confidence in its asset portfolio and exploration strategy. The funds will accelerate drilling and evaluation programs across the Drake and Thomson Projects, among others. At quarter-end, the company held $5.4 million in cash, supporting ongoing exploration activities.

Exploration expenditure for the quarter totaled $1.1 million, focused on drilling, geophysical surveys, and geochemical sampling. There were no mining production or development activities during this period, consistent with the company's focus on advancing exploration and resource definition.