How Will Rio Tinto’s $25M Boost Transform Legacy Minerals’ Thomson Project?
Legacy Minerals advances its flagship Mt Carrington Project with an expanded scoping study and confirms high-grade mineralisation, while securing a significant farm-in joint venture option with Rio Tinto for the Thomson Project.
- Expanded 2026 Scoping Study underway for Mt Carrington covering full 115Moz AgEq resource
- High-grade gold-silver mineralisation confirmed at Mascotte Prospect with drilling approvals secured
- Farm-in JV option agreement signed with Rio Tinto for Thomson Project, with $25 million exploration funding
- Generative projects NiCo Young and Bauloora retain strategic potential with new partnerships and 100% ownership
- Strong cash position of $5.3 million and two NSW government grants awarded for critical minerals exploration
Mt Carrington Project – Unlocking Full Resource Potential
Legacy Minerals has taken a significant step forward at its Mt Carrington Project in New South Wales by commissioning Ausenco Pty Ltd to complete an expanded Stage 2 Scoping Study. This study marks a strategic shift from the 2025 evaluation, which only considered a fraction of the resource, to a comprehensive assessment of the entire 115 million ounce silver-equivalent mineral resource. The focus on flotation processing aims to maximise recoveries from the polymetallic deposits, potentially unlocking substantial value across precious and critical metals.
Recent surface sampling has reinforced the project's promise, with high-grade gold and silver assays at the Mascotte Prospect, including rock chip samples grading up to 11.2 grams per tonne gold and 42.6 grams per tonne silver. Drilling approvals for up to 4,000 metres at Mascotte and 3,500 metres at the White Rock Prospect have been secured, setting the stage for a robust exploration campaign in early 2026. Assay results from drilling at the Battery Prospect are anticipated soon, which could further enhance the project's resource profile.
Strategic Partnership with Rio Tinto at Thomson Project
In a landmark development, Legacy Minerals has entered into a farm-in and joint venture option agreement with global mining giant Rio Tinto Exploration Pty Limited for the Thomson Project. This agreement allows Rio Tinto to earn up to an 80% interest by funding up to $25 million in staged exploration over a decade. The Thomson Project, covering a vast and underexplored belt in NSW, shares geological similarities with major intrusion-related copper-gold districts, positioning it as a compelling exploration opportunity.
Rio Tinto’s involvement not only brings substantial financial backing but also validates the geological potential of the Thomson Project. The partnership materially de-risks the project for Legacy shareholders while preserving significant upside exposure to any discoveries.
Broader Portfolio and Generative Projects
Beyond its flagship projects, Legacy Minerals continues to strengthen its portfolio. The NiCo Young Project has revealed a previously unincorporated scandium resource, prompting further evaluation and a strategic memorandum of understanding with Cobalt Blue Holdings to explore cobalt opportunities. Additionally, Legacy has regained full ownership of the Bauloora and Central Cobar Projects following partner withdrawals, and secured the Mt Terrible Gold-Copper Project, which holds promising high-grade epithermal and porphyry mineralisation potential.
The company’s strong cash position of $5.3 million, bolstered by two grants from the NSW Government’s Critical Minerals and High-Tech Metals Exploration Program, provides a solid foundation for ongoing exploration and development activities.
Looking Ahead
With drilling underway at Mascotte, assay results pending from Battery, and the expanded scoping study on track for completion in the first quarter of 2026, Legacy Minerals is poised for a period of sustained news flow and potential value creation. The combination of strategic partnerships, comprehensive resource evaluation, and a diversified project pipeline positions the company well amid a backdrop of strong metal prices and growing demand for critical minerals.
Bottom Line?
Legacy Minerals’ strategic moves and exploration momentum set the stage for a transformative year ahead.
Questions in the middle?
- How will the expanded Mt Carrington Scoping Study impact the project’s economic viability and timeline?
- What exploration results can be expected from Rio Tinto-funded drilling at the Thomson Project?
- Could the scandium potential at NiCo Young unlock new critical mineral opportunities for Legacy Minerals?
