Legacy Iron Ore Lifts Mt Celia Gold Resource by 53% as Heap Leach Study Advances

Significant Resource Upgrade at Mt Celia

Legacy Iron Ore Limited (ASX:LCY) has reported a substantial 53% increase in the total contained gold ounces at its Mt Celia Gold Project, lifting the Mineral Resource Estimate (MRE) to 8.8 million tonnes at 1.38 g/t Au for 390,150 ounces. This update notably boosts the Measured and Indicated categories by 77% to 160,434 ounces, reflecting a marked improvement in resource confidence and size since the March 2025 estimate.

The resource upgrade follows an extensive infill grade control drilling campaign completed in August 2025, comprising 375 reverse circulation holes totaling over 12,000 metres. The updated MRE excludes the Margot area due to inadequate drilling density, underscoring ongoing exploration challenges in certain zones.

Kangaroo Bore and Blue Peter Drive Growth

The Kangaroo Bore deposit remains the project's heavyweight, containing nearly 291,000 ounces across measured, indicated, and inferred categories at 1.29 g/t Au. Blue Peter adds a further 99,462 ounces at a higher grade of 1.71 g/t Au. Both deposits retain open mineralisation along strike and at depth, suggesting scope for further resource expansion.

This resource update was developed in-house by Legacy’s technical team and independently reviewed by HGS Australia, providing a robust technical foundation for the company’s ongoing Pre-Feasibility Study (PFS). The PFS is evaluating heap leach processing, an approach that could economically treat lower-grade material, supported by cut-off grades as low as 0.3 g/t Au for oxide ore.

Legacy's recent mining phase at Mt Celia, which concluded in early 2026, extracted approximately 561,645 tonnes averaging 0.85 g/t Au for 15,305 ounces, primarily from Kangaroo Bore and Blue Peter pits. This mining depletion has been factored into the updated resource figures, which now incorporate revised cut-offs aligned with a gold price around AUD 6,500 per ounce.

Metallurgical Testing Supports Heap Leach Potential

Complementing the resource growth, Legacy has advanced metallurgical programs assessing ore amenability to heap leach and Carbon-in-Leach (CIL) processing. Historical and recent test work indicates favourable gold recoveries exceeding 90%, with ore characteristics typical of Western Australian goldfields and no significant processing constraints.

Heap leach test work, currently underway at Bureau Veritas Laboratories with expert input from JT Metallurgy, targets the Kangaroo Bore ore. This specialized program aims to refine recovery rates and flow-sheet design, critical for the proposed onsite heap leach plant. Engineering studies for the heap leach facility are being led by Mincore Pty Ltd as part of the PFS.

Geological and Technical Rigor Underpinning the Update

The Mt Celia deposits are hosted in structurally controlled, steeply dipping shear zones within Archaean greenstone lithologies. The resource model incorporates detailed geological wireframes, variography, and Ordinary Kriging estimation techniques, with classification reflecting drill density and confidence levels. Measured resources are defined in areas with close-spaced 5x5 metre drilling, while Indicated and Inferred categories correspond to progressively wider drill spacing.

Legacy’s approach aligns with industry standards and is supported by comprehensive QAQC protocols, including certified reference materials and duplicate sampling. While bulk density data remains unchanged from the previous estimate, further density sampling is planned to enhance model accuracy.

This resource update builds on Legacy Iron Ore’s recent operational milestones, including the completion of Phase I mining at Mt Celia and progress on the Mount Bevan magnetite project, as detailed in their earlier Phase I mining completed report. The company’s strategy to advance heap leach and CIL processing options reflects a pragmatic response to the orebody’s characteristics and market conditions.