Legacy Minerals’ Mt Carrington Scoping Study Reveals A$514M NPV and 12-Year Mine Life

Mt Carrington’s Financials Highlight a High-Quality Development Opportunity

Legacy Minerals (ASX:LGM) has unveiled a May 2026 Scoping Study for its Mt Carrington project in New South Wales, underscoring a compelling gold-silver-copper development prospect. The study outlines a 12-year mine life supported by a 34.4 million tonne Mineral Resource Estimate (MRE) grading 1.1g/t gold equivalent (AuEq) and 105g/t silver equivalent (AgEq), translating to 0.7 million ounces of gold and 24.3 million ounces of silver.

Financially, the project boasts a pre-tax net present value (NPV7) of A$514 million and an internal rate of return (IRR) of 38% under spot metal price assumptions of A$6,500/oz gold and A$105/oz silver. Capital expenditure is estimated at A$220.5 million, delivering an all-in sustaining cost (AISC) of A$1,188 per ounce of gold, placing it in the global first quartile for cost efficiency.

Shallow, Low-Cost Mining Supported by Existing Infrastructure

The project benefits from shallow epithermal mineralisation starting at surface, enabling low-cost open pit mining with a maximum depth of approximately 150 metres. A low strip ratio of 3.72:1 and staged mining approach promise early high-grade ore extraction and rapid return on investment. Legacy Minerals also leverages existing infrastructure including 11kV grid power, access roads, water supply, and a tailings storage facility, significantly de-risking timelines and operational costs.

Such infrastructure advantages reduce reliance on diesel fuel and underpin the project’s competitive operating expense profile. The company’s approach aligns with a conservative capital deployment strategy, with the initial capex encompassing A$61 million for engineering, procurement, and construction management (EPCM) plus contingencies.

Resource Confidence and Exploration Upside

The production target incorporates 71% Indicated and 29% Inferred Mineral Resources, reflective of a maturing asset with historical production and a track record of resource conversion. Nonetheless, the inclusion of Inferred Resources adds geological uncertainty, requiring further drilling and evaluation before Ore Reserves can be declared.

Legacy Minerals is actively pursuing resource growth with a 12,000-metre drilling program approved for key prospects including Mascotte, Emu, and White Rock. The recent discovery at Mascotte, highlighted by a 40-metre intercept at 1.0g/t gold from 151 metres, exemplifies the project’s exploration potential. Assay results from ongoing campaigns are pending, with follow-up drilling planned to test extensions and new targets.

This exploration momentum is enhanced by a partnership with CSIRO and the application of artificial intelligence, which has identified 38 priority gold-silver-copper targets across the Mt Carrington region. These data-driven insights support both near-mine resource expansion and greenfield discovery efforts beyond the existing 115 million ounce silver equivalent resource base, as detailed in the company’s recent AI targets expansion announcement.

Comparative Positioning and Market Potential

Mt Carrington stands out as a rare Australian gold-silver asset with a substantial resource base and high grades, particularly for silver at 105g/t AgEq. The project’s market capitalisation of approximately A$25 million contrasts sharply with peers such as Waratah Minerals’ Spur project, valued around A$270 million, despite comparable geological features. Legacy Minerals’ tight capital structure, with management owning 14–15% of shares, positions it well for a potential re-rating as exploration and development milestones are met.

Recent drilling approvals and assay anticipation follow a period of heightened market interest, including a surge in share price earlier this year amid pending Mascotte results. The company’s strategy to integrate new technology with traditional exploration methods reflects a modern approach to resource development and value creation, building on a solid foundation of historical data and recent technical studies.

Funding remains a key consideration, with the Scoping Study assuming the availability of approximately A$220.5 million in capital, potentially sourced through a mix of debt and equity. Legacy Minerals acknowledges the risks of capital raising and the possibility of dilutive financing or alternative value realisation strategies such as joint ventures or partial asset sales.

Next Steps in Project Advancement

Legacy Minerals is progressing towards more definitive studies, including a Mineral Resource Estimate review, metallurgical test work, and optimisation studies aimed at improving project economics. Environmental baseline studies and concentrate offtake discussions are also underway, setting the stage for a transition to pre-feasibility and feasibility phases.

Drilling campaigns scheduled through 2026 will test key targets such as the Emu porphyry copper-gold system and White Rock’s silver-rich zones, with assay results expected to inform resource updates and development plans. The company’s recent drilling approvals at Mascotte and Emu highlight the operational momentum underpinning this growth trajectory.