Legacy Minerals Lifts Mt Carrington Resource to 1.6Moz Gold-Equivalent

Substantial Resource Growth at Mt Carrington

Legacy Minerals Holdings Limited (ASX:LGM) has unveiled a major upgrade to its Mt Carrington Project in New South Wales, with the updated Mineral Resource Estimate (MRE) now standing at 47.9 million tonnes containing 1.6 million ounces gold-equivalent (AuEq). This includes 714,000 ounces of gold and a hefty 35 million ounces of silver, alongside significant quantities of copper, lead, and zinc.

The resource expansion since Legacy’s 2024 acquisition is striking; a 151% increase in tonnage and a 109% rise in contained gold. Notably, the Indicated Resources have surged by 69% to 19.3 million tonnes, materially improving geological confidence and underpinning future development studies.

Drivers Behind the Upgrade

This leap forward is attributed to several factors: incorporation of new copper and silver mineralisation domains, updated metal price assumptions, and the integration of fresh drilling data, including seven geotechnical holes drilled in 2022. The MRE now reflects a more robust and diversified resource base, with key commodities showing strong growth since the 2025 estimate; copper has more than doubled, silver is up 44%, and gold has increased by 9%.

Legacy Minerals’ CEO Christopher Byrne highlighted the transformation: "Mt Carrington is now one of the largest and most robust gold and silver development opportunities in Australia, with a shallow, near-surface footprint favourable for open-pit mining." He emphasised the potential to grow the resource to 2 million ounces AuEq and beyond through targeted drilling and new discoveries.

Resource Composition and Mining Outlook

The resource is split between gold-rich deposits (28.8Mt at 0.92 g/t AuEq) and silver-rich deposits (19.1Mt at 1.16 g/t AuEq). High-grade zones within the resource contain 493,000 ounces AuEq at 3.1 g/t AuEq above a 1.9 g/t cut-off, highlighting attractive mining targets.

All deposits remain open along strike and at depth, with recent drilling intercepts near resource boundaries indicating upside potential. The updated Indicated Resources provide a stronger foundation to reassess the scale of future operations, potentially expanding beyond the 1Mtpa processing capacity assumed in the May 2026 Scoping Study.

Exploration and Development Pathways

Legacy is actively drilling at the Emu (Au-Cu) and Mascotte (Au-Ag) prospects to extend known deposits and chase new discoveries. The company’s exploration strategy targets resource extensions, greenfield discoveries, and upgrading the confidence level of Inferred Resources.

Metallurgical recoveries factored into the resource estimate are based on recent testwork, assuming flotation processing with cyanidation of tailings. Recovery rates vary by deposit and metal but generally range from 65% to 88%, reflecting the polymetallic nature of the mineralisation.

Economic parameters for pit optimisation include gold at A$5,950/oz and silver at A$85/oz, underpinning the open-pit mining assumptions with conservative cost and recovery inputs.

Geological and Technical Confidence

The updated MRE incorporates extensive historical drilling dating back to the 1970s, recent geotechnical holes, and refined geological models. Eleven deposits were modelled individually, using Ordinary Kriging and validated against drill data. Bulk density measurements were updated with over 10,000 data points, enhancing tonnage accuracy.

The resource classification follows the JORC 2012 Code, with Indicated Resources assigned to areas of strong geological continuity and drill spacing better than 25m x 25m. This rigorous approach supports the company’s confidence in advancing development studies.

Looking Ahead

Legacy Minerals plans to use this upgraded resource as the basis for an optimised Scoping Study that will explore processing plant expansions, updated mine planning, and concentrate payabilities. The company’s clear goal is to push Mt Carrington toward a 2 million ounce AuEq resource, leveraging both extensional drilling and new discoveries.

With the project’s mineralisation open in multiple directions and a substantial increase in Indicated Resources, the coming months will be critical in translating this resource growth into a viable mining operation. Investors will be watching how the updated Scoping Study shapes the project’s economics and what further drilling results reveal about the deposit’s potential.