Legacy Minerals finds more scale at Mt Carrington as study advances

Mt Carrington resource reaches 1.6Moz AuEq

Legacy Minerals Holdings Limited (ASX:LGM) has given its flagship Mt Carrington project more scale, but not yet a mine. The September quarter report puts the project’s open-pit Mineral Resource at 47.9 million tonnes grading 1.0g/t gold-equivalent for 1.6 million ounces of contained AuEq, including 714,000 ounces of gold, 35 million ounces of silver, 40,000 tonnes of copper, 37,000 tonnes of lead and 164,000 tonnes of zinc.

Resource tonnes increased 39% from the 2025 estimate, while Indicated Resources rose 69% to 19.3 million tonnes. The higher-grade component comprises 5.03 million tonnes containing 493,000oz AuEq at 3.1g/t AuEq, using a cut-off above 1.9g/t AuEq. Those figures improve the amount of the inventory classified with greater geological confidence, although the resource still comprises Indicated and Inferred material rather than an ore reserve.

The update builds on the Mt Carrington resource growth reported earlier in September. Legacy is now advancing a larger scoping study with Ausenco and WSP Australia, testing processing throughput above the 1 million tonnes per annum base case used in the May 2026 study. The work will revisit mine scheduling, metal prices, concentrate payabilities, processing costs, ramp-up assumptions and capital and operating costs, with results expected in the December 2026 quarter.

Drilling keeps exploration pipeline active

At Emu, Legacy completed eight diamond holes totalling 1,600 metres, providing the first modern drill test of the Emu Porphyry Core and Emu Alteration Halo SE targets. The core has been logged and samples submitted, but assays were still pending at quarter-end.

“Oblique 3D view (looking northeast) of the Mascotte DDIP 2D inverted chargeability sections with 3D chargeability iso-shells (26mV/V and higher).”

At Mascotte, a 10-hole, 2,000-metre Phase 2 diamond program is stepping out from the maiden drilling campaign to test extensions along strike and at depth. The program is also aimed at strong, untested induced-polarisation anomalies identified along the margins of a northeast-trending resistive corridor. These anomalies are interpreted as possible sulphide-bearing structures, but they remain geophysical responses rather than confirmed mineralisation. The campaign follows the Mascotte chargeability targets previously identified as blind gold-silver targets.

Other projects are adding to the potential news flow. WSP has been appointed to update the NiCo Young nickel-cobalt resource and, for the first time, estimate and report near-surface scandium domains under JORC 2012. The current Inferred Resource contains 167.8 million tonnes at a 0.6% nickel-equivalent cut-off, including 996.7kt of nickel and 96.6kt of cobalt. The combined update is expected in October, extending the NiCo Young scandium review already announced in September.

Cash position creates the immediate constraint

Legacy finished the quarter with $3.546 million in cash and no drawn financing facilities. Exploration and evaluation payments totalled $1.933 million, including $1.101 million for drilling and $326,000 for geophysical programs. The company also spent $487,000 on property, plant and equipment, completing its acquisition of two freehold properties near Drake for a combined $875,000 before transaction costs.

On the Appendix 5B calculation, those outgoings leave an estimated 1.75 quarters of funding. Legacy said the quarter included discretionary exploration spending and the non-recurring benefit of a $408,434 research and development tax refund, and expects total relevant outgoings to fall in the December quarter. It also pointed to partner-funded exploration at Cobar, Fontenoy and Harden, while saying it continues to assess partner funding and other asset-level transactions.

That leaves the larger study carrying a dual burden: it must determine whether additional scale improves Mt Carrington’s economics, while also clarifying the capital requirement for any development scenario. The December-quarter study, alongside pending Emu and Mascotte assays and the NiCo Young resource update, should provide the next hard evidence. Until then, the project’s expanding geological inventory is running ahead of the company’s disclosed funding horizon.