Announcement PDF Legacy Minerals Holdings Limited ABN 43 650 398 897 Annual Report for the year ended 30 June 2025 Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 1 Corporate Directory Directors Website Dr David Carland – Non-Executive Chairman www.legacyminerals.com.au Christopher Byrne – CEO & Managing Director Securities Exchange Thomas Wall – Executive Director Australian Securities Exchange (ASX) Matthew Wall – Non-Executive Director ASX Codes: LGM and LGMO Douglas Menzies - Non-Executive Director Securities Registry Company Secretary and Chief Financial Officer Automic Pty Ltd Ian Morgan Sydney NSW 2000 Registered Office Telephone C/- Benbow & Pike (within Australia): 1 300 288 664 Chartered Accountants (outside Australia): +61 2 9698 5414 401/ 54 Miller Street Auditor North Sydney NSW 2060 Nexia Sydney Audit Pty Ltd Telephone Level 22, 2 Market Street +61 02 9959 3520 Sydney, NSW 2000 Level 5, 126 Phillip Street Site Office 3/202 Russell Street Bathurst NSW 2795 Email info@legacyminerals.com.au Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 2 Table of Contents Corporate Directory........................................................................................................................................... 2 Table of Contents .............................................................................................................................................. 3 Chairman’s Letter .............................................................................................................................................. 4 Directors’ Report ............................................................................................................................................... 6 Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................... 45 Consolidated Statement of Financial Position................................................................................................. 46 Consolidated Statement of Changes in Equity ................................................................................................ 47 Consolidated Statement of Cash Flows ........................................................................................................... 48 Notes to the Financial Statements .................................................................................................................. 49 Consolidated Entity Disclosure Statement ...................................................................................................... 76 Directors’ Declaration...................................................................................................................................... 77 Auditor’s Independence Declaration............................................................................................................... 78 Independent Auditor’s Report ........................................................................................................................ 79 Additional Shareholder Information ............................................................................................................... 83 Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 3 Chairman’s Letter Dear Fellow Shareholder, I am pleased to present Legacy Minerals Holdings Limited’s (ASX: LGM, Legacy Minerals or the Company) fifth Annual Report to our shareholders following our successful initial public offering and listing on the Australian Securities Exchange in 2021. We are pleased to report significant activity in the 2025 financial year across our ten projects in the prospective Lachlan Fold Belt, the New England Fold Belt and the Thomson Orogen of New South Wales which can be broadly classified as follows: (i) Intense activity at the Mt Carrington Project (previously known as the Drake Project) and the Thomson Project. (ii) Continued activity under our expanded joint venture arrangements that minimise dilution and financing risk with partner funding. (iii) Steady progress and maintenance of tenements in good order at our remaining, wholly-owned Projects. With respect to the first category, Legacy Minerals announced an updated Mineral Resource Estimate (MRE) for the Mt Carrington Project. The total Resource now stands at 34Mt containing 1.2 million ounces of gold-equivalent resources. Based on the updated MRE, we completed a Stage 1 Scoping Study based only on the Mt Carrington goldrich deposits. The results of the Study demonstrated robust economics and led to the post year-end engagement of Ausenco Pty Ltd, a global leader in engineering, consulting and project delivery, to complete a Metallurgical Bridging Study to inform the potential processing pathways to be considered for the Stage 2 Scoping Study of the Mt Carrington Project. The results also provided valuable information to help drive potential MRE growth through in-fill, expansion and exploration drilling. Subsequently, drilling approvals have been received from the NSW Government for Legacy Mineral’s inaugural drilling program at the Mt Carrington Project. At the Thomson Project, Legacy Minerals completed drilling of two large gold-copper targets during the reporting period to test for interpreted intrusion related, gold and copper systems. In addition, more than 1,000m of previously unsampled historical drill core was sent for assaying, including zones of observed mineralisation and alteration. Further, Red Hill Minerals acquired the 1.5% Net Smelter Royalty originally granted as part of the purchase terms for the Project. The royalty acquisition supports our view that the Thomson Project presents a large-scale, gold and copper discovery opportunity. With respect to the second category, the following results were recorded during the reporting for our projects operated under joint venture arrangements: • The Company converted the exploration alliance with Earth AI established in 2023 to a formal Farmin Joint Venture over the Fontenoy Project under which Earth AI undertook a drilling program that returned significant Platinum Group Element assays. • At the Glenlogan Project, subject to a joint venture with S2 Resources (S2R), initial drilling confirmed the nature of the main magnetic anomaly. Following a ground geophysical survey which highlighted an untested anomaly, S2R commenced a second diamond drill hole during the June 2025 Quarter to test this newly-identified anomaly. • The drilling program continued at the Bauloora project funded by the $15M Joint Venture with Newmont Exploration Pty Ltd. During the year, Legacy Minerals also negotiated two further joint venture arrangements as follows: Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 4 • Hilltops Gold (Hilltops) signed an Earn-In Joint Venture Agreement to earn an 80% interest in Legacy Minerals’ 100%-owned Harden Gold Project by spending $0.8M over four years; and • Helix Resources (ASX: HLX) entered into an Earn-In and Farm-In Agreement for the Central Cobar Project With respect to the third category, the following activities were undertaken at our other wholly-owned Projects: • At the Black Range Project, rock chip sampling was undertaken across the regional project area during the September 2024 Quarter which identified potentially prospective targets. • At the Rockley Project, rock and soil sampling identified extensive areas of mineralisation. During the year, Legacy Minerals also added to its portfolio by pegging the Nico Young deposit, one of Australia’s largest nickel-cobalt deposits. Given its significance, we are actively seeking a partner for the project from both national and international parties. The markets for gold, silver and copper, our primary commodities of interest, have remained robust. Despite significant ownership consolidation in these sectors, the persistent demand for precious metals, including gold and silver and the widening shortfall in copper supply have continued. I would like to express our sincere gratitude to our small yet highly skilled exploration and management team for their outstanding dedication and hard work, which has been instrumental in driving significant progress for Legacy Minerals over the year. Finally, we thank our shareholders for their continued loyalty and confidence in us. We are particularly grateful to those who participated in our entitlement offer and placement completed this year. As always, we maintain a focus on being good stewards of capital and maximising the value of your investment. Yours sincerely, David J Carland Non-Executive Chairman Sydney 29 September 2025 Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 5 Directors’ Report The directors of Legacy Minerals Holdings Limited (ASX: LGM, Company or Legacy Minerals) and its subsidiaries Legacy Minerals Pty Ltd (LMPL), Greenpath Minerals Pty Ltd, Starlight Exploration Pty Ltd and Nickel Mines Pty Ltd (together referred to as the Group) present their report, together with the financial statements for the year ended 30 June 2025. All values are in Australian dollars, unless indicated. Directors The Directors of the Company at any time during or since the end of the financial year are: Dr David Carland (Non-Executive Chairman) PhD (Econometrics), MEc, BEc (Hons), MAICD Appointed 21 June 2021 David has over 40 years of experience in investment banking and commercial sectors, both in the private and public sectors. He is the Executive Director of Australian Resources Development Pty Ltd, a company focused on the provision of specialised advice and assistance on the structuring, financing, and developing of energy and resource projects. He is the former chairman of Rex Minerals Limited (ASX: RXM), and former nonexecutive director of Indophil Resources NL (ASX: IRN) and Polymetals Mining Limited (ASX: PLY). David holds a PhD (Econometrics), MEc, BEc (Hons1) and is a member of the Australian Institute of Company Directors. Christopher Byrne (CEO & Managing Director) BsC, BEngs (Hons), M.PM, MAusIMM, MAICD Appointed 21 May 2021 Chris has several years of experience as an engineer and manager in the mining, infrastructure, and logistics sectors in NSW and QLD. In the mining and exploration space he has worked in greenfield and brownfield environments, from early exploration projects through to mine establishment and operations. Chris’s experience has been focused on large and complex project delivery, project management, maintenance and operational support. Outside the mining sector, Chris has lead infrastructure teams in the public sector in the provisioning and delivery of large capital projects. Chris is a Member of AusIMM and the Australian Institute of Company Directors. Matthew Wall (Non-Executive Director) CTE, MCILT, MAICD Appointed 21 May 2021 Matthew is a metals and mining specialist with over 35 years of experience in sales, marketing, shipping/logistics, trading, capital raising and risk management. He has held senior management roles with Rio Tinto, EDF Trading and Wood Mackenzie. Matthew has advised a number of small private and junior listed mining companies in Australia and overseas on capital raisings and market development. Matthew is a Member of the Australian Institute of Company Directors and the Chartered Institute of Logistics & Transport (CILT). In the last three years, Mr Matthew Wall was a director of Allegiance Coal Limited (ASX: AHQ). He was appointed on 23 February 2022. AHQ was delisted on 28 August 2023. Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 6 Directors’ Report (continued) Thomas Wall (Executive Director and Exploration Manager) BsC (Hons), MPhil (Geology), MAIG Appointed 21 May 2021 Thomas is a geologist with wide-ranging experience within the resource sector in NSW and WA having previously held senior roles at Peak Gold Mines, New South Resources and Omya Australia. He has demonstrated mining and exploration success across a variety of commodities and deposit styles with particular focus within the Lachlan Fold Belt of NSW. Thomas is a Member of the Australian Institute of Geoscientists (AIG). Douglas Menzies (Non-Executive Director) DipBA, GradCertIT, BsC (Hons) Appointed 21 May 2021 Douglas has over 28 years of experience in the mineral exploration and GIS industries including as a consultant. Douglas has experience exploring for porphyry gold-copper and epithermal gold mineralisation in Australia, PNG, Indonesia, Fiji, Laos, Chile, Argentina and Mexico. Douglas is a Member and previous board member of the Australian Institute of Geoscientists (AIG). From 2020 to 2023, Mr Menzies was a director of Godolphin Resources Limited (ASX: GRL) and he is currently Vice President Exploration Australia for Canadianlisted Inflection Resources Ltd. Company Secretary and Chief Financial Officer Ian Morgan B Bus, M Com Law, Grad Dip App Fin, CA, AGIA, MAICD, F Fin Appointed 21 May 2021 Ian is a member of Chartered Accountants Australia and New Zealand and the Governance Institute of Australia, with over 35 years of experience. Ian provides secretarial and advisory services to a range of companies, including holding the position of Company Secretary and CFO for other listed public companies. Dividends There were no dividends paid or declared by the Company to members during or since the end of the financial year. Review of Operations and Outlook1 Nature of Operations and Principal Activities Legacy Minerals is exploring for world-class gold, copper and base metals deposits in the prospective Lachlan Fold Belt (LFB), the New England Fold Belt (NEFB) and the Thomson Orogen of New South Wales (NSW). The LFB, also known as the Lachlan Orogen, hosts several world-class copper-gold orebodies including the Cadia-Ridgeway, Northparkes and Cowal Mines. The Group has a 9,000km2 land position in NSW, including both 100%-owned projects and Joint Venture (JV) projects. 100% ownership of projects give shareholders direct upside to discoveries, while the JV partnerships help to minimise dilution and financing risk. Legacy Minerals has a straightforward exploration strategy: to define and drill systematically a pipeline of prospective targets for gold, copper, silver and base metals mineralisation. The work conducted on Legacy Minerals’ tenements has defined a number of compelling discovery opportunities. There were no significant changes in the nature of the activities of the Company during the financial year. Dividends 1 The information in the Directors’ Report that references previously reported exploration results is extracted from Legacy Minerals Holdings Limited’s ASX Announcements released on the date noted in the body of the text where that reference appears. For endnote references refer page 91. Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 7 Directors’ Report (continued) There were no dividends paid or declared by the Company to members during or since the end of the financial year. Review of Operations and Outlook Throughout the 2025 Financial Year, Legacy Minerals continued to undertake exploration programs targeting porphyry-related, low-sulfidation epithermal, Cobar-type, volcanic-hosted massive sulphide, and orogenic gold mineralisation styles. MT CARRINGTON PROJECT The Mt Carrington Project (previously known as the Drake Project) sits within the highly prospective NEFB. It is one of several epithermal gold, silver and base metal districts that formed along the Australian east coast during the Permian age as back-arc extensional volcanic basins. Several significant mines and deposits occur within the NEFB, including the Cracow gold mine (2.5Moz Au @ 4.97g/t), the Mt Carlton gold mine (8.5Moz Au), the Mt Rawdon gold mine (2Moz Au) and the Mt Carrington Mine which the Mt Carrington Project surrounds. Updated Mineral Resource Estimate During the reporting period, Legacy Minerals announced an updated Mineral Resource Estimate (MRE) for Mt Carrington. The total Resource now stands at 34Mt containing 1.2Moz AuEqi. Gold and silver are the dominant contained metals in the Resource (653koz Au, 24.3Moz Ag), with significant zinc content (147kt Zn) and lesser amounts of copper (20kt Cu) and lead (33kt Pb). The 1.2Moz AuEq MRE sits across four deposit groups, with all deposits mineralised from surfaceii: (i) Mt Carrington (gold-rich deposits) – 14.5Mt at 1.2g/t AuEq for 560koz AuEq (ALA75); (ii) Mt Carrington (silver-rich deposits) – 5.1Mt at 106g/t AgEq for 17Moz AgEq (ALA75); (iii) Red Rock Group – 8.61Mt at 0.84g/t AuEq for 232koz AuEq (EL9727); and (iv) White Rock Group – 6.62Mt at 92g/t AgEq for 18Moz AgEq (EL6723, EL6727). All estimates were prepared in accordance with the JORC Code (2012 Edition) and estimated by external independent consultants Mining Plus Pty Ltd, a global mining services provider. The increase in the Resource has primarily been driven by considering base metals within an eventual economic extraction pit scenario, revised precious metal and commodity prices, more significant geological input into the modelling of historical drill results and robust domain modelling of mineralisation domains. Full details of the updated MRE were provided in the Company’s ASX Announcement dated 13 March 2025. Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 8 Directors’ Report (continued) F IGURE 1: MT C ARRINGTON P ROJECT SHOWING DEPOSITS AND MAJOR PROSPECTS I. Stage 1 Scoping Study Mining Plus was contracted to review and update the 2020 Pre-Feasibility Study (2020 PFS) for the Mt Carrington Project following the delivery of the updated 2025 MRE outlined above. Due to the outstanding results of this review and with the objective of completing a more extensive study, Legacy Minerals elected to complete a Stage 1 Scoping Study as an alternative to updating the 2020 PFS. This Study was based only on the Mt Carrington gold-rich deposits using the 2025 MRE. The results of the Study demonstrated robust economics and provided valuable information to help drive potential Resource growth through in-fill, expansion and exploration drilling. Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 9 Directors’ Report (continued) Pre-tax highlights, based on a base case gold price of $4,250/oz, includediii: • NPV at 8%: $290.4 million; • IRR: 112%; • Free cash flow: $314.1 million; • Total Gold Production: 172.6 koz Au; • Mine Life of Stage 1 Study: 5.5 Years; and • All-in-sustaining cost: $1,726/oz. Key parameters and approximate estimates included: • Payback period of ~16 months from pre-tax cash flows; • Average gold production of ~31,400oz pa with 83% gold recovery; • Mine design based on open-pit mining methods, with a 1Mtpa processing plant; • Inherent value of already constructed haul roads, water supply and tailings dam demonstrated by modest CAPEX of ~$47 million; and • Planned processing of ~5.06Mt of material at an average grade of ~1.29g/t Au for production of ~172.6 koz Au. Full details of the Stage 1 Scoping Study were provided in the Company’s ASX Announcement dated 15 April 2025. A potential Stage 2 Study is now being considered to assess the total 650koz Au and 24.3Moz Ag defined in the updated 2025 MRE, which was not evaluated in the Stage 1 Scoping Study. The Stage 1 Scoping Study has only evaluated the 209.5koz gold Resource from the Mt Carrington Group. Post year-end, Ausenco Pty Ltd (Ausenco), a global leader in engineering, consulting and project delivery, was engaged to complete a Metallurgical Bridging Study to inform the potential processing pathways to be considered for the Stage 2 Scoping Study of the Mt Carrington Projectiv. Historical Data Review & Assaying of Historical Drill Core A review of historical exploration data from the Mt Carrington Project has significantly enhanced the Company’s understanding of the mineral system, showcasing the project’s potential to host a world-class deposit. The review confirmed extensive zones of high-grade gold and silver in past drill results, with 14 intercepts grading 100 AuEq g/t x metre (gxm) validated across the Project areav. Highlights included: Red Rockv • (228 AuEq gxm) 143m at 1.1g/t Au, 3g/t Ag, and 0.9% Pb+Zn from 0m (RRDD009); • (135 AuEq gxm) 88m at 0.9g/t Au, 5g/t Ag, and 1.1% Pb+Zn from 0m (RRDD011); and • (150 AuEq gxm) 121.6m at 0.7g/t Au, 3g/t Ag, and 1.1% Pb+Zn from 1m (RRDD004). White Rockv • (230 Au Eq gxm) 37.1m at 0.2g/t Au, 422g/t Ag, 1.5% Pb+Zn from 0m (PWR128); • (193 AuEq gxm) 58.5m at 0.2g/t Au, 204g/t Ag, 1.1% Pb+Zn from 25.5m (PWR172); and • (196 AuEq gxm) 116.9m at 0.1g/t Au, 59g/t Ag, 1.7% Pb+Zn from 0m (WRDD031). Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 10 Directors’ Report (continued) There are multiple high-grade zones within these broader drilling intercepts, including drill hole PWR121, which returned 1.5m at 3,050g/t Ag from 23m, and drill hole RED003, which returned 1m at 79g/t Au from 56mv. In addition, six previously unsampled historical diamond drill-core holes were assayed, with results returning broad and high-grade gold intercepts. These drill holes were completed by previous explorer, Thomson Resources, for a planned Definitive Feasibility Study but were never assayed. Highlights from these assays includedvi: • 95m at 0.9g/t Au and 0.35% Zn from 2m (95m at 1.03g/t AuEq from 2m – GT005) including: o 10m at 6.0g/t Au from 69m; • 18m at 1.4g/t Au, 10g/t Ag and 3.8% Pb+Zn from surface (18m at 2.7g/t AuEq from 0m – GT001); • 52m at 0.7g/t Au and 0.9% Pb+Zn from 3m (52m at 1.12g/t AuEq from 3m – GT004) including: o • 9m at 3.0g/t Au and 1.1% Pb+Zn from 35m; and 17m at 0.5g/t Au and 0.7% Pb+Zn from surface (17m at 0.74g/t AuEq from 0m – GT002). The drilling was completed within the Strauss and Kylo deposits, as well as testing adjacent areas. Results confirm that mineralisation extends beyond the current pit shells that were optimised for gold-silver resources as part of the Stage 1 Scoping Study outlined above. Several intervals were unable to be located. The Company is hoping to locate and validate these missing sample intervals, which offer the potential to extend the mineralisation further. In addition to the gold-silver potential, the historical data review revealed significant high-grade antimony mineralisation. Antimony is classified as a Critical Mineral by the USA and Australia and was recently subject to Chinese export restrictions, resulting in an increase in the antimony price to a current level of approximately US$41,000/tvii. The historical data review revealed extensive high-grade antimony-gold (Sb-Au) from rock chips over the Lunatic Field within the Mt Carrington Project. The Lunatic Field is located approximately 190km north of Larvotto Resources’ Hillgrove Mine (LRV: ASX), one of the top ten largest global antimony resources and Australia’s largest antimony depositviii. The Lunatic Field hosts several occurrences of ‘Hillgrove style’ antimony-gold mineralisation. Rock Chip Sampling Program Legacy Minerals undertook rock chip sampling at the Lunatic Field, with results confirming the location of mine workings identified in a Light Detection and Ranging (LiDAR) surveyix. All sites showed evidence of historical mining activity, and sampling of available outcrop, sub-crop and mullock was undertaken where possible. The results appear to highlight a dominant western, north-south striking trend to increased stibnite (antimony sulphide) bearing quartz veins, with high-grade gold also defined in the eastern, north-south striking vein trends. The extent of the known workings and the high-grade mineralisation highlighted indicate strong exploration potential for Hillgrove-style antimony-gold mineralisation. The rock chips highlighted multiple new mineralised workings and vein trends, with significant assay results includingx: • 30% Sb and 0.38g/t Au (Sample 9779); • 25.9% Sb and 0.66g/t Au (Sample 9780); • 85g/t Au and 9g/t Ag (Sample 11201); and Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 11 Directors’ Report (continued) • 17.5g/t Au and 18.7g/t Ag (Sample 9812). Geophysical Surveys and Data Review During the reporting period, large-scale airborne LiDAR and Mobile Magneto Telluric (MobileMT) surveys were completed over the Mt Carrington Project to help identify exploration targetsix. LiDAR acquired topography provides highly detailed land surface data, clearly revealing underlying geology and structural details. Results from the LiDAR survey increased the total number of features associated with interpreted historical mining activities to 391 mine shafts, 250 adits, 2,224 workings and 502 trenches. Encouragingly, most sites sit close to, but outside, the historically drilled areas at Red Rock, White Rock and Mt Carrington, which indicates the potential to extend the known mineralisation. A large number of regional sites are also recognised and may provide access for additional sampling, structural measurements and confirmation of historical records. For the MobileMT survey, electromagnetic and magnetic data were collected along east-west survey lines, nominally spaced at 200m, and north-south tie lines nominally spaced at 2,000m for a total of 1,642 linekmsxi. Aimex Geophysics Pty Ltd (Aimex) was engaged to help interpret the new survey data. Aimex has a strong history of interpreting this type of survey data, including having previously worked intimately with the K92 and Tolu exploration teams to great success in Papua New Guinea (PNG). In addition, reprocessing of historical geophysics has highlighted a significant opportunity for near-mine discoveries, with chargeability features extending to depth below known mineralisation and existing resources. These anomalies remain untested and present compelling target opportunities. Together, this geophysical data has identified multiple high-priority drill targets that offer compelling discovery opportunities both near-mine and regionally. Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 12 Directors’ Report (continued) F IGURE 2: MT C ARRINGTON GEOPHYSICAL S URVEY D ATAXI, XII Planned Drilling Drilling approvals have been received from the NSW Government for Legacy Mineral’s inaugural drilling program at the Mt Carrington Project, with land access in place for up to nine holes and 4,500m of diamond drilling at the Battery Prospect – which offers the potential for breccia-hosted and epithermal-porphyry related gold and copper mineralisationxii. This forms part of the first phase plans to drill test the Battery, Mascotte, and Emu Prospects over the first half of FY2026, and staged drilling at the Red Rock, Kylo, Strass and White Rock Prospects pending cultural heritage clearances. The planned drilling at the Battery Prospect will represent the first regional target to be tested at Mt Carrington in 30 years. Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 13 Directors’ Report (continued) F IGURE 3: D RILL TARGETS , HISTORICAL COPPER AND GOLD MINES , MOBILE MT RESISTIVITY 2D I NVERSION SECTION FOR LINE 2290 AND NEW AREAS OF INTEREST ( YELLOW MARKER ) WITH INTERPRETATION OF MT FEATURES XII. Legacy Mineral’s exploration at the Mt Carrington Project has three strategic goals: (i) Resource extension assessment: Test the brownfield targets at depth and along strike of high-grade gold, silver, and copper zones that target substantial Resource growth. (ii) Discovery drilling – drilling to explore new greenfield epithermal-porphyry discoveries within the Drake Caldera. (iii) Increase resource confidence by confirming historical drill results within existing Inferred Resources. Exploration Licence, Licence Application and Assessment Leasexiii Legacy Minerals has been granted a renewal of the main component of the Mt Carrington Project EL6273 until 2030, covering 176km2. EL9616, covering a further 182km2 of the Drake Volcanics, has also been granted until 2030 along with EL9727, covering 34.8km2The Company has accepted the formal Notice of Proposed Decision (NOPD) from the NSW Department of Resources that they propose to grant, unencumbered, the areas previously held under mining leases at White Rock, Red Rock, Lady Jersey, Mascotte and Adeline. As part of this formal notification, the historical Mt Carrington Mining Licences, forming ~4km2 of the 150km2 Drake Caldera, is not part of the proposed grant for an exploration licence. The Company has lodged an Assessment Lease Application (ALA75) over the Mt Carrington Area. An Assessment Lease (AL) is a type of prospecting authority over an area containing a well-defined mineral resource and exists as a ‘bridge’ between exploration and mining, where progression to mining status is reasonably foreseeable, but further work is required. A higher security may be required to grant an AL, and the Company has the option to assess this potential security when the full details of the AL conditions are presented and in light of the potential upside a development opportunity may present. This will allow the Company to assess the integration of the Mt Carrington Area into the broader Mt Carrington Project, while maintaining its primary focus on the exploration potential of the larger system. Legacy Minerals Holdings Limited Annual Report 30 June 2025 Page 14 Directors’ Report (continued) THOMSON PROJECT Located west of Bourke, the Thomson Project covers 5,500km2 of tenure, securing a belt-scale exploration opportunity for Legacy Minerals shareholders. Drilling Program Legacy Minerals completed drilling of two large gold-copper targets at the Thomson Project during the reporting period to test for interpreted intrusion related gold and copper systems. Two 600m-deep drill-holes were completed at the F4 and Cut-B an