Announcement PDF ASX ANNOUNCEMENT 22 SEPT 2021 Significant IP Chargeability Anomalies Define New Drill Targets at the Harden Gold Mine Prospect Legacy Minerals plans to immediately drill test the high priority anomalies adjacent known historical high-grade gold mines • Dipole-Dipole Induced Polarisation Survey (DP-DP) identifies new compelling drill targets at the Harden Gold Mine Prospect • High priority anomalies partially coincident with the historical workings including the Harden Gold Mine (55,000 oz at 21.7g/t Au) • Disseminated and veined pyrite observed with intense quartz-sericite alteration in recently completed drilling adjacent historically mined high-grade gold mineralisation 1 • Drill planning and approvals are in place with drill rig onsite to test high priority anomalies Figure 1. Harden Gold Mine prospect showing chargeable depth slice – 360mRL and the two survey areas covered by the geophysics survey separated by the Barwang Rd. 1 Refer LGM ASX announcement 16 Sept 2021 ACN 622 746 187 Level 7, 1 Margaret Street Sydney ASX: LGM Page 1 of 11 www.legacyminerals.com.au Dipole-Dipole Induced Polarisation Survey Legacy Minerals Holdings Ltd (ASX: LGM, “Legacy Minerals” or the “Company”) is pleased to announce the highly encouraging results of the Dipole-Dipole Induced Polarisation geophysical survey recently completed at the Harden Gold Mine prospect. The IP survey has delivered several highly chargeable anomalies warranting drill testing. Induced Polarisation surveying is commonly used in exploration for disseminated sulphides which may be associated with precious and base metals mineralisation. DP-DP surveys aim to define the position and geometry of potential mineralised bodies at depth within the Young Granodiorite host rocks. The survey technique helps define resistivity highs that may represent areas of potential increased quartz veining, known to be associated with economic mineralisation at Harden; and chargeability highs that potentially define zones of disseminated sulphides, such as pyrite or arsenopyrite, associated with the historically mined gold mineralisation. Legacy Minerals retained Fender Geophysics Pty Ltd to complete a total of 9 lines of DP-DP surveying over the Company’s Harden Project over August and September 2021. The survey lines are orientated SW-NE except for a gap where the Barwang Road crosses the survey region. Lines are generally equally spaced 100m apart with 50m spaced dipoles. The 2D survey data was merged and 3D modelling was undertaken by consultant geophysicists of GeoDiscovery Group Pty Ltd to obtain an improved representation of the chargeability distribution in 3D and provide drill target recommendations. It should be noted that whilst there is typically a direct correlation between chargeability and sulphide/clay concentration, it does not necessarily correlate to economic mineralisation. Management Comment Legacy Minerals Exploration Manager, Thomas Wall said: “The identification of shallow chargeable anomalies on the prospect is considered highly encouraging by the Company. These compelling drill targets are located nearby historical mined high-grade gold mineralisation and in favourable structural settings. Furthermore, observed disseminated and veined pyrite in recently completed drilling nearby historically mined high-grade gold mineralisation provides encouragement these chargeable responses are due to increased sulphide content. Drilling approvals are in place and drill rig onsite to test the highest priority anomalies imminently.” Page 2 of 11 | ACN 622 746 187 Level 7, 1 Margaret Street Sydney www.legacyminerals.com.au ASX: LGM Next Steps - Planned Drill Testing of Targets The Company has drilling approvals in place to test the high priority IP chargeability anomalies during the current drill campaign. The major IP anomalies within the project have never been drilled. The chargeable target, south of the Harden Gold Mine will be prioritised due to the: • Prospective geology proximal to the Harden Mine • Strong IP chargeability anomaly (>25 mV/V) • Proximity to recent drill holes containing disseminated and veined pyrite (Fig. 2 & 3) Figure 2: RC chip from drillhole RC21HN003 66-67m containing disseminated pyrite Figure 3: RC chip from drillhole RC21HN007 6364m containing disseminated and veined pyrite Figure 4: Cross section showing large upright IP chargeability anomaly (>25 mV/V) Page 3 of 11 | ACN 622 746 187 Level 7, 1 Margaret Street Sydney www.legacyminerals.com.au ASX: LGM Table 1. Drill hole collar details for recently completed drilling Drillhole Name Easting Northing Elevation Datum RC21HN002 RC21HN007 628253.4 6177904.4 435.290187 GDA94 / MGA zone 55 628081.3 6177985.4 430.494915 GDA94 / MGA zone 55 Azimuth Dip EOH 193 193 66 70 162 114 Results and Interpretation from Ground IP Survey Several chargeable trends / regions of interest (ROI) have been identified by geophysical consultants GeoDiscovery Group Pty Ltd. These are highlighted in Figure 1 and Table 2 presents a summary of the interpretation and physical attributes of each region of interest. However, it should be noted that mineralisation occurring at greater depths may only display subtle electrical signatures. Therefore, all ROI will be further reviewed with respect to favourable structural settings and the Company’s ongoing review of geological interpretations. Table 2. Attributes of Potential Regions of Interest ROI Magnetics Conductivity Chargeability IP Lines 1 Edge of NW magnetic linear (dyke/structure?) Resistive near surface Moderate chargeability 10000N and 9900N – note part of anomaly may be coincident with Slime Dump 2 Edge of NW magnetic linear (dyke/structure?) Resistive near surface 3 No magnetic response Variably resistive 4 Subtle magnetic response 5 No magnetic response Increase in conductivity at depth Increase in conductivity at depth Weak – moderately chargeable zone (limited depth extent) located to SW of workings Broad chargeable zone at depth Chargeable zone extending to depth associated with workings Chargeable response extending to depth 9900N (and possibly9800N) 9800N 9480N 9400N 9300N 9200N (to south of workings) The 3D Modelling indicates the maximum depth of investigation of the DP-DP survey is likely to be around 180m in the centre of each line. A number of chargeable trends are evident in the final 3D chargeability model, which do not appear to be drill tested to date. Lower amplitude chargeable anomalies can also be of interest. It should also be recognised that a lower amplitude anomaly may simply reflect a deeper source (less power reaching source at greater depths). Page 4 of 11 | ACN 622 746 187 Level 7, 1 Margaret Street Sydney www.legacyminerals.com.au ASX: LGM About the Harden Project The Harden Project encompasses several historical high-grade gold mines in a mineral district that produced >460,000 oz of gold from alluvial and hard rock mining. The historical mines within Legacy Minerals’ Harden tenement are the largest hard rock mines in the district producing a combined total of ~75,000 oz Au at an average grade of 28.6g/t – all before 1919. There are two main strikes of mine in the tenement area – the historical Harden Gold Mine corridor and McMahons Reef Gold mine corridor. The Project presents an advanced-stage brownfields exploration opportunity. Historical high-grade drill intersects at the Harden Gold mine area returned a best intercept of 3m @ 10.5g/t Au from 20m and at the southern McMahons Reef Gold Mine 3.6m @ 21.7g/t Au from 115m. Figure 5: Overview showing the Harden Exploration Licences Approved by the board of Legacy Minerals Holdings Limited. For more information: Chris Byrne CEO & Managing Director chris.byrne@legacyminerals.com.au +61 (0) 409 392 326 Victoria Humphries Media & Investor Relations victoria@nwrcommunications.com.au +61 (0) 431 151 676 Page 5 of 11 | ACN 622 746 187 Level 7, 1 Margaret Street Sydney www.legacyminerals.com.au ASX: LGM About Legacy Minerals Since 2017, Legacy Minerals has been involved in the acquisition and exploration of gold, copper, and base-metal projects in the prospective Lachlan Fold Belt in New South Wales. The Company has five tenements – the Cobar Project (EL8709 and EL9256), Harden Project (EL8809 and EL9257), Bauloora Project (EL8994), Fontenoy Project (EL8995) and Rockley Project (EL8296). All of Legacy Minerals’ projects are 100% owned and present significant discovery opportunities for gold, copper and base-metal mineralisation. Figure 6: Legacy Minerals’ Tenements, Lachlan Fold Belt NSW Information in this announcement is extracted from the Company’s Prospectus dated 28 July 2021 lodged as a market announcement on 9 September 2021. The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. This announcement contains certain forward-looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside of the control of Legacy Minerals Holdings Limited (LGM). These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay, approvals and cost estimates. Actual values, results or events may be materially different to those contained in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement reflect the views of LGM only at the date of this announcement. Subject to any continuing obligations under applicable laws and ASX Listing Rules, LGM does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement to reflect changes in events, conditions or circumstances on which any forward-looking statements is based. COMPETENT PERSONS STATEMENT The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Thomas Wall, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Wall is the Technical Director is a full-time employee of Legacy Minerals Limited and a shareholder, who has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Wall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Page 6 of 11 | ACN 622 746 187 Level 7, 1 Margaret Street Sydney www.legacyminerals.com.au ASX: LGM Appendix 1 – JORC Code, 2021 Edition Table 1 Section 1 Sampling Techniques and Data Criteria JORC Code Explanation Commentary Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. RC Sampling: All samples from the RC drilling are taken as 1m samples for laboratory assay. Samples are collected using cone or riffle splitter. Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays. Magnetic susceptibility was recorded from the green bulk bag for each meter by a KT-10 mag sus meter. Geophysical - Dipole-Dipole Induced Polarisation survey (DP-DP) method is often used to determine the location of disseminated sulphides. Rocks containing sulphide minerals can be more readily charged than barren ground. An external current is applied, and charge separation can occur on sulphide grain boundaries. When the transmitted current is switched off the decay of the current can be measured. The IP survey was completed by Fender Geophysics. The oversight of the survey and auditing (QAQC) and processing of data acquired was conducted by Alan Ortel, an experienced geophysicist. The IP survey array used was Dipole-Dipole with a 100m receiver dipole size and a 100m transmitter dipole size. The transmitter dipole was moved at 50m intervals, achieving a 50m station spacing. Nine lines, (9) with 650-800m lengths and North-EastSouth-West orientated lines spaced at 100m intervals. Data from the survey have been inverted with final pseudosections and wireframe isosurfaces were provided as finished products from GeoDiscovery Group Pty Ltd. Sampling Techniques Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. The transmitter used is a GDD-Tx4, 5kW transmitter system and the receiver used in a GDD-Rx32. The survey was collected with a frequency of 0.25Hz. RC Sampling: Samples are taken on a one metre basis and collected using uniquely numbered calico bags. The remaining material for that metre is collected and stored in a green plastic bag marked with that specific metre interval. The cyclone is cleaned with compressed air after each plastic and calico sample bag is removed. If wet sample or clays are encountered then the cyclone is opened and cleaned manually and with the aid of a compressed air gun. A blank sample is inserted at the beginning of each hole, and a duplicate sample is taken every 50th sample. A certified sample standard is also added according to geology, but at no more than 1:50 samples. Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays. Downhole surveys of dip and azimuth are conducted using a single shot camera every 30m, and using a downhole Gyro when required, to detect deviations of the hole from the planned dip and azimuth. The drill‐hole collar locations are recorded using a hand‐held GPS, which has an accuracy of +/‐ 5m. All drill‐hole collars may be surveyed to a greater degree of accuracy using a certified surveyor at a later date. An Olympus Vanta pXRF is used to systematically analyse the RC sample onsite. One reading is taken per metre with field calibration of the pXRF instrument using standards periodically performed (usually daily). The handheld pXRF results are only used for preliminary assessment of element compositions, prior to the receipt of assay results from the certified laboratory. Sampling Techniques Drilling techniques Drill sample recovery Logging Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drill type (eg core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diametre, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all core taken. If non‐core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Sub‐sampling techniques and sample preparation Quality control procedures adopted for all subsampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, Mineralisation was not yet determined. The holes were geologically logged and the magnetic susceptibility was recorded from the calico bag for each meter by a KT-10 mag sus meter. Samples have been sent to a laboratory and will be reported upon once results are received. RC Sampling: The RC drilling uses a 140 mm diameter face hammer tool. High-capacity air compressors on the drill rig are used to ensure a continuously sealed and high‐pressure system during drilling to maximise the recovery of the drill cuttings, and to ensure chips remain dry to the maximum extent possible. RC Sampling: RC samples are visually checked for recovery, moisture and contamination. Geological logging is completed at site with representative RC chips stored in chip trays. Sample weights were recorded on site using digital scales for each calico sample. RC Sampling: Samples are collected using cone or riffle splitter. Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays. Sample sizes were monitored and the splitter was regularly agitated to reduce the potential for sample contamination To date, no sample recovery issues have yet been identified that would impact on potential sample bias in the competent fresh rocks that host the mineralised sulphide intervals. Geological logging is carried out on all drill holes with lithology, alteration, mineralisation, structure and veining recorded. Logging of RC samples records lithology, mineralogy, mineralisation, structures, weathering, colour and other noticeable features. Chip trays were photographed in wet form. All drill holes are geologically logged in full and lithogeochemical information is collected by the field XRF unit. The data relating to the elements analysed is used to determine further information regarding the rock composition. NA RC samples are collected using acone or riffle splitter when available. Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays. RC Sampling: Sample preparation for RC chips follows a standard protocol. If a sample is wet or damp it is recorded. Most samples were dry. Sample preparation will comprise of an industry standard of drying, jaw crushing and pulverising to -75 microns (85% passing). Samples are dried, crushed and pulverized to produce a homogenous representative sub‐sample for analysis. Quality control procedures include submission of Certified Reference Materials (standards) and duplicates with each sample batch. QAQC results are routinely reviewed to identify and resolve any issues. RC Sampling: Field QC procedures maximise representivity of RC samples and involve the use of certified reference material as assay standards, along with blanks, duplicates and barren washes. Duplicate RC samples are captured using two separate sampling apertures on the splitter approximately every 50m. including for instance results for field duplicate/second‐half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Verification of sampling and assaying Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down‐hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing and distribution Orientation of data in relation Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Whether sample compositing has been applied. Whether the orientation of sampling achieves unbiased sampling of possible structures and the The sample sizes are considered to be appropriate to correctly represent gold mineralisation and associated geology based on: the style of mineralisation (quartz with minor sulphides), the thickness and consistency of the intersections and the sampling methodology. Not applicable: Lab data not being reported An Olympus Vanta pXRF is used to systematically analyse the RC sample onsite. One reading is taken per metre. Field calibration of the XRF instrument using standards is periodically performed (usually daily). The handheld pXRF results are only used for preliminary assessment of element compositions, prior to the receipt of assay results from the certified laboratory. Laboratory QAQC involves the use of internal lab standards using certified reference material (CRMs), blanks and pulp duplicates as part of in‐house procedures. The Company also submits a suite of CRMs, blanks where appropriate and selects appropriate samples for duplicates. Sample preparation checks for fineness are performed by the laboratory to ensure the grind size of 85% passing 75μm is being attained. Significant intersections are verified by the Company’s technical staff. No twinned holes have been planned for the current drill programme. Primary data is captured onto a laptop through excel and using Datashed software and includes geological logging, sample data and QA/QC information. This data, together with the assay data, is stored both locally and entered into the LGM central online database which is managed by external consultants. No adjustments or calibrations will be made to any primary assay data collected for the purpose of reporting assay grades and mineralised intervals. For the geological analysis, standards and recognised factors may be used to calculate the oxide form assayed elements, or to calculate volatile free mineral levels in rocks. RC Drilling - A handheld Garmin GPSmap 65 was used to pick up collars with an averaged accuracy of 1m. Downhole surveys are conducted using a single shot camera approximately every 30m or downhole Gyro during drilling to record and monitor deviations of the hole from the planned dip and azimuth. Geophysical DP-DP - The transmitter and receiver electrode positions are located to hand-held GPS accuracy, generally +-3m (UTM projection GDA94 Zone 55). The grid system used is GDA94, MGA Zone 55. Using government data topography and 2017 DTM data. A topographic surface has been created using this elevation data The spacing and distribution of holes is not relevant to the drilling programs which are at the exploration stage rather than definition drilling. The completed drilling at the Project is not sufficient to establish the degree of geological and grade continuity to support the definition of Mineral Resource and Reserves and the classifications applied under the 2012 JORC code. No compositing has been applied to the exploration results. The drill holes are drilled to intersect the modelled mineralised zones at as near perpendicular orientation possible (unless to geological structure Sample security Audits or reviews extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. The measures taken to ensure sample security. The results of any audits or reviews of sampling techniques and data. otherwise stated). However, the orientation of key structures may be locally variable and any relationship to mineralisation has yet to be identified. No orientation based sampling bias has been identified in the data to date. Chain of Custody is managed by the Company until samples pass to a certified assay laboratory for subsampling and assaying. The RC sample bags are stored on secure sites and delivered to the assay laboratory by the Company or a competent agent. When in transit, they are kept in locked premises. Transport logs have been set up to track the progress of samples. Sampling techniques and procedures are regularly reviewed internally, as is data. To date, no external audits have been completed on the drilling programme. Section 2 Reporting of Exploration Results (Criteria in this section apply to all succeeding section) Criteria Mineral Tenement and Land Status Exploration Done by Other Parties Geology Drill hole Information Data aggregation methods JORC Code Explanation Commentary Type, name/reference number, location and ownership including agreements or material issues with third parties including joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Harden Project is comprised of two granted Exploration Licenses: EL8809 and EL9257. Both licenses are owned 100% by Legacy Minerals Pty Ltd (a fully owned subsidiary of Legacy Minerals Holdings Limited). There are no royalties or encumbrances over the tenement areas. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Acknowledgment and appraisal of exploration by other parties. Deposit type, geological setting and style of mineralisation A summary of all information material to the understanding of the exploration results including tabulation of the following information for all Material drill holes: • Easting and northing of the drill hole collar •Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • Dip and azimuth of the hole • Down hole length and interception depth • Hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of The land is primarily freehold land. There are no native title interests in the license area. The transmitter and receiver electrode positions are located to handheld GPS accuracy, generally +-3m (UTM projection GDA94 Zone 55). RC Drilling - The RC drilling was planned by Legacy Minerals Holdings exploration staff in consultation with drilling contractor Durock Drilling. Geophysical DP-DP - The (DP-DP) was planned by Legacy Minerals Holdings exploration staff in consultation with geophysics contractor Fender Geophysics and GeoDiscovery Group Pty Ltd. The Harden Gold Mine prospect is hosted within the Silurian Young Granodiorite. The prospect is prospective for high-grade gold mineralisation hosted within low-sulphide quartz veining of similar style to that which has been historically mined in the area. See Table 2 in the body of the article NA Not applicable due to no laboratory assays announced. Relationship between mineralisation widths and intercept lengths Diagrams Balanced Reporting Other substantive exploration data Further Work high grades) and cut‐off grades are usually Material and should be stated. Where aggregated intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. These relationships are particularly important in the reporting of exploration results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect. Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plane view of drill hole collar locations and approp