Announcement PDF LEGACY MINERALS HOLDINGS LIMITED ABN 43 650 398 897 Interim Financial Report 31 December 2022 Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 1 Corporate Directory Directors Dr David Carland – Non-Executive Chairman Christopher Byrne – CEO & Managing Director Matthew Wall – Non-Executive Director Thomas Wall – Executive Director Registered Office 401/54 Miller St North Sydney NSW 2060 Website www.legacyminerals.com.au Douglas Menzies - Non-Executive Director Securities Exchange Company Secretary and Chief Financial Officer Australian Securities Exchange (ASX) Ian Morgan ASX Code: LGM Business Office Securities Registry Level 7, 1 Margaret Street Automic Pty Ltd Sydney NSW 2000 Level 5, 126 Phillip Street Telephone Sydney NSW 2000 +61 02 8005 7107 Telephone (within Australia): 1 300 288 664 Email (outside Australia): +61 2 9698 5414 info@legacyminerals.com.au Auditor Nexia Sydney Audit Pty Ltd Level 16, 1 Market Street Sydney NSW 2000 Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 2 CONTENTS CORPORATE DIRECTORY .................................................................................................................................. 2 CONTENTS ....................................................................................................................................................... 3 DIRECTORS’ REPORT ........................................................................................................................................ 4 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ........................... 10 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................................................................................... 11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................................................................. 12 CONSOLIDATED STATEMENT OF CASH FLOWS............................................................................................... 13 NOTES TO THE INTERIM FINANCIAL STATEMENTS ......................................................................................... 14 DIRECTORS’ DECLARATION ............................................................................................................................ 24 AUDITOR’S INDEPENDENCE DECLARATION.................................................................................................... 25 INDEPENDENT AUDITOR’S REVIEW REPORT .................................................................................................. 26 Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 3 DIRECTORS’ REPORT The directors of Legacy Minerals Holdings Limited (Company or Legacy) and its subsidiary (together referred to as the Group) present their report together with the consolidated financial report for the interim period 1 July 2022 to 31 December 2022 and the auditor’s review report thereon. DIRECTORS The directors of the Company at any time during or since the end of the interim period are: Dr David Carland Christopher Byrne Matthew Wall Thomas Wall Douglas Menzies Non-Executive Chairman CEO & Managing Director Non-Executive Director Executive Director and Exploration Manager Non-Executive Director Appointed 21 June 2021 Appointed 21 May 2021 Appointed 21 May 2021 Appointed 21 May 2021 Appointed 21 May 2021 REVIEW OF OPERATIONS Principal Activities Legacy Minerals Pty Limited (Legacy Minerals), the Company’s wholly owned subsidiary, has been involved in the acquisition and exploration of gold, copper, and base metal projects in the prospective New South Wales (NSW) Lachlan Fold Belt (LFB) since 2017. Legacy Minerals wholly owns 1,1829.9km2 of granted and unencumbered exploration licences in the LFB spanning six projects. The LFB, also known as the Lachlan Orogen, is a region considered to be a premier exploration and mining district and home to one of the largest gold mines in Australia, Cadia Valley NSW (Newcrest). Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 4 DIRECTORS’ REPORT Figure 1: Legacy Minerals’ Tenements, Lachlan Fold Belt NSW Review of Operations The Group recorded a net loss attributable to members for the interim period ended 31 December 2022 of $502,186. (December 2021: $1,628,019). Exploration Bauloora Project Legacy Minerals commenced an accelerated exploration program at the 100% owned Bauloora Epithermal Gold Project in New South Wales. The systematic exploration work completed by the Company to date has provided increased confidence that the scale and character of mineralisation at Bauloora is akin to those of other pre-discovery observations noted at major epithermal deposits. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 5 DIRECTORS’ REPORT Geochemical Programs Rock chip assays show a widespread and growing footprint of gold and silver across one of NSW’s largest lowsulphidation epithermal-style gold-silver systems within the LFB. The rock chip sampling infills and extends known areas of gold mineralisation with gold bearing veins grading > 0.2g/t Au now defined across a 15km 2 area: Table 1: Bauloora Soil Geochemistry Prospects Prospect Anomaly Soil Size (approx.) Mee Mar 1200m x 100m Au >25ppb, Ag > 0.2ppm, Sb >15ppm Mee Mar North 400m x 100m Au >10ppb, Sb > 15ppm Breccia Sinter 600m x 400m Au >10ppb, Ag >0.2ppm, Sb > 15ppm, Pb >225ppm Kiola* 300m x 150m Ag >0.75ppm, As >50ppm, Sb >25ppm Bauloora East 1000m x 150m Au >5ppb, Pb >400ppm, W >4ppm, Sb >10ppm, Zn >200ppm Clancy* 600m x 100m Ag >0.2ppm, Pb >100ppm, As > 20ppm, Sb >15ppm, Mo > 1ppm, W >6ppm, Bi >0.5ppm Brumby* 800m x 100m Ag >0.2ppm, Sb >15ppm, W >4ppm, Bi >0.5ppm, As >30ppm Hall* 1000m x 150m Mo >2ppm, W >10ppm, Sb >25ppm, As > 50ppm, Bi 0.25ppm Thunderbolt* 500m x 150m Mo >8ppm, W >4ppm, Bi >1ppm, Sb >10ppm, As >30ppm Breakout* 200m x 50m Au >20ppb, >25ppm Sb, >10ppm As, >200ppm Pb Summary Soil Results Outstanding high-grade drilling assays returned at Mt Felstead Prospect Initial drill hole assays at the Mt Felstead Prospect returned high-grade zinc, lead, gold and silver assays. The Mt Felstead Prospect is one of several Au-Ag targets within the Bauloora Project, a large low-sulphidation epithermal system containing a 4km by 2.5km anomalous gold zone: o Hole BM007 9m at 9.87% Zn + Pb, 2.0g/t Au, 28.4g/t Ag and 0.16% Cu from 145m, including 2m at 29.3% Zn + Pb, 5.4g/t Au, 94.1g/t Ag and 0.43% Cu from 148m o Hole BM008 including 3m at 1.65g/t Au, 152.8g/t Ag, 0.35% Cu and 6.9% Pb+Zn from 149m, 1m at 4.75g/t Au, 442g/t Ag, 0.99% Cu, 19.47% Pb+Zn from 149m. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 6 DIRECTORS’ REPORT Figure 2: Mt Felstead Prospect rougher flotation concentration stages one and four (BKF2939) and regional soil geochemical sample collection program underway Exceptional gold, silver, lead and zinc metal recoveries at the Mt Felstead Prospect: Following the RC drilling completed, initial metallurgical testwork, using a relatively simple flotation process demonstrated exceptionally high recoveries for gold, silver, copper, lead and zinc. The Company considers the mineralisation at the Mt Felstead Prospect is amenable to low-cost industry standard flotation beneficiation and potential for high-quality concentrate product. Table 2: Cumulative rougher concentrates 1-3 returned recoveries Silver Gold Copper Lead Zinc Semi-massive sulphides 99.6% 93.6% 99.1% 98.9% 99.2% Massive sulphides 98.1% 84.1% 95.5% 98.1% 98.4% Veined 92.9% 87.1% 89.3% 89.4% 94.5% Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 7 DIRECTORS’ REPORT Table 3: Cumulative rougher concentrates 1-3 returned grades Assay Head Grade Silver Assay Head Grade Gold Lead Zinc Semi-massive sulphides 473g/t 1,555g/t 5.20g/t 13.2g/t 41.8% 21.1% Massive sulphides 99g/t 184g/t 9.88g/t 14.5.g/t 24.2% 33.0% Veined 15g/t 130g/t 1.47g/t 13.0g/t 17.3% 41.5% Regional Geophysical Program Analysis of satellite hyperspectral data ASTER (Advanced Spaceborne Thermal Emission and Reflection) defined a potential district scale hydrothermal alteration footprint across an area of 150km2 with nine high priority zones typical of that associated with low sulphidation epithermal mineralisation. Drilling Maiden diamond drill program was granted government approval to commence in early January with a 15diamond drill core hole program and an initial program of six holes (~1,000m) planned. Fontenoy Project Legacy Minerals Alliance Partner, Earth AI, commenced field work at Fontenoy in search of critical and battery metals including Copper-Nickel-Cobalt-Platinum-Gold. Harden Project Diamond drill core and reverse circulation percussion chips re-assays returned After re-assaying results due to the nugget effect, reverse circulation percussion (RC) re-assays returned results including: o 1m at 22.7g/t Au from 134m – original assay 6.24g/t Au (RCHN005). The six diamond drill holes completed early in the year had delayed assay results from the laboratory with the best drilling assays including: o o 18m at 0.27g/t Au from 220m (HN0013 1m at 1.36g/t Au from 134m (HN0017). This is the first diamond drilling into the Harden Prospect and has confirmed a wide mineralised gold corridor. Rockley Project New geophysical data defines porphyry copper-gold targets Key targets identified from a detailed airborne geophysical survey have been selected within the Rockley Project based on magnetic, radiometric responses, geochemical anomalism associated with copper-prospective Ordovician-aged rocks. The widespread copper-gold values indicate the presence of a significant hydrothermal system and this mineralisation is interpreted to be porphyry copper-gold related. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 8 DIRECTORS’ REPORT SUBSEQUENT EVENTS There are no matters or circumstances that have arisen since the end of the period which significantly affected, or may significantly affect, the operations of the Group, the results of these operations or the Group’s state of affairs in future financial periods. LEAD AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 The lead auditor’s independence declaration is set out on page 25 and forms part of the Directors’ Report for the interim period ended 31 December 2022. ROUNDING OFF The Company is not of a kind referred to in ASIC Corporations Instrument 2016/191 dated 1 April 2016 and as such, amounts in the interim financial statements and directors’ report have been reported to the nearest dollar, unless otherwise stated. COMPETENT PERSON’S STATEMENT The Information in this report relating to Mineral Resources and Exploration Results is extracted from reports lodged as market announcements and available to view on the Company’s web-site https://legacyminerals.com.au/ 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. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Signed in accordance with a resolution of the Board of directors: Mr David Carland Chairman Sydney 14 March 2023 Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 9 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME INTERIM PERIOD ENDED 31 DECEMBER 2022 Note Revenue and other income Share based payment expense Administration expenses Loss before income tax Income tax benefit Net loss attributable to members of the parent Other comprehensive income for the interim period, net of income tax Total comprehensive income for the interim period Loss per share – basic Loss per share – diluted 1 (g) 1 (e) 3 (b) 3 (b) 2022 $ 2021 $ (502,186) (502,186) (502,186) (506,063) (1,121,956) (1,628,019) (1,628,019) (502,186) (1,628,019) Cents (0.66) (0.66) Cents (2.49) (2.49) The condensed notes on pages 14 to 23 are an integral part of these interim financial statements. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 10 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY INTERIM PERIOD ENDED 31 DECEMBER 2022 Note Balance at 1 July 2021 Loss for the half year Other comprehensive income Total comprehensive income for the half year Transaction with owners in their capacity as owners: Issue of shares Cost of equity transactions Share-based payments cost of equity Share-based payments expense 1 (f) 1 (g) 1 (f) and 1 (g) Balance at 31 December 2021 Balance at 1 July 2022 Loss for the half year Other comprehensive income Total comprehensive income for the half year Transaction with owners in their capacity as owners: Issue of shares Cost of equity transactions Share-based payments cost of equity Share-based payments expense 1 (f) 1 (g) 1 (f) and 1 (g) Balance at 31 December 2022 Ordinary fully paid shares $ Share based payment reserve $ 1,694,902 - Accumulated losses Total Equity $ $ - (884,443) (1,628,019) - 810,459 (1,628,019) - - - (1,628,019) (1,628,019) 5,981,500 (476,022) 111,042 - 5,981,500 (364,980) - - - - (476,022) 7,200,380 506,063 617,105 617,105 (2,512,462) 506,063 141,083 5,305,023 7,200,380 - 617,105 - (2,956,989) (502,186) - 4,860,496 (502,186) - - - (502,186) (502,186) 1,205,500 (91,504) - - 1,205,500 (91,504) (41,281) (132,785) 41,281 41,281 - (91,504) 8,273,095 658,386 (3,459,176) 5,472,305 The condensed notes on pages 14 to 23 are an integral part of these interim financial statements. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 Note Current assets Cash and cash equivalents Trade and other receivables Other current assets Total current assets Non-current assets Plant and equipment Exploration and evaluation assets Tenement deposits Total non-current assets Total assets Current liabilities Trade and other payables Employee benefits Total current liabilities Total non-current liabilities 1 (h) 1 (i) Total liabilities Net assets Equity Issued capital Share based payment reserve Accumulated Losses Equity 1 (f) 1 (g) 31 December 2022 $ 30 June 2022 $ 2,713,288 168,391 20,000 2,901,679 2,765,670 142,615 20,000 2,928,285 106,136 2,727,716 154,000 2,987,853 5,889,532 118,319 1,970,416 98,000 2,186,735 5,115,020 375,963 41,264 417,227 - 230,081 24,443 254,524 417,227 5,472,305 254,524 4,860,496 8,273,095 658,386 (3,459,176) 5,472,305 7,200,380 617,105 (2,956,989) 4,860,496 - The condensed notes on pages 14 to 23 are an integral part of these interim financial statements. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 12 CONSOLIDATED STATEMENT OF CASH FLOWS INTERIM PERIOD ENDED 31 DECEMBER 2022 Note 2022 2021 $ $ - - (417,786) (1,203,410) (417,786) (1,203,410) (6,424) (56,893) Payments for exploration and evaluation assets (795,137) (773,575) Payments for tenement deposits (30,000) (28,000) Payment for rental deposit (2,760) - Net cash used in investing activities (834,321) (858,468) 1,205,500 5,801,500 (5,775) (304,369) - 251 Net cash generated from financing activities 1,199,725 5,497,382 Net (decrease) / increase in cash and cash equivalents (52,382) 3,435,504 Cash and cash equivalents at 1 July 2,765,670 752,817 Cash and cash equivalents at 31 December 2,713,288 4,188,321 Cash flows used in operating activities Receipts from customers Payments to suppliers and employees Net cash used in operating activities Cash flows used in investing activities Payments for plant and equipment 1 (h) Cash flows from financing activities Proceeds from capital raising Payments for capital raising costs Other The condensed notes on pages 14 to 23 are an integral part of these interim financial statements. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 13 NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. KEY FINANCIAL INFORMATION AND PREPARATION BASIS (a) Reporting Entity Legacy Minerals Holdings Limited (Company) is a company domiciled in Australia. These condensed consolidated interim financial statements (“interim financial statements”) as at and for the interim period ended 31 December 2022 comprise the Company and its subsidiary (together referred to as the “Group”). Legacy Minerals Pty Limited (Legacy Minerals), the Company’s wholly owned subsidiary, has been involved in the acquisition and exploration of gold and copper projects in the prospective New South Wales (NSW) Lachlan Fold Belt (LFB) since 2017. Legacy Minerals wholly owns 1,1829 km2 of granted and pending exploration licence applications in the LFB spanning six projects. The LFB, also known as the Lachlan Orogen, is a region considered to be a premier exploration and mining district and home to one of the largest gold mines in Australia, Cadia Valley NSW (Newcrest). The Group has a straightforward exploration strategy: to drill and develop a pipeline of prospective targets for gold and copper mineralisation. The work conducted on the tenements has defined drill ready prospects across the Group’s portfolio. The Group’s projects contain numerous untested geochemical, geophysical and geological targets. These afford the Group multiple opportunities for gold and copper discoveries; commodities which are currently enjoying favourable market conditions. Highlights of the projects include: • drill-ready targets that provide immediate opportunities for gold and copper discoveries; • projects with a prime position in the LFB targeting porphyry-related Cu-Au, Cobar-type, and low sulphidation epithermal-style systems; and high grade and shallow exploration targets that present an opportunity for near term resource definition. • (b) Basis of Preparation These interim financial statements are general purpose financial statements prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001, and with IAS 34 Interim Financial Reporting. They do not include all of the information required for a full annual financial report. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated annual financial report of the Group as at and for the year ended 30 June 2022. These interim financial statements were approved by the Board of Directors on 14 March 2023. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 14 NOTES TO THE INTERIM FINANCIAL STATEMENTS The Company is not of a kind referred to in ASIC Corporations Instrument 2016/191 dated 1 April 2016 and, in accordance with the Class Order, amounts in these interim financial statements and directors’ report have been rounded to the nearest dollar, unless otherwise stated. (c) Use of Judgements and Estimates In preparing these interim financial statements, the Group’s management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from those estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Company’s last annual consolidated annual financial report as at and for the year ended 30 June 2022. (d) Going Concern During the interim period to 31 December 2022, the Group incurred a loss of $502,186 (December 2021: $1,628,019) and net cash outflows from operating activities of $417,786 (December 2021: $1,203,410). At 31 December 2022, cash and cash equivalents were $2,713,288 (June 2022: $2,765,670) and there were net current assets of $2,484,452 (June 2022: $2,673,761). The financial report has been prepared on the basis of a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities will occur in the normal course of business. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 15 NOTES TO THE INTERIM FINANCIAL STATEMENTS (e) Administration Expenses Accounting and tax fees Audit expense Compliance: ASX/Share Registry fees/meetings expenses Corporate advisory Depreciation expense Exploration expenses written off Freight and courier costs Insurance expense Investor relations expenses Legal expenses Motor vehicle expenses Officer and employee costs Directors Non-Directors Capitalised to exploration and evaluation assets Other expenses Subscriptions and memberships Training and conferences expense Travel and accommodation expenses Website and software (f) Note 2022 $ 15,210 22,963 40,268 10,000 18,608 855 18 16,276 50,120 1,470 7,259 2021 $ 33,474 47,576 104,397 302,472 13,447 35,938 3,633 14,848 58,305 80,686 17,342 2 293,656 170,080 (227,859) 34,567 28,057 14,247 5,773 617 502,186 298,333 140,796 (108,426) 28,104 17,503 16,725 8,643 8,160 1,121,956 Number 1 $ 1 44,368,002 1,694,902 (1) 44,368,002 1,800,000 28,507,500 500,000 30,807,500 75,175,502 75,175,502 (1) 1,694,902 180,000 5,701,500 100,000 5,981,500 7,676,402 (476,022) 7,200,380 75,175,502 8,036,667 83,212,169 83,212,169 7,200,380 1,205,500 8,405,880 (132,785) 8,273,095 Ordinary Fully Paid Shares Balance at 1 July 2021 Issue of 1 Company share for every 1 Legacy Minerals share - 5 July 2021 Cancel share issued on incorporation on 21 May 2021 - 5 July 2021 Shares issued 5 July 2021 Cash placement (IPO) - 31 August 2021 Cash placement (IPO) - 1 September 2021 Cost of equity transactions Balance at 31 December 2021 Balance at 1 July 2022 Cash placement – 23 December 2022 Cost of equity transactions Balance at 31 December 2022 Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 16 NOTES TO THE INTERIM FINANCIAL STATEMENTS (g) Share-Based Payment Reserve Company for period ended 31 December 2022 401,833 unquoted options were granted during the period ended 31 December 2022 (2021: 4,850,000). Each unquoted option has an exercise price per share of $0.225 (2021: $0.30). All options vested on the date issued. No issued options were exercised during the interim period (2021 Nil). Details of options over ordinary shares in the Company that were granted and vested during the financial period are as follows: Share Based Payment Reserve Date Granted and Vested Options expiry Date ASX Escrow expiry date 1 July 2021 Number of Options Share based payment expense $ - - Director Options 7 July 2021 22 June 2026 13 September 2023 3,500,000 472,325 Management options 7 July 2021 22 June 2026 7 July 2022 250,000 33,738 3,750,000 506,063 7 September 2021 7 September 2024 1,100,000 111,042 4,850,000 617,105 4,850,000 617,105 401,833 41,281 5,251,833 658,386 Joint Lead Manager Options 31 December 2021 Not applicable 1 July 2022 Joint Lead Manager Options 23 December 2022 23 December 2025 31 December 2022 Not applicable The Company’s options expense for the period ended 31 December 2022 was $Nil (31 December 2021: $506,063). $41,281 (2021: $111,042) was recorded as costs of equity transaction net of share capital. The fair value of the unlisted options was calculated at the date of grant using the Black Scholes option pricing model and allocated to each reporting period evenly over the period from grant date to vesting date. The value disclosed is the portion of the fair value of the options recognised as an expense immediately due to no vesting conditions. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 17 NOTES TO THE INTERIM FINANCIAL STATEMENTS (g) Share-Based Payment Reserve (cont.) 2022 Number Grant date Expiry date Share price at grant date (cents) Exercise price per option (cents) Expected volatility (weighted average) Risk free interest rate (based on government bonds) Dividend yield Fair value at grant date (cents) 2021 Joint Lead Manager Options Director and Management Options Joint Lead Manager Options 401,833 23 December 2022 23 December 2025 3,750,000 7 July 2021 22 June 2026 1,100,000 7 September 2021 7 September 2024 16.5 22.5 20.0 30.0 20.0 30.0 110.0% 99.0% 95.0% 3.33% 0.10% 0.11% 0.00% 10.273184 0.00% 13.4950 0.00% 10.0948 Each option provides the right for the option holder to be issued one fully paid share by the Company, upon payment of the exercise price of each option. The options do not entitle the holder to participate in any share issue of the Company or any other body corporate. The Company’s accounting policy for the treatment of equity-settled share-based payment arrangements granted to employees The grant-date fair value of equity-settled share-based payment arrangements granted to employees and consultants is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 18 NOTES TO THE INTERIM FINANCIAL STATEMENTS (h) (i) (j) Plant And Equipment Balance at 1 July 2021 Additions during the interim period Depreciation during the interim period Balance at 31 December 2021 $ 85,479 56,893 (13,447) 128,925 Balance at 1 July 2022 Additions during the interim period Depreciation during the interim period Balance at 31 December 2022 118,319 6,424 (18,608) 106,136 Exploration and Evaluation Assets Balance at 1 July 2021 Additions during the interim period Balance at 31 December 2021 $ 175,585 819,737 995,322 Balance at 1 July 2022 Additions during the interim period Balance at 31 December 2022 1,970,416 757,300 2,727,716 Dividends No dividends were paid by the Company during the interim period to 31 December 2022 (31 December 2021: $Nil). (k) Commitments Exploration In order to maintain current rights of tenure to exploration tenements, the Group is required to perform minimum exploration work to meet the minimum expenditure requirements. As at 31 December 2022, these obligations are not provided for in the financial report and are payable as follows: Exploration expenditure commitments Within one year One year or later and not later than five years Later than five years 31 December 2022 $ 655,556 1,588,750 - 30 June 2022 $ 583,333 1,578,472 - 2,244,306 2,161,805 All the Group’s licences are in good standing at the date of this report. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 19 NOTES TO THE INTERIM FINANCIAL STATEMENTS (l) Segment Reporting Business and geographical segments The results and financial position of the Group’s single operating segment are prepared on a basis consistent with Australian Accounting Standards and no additional disclosures in relation to the revenues, profit or loss, assets and liabilities and other material items have been made. Entity-wide disclosures in relation to the Group’s product and services and geographical areas are detailed below. Products and services The Group has been involved in the acquisition and exploration of gold and copper projects in the prospective New South Wales (NSW) Lachlan Fold Belt (LFB) since 2017. The Group wholly owns 1,1829.9km2 of granted and exploration licences in the LFB spanning six projects. Geographical Areas The Group’s exploration activities are located solely in Australia. (m) Contingent Liabilities There are no contingent liabilities at 31 December 2022 (December 2021: $Nil). (n) Subsequent Events There are no matters or circumstances that have arisen since the end of the period which significantly affected, or may significantly affect, the operations of the Group, the results of these operations or the Group’s state of affairs in future financial periods. Legacy Minerals Holdings Limited Interim Financial Report 31 December 2022 Page 20 NOTES TO THE INTERIM FINANCIAL STATEMENTS 2. KEY MANAGEMENT PERSONNEL AND RELATED PARTY DISCLOSURES Related Party Transactions The following related party transaction charges for Directors’ salaries and fees were made with the Group on normal terms and conditions and in the ordinary course of business: Note Cash remuneration Salaries plus superannuation Directors’ fees and superannuation Consulting 1 (e) Non-cash Remuneration Share based payments expense 31 December 2022 $ 31 December 2021 $ 218,656 75,000 293,656 223,330 60,000 15,003 298,333 - 472,325 Unlisted Options On 7 July 2021, a total of 3,500,000 unlisted options were granted to Directors or their related entities. Details relating to the options are below. The options were granted at no cost to the recipient. The fair va