Announcement PDF ASX Announcement 13 March 2025 ASX: LGM New Drake Resource of 0.8Moz AuEq1 and 35Moz AgEq1 Exceptional result sets the foundation for future growth and greenfield discoveries Drake Resource Update • Open pit Mineral Resource Estimate (MRE) of 0.65Moz Au, 24.3Moz Ag, 147kt Zn, 33kt Pb, 20kt Cu for: o 0.8Moz AuEq1 (from gold rich deposits) and 35Moz AgEq1 (from silver rich deposits)1 • The significant growth reflects changed commodity and precious metal prices, the polymetallic value across the deposits, and more robust and extensive geological modelling. • This MRE is based a gold price of A$3,600/oz and a silver price of A$43/oz and Au and Ag are deemed the appropriate metals for equivalent calculations as they are the most common metals in all deposits. Drake Deposits • The MRE sits across four deposit groups, with all deposits mineralised from surface: i. Mt Carrington (gold-rich deposits) - 14.5Mt at 1.2g/t AuEq for 560koz AuEq (ALA75), ii. iii. iv. Mt Carrington (silver-rich deposits) - 5.1Mt at 106g/t AgEq for 17Moz AgEq (ALA75), Red Rock Group - 8.61Mt at 0.84g/t AuEq for 232koz AuEq (EL9727), and White Rock Group - 6.62Mt at 92g/t AgEq for 18Moz AgEq (EL6723, EL6727). Legacy Minerals has applied for an Assessment Lease (AL) over Mt. Carrington. This authority exists as a ‘bridge’ between exploration and mining, where progression to mining status is reasonably foreseeable. Significant Untested Critical Mineral Potential The MRE includes 147kt of zinc and 20kt of copper and is adjacent to the Lunatic Antimony Field; minerals on the Australian Government's Critical and Strategic Minerals list as key minerals important for the global transition to net zero and broader strategic applications i (For endnote references, refer page 37). Opportunities for Future Mineral Resource Growth All deposits are open both along strike and at depth with near-surface targets and deeper high-grade drill hits that sit within the resource yet remain to be followed up, including: • 273m at 30.1g/t Ag, 0.12g/t Au from 58m - White Rock ii • 18.9m @ 5.9% Cu from 52.25m and 10.1m @ 6.3% Cu from 88.0m – Mt Carrington iii • 121.6m at 0.7g/t Au, 3g/t Ag, and 1.1% Pb+Zn from 1m - Red Rock Prospect iv New Generation of Geophysical Targets A large, airborne MobileMT (MT) geophysical survey is underway at Drake. MT has been successfully used by companies, including K92 Mining Inc., to define targets in a gold-copper epithermal setting similar to Drake and supported K92’s Kainantu growth from 0.88Moz AuEq in 2015 v to 18Moz AuEq in 2024 vi. Pre-Feasibility Studies and Forward Works The Company is reviewing historical Pre-Feasibility Studies (PFS) completed on the Project as a substantial amount of the MRE sits outside historical PFS. This may provide a low-cost opportunity to further highlight the Project’s economic credentials and inform exploration target prioritisation. 1 For Red Rock and Mt Carrington, AuEq calculated using the formula: AuEq = Au + 0.00986xAg + 1.237237xCu + 0.3493xZn + 0.2784xPb. Recoveries applied are 83.1% (Au), 68.6% (Ag), 85% (Cu), 80% (Zn) and 85% (Pb). For White Rock, AgEq calculated using the formula: AgEq = Ag + 84.0712xAu + 93.2167xCu + 36.0156xZn + 27.0117xPb. Recoveries applied are 72% (Au), $71.7% (Ag), 66% (Cu), 85% (Zn) and 85% (Pb). Mt Carrington Silver Deposit Ag + 82.4186xAu + 63.0108xCu + 27.0046xZn + 21.5193xPb, Recoveries applied are 83.1% (Au), 68.6% (Ag), 85% (Cu), 80% (Zn) and 85% (Pb). Formulas calculated using silver price of A$43/oz, gold price of A$3,600/oz, copper price of A$14,000/t, zinc price of A$4,200/t and lead price of A$3,150/t. In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions and metallurgical test work up to 2017. Page 1 of 37 | ABN 43 650 398 897 3/202 Russell Street Bathurst, 2795 www.legacyminerals.com.au ASX: LGM Page 2 of 37 Legacy Minerals Holdings Limited (ASX: LGM, “LGM”, “the Company” or “Legacy Minerals”) is pleased to report an updated Mineral Resource Estimate (MRE) for the Drake Epithermal Gold-Silver Project in NSW (EL6273, EL9616, EL9727, ALA75). Management comment – Legacy Minerals CEO & Managing Director Christopher Byrne said: “With gold and silver prices at all-time highs, it’s a fantastic time to release a substantially increased Mineral Resource Estimate (MRE) at our Drake Project. The updated MRE highlights the impressive mineral endowment of the large-scale system at the Drake Project. The new MRE has increased contained goldequivalent metal to 0.8Moz gold-equivalent and 35Moz silver-equivalent – reflecting open pit resources totalling 34Mt. Importantly for Legacy Minerals, the updated Resource model highlights the Drake Project's significant exploration upside potential, with strong opportunities for resource growth through clear strike and depth extensions and new greenfield discoveries. Drake is a low-sulphidation epithermal gold-silver system. These systems are attractive deposits because they are often high-grade, high-margin, long-life underground mining operations. The fact that we are looking at a 34Mt deposit at surface, with no underground resource in the current mineral resource estimate, gives a glimpse of the system's untested potential at depth. Achieving such significant MRE growth in such a short time highlights the quality of the Project and the team's ability to leverage historical datasets and capitalise on the Project’s significant previous exploration expenditure. In addition to significant investment in historical exploration, the Drake Project also contains a substantial amount of critical infrastructure, including a tailings dam, grid easements, a 750ML water source, a site office, accommodation, a core shed, and core processing facilities within the exploration licence. The next round of exploration at Drake will aim to deliver substantial extensions to existing mineralised areas and new standalone discoveries that will be targeted upon completing the current geophysical and geochemical work programs.” Project Overview Legacy Minerals is pleased to announce an updated Mineral Resource Estimate at its Drake Epithermal Gold-Silver Project in New South Wales, Australia. The total Resource now stands at 34Mt containing 0.8Moz of contained AuEq metal and 35Moz of contained AgEq metal. 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 Drake Project’s total resource consists of three components: the Red Rock Mine (8.6mt at 0.84g/t AuEq), the White Rock Group (6.2mt at 92g/t AgEq), the Mt Carrington gold rich resource (14.5mt at 1.2g/t AuEq) and Mt Carrington silver rich resource (5.1mt at 106g/t AgEq). All estimates have been prepared in accordance with the JORC Code (2012 Edition) and estimated by external independent consultants Mining Plus Pty Ltd. The increase in the Resource has been primarily driven by considering base metals within an eventual economic extraction pit scenario, revised precious metal and commodity prices, more significant geological input in the modelling of historical drill results and robust domaining of mineralisation domains. 94,239m of historical drilling, completed between 1970 and 2013, has been used to underpin the updated MREs. This historical drilling and the new Resource highlight the current extent of mineralisation across the Drake Caldera over considerable widths. Furthermore, it highlights the SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 3 of 37 untested potential of these deposits along strike and at depth, where minimal historical exploration has occurred. Figure 1: Drake Project showing deposits and major prospects. SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 4 of 37 Figure 2: Oblique 3D view looking SW - drillholes and resource AuEq block models (>0.35g/t AuEq) across the Mt Carrington Group (>0.5g/t AuEq – Orange, >1g/t AuEq – Red) and RPEEE pit shells. The resource remains open with geophysical IP chargeability targets, indicating mineralisation continues along strike and down dip. Figure 3: Long section of the Strauss Mineral Resource highlighting the captured AuEq mineralisation within the optimised pit shell (AGD66z56, Easting 438,721). SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 5 of 37 Figure 4. Long section of the Kylo Mineral Resource highlighting the captured AuEq mineralisation within the optimised pit shell (AGD66z56). Figure 5: Oblique 3D view looking NE - drillholes and resource AuEq block models (>0.35g/t AuEq) across the Red Rock Project (>0.5g/t AuEq – Orange, >1g/t AuEq – Red) and RPEEE pit shells. The resource remains open with soil geochemistry and geophysical IP chargeability targets, indicating mineralisation continues along strike and down dip. SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 6 of 37 Figure 6: Long section of the Red Rock Mineral Resource highlighting the captured AuEq mineralisation within the optimised RPEE pit shell (AGD66z56). Figure 7: Oblique 3D view looking south - drillholes and AgEq block models (>35g/t AgEq) across the White Rock Group (>60g/t AgEq – Orange, 90g/t AgEq – Red) and RPEEE pit shells. The resource remains open with soil geochemistry and geophysical IP chargeability targets, indicating mineralisation continues along strike and down dip. SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 7 of 37 Figure 8: Long section of the White Rock Mineral Resource highlighting the captured AgEq mineralisation with the optimised RPEEE pit shell (AGD66z56, Northing 6,798,895). Table 1: Mineral Resource Estimates for the Gold-Rich Resources at the Drake Project Indicated Resource Estimates Inferred Total Resource Tonnes (Mt) Grade AuEq (g/t) Metal AuEq (koz) Tonnes (Mt) Grade AuEq (g/t) Metal AuEq (koz) Tonnes (Mt) Grade AuEq (g/t) Metal AuEq (koz) Red Rock - - - 8.6 0.8 232 8.6 0.8 232 Mt Carrington Group – Gold Rich Resources 5.7 1.4 257 8.9 1.1 315 14.5 1.2 560 Total 5.7 1.4 257 17.5 1.0 547 23.1 1.1 792 Table 2: Mineral Resource Estimates for the Silver-Rich Resources at the Drake Project Indicated Resource Estimates Inferred Total Resource Tonnes (Mt) Grade AgEq (g/t) Metal AgEq (Moz) Tonnes (Mt) Grade AgEq (g/t) Metal AgEq (Moz) Tonnes (Mt) Grade AgEq (g/t) Metal AgEq (Moz) White Rock Group 3.1 104 10 3.1 79 8 6.2 92 18 Mt Carrington Group – Silver Rich Resources 2.6 118 10 2.5 95 8 5.1 106 17 Total 5.7 111 20 5.6 86 16 11.3 99 35 SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 8 of 37 Table 1 and Table 2 Notes: 1. The preceding statements of Mineral Resources conform to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures reflecting the confidence level in the Mineral Resources. 2. All Mineral Resources are constrained within optimised pit shells determined using a gold price of A$3,600/oz and a Ag price of A$43/oz (as well as a Cu price of A$14,000/t; Zn price of A$4,200/t and a Pb price of A$3,150/t). 3. The Mineral Resources for gold-rich deposits at Red Rock, Strauss, Kylo, Guy Bell and Carrington are reported at a 0.35g/t AuEq cutoff. The Mineral Resources for silver-rich deposits at Silver King, Lady Hampden, Lead Block, White Rock and White Rock North are reported at a 35g/t AgEq cut-off. 4. Estimates are rounded to reflect the level of confidence in the Mineral Resources at the time of reporting. 5. Refer to the following sections of this release and Appendix B, ‘JORC Table 1’, for further details on the Mineral Resource Estimate. Please refer to the compliance statements for details on parameters used to calculate metal equivalents. Forward work program Modelling confirms that all deposits remain open at depth and along strike, with the following intercepts located on the limit of the Resource boundaries and not closed off: • 273m at 30.1g/t Ag, 0.12g/t Au from 58m - White Rockii • 18.9m @ 5.9% copper from 52.25m and 10.1m @ 6.3% copper from 88.0m – Mt Carringtoniii • 121.6m at 0.7g/t Au, 3g/t Ag, and 1.1% Pb+Zn from 1m - Red Rock Prospectv Furthermore, the following intercepts sit outside the Resource boundaries and present opportunities for further discovery and Resource upside through infill and extensional drilling. • 32m at 2.9% Zn from 182m including 7m at 1.7% Cu and 7.2% Zn from 190.6m Red Rock vii • 31m at 47g/t Ag from 104m – White Rock viii • 0.85m at 18.2g/t Au and 0.5% Cu from 76.5m – Mt Carrington ix • 24m @ 1.14% Cu from 59m - Mt Carrington x • 15m @ 1.12% Cu from 50m - Mt Carringtonix • 33m at 97g/t Ag from 154.5m incl. 10m at 248g/t Ag from 159m – Mt Carrington xi 6F 7F 8F 9F 10F The Company will continue its systematic exploration strategy at Drake, with the Airborne Mobile MT survey the next key data set soon to be delivered. The survey aims to define a new generation of greenfields targets across the Drake Caldera and help inform brownfields exploration targeting. The exploration approach has three clear strategic goals: 1. Resource extension assessment- test the brownfield targets at depth and along strike of highgrade gold-silver-copper zones targeting substantial Resource growth. 2. Discovery drilling - drilling to explore new greenfield epithermal-porphyry discoveries within the Drake Caldera. 3. Increase resource confidence by confirming historical drill results within existing Inferred resources. SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 9 of 37 About the Mineral Resource Estimate Legacy Minerals provides information as required by listing rule 5.8.1 (summary of technical information pertaining to the Mineral Resource Estimate.) Project Location The Legacy Minerals Drake Project is located in the New England region of northern New South Wales, approximately 100km west of the regional centre of Lismore. The Mt Carrington deposits, White Rock deposits and Red Rock deposit are within Legacy Minerals owned tenements which comprises EL6273, EL9616, EL9727, and ALA75. Figure 9: Drake Project Location and major infrastructure. Regional and Local Geology The epithermal deposits at Mt Carrington are hosted within the Drake Volcanics, a subdivision of the Wandsworth Volcanic Group, which formed during a Late Permian to Early Triassic igneous episode in New England. Spanning about 700 km², the Drake Volcanics consists of a 400-meter-thick sequence of interbedded acidic to intermediate volcanic flows and volcaniclastic rocks, with compositions ranging from rhyolite to andesite. These volcanic rocks are interspersed with pyroclastic, agglomerate, and breccia formations, along with sub-volcanic intrusions. The sequence is primarily andesitic, with basaltic to rhyolitic facies also present. The Drake Volcanics is bound by the Emu Creek Formation to the east, the Demon Fault, and the Stanthorpe Monzogranite pluton to the west. The area is also intruded by Permian and Triassic granitoid plutons. These volcanic rocks, marked by rapid facies changes and pervasive alteration, are interpreted to have formed in a shallow marine environment and are the source of the volcanogenic epithermal Au-Ag-Cu-Pb-Zn mineralisation at Mt Carrington. SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 10 of 37 Mineralisation The Mt Carrington Project contains several epithermal gold and silver deposits with distinct metal zonation, including silver-rich deposits in the northeast that gradually transition to gold-zinc and goldcopper deposits to the west. Key gold-rich deposits include Strauss, Kylo, Carrington, and Guy Bell, which are typically structurally complex with steeply dipping veins, and locally show stratabound controls, particularly at Strauss. These deposits are notable for their high zinc content, averaging 1-2% Zn at Strauss. Silver-rich mineralisation is concentrated along the Cheviot Hills Fault Trend, with notable deposits at Lady Hampden and Silver King, hosted in volcaniclastics and lapilli tuffs. The White Rock deposit is located in the altered rhyolitic to andesitic rocks of the Permian Drake Volcanics and features low to intermediate sulphidation epithermal mineralisation. The deposit includes a broad alteration zone with silica veining, breccia fill, and silicified zones associated with a polyphasal felsic intrusion and hydrothermal brecciation events. Silver-rich mineralisation is primarily hosted in tetrahedrite and pearceite-polybasite sulphosalts, with minor Zn, Pb, Cu, Au, and Sb. Highgrade silver is found in reactivated colloform silica and sphalerite veins, and the system shows a weak geochemical zonation towards Au-Cu in the W/SW, suggesting increasing temperatures and depth. The magmatic source for the sulphides remains unidentified. Mineralisation at the Red Rock deposit is primarily hosted in silica-rich veinlets and hydrothermal breccia, with sulphides found in banded, crustiform, and colloform textures. The veins range from small, fine cracks to larger, more complex breccias and show increased complexity near the surface. The sulphide minerals include pyrite, sphalerite, galena, chalcopyrite, and minor sulphosalts like tetrahedrite and pearceite. Gold is primarily hosted in electrum or pyrite and is enriched near the rhyolite cryptodome, with higher grades found in more complex veins at shallow depths. The mineralisation shows good geochemical zonation, with gold near the surface, silver at the extremities, zinc throughout, and copper and lead increasing at depth. The deposit’s mineralisation is interpreted as a continuous process following the emplacement of the cryptodome and is driven by ongoing hydrothermal activity. Drilling Techniques All drilling data available for use in the MRE has been collected from Percussion drilling, Reverse Circulation drilling and Diamond drilling completed by numerous exploration companies since the early 1970s through to the most recent drilling campaign in 2013. The final data set across the entire Drake Project area includes 188 Diamond drill holes (totalling 30,143m), 678 Reverse Circulation holes (totalling 38,666m) and 525 Percussion holes (totalling 25,430m). The geological database was reviewed to understand the reliability/uncertainty of each of the sets of drill data. This information was considered when undergoing classification of the Mineral Resource Estimate. Sample Techniques and Analysis Methods Diamond core sampling was undertaken at 1m intervals unless defined otherwise by geological characteristics. Core was split in half (or ¼ core PQ) by automated core saw to obtain a 3-4.5kg sample for external laboratory preparation and analysis with the oriented portion retained for future reference and testing. Percussion drilling was sampled at 1.5m intervals by the entire sample passing through a face splitter (dry) or rotary disc cutter, collected in a bucket, flocculated, filtered and dried to a 3-5kg subsample, which was riffle split to a 1.5-2kg sample to be sent offsite for further sample preparation. More recent diamond drilling utilised an independent commercial laboratory, ALS Brisbane, which conducted sample preparation, which comprised drying and crushing to 70% passing 6mm. The sample was then riffle split for a subsample that was pulverised to 85%, passing 75 mm. Assaying was conducted for Au and multi-elements with the ~3kg pulverised sample analysed for Au by AAS of a SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 11 of 37 30g charge fire assay fusion bead (Au-AA25 technique, 0.01ppm detection limit). Assaying included a suite of 33 elements comprising Ag analysed by ICP-AES from a 0.25g charge of four acid digest solutes (ME-ICP61 technique, 0.5ppm Ag detection limit), with over detection grades re-assayed by ICP-AES of a 0.4g charge of four acid digest solute. Historic RC and percussion sample records are incomplete. Existing records show that dry samples were split using a riffle or face splitter to obtain two 1 – 2kg samples. Wet samples were mixed and sampled by hand or split by a rotary disc cutter and collected in a bucket. The sample was flocculated, filtered and dried to produce a 3-5kg subsample for laboratory submission. Samples were submitted to ALS Brisbane, Comlabs South Australia and AAL in Ballina, Orange, Townsville, Balcatta and Drake. Percussion samples were processed at Comlabs Adelaide, which included crushing to 30# to 50# mesh. A sub-sample of 100g was taken and further pulverised to 120# mesh. Geological and Estimation Domains The final domain geometries used in the estimation were based on multiple 3D-constructed models within Leapfrog Geo software. Simplified regional scale lithology models using grouped lithologies were generated in order to guide mineralisation interpretations and establish trends and domains. An example lithology model covering the Strauss Kylo region is shown below. Figure 10: Oblique section at Strauss/Kylo region showing the lithology model used to assist with mineralisation modelling. The mineralisation models were developed by reviewing existing mineralisation models and updating these interpretations as required. Statistical analyses, including histograms and scatter plots, were reviewed to determine appropriate cut-off grades for gold, silver, copper, zinc, and lead, with these guiding low-grade halo domains. Economic composites and structural trends were incorporated into the models, guided by data from drill core, sampling, and previous interpretations. Manual SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 12 of 37 adjustments were made to refine geological domains, with additional data, including lithology, alteration, and structural information used to enhance interpretation. A statistical review was used to determine the requirement for high-grade subdomains for each of the low-grade domains. Grade top cutting was applied to some elements in most domains if they exhibited extremely high values in any element. Figure 11: Cross section and plan view showing multiple mineralisation domains used in estimation at Red Rock showing Au, Ag, Zn, Cu and Pb low-grade domains, as well as high-grade Au, and sulphur halo domains. Mineral Resource Estimation Methodology Estimation of Au, Ag, Cu, Pb, and Zn was completed using Ordinary Kriging of 1m or 1.5m composites, as determined by the predominant sample length for each deposit. Estimation was completed in Leapfrog Edge v2024.1 software. In total, ten block models were created, one for each of the deposits (Strauss, Kylo, Guy Bell, Carrington, Silver King, Lady Hampden, Lead Block, White Rock, White Rock North and Red Rock), with parent block sizes ranging from 5m x 10m x 5m (xyz) at the closer spaced deposits through to 20m x 20m x 10m (xyz) at the more sparsely drilled deposits. Subcelling to between 1m to 2m was applied depending on the complexity and thickness of the wireframe boundaries with all estimation into the parent cell. Variograms were modelled for individual domains where there exists a sufficient number of composites to create them, for Au, Ag, Cu, Pb and Zn. In other domains, variograms were “borrowed” from similar domains, oriented to fit the trend of mineralisation. Variable orientations were used for some domains which are not planar. The estimate was run over up to three passes. The first pass was generally based on half the variogram ranges with the second pass equal to the variogram range and a third pass up to 4 times the variogram range. The resulting block model was validated against the input composite data and raw drillholes using visual validations, global comparisons and through the creation of swath plots. Bulk Density Average bulk density values were applied across all deposits based on 3,581 measurements taken on diamond drill core using the Archimedes method. Bulk densities were averaged by deposit area and material type and applied as default values within the estimated block models for oxide/transitional material (averages used range from 2.53 – 2.66 g/m3), and fresh material (averages applied range from 2.65 - 2.73 g/m3). Resource Classification SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 13 of 37 The Mineral Resources for all deposits were classified as Indicated and Inferred resources or only Inferred resources based on a combination of factors, including data integrity (assay and QAQC quality, relevant documentation and validations), drillhole spacing, geological interpretation continuity and confidence. In general, Indicated Mineral Resources were constrained to areas which displayed strong geological continuity and understanding which were drilled to better than 25m x 25m spacing. Inferred Mineral Resources were constrained to areas which displayed reasonable geological continuity and understanding which were drilled better than 60 x 60m up to 80 x 80m spacing in areas of reasonable mineralisation continuity. Assessment for Reasonable Prospects for Eventual Economic Extraction Mineral Resources were assumed to be extracted via open pit mining methods where constrained within optimised pit shells and above a 0.35g/t AuEq or 35g/t AgEq cut-off grade. The optimised pit shells were created using pit mining and cost assumptions based on previous PFS studies, updated in 2024. The basis for reasonable prospects for eventual economic extraction is supported by the following mining factors and assumptions which are at a conceptual level of confidence and are yet to be supported by further studies. Metal recoveries varied depending on mineralisation style and were based on preliminary metallurgical testwork. The ranges are shown below. Table 3: Reasonable Prospect of Eventual Economic Extraction Parameters RPEEE Optimisation Parameters Unit Value Overall Pit Slope Angle Mining Recovery Mining Dilution Gold metal price Metallurgical Recovery for Gold Silver metal price Metallurgical Recovery for Silver Copper metal price Metallurgical Recovery for Copper Lead metal price Metallurgical Recovery for Lead Zinc metal price Metallurgical Recovery for Zinc Mining cost Processing cost State Royalty Degrees % % AUD / oz % AUD / oz % AUD / tonne % AUD / tonne % AUD / tonne % AUD per tonne AUD per tonne % 65 95 5 3,600 72-88.6 43 68.6-90 14,000 56-85 3,150 80-85% 4,200 80-85 5.50 31.90 4 Different metal equivalent formulas were applied depending on mineralisation style due to differing recoveries. • For the gold rich deposits (Strauss, Kylo, Guy Bell, Carrington and Red Rock), the formula is: AuEq (g/t) = Au (g/t) + 0.00986 x Ag(g/t) + 1.237237 x Cu% + 0.3493 x Zn% + 0.2784 x Pb%. • For the silver rich deposits at the Mt Carrington Project (Lady Hampden, Silver King and Lead Block), the formula is: AgEq (g/t) = Ag(g/t) + 82.4186 x Au(g/t) + 63.0108 x Cu% + 27.0046 x Zn% + 21.5193 x Pb%. • For the White Rock and White Rock North deposits the formula is: AgEq (g/t) = Ag (g/t) + 84.0712 x Au(g/t) + 93.2167 x Cu% + 36.0156 x Zn% + 27.0117 x Pb%. Metallurgical Factors Considered Various different metallurgical testing programmes have occurred and indicates recoveries as: SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 14 of 37 • • • White Rock style mineralisation - Ag and Au recovery of approximately 68-72% into a concentrate via flotation methods, with good recoveries of base metals (Cu = 66%, Pb/Zn ~85%). No specialised metallurgical testwork has been completed on the Red Rock prospect sample material to assess metal recoveries or a processing method. Metallurgical recoveries from testwork at the Kylo/Strauss Projects, which display similar mineralisation characteristics have been used to inform the RPEEE parameters, cut-off grade and equivalency formulas at Red Rock. Various stages of metallurgical testwork have occurred for the gold rich and silver rich deposits which form the Mt Carrington Project. The most recent of which was done in 2017 by ALS. Three separate processing routes were considered: flotation to a concentrate for sale, a flotation-concentrate cyanide leach process and a conventional leach by CIL. Testwork was completed on material sourced from Kylo, Strauss, Lady Hampden, White Rock, Guy Bell and Silver King. A flotation processing pathway with cleaning of the rougher concentrate followed by cyanidation of the flotation tailings has been considered for this estimate. For the gold-rich deposits (Kylo, Strauss, Guy Bell, Carrington and Red Rock), recoveries of 83.1% Au, 68.6% Ag, 85% Cu, 80% Zn and 85% Pb were assumed. For the silver-rich deposits (Silver King, Lady Hampden and Lead Block), recoveries of 88.6% Au, 90% Ag, 56% Cu, 80% Zn and 80% Pb were assumed. Further metallurgical testing is recommended to understand the options for different process flowsheets, in order to optimise an approach suitable for multiple deposits and understand the impact of variability between mineralisation types. SIGN UP TO LEGACY MINERALS’ INTERACTIVE INVESTOR HUB ASX: LGM Page 15 of 37 For more information: Investors: Chris Byrne CEO & Managing Director chris.byrne@legacyminerals.com.au +61 (0) 499 527 547 Media: Nicholas Read Read Corporate nicholas@readcorporate.com.au +61 (0) 419 929 046 DISCLAIMER AND PREVIOUSLY REPORTED INFORMATION Information in this announcement is extracted from reports lodged as market announcements referred to above and available on the Company’s website https://legacyminerals.com.au/. The Company confirms tha