Discovery & Development - LGM Webinar
Released
Released
Announcement PDF
Gold, Silver, and Copper - Mt Carrington
NSW, Australia
Webinar Update
Discovery
and Development
21 May 2026
ASX: LGM
Important Information
The May 2026 Mt Carrington Scoping Study has been prepared to ascertain whether a business case can be made before
proceeding with more definitive studies of Mt Carrington’s development viability. The Scoping Study is a preliminary
technical and economic assessment of the potential viability of mineral extraction at Mt Carrington.
The Scoping Study is based on low-level technical and economic assessments that are not yet sufficient to support the
estimation of Ore Reserves. Further exploration and evaluation work, and appropriate studies, are required before any
estimate of Ore Reserves can be made, or before any assurance of an economic development case. The Scoping Study is
based on the material assumptions outlined in this announcement. These include assumptions about the availability of
funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no
certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved.
The Company has reasonable grounds to disclose a Production Target, which includes an amount of an Inferred Mineral
Resources. For the Life of Mine, approximately 71% of the Life of Mine Production Target is in the Indicated Mineral Resource
category, and 29% is in the Inferred Mineral Resource category. Legacy Minerals considers that Mt Carrington’s financial
viability does not depend on the inclusion of Inferred Resources; the maturity of the project and historical production; the
history of past Mineral Resource Estimations converting from inferred to indicated; and therefore, reasonable basis exists for
disclosing a production target including Inferred Resources. There is a lower level of geological confidence associated with
Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of
Indicated Mineral Resources, or that the Production Target itself will be realised.
Investors are cautioned that the Scoping Study is at a scoping-level of confidence (-30% to +45% accuracy). Further study
work is required to develop all project-modifying factors, including but not limited to mining dilution, ore loss, metallurgical
recoveries, geotechnical parameters, hydrology and dewatering, closure, cost estimates, and environmental and social
impacts. The Scoping Study is based on the material assumptions outlined in this announcement, including assumptions
about the availability of funding. While Legacy Minerals considers all material assumptions to be based on reasonable
grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study
will be achieved. To achieve the range of outcomes indicated in the Scoping Study, funding in the order of approximately
A$220.5M (maximum expected cash drawdown, including working capital and contingency) will likely be required.
The Scoping Study is based on the material assumptions outlined in this announcement. These include assumptions about
the availability of funding. Legacy Minerals has a strong track record of raising funding as required on attractive terms, and a
significant combined professional track record in the and development of resources projects. However, while Legacy
Minerals considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will
prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved.
To achieve the range of outcomes indicated in the Scoping Study, funding in the order of ~A$220.5 million will likely be
required (inclusive of all capital, owners, and other costs associated with an Engineering, Procurement and Construction
(EPC) contract, and all factored contingencies). This funding may take the form of debt and/or equity. Investors should note
that there is no certainty that Legacy Minerals will be able to raise that amount of funding when needed. It is also possible
that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Legacy Mineral’s
existing shares. It is also possible that Legacy Minerals could pursue other ‘value realisation’ strategies such as a sale, partial
sale or joint venture of Mt Carrington. If it does, this could materially reduce Legacy Mineral’s proportionate ownership of
the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results
of the Scoping Study.
This announcement has been prepared in compliance with the JORC Code 2012 Edition and the ASX Listing Rules. All material
assumptions on which the forecast financial information is based have been included in this announcement.
Competent Person Statement
This presentation contains exploration results and historic exploration results as originally reported the Company’s
Prospectus dated 28 July 2021 and released 9 September 2021 and subsequent ASX market announcements. The
Company confirms that it is not aware of any new information that materially affects the information included in the
original market announcements and that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcements continue to apply and have not materially changed. The Company
confirms that the form and context in which the Competent Persons’ findings are presented have not been materially
modified from the original market announcements.
The information in this presentation that relates to Exploration Targets, Exploration Results 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.
The information in this announcement that relates to the Mineral Resource Estimate and classification of the Drake
Project and production target is based on information compiled by Kate Kitchen, who is a Member of the Australasian
Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Kate Kitchen is an
independent consultant employed full time by Mining Plus Pty Ltd. Kate Kitchen has sufficient experience that is
relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is
undertaking 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 (‘the JORC code’). Kate Kitchen consents to the inclusion in
the report of the matters based on the information in the form and context in which it appears.
References
Please refer to appendices for details of all references contained throughout this presentation.
The release of these presentation materials has been authorised by the Board.
ASX: LGM
Company Overview1
1 At 20 May 2026
($AUD)
Market Cap
Shares on issue 200 million
$23 million
Debt Nil
Cash (30 March) $8.4 million
Enterprise Value $15 million
Options on issue Nil Listed
Current share price $0.12
Tier-one deposit potential - Grade and Scale
100gxm AuEq intersections across a large epithermal system
Strong leverage to gold-silver price and discovery
Rare gold AND silver dominated deposits
Primed for a re-rate
Tight capital structure and management ownership (14%)
Active exploration and catalyst pipeline
Drill results pending, new drilling commencing, MRE review
Fully funded to deliver strategy
$8M in the bank gives a runway to achieve a re-rate.
3
Board Management & Technical Team
Dr David Carland
Non-Executive
Chairman
Douglas Menzies
Non-Executive
Director
Matthew Wall
Non-Executive
Director
Christopher Byrne
CEO and Managing
Director
Thomas Wall
Exploration Manager
and Executive Director
Dr John Greenfield
Chief Technical Advisor
ASX: LGM
Mt Carrington
47
Ag
79
Au
ASX: LGM
Mt Carrington Project Overview
Large MRE and new Scoping Study confirms high quality, high margin operation
5
Quality, large Au-Ag MRE with increasing scale
34.4Mt at 1.1g/t AuEq | 105g/t AgEq containing1
• 0.7Moz Au, 24.3Moz Ag, 200kt Zn-Pb-Cu
Global 1st quartile AISC and initial 12 yr mine life
Ausenco led study sets foundation for growth on high quality outcomes
Mt Carrington concentrate highly saleable
Strong demand for Au and Ag concentrate.
Scoping Study review underway
Optimisations of the plant, inclusion of base metal concentrates and revise
pricing assumptions across resource estimates, mining and financial studies
Drilling focused on discovery and growth
Discovery-focused drilling seeking extensions to existing MRE and new deposits
Hillgrove
(ASX: LRV)
Cracow
(ASX: AIS)
Mt Carrington
(ASX: LGM)
Mt Rawdon
(ASX: EVN)
MRE and AuEq/AgEq calculations on page 24, References on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Exceptional Drilling Results1
Multiple intercepts > 100gxm Gold-Equivalent across numerous deposits
• 118m at 1.71g/t Au, 6.9g/t Ag, 0.1% Cu and 1.12% Zn from 2m1
• 143m at 1.1g/t Au, 3g/t Ag, and 0.9% Pb+Zn from 0m2
• 8m at 16.92g/t Au, 17g/t Ag, 0.53% Cu, 1.45% Pb and 6.89% Zn from
52m3
6
• 18.9m at 5.8% Cu from 58m and 10.1m at 7.26% Cu from 88m
(outside 2025 MRE)
Gold Drill Highlights
Copper Drilling Highlights
Recent LGM Drilling Results
Silver Drill Highlights
• 12.82m at 48g/t Au and 2,589g/t Ag from 12m
• including 1m up to 230g/t Au and 9,081g/t Ag
• 37.1m at 422g/t Ag, 0.2g/t Au, 1.5% Pb+Zn from 0m
• 58.5m at 204g/t Ag, 0.2g/t Au, 1.1% Pb+Zn from 25.5m
• 26.5m at 220g/t Ag and 0.1g/t Au from 133.3m (outside 2025
MRE)
• 40m at 1.0g/t Au from 151m (new discovery outside 2025 MRE)
• 95m at 0.9g/t Au and 0.35% Zn from 2m 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
• 90m at 0.13% Cu (new discovery outside 2025 MRE)
Multiple
12,000m Approved Drilling
100 AuEq gxm drill hits
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
2.62
2.51
1.55
1.37
1.03
0.69 0.66
0.53
0.41
0.31 0.29
0.11
0.00
0.50
1.00
1.50
2.00
2.50
3.00
USL IVR MTH BML SVL MMA RCM ILT SS1 ARD LGM GRL
Australian Gold-Silver Companies
Market
Capitalisation
/
Ag
Eq
Oz
• A rare Australian gold-silver asset trading at a low market cap per ounce
• One of the highest-grade silver-gold open pit deposits in Australia at 105g/t AgEq (other dominant open pits show below)
Peer Group Average
$1.07/Moz Ag Eq Oz
Mt Carrington 1.2Moz AuEq | 115Moz AgEq (0.7Moz Au, 24Moz Ag, 200kt Zn-Pb-Cu)1
Note: The peer group is constrained to ASX-listed gold and silver explorers with a Mineral Resource. A range of geographies have been selected to reduce geographical bias.
See Slide 27 for Details.
7
58g/t
AgEq
71g/t
AgEq 105g/t
AgEq
70g/t
AgEq
81g/t
AgEq
123g/t
AgEq
73g/t
Ag
161g/t
AgEq
MRE and AuEq/AgEq calculations on page 24, References on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Development
Pathway
47
Ag
79
Au
ASX: LGM
Scoping Study Outcomes1 – Just the start
9
Ausenco led Scoping Study confirms high quality, high margin development opportunity. Refer to Cautionary Statement
Spot Case (Au A$6,500/oz, Ag A$105/oz)
A$979m A$514m
38%
LOM free cash flow NPV7(pre-tax)
IRR(pre-tax)
A$220.5m
A$1,188
Capex
AISC
32months
12 years
Payback
Initial mine life
LOM production
Source: ASX release LGM 12 May 2026 – Amendments – Mt Carrington Scoping Study Announcement. Spot Case: Au A$6,500/oz,
Ag A$105/oz; Base Case: Au A $5,950/oz, Ag A$85/oz. Pre-tax, ungeared, real 2026 AUD. Production Target reported in
accordance with the JORC Code 2012; Scoping Study at -30%/+45% accuracy. Refer to Cautionary Statement Slide 2
253koz Au – 6Moz Ag
• First time a long mine-life Study delivered on the Project
• Study based on conservative Mineral Resource Estimate using
A$3,600/oz Au, A$43/oz Ag
• A high margin project, with the lowest-quartile AISC
• Demonstrates that a payable concentrate can be made from
the deposits
• Only uses ~30% of the MRE (11Mt)
1.3g/t AuEq
Average head grade
Key Takeaways
Next Stages
• Optimisation: look at increasing plant sizes to target higher
NPV, IRR, and ounces of gold and silver produced p.a.
• New MRE – additional data may result in an increase in
Indicated Resources
• New concentrate payability data – concentrate marking
shows the possibility of more economic material
• Zinc + Base Metals - Evaluation of saleable zinc/copper cons
Refer to Cautionary Statement
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Strong Project Economics1
12 years - A$514M NPV - A$1,188/oz AISC
10
Source: ASX release LGM 12 May 2026 - Amendments – Mt Carrington Scoping Study Announcement. Spot Case: Au A$6,500/oz, Ag A$105/oz; Base Case: Au A$5,950/oz, Ag A$85/oz. Pre-tax, ungeared, real 2026 AUD. Production Target reported in accordance with
the JORC Code 2012; Scoping Study at -30% / +45% accuracy. Refer to Cautionary Statement Slide 2.
A$514M
NPV₇ (pre-tax)
38%
IRR (pre-tax)
32 m
Payback
A$1,188/oz Au
AISC
A$979M
LOM cash flow
PRODUCTION & MINING
Mine life (from first ore) Years 12
Plant feed throughput Mtpa 1.0
Total material mined Mt 47.8
Ore mined (plant feed) Mt 10.13
Strip ratio (waste : plant feed) t : t 3.72
GRADES & RECOVERY
Gold head grade g/t Au 0.97
Silver head grade g/t Ag 20.84
Gold recovery (LOM avg.) % 80%
Silver recovery (LOM avg.) % 86%
PAYABLE METAL & CONCENTRATE
Total Au in concentrate koz 253
Total Ag in concentrate koz 5,831
Avg. annual Au production koz pa 24.1 (avg) | 27 (peak)
Avg. annual Ag production koz pa 554 (avg) | 638 (peak)
Concentrate produced (LOM) kt ≈ 266
CAPITAL & OPERATING COST
Capital cost (initial) A$M 220.5
Capital cost (sustaining, LOM) A$M 6.7
Mining op. cost (LOM avg.) A$/t mined 7.08
Processing op. cost (LOM avg.) A$/t proc. 30.32
G&A op. cost (LOM avg.) A$/t proc. 8.52
Total unit operating cost A$/t proc. 70.05
KEY OUTCOMES — SPOT CASE
2.3× NPV-to-CAPEX
CAPEX – NPV Ratio
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Shallow low-cost operation with existing infrastructure1
High quality, high margin operation
11
• Shallow epithermal Au-Ag mineralisation enables low-
cost open pit mining with max depth of ~150m.
• Staged mining allows for low strip ratio and high-
grades for early return on investment
• Mineralisation starts at surface (0m)
• AISC of A$1,188 – Global 1st Quartile
Scoping Study 2026 Pit design for the Strauss pit Stages 1 and 2
• 11kV grid power, established access roads, cleared mine
area, water infrastructure and tailings storage facility -
greatly de-risking potential development timelines.
Existing Infrastructure
• A$220.5M initial capital expenditure, including A$61M
EPCM cost and contingency (~28% of direct cost)
• Grid connection materially reduces reliance on diesel
fuel and lowers operational costs.
Low Initial Capital Expenditure
Source: ASX release LGM 12 May 2026 - Amendments – Mt Carrington Scoping Study Announcement. Spot Case: Au A$6,500/oz, Ag A$105/oz; Base Case: Au A$5,950/oz, Ag A$85/oz. Pre-tax, ungeared, real 2026 AUD. Production Target reported in accordance with
the JORC Code 2012; Scoping Study at -30% / +45% accuracy. Refer to Cautionary Statement.
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Near Mine Expansion Areas1
Increase Project scale with near mine Mineral Resource growth
12
Substantial platform for growth of MRE
• Initial gold-dominant open pit resources
• Underground resource potential yet to be targeted and
incorporated into resource or mine plans
• Drill results highlighting silver dominant resource and
base metal concentrate opportunity
• Project resource has consistently grown with additional
drilling and new discoveries
• Pit optimisation shows opportunity to expand into
areas of limited drilling
Consistent Mineral Resource Growth
Note: references on this slide are in the Appendix – Endnotes on Slides 26, Refer to Slide 22 for Mineral Resources
• Mozart - 26.5m at 220g/t Ag and 0.1g/t Au
from 133.3m
• Mascotte - 40m at 1.0g/t Au from 151m
• Kylo West - 18.9m @ 5.8% Cu from 58m
Drill Hits Outside of Resources
Scoping Study 2026 Pit design for the Mt Carrington and Silver King Pits
showing indicated (red) and inferred (blue)
Opportunity to expand pit areas with further drilling where
optimised shells fall short (yellow) of mineralisation extent
ASX: LGM
47
Ag
79
Au
Discovery &
Growth
Opportunity
ASX: LGM
Targeting a Tier 1 Gold-Silver-Copper System
Actively targeting new, major greenfield discoveries
Interpreted deep-set conductive feeder structures and lineaments
Major, previously unrecognised structures highlight prospective corridor
Regional High Priority Drill Targets
14
Mt Carrington regional geology plan view showing Major Prospects and known
mineralisation projected to surface (yellow) and gold dominant mineralisation
(orange) over the Drake Volcanics and historical mapped mineralised veins (red)
1
2
3
4
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
NSW Comparison – Spur Project
Two large, epithermal porphyry copper systems
Spur–Waratah Minerals
Mt Carrington – Legacy Minerals
• Epithermal and porphyry copper-related system
• Multiple >100 gxm AuEq drill hits
• Project in a brown field site with existing infrastructure inc. tailings
dam
• 34Mt of MRE grading 1.1g/t AuEq | 105g/t AgEq
Corporate
• Held by Legacy Minerals(ASX:LGM) with a market cap of ~$25M
• LGM hold 11 projects, including three of the largest epithermal
systems in NSW – Mt Carrington, Bauloora, and Black Range
• Epithermal and porphyry copper – related system
• Growing discovery in central NSW near Cadia-Ridgeway
• >24 x 100 gxm Au drill hits to date
Corporate
• Held by Waratah Minerals (ASX:WTM) with a market cap. of ~$270M
• Holds projects in Victoria
Spur and Mt Carrington – Highlight Intercepts Comparisons1
Project ID
Interval
Width From Au Eq Gm
Mt Carrington DDH006 12.82 16.9 73.53 943
Mt Carrington KYD003 246 2 1.48 364
Mt Carrington MCP131 67 32 4.64 311
Mt Carrington DDH007 46.02 3.05 6.63 305
Mt Carrington PWR121 92.5 0 3.04 281
Spur SPRCD062 208.7 514 1.17 244
Spur SPD047 117 661 2.01 235
Mt Carrington MCP478 6 11 38.16 229
Mt Carrington PLH201 21 0 10.89 229
Mt Carrington DDH011 37.8 3.35 5.98 226
Mt Carrington PLH261 51 0 4.08 208
Mt Carrington PLH117 44.4 0.9 4.47 198
Mt Carrington RED003 8 52 24.02 192
Mt Carrington PLH101 49.5 2 3.84 190
Spur SPRC007 104 112 1.53 159
Mt Carrington KYDD001 23.65 52.35 6.72 159
Mt Carrington DDH009 15.08 3.05 10.48 158
Spur SPD021 6 329 24.56 147
Spur SPD025 80 271 1.75 140
Spur SPD038 80 0 1.75 140
Mt Carrington PWR123 48.5 37.7 2.72 132
Spur SPD015 42 262 2.95 124
Mt Carrington WRDD026 61 49 1.97 120
Spur SPRC002 11 154 10.82 119
Spur SPD007 86 123 1.36 117
Mt Carrington KYDD001 11 88 10.44 115
Mt Carrington WRDDH006 60.96 0 1.84 112
Note: references on this slide are in the Appendix – Endnotes on Slides 25
ASX: LGM
New Technology and Worldclass Collaboration
CSIRO partnership and Artificial Intelligence to help drive resource growth and new discoveries
New Generation of drill targets defined
• 38 priority gold-silver-copper targets
• Uses the Company’s extensive geological, geochemical
and geophysical database to reprocess and reinterpret
New targets sit outside of the 115Moz AgEq MRE
• Study highlighted brownfields extension targets
supporting near mine resource growth
• New greenfield regional target clusters also identified
• Successfully used by Southern Cross Gold (ASX:SXG)
CSIRO Grant and Collaboration
• Australian Government statutory authority responsible for
scientific research and its commercial and industrial
applications.
• Australia’s national science agency, conducting research to
solve major challenges and drive innovation across industry
Note: references on this slide are in the Appendix – Endnotes on Slides 25
ASX: LGM
Drilling has barely scratched the surface
Target Rich Gold, Copper, and Silver Environment
• Detailed Airborne Mobile-MT data review has identified significant conductivity trends1
• Experts engaged who are familiar with the MT survey data used by K92 Mining Inc. at the Kainantu Mine
• Compelling discovery target opportunities confirmed both near-mine and regionally
Across the Mt Carrington Project there are 3,319 drill holes with an average depth 49m
MT Resistivity across the Mt Carrington Deposits and White Rock Alteration Halo1
WCDD003
Undrilled porphyry target
Attempted drill test (2015)
did not hit target
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Resources Open at Depth – White Rock and Strauss
Opportunity to grow the Mineral Resource Estimate
18
OPEN
OPEN
OPEN
OPEN
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Current Work - Mascotte
Implementing new technology to make discoveries
19
The first hole has returned an outstanding, first pass intercept of1:
40m at 1.0g/t Au from 151m, including:
o 9m at 2.7g/t Au from 180m, incl. 1m at 5.6g/t Au from 157m
New Discovery – Mascotte1
• Detailed Airborne Mobile-MT data review has identified significant
conductivity trends
• Compelling discovery target opportunities confirmed both near-mine
and regionally
New Technologies – AI integration and Mobile MT
• Government Approvals received for 12,000m of drilling at Emu, White
Rock, and Mascotte
• The Emu Prospect drilling will drill test the Emu Porphyry Core and
Emu Alteration Halo SE Targets where historical copper mining
occurred in the 1970’s.
• Assays remain pending for drilling from the initial Mascotte campaign
Further Drilling Approvals Received
Cross-section of the Mascotte Mine1,2
NEW DISCOVERY
140m
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Looking ahead
47
Ag
79
Au
ASX: LGM
News Flow - Next 12 Months
21
Active programs of exploration and study work
Source: ASX release LGM 12 May 2026 - Amendments – Mt Carrington Scoping Study Announcement. Spot Case: Au A$6,500/oz, Ag A$105/oz; Base Case: Au A$5,950/oz, Ag A$85/oz. Pre-tax, ungeared, real 2026 AUD. Production Target reported in accordance with
the JORC Code 2012; Scoping Study at -30% / +45% accuracy. Refer to Cautionary Statement.
Note: references on this slide are in the Appendix – Endnotes on Slides 26
Q2 2026 Q3 2026 Q4 2026
DISCOVERY – 12,000m of Approved Drilling
Mascotte diamond drilling – MSDD001 follow-up (40m @ 1.0 g/t Au1)
Emu Prospect – Cu-Au-Ag maiden drilling program
White Rock – step-out drilling (18Moz AgEq)
Mt Carrington Mobile-MT survey & AI/CSIRO integration
Drake porphyry-Cu targeting (Kylo Target)
Targeting program – mineral resource extensions (10,000m)
DEVELOPMENT
Optimisation studies targeting Scoping Study improvements
Environmental and other baseline studies
Mineral Resource Estimate Review
Comminution and metallurgical test-work
Concentrate offtake discussions with refiners
Q1 2027
ASX: LGM
Investment Highlights
A tier-one discovery and development opportunity held by a Junior
Quality Au-Ag deposit drives strong economics
Strong leverage to gold-silver prices and discoveries
A Tier One Gold and Silver Discovery and
Development Opportunity.
Tier-one deposit potential – grade and scale
Rare gold AND silver dominated deposits
Tight capital structure with Management invested
Low shares on issue, Directors hold 15%
Active exploration and discovery catalysts
Active drilling resulting in new discoveries.
• MSDD001: 40m at 1.0 g/t Au from 151m1
Primed for a re-rate to silver-gold peers
Large MRE (1.2Moz AuEq | 115Moz AqEq)2 with new Ausenco study
highlighting global 1st Quartile AISC (A$1,188) and 12 year mine life3.
22
Mt Carrington
Note: references on this slide are in the Appendix – Endnotes on Slides 26
ASX: LGM
Chris Byrne CEO & Managing Director
chris.byrne@legacyminerals.com.au
+61 499 527 547
Thank You
ASX: LGM
Appendix – Mt Carrington Mineral Resources1
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 differences may occur due to rounding to appropriate significant figures. For White Rock & White Rock North. AgEq calculated using the
formula: AgEq = Ag + 84.0712xAu + 93.2167xCu + 36.0156xZn + 27.0117xPb and Recoveries applied are 72% (Au), 71.7% (Ag), 66% (Cu), 85% (Zn) and 85% (Pb). For Kylo, Strauss, & Red Rock
AgEq calculated using the formula: AgEq = Ag + 101.417xAu + 125.477xCu + 35.4288xZn + 28.23323xPb and Recoveries applied are 83.1% (Au), 68.6% (Ag), 85% (Cu), 80% (Zn) and 85%
(Pb).For Lady Hampden, Silver King, and Lead Block, AgEq calculated using the formula: AgEq = Ag + 82.4186xAu + 63.0108xCu + 27.0046xZn + 21.5193xPb and Recoveries applied are 88.6%
(Au), 90% (Ag), 56% (Cu), 80% (Zn) and 85% (Pb). AgEq formula calculated using silver price of $43/oz, gold price of $3600/oz, copper price of $14000/t, zinc price of $4200/t and the lead price
of $3150/t (all AUD). 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.
24
Prospect Classification
Resource Tonnes and Grade Contained Metal
Tonnes
(Kt)
Au (g/t) Ag (g/t) Cu% Pb% Zn% AgEq (g/t) Au (Koz) Ag (Koz) Cu (kt) Pb (kt) Zn (kt) AgEq (Koz)
Strauss
Indicated 2,818 1.1 3.1 0.09 0.07 0.6 149 98 281 3 2 16 13,500
Inferred 2,026 1 2 0.08 0.04 0.4 130 63 129 2 1 9 8,468
Kylo
Indicated 2,842 1.1 2.1 0.07 0.05 0.4 138 103 191 2 1 11 12,609
Inferred 2,081 0.6 3.8 0.11 0.06 0.6 101 40 251 2 1 13 6,757
Guy Bell Inferred 2,512 0.7 2.3 0.16 0.08 0.6 117 58 188 4 2 15 9,449
Carrington Inferred 2,236 0.5 5.6 0.14 0.08 0.2 83 33 403 3 2 4 5,967
Red Rock Inferred 8,605 0.5 7.4 0.04 0.12 0.49 84 144 2046 3 10 43 23,239
Lady
Hampden
Indicated 2,136 0.71 62 0.01 0.03 0.07 124 49 4251 0 1 2 8,516
Inferred 2,125 0.74 35 0.01 0.04 0.08 100 51 2388 0 1 2 6,832
Silver King
Indicated 469 0.12 80 0.01 0.03 0.07 93 2 1200 0 0 0 1,402
Inferred 106 0.05 53 0.01 0.02 0.05 60 0 180 0 0 0 204
Lead Block Inferred 215 0.21 44 0.01 0.03 0.08 66 2 307 0 0 0 456
White Rock
Indicated 3,135 0.05 66 0.02 0.22 0.73 104 5 6629 1 7 23 10,482
Inferred 1,051 0.08 37 0.02 0.16 0.62 72 3 1258 0 2 7 2,433
White Rock
North
Inferred 2,039 0.05 70 0.01 0.14 0.11 83 4 4592 0 3 2 5,441
Total 34,396 104.7 653 24,294 20 33 146 115,756
ASX: LGM
Appendix – Gold-Silver Projects Comparison
25
Project Tick Company Status Tonnes
(Mt)
Measured
Moz Ag
g/t
Ag
Indicated
Moz Ag
g/t
Ag
Inferred
Moz Ag
g/t
Ag
Total
Moz Ag
g/t
Ag
Moz
AgEQ
g/t
AgEQ
Source –
ASX Release
Maverick Springs SS1 Sun Silver Resource 237 - - - - 347 46 347 46 539 71 ASX Release –
9 Dec 2025
Bowdens SVL Silver Mines Feasibility 179 135 42 30 21 16 14 180 31 334 58 ASX Release –
20 Dec 2024
Cerro Leon USL Unico Silver Resource 31 - - 28.9 95 33.1 48 62 62 162 161 ASX Release –
23 Sep 2025
Kempfield ARD Argent Minerals Resource 64 - - 30.5 40 35.4 27 65.8 32 143 70 ASX Release –
25 Jul 2024
Orient West ILT Iltani Resources Resource 22 - - 10.8 28 7.9 26 18.7 27 69.9 101 ASX Release –
31 Jul 2025
Paris Silver IVR Investigator Silver Feasibility 24 - - 41 75 16 67 57 73 - - ASX Release –
27 Feb 2026
Maronan MMA Maronan Metals Scoping 33 - - 19.6 116 95.1 107 115 108 - - ASX Release –
6 Jun 2025
Mt Carrington LGM Legacy Minerals Scoping 34 - - 12.6 34 11.7 16 24.3 22 115 105 ASX Release –
12 Dec 2025
Sorby Hills BML Boab Metals Development 47 17 43 12 34 24 31 53 35 187 123 ASX Release –
17 Dec 2021
Webbs Silver RCM Rapid Critical Metals Resource 7.1 - - 4.7 179 5 116 9.7 140 67 295 ASX Release –
18 Sep 2025
Copalquin MTH Mithril Silver & Gold Resource 2.4 - - 2.5 114 8.4 152 11 141 37.0 477 ASX Release –
17 Nov 2021
Lewis Ponds GRL Godolphin Resources Scoping 17.5 - - 14.9 51 15.2 56 30.1 53 121 214 ASX Release –
15 Dec 2025
ASX: LGM
Appendix – Endnotes
26
Slide 5: 1 LGM ASX Release, 1 September 2025, Metallurgical Study Commences at Mt Carrington Project, LGM ASX Release, 12 December 2025, New Silver Targets and Drill Approvals at Mt
Carrington, LGM ASX Release, 13 March 2025, New Drake Resource of 0.8Moz Gold-Eq and 35Moz Silver-Eq
Slide 6: 1: ASX Release LGM 29 October 2024 3,050gt Silver and 79gt Gold in Historical Drake Drilling, ASX Release LGM 2 May 2025 Amendments - Release 1 May 2025, Mount Carrington Mines
Limited, 17 April 1970, DIGS R00018103, Sixth Annual Report for Period Ending September 15 1992, EL2662 (Drake) CRA Exploration, Prospectus is issued by White Rock Minerals Ltd (“White Rock”)
dated 20 August 2010, ASX TMZ Release: 24 October 2022, High Grade Copper Target at Mt Carrington, LGM ASX Release, 29 October 2024, 3,050gt Silver and 79gt Gold in Historical Drake Drilling,
ASX Release LGM, 19 March 2026, Maiden Drilling Makes New Greenfields Gold Discovery, LGM ASX Release, 25 March 2025, Pre-Feasibility Study and Drilling Assay Update at Drake, LGM ASX
Release, 1 May 2025, Broad and High-Grade Gold in Drilling Intercepts, ASX Release LGM, 30 January 2026, Silver-Gold-Copper Drilling Update at Mt Carrington
Slide 7: 1 LGM ASX Release, 1 September 2025, Metallurgical Study Commences at Mt Carrington Project, LGM ASX Releas
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