DIAMOND DRILLING HITS BROAD HIGH-GRADE GOLD AT DRAKE

Legacy Minerals continues to expand potential at Strauss and Kylo with new assay results

Legacy Minerals Limited (ASX:LGM) has reported strong new assay results from its Drake Project in New South Wales, reinforcing the project’s potential for resource expansion and discovery. These results follow the recently released Mineral Resource Estimate and Stage One Scoping Study.

Highlight Results:

95m at 0.9g/t Au and 0.35% Zn from 2m (GT005), including:
– 10m at 6.0g/t Au from 69m
18m at 1.4g/t Au, 10g/t Ag and 3.8% Pb+Zn from surface (GT001), with an equivalent grade of 2.7g/t AuEq
52m at 0.7g/t Au and 0.9% Pb+Zn from 3m (GT004), including:
– 9m at 3.0g/t Au and 1.1% Pb+Zn from 35m
17m at 0.5g/t Au and 0.7% Pb+Zn from surface (GT002)

The drilling confirmed strong mineralisation continuity at the Strauss deposit and potential extensions at Kylo. Notably, the holes were originally drilled for geotechnical assessment and were not specifically targeted for gold, yet still returned significant intercepts.

Additional high-grade hits from previous drilling included:

12.82m at 48g/t Au and 2,589g/t Ag from 16m (DDH006)
118m at 1.71g/t Au, 6.9g/t Ag, and 1.12% Zn from 2m (KYDD003)
143m at 1.1g/t Au, 3g/t Ag, and 0.9% Pb+Zn from 0m (RDD009), including:
– 18.9m at 5.8% Cu from 58m and 10.1m at 7.26% Cu from 88m (KYDD001)

The Drake Project hosts multiple mineralised systems, including porphyry-style and epithermal-type deposits. It also shares geological similarities with notable nearby projects such as the Porgera deposit (AngloGold-Barrick JV) in PNG.

Legacy Minerals CEO & Managing Director Christopher Byrne said:

The Drake Project continues to impress with these latest results, highlighting the clear untested potential for resource growth and discovery across the Project. These diamond drill holes were completed historically to assess the geotechnical characteristics of the open pit walls in preparation for a definitive prefeasibility study. As such, they were not targeting mineralisation and were not sent for assay despite large zones of visible sulphides.

Results from drillhole GT005 of 95m at 0.9g/t Au and 0.35% Zn from 2m including 10m at 6.0g/t Au from 69m and drillhole GT001 of 18m at 1.4g/t Au and 3.8% Pb+Zn from 0m highlight the scale and demonstrate the strong potential to expand the resource which is open in all directions, in particular at depth where minimal drilling has occurred.

These results build on previous high-grade drilling including 12.82m at 48g/t Au and 2,589g/t Ag from 16m and 118m at 1.71g/t Au and 1.12% Zn from 2m; demonstrating the scale and potential of the system which was confirmed in the recently announced Mineral Resource Estimate and the Stage One Scoping Study at Drake (April 2025).

This Study showed the potential to deliver significant value for shareholders as a low-margin asset with an “all-in sustaining cost” (“AISC”) of A$1,709/oz at an assumed base case gold price of A$4,250/oz. This base case has a significant upside, with 24.3Moz of silver and 450koz of gold remaining outside the Stage 1 Scoping Study. Impressively, the pre-tax NPV increases to A$404 million and the IRR to 151% at a gold price of A$5,000/oz.

The airborne mobile-magnetotelluric geophysical survey is also now complete at Drake. The results will provide the first systematic look at the broader region in 30 years, and we’re excited by the potential insights it will deliver into new Mineral Resource growth and regionally.