Legacy Minerals Regains Control of Bauloora Project After Newmont Exit

Major Portfolio Expansion as Legacy Retains 100% of Bauloora and Acquires Mt Terrible Gold-Copper Project

Legacy Minerals (ASX:LGM) has significantly strengthened its precious metals portfolio by regaining full ownership of the Bauloora Gold-Silver Project following Newmont's exit from their 2023 earn-in agreement. Additionally, the company has secured the high-grade Mt Terrible Gold-Copper Project through free-pegging after Newmont's recent relinquishment.

This strategic expansion comes at an opportune time with gold and silver trading at record prices, providing shareholders with enhanced exposure to precious metals discovery potential. The company estimates approximately $5 million has been spent across both projects over the past two years, significantly advancing target generation without diluting Legacy's ownership.

CEO Christopher Byrne emphasised the strategic significance: "Legacy Minerals continues to strengthen its position in building a leading gold, silver, and copper portfolio in NSW. With record gold and silver prices, these projects provide shareholders with significant exposure to discovery and precious metal resources."

Bauloora Project: A Major Epithermal System with Bonanza Grades

The Bauloora Project represents one of the largest preserved epithermal vein systems in NSW, yet has seen very limited drill testing. Located in the prolific Lachlan Fold Belt, home to world-class copper-gold deposits including Cadia-Ridgeway, Northparkes and Cowal mines, Bauloora features an extensive 27km² hydrothermal alteration zone with an anomalous gold zone mapped across 15km².

Multiple high-priority drill targets remain untested at the project, including the Mt Felstead and Bluecap Prospects. Historical drilling and sampling have returned exceptional grades, including:

• 3,701 g/t silver, 6.9 g/t gold, 6.4% copper and 55% lead+zinc from face sampling at Mt Felstead
• 13m at 3.6 g/t AuEq from 57m (including 3.7m at 10.5 g/t AuEq)
• 24m at 0.5 g/t Au from 70m
• 9m at 6.5 g/t AuEq from 145m (including 2m at 18.6 g/t AuEq)

Core samples from the project showcase impressive mineralisation, with select intercepts including:

• 1m at 10.9 g/t AuEq from 150m (1.2 g/t Au, 44.8 g/t Ag, 11.1% Zn, 11.8% Pb, 0.44% Cu)
• 0.6m at 10.8 g/t AuEq from 107.9m (0.5 g/t Au, 468 g/t Ag, 6.0% Zn, 1.3% Pb, 0.64% Cu)

Mt Terrible: Unlocking Multi-Style Gold-Copper Potential

The newly acquired Mt Terrible Project represents one of the largest known intrusive complexes in the New England Orogen. The project demonstrates compelling potential for high-grade epithermal gold systems alongside Cu-Au porphyry and breccia-hosted mineralisation.

Historical drilling highlights from Mt Terrible include:

Silicon Valley Prospect (breccia and porphyry)

• 2m at 33.3 g/t gold and 78 g/t silver from 102m

Hillside Prospect (low sulphidation epithermal)

• 14m at 4.1 g/t gold from 190m (including 0.3m at 160 g/t gold and 258 g/t silver)
• 4.05m at 5.53 g/t gold from 58m
• 3m at 8.7 g/t gold from 15m

The project's geological complexity is evident in drill core, which has revealed gold-bearing epithermal veins, potassic altered collapse breccias, and tourmaline shingle breccia structures that highlight the property's multi-deposit style potential.

What is an Epithermal Gold-Silver System?

Epithermal gold-silver systems are formed relatively close to the Earth's surface (typically within 1-2km) when hot, mineral-rich fluids rise through the crust. These systems are categorised by their sulphide content, with low-sulphidation systems like Bauloora typically producing higher-grade gold and silver deposits compared to high-sulphidation varieties.

The significance for investors is that epithermal deposits often form well-defined, high-grade vein systems that can be mined economically even at modest scales. Many world-class operations have developed from similar geological settings, including Hishikari in Japan (one of the world's highest-grade gold mines) and Cracow in Queensland.

Epithermal systems are particularly attractive exploration targets because:

1. They often contain very high grades of precious metals
2. They may form in clusters, creating district-scale opportunities
3. The mineralisation can be predictable once the system's controls are understood
4. They can be amenable to both open-pit and underground mining methods

Strategic Focus on Mt Carrington Development

While adding these high-potential assets to its portfolio, Legacy Minerals maintains its strategic focus on developing the 1.2Moz AuEq Mt Carrington Project. The company has established a track record of securing value-enhancing partnerships, including the recent deal with Rio Tinto on the Thomson Project.

The Mt Carrington resource includes a significant gold component alongside valuable silver, copper, lead and zinc credits. The resource estimate across the combined Mt Carrington prospects totals 34.4 million tonnes at 1.1 g/t gold equivalent for 1.23 million ounces gold equivalent.

The resource breakdown shows a balanced distribution between indicated and inferred categories:

• Indicated: 11.4Mt at 1.4 g/t AuEq for 507,000oz
• Inferred: 23.0Mt at 1.0 g/t AuEq for 720,000oz

Next Steps and Timeline

Legacy Minerals will undertake a strategic review of both the Bauloora and Mt Terrible projects, assessing historical data, including assays and geophysical surveys, to determine the optimal path forward. Options include:

1. Reconnaissance field work
2. Tenement-wide geophysics
3. Diamond drilling
4. Corporate transaction assessments

Meanwhile, the company continues to advance exploration at its flagship Mt Carrington project, where drilling is currently underway.

Investment Thesis: Multiple Discovery Pathways with Precious Metals Leverage

Legacy Minerals presents a compelling investment case for precious metals exposure with multiple potential value drivers:

1. Strategic Timing: Portfolio expansion coincides with record gold and silver prices, maximising shareholder exposure to bull market conditions

2. Quality Assets: Both Bauloora and Mt Terrible feature proven high-grade precious metal occurrences with substantial exploration upside

3. Resource Foundation: The 1.2Moz AuEq Mt Carrington Project provides a solid resource base while exploration offers significant growth potential

4. Proven Deal-Making: Management has demonstrated ability to create shareholder value through strategic partnerships (Rio Tinto, Newmont)

5. Multiple Discovery Pathways: Diverse portfolio across different deposit styles provides shareholders with multiple opportunities for discovery success

The company's focus on gold-silver-copper assets in NSW, one of Australia's premier mining jurisdictions, positions it well to capitalise on strong precious metals markets while maintaining operational efficiency through geographic concentration.

Why Follow Legacy Minerals?

Legacy Minerals represents a unique opportunity in the ASX-listed precious metals space – a company with established resources, multiple high-grade exploration projects, and proven ability to attract major mining partners.

With drilling underway at Mt Carrington and strategic options being evaluated for Bauloora and Mt Terrible, the company has multiple potential catalysts ahead. The timing is particularly favourable given strong precious metals prices and growing investor interest in gold and silver exposure.

For investors seeking leveraged exposure to precious metals discovery with the security of established resources, Legacy Minerals offers a compelling risk-reward profile in the junior mining sector.

Looking for Gold and Silver Exposure in a Record Precious Metals Market?

Discover why Legacy Minerals' strategic portfolio expansion offers shareholders exceptional precious metals discovery potential at a time of record gold and silver prices. With multiple high-grade projects including the 1.2Moz AuEq Mt Carrington Project, the extensive Bauloora epithermal system, and the newly acquired Mt Terrible Gold-Copper Project, Legacy is positioned for significant growth in NSW's premier mining districts. To learn more about these compelling investment opportunities and the company's development plans, visit www.legacyminerals.com.au today.