Legacy Minerals Mt Carrington Project Advances Discovery and Development

Legacy Minerals Advances Discovery Program as Scoping Study Nears Completion

Legacy Minerals (ASX: LGM) has delivered a comprehensive update on its flagship Legacy Minerals Mt Carrington Project, with six of eight drill holes completed at the high-grade Mascotte Silver-Gold Prospect and a Scoping Study expected in April 2026. With $10 million in cash as of January 30, 2026, the company is well-positioned to execute its dual strategy of resource development and discovery-focused exploration across its 115 million ounce silver equivalent resource base.

Mascotte Drilling Program Delivers Encouraging Results

The current drilling campaign at Mascotte is targeting approximately 1.3 kilometres of strike associated with historic mine workings that previously delivered exceptional silver grades, including 18.3m at 237g/t silver and 9.1m at 394g/t silver. The program aims to test mineralisation beneath these historic high-grade intersections.

Key Drilling Highlights:

• Six of eight holes completed with core samples at laboratory
• Assay results expected imminently for first drill hole
• Wide zones of alteration and mineralisation intersected in all holes
• Very fine-grained sulphides identified within veins and breccias
• Geological character similar to White Rock deposit (18 million ounce silver equivalent)

The drilling has intersected hematite and adularia alteration patterns similar to other successful deposits within the mt carrington mineral resource, providing confidence in the geological model and exploration approach.

Understanding Epithermal Silver-Gold Systems

Epithermal deposits form when hot, mineral-rich fluids rise from deep within the Earth and deposit precious metals in fractures and veins near the surface. These systems are particularly valuable because they can contain very high-grade silver and gold in relatively shallow, easily accessible deposits.

Why this matters for investors: Epithermal systems like the Legacy Minerals Mt Carrington Project often contain multiple high-grade zones that can be mined economically using conventional open-pit methods. The presence of adularia alteration and fine-grained sulphides are key geological indicators that suggest the drilling is intersecting the right type of mineralised system.

Key Terms:

• Adularia: A feldspar mineral that forms in epithermal systems and indicates favourable conditions for silver-gold deposition
• Silver equivalent (AgEq): Converts all metals to a silver-equivalent value for easier comparison

Scoping Study Progress and Development Timeline

The 2026 Scoping Study represents a critical milestone for the Legacy Minerals Mt Carrington Project development pathway. Furthermore, the study has progressed through several key components:

Completed Elements:

• Mining schedules finalised
• Pit optimisations completed
• Multiple development scenarios evaluated

Current Work Underway:

• Processing plant engineering
• Financial modelling
• Infrastructure assessments
• Staged development analysis

The study timeline has been extended to mid-April 2026 to incorporate additional scenario testing and comprehensive infrastructure evaluations. This thorough approach should provide investors with multiple development pathways and risk mitigation strategies.

Management Commentary:

"With a Mineral Resource of 115Moz silver equivalent at Mt Carrington and approximately $10 million in cash as of 30 January 2026, the Company remains well positioned to advance its discovery and development strategy." – Christopher Byrne, CEO & Managing Director

Strong Financial Position Supports Dual Strategy

Legacy Minerals' $10 million cash position provides substantial runway to execute both development studies and discovery drilling without near-term funding pressures. However, this financial strength enables the company to pursue multiple strategic objectives simultaneously.

Development Activities:

• Complete comprehensive Scoping Study
• Advance engineering and metallurgical work
• Evaluate staged development scenarios

Discovery Programs:

• Continue drilling at high-priority targets
• Test new prospect areas across the project
• Expand resource base through exploration success

Cash Runway Analysis:

• Current quarterly burn rate supports extended exploration campaigns
• No immediate dilutive capital raises required
• Financial flexibility to capitalise on discovery opportunities

Investment Thesis: Multi-Layered Value Creation Strategy

Legacy Minerals presents a compelling investment opportunity through its combination of established resources and discovery potential. In addition, the company's systematic approach to both development and exploration creates multiple value catalysts.

Established Resource Base

The 115 million ounce silver equivalent resource provides a substantial foundation for development studies and potential production scenarios. Key resource highlights include:

Discovery Upside

The 1.3 kilometre Mascotte trend represents just one of multiple exploration targets across the broader Legacy Minerals Mt Carrington Project system. Recent Airborne Mobile-MT surveys have identified additional conductivity lineaments suggesting district-scale hydrothermal fluid pathways.

Strategic Location and Infrastructure

Furthermore, the Legacy Minerals Mt Carrington Project benefits from its location in New South Wales with established infrastructure and regulatory frameworks supporting mining development.

Why Should Investors Follow Legacy Minerals?

Legacy Minerals has positioned itself as a dual-catalyst story combining near-term development milestones with ongoing discovery potential. Consequently, investors gain exposure to multiple value creation opportunities within a single investment.

Immediate Catalysts (Next 3-6 Months):
• Mascotte assay results expected March-April 2026
• Scoping Study completion in April 2026
• Potential resource extensions from successful drilling

Medium-Term Value Drivers:
• Development decision following Scoping Study
• Expanded drilling programs across multiple prospects
• Resource growth through systematic exploration

Competitive Advantages:
• Large-scale silver-gold system with 115Moz AgEq resource
• Strong cash position enabling sustained exploration
• Multiple high-grade prospects within single project area
• Experienced management team with proven track record

Key Takeaway:

Legacy Minerals combines an established 115 million ounce silver equivalent resource base with active discovery drilling at high-grade targets. With $10 million in cash and a Scoping Study due in April 2026, the company offers investors exposure to both development milestones and exploration upside in a proven epithermal silver-gold system.

Timeline to Watch:

• March-April 2026: Mascotte drilling assay results
• April 2026: Scoping Study release
• Q2 2026: Potential follow-up drilling programs
• H2 2026: Development pathway decisions

Ready to Explore Legacy Minerals' Development and Discovery Opportunity?

With a comprehensive Scoping Study expected in April 2026, imminent assay results from the high-grade Mascotte prospect, and a robust $10 million cash position supporting both development milestones and discovery drilling, Legacy Minerals presents a compelling dual-catalyst investment opportunity. To access detailed project information, resource data, and the latest updates on the Mt Carrington Silver-Gold Project's progression from a 115 million ounce silver equivalent resource base toward potential development, visit www.legacyminerals.com.au.