Legacy Minerals Starts Drilling at Emu Copper-Gold Prospect Mt Carrington

Legacy Minerals Drills Into a 50-Year Gap: Emu Copper-Gold Program Marks a New Chapter at Mt Carrington

Legacy Minerals Holdings (ASX: LGM) has commenced diamond drilling at the Emu Copper-Gold Prospect within its Mt Carrington Project in northern New South Wales — marking the first modern drill test of this target in approximately 50 years. Legacy Minerals starts drilling at Emu Copper-Gold Prospect Mt Carrington represents a significant step in the company's dual-track strategy of discovery and development, and introduces copper as a primary target commodity alongside the project's established gold and silver credentials.

The Drill Bit Hits Ground: What's Happening at Emu

An 8-hole, 4,000-metre diamond drilling program is now underway across five drill pad sites at the Emu Copper-Gold Prospect, with each hole permitted to a depth of up to 500 metres. Drilling is expected to progress over approximately the next three months, with further follow-up drilling already planned beyond this initial phase.

The program is the first modern drill test of two distinct targets defined within the Emu zone — the Emu Porphyry Core and the Emu Alteration Halo SE — both interpreted from a recent airborne Mobile MT (magnetotelluric) geophysical survey.

The last time a drill rig was active at this prospect was roughly five decades ago, meaning this campaign brings modern geological understanding and technology to a historically productive copper area that has effectively been sitting untouched.

"The commencement of drilling at Emu marks the first modern drill test of a compelling copper-gold porphyry-epithermal target that has not seen a drill rig in 50 years. Emu sits on the same caldera-margin trend that hosts the existing 1.2Moz AuEq (115Moz AgEq) Mt Carrington Mineral Resource, and our team has integrated historical geological data with the recent airborne Mobile MT geophysics to define two distinct targets, the Emu Porphyry Core and the Emu Alteration Halo SE." — CEO & Managing Director Christopher Byrne

Two Targets, One High-Priority Prospect

The airborne Mobile MT survey has been instrumental in redefining the Emu exploration story. Two discrete targets have been identified and are now being tested for the first time with modern drilling techniques:

Together, these two targets represent a classic porphyry-epithermal system architecture — a configuration associated with significant copper-gold mineralisation globally. Furthermore, the survey also highlighted increased conductivity to the west of the previous exploration focus, expanding the area of interest beyond what historical work had identified.

Understanding Porphyry-Epithermal Systems: A Primer for Investors

What Is a Porphyry-Epithermal System?

A porphyry deposit forms when magma intrudes into the earth's crust and releases hot, metal-rich fluids that permeate surrounding rock, depositing copper, gold, and other metals across large volumes of rock. These systems are typically large-tonnage, lower-grade deposits at depth.

An epithermal system forms closer to the surface, where those same hydrothermal fluids rise and deposit metals — often gold, silver, and copper — in veins and zones of altered rock. Epithermal deposits tend to be higher-grade but smaller in scale than the deeper porphyry source.

Why Does This Matter for Investors?

When both systems are present — a porphyry core at depth with an epithermal halo near surface — it signals a well-developed hydrothermal system with the potential for mineralisation at multiple levels. This is exactly the structural model being tested at Emu, where the Porphyry Core sits at depth and the Alteration Halo SE represents the shallower expression of the same system.

Glossary of Key Terms

• Mobile MT (Magnetotelluric) Survey: A geophysical method that measures the earth's natural electromagnetic fields to image subsurface resistivity structures, useful for identifying conductive ore bodies and intrusive features at depth.
• Low-sulphidation epithermal: A type of gold-silver deposit formed at relatively shallow depths from near-neutral, low-temperature hydrothermal fluids. Mt Carrington hosts several deposits of this style.
• Resistivity: A measure of how strongly a material resists electrical current. In geophysics, low resistivity can indicate conductive features such as mineralised or altered rock zones.
• Caldera: A large volcanic depression formed by the collapse of a magma chamber. The Mt Carrington caldera (~150km²) hosts multiple known deposits and is the geological setting for both the existing resource and new targets.
• AuEq / AgEq: Gold equivalent / Silver equivalent — a way of expressing a multi-metal resource as a single metal for ease of comparison, calculated using metal prices and recovery assumptions.

Copper at the Forefront: An Underappreciated Asset

While Mt Carrington is widely recognised for its gold and silver endowment, copper has historically been a meaningful commodity at the project. The Emu Creek copper mine was originally worked via a shaft on an outcropping zone of copper carbonates across a 15m × 4m surface zone, before an open cut was commenced in 1966 and terminated in 1971.

The broader copper potential of the Mt Carrington Project is, however, underlined by historical drilling results at the Mt Carrington Prospect itself:

These are high-grade intercepts by any measure, and they demonstrate that the project hosts copper mineralisation of genuine economic significance. With Emu now being tested as a porphyry-style copper-gold target for the first time using modern methods, the potential to add a copper dimension to the project's existing resource base is consequently a material consideration for investors.

Regional Scale: Emu Within the Bigger Mt Carrington Picture

The Emu Prospect does not exist in isolation. It is one of three high-priority regional targets identified by the airborne Mobile MT survey across the Mt Carrington Project, alongside Mascotte and Battery. Emu and Mascotte are both positioned to potentially expand the existing Mineral Resource through new discoveries.

Mt Carrington Project — Regional Target Summary

All three prospects sit within the large-scale ~150km² Mt Carrington caldera, which hosts a series of low-sulphidation epithermal Au-Ag-Cu-Pb-Zn deposits collectively comprising the existing 1.2Moz AuEq (115Moz AgEq) Mineral Resource.

Recent Mobile MT inversions have identified deep-seated, conductive structures linking known deposits and untested prospects across the caldera trend. Furthermore, the Emu Prospect lies adjacent to an increased-conductivity lineament of similar character to features observed at White Rock, Mt Carrington, and the Silver King trend — supporting the interpretation of a major hydrothermal fluid pathway running through the area.

What Comes Next: Catalysts on the Horizon

Legacy Minerals has outlined a clear near-term activity schedule across the Mt Carrington Project:

1. Emu drilling results — Assays will be reported progressively as received over the next three months, with geological, geochemical, and geophysical data integrated to refine ongoing targeting.
2. Follow-up drilling at Emu — Further drilling is already planned beyond the current 8-hole, 4,000m program, contingent on results.
3. Mascotte Prospect — Follow-up drilling and ground geophysics are continuing in parallel with the Emu program.
4. Mt Carrington and White Rock Prospects — Continued advancement of approvals and site preparation is ongoing.

The company has described this as a "dual-track strategy" — simultaneously pursuing new discovery through regional drilling while advancing development of the existing resource base. Both Emu and Mascotte sit squarely within the discovery track of that strategy.

Indicative Timeline

The Investment Case: Why This Moment Matters

Several elements combine to make this announcement a meaningful inflection point for Legacy Minerals shareholders:

• First modern drill test in ~50 years: The application of modern geophysical targeting (Mobile MT) to a historically productive copper area that has been untouched for decades creates a genuine discovery scenario. Historical exploration was limited in both technology and scope compared to what is now being deployed.

• High-grade copper precedent on the same project: The historical intercepts of 18.9m at 5.8% Cu and 10.1m at 7.26% Cu at the Mt Carrington Prospect demonstrate the copper endowment of this geological system. Emu targets a porphyry source that could represent a larger-scale expression of the same mineralising system.

• Resource growth potential: The existing 1.2Moz AuEq (115Moz AgEq) Mineral Resource provides a solid foundation, and the company has explicitly identified Emu and Mascotte as opportunities to expand that resource through new discoveries. Any successful drill result at Emu would be additive to the existing inventory.

• Systematic, data-driven targeting: The integration of historical geological mapping, surface sampling, and modern airborne geophysics to define the Emu Porphyry Core and Alteration Halo SE targets reflects a methodical exploration approach rather than speculative drilling.

• Caldera-scale exploration upside: With three high-priority targets now in play across a ~150km² caldera, the project-level discovery potential extends well beyond a single prospect.

Why Investors Should Keep Watching Legacy Minerals

Legacy Minerals is entering what could be a transformative exploration phase at Mt Carrington. The combination of a well-defined geological model, high-grade historical copper results, a large-scale caldera setting, and the first modern drill test of a 50-year-old untested target creates a compelling near-term news flow story.

The company's broader portfolio adds further context — with projects spanning gold, silver, copper, nickel, and cobalt across NSW, including earn-in arrangements with established operators and joint ventures with technology partners. However, it is Mt Carrington, and specifically the program where Legacy Minerals starts drilling at Emu Copper-Gold Prospect Mt Carrington, that represents the most immediate catalyst for investors to monitor.

"Legacy Minerals is drilling into five decades of unexplored potential at the Emu Copper-Gold Prospect, applying modern geophysics to a historically productive copper target within a caldera that already hosts a 1.2Moz AuEq Mineral Resource. With progressive assay results expected over the coming months and follow-up drilling already planned, the next chapter of the Mt Carrington story is being written in real time."

All financial and operational data sourced from Legacy Minerals' ASX announcement dated 11 June 2026. Historical drill results referenced were reported in prior LGM ASX releases as cited in the announcement's endnotes.

Ready to Explore the Mt Carrington Opportunity With Legacy Minerals?

With drilling now underway at the Emu Copper-Gold Prospect for the first time in 50 years, Legacy Minerals (ASX: LGM) is entering what could be a defining chapter in the Mt Carrington story. From high-grade historical copper intercepts to a 1.2Moz AuEq Mineral Resource and a pipeline of regional targets across a ~150km² caldera, the project offers investors a compelling combination of near-term news flow and longer-term discovery potential. To learn more about Legacy Minerals, its projects, and how the company is positioned for this exploration phase, visit www.legacyminerals.com.au.