Legacy Minerals joint ventures continue to drive significant exploration progress across the company's diversified portfolio, with major partners advancing multiple high-value projects at zero cost to shareholders. The comprehensive update reveals Earth AI's completion of Stage 1 requirements at the Fontenoy Project after spending $1.5 million, while Rio Tinto Exploration prepares to commence major geophysical surveys at the Thomson Project.
The multi-project update demonstrates Legacy's strategy of leveraging major industry partners to advance exploration across copper, gold, and platinum group element (PGE) targets. Furthermore, over $3.2 million in partner-funded exploration has been completed or planned across the portfolio.
Earth AI Advances to Stage 2 at Fontenoy PGE Project
Earth AI has officially met all Stage 1 earn-in requirements at the Fontenoy Project, spending the required $1.5 million and completing 1,500 metres of drilling within the 12-month timeframe. This milestone establishes a 51%/49% unincorporated joint venture, with Earth AI earning majority control through active exploration commitment.
The partnership now enters Stage 2, where Earth AI can earn an additional 19% interest (70% total) by spending $3 million over 24 months. Additionally, they must complete 2,000 metres of diamond drilling within 12 months. If Stage 2 is completed, Legacy retains the option to contribute proportionally or dilute to a minimum 20% carried interest to production.
Key drilling achievements from Stage 1 include:
- Over 3,700 metres of diamond core drilling completed
- Best result: 120m at 0.30g/t 3E PGE from 298m, including 10m at 1.2g/t 3E PGE from 388m
- Discovery of magmatic-related Ni-PGE mineralisation in wide, continuous zones
- Next assay results expected February 2026
| Stage | Earn-in % | Investment Required | Drilling Commitment | Timeline |
|---|---|---|---|---|
| Stage 1 (Complete) | 51% | $1.5M | 1,500m | 12 months |
| Stage 2 (Current) | +19% (70% total) | $3.0M | 2,000m | 24 months |
Rio Tinto Launches Deep-Penetrating Geophysics at Thomson
Rio Tinto Exploration has planned a comprehensive Pole-Dipole Induced Polarisation (PDIP) geophysical program at the Thomson Project. The program targets multiple areas of interest across the 5,500km² tenure. Consequently, the program comprises 19 IP survey lines designed to test geophysical anomalies beneath young cover sequences.
The PDIP technique can measure electrical responses up to 300 metres below surface, making it ideal for detecting sulphide-rich zones. These zones could indicate significant copper-gold mineralisation. Historical IP surveys at Thomson have proven effective in identifying areas of increased sulphide concentration.
Thomson Project Partnership Structure:
- $400,000 minimum exploration funding within 6 months (plus $50,000 cash payment)
- 75% interest available through $5 million exploration over 5 years
- Additional 5% (80% total) through $20 million exploration or JORC resource definition
- Minimum 3,000m drilling in initial phase, 7,000m for additional interest
Understanding Induced Polarisation (IP) Surveys
What is IP Technology?
IP surveys measure the electrical properties of subsurface rocks by injecting current and measuring voltage responses. Sulphide minerals create distinctive electrical "polarisation" signatures that can be detected and mapped.
Why IP Matters for Discovery
IP can detect buried mineralisation before drilling, significantly reducing exploration costs and improving target selection. At Thomson, IP has historically identified sulphide-rich zones that correlate with copper-gold potential.
Investment Relevance
Effective geophysical targeting reduces drilling risk and costs, allowing partners to focus expensive drilling on the highest-probability targets. This approach maximises the potential return on exploration investment.
Portfolio Updates: Harden Advances While Glenlogan Returns to 100% Ownership
Harden Gold Project continues advancing under the Hill Tops Gold partnership, with government approvals progressing for drilling. The focus remains on the McMahons Reef Prospect. Hill Tops can earn 80% interest through systematic exploration of Legacy's 100%-owned Harden Gold Project.
The project features substantial historical production from high-grade orogenic systems. However, Glenlogan Project has returned to 100% Legacy ownership after S2 Resources (ASX: S2R) withdrew from the earn-in agreement. S2 Resources spent $1.78 million on exploration during their involvement.
The 85km² project sits within the Macquarie Arc of the Lachlan Fold Belt, home to the world-class Cadia Valley copper-gold deposits. Legacy is currently assessing next steps for this strategic asset.
VTEM Survey Reveals High-Priority Targets at Fontenoy
Recent Versatile Time-Domain Electromagnetic (VTEM) surveys at Fontenoy have identified several significant conductive zones. These zones are consistent with the geological structural framework. SRK Consulting analysis revealed multiple electromagnetic and magnetic anomalies across the 41km² survey area.
The survey identified a prominent resistivity low (conductivity high) from surface to 700 metres depth. Previous drilling encountered significant mineralisation on the flanks of this large anomaly. This spatial relationship reinforces potential for identifying high-grade PGE zones within favourable geology.
Historical Fontenoy drill intercepts include:
- 1-2-10D: 19.8m at 0.21g/t Au and 0.33% Cu from 39.9m
- WRC9: 22m at 0.67g/t Au and 0.34% Cu from 20m
- WRC21: 24m at 0.17g/t Au and 0.24% Cu from surface
- 1-2-15D: 14m at 0.72g/t Au and 0.37% Cu from 108m
Management Perspective on Portfolio Strategy
Legacy Minerals CEO Christopher Byrne emphasised the validation provided by partner advancement. "Earth AI's completion of Stage 1 and decision to continue drilling aggressively is a clear endorsement of the Fontenoy Project's potential to host a significant PGE–Ni–Cu system."
Byrne highlighted the strategic value of the partnership model. "Our partnerships continue to unlock value across the portfolio. Rio Tinto Exploration's funding and technical guidance represents an important next step in systematically screening multiple prospective target areas using proven geophysical methods."
Investment Thesis: Partner Validation Drives Discovery Potential
Legacy Minerals joint ventures provide several compelling investment advantages through their strategic partnership approach. Risk Mitigation occurs as major partners like Rio Tinto Exploration and Earth AI conduct technical due diligence before committing significant capital. This provides third-party validation of project potential.
Capital Efficiency is achieved as partners fund exploration at no cost to Legacy, preserving company cash whilst advancing multiple projects simultaneously. Furthermore, Technical Expertise brings specialised knowledge and proven track records in target commodities, improving discovery probability.
Diverse Commodity Exposure spans copper-gold (Thomson, Glenlogan), PGE-nickel-copper (Fontenoy), and gold (Harden). This provides exposure to multiple commodity cycles, reducing dependence on any single market.
| Project | Partner | Commodity | Partner Commitment | Legacy Retained Interest |
|---|---|---|---|---|
| Thomson | Rio Tinto | Cu-Au | Up to $25M | 20-25% |
| Fontenoy | Earth AI | PGE-Ni-Cu | Up to $4.5M | 30-49% |
| Harden | Hill Tops Gold | Au | TBC | 20% |
| Glenlogan | – | Cu-Au | $1.78M completed | 100% |
Why Investors Should Monitor Legacy Minerals
Legacy Minerals has positioned itself as a discovery-focused explorer with a unique portfolio of partnered projects. The company spans multiple high-value commodities through its strategic approach. The strategy of attracting major industry partners provides several key advantages for shareholders.
Immediate Catalysts include multiple active drilling programs and geophysical surveys that provide regular newsflow opportunities. Fontenoy assays are due February 2026 whilst Thomson IP surveys commence mid-November. These milestones offer potential share price catalysts.
Proven Partnership Model demonstrates the ability to attract partners like Rio Tinto Exploration, part of the US$100B+ mining giant. This partnership with Earth AI demonstrates project quality and management credibility in securing major industry backing.
What Makes Legacy Minerals Unique?
Commodity Diversification provides exposure to copper, gold, PGEs, and nickel through a single investment vehicle. This broad commodity exposure is particularly valuable in current supply-constrained markets where multiple metals face structural deficits.
Scalable Discovery Potential encompasses projects like Thomson that cover 5,500km² of largely unexplored terrain. These areas have characteristics similar to major Intrusion Related Copper Gold districts like the Paterson Province. The Paterson Province is home to multi-billion dollar discoveries.
Legacy Minerals joint ventures have successfully attracted over $3 million in partner-funded exploration across the portfolio. Major industry players have validated project potential through significant capital commitments. With multiple drilling programs active and results flowing through 2026, the company offers leveraged exposure to discovery potential across high-value commodity targets.
Want to Learn More About Legacy Minerals' Partner-Funded Exploration Strategy?
With major partners like Rio Tinto Exploration and Earth AI investing over $3.2 million into Legacy's diversified project portfolio, the company offers unique exposure to discovery potential across multiple high-value commodities. From active drilling at the PGE-rich Fontenoy Project to comprehensive geophysical surveys at the expansive Thomson copper-gold system, Legacy's partnership model provides shareholders with leveraged upside whilst preserving capital. To discover how these strategic joint ventures could position Legacy for significant discoveries across copper, gold, and platinum group elements, visit www.legacyminerals.com.au for detailed project information, management presentations, and the latest exploration updates.
