Legacy Minerals Gold Discovery Delivers 40m at 1.0g/t Au

Legacy Minerals Holdings (ASX: LGM) has delivered a breakthrough moment for shareholders with its maiden drilling programme at the Mascotte Prospect returning exceptional gold intercepts, including a standout 40m at 1.0g/t Au from 151m with higher-grade zones reaching 5.6g/t Au. This represents the first-ever diamond drilling beneath the 1.3km line of historical Mascotte workings and marks a significant greenfields gold discovery outside the existing 115Moz AgEq Mineral Resource.

The results validate Legacy Minerals' systematic exploration approach at its Mt Carrington Project in NSW, with drill hole MSDD001 intersecting significant widths and grades of gold and elevated silver up to 72g/t Ag. Most importantly, this Legacy Minerals gold discovery sits entirely outside the current resource envelope, representing genuine new metal in the ground with substantial exploration upside.

Standout Drilling Results Confirm New Discovery

The maiden drill hole MSDD001 has delivered multiple significant gold intercepts that demonstrate the potential for a substantial new epithermal system:

Additional shallow intercepts include 5m at 0.3g/t Au with 14.8g/t Ag from 54m, demonstrating the vertical continuity of mineralisation from near-surface to depth.

Key Discovery Highlights:

• Open mineralisation at depth, to surface, and along strike

• 1.3km strike length of historical workings confirms system scale

• Similar geological character to Mt Carrington's proven epithermal deposits

• Strong base metal association indicating robust hydrothermal system

• Six completed holes all intersecting sulphide mineralisation in veins and breccias

Understanding Epithermal Gold Systems: Why This Discovery Matters

Epithermal deposits form from hot, mineral-rich fluids that circulate through volcanic rocks, depositing gold and silver in veins and breccias as the fluids cool. Furthermore, these systems are highly valued by investors because they typically feature:

• High-grade gold and silver in economic quantities
• Large-scale deposit potential with multiple mineralised zones
• Predictable geology that allows systematic exploration
• Proven metallurgy for cost-effective processing

Legacy Minerals' Mascotte discovery exhibits all the hallmarks of a robust epithermal system, with the added advantage of being located within the proven Mt Carrington mineral district. In addition, the transition from silver-dominant near surface to gold-dominant at depth is a classic feature of epithermal systems and suggests significant exploration potential for high-grade gold zones.

Industry Context: Epithermal deposits in NSW have historically been highly profitable, with many achieving gold grades exceeding 2-3g/t across substantial widths. The Mt Carrington district's proven 115Moz AgEq resource demonstrates the area's exceptional mineralising potential.

Strategic Location Within Proven Mineral District

The Mascotte discovery gains additional significance from its strategic position within the Mt Carrington mineral camp, which hosts multiple epithermal deposits including Kylo, Strauss, and Silver King located just 5km to the north. Consequently, this proximity suggests the Mascotte system may be part of a larger district-scale mineralising event.

District-Scale Advantages:

• Existing infrastructure and established mining history

• Proven metallurgical processing from previous Mt Carrington operations

• Multiple exploration targets across the 150km² caldera system

• Established permitting pathways for future development

The Mobile-MT geophysical data has identified conductive lineaments associated with known mineralisation, providing a systematic approach to targeting additional discoveries. However, these features represent major fluid-flow structures that Legacy Minerals can follow to identify similar epithermal systems across the broader project area.

Upcoming Catalysts and Exploration Pipeline

Legacy Minerals has positioned itself for multiple near-term catalysts that should maintain strong investor interest throughout 2026:

Immediate Priorities:

• Five pending drill holes with assay results expected by end of April 2026

• Ground geophysics programme to define high-grade target zones

• Follow-up drilling targeting historical high-grade silver intercepts (18.3m at 237g/t Ag)

• Scoping Study completion scheduled for April 2026

2026 Exploration Programme:

• Mt Carrington – Brownfields expansion drilling

• White Rock – Testing for epithermal extension

• Emu Prospects – Greenfields discovery drilling

• Regional targets – Systematic evaluation across 150km² caldera

The company's systematic approach to exploration, combined with proven geological expertise and substantial project pipeline, positions Legacy Minerals for continued exploration success throughout 2026.

Management Commentary

"Making a greenfields gold discovery in our very first diamond hole at the Mascotte Prospect is an exceptional result. Returning a standout intercept of 40m at 1.0g/t Au from 162m is an exciting opportunity to define a new deposit within an existing, 115Moz AgEq gold-silver resource camp at Mt Carrington," said Christopher Byrne, CEO & Managing Director.

Investment Thesis: Multiple Value Creation Pathways

Legacy Minerals presents compelling investment characteristics for investors seeking exposure to Australian gold-silver discovery:

Resource Growth Potential:

• New discovery outside existing 115Moz AgEq resource

• 1.3km strike length suggesting substantial tonnage potential

• Open mineralisation in all directions for expansion drilling

• Multiple parallel structures yet to be tested

Financial Position:

• Funded exploration programme through current drilling campaigns

• Low-cost discovery model leveraging historical data

• Established infrastructure reducing development capital requirements

Strategic Advantages:

• Proven geological team with district expertise

• Systematic exploration approach using modern geophysical techniques

• Portfolio diversification across multiple NSW projects

• Clear development pathway from discovery to production

Market Position:

• Undervalued relative to resource base at current market capitalisation

• Discovery momentum building with multiple drill programmes

• Strong technical foundation supporting continued exploration success

Why Investors Should Follow Legacy Minerals

The Mascotte discovery represents a pivotal moment for Legacy Minerals, demonstrating the company's ability to systematically identify and drill test new epithermal systems within its extensive NSW project portfolio. For instance, with 40m at 1.0g/t Au in the maiden hole and five additional holes pending results, the company has established genuine discovery momentum that warrants close investor attention.

Key Tracking Points for Investors:

• April 2026 assay results from remaining Mascotte holes

• Scoping Study release providing development framework

• Follow-up drilling programmes targeting high-grade zones

• Regional exploration results across broader Mt Carrington system

Investment Takeaway:

Legacy Minerals has positioned itself as a major discovery story in the NSW epithermal space, with the Mascotte breakthrough demonstrating systematic exploration success. With 115Moz AgEq already defined and new discoveries like Mascotte adding genuine value outside existing resources, investors should monitor Legacy Minerals closely as exploration momentum builds throughout 2026.

The combination of proven resources, new discoveries, and systematic exploration approach makes Legacy Minerals a compelling growth story in the Australian gold sector. Moreover, with multiple catalysts ahead to drive continued value creation for shareholders, the Legacy Minerals gold discovery at Mascotte represents just the beginning of what could be a transformative year for the company.

Ready to Capitalise on Legacy Minerals' Gold Discovery Momentum?

With Legacy Minerals delivering exceptional maiden drilling results at Mascotte—including 40m at 1.0g/t Au—and five additional holes awaiting results, the company is building genuine discovery momentum outside its existing 115Moz AgEq resource. As the April 2026 assay results approach and multiple exploration programmes advance across the proven Mt Carrington district, now is the time to position yourself ahead of potential value creation catalysts. Discover how Legacy Minerals' systematic exploration approach and expanding resource base could deliver significant returns by visiting www.legacyminerals.com.au for comprehensive company information, project updates, and investor resources.