Legacy Minerals Advances Mt Carrington Drilling and Resource Update

Legacy Minerals Advances Dual-Track Strategy at Mt Carrington With Emu Drilling Complete and Mascotte Phase 2 Underway

Legacy Minerals Holdings (ASX: LGM) has provided an operational update on its flagship Mt Carrington Gold-Silver-Copper Project in New South Wales, confirming completion of the first modern drilling programme at the Emu Copper-Gold Prospect and the commencement of Phase 2 drilling at the Mascotte Silver-Gold Prospect. The Legacy Minerals Mt Carrington resource update and drilling results announcement confirms that an updated Mineral Resource Estimate (MRE) prepared by global advisory firm WSP is in its final stages and expected shortly.

The update outlines simultaneous progress across discovery and development workstreams at the historic Mt Carrington district, with management describing the current period as an inflection point for the project.

CEO Commentary on an Active Period Across Multiple Fronts

"Legacy Minerals is reaching an inflection point at Mt Carrington. It is an active period across the Project on multiple fronts as we continue to build value within this historic mining district. We have completed the first modern drill test of the Emu copper-gold porphyry-epithermal target, a compelling target that had not seen a drill rig in around 50 years."

Christopher Byrne, CEO & Managing Director, Legacy Minerals

A Dual-Track Strategy Combining Discovery and Development

The announcement frames Legacy Minerals' current activity as a dual-track approach, running exploration and resource development in parallel rather than in sequence.

The two tracks comprise:

1. Discovery track – active diamond drilling at Emu and Mascotte, targeting mineralisation within porphyry-epithermal systems that carry gold, silver and copper potential.
2. Development track – finalisation of an updated MRE by WSP, building on the existing 2025 estimate of 1.2Moz AuEq (653koz Au, 24Moz Ag) at 1.1g/t AuEq, which is intended to inform a planned optimisation of the 2026 Scoping Study.

This parallel approach means investors may see a sequence of catalysts arrive over a compressed period, from assay results through to resource updates and scoping study progress.

Emu Copper-Gold Prospect: First Modern Drill Test in 50 Years

The Emu Prospect sits on a regional caldera-margin trend within the Mt Carrington system, approximately 8km north of Drake, NSW. The area hosts the historical Emu Creek copper mine, worked as an open cut between 1966 and 1971, with no modern systematic drilling conducted there since.

Program Summary

The programme tested two targets defined through airborne Mobile Magnetotelluric (MT) geophysics, a method that images variations in the resistivity of subsurface rock to help identify potential mineralised zones:

• Emu Porphyry Core – a deep, low-resistivity feature interpreted as a potential porphyry-style intrusive body. Porphyry systems are typically large-tonnage, lower-grade copper and gold deposits associated with intrusive igneous rock.
• Emu Alteration Halo SE – a shallow zone of elevated resistivity interpreted as a silicified alteration halo, which can indicate historical hydrothermal fluid activity associated with mineralisation.

According to the announcement, core has been fully logged and samples submitted to the laboratory, with results expected approximately six to eight weeks from the date of the update. The Emu target lies within the broader 150km² Mt Carrington caldera system, which the company states shares geological characteristics with other major Pacific Rim low-sulphidation deposits.

Mascotte Silver-Gold Prospect: Phase 2 Drilling Steps Out From Maiden Discovery

With the Emu programme complete, the drill rig is being mobilised to the Mascotte Silver-Gold Prospect, located approximately 3.5km south-east of Drake, to begin Phase 2 diamond drilling.

Mascotte's Phase 1 programme, described in the announcement as a maiden drilling effort, returned what the company has previously characterised as a greenfields gold discovery, including intercepts that Phase 2 is now designed to extend.

Intercepts Targeted for Extension by Phase 2

Phase 2 Program Parameters

The primary mineralised trend at Mascotte is interpreted over approximately 1.3km of strike, referring to the horizontal length of the mineralised structure at surface. Furthermore, the system remains open along strike and at depth, meaning Phase 2 drilling is specifically designed to test whether the known mineralisation extends beyond currently drilled areas.

Ground Geophysics Adds a New Layer of Target Definition

Alongside the drilling programmes, Legacy Minerals has completed a Dipole-Dipole Induced Polarisation (DDIP) ground geophysical survey over the Mascotte and Battery Prospects, conducted by Fender Geophysics. This represents the first ground geophysics survey undertaken over these targets.

DDIP is a technique that measures how the ground responds to electrical currents, helping to detect disseminated sulphide minerals and silicification at depth that may not be visible from surface sampling.

Three priority DDIP lines were completed at Mascotte, designed to:

• Detect disseminated sulphide and silicification at depth that may indicate buried epithermal gold-silver boiling or fluid mixing zones
• Identify potential porphyry copper systems beneath the current surface expression
• Vector towards higher-grade copper mineralisation at the adjacent Battery Prospect

Results are being interpreted and integrated with ongoing surface sampling and mapping ahead of future drilling decisions, according to the update.

Understanding Gold Equivalent (AuEq) Resource Reporting

For investors less familiar with multi-metal resource reporting, the term AuEq (gold equivalent) appears prominently in the Legacy Minerals Mt Carrington resource update and drilling results and warrants explanation.

When a deposit contains multiple metals, as is the case at Mt Carrington with gold, silver, copper, lead and zinc, resource specialists convert all metal values into a single equivalent unit using prevailing commodity prices. This allows the combined economic value of a multi-metal deposit to be expressed as one figure in gold ounces.

This matters for investors because a single AuEq figure allows easier comparison between a polymetallic project such as Mt Carrington and a single-commodity gold project. It also means the reported AuEq resource can shift with movements in relative commodity prices, independent of any new drilling, which is relevant given the project's substantial silver inventory of 24.3Moz Ag.

The formula applied at Mt Carrington is: AuEq = Au + 0.00986×Ag + 1.237×Cu + 0.3493×Zn + 0.2784×Pb, based on commodity prices of $3,600/oz gold, $43/oz silver, $14,000/t copper, $4,200/t zinc and $3,150/t lead.

Updated Mineral Resource Estimate: What the Revision Could Deliver

The updated MRE, being finalised by WSP, is described in the announcement as being in its final stages and expected shortly. Rather than a simple refresh, the update incorporates several enhancements that could affect both the scale and confidence level of the reported resource.

Current 2025 MRE at a Glance

What the Updated MRE Incorporates

According to the announcement, the updated MRE incorporates the following enhancements:

• Updated specific gravity (SG) density datasets
• Drilling results not previously incorporated into the resource model
• Revised metal payability assumptions informed by the 2026 Ausenco Scoping Study
• Updated gold, silver and copper price assumptions
• A review of geological and mineralisation models
• Assessment of new silver and copper dominant zones

Confidence Upgrade as a Stated Objective

A stated goal of the updated MRE is to improve confidence categories by converting Inferred Resources into Indicated Resources, supported by drilling data not previously incorporated into the model. Indicated Resources carry higher confidence than Inferred Resources and are consequently considered more suitable as a basis for economic studies, including the planned Scoping Study optimisation.

The current resource contains approximately 1.5 times more Inferred tonnes than Indicated tonnes, which the company suggests points to potential upside from confidence reclassification alone, pending finalisation of the updated estimate.

Upcoming News Flow at Mt Carrington

Legacy Minerals has outlined a series of near-term catalysts tied to both the discovery and development tracks.

The Mt Carrington Resource Across a Multi-Prospect System

Mt Carrington is not a single deposit but a system of mineralised centres. The table below summarises the current resource by prospect grouping, as reported in the company's Mineral Resource Estimate.

This distribution across multiple prospects, combined with new targets such as Emu and Mascotte, illustrates the district-scale nature of the Mt Carrington system rather than a single, isolated deposit.

Points of Relevance for Investors

Several elements from the Legacy Minerals Mt Carrington resource update and drilling results stand out for those monitoring the company:

1. Third-party resource review. WSP's involvement in preparing the updated MRE provides independent technical oversight ahead of its expected near-term release.

2. First-mover drill testing at Emu. The Emu Porphyry Core and Alteration Halo SE targets had not been drill-tested in approximately 50 years prior to this programme, following their definition through modern geophysics.

3. Phase 2 at Mascotte extends a defined mineralised system. Phase 1 drilling returned gold and silver intercepts within a system described as open along strike and at depth, and Phase 2 is designed to test those extensions.

4. Multi-metal exposure. The project's resource base spans gold, silver and copper, providing exposure to more than one commodity within a single asset.

5. Defined pathway to economic study. The updated MRE is intended to directly inform the planned optimisation of the 2026 Scoping Study.

6. Broader NSW portfolio. Beyond Mt Carrington, Legacy Minerals holds a portfolio of NSW projects including Bauloora, Rockley, Black Range, Thomson, Nico Young, and earn-in arrangements with Aurelia Metals and other partners.

Understanding the Key Concepts Behind Mt Carrington's Exploration Model

Mt Carrington's geology combines porphyry and epithermal mineralisation styles. Porphyry systems form from large intrusive bodies of igneous rock and typically host large-tonnage, lower-grade copper and gold mineralisation at depth. Epithermal systems, however, form closer to surface from hydrothermal fluids and often host higher-grade gold-silver veins.

The presence of both styles within a single caldera system, an area measuring approximately 150km² according to the company, is why Legacy Minerals has drawn comparisons with other Pacific Rim low-sulphidation deposits. Airborne Mobile MT geophysics and ground-based DDIP surveys are being used in combination to define targets at different depths, with MT better suited to imaging deeper resistivity contrasts and DDIP more effective at detecting shallower disseminated sulphide mineralisation.

Key takeaway: Legacy Minerals (ASX: LGM) has confirmed completion of its first modern drill test at the Emu Copper-Gold Prospect, the commencement of Phase 2 drilling at the Mascotte Silver-Gold Prospect, and that an updated Mineral Resource Estimate prepared by WSP is in its final stages. With assay results from Emu expected in approximately six to eight weeks, Phase 2 drilling underway at Mascotte, and the MRE update expected shortly, the Legacy Minerals Mt Carrington resource update and drilling results announcement outlines a concentrated period of activity across the project.

Glossary of Key Terms

• AuEq (gold equivalent): A method of expressing multi-metal resource values in a single gold ounce figure using relative commodity prices.
• MRE (Mineral Resource Estimate): A formal estimate of the quantity and grade of mineralisation in a deposit, classified under the JORC Code.
• Indicated Resource: A resource category with sufficient drilling data to estimate grade and tonnage with reasonable confidence.
• Inferred Resource: A lower-confidence resource category based on limited data, generally requiring further drilling before use in economic studies.
• Porphyry: A style of copper and gold mineralisation associated with intrusive igneous bodies, typically large-tonnage and lower-grade.
• Epithermal: A gold-silver deposit type formed at shallow depths from hydrothermal fluids, often associated with high-grade veins.
• DDIP (Dipole-Dipole Induced Polarisation): A ground geophysical technique that detects disseminated sulphide mineralisation and silicification at depth by measuring the ground's response to electrical currents.
• Mobile MT (Magnetotelluric): An airborne geophysical method that images subsurface resistivity variations, used at Mt Carrington to define the Emu Porphyry Core and Alteration Halo targets.
• Strike: The horizontal length or direction of a mineralised body or geological feature at surface.

Want to Know More About Legacy Minerals and the Mt Carrington Project?

With an updated Mineral Resource Estimate from WSP imminent, assay results from the first modern drill test at Emu expected within weeks, and Phase 2 drilling now underway at Mascotte, Legacy Minerals (ASX: LGM) is entering a concentrated period of potential value-defining catalysts at its flagship NSW gold-silver-copper project. Investors seeking to learn more about the company, its dual-track strategy, and the broader Mt Carrington project portfolio can visit www.legacyminerals.com.au for the latest updates.