Legacy Minerals Targets Silver and Copper Growth in Mt Carrington MRE Update

Legacy Minerals Targets Bigger, Better-Defined Resource at Mt Carrington with MRE Update Underway

Legacy Minerals Holdings Ltd (ASX: LGM) has commenced a new Mineral Resource Estimate (MRE) update for the Mt Carrington gold-silver-copper project in New South Wales, and the Legacy Minerals Mt Carrington mineral resource estimate update is targeting a potential increase in silver ounces, copper tonnes and resource confidence.

The update is being undertaken by WSP Global Inc., described by Legacy Minerals Holdings Ltd as a leading global mining advisory firm, and is expected to be completed within four weeks, according to the ASX announcement dated 1 July 2026.

The work will incorporate new density data, previously unmodelled high-grade silver and copper drilling, and updated assumptions flowing from the 2026 Ausenco Scoping Study and associated metallurgical work. Furthermore, the updated MRE is intended to support an upcoming Scoping Study Optimisation at Mt Carrington.

"Legacy Minerals has appointed leading global advisory firm WSP to update the Mt Carrington Mineral Resource Estimate. This is a critical step and a momentum-shifting opportunity for the Project and the Company," said Christopher Byrne, CEO and Managing Director of Legacy Minerals Holdings Ltd.

"Combined with updated payability assumptions and a fresh review of our geological and mineralisation models, this MRE is intended to better define the gold, copper and especially the silver endowment, as well as increase the Indicated Resource tonnage at Mt Carrington. If this work is successful, it would establish solid foundations for the upcoming Scoping Study Optimisation and has the potential to significantly improve the already impressive baseline results of the Ausenco 2026 Scoping Study."

From 2022 to Today: A Resource That Has Already Grown Substantially

According to Legacy Minerals Holdings Ltd, Mt Carrington has already recorded substantial growth in tonnes and gold content between the June 2022 MRE and the 2025 MRE, both reported under the JORC Code.

The 2025 MRE for Mt Carrington stands at:

• 34.4 million tonnes at 1.1 g/t AuEq
• 1.2 million ounces AuEq
• 653,000 oz gold
• 24.3 million oz silver

What is most evident from the comparison is that while gold and total tonnes increased strongly (around 80% to 90%), silver grew by only 5%. This is despite Mt Carrington including several silver-rich deposits such as Lady Hampden, White Rock and Silver King.

The new MRE update is explicitly targeting this imbalance, with silver and copper inventory growth and resource confidence upgrades stated as primary objectives.

What Is Going Into the 2026 MRE?

The Mt Carrington MRE update led by WSP Global Inc. is reported to be based on four key inputs:

1. Updated Specific Gravity (SG) Density Measurements

• Previously unincorporated SG data has now been collected and validated across the project area.
• SG is a measure of rock density and is used to convert drill intercept volumes into tonnages.
• Better SG data can improve accuracy in estimating the total tonnes in each deposit.

2. Higher Prevailing Metal Prices

• The gold, silver and base metal price environment is reported to be stronger now than when the 2025 MRE assumptions were set.
• Higher assumed prices may allow more material to qualify as having reasonable prospects for eventual economic extraction under the JORC 2012 Code.

3. Revised RPEEE Assumptions Informed by Study Work

• According to Legacy Minerals Holdings Ltd, the updated MRE will use revised assumptions for Reasonable Prospects for Eventual Economic Extraction (RPEEE).
• These assumptions are being guided by the 2026 Ausenco Scoping Study and the 2026 Metallurgical Bridging Study, which together have described a simple mining and processing route and a highly saleable concentrate product.

4. Review of Geological and Mineralisation Models

• WSP is also reviewing the geological and mineralisation models for the Mt Carrington deposits.
• This review incorporates recent drilling and interpretation work to refine how mineralised zones are defined and constrained.

Understanding Mineral Resource Estimates and RPEEE

For investors following Legacy Minerals Holdings Ltd, understanding how a Mineral Resource Estimate (MRE) works is central to assessing the significance of this update.

Key Technical Terms

• Mineral Resource Estimate (MRE): A formal statement of how much mineralised material has been identified, what metals it contains and at what grades. It is reported under codes such as JORC 2012 and is expressed in tonnes, grades and contained metal.

• Indicated vs Inferred resources:

  • Indicated resource: Higher confidence. Drilling and data density allow the company to reasonably assume continuity of grade and geology. These resources can usually be used in more advanced technical and economic studies.
  • Inferred resource: Lower confidence. Based on more limited data, so continuity is less certain. Inferred resources are not generally suitable for detailed mine planning or economic decisions.

• Specific gravity (SG): A measure of how dense the rock is compared to water. It is used to turn drill hole intervals (measured in metres) into tonnes of rock. More accurate SG measurements lead to more reliable tonnage estimates.

• Gold equivalent (AuEq): A calculation that expresses the value of several metals, such as gold, silver, copper, lead and zinc, as a single number in terms of gold. This allows comparison across different deposits.

• Reasonable Prospects for Eventual Economic Extraction (RPEEE): A JORC requirement that limits resource reporting to material that may be economically mined and processed, based on assumed metal prices, costs, mining methods and processing options.

In practice, RPEEE acts as a filter. Only mineralisation that could plausibly support mining and processing, using realistic assumptions, is allowed to be called a Mineral Resource.

For Mt Carrington, Legacy Minerals Holdings Ltd reports that higher metal prices, better SG data and clearer processing routes from the Ausenco work are all being fed into a revised RPEEE assessment. Consequently, if more material passes this test, the reportable resource could increase in both size and confidence.

High-Grade Silver and Copper Intercepts Ready to Be Incorporated

According to the 1 July 2026 ASX announcement, the Legacy Minerals Mt Carrington mineral resource estimate update will, for the first time, include several high-grade drill intercepts that were not part of the 2025 resource model.

Silver Intercepts

Key silver result to be incorporated:

• This intercept is both high grade and broad, with 26.5 m at 220 g/t silver reported.
• It was not included in any previous MRE for Mt Carrington.
• The intercept sits within a broader set of silver-dominant prospects, including the Lady Hampden and White Rock deposits.

Copper Intercepts

Key copper results from KYDD001 to be included:

• Both intercepts are reported from the same drill hole.
• Grades of 5.8% Cu and 7.26% Cu over multi-metre intervals are materially above typical copper cut-off grades used in global copper projects.
• These results were not previously incorporated into the 2025 MRE.

For investors, the inclusion of these intercepts is relevant because they may increase contained silver ounces in silver-dominant zones, add copper tonnes and potentially improve the overall metal mix, and support reinterpretation of high-grade shoots or zones that affect pit or underground mining scenarios in future studies.

The Goals: More Ounces, More Confidence, Better Economics

Legacy Minerals Holdings Ltd has outlined clear aims for the 2026 Mt Carrington MRE update:

• Increase silver ounces: Address the relatively modest 5% increase in silver between 2022 and 2025, incorporate new silver drilling such as hole MODD004, and focus particularly on silver-rich deposits such as Lady Hampden, White Rock and Silver King.

• Increase copper tonnes: Bring high-grade copper intersections from KYDD001 and related drilling into the resource model, and better reflect Mt Carrington's polymetallic nature, which includes copper, lead and zinc alongside gold and silver.

• Upgrade Inferred to Indicated resources: Utilise the expanded SG dataset and additional drilling to move material from Inferred to Indicated classification where appropriate, as higher confidence resources are generally more useful in economic studies such as Scoping Studies and Pre-Feasibility Studies.

• Support improved project economics: Apply updated metal prices and revised payability assumptions informed by the Ausenco 2026 Scoping Study, and use a processing flowsheet that has been described as clear and simple, with a highly saleable concentrate product.

For investors in Legacy Minerals Holdings Ltd, these goals are directly linked to the quality of future economic assessments. A larger, more confident resource base can, in turn, strengthen the technical basis for mine planning, processing design and potential project valuation.

Upcoming Catalysts: A Busy Four to Eight Weeks Ahead

The ASX announcement outlines a near-term timeline of work at Mt Carrington and across the broader project pipeline.

This sequence demonstrates how the Legacy Minerals Mt Carrington mineral resource estimate update is being used as a central input for the Scoping Study Optimisation, while ongoing drilling at Emu and subsequent drilling at Mascotte may contribute to future resource updates.

For Legacy Minerals Holdings Ltd shareholders, the concentration of milestones over the next one to two months represents multiple potential news points on resource growth, exploration and study advancement.

The Current Resource in Detail: Silver and Base Metals Dominate Certain Deposits

Legacy Minerals Holdings Ltd reports that Mt Carrington is a polymetallic system with gold, silver, copper, lead and zinc. The metal mix, however, varies by deposit group.

Key observations from this breakdown include the following. The White Rock Group has very low gold content (12 koz Au) but a large silver inventory of 12.5 million oz Ag from 6.2 Mt of ore. The Mt Carrington Group is more gold dominant, with 677 koz Au and 9.6 million oz Ag. Furthermore, Red Rock contributes additional gold and silver with 144 koz Au and 2.0 million oz Ag.

Given this distribution, the reported aim to increase silver ounces in the 2026 MRE appears particularly relevant for the White Rock and Lady Hampden / Silver King style deposits, where silver is already the main value driver.

Investment Thesis: Why This MRE Update Could Be Important for Investors

The announcement suggests several reasons why the 2026 Mt Carrington MRE may be a key reference point for investors following Legacy Minerals Holdings Ltd:

1. Silver growth potential from known mineralisation: Silver ounces increased only 5% between the 2022 and 2025 MREs, despite the presence of silver-focused deposits. The inclusion of high-grade silver intercepts such as MODD004 and the review of geological models may allow more of this mineralisation to be captured in the resource.

2. High-grade copper adds a further metal dimension: Copper intercepts of 5.8% and 7.26% Cu in KYDD001 are materially high-grade. Once these are integrated into the resource, copper may become a more visible component of the project's metal mix.

3. Resource confidence upgrades have direct study implications: Moving material from Inferred to Indicated classification can improve the reliability of mine designs and economic models used in Scoping or Pre-Feasibility Studies. The use of improved SG data and expanded drilling is central to this planned upgrade.

4. Updated economic assumptions from current market and study work: Higher metal prices and updated payability parameters, based on Ausenco's metallurgical work, may change which parts of the mineralised system meet RPEEE criteria. This could, consequently, influence pit shapes, underground potential and overall resource volumes in the MRE.

5. Clear link into the Scoping Study Optimisation: The updated resource is being prepared specifically to inform the optimisation of the 2026 Scoping Study. Any changes in resource size, grade or classification are likely to feed directly into revised project scenarios.

Why Investors Should Keep Watching Legacy Minerals

Mt Carrington is described by Legacy Minerals Holdings Ltd as a large caldera system of about 150 km², with geological characteristics similar to other Pacific Rim low-sulphidation epithermal deposits. The current resource of 1.2 Moz AuEq (115 Moz AgEq) already gives the project considerable scale.

The Legacy Minerals Mt Carrington mineral resource estimate update now underway aims to better define the gold, silver and copper endowment, potentially expand the overall resource, increase the proportion of higher-confidence Indicated resources, and support a planned Scoping Study Optimisation based on updated metallurgy and pricing.

For investors evaluating Legacy Minerals Holdings Ltd, the next four to eight weeks are expected to provide:

• The new MRE from WSP Global Inc.
• Ongoing drill results from the Emu Prospect, with drilling then moving to Mascotte.
• Results from a dipole-dipole IP survey that may guide future drilling.
• Commencement of the Mt Carrington Scoping Study Optimisation.

"Legacy Minerals Holdings Ltd is updating the Mt Carrington Mineral Resource Estimate using new density data, unincorporated high-grade silver and copper intercepts, and revised assumptions drawn from recent Ausenco study work. The outcome of this MRE, expected within four weeks, will form the technical foundation for a Scoping Study Optimisation and may influence how investors assess the scale, metal mix and development potential of the Mt Carrington project."

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

With a Mineral Resource Estimate update underway, high-grade silver and copper intercepts ready to be incorporated, and a Scoping Study Optimisation on the horizon, Legacy Minerals Holdings Ltd (ASX: LGM) is entering a potentially pivotal period for the Mt Carrington project. Investors looking to understand the full scale of the Mt Carrington opportunity — including its 1.2 Moz AuEq resource base, polymetallic metal mix, and near-term catalyst pipeline — can find out more by visiting www.legacyminerals.com.au.