Legacy Minerals Reports Promising PGE Results at Fontenoy Project

Legacy Minerals Accelerates Multi-Metal Exploration with Promising Fontenoy Project Results

Legacy Minerals (ASX: LGM) has announced significant progress across its generative exploration projects, with multiple drill campaigns now underway targeting gold, platinum, and palladium. The company has also secured a new joint venture for its Harden Gold Project, further diversifying its exploration portfolio.

Impressive PGE Drill Results at Fontenoy

Recent diamond drilling at the Fontenoy Project has delivered encouraging platinum-palladium-gold (PGE) results, highlighted by:

• 374.6m at 0.1g/t 3E PGE from surface in drill hole EFO21D, including:
  • 40m at 0.2g/t 3E PGE from 110m

These new results build on previously released results from drill hole EFO9D which returned:

• 120m at 0.30g/t 3E PGE from 298m, including:
  • 10m at 1.2g/t 3E PGE from 388m

The assays indicate the PGE-bearing mineral system covers approximately 2km², highlighting significant exploration potential within this large footprint. According to Legacy Minerals, further drilling is planned for July 2025 following the completion of a 371km² airborne electromagnetic survey, which will aid in targeting higher-grade PGE zones within the basal zone of the ultramafic unit.

Strategic Harden Gold Project Joint Venture Secured

In a significant development, Legacy Minerals has established a new Joint Venture (JV) with Hilltops Gold for its Harden Gold Project. Key terms of the agreement include:

• Hilltops Gold can earn an 80% interest in Legacy's Harden Gold Project by spending $0.8 million over four years
• The JV will include a minimum of 1.5km of drilling and the definition of a JORC Compliant Mineral Resource
• Legacy Minerals will hold a 5% interest in Hilltops Gold, a privately owned company planning to establish a gold processing hub in central NSW

This arrangement provides Legacy shareholders with exposure to additional discovery and near-term gold development opportunities, including Hilltops' Kinzan Gold Project in Grenfell NSW.

"While we continue to focus our efforts on our core assets – with drilling underway at our Thomson Project and interpretation of airborne survey data underway at the Drake Project – Legacy Minerals is pleased to provide an update on activities across our non-core, generative project portfolio. The work on these generative assets provides Legacy Minerals' shareholders with additional discovery exposure and non-dilutive value upside through exploration success," said Legacy Minerals CEO & Managing Director, Christopher Byrne.

Drilling Activity Ramping Up Across Multiple Projects

Legacy Minerals is maintaining a high level of exploration activity:

• Drilling is currently underway at the Kinzan Gold Project, with seven reverse circulation and three diamond holes to be completed by May 31, 2025
• Drilling at the Harden JV is planned to commence in the next quarter
• Additional drilling campaigns are planned across the company's Thomson, Drake, Fontenoy, and Glenlogan projects

Understanding PGE Mineral Systems: Why They Matter to Investors

Platinum Group Element (PGE) deposits represent a particularly valuable target for mineral explorers. These deposits typically contain platinum, palladium, and gold, which are critical metals used in catalytic converters, electronics, and jewellery.

The mineral system identified at Fontenoy appears consistent with magmatic Ni-Cu-PGE type deposits, similar to the world-class Norilsk deposit. These systems are characterised by PGE mineralisation occurring within high-MgO core zones and associated with sulphide development. This type of deposit is rare and highly sought after due to potentially higher grades and valuable metal suites.

What are PGEs and where are they found?

PGEs, or Platinum Group Elements, comprise six metallic elements: platinum, palladium, rhodium, ruthenium, iridium, and osmium. These metals typically occur together in nature and are found in specific geological settings:

1. Magmatic deposits: The primary source of PGEs worldwide, formed when sulphide minerals crystallise from magma and concentrate the platinum group metals.

2. Layered ultramafic to mafic intrusions: Most economic PGE deposits occur in these geological formations, which are large, layered igneous bodies that have slowly cooled, allowing metals to concentrate in specific horizons.

3. Placer deposits: Some PGEs can be found in alluvial settings where they have been weathered from primary deposits and concentrated by water action.

Why PGEs are economically important

PGEs possess unique properties that make them essential for several critical applications:

• Automotive catalytic converters: The largest use of PGEs, particularly platinum and palladium, which help reduce harmful emissions from vehicles
• Electronics: Used in hard disk drives, electronic components, and circuit boards
• Medical applications: Used in anti-cancer drugs, medical implants, and dental alloys
• Chemical catalysts: Essential for many industrial chemical processes
• Jewellery: Particularly platinum, which is valued for its durability and lustre

As the world transitions to cleaner energy and transportation systems, the demand for PGEs is expected to remain strong, particularly for their role in emissions control technologies.

Investment Thesis: Why Legacy Minerals Warrants Attention

Legacy Minerals has positioned itself strategically with a diversified exploration portfolio across ten projects in NSW, focusing on gold, copper, and base metals. Several factors make the company worth following:

1. Multi-commodity exposure across gold, copper, platinum, and palladium
2. Joint venture strategy that provides non-dilutive funding for exploration while maintaining exposure to discovery upside
3. Active drilling programs across multiple projects, creating regular news flow
4. Advanced technology application including airborne geophysics and AI-driven exploration at Fontenoy

The company's approach offers shareholders exposure to both near-term development opportunities and longer-term exploration potential across a range of commodities.

Busy Exploration Calendar Ahead

With drilling activities spread across multiple projects, Legacy Minerals has established a steady pipeline of potential catalysts over the coming months. The company's focus on both core and generative assets provides shareholders with exposure to near-term development opportunities as well as exploration potential.

At Fontenoy, the completion of the airborne electromagnetic survey and subsequent drilling targeting higher-grade PGE zones will be particularly important, as positive results could significantly enhance the project's value.

At the Kinzan Project, part of Hilltops Gold in which Legacy now holds a 5% interest, an in-fill delineation program is underway with seven reverse circulation holes and three diamond drill holes to be completed by May 31, 2025. Recent site work has observed outcrops with potential to define 350 metres of extended mineralisation along strike. The in-fill drilling and site mapping are expected to extend the resource along strike and at depth, with the potential to define a JORC compliant Mineral Resource.

For investors interested in junior exploration companies with diversified commodity exposure and an active drilling calendar, Legacy Minerals Fontenoy Project results present an opportunity to watch in the coming months.

About Legacy Minerals

Legacy Minerals is an ASX-listed public company that has been exploring gold, copper, and base-metal projects in NSW since 2017. The company has ten projects across New South Wales, presenting a diversified portfolio of exploration opportunities including:

• Au-Ag Black Range: Extensive low-sulphidation, epithermal system with limited historical exploration across 30km of strike
• Cu-Au Drake: Large caldera (~150km²) with similar geological characteristics to other major pacific rim low-sulphidation deposits
• Cu-Au Rockley: Prospective for porphyry Cu-Au and situated in the Macquarie Arc Ordovician host rocks with historic high-grade copper mines
• Au-Cu (Pb-Zn) Cobar: Undrilled targets next door to the Peak Gold Mines and along strike of the CSA copper mine
• Cu-Au Thomson: A new and unexplored Intrusion-related gold and copper system search space with numerous 'bullseye' magnetic and gravity anomalies that remain untested
• Au-Ag Bauloora: One of NSW's largest low-sulphidation, epithermal systems with a 27km² epithermal vein field (Newmont JV)
• Au Harden: Substantial historical gold production from two high-grade and poorly tested orogenic systems (Hilltops JV)
• Cu-Au Glenlogan: Untested porphyry search space located 55kms from Australia's largest porphyry complex, Cadia Valley (S2 Resources JV)
• Au-Cu Fontenoy: A highly prospective and underexplored area for PGE, Ni, Au and Cu mineralisation with significant drill intercepts (Earth AI JV)
• Ni-Co Nico Young: One of the largest nickel deposits in Australia with significant counter-cyclical exposure

Ready to Explore Legacy Minerals' PGE Potential?

Discover how Legacy Minerals is advancing its multi-metal exploration portfolio with promising PGE results at Fontenoy and strategic joint ventures across NSW. For investors seeking exposure to gold, copper, platinum and palladium through an active ASX explorer with multiple drilling campaigns underway, visit www.legacyminerals.com.au to learn more about their projects and upcoming catalysts.