Legacy Minerals Unlocks Major Gold Potential at Mt Carrington

Legacy Minerals Holdings Ltd-LGM-LGM exploration in desert environment.

Legacy Minerals Holdings Ltd

ASX Code: LGM Market Cap: $29,397,596 Shares On Issue (SOI): 167,986,261 Cash: $5,361,000 (as of 30 June 2025)

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Legacy Minerals Unlocks Major Gold Potential at Mt Carrington Legacy Minerals (ASX: LGM) has emerged as a compelling investment opportunity following the announcement of a substantial 1.2 million ounce gold equivalent resource at its Mt Carrington Project, positioning the company for significant growth in the precious metals sector. 1.2 Million Ounce Resource Underpins Strong Valuation Legacy Minerals has established a robust foundation with its recently announced Mt Carrington resource of 34.4Mt at 1.1g/t gold-equivalent (AuEq), containing 0.65Moz of gold and 24.3Moz of silver, plus significant base metal credits including zinc, lead, and copper. This substantial resource provides shareholders with immediate exposure to one of NSW's largest undeveloped epithermal deposits. The 2025 Phase 1 Scoping Study has demonstrated compelling economics with an NPV8 of $388 million and an exceptional IRR of 141%. The study outlines a low-cost operation with AISC of A$1,726/oz and modest capex requirements of just A$47 million, projecting annual production of approximately 34,000 ounces of gold. Importantly, the initial scoping study focuses on only 17% of the total resource, highlighting the tremendous growth potential as the company advances toward a larger Stage 2 study encompassing the entire 1.2Moz AuEq resource. High-Impact Discovery Drilling Commencing Legacy is set to begin an exciting new drilling campaign targeting multiple high-priority prospects across the Mt Carrington project area. The Battery prospect will be the first regional target to be tested in 30 years, with up to 4,500m of drilling planned to investigate potential breccia-hosted and epithermal-porphyry related mineralisation. "We're extremely excited to commence drilling at Mt Carrington, targeting areas that have never been properly tested despite showing significant geophysical signatures consistent with major mineral systems. With drilling approvals in place and funding secured, we're positioned to potentially deliver transformative discoveries in the coming months." – Christopher Byrne, CEO Kainantu-Style Deposit Potential Legacy's technical team has identified compelling similarities between Mt Carrington and K92 Mining's world-class Kainantu deposit in Papua New Guinea, which has grown from less than 1Moz to over 18Moz AuEq through systematic exploration. The Mt Carrington system demonstrates similar geological characteristics with impressive historical intercepts including: 12.82m at 48g/t Au and 2,589g/t Ag from 16m 118m at 1.71g/t Au, 6.9g/t Ag, and 1.12% Zn from 2m 18.9m at 5.8% Cu from 58m and 10.1m at 7.26% Cu from 88m Remarkably, across the entire Mt Carrington project area, there are 3,319 historical drill holes with an average depth of just 49m, with less than 5% of drilling extending beyond 150m depth. This suggests the system remains largely untested at depth where the highest-grade mineralisation is often found in epithermal-porphyry systems. Advanced Geophysics Reveals Untested Targets Legacy has employed cutting-edge geophysical technology to identify significant untested targets across the project area. Detailed Airborne MT (Magnetotelluric) data review has identified compelling conductivity trends similar to those that led to major discoveries at K92 Mining's Kainantu operation. 3D modelling of IP (Induced Polarization) data has highlighted several untested chargeability extensions, including a significant epithermal/porphyry target where historical drilling appears to have narrowly missed the main chargeability high. These targets represent prime opportunities for new discoveries within this large 160km² caldera system. Understanding Epithermal Gold Systems Epithermal gold deposits form relatively near the Earth's surface, typically at depths of less than 1.5km, in areas of volcanic activity. These systems are characterised by their formation in hydrothermal environments where mineral-rich fluids travel through rock fractures, depositing precious metals as they cool. At Mt Carrington, the epithermal system presents as a large mineral system contained within a 160km² caldera structure. The system shows classic epithermal textures in core samples, with multiple phases of mineralisation evident. Key characteristics of epithermal systems like Mt Carrington include: Near-surface enrichment zones: Often containing bulk-tonnage, lower-grade resources suitable for open-pit mining High-grade vein systems: Typically extending to greater depths, sometimes transitioning to porphyry-style mineralisation Metal zonation: Different metals often concentrate at different levels within the system Multiple mineralisation events: Creating complex, overlapping patterns of mineralisation Legacy's exploration strategy at Mt Carrington targets both the established near-surface resource and the potential for higher-grade mineralisation at depth, where historical drilling has been limited. Strategic Diversification Through Thomson Belt Project Beyond Mt Carrington, Legacy controls a substantial 5,500km² land position in the highly prospective Thomson Belt, presenting a frontier exploration opportunity for intrusion-related gold-copper discoveries. This belt-scale opportunity features numerous "bullseye" magnetic and gravity anomalies similar to those associated with major gold discoveries elsewhere in Australia. Limited initial drilling has already confirmed the intrusion-related gold-copper potential, with one hole intersecting 377m at 0.1g/t Au including higher-grade zones of 41m at 0.4g/t Au. Notably, several compelling gravity anomalies remain completely untested. The Thomson Belt project provides shareholders with additional exposure to potential transformative discoveries in an underexplored region. The project's shallow cover sequence means cost-effective drilling rates, allowing for efficient target testing across this vast land package. Funded for Discovery Success Following a recent $7.75 million capital raise, Legacy is well-funded to pursue its aggressive exploration strategy across multiple projects. With a tight capital structure of just 168 million shares on issue and strategic joint ventures that minimise dilution risk, the company provides shareholders with exceptional leverage to exploration success. The company's joint venture partnerships create additional optionality and upside without the capital burden falling solely on existing shareholders. This balanced approach to project advancement has proven successful for many junior explorers, sometimes delivering returns exceeding those from wholly-owned projects. Why Investors Should Track Legacy Minerals Legacy Minerals presents a compelling investment case based on several key factors: Established Resource Base: The 1.2Moz AuEq resource provides a solid foundation for valuation, with significant expansion potential. Near-Term Catalysts: Multiple drilling programs commencing across Mt Carrington and Thomson projects will generate steady news flow. Transformative Discovery Potential: The combination of an established resource and exploration upside offers both downside protection and blue-sky potential. Experienced Management: The team brings proven expertise in mineral discovery and project development. Strong Financial Position: Well-funded for current exploration programs with strategic joint ventures minimising future dilution risks. With a current market capitalisation of approximately $29 million, Legacy Minerals represents an opportunity to gain exposure to a substantial gold-silver resource base with exceptional exploration upside at a compelling valuation relative to its peers in the precious metals sector. Ready to Discover Legacy Minerals' Potential? Don't miss the opportunity to learn more about Legacy Minerals' promising 1.2 million ounce gold equivalent resource at Mt Carrington and their upcoming high-impact drilling programme. For investors seeking exposure to one of NSW's largest undeveloped epithermal deposits with compelling economics and significant growth potential, visit www.legacyminerals.com.au today to explore this exciting ASX investment opportunity.

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