LEGEND MINING LIMITED — Capital/Financing Update 2009

Dec 2, 2009

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3 December 2009

ASX Announcement

NOTICE OF GENERAL MEETING - ASX WAIVER GRANTED

Legend Mining Limited hereby announces that the Australian Stock Exchange has granted a waiver over listing rule 7.3.2 in respect to resolution 3 of the Notice of General Meeting for the shareholder meeting to be held on Friday, 4 December 2009.

ASX has granted the waiver from listing rule 7.3.2 to the extent necessary to permit the Notice of General Meeting seeking shareholder approval for the issue of up to 350,000,000 vendor shares, (the “Securities”) to the Vendors or their nominees, to state that the Securities will be issued more than 3 months after the date of the shareholders meeting. It is a condition of the waiver that the Vendor shares are issued no later than 6 months from the date of the general meeting.

Subject to shareholder approval on 4 December 2009, 350,000,000 ordinary shares will be issued to Vendors by no later than 4 June 2010.

The Vendor shares will be issued as consideration for the 90% acquisition of Camina SA, the owner of the tenements in Cameroon, West Africa that are prospective for iron and gold, subject to Legend’s satisfaction of the outcome of the exploration program on these tenements.

Visit www.legendmining.com.au for further information and announcements.

For more information: Mr Mark Wilson Managing Director Legend Mining Limited Ph: (08) 9212 0600

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au