LEGEND MINING LIMITED — Capital/Financing Update 2019

Dec 3, 2019

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ASX:LEG

4 December 2019 ASX Announcement

Market Update

Legend Mining Limited (Legend) is pleased to provide a market update on current exploration results and treasury matters.

EXPLORATION UPDATE

Legend advises that samples from the third diamond drillhole from the drill program at Area D in its Rockford Project (see ASX 27 November 2019) were submitted for assay on Monday, 2 December 2019. The assay results for these samples will be released to the market as soon as they have been received and processed. Legend expects the announcement of these results to lift the current suspension of its securities.

CORPORATE UPDATE

Research and Development Cash Refund

Legend lodged its FY2019 tax return in October 2019 and received a R&D cash refund from the Australian Taxation Office of $1,259,160 on 4 December 2019.

Jindal Receivable

Legend received the scheduled November 2019 receivable payment of $250,000 from Jindal Steel and Power (Jindal) on 2 December 2019. The receivable from Jindal is currently $2.5 million (see ASX announcement dated 8 May 2019 for further details).

Legend’s cash ($10.5M) and receivables ($2.5M) position at 4 December 2019 is $13M.

Authorised by Mark Wilson, Managing Director.

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

For more information contact:

Mr Mark Wilson Managing Director Ph: +61 8 9212 0600

Mr Derek Waterfield Executive Director - Technical Ph: +61 8 9212 0600

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Registered Office: Level 1 / 8 Kings Park Road, West Perth WA 6005, Australia