LEGEND MINING LIMITED — Capital/Financing Update 2019

Nov 26, 2019

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ASX:LEG

27 November 2019 ASX Announcement

Third Diamond Drillhole Commenced at Area D

• A third diamond drillhole is underway following up the first drillhole (RKDD005) results and targeting gabbronorite host rocks under aircore nickel-copper sulphides

• The second diamond drillhole intersected multiple thick intervals of graphite –

downhole EM surveying is underway and further detailed analysis is required

Legend Mining Limited (Legend) is pleased to announce the commencement of a third diamond drillhole (RKDD007) in the current programme at Area D and the initial results from the second diamond drillhole (RKDD006) which was targeting the D1 conductor.

Legend Managing Director Mr Mark Wilson said, “The positive results from the first hole were a key driver in the decision to drill a third hole whilst the rig is on site. This hole will target the gabbronorite host rock beneath the previously identified anomalous aircore nickel-copper mineralisation.

“Further analysis of the core logging, assays and petrology from the second hole and reconciliation of previous LF-MLTEM with downhole EM models is required to plan the next programmes at the D1 conductor.”

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Diamond drill core logging at Area D

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

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TECHNICAL DISCUSSION

Based on the encouraging geology including disseminated and blebby sulphides in gabbronorite host rocks from the recently completed diamond drillhole RKDD005 and sulphides in previous aircore holes, a third diamond drillhole (RKDD007) has commenced at Area D.

RKDD007 was collared approximately 200m ESE of RKDD005 and will test beneath aircore drillholes RKAC183 and RKAC225 which intersected pyrrhotite-chalcopyrite-pentlandite also hosted in gabbronorite (see Figure 1 & Table 1). These drillholes returned anomalous intersections of; 14m @ 0.37% Ni and 0.43% Cu from 72m to EOH in RKAC183 and 19m @ 0.23% Ni and 0.33% Cu from 52m to EOH in RKAC225 (see ASX announcements 9 April 2018 & 12 June 2018). The gabbronorite hosting these aircore results was originally targeted in the bottom of RKDD005, however was not intersected due to steeper than expected dipping stratigraphy. The hole has a planned depth of 350m.

The second diamond drillhole of the programme RKDD006 testing the strong D1 conductor at Area D has now been completed to a depth of 473.7m (see Figure 1 & Table 1). RKDD006 intersected a broad metasediment and granulite package containing multiple thick graphitic bands between 262-321m, which is shallower than the modelled D1 conductor depth of ~350m. Downhole electromagnetic surveying is currently underway.

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Figure 1: Area D Diamond Drillhole Locations

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

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		Table 1: Area D Diamond Drillhole Details	Table 1: Area D Diamond Drillhole Details	Table 1: Area D Diamond Drillhole Details	Table 1: Area D Diamond Drillhole Details
Hole	MGA94-East	MGA94-North	RL	Azimuth	Dip	Total Depth
RKDD005	638,300	6,598,670	203	0900	-700	586.2
RKDD006	638,890	6,598,050	205	1350	-700	473.7
RKDD007	638,500	6,598,600	203	0900	-600	Ongoing

Future Activities

• Complete geological and geotechnical logging of RKDD006.

• Assess assay and petrology results from RKDD005 and RKDD006.

• Reconciliation of various EM models of D1 conductor.

• Complete diamond drillhole RKDD007 targeting anomalous nickel-copper geochemistry in previous aircore drilling.

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Figure 2: Rockford Project – Area D Location

Authorised by Mark Wilson, Managing Director.

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

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Derek Waterfield, a Member of the Australian Institute of Geoscientists and a full time employee of Legend Mining Limited. Mr Waterfield has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Waterfield consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Legend’s Exploration Results is a compilation of previously released to ASX by Legend Mining (9 April 2018 & 12 June 2018) and Mr Derek Waterfield consents to the inclusion of these Results in this report. Mr Waterfield has advised that this consent remains in place for subsequent releases by Legend of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. Legend confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters in the market announcements continue to apply and have not materially changed. Legend confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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