LEGEND MINING LIMITED — Capital/Financing Update 2019

Sep 11, 2019

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ASX:LEG

12 September 2019

ASX Announcement

Low Frequency EM Survey Commenced at Area D - Fraser Range

Legend Mining Limited (Legend) is pleased to announce the commencement of low frequency moving loop electromagnetic (LF-MLTEM) surveying at Area D at Legend’s Rockford Project in the Fraser Range of WA (see Figure 2). The survey is designed to better constrain and resolve the previously identified D5 conductor and to assist with final diamond drillhole planning. Of the 17 conductors identified at Area D, extensive geophysical and geological analysis determined the D5 conductor to be the highest priority target.

The LF-MLTEM survey will involve four 3km lines spaced 200m apart and utilise a 200 amp transmitter with 200m x 200m loops (see Figure 1).

Legend Managing Director Mr Mark Wilson said, “This low frequency EM survey is the final step before diamond drilling at Area D. The survey is expected to be completed by the end of September which will facilitate a mid-late October start for the diamond drill programme. Meanwhile the regional aircore drilling is ongoing”.

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Figure 1: Area D Proposed LF-MLTEM Survey over D5 Conductor

(Figure shows all MLTEM plates and anomalous aircore drillholes over aeromagnetics)

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TECHNICAL DISCUSSION

The D5 conductor was originally identified by MLTEM surveying and occurs near the SW hinge of a NE-SW trending synformal feature. Aircore drilling to the immediate east of D5 increased the prospectivity of the feature with the intersection of magmatic Ni-Cu-Co sulphides in several holes, most notably RKAC183 (14m @ 0.37% Ni, 0.43% Cu, 0.03% Co from 72m –ASX release 9/4/2018). Of the 17 conductors identified at Area D, extensive geophysical and geological analysis determined the D5 conductor to be the highest priority target.

This LF-MLTEM technique is an extension of previous innovative EM surveying completed by Legend over the Rockford Project and will use very low frequencies to provide detailed information on the character and possible source of the conductor. The ultimate aim of the survey is to identify conductive bodies related to massive Ni-Cu sulphide mineralisation, which are potentially masked or adjacent to conductors related to graphite ±barren sulphides known to occur at Area D. Essentially, the better the EM response in late time, the greater the chance the feature may represent Ni-Cu sulphide mineralisation.

The LF-MLTEM survey will involve four 3km lines spaced 200m apart and utilise a 200 amp transmitter with 200m x 200m loops (see Figure 1). An initial frequency of 0.0625Hz (compared to conventional survey frequencies of 0.025 - 0.5 Hz) will be run with the capability to reduce the frequency even lower for increased definition if required. The survey is expected to take 2- 3 weeks to complete.

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Figure 2: Rockford Project – Area D Location

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Competent Person Statement

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) 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:

Mr Mark Wilson Managing Director Ph: (08) 9212 0600

Mr Derek Waterfield Executive Director - Technical Ph: (08) 9212 0600

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