LEGEND MINING LIMITED — Capital/Financing Update 2019

Jun 4, 2019

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ASX:LEG

5 June 2019

ASX Announcement

Worsley VMS Prospectivity Elevated by New Assay Results

• New anomalous multi-element results associated with EM conductor RKAC594 28m @ 0.17% Zn, 1.37 g/t Ag from 40m

• Incl. 4m @ 0.71% Zn, 1.71 g/t Ag, 0.11% Ni, 0.09% Co from 52m

• Gold results >0.1 g/t Au returned in five holes over EM conductor

Legend Mining Limited (Legend) is pleased to announce assay results from 12 infill aircore drillholes at the Worsley prospect in its Rockford Project in the Fraser Range district of WA (see Figure 1). The Worsley prospect is one of three Rockford South prospects and these early results are indicative of a volcanogenic massive sulphide (VMS) system. The following technical discussion gives a full description of the current status of Worsley.

Legend Managing Director Mr Mark Wilson said, “These results have elevated Worsley to Legend’s best VMS prospect at our Rockford project. Independence Group have previously highlighted the VMS potential in the region with their Andromeda discovery in July 2018. The mineralised footprint we have identified is in the vicinity of the top of the modelled conductor which is a further positive feature. We will need to do more of our innovative EM surveys to better model the conductor as the current 500m line spaced work is insufficient to properly design diamond drill testing. This EM work will be commissioned as a priority and will be done in conjunction with the EM work required at the nearby Crean prospect”.

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Figure 1: Rockford South Prospect Locations

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Technical Discussion

Assay results from 12 infill aircore drillholes (RKAC590-601) following up anomalous multi-element geochemistry in previous holes RKAC505 and RKAC526 have been received. This infill drilling at 50m spacings around RKAC505 and RKAC526 also provided coverage over the up-dip projection of the Worsley moving loop electromagnetic (MLTEM) conductor (see Figure 2).

Anomalous multi-element geochemistry was returned in hole RKAC594, along with anomalous gold results in another four holes (RKAC592, 595, 597, 599) and is discussed further below.

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Figure 2: Worsley Aircore Drillholes and MLTEM Conductor on Aeromagnetics

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Drillhole RKAC594 (100m south of RKAC505 and 150m southwest of RKAC526) returned anomalous multi-element results in two distinct zones that lie directly above the modelled Worsley conductor (see Figure 3). The hole intersected an upper ferruginous zone with 16m @ 28.28% Fe (plus elevated Zn, P, Se, Mo) overlying a lower zone with 28m @ 0.17% Zn, 1.37 g/t Ag (plus elevated Fe, S, Cd, Se, Tl, Ni, Co). This lower zone also includes a highly anomalous interval of 4m @ 0.71% Zn, 1.71 g/t Ag, 0.11% Ni, 0.09% Co, 7.75 ppm Tl, 11.9 ppm Se, 20.08 ppm Cd (see Table 1).

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Figure 3: Drill Section 6,556,500N Showing Anomalous Geochemical Zones Relative to Position of Modelled MLTEM Conductor

Previously reported drillhole RKAC526 returned similar results with an upper zone including 12m @ 21.58% Fe, 0.09% Cu (plus elevated Pb, Fe, Ag, Bi, In, Sb, Sn), overlying a lower zone of 20m @ 0.11% Zn (plus elevated Bi, In, P) (ASX, 1 May 2019).

Table 1: Worsley - Anomalous Multi-Element Aircore Results

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Hole From To Int Zn % Cu % Ni % Fe % Ag g/t Description
RKAC594 24 40 16 0.05 0.01 0.01 28.28 0.07 Fe-rich Saprolite
RKAC594 40 68 28 0.19 0.02 0.03 16.38 1.37 Saprock/Intermed. Granulite
Incl. 52 56 4 0.71 0.02 0.11 15.92 1.71 Intermed. Granulite
RKAC526 28 40 12 0.03 0.09 0.01 21.58 0.26 Fe-rich Saprolite
RKAC526 40 60 20 0.11 0.02 0.02 17.64 0.05 Saprock/Mafic Granulite
RKAC505 88 97 EOH 9 0.06 0.09 0.01 22.94 1.47 Mafic granulite
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*RKAC526 reported 1 May 2019 and RKAC505 reported 5 December 2018.

Four additional holes (RKAC505, 529, 593 and 601) also intersected ferruginous zones of similar character and metal association to those intersected in RKAC594 and RKAC526. These ferruginous

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zones are 4-14m thick and occur in the bottom of all holes suggesting that the lower zone lies deeper in “fresh” bedrock and was not tested/penetrated by the aircore drilling.

There is a clear association between the modelled position/orientation of the Worsley conductor and the anomalous geochemistry identified in the upper ferruginous and lower zones. Further MLTEM surveys are required to better constrain the conductor prior to designing a diamond drill programme to test the conductor at depth.

In addition to the multi-element signature described above, the recent drilling at Worsley also returned gold values >0.1 g/t Au in five drillholes (see Table 2). These anomalous results, which are over 10 times background, define a >250m strike length and are also closely associated with the top of the modelled Worsley conductor (see Figure 2).

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Table 2: Worsley - Anomalous Gold Aircore Results
Hole From To Int Au g/t Description
RKAC592 72 76 4 0.10 Saprock / Felsic Granulite
RKAC592 92 96 4 0.10 Felsic Granulite
RKAC594 88 90 EOH 2 0.15 Mafic Granulite
RKAC595 72 80 8 0.15 Saprolite/ Saprock
RKAC597 120 122 EOH 2 0.11 Intermed. Granulite
RKAC599 40 44 4 0.10 Saprolite
RKAC599 56 60 4 0.24 Saprolite
RKAC599 80 84 4 0.14 Felsic Granulite
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*RKAC526 reported 1 May 2019 and RKAC505 reported 5 December 2018.

The multi-element assay results from the recent and previous aircore drilling has greatly enhanced the prospectivity of Worsley with respect to possible VMS style mineralisation. The combination of elevated Zn-Cu-Ag and a suite of VMS pathfinder elements in close association with the modelled position of the Worsley conductor further supports this prospectivity.

Programme Summary and Future Activities

• Aircore drilling defined anomalous geochemistry in two distinct zones.

• Anomalous geochemistry closely associated with position of Worsley MLTEM conductor.

• Further innovative MLTEM surveys at closer line spacing will be conducted in conjunction with the first MLTEM surveys at Crean.

• Diamond drill testing to follow.

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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.

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

Appendix 1: Worsley Prospect Aircore Drillhole Details

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Drillhole Easting Northing RL (m) Dip Azimuth Depth (m)
RKAC590 587253 6556606 219 -90 0 79
RKAC591 587149 6556614 221 -90 0 152
RKAC592 587048 6556608 220 -90 0 123
RKAC593 587102 6556444 221 -90 0 88
RKAC594 587102 6556497 221 -90 0 90
RKAC595 587099 6556551 220 -90 0 104
RKAC596 587100 6556703 221 -90 0 75
RKAC597 587101 6556647 221 -90 0 122
RKAC598 587202 6556698 220 -90 0 138
RKAC599 587151 6556703 221 -90 0 129
RKAC600 587201 6556499 200 -90 0 65
RKAC601 587150 6556499 200 -90 0 86
RKAC505 587102 6556615 221 -90 0 97
RKAC526 587201 6556607 219 -90 0 121
RKAC529 587103 6556401 221 -90 0 78
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• Drillholes previously reported 5 December 2018 and 1 May 2019

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Appendix 2:

Legend Mining Ltd – Aircore Drilling Worsley Prospect - Rockford Project JORC Code Edition 2012: Table 1

Section 1: Sampling Techniques and Data

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Criteria JORC Code Explanation Commentary
Sampling techniques • Nature and quality of sampling  Aircore drilling was originally undertaken
(e.g. cut channels, random chips, on broad spaced traverses with 400m
or specific specialised industry hole spacings testing aeromagnetic and
standard measurement tools gravity targets. Subsequent infill at
appropriate to the minerals under 50/100m was completed.
investigation, such as down hole  The residual (non-transported) portion
gamma sondes, or handheld only of each drillhole was originally
XRF instruments, etc.). These sampled as 4m composites to the end of
examples should not be taken as hole, with a 1m bottom of hole sample
limiting the broad meaning of also collected. All samples weighed 2-
sampling. 3kg.
• Include reference to measures  QAQC standards and duplicate samples
taken to ensure sample were included routinely (approximately 1
representivity and the each every 50 samples).
appropriate calibration of any  Samples were submitted to an
measurement tools or systems independent commercial assay
used. laboratory.
 Au was analysed by fire assay with an
• Aspects of the determination of
mineralisation that are Material ICP-OES finish. A four acid digest with
ICP-MS finish was used for a multi-
to the Public Report. In cases
where ‘industry standard’ work element suite including: Ag, Al, As, Ba,
has been done this would be Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Dy,
relatively simple (e.g. ‘reverse Er, Eu, Fe, Ga, Gd, Ge, Hf, Ho, In, K, La,
circulation drilling was used to Li, Lu, Mg, Mn, Mo, Na, Nb, Nd, Ni, P,
obtain 1 m samples from which 3 Pb, Pr, Rb, Re, S, Sb, Sc, Se, Sm, Sn,
kg was pulverised to produce a Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y,
30 g charge for fire assay’). In Yb, Zn, Zr.
other cases more explanation
may be required, such as where
there is coarse gold that has
inherent sampling problems.
Unusual commodities or
mineralisation types (e.g.
submarine nodules) may warrant
disclosure of detailed
information.
Drilling techniques • Drill type (e.g. core, reverse  The aircore drilling technique was used,
circulation, open-hole hammer, utilising a 90mm bit and completed by
rotary air blast, auger, Bangka, Drillpower.
sonic, etc.) and details (e.g. core
diameter, triple or standard tube,
depth of diamond tails, face-
sampling bit or other type,
whether core is oriented and if
so, by what method, etc.).
Drill sample recovery • Method of recording and  Sample recoveries are visually estimated
assessing core and chip sample for each metre by the supervising rig
recoveries and results assessed. geologist with poor or wet samples
• Measures taken to maximise recorded in drill and sample log sheets.
sample recovery and ensure  The sample cyclone is routinely cleaned
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Criteria JORC Code Explanation Commentary
representative nature of the at the end of each rod (3m) and when
samples. deemed necessary.
• Whether a relationship exists  No relationship has been determined
between sample recovery and between sample recoveries and grade
grade and whether sample bias and there is insufficient data to determine
may have occurred due to if there is a sample bias.
preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples  Geological logging of all drillholes
have been geologically and included; lithology, grainsize, texture,
geotechnically logged to a level deformation, mineralisation, alteration,
of detail to support appropriate veining, colour, weathering.
Mineral Resource estimation,  Logging is qualitative and based on 1m
mining studies and metallurgical intervals. Representative drill chips from
studies. the bottom of hole are retained in chip
trays.
• Whether logging is qualitative or
quantitative in nature. Core (or  All drillholes were logged in their entirety.
costean, channel, etc.)
photography.
• The total length and percentage
of the relevant intersections
logged.
Sub-sampling • If core, whether cut or sawn and  All aircore drill samples were collected
techniques and sample whether quarter, half or all core using a PVC spear or scoop as 4m
preparation taken. composites (2-3kg). Other composites of
2m, 3m and 5m and individual 1m
• If non-core, whether riffled, tube
samples were collected where required,
sampled, rotary split, etc. and
i.e. bottom of hole. Both wet and dry
whether sampled wet or dry.
samples were collected.
• For all sample types, the nature,  The samples are dried and pulverised
quality and appropriateness of
before analysis.
the sample preparation
 QAQC reference samples and duplicates
technique.
were routinely submitted with each
• Quality control procedures sample batch.
adopted for all sub-sampling  The size of the sample is considered
stages to maximise
appropriate for the mineralisation style
representivity of samples.
sought and for the analytical technique
• Measures taken to ensure that used.
the sampling is representative of
the in situ material collected,
including for instance results for
field duplicate/second-half
sampling.
• Whether sample sizes are
appropriate to the grain size of
the material being sampled.
Quality of assay data • The nature, quality and  Aircore samples were analysed for Au by
and laboratory tests appropriateness of the assaying 50g fire assay with an ICP-MS finish, and
and laboratory procedures used for a multi-element suite by ICP-MS
and whether the technique is following a four acid digest. These assay
considered partial or total. methods are considered appropriate.
 QAQC standards and duplicate samples
• For geophysical tools,
were included routinely (approximately 1
spectrometers, handheld XRF
each every 50 samples). In addition
instruments, etc., the parameters
reliance is placed on laboratory
used in determining the analysis
procedures and internal laboratory batch
including instrument make and
standards and blanks.
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Criteria JORC Code Explanation Commentary
model, reading times,  All samples were analysed by Intertek
calibrations factors applied and Genalysis Laboratory Services Perth
their derivation, etc. using methods; FA50/OE04 (Au),
• Nature of quality control 4A/MS48 (multi-elements) and
procedures adopted (e.g. 4A/MS48R (REE extended suite).
standards, blanks, duplicates,
external laboratory checks) and
whether acceptable levels of
accuracy (i.e. lack of bias) and
precision have been established.
Verification of sampling • The verification of significant  Primary data was collected in the field
and assaying intersections by either using a set of standard logging templates
independent or alternative and entered into a laptop computer. The
company personnel. data was forwarded to Legend’s
• The use of twinned holes. database manager for validation and
loading into the company’s drilling
• Documentation of primary data, database.
data entry procedures, data  No adjustments of assay results have
verification, data storage
been undertaken.
(physical and electronic)
protocols.
• Discuss any adjustment to assay
data.
Location of data points • Accuracy and quality of surveys  Aircore drillhole collars are surveyed with
used to locate drill holes (collar a handheld GPS unit with an accuracy of
and down-hole surveys), ±5m which is considered sufficiently
trenches, mine workings and accurate for the purpose of the drillhole.
other locations used in Mineral  All co-ordinates are expressed in GDA94
Resource estimation. datum, Zone 51.
• Specification of the grid system  Regional topographic control has an
used. accuracy of ±2m based on detailed DTM
data.
• Quality and adequacy of
topographic control.
Data spacing and • Data spacing for reporting of  Aircore drilling was at 50m, 100m and
distribution Exploration Results. 200m spacings adjacent to anomalous
previous drillholes.
• Whether the data spacing and
distribution is sufficient to  Drillholes are sampled in the residual
establish the degree of portion of the profile only as 4m
geological and grade continuity composites on a routine basis or as 2m,
appropriate for the Mineral 3m and 5m composites at the end of
Resource and Ore Reserve holes as required. Where anomalous
estimation procedure(s) and values are returned, 1m samples may be
classifications applied. submitted for assay.
• Whether sample compositing
has been applied.
Orientation of data in • Whether the orientation of  The orientation of the aircore drill
relation to geological sampling achieves unbiased traverses and broad spacing of the
structure sampling of possible structures individual drillholes is considered to
and the extent to which this is achieve unbiased sampling.
known, considering the deposit
type.
• If the relationship between the
drilling orientation and the
orientation of key mineralised
structures is considered to have
introduced a sampling bias, this
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Criteria	JORC Code Explanation	Commentary
	should be assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	Individual calico sample bags were placed in polyweave bags and delivered directly to the assay laboratory prep facility in Kalgoorlie by company personnel.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	Internal audits/reviews of procedures are ongoing, however no external reviews have been undertaken.

Section 2: Reporting of Exploration Results

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Rockford Project comprises twelve granted exploration licences, covering 2,379km2. Rockford JV tenements: E28/2188-2192 (70% Legend, 30% Rockford Metals Pty Ltd), E28/1718 & E28/1727 (70% Legend, 30% Ponton Minerals Pty Ltd). Legend 100% owned: E28/2404-2405, E28/2675-2677. The Project is located 280km east of Kalgoorlie mostly on vacant crown land with the eastern portion on Kanandah Pastoral Station. There are no Native Title Claims over tenements E28/2188-2192, E28/2405 & E28/2675-2677. Tenements E28/1718, E28/1727 & E28/2404 are covered 90%, 20% and 100% respectively by the Ngadju Native Title Claim. The tenements are in good standing and there arenoknown impediments.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Not applicable, not referred to.
Geology	• Deposit type, geological setting and style of mineralisation.	The primary target is Nova style nickel- copper mineralisation hosted in high grade mafic granulites within the Fraser Complex. Secondary targets are: Andromeda style VMS copper-zinc mineralisation and Tropicana style structurally controlled gold mineralisation.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level– elevation above	Refer to Figures 1 & 2.

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Criteria JORC Code Explanation Commentary
sea level in metres) of the
drill hole collar
• dip and azimuth of the hole
• down hole length and
interception depth
• hole length.
• If the exclusion of this
information is justified on the
basis that the information is
not Material and this
exclusion does not detract
from the understanding of the
report, the Competent Person
should clearly explain why
this is the case.
Data aggregation • In reporting Exploration Results,  Weighted averaging based on sample
methods weighting averaging techniques, interval has been used in the reporting of
maximum and/or minimum grade the aircore drilling results.
truncations (e.g. cutting of high  No short length high grade results were
grades) and cut-off grades are returned (therefore not included in
usually Material and should be aggregate intercepts) and no metal
stated. equivalent values have been reported.
• Where aggregate intercepts
incorporate short lengths of high
grade results and longer lengths
of low grade results, the
procedure used for such
aggregation should be stated
and some typical examples of
such aggregations should be
shown in detail.
• The assumptions used for any
reporting of metal equivalent
values should be clearly stated.
Relationship between • These relationships are  The geometry of anomalous nickel-
mineralisation widths particularly important in the copper and copper-zinc assays with
and intercept lengths reporting of Exploration Results. respect to the aircore drilling angle and
orientation is unknown.
• If the geometry of the
mineralisation with respect to the  All drillhole intercepts are measured
downhole in metres.
drill hole angle is known, its
nature should be reported.
• If it is not known and only the
down hole lengths are reported,
there should be a clear
statement to this effect (e.g.
‘down hole length, true width not
known’).
Diagrams • Appropriate maps and sections  Project, drillhole and EM conductor plate
(with scales) and tabulations of location maps have been included in the
intercepts should be included for body of the report.
any significant discovery being
reported. These should include,
but not be limited to a plan view
of drill hole collar locations and
appropriate sectional views.
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Criteria	JORC Code Explanation Commentary	JORC Code Explanation Commentary
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. All significant results are reported.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Detailed high quality aeromagnetic and gravity datasets and aircore drilling have been used in the targeting of the MLTEM survey. Highpower EM Geophysical Services Pty Ltd have undertaken high powered moving loop electromagnetic surveying (MLTEM) over the Worsley prospect at the Rockford Project to assist with drillhole targeting. MLTEM Details Loop Size: 300mx300m, single turn Line/Station Spacing: 500m spaced lines with 100m stations Configuration: Slingram position, 150m offset from loop edge Transmitter: HPEM HPTX (~200 amps) Receiver: GDD NordicEM24 Sensor: EMIT Fluxgate, 3 component B field sensor Time base/frequency: 0.5Hz (500msec time base), ~1msec ramp
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further activities include: infill aircore drilling, moving loop electromagnetic surveying.

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