LEGEND MINING LIMITED — Capital/Financing Update 2019

May 7, 2019

8 May 2019

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ASX:LEG

ASX Announcement

A$3m payment schedule agreed with Jindal

Legend Mining Limited (“Legend”) advises that Legend and Jindal Mining & Exploration Limited (“Jindal”) have agreed to a payment schedule for the final amount of $3 million owing to Legend from the sale of the Cameroon Iron Ore project. Payments of $250,000 per month will be paid commencing 31 October 2019 until 31 August 2020 (11 payments) with the final payment of $250,000 on 15 October 2020, totalling $3 million in full.

The outstanding amounts owing will continue to attract interest at the rate of 4% per annum paid quarterly.

Background information

On 28 July 2015, Legend announced a reschedule of the payments under the Cameroon Project sale agreement with Jindal. The key amendments to that agreement were:

1. The $6 million schedule for payment on 5 August 2015 was rescheduled and split into two payments of $3 million each, one paid on 15 September 2015 and one to be paid on 15 December 2016. The first $3 million payment from Jindal was received in September 2015. The remaining $3 million is outstanding as referred to above.

2. Interest of 4% on the $3 million outstanding to be paid quarterly. Legend has been receiving this interest in accordance with the agreement.

In addition, $5.5 million is payable by Jindal to Legend on the first commercial iron ore shipment from the Cameroon Project.

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

For more information:

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

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