LEGEND MINING LIMITED — Interim / Quarterly Report 2018

Oct 8, 2018

SEPTEMBER 2018 QUARTERLY REPORT

9 October 2018

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LEGEND MINING LIMITED

ASX Symbol: LEG ABN 22 060 966 145

Level 1, 8 Kings Park Road West Perth Western Australia 6005

PO Box 626 West Perth Western Australia 6872

Phone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au

Website: www.legendmining.com.au

HIGHLIGHTS

• Aircore drilling completed and extensive innovative high power moving loop EM surveys (“MLTEM”) commenced over four zones with elevated nickel-copper geochemistry at Area D.

• New “Andromeda Stratigraphic Package” identified in south Rockford - considered highly prospective for copper-zinc mineralisation.

• Regional aircore drilling programme continuing over southern Rockford Project with 174 holes for 10,849m completed to date.

OVERVIEW

The September 2018 Quarter has been one of consolidation for the Rockford Project.

CONTACT

Mr Mark Wilson Managing Director

Mr Derek Waterfield Executive Director Technical

PROJECTS

Rockford - Fraser Range: Nickel-Copper (Ni-Cu) Copper-Zinc (Cu-Zn) Gold (Au)

Following the completion of the aircore drilling programme at Area D, a comprehensive geophysical and geological review was undertaken which resulted in the design of extensive MLTEM surveys which are currently underway.

A regional aircore drilling programme also commenced in the southern region of the Rockford Project to test four previously identified EM conductors at Areas J, Q and U (see Figure 1). The drilling programme includes several lines over the Andromeda Stratigraphic Package where a MLTEM survey is also planned.

The results of these programmes are expected to produce targets for future diamond/RC drilling.

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1. ROCKFORD PROJECT – (Fraser Range District) Nickel-Copper, Gold

Legend’s Rockford Project is located in the highly prospective Fraser Range district of Western Australia and covers a total area of 2,792.5km[2] (see Figure 1). The majority of the project (2,530km[2] ), comprising seven contiguous granted exploration licences is the subject of a joint venture between Legend (70%) and Creasy Group (30%), with Legend operator and manager of the joint venture. The remaining 262.5km[2] is 100% owned by Legend and includes five granted exploration licences.

Exploration activities during the September 2018 Quarter focussed on Area D and the southern portion of the Rockford Project. Activities included; 174 aircore drillholes, geochemical sampling, a geophysical/geological review of Area D and the commencement of MLTEM surveying at Area D (see Figure 1). A detailed discussion of these activities is provided in the body of this report.

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Figure 1: Rockford Project and Aircore Drillhole Locations

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Exploration activities completed during the September 2018 Quarter included:

• Aircore drilling of 174 holes (RKAC294-467) for 10,849m

• Geochemical results for 575 samples from aircore drillholes RKAC276-389

• 482 samples from aircore drillholes RKAC390-467 submitted for assay

• Petrographic examination of four aircore bottom of hole samples

• Full geophysical and geological review of Area D

• Design MLTEM survey over Area D

• Design MLTEM survey over Andromeda Stratigraphic Package in south Rockford.

• • Infill gravity survey over E28/2675-2677

Area D

Following the completion of the aircore drilling a full geophysical/geological review at Area D was undertaken integrating magnetic, gravity and previous electromagnetic data. An extensive MLTEM survey was then designed with the ultimate aim of identifying new conductors associated with massive sulphide mineralisation hosted by mafic/ultramafic intrusions and to better define previously identified conductors (see Figure 2).

The survey will cover four zones with coherent anomalous Ni-Cu-Co geochemistry as identified by the aircore drilling, and a wider 32km[2] area containing mafic/ultramafic intrusions (see Figure 2). Only two weeks of surveying has been completed to date due to minor weather/operational delays.

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Figure 2: New MLTEM Survey – Area D

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Assay results for the remaining 18 drillholes (RKAC276-293) at Area D were received. Whilst no anomalous geochemistry was encountered, the majority of these holes intersected gabbronorite providing further evidence of the widespread occurrence of favourable host rocks at Area D. The information gained from the aircore drill programme contributed greatly to the geological knowledge and understanding of Area D and has assisted in the planning of the MLTEM survey.

New Prospective Exploration Trend - Andromeda Stratigraphic Package

Legend has identified a new prospective exploration trend in the southern portion of Rockford, termed the Andromeda Stratigraphic Package (“ASP”) following the announcement of the recent Andromeda copper-zinc discovery by Independence Group (“IGO”) (ASX 26/07/2018).

IGO’s Andromeda Project is located 7km to the southwest of Legend tenement E28/1718 and is hosted within the NE-SW trending magnetically distinct ASP (see Figure 3). The ASP continues into E28/1718 and extends for a further 24km to the northeast. No previous drilling or ground geophysics has been undertaken along this trend and historic surface sampling is considered ineffective due to transported cover.

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Figure 3: Location of Andromeda Stratigraphic Package (ASP) on Legend Tenure E28/1718

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Exploration in the Fraser Range since the discovery of the Nova Ni-Cu-Co deposit in July 2012 by Sirius Resources has focussed predominantly on magmatic Ni-Cu sulphide style mineralisation associated with mafic/ultramafic intrusions. However the Andromeda copper-zinc discovery ( 18AFRD004 intersection: 29.9m @ 1.36% Cu, 2.51% Zn, 19.9g/t Ag, 0.35g/t Au from 548.1m ) has highlighted the potential of the Fraser Zone within the larger Albany-Fraser Orogen to also host volcanic-hosted massive sulphide (“VHMS”) deposits.

A total of 32 aircore holes for 1,139m were completed over the southern portion of the ASP during the September 2018 Quarter (see Figure 1) and a MLTEM survey has been commissioned to get underway once logistical details are finalised.

Regional Aircore Drilling - Rockford South

An extensive regional aircore drilling programme was undertaken during the September 2018 Quarter with 174 holes (RKAC294-467) for 10,849m completed mainly over the southern portion of the Rockford Project. This drilling will continue into the December 2018 Quarter with a further 40 holes planned to complete the programme (see Figure 1).

The drilling was aimed at providing lithological and geochemical information on four previously identified EM conductors at Area J (J1-J2), Area Q (Q1) and Area U (U1), along with numerous aeromagnetic and gravity features. The design of this programme is the result of a Project wide review and part of the Legend’s systematic exploration approach.

The drillholes to date have intersected predominantly mafic-felsic metasediment/granulite with minor mafic intrusives beneath transported cover with an average thickness of 46m. Assay results have been received from drillholes RKAC294-389 with no significant nickel-copper values recorded.

Future Programmes for December 2018 Quarter

• Complete innovative MLTEM surveys at Area D and Andromeda Stratigraphic Package.

• Complete regional aircore programme over selected targets in southern Rockford Project.

2. CORPORATE

Half Year Report

Legend released its Half Year Report to 30 June 2018 to the ASX on 6 September 2018.

Jindal $3M Receivable

Legend received the September 2018 quarterly interest payment of $30,000 from Jindal Steel and Power on 2 October 2018, as per the rescheduled debt agreement announced to the ASX on 28 July 2015.

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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 (17July 2018, 7 & 14 August 2018, 6 September 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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Appendix 1: Tenement Schedule as at 30 September 2018

Mining Tenements

Tenement Reference	Location	Interest at beginning of Quarter	Acquired / Withdrawn	Interest at end of Quarter	Comments
E28/1718	Fraser Range, Western Australia	70%	N/A	70%	70:30 JV
E28/1727	Fraser Range, Western Australia	70%	N/A	70%	70:30 JV
E28/2188	Fraser Range, Western Australia	70%	N/A	70%	70:30 JV
E28/2189	Fraser Range, Western Australia	70%	N/A	70%	70:30 JV
E28/2190	Fraser Range, Western Australia	70%	N/A	70%	70:30 JV
E28/2191	Fraser Range, Western Australia	70%	N/A	70%	70:30 JV
E28/2192	Fraser Range, Western Australia	70%	N/A	70%	70:30 JV
E28/2404	Fraser Range, Western Australia	100%	N/A	100%
E28/2405	Fraser Range, Western Australia	100%	N/A	100%
E28/2675	Fraser Range, Western Australia	100%	N/A	100%
E28/2676	Fraser Range, Western Australia	100%	N/A	100%
E28/2677	Fraser Range, Western Australia	100%	N/A	100%

Farm-In or Farm-Out Arrangements

Tenement Reference	Location	Interest at beginning of Quarter	Acquired / Withdrawn	Interest at end of Quarter	Comments
None	N/A	N/A	N/A	N/A	N/A

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