LEGEND MINING LIMITED — Interim / Quarterly Report 2019

Apr 4, 2019

MARCH 2019 QUARTERLY REPORT

5 April 2019

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LEGEND MINING LIMITED

ASX Symbol: LEG ABN 22 060 966 145

HIGHLIGHTS – Rockford Project, Fraser Range

• 8,000m aircore drill programme commenced

• IP survey commenced on 2 April 2019 at Area D

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

CONTACT

Mr Mark Wilson Managing Director

Mr Derek Waterfield Executive Director Technical

PROJECTS

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

OVERVIEW

The commencement of the aircore drilling programme during the March 2019 quarter and the subsequent commencement of the Induced Polarisation survey (IP) are both important steps towards the planned midyear diamond drilling programme at Area D.

Once these works are completed and results received, our technical team will be able to integrate the new data with previous moving loop electromagnetic (MLTEM) survey and drilling data to prioritise locations for diamond drillholes.

The results from the infill aircore drilling at Rockford South will also be used to plan the future activities, along with the planned Reverse Circulation (RC) drillhole at the Shackleton 1 conductor.

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Aircore drill rig at Rockford South

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1. ROCKFORD PROJECT (Fraser Range District)

Nickel-Copper, Copper-Zinc-Silver, Gold

Legend’s Rockford Project is located in the highly prospective Fraser Range district of Western Australia and covers a total area of 2,379 km[2] (see Figure 1). The majority of the project (2,117 km[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 km[2] is 100% owned by Legend and includes five granted exploration licences.

The Rockford Project 2019 aircore drilling programme commenced on 25 March 2019 at Rockford South and will complete infill drilling at Area D before moving on to regional targets within a 25km radius of Area D (see Figure 1).

The programme is planned for 100 holes of approximately 8,000m and is expected to take 6-8 weeks to complete with results reported as they come to hand.

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Figure 1: Rockford Project with Current Activity Locations

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Aircore Drilling – Rockford South

At Rockford South the aircore drilling is following up anomalous results in previous drillholes RKAC505 and RKAC520 (ASX announcement 5 December 2018). These drillholes identified two different styles of mineralisation with RKAC505 displaying characteristics of a Cu-Zn-Ag VMS system, while RKAC520 is considered a magmatic Ni-Cu intrusive related style (see Figure 2).

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Figure 2: Rockford South Aircore Drillholes with S1 Conductor on Aeromagnetic Image

The drilling (200m north, south, east and west of RKAC505 and RKAC520) is aimed at defining the extent of the anomalous geochemical footprint surrounding both holes, and will also provide further bedrock information associated with the previously identified S1 MLTEM conductor coincident with RKAC505.

Aircore Drilling – Area D

A 60 hole aircore programme will follow at Area D focussing on the up-dip projection of 14 previously identified conductors (D1-D5, D9-D17), as shown on Figure 3. The drilling is specifically designed to provide geochemical and bedrock lithology information associated with the footwall, top and hangingwall positions of the modelled MLTEM conductor plates.

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The ultimate aim of the aircore drilling is to identify favourable Ni-Cu host rocks (gabbronorite) with associated anomalous Ni-Cu geochemistry ± sulphides, as with previous drillhole RKAC183 (ASX announcement 9 April 2018).

The results from this aircore drilling will be integrated with the MLTEM survey results (and IP survey, see over page) to assist in the prioritisation/ranking of the 14 EM conductors ahead of diamond drilling.

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Figure 3: Area D MLTEM Conductor Plates with Anomalous Aircore Drillholes on Aeromagnetics

Following the Area D drilling programme, further regional aircore drilling is planned within a 25km radius of Area D targeting features with a similar aeromagnetic/gravity character.

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3D IP Survey – Area D

A 3D Induced Polarisation (IP) survey over the previously identified MLTEM conductors at Area D commenced on 2 April 2019. The survey will comprise five lines (23.6km) of double offset pole-dipole 3D IP covering an area of ~20km[2] and provide valuable chargeability/resistivity data over the known conductors.

The 3D IP survey data will be integrated with the MLTEM data to assist with the geophysical interpretation and final modelling of the individual conductors.

Based on this geophysical interpretation, the 14 MLTEM conductors will then be prioritised and ranked in conjunction with the results from the aircore drilling programme to assist final diamond drillhole design.

Programme Summary and Future Activities

• Aircore drilling at Rockford South following up anomalous previous aircore results.

• Aircore drilling at Area D over 14 previously identified MLTEM conductors.

• 3D IP survey at Area D over MLTEM conductors to assist diamond drillhole design.

• Regional aircore drilling in 25km[2] radius surrounding Area D.

• Diamond drilling of Area D conductors following completion of aircore and IP programmes and full interpretation of data.

2. CORPORATE

2018 Annual Report

Legend lodged its 2018 Annual Report with the ASX on 21 March 2019 with the Notice of Annual General Meeting to follow shortly.

Jindal $3M Receivable

Legend received the March 2019 interest payment of $30,000 from Jindal Steel and Power on 18 March 2019.

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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 (12 September 2017, 9 April 2108, 23 October 2018, 19 November 2018, 5 and 21 December 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 31 March 2019

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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