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LEGEND MINING LIMITED Interim / Quarterly Report 2021

Jan 20, 2021

65223_rns_2021-01-20_3c3e90cd-f33f-480e-aaf9-331b7c9229e7.pdf

Interim / Quarterly Report

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QUARTERLY REPORT

DECEMBER 2020

LEGEND MINING LIMITED

ASX Symbol: LEG ABN 22 060 966 145

ASX:LEG | 21 JANUARY 2021

HIGHLIGHTS – Rockford Project, Fraser Range

  • Best hole to date drilled at Mawson with RKDD034 returning 31.1m @ 2.80% Ni, 2.04% Cu, 0.15% Co from 200.7m.

  • Phase 1 metallurgical test work underway.

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: [email protected] Website: www.legendmining.com.au

CONTACT

Mr Mark Wilson Managing Director

Mr Oliver Kiddie Executive Director

PROJECTS

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

  • DD and RC assays extend the Mawson mineralisation intrusive system south, west and east of the Mawson massive Ni-Cu discovery.

  • EM and Geochemistry confirm Hurley as a High Priority Target.

  • Regional Aircore program defines multiple new Ni-Cu targets.

OVERVIEW

Following the ‘busiest ever Quarter’ in September 2020, activity has continued at a record pace with circa $4M of exploration expenditure during the December 2020 Quarter. This culminated in the spectacularly successful diamond hole RKDD034 at Mawson with 43.1m of massive nickel copper sulphide mineralisation including a 31.1m intercept grading 2.8% Nickel, 2.04% Copper and 0.15% Cobalt. This material is currently undergoing phase 1 sighter met testing and the results of this test work are scheduled for Q1 2021 completion. A successful outcome is seen as significantly de risking the project.

Legend’s regional programmes continue to upgrade the prospectivity of the Rockford project, particularly the Crean and Hurley prospects with favourable geochemistry, geology and geophysics all pointing to highly ranked targets for diamond drilling.

The technical team are currently busy integrating results from the final diamond, RC and aircore programmes from 2020 and planning field activities for the restart early in March. 2021 is shaping up as a company defining year.

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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 considered prospective for mineralisation styles including magmatic nickel-copper, VMS zinc-copper-silver and structurally controlled gold.

The Rockford Project comprises 14 contiguous granted exploration licences covering a total area of 3,088km[2] (see Figure 1). A detailed breakdown of ownership, area and manager is given below:

  • Legend (100%) 238km[2]

  • Legend (70%)/Creasy Group (30%) two JVs covering 2,192 km[2] with Legend manager

  • IGO (60%)/Creasy Group (30%)/Legend (10% free carry) JV covering 634km[2 ] with IGO manager

  • IGO (70%)/Legend (30% free carry) JV covering 24km[2 ] with IGO manager

Exploration activities completed during the December 2020 Quarter at the Rockford project included continued exploration focus at the Mawson prospect, including diamond drilling, RC drilling, downhole electromagnetic (DHTEM) surveying, structural, petrographic, and lithogeochemical studies, and geophysical modelling. Regionally, aircore drilling was undertaken at the Hurley, Crean, and multiple new target areas of the Rockford project (see Figure 1).

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Figure 1: Rockford Project with Current Prospect Locations over Regional Gravity DECEMBER 2020 QUARTERLY REPORT 2 | PP

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Mawson 3D Modelling

During the September 2020 Quarter datasets including detailed aeromagnetics and detailed gravity were combined to create the first constrained and unconstrained 3D inversion models over the Mawson Ni-Cu discovery (see Figure 2). The resultant 3D models gave the first depiction of the scale of the Mawson Intrusion and the associated prospectivity for discovery of further Ni-Cu sulphide mineralisation not only at the Mawson Intrusion, but the greater 16km x 6km Mawson Intrusive Complex. These models have continued to evolve with additional geological, structural, geophysical, and geochemical data generated though the December Quarter 2020. This ever-evolving 3D model remains the foundation of the exploration model at Mawson and will drive the design of drill programs for 2021.

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Figure 2: Orthographic projection of the 3D Gravity Inversion Model of the Mawson Intrusion

Mawson Diamond Drilling

Diamond drilling continued at Mawson during the December 2020 Quarter, with the completion of seven holes (RKDD028-RKDD034) for 2,743.4m (Figure 3 & Table 1). The diamond drillholes were following up massive sulphide Ni-Cu mineralisation intersected in previous drillholes, targeting DHTEM conductors generated from diamond and RC drilling, and a metallurgical drillhole. Assay results were received for RKDD021 through RKDD034 (see Table 2).

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Figure 3: Mawson Diamond Drillhole Locations over Aeromagnetics

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Table 1: Mawson Diamond Drillhole Details
Hole MGA94-East MGA94-North RL Azimuth Dip Total Depth
RKDD021 638,605 6,598,630 202 090 -60 [0] 483.2
RKDD022 638,620 6,598,520 202 268 -63.5 [0] 333.9
RKDD023 638,580 6,598,655 202 088 -58.5 [0] 399.8
RKDD024 638,555 6,598,480 200 90 -60 [0] 367.2
RKDD025 638,583 6,598,655 200 88 -50 [0] 297.0
RKDD026 638,405 6,598,680 200 90 -50 [0] 449.9
RKDD027 638,617 6,598,540 200 268 -60 [0] 291.4
RKDD028 638,620 6,598,540 200 268 -75 [0] 290.1
RKDD029 638,605 6,598,538 200 268 -55 [0] 276.8
RKDD030 638,555 6,598,480 201 270 -60 [0] 537.9
RKDD031 638,370 6,598,760 200 88 -75 [0] 456.3
RKDD032 638,575 6,598,655 200 88 -66 [0] 376.3
RKDD033 638,640 6,598,680 200 88 -72 [0] 522.8
RKDD034 638,460 6,598,560 200 88 -70 [0] 283.2
Total 5,365.8
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*Drillhole reported September Quarter 2020, assays not received until December Quarter 2020 GDA94 MGA Zone 51

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Significant massive sulphide intervals were intersected in drillholes RKDD023, RKDD027, RKDD029, RKDD032, and RKDD034, while broad intervals containing disseminated to semi-massive sulphides were intersected in RKDD021, RKDD023, RKDD024, RKDD025, RKDD027, RKDD028, RKDD030, RKDD032, RKDD033, and RKDD034. Drill sections displaying geology and mineralised intervals are presented in Figures 4, 5, and 6. (Further drillhole detail is provided in ASX announcements: 1 October 2020, 5 October 2020, 21 October 2020, 9 November 2020, 20 November 2020, 1 December 2020, 12 January 2021)

Assay results from the massive sulphide intersected in RKDD034 have resulted in the thickest and highest-grade massive Ni-Cu sulphide intercept at Mawson to date. This speaks to the potential for more mineralisation to be discovered at Mawson as the drilling footprint expands. The focus of the 2021 drilling program at Mawson will be to chase the mineralised intrusive package across the greater Mawson intrusion, driven by targeting generated from the compilation of datasets including geology, structure, geochemistry, and geophysics.

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Table 2: Mawson Diamond Drillhole Significant Assay Results
Hole From To Int Ni% Cu% Co% Sulphide Type
RKDD021 132.2 141.5 9.3 0.34 0.21 0.03 Heavy disseminated, net-textured
Incl. 140.0 141.5 1.5 0.79 0.48 0.07 Net-textured
Heavy disseminated, Net-textured, semi-
RKDD021 219.1 234.45 15.35 0.51 0.28 0.05
massive
Semi-massive, heavy disseminated, Net-
Incl. 219.1 221.0 1.9 0.99 0.43 0.08
textured
RKDD023 175.1 195.0 19.9 0.17 0.09 0.02 Disseminated, blebby
Massive, semi-massive, heavy
RKDD023 219.2 243.9 24.7 1.35 0.77 0.11
disseminated, disseminated
Incl. 228.7 236.9 8.2 1.83 0.86 0.15 Massive Sulphide
Disseminated, heavy disseminated, net-
RKDD023 251.85 311.0 59.15 0.32 0.19 0.03
textured, matrix, semi-massive
RKDD027 162.05 176.50 14.45 2.63 2.09 0.14 Massive, matrix sulphide
Semi-massive, massive, disseminated
RKDD027 187.4 199.0 11.6 0.75 0.67 0.04
sulphide
Incl. 188.85 190.45 1.60 2.48 1.50 0.12 Massive sulphide
RKDD027 214.0 220.0 6.0 1.70 1.44 0.09 Semi-massive sulphide
Incl. 215.80 219.55 3.75 2.60 2.23 0.13 Semi-massive sulphide
RKDD027 229.0 235.0 6.0 1.07 0.82 0.05 Massive, disseminated sulphide
Incl. 231.80 233.55 1.75 2.75 1.90 0.13 Massive sulphide
RKDD029 171.2 173.2 2.0 2.75 1.63 0.15 Massive Sulphide
Heavy disseminated, net-textured,
RKDD034 114.0 138.7 24.7 1.06 0.72 0.06
massive sulphide
Incl. 133.15 138.7 5.55 2.32 1.53 0.11 Massive sulphide
Heavy disseminated, breccia, semi-
RKDD034 149.00 172.55 23.55 1.20 0.85 0.06
massive, massive sulphide
Incl. 167.00 172.55 5.55 2.51 1.71 0.12 Massive sulphide
RKDD034 200.7 231.8 31.1 2.80 2.04 0.15 Massive sulphide
Incl. 204.0 216.0 12.0 3.00 1.96 0.16 Massive sulphide
Heavy disseminated, breccia, semi-
RKDD034 236.60 240.85 4.25 1.37 0.96 0.07
massive, massive sulphide
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See Appendix 1 for Summary of Sulphide Mode, Type and Percentage

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Figure 4: Drill Section 6,598,655N Showing Diamond Drillholes RKDD023, RKDD025, and RKDD032

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Figure 5: Drill Section 6,598,540N Showing Diamond Drillholes RKDD027, RKDD028, and RKDD029

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Note – this section does not accurately depict the actual 3D hole separation.
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Figure 6: Drill Section 6,598,560N Showing Diamond Drillhole RKDD034

Mawson RC Drilling

A total of 7 RC holes (RKRC035 – RKRC041) have been completed for 2,107m during the December 2020 Quarter. The programme has been focused on expanding the geological knowledge of the Mawson intrusion, with drillholes completed north, south, and east of the Mawson Ni-Cu discovery (see Figure 7, Table 3 and 4). RC drillholes RKRC038 and RKRC039 confirm that the prospective Mawson intrusive package extends south and east of the Mawson discovery zone, and also occur below areas with no aircore geochemical anomalism. In addition, a single RC drillhole RKRC041 was drilled targeting primary Ni-Cu sulphide mineralisation below anomalous aircore geochemistry, approximately 2km south of the Mawson intrusion (see Figure 7). Highly encouraging geochemistry received suggests the intrusion encountered is identical to the ultramafic at the Mawson discovery.

The RC drilling provides an excellent cost-effective and time-effective alternative to diamond drilling, whilst also providing broader coverage of geology as well as DHTEM platforms at Mawson. (Further drillhole detail is provided in ASX announcements: 5 October 2020, 21 October 2020, 9 November 2020, 18 January 2021).

Significant results from the completed RC drilling with assays received are in Table 3.

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Figure 7: RC Drilling Completed over Aeromagnetics

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Table 3: Mawson RC - Assay Results
Hole From To Interval Ni% Cu% Co%
RKRC037 61 94 33 0.14 0.09 0.03
Incl. 66 70 4 0.22 0.36 0.03
RKRC037 205 208 3 0.10 0.13 0.03
RKRC038 267 275 8 0.88 0.41 0.04
Incl. 271 275 4 1.19 0.44 0.06
RKRC039 100 112 12 0.10 0.08 0.02
RKRC039 140 144 4 0.11 0.12 0.02
159 233 74 0.17 0.11 0.02
Incl. 224 229 5 0.55 0.29 0.05
RKRC041 58 95 37 0.17 0.10 0.01
RKRC041 284 298 EOH 14 0.09 0.02 0.01
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Table 4: Mawson Diamond Drillhole Details
Hole MGA94-East MGA94-North RL Azimuth Dip Total Depth
RKRC028 638933 6598699 200.5 90 -80 370
RKRC029 639031 6598696 200.1 90 -80 320
RKRC030 638730 6598699 200.4 90 -80 319
RKRC031 638627 6598701 199.8 90 -80 316
RKRC032 638532 6598702 200.3 90 -80 313
RKRC033 638428 6598799 200.3 90 -80 320
RKRC034 638627 6598801 200.1 90 -80 290
RKRC035 638829 6598805 197 095 -79 [0] 320
RKRC036 639033 6598798 197 096 -80 [0] 310
RKRC037 638614 6598396 198 093 -80 [0] 316
RKRC038 638415 6598392 197 088 -80 [0] 298
RKRC039 639014 6598504 197 097 -80 [0] 319
RKRC040 638815 6598499 197 089 -80 [0] 246
RKRC041 638958 6596801 200 089 -80 [0] 298
Total 4355
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Regional Rockford Aircore Drilling

A total of 178 aircore holes (RKAC1029 – RKAC1206) for 8,913m were drilled at selected target areas across the Rockford Project during the December 2020 Quarter (see Figure 8). The drilling has been designed to test the geochemistry, rock type and depth of cover in areas which have received minimal or no previous exploration. Assay and geological results have resulted in three new Ni-Cu target areas across the Rockford Project area (see Table 5).

Aircore drilling also focused on infill around previously high-ranked prospects Hurley and Crean (see Figure 9 and Table 5). Drill traverses at Hurley and Crean were designed to test the up-dip projection of the H1-H3 and C1 conductors (see Table 6). Four drillholes at Hurley (RKAC1029, 1032, 1100 and 1103) returned elevated nickel-copper associated with mafic intrusive and metasediment/granulite. Importantly these holes are located adjacent to the 4,000-7,000S H3 MLTEM conductor making this a priority target for deep drill testing ( Further detail is provided in ASX announcements : 1 October 2020 and 15 December 2020).

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Figure 8: Regional Aircore Drilling Programme Anomalous Drillhole Locations

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Table 5: Regional Aircore Assay Results

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Hole From To Int Ni% Cu% Co% Description
RKAC956 32 44 12 0.10 0.03 0.02 Saprock over Mafic Intrusive
RKAC993 24 71 EOH 47 0.19 <0.01 0.01 Ultramafic Intrusive
RKAC1022 34 42 8 0.06 0.01 0.01 Saprock over Mafic Intrusive
RKAC1029 58 59 EOH 1 0.01 0.12 0.01 Metasediment / Granulite
RKAC1032 32 44 12 0.19 0.02 0.02 Mafic Intrusive
RKAC1083 20 32 12 0.01 0.17 0.01 Mafic Granulite
RKAC1100 44 53 EOH 9 0.06 0.05 0.01 Mafic Intrusive
RKAC1103 24 47 23 0.11 0.01 0.01 Mafic Intrusive
incl 32 36 4 0.25 0.02 0.03 Mafic Intrusive
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Figure 9: Anomalous aircore results and MLTEM Survey over Worsley, Crean and Hurley Prospects

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Table 6: Rockford South MLTEM - Modelled Plate Parameters

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Prospect Conductor Conductance Dimensions Depth to Top Orientation
Hurley H1 2,500-4,000S 250 x 1,250m 225-275m 15-25 [0] NNE
Hurley H2 200-300S 1,000 x 750m 100-150m 70-80 [0] SE
Hurley H3 4,000-7,000S 500 x 300m 100-150m ~90 [0] Strike NNE
Worsley W1 400-800S >1,000 x 1,000m 200-250m 50-60 [0] E/ESE
Crean C1 500-1,500S >1,000 x 1,000m 500-600m 60-70 [0] E/ESE
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A geochemical review of the historic aircore and current drilling data across the Rockford Project, including Mawson, continues to generate highly ranked Ni-Cu target areas, resulting in a pipeline of prospect generation though the 2021 field season.

Rockford JV (IGO-LEG JV)

Independence Group (IGO) reported to Legend during the December Quarter 2020 that the following activities had been completed on the JV tenure, specifically E28/2190, E28/2191 and E28/2675 under the JV agreement (see Figure 1):

  •  MLTEM Surveying

  •  Aircore drilling and associated assaying

A total of 124 aircore drillholes for 8,794 metres was completed at broad spacing across the tenure. A total of 484 stations of MLTEM were completed across target areas generated by aircore drilling. Results are pending at the time of writing.

Future Programmes

  • Phase 1 sighter metallurgical test work on massive sulphide from diamond drillhole RKDD034

  • Integration of diamond, RC, aircore geochemical and geophysical datasets to evolve 3D emplacement model of Mawson, with new constrained gravity and magnetic inversions underway.

  • Diamond and RC drillhole planning/design for 2021 field season at Mawson

  • RC/diamond and further aircore drill testing of Hurley and Crean.

  • Regional target ranking and resultant innovative MLTEM and aircore drill planning.

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2. CORPORATE

Jindal Receivable

Legend and Jindal agreed to a further revised repayment schedule of the outstanding debt of A$2.25M during the September 2020 Quarter. On 23 December 2020 Legend received A$294,372 from Jindal, being a principal repayment of $250,000 and interest of $44,372 for the September and December 2020 Quarters, in accordance with the agreed repayment schedule. This leaves a balance of A$2M which continues to accrue interest at 4%pa.

ASX Additional Information

  1. ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure during the December 2020 Quarter was $4,018,000. Full details of exploration activity during the December 2020 Quarter are set out in this report.

  2. ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the December 2020 Quarter.

  3. ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the December 2020 Quarter: $189,000 - The Company advises that this relates to non-executive director’s fees and executive directors’ salaries and entitlements only. Please see Remuneration Report in the Annual Report for further details on Directors’ remuneration.

Authorised by Mark Wilson, Managing Director.

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Oliver Kiddie, a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Legend Mining Limited. Mr Kiddie 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 Kiddie 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 (1 October 2020, 5 October 2020, 21 October 2020, 9 November 2020, 20 November 2020, 1 December 2020, 15 December 2020, 12 January 2021, and 18 January 2021) and Mr Derek Waterfield and Mr Oliver Kiddie consent to the inclusion of these Results in this report. Mr Waterfield and Mr Kiddie have 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.

Forward Looking Statements

This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forwardlooking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These forward-looking statements are based upon a number of estimates, assumptions and expectations that, while considered to be reasonable by Legend Mining Limited, are inherently subject to significant uncertainties and contingencies, involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Legend Mining Limited and any of its officers, employees, agents or associates.

Actual results, performance or achievements may vary materially from any projections and forwardlooking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, to date there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Legend Mining Limited assumes no obligation to update such information made in this announcement, to reflect the circumstances or events after the date of this announcement.

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

For more information: Mr Mark Wilson Mr Oliver Kiddie Managing Director Executive Director - Technical Ph: (08) 9212 0600 Ph: (08) 9212 0600

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– Appendix 1 Summary of Sulphide Mode, Type and Percentage

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Hole Interval Sulphide Mode Sulphide Type Sulphide %
Pyrrhotite-chalcopyrite-
RKDD021 132.2-140.0m Heavy disseminated 5-20%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD021 140.0-141.5m Net-textured 20-40%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD021 148.05-157.6m Disseminated 1-5%
pentlandite
Disseminated, Pyrrhotite-chalcopyrite- 1-5%,
RKDD021 175.1-179.9m
Net-textured pentlandite 20-40%
Pyrrhotite-chalcopyrite-
RKDD021 219.1-219.75m Semi-massive >40% to <80%
pentlandite
Pyrrhotite-chalcopyrite- 5-20%,
RKDD021 219.75-234.45m [Heavy disseminated, Net-]
textured pentlandite 20-40%
Pyrrhotite-chalcopyrite- 1-5%,
RKDD023 216.45 – 219.2m [Heavy disseminated, ]
Massive pentlandite >80%
Vein, Stringer, Semi- Pyrrhotite-chalcopyrite- 1-5%,
RKDD023 219.2 – 221.9m
massive pentlandite >40% to <80%
Pyrrhotite-chalcopyrite-
RKDD023 221.9 – 223.75m Massive Sulphide >80%
pentlandite
>40% to <80%,
Pyrrhotite-chalcopyrite-
RKDD023 223.75 – 228.7m [Semi-massive, Matrix, ] 20-40%,
Heavy Disseminated pentlandite 5-20%
Pyrrhotite-chalcopyrite-
RKDD023 228.7 – 236.9m Massive Sulphide >80%
pentlandite
Pyrrhotite-chalcopyrite- 5-20%,
RKDD023 236.9 – 237.8m [Heavy disseminated, ]
Semi-massive pentlandite >40% to <80%
Pyrrhotite-chalcopyrite-
RKDD023 237.8 – 240.7m Massive Sulphide >80%
pentlandite
Heavy disseminated, 5-20%,
Pyrrhotite-chalcopyrite-
RKDD023 240.7 – 243.95m Semi-massive, >40% to <80%,
Disseminated pentlandite 1-5%
Pyrrhotite-chalcopyrite- 5-20%,
RKDD023 243.95 – 247.3m [Heavy Disseminated, Net-]
textured pentlandite 20-40%
5-20%,
Pyrrhotite-chalcopyrite-
RKDD023 251.8 – 257.05m [Heavy Disseminated, Net-] 20-40%,
textured, Massive pentlandite >80%
Pyrrhotite-chalcopyrite- 1-5%,
RKDD023 257.05 – 263.1m [Disseminated, Blebby, ]
Matrix pentlandite 20-40%
>40% to <80%,
Semi-massive, Massive,
Pyrrhotite-chalcopyrite- >80%,
RKDD023 263.1 – 267.2m Matrix, Heavy
pentlandite 20-40%
Disseminated
5-20%
Disseminated, Net- Pyrrhotite-chalcopyrite- 1-5%,
RKDD023 271.2 – 275.1m
textured pentlandite 20-40%
Pyrrhotite-chalcopyrite- >40% to <80%,
RKDD023 281.4 – 284.0m Semi-massive, Massive
pentlandite >80%
Pyrrhotite-chalcopyrite-
RKDD023 284.0 – 305.7m Disseminated, Blebby 1-5%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD023 305.7 – 310.4m Disseminated 1-5%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD027 153.7 – 162.0m Disseminated 1-5%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD027 162.0 – 174.9m Massive >80%
pentlandite
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Pyrrhotite-chalcopyrite-
RKDD027 174.9 – 175.6m Matrix 20-40%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD027 175.6 – 176.45m Massive >80%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD027 188.85 – 190.45m Semi-massive >40% to <80%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD027 190.45 – 195.2m Matrix 20-40%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD027 215.8 – 219.55m Semi-massive >40% to <80%
pentlandite
Pyrrhotite-chalcopyrite-
RKDD027 231.8 – 233.5m Massive >80%
pentlandite
RKDD032 249.81 – 251.02m Breccia, semi-massive Pyrrhotite-chalcopyrite- 20-40%,
pentlandite >40% to <80%
RKDD032 251.02 - 251.73m Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD032 251.73 – 256.58m Disseminated, stringer Pyrrhotite-chalcopyrite- 1-5%
veins pentlandite
RKDD032 256.58 - 256.71m Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD032 256.71 – 259.10m Heavy disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD032 259.10 – 259.49m Breccia, semi-massive Pyrrhotite-chalcopyrite- 20-40%,
pentlandite >40% to <80%
RKDD032 259.49 – 262.32m Disseminated Pyrrhotite-chalcopyrite- 1-5%
pentlandite
RKDD032 262.32 – 274.10m Heavy disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD032 274.10 – 275.60m Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD032 275.60 – 277.22m Disseminated Pyrrhotite-chalcopyrite- 1-5%
pentlandite
RKDD032 277.22 – 277.64m Semi-massive Pyrrhotite-chalcopyrite- >40% to <80%
pentlandite
RKDD032 277.64 – 278.02m Heavy disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD032 278.02 – 278.76m Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD032 278.76 – 279.66m Stringer veins Pyrrhotite-chalcopyrite- 1-5%
pentlandite
RKDD032 279.66 – 280.67m Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD032 280.67 – 282.32m Semi-massive, veins Pyrrhotite-chalcopyrite- >40% to <80%,
pentlandite 1-5%
RKDD032 282.32 – 284.37m Veins Pyrrhotite-chalcopyrite- 1-5%
pentlandite
RKDD032 309.40 – 310.56m Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD032 312.84 – 313.86m Heavy Disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD034 115.85 - 117.5 Heavy disseminated Violarite-pyrite 5-20%
RKDD034 118.4 - 121 Heavy disseminated Violarite-pyrite 5-20%
RKDD034 121 - 122.3 Net-textured Violarite-pyrite 20-40%
RKDD034 122.3 - 127.3 Disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
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QUARTERLY REPORT

==> picture [498 x 541] intentionally omitted <==

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RKDD034 127.3 - 128.3 Blebby - Heavy Pyrrhotite-chalcopyrite- 5-20%
disseminated pentlandite
RKDD034 128.3 - 130.6 Heavy disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD034 133.15 - 134.1 Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD034 134.7 - 134.95 Net-textured Pyrrhotite-chalcopyrite- 20-40%
pentlandite
RKDD034 134.95 - 138.45 Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD034 138.45 - 138.7 Breccia - Heavy Pyrrhotite-chalcopyrite- 20-40%
disseminated pentlandite
RKDD034 138.7 - 148.85 Heavy disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD034 148.85 - 155.55 Blebby - Heavy Pyrrhotite-chalcopyrite- 5-20%
disseminated pentlandite
RKDD034 156.9 - 159.6 Heavy disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD034 159.6 - 159.95 Breccia - Semi-massive Pyrrhotite-chalcopyrite- >40% to <80%
pentlandite
RKDD034 159.95 - 160.7 Heavy disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD034 160.7 - 161.9 Breccia - Semi-massive Pyrrhotite-chalcopyrite- >40% to <80%
pentlandite
RKDD034 161.9 - 167.05 Heavily Disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD034 167.05 - 172.55 Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD034 172.55 - 174.85 Disseminated Pyrrhotite-chalcopyrite- 5-20%
pentlandite
RKDD034 200.7 - 231.8 Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD034 236.6 - 237.3 Blebby - Heavy Pyrrhotite-chalcopyrite- 5-20%
disseminated pentlandite
RKDD034 237.3 - 237.8 Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
RKDD034 237.8 - 238.8 Blebby - Heavy Pyrrhotite-chalcopyrite- 5-20%
disseminated pentlandite
RKDD034 239.6 - 240.85 Breccia - Semi-massive Pyrrhotite-chalcopyrite- >40% to <80%
pentlandite
RKDD034 247.55 - 247.9 Blebby - Net textured Pyrrhotite-chalcopyrite- 20-40%
pentlandite
RKDD034 250.25 - 250.65 Blebby - Heavy Pyrrhotite-chalcopyrite- 5-20%
disseminated pentlandite
RKDD034 253.75 - 254.45 Massive Pyrrhotite-chalcopyrite- >80%
pentlandite
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Cautionary Statement: The sulphide percentage is a visual estimate of total sulphide. Legend Field Logging Guidelines

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Sulphide Mode Percentage Range
Disseminated & blebby 1-5%
Heavy Disseminated 5-20%
Matrix 20-40%
Net-Textured 20-40%
Semi-Massive >40% to <80%
Massive >80%
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QUARTERLY REPORT

Appendix 2 – Mawson Aircore Drillhole Details

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Hole MGA94-East MGA94-North RL Azimuth Dip Total Depth
RKAC956 620205 6610404 231 0 -90 49
RKAC993 626397 6622589 229 0 -90 71
RKAC1022 630396 6627601 214 0 -90 46
RKAC1029 584794 6550201 224 0 -90 59
RKAC1032 585203 6550201 223 0 -90 50
RKAC1083 585798 6551608 225 0 -90 34
RKAC1100 585152 6550197 223 0 -90 53
RKAC1103 585199 6550253 223 0 -90 47
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GDA94 MGA Zone 51

Appendix 3: Tenement Schedule as at 31 December 2020

Mining Tenements

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Tenement Location Interest at Acquired / Interest at Comments
Reference beginning Withdrawn end of
of Quarter Quarter
E28/1716 Fraser Range, Western Australia 70% N/A 70% 70:30 JV
E28/1717 Fraser Range, Western Australia 70% N/A 70% 70:30 JV
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 10% N/A 10% 10:60:30 JV
E28/2191 Fraser Range, Western Australia 10% N/A 10% 10:60:30 JV
E28/2192 Fraser Range, Western Australia 70% N/A 70% 70:30 JV
E28/2404 Fraser Range, Western Australia 100% N/A 100% 100% Legend
E28/2405 Fraser Range, Western Australia 100% N/A 100% 100% Legend
E28/2675 Fraser Range, Western Australia 30% N/A 30% 30:70 JV
E28/2676 Fraser Range, Western Australia 30% N/A 30% 30:70 JV
E28/2677 Fraser Range, Western Australia 30% N/A 30% 30:70 JV
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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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DECEMBER 2020 QUARTERLY REPORT

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