LEGEND MINING LIMITED — Interim / Quarterly Report 2021

Jan 20, 2021

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Legend Mining Limited ABN Quarter ended (“current quarter”) 22 060 966 145 31 December 2020

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Consolidated statement of cash flows Current quarter Year to date
$A’000 (12.months)
$A’000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
- -
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (55) (239)
(e) administration and corporate costs (105) (560)
1.3 Dividends received (see note 3)
1.4 Interest received 98 312
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives – 12 100
ATO CashFlow Boost
1.8 Other (Principal repayments received from 250 500
Jindal)
1.9 Net cash from / (used in) operating 200 113
activities
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (239) (538)
(d) exploration & evaluation (4,018) (10,312)
(e) investments
(f) other non-current assets
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ASX Listing Rules Appendix 5B + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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Consolidated statement of cash flows Current quarter Year to date
$A’000 (12.months)
$A’000
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments - 75
(e) other non-current assets
2.3 Cash flows from loans to other entities
2.4 Dividends received (see note 3)
2.5 Other (provide details if material)
2.6 Net cash from / (used in) investing (4,257) (10,775)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
-
(excluding convertible debt securities) 20,000
3.2 Proceeds from issue of convertible debt
securities
3.3 Proceeds from exercise of options - 6,535
3.4 Transaction costs related to issues of equity - (733)
securities or convertible debt securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related to loans and
borrowings
3.8 Dividends paid
3.9 Other (Principal elements of lease (24) (82)
payment)
3.10 Net cash from / (used in) financing (24) 25,720
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 29,322 10,183
period
4.2 Net cash from / (used in) operating 200 113
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (4,257) (10,775)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities (24) 25,720
(item 3.10 above)
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ASX Listing Rules Appendix 5B + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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Consolidated statement of cash flows Current quarter Year to date
$A’000 (12.months)
$A’000
4.5 Effect of movement in exchange rates on
cash held
4.6 Cash and cash equivalents at end of 25,241 25,241
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 2,191 1,272
5.2 Call deposits 23,050 28,050
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of 25,241# 29,322
quarter (should equal item 4.6 above)
#- Does not include $2.0M receivable from Jindal originally due in December 2016.
6. Payments to related parties of the entity and their Current quarter
associates $A'000
6.1 Aggregate amount of payments to related parties and their 48
associates included in item 1
6.2 Aggregate amount of payments to related parties and their 141
associates included in item 2
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*Non-executive director’s fees and executive directors’ salaries only – Please see Remuneration Report in 2019 Annual Report for further details on Directors’ remuneration

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

ASX Listing Rules Appendix 5B + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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7. Financing facilities Total facility Amount drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $A’000
Add notes as necessary for an understanding of the
$A’000
sources of finance available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
N/a
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8.	Estimated cash available for future operating activities	$A’000	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)		200
8.2	Exploration & evaluation (Item 2.1(d))		(4,018)
8.3	Total relevant outgoings (item 8.1 + Item 8.2)		(3,818)
8.4	Cash and cash equivalents at quarter end (item 4.6)		25,241
8.5 8.6	Unused finance facilities available at quarter end (item 7.5) Total available funding (item 8.4 + item 8.5)		- 25,241
8.7	Estimated quarters of funding available (Item 8.6 divided by item 8.3)		6.61
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	1 Does the entity expect that it will continue to have the current	level of net operating
	cash flows for the time being and, if not, why not?

Answer: N/a

2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: N/a

3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/a

ASX Listing Rules Appendix 5B + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 21 January 2021

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Authorised by: Tony Walsh, Company Secretary

By the board............................................................... (Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B + See chapter 19 of the ASX Listing Rules for defined terms.

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