LEGEND MINING LIMITED — Investor Presentation 2005

May 29, 2005

COMPANY UPDATE GIDGEE PROJECT

AGM: May 30th 2005

Our Goals for Legend

• Minimum 3 years Gold Reserves in order to restart existing mill (or upgraded mill).
• Discovery of +3 Million ounces Gold in one or more deposits justifying a new mill, connection to the Eastern Goldfields Gas Pipeline & a new gas fired power station.
• Discovery of World Class Canadian style Copper-Zinc massive sulphide deposit.

Legend Mining Limited

• 1995: IPO raised A\$4 million.
• $1995 2003$ Small silver explorer and miner.
• Dec 2003: Purchased Gidgee Mine \$6.5m.
• $\bullet$ 2004: 42,297 ounces produced.
• $\bullet$ Nov 2004: AS5m capital injection - Creasy

Key People

· Chairman:

Michael Atkins

· CEO:

Dermot Ryan

· Executive Director: Mark Wilson

• Exploration Manager: Donald Thomson

Key Financials

• A\$3,400,000 at 30/04/2005 · Cash
• Budget:

\$500,000 per month minimum on exploration.

· Funding:

Placements

Options exercise.

Main Assets

• Landholding: Clear title to almost entire Gidgee greenstone belt (2,600km²). Prospective and under explored.
• Grade: History of high grade free milling gold deposits $(10.1Mt \omega)$ 4.1g/t Au for 1.3Moz produced, 0.3Moz remaining resource).
• People: Experienced exploration team with record of success, supported by Mark Creasy.
• Plant: 600,000t/annum CIP plant on care and maintenance (750,000tpa with de-bottlenecking).

Gidgee Gold Project

Gidgee Belt - 1.3 Moz of gold produced to date, existing resources of 0.3Moz.

Potential for world-class deposits.

Under-explored by West Australian standards.

Mining commenced 1987 on shallow oxide gold deposits.

High grade free milling gold ore in primary zone (6-8g/t Au underground)

Legend controls almost entire belt.

Exploration Strategy & Focus

• Commodity: Initial focus on gold (mill reopening). Opportunity - copper/zinc.
• Methods: World's best practice geology, geophysics, geochemistry & strong commitment to drilling.
• Ideas: Utilise knowledge gained from other successful programs in Archaean greenstone belts.
• Science: "Best-practice science based" approach to target identification & testing.

Current Program

• Near Mine Exploration success
• $\triangleright$ Prominn
• $\triangleright$ Gulliver

• Eagle

• Near Mine Forward Plan.
• Basemetals.
• · Regional.

Premium Lode

• New gold discovery in 2005. .
• Very high grade (up to $13m \ (\omega) 38g/t \ Au -GDC058$ ). .
• Tabular shear hosted lode, 5–13m true thickness. $^{\circ}$
• North striking over $+200$ m, open to south. $\circledast$
• Dipping $70^{\circ}/E$ , drilled to 250 metres below surface ("mbs") and open at depth.
• Northern margin terminates against Lemuel Fault. Not O adequately drill tested north of Lemuel.
• U/g workings within 180m of known Southern extent. $\bigoplus$
• Lode commences 80mbs, in base of North Swan Bitter pit. $^{\circ}$
• Drill testing of Southern and down dip extensions underway. 4

North Swan Bitter Pit Premium Lode

• GDC003: 5m $\omega$ 4.3g/t gold and $5m$ (a) $5.6g/t$ gold GDC005: $2m \omega$ 34.7g/t gold and $8m \omega$ 5.9g/t gold
• GDC006: $22m(\omega$ 4.2g/t gold includes $5m(\omega_8.6g/t)$ gold
• GDC030: 11m @ 17.8g/t gold includes $2m \omega$ 73.8g/t gold
• GDC044: 13m @ 19.5g/t gold includes $7m \ (\omega\ 34.6g/t \text{ gold})$
• GDC057: $4m(\omega, 5.7g/t)$ gold

GDC058: $13m \omega$ 38g/t gold

Gulliver Lode

• New gold discovery in 2005. Ø
• High grade (up to $12m$ $\omega$ $29g/t$ Au GDC083).
• Fracture fill quartz lode, $5 20m$ true thickness. $^{\circ}$
• Flat to gently east dipping, open down dip. Ø
• Striking N-S over +300m,
• Open to the north, truncated by Antelope Fault to south. OB
• Commences ~50–80 mbs, in base of Swift line of pits. .
• Mineralisation at Vigilant suggests lode open to south, but ۰ offset to west.
• Drill testing of Northern and down dip extensions underway.

Gulliver Lode

• GDC011: $10m \omega$ 5.7g/t gold includes $3m$ (a) $15.2g/t$ gold GDC027: $15m \omega$ 8.5g/t gold includes $3m$ (a) $32.7g/t$ gold GDC052: $17m(\omega - 6.1g/t)$ gold includes 6m $@$ 14.8g/t gold
• GDC060: $13m(\omega)$ 7.1g/t gold includes 6m $\omega$ 13.5g/t gold
• GDC063: $4m^*$ @ 5.7g/t gold
• GDC083: $28m^$ (a) 18.0g/t gold includes $12m^(a)$ 29.5g/t gold and $4m^$ (a*) 35.5g/t gold

* Denotes 4m composites

Eagle Target

• Situated in favourable structural position: dilational 'flexure' zone
• 3 oxide pits, no drilling deeper than 80m.
• Favourable geology and alteration.
• Encouraging results from 1^st of 3 holes drilled.

$-4m$ @ 21.2g/t Au, 4m @ 8.0g/t Au

Near Mine: Forward Plan

• Continue extensional and infill RC drilling of Premium and Gulliver gold lodes (2 RC Rigs).
• Continue modelling of lodes, initiate preliminary resource estimation.
• Commence scoping studies to assess development options. (possible extraction via mix of open cut & underground methods).
• Drill test Kingfisher Swan Bitter zone for third new gold lode.
• Drill test East Kingfisher zone for Swift-style stacked lode targets.

Base Metals

Three copper-zinc targets identified

• Golden Hind: 4 m @ 0.49% Zn, 0.42% Cu in RAB, 4 km south of mine (new discovery).
• Altair: 12 m $(a)$ 1.67% Cu, mag/gravity target.
• Bevan: 7 m $(a)$ 5.7% Cu, 10 m $(a)$ 2.35% Zn in historical RC drill holes. Felsic volcanic belt over 50 km long.

RAB Drilling: Many More Targets To Test

Regional RAB Drilling 2005

Target Rationale

Many areas with favourable structure & geology but shallow or no drilling.

Reappraisal of existing data underway.

Application of New Ideas & Technology.

Developing systematic exploration program.

Initial RAB targets, significant success.

RAB Drilling 2005 Early Success

Major extension to mafic host rock sequence

Confirmed new geological interpretation

Enhanced prospectivity of Gidgee Belt

Gidgee Belt - Summary

• History of high grade Gold Mineralisation. .
• Under-explored belt, now under Legend's control. ۱
• 1.3 million ounces gold produced to date, but regional surface/RAB geochemical footprint poorly tested by drilling.
• New directions in 2005, exploration is priority.
• Outstanding gold exploration drill results Jan-May 2005. $\bullet$