LEGEND MINING LIMITED — Investor Presentation 2018

Oct 21, 2018

ASX:LEG

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Paydirt Nickel Conference

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23October 2018

DISCLOSURE

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This is not a disclosure document. Any material used in this presentation is a summary of selected data, and any investor in Legend Mining Limited should refer to all Legend Mining Limited ASX releases and statutory reports before considering to invest in the company.

Any forward looking information in this presentation has been prepared on the basis of a number of assumptions that may prove not to be correct. Neither Legend Mining Limited, nor its officers, employees and advisors make or give any representation, warranty or guarantee in relation to this presentation.

Legend Mining Limited reserves the right to update, amend or supplement the Information in this presentation at any time in its absolute discretion without incurring any obligation to do so.

The information in this presentation that relates to exploration results is based on information compiled by Mr Derek Waterfield who is a member of the Australian Institute of Geoscientists and is a full time employee of Legend Mining Limited.

Mr Derek Waterfield has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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” (the JORC Code).

Mr Derek Waterfield consents to the inclusion in this presentation of the matters that relate to exploration results in the form and context in which it appears.

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CONTENTS

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1.

2.

3.

Nickel Market Commentary

About Legend

• Investment Case

• Rockford Project Location

• Rockford Project Activities

Summary

“Prospective Fraser Range”

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NICKEL MARKET COMMENTARY – ABOUT NICKEL

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Nickel Prices and Inventory

• Balance in deficit since 2016, predicted to continue

• Stockpiles diminishing from peak 900Kt (2015)*

• • Price increase from US$3.80/lb to US$5.70/lb

($7.13 max 19/4/18)

• Tariff and trade-war talk uncertainty

– negative sentiment stronger than expected

• Price stubbornly low

  • defies fundamentals

• Promising electric vehicle battery demand outlook

Source: BOCI Global Commodities, Reuters – Asia Nickel Conference, Jakarta, September 2018

*Glencore Nov 2017

“Nickel deficit - stockpiles diminishing – price rising”

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ABOUT LEGEND

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 ASX listed exploration company

 Market capitalisation ~$70M (2B shares @ 3.5cps)  Cash and liquids ~$6.5M as at 30 September 2018 (includes $3M receivable from Jindal)  Fraser Range – Rockford Project

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Chairman Michael Atkins

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Managing Director Mark Wilson

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Exec. Director - Technical Derek Waterfield

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Company Secretary Tony Walsh

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INVESTMENT CASE

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Fundamentals

• Right People

  • Experienced corporate and technical team

  • JV Partner and major shareholder - Creasy Group (regional experience)

• Biggest block on best street (2,621km[2] in Fraser Zone)

• Main Commodity – Nickel

• (stockpiles diminishing – price rising)

• Cashed up (several years exploration funds)

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• Positive aircore drilling results (December 17 – June 18)

Legend share price graph twelve months to Oct 2018

• Systematic exploration approach ongoing

“Exploration success – price appreciation”

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PROJECT LOCATION

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Rockford Project

• Located in northern Fraser Range district

• 120km NE of Nova / 100km S of Tropicana

• 100% within Fraser Zone (18% of total area)

• Project potential for

• −Nova style Nickel-Copper −Tropicana style Gold

• Infrastructure access – transport, power

“Project potential for Nova style Nickel-Copper”

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FRASER ZONE LAND HOLDERS

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• Regional spend producing results – value add

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MAIN PLAYERS  Legend Active & Funded  Creasy Group Active & Private  Independence (“IGO”) Active & ~$2.5B Mkt Cap  Galileo Mining New IPO – Creasy backed

 Leverage play is Legend

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ROCKFORD PROJECT UPDATE – SYSTEMATIC APPROACH

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Area D
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Summary to Date

• 25 Areas selected from aeromag and gravity

• 21 conductors identified by innovative MLTEM

• Drilling: 4 diamond holes for 2,652m 10 RC holes for 2,266m 485 aircore holes for 33,455m

• Exploration spend Sept 15 to Sept 18 - $10M (Tax refund $2.4M)

• Area D aircore drilling success Nov 17 to Jun 18

• Still early days

Area covered by MLTEM surveys - 200km[2] /2621km[2] = 7.6% of Project area

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AREA D – RIGHT LOCATION

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• Within the Fraser Zone

• Defined by 430km long gravity “trend”

• Mapped as mafic / ultramafic intrusives

• Analogies to Thompson Belt in Canada which contains clusters of orebodies

• Contains three gravity “Hot Spots”

• Area D lies on NE margin of central HS

• Nova lies on NE margin of southern HS

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“Fraser Zone considered highly prospective”

AREA D – AIRCORE DRILLING

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• Multiple aeromag targets within 16km x 5km feature

• RC/DD Drilling – July 2016 Positive petrology

• Nov 2017 – June 2018 153 holes for 13,315m

• Ultimate aim to generate areas of focus for innovative EM surveys

• Identified four zones of anomalous Ni-Cu-Co mineralisation within three separate intrusive bodies

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Area D – Drillholes on Aeromagnetics
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AREA D – RIGHT GEOLOGY

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• Thick blanket of nickel-copper-cobalt enrichment

• All holes ended in mineralisation

• All holes ended in gabbronorite (Nova Host Rock)

• Sulphides in hole RKAC183

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Cpy
Po
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Pent
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AREA D – RIGHT LITHOLOGY

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• RKDD002 - Ultramafic with cumulate texture containing disseminated pyrrhotite and minor pentlandite-chalcopyrite

• Sulphidic metasediments/granulite (sulphur source)

• Identified basal contact – metased/gabbro – right position for mineralisation

Legend’s RKDD002 – Simplified Drill Log Summary	Legend’s RKDD002 – Simplified Drill Log Summary	Nova-Bollinger Schematic Section (SIR 2014)
Interval	Description
0 – 80.6m	Regolith
80.6 – 207.0m	Gabbro
207.0 – 603.5m	Mafic-Felsic Metasediments / Granulite
459.3-472.9m	Sulphidic interval
503.0-514.4m	Sulphidic interval
526.4-583.9m	Sulphidic interval
603.5 – 690.6m	Gabbro
626.3-626.8m	Sulphidic interval
661.0-661.35m	Sulphidic interval
690.6 – 717.7m	Mafic Metasediments / Granulite

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CURRENT/FUTURE PROGRAMMES

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2018

 Ongoing regional aircore programme – total to date 485 holes – 33,455m

• Continued systematic approach MLTEM, FLTEM, LF EM surveys

• Follow up RC/DD testing

Aircore Rig, Rockford Project

EM Surveying , Rockford Project

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SUMMARY

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• Highly Prospective Rockford Project − Three years on ground <10% area first pass EM tested

• Systematic/persistent/committed = going the distance!

• Well Funded

• Experienced Stable Team and JV Partner

Creasy says to Wilson: “This is what it looks like – go find it!”

• Grow Shareholder Value

“Highly leveraged to success”

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SIR Nov 2011 (Nova discovery July 2012)
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THANK YOU LEG May 2018
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