LEGEND MINING LIMITED — Investor Presentation 2019

Oct 13, 2019

ASX:LEG

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- Fertile Fraser Range Transformational Deals

Paydi r t Ni ckel Con feren ce

1 5 Oct ob er 2 0 1 9

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DISCLOSURE

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

1. Nickel Market Commentary

2. About Legend

• Investment Case

• Rockford Project Location

• Transformational Deals

• Rockford Project Activities

3. Summary

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L-R: Legend MD Mark Wilson, IGO MD & CEO Peter Bradford and Creasy Group Mark Creasy

“Fer tile Fr a ser Ra nge – Tr a nsforma tiona l Dea ls”

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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 (2016) to US$8.00/lb (2019)

• • Tariff and trade-war - Brexit - uncertainty

– negative sentiment has been stronger than expected

• Indonesia export ban – reversed negative sentiment

• • Strong price rise in 3Q19

• Promising electric vehicle battery demand outlook

Source: Kitco Oct 2019

*Glencore Nov 2017

“Nic kel deficit - sto c kp iles dim inishing – pr ice r ising”

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ABOUT LEGEND

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• ASX listed exploration company (ASX : LEG)

• Market capitalisation ~$85M (2.4B shares @ 3.6cps)

• Cash and receivables total $13.5M (includes $3M receivable from Jindal)

• Fraser Range – Rockford Project

The Board of Directors

• Top 20 Shareholders (63.1%)

• Creasy Group (26.8%)

• IGO (14.2%)

• Bailey Group (5.5%)

• Wilson Group (5.4%)

• Remaining top 20 (11.2%)

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Chairman Managing Director Exec. Director - Technical IGO granted right to Company Secretary Michael Atkins Mark Wilson Derek Waterfield nominate one director Tony Walsh 5

INVESTMENT CASE - FUNDAMENTALS

• Right People  Experienced corporate and technical team

• JV Partners and major shareholders

  • Creasy Group (regional experience)

  • Independence Group (regional experience)

• Biggest block on best street (3,088km[2] in Fraser Zone)

• Main Commodity – Nickel (stockpiles diminishing, price rising)

• Cashed up

• Transformational Agreements – July 2019

• Systematic exploration approach ongoing

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Legend share price graph five years to Oct 2019

• Diamond drilling to commence shortly

“Exploration success / commodity price recovery / regional recognition – price appreciation”

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ROCKFORD PROJECT LOCATION

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• Located in northern Fraser Range district

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

• 100% within Fraser Zone (19% of total area)

• Project potential for

• Nova style Nickel-Copper

• Tropicana style Gold

• Infrastructure access – transport, power

“Project potential for Nov a style Nic kel - Copper”

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ROCKFORD PROJECT – TRANSFORMATIONAL AGREEMENTS

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JOINT VENTURES AND CAPITAL RAISE

• New Creasy Group JVA @ 3.6 cps

• New IGO JVAs

• Capital raise $9.8M @ 3.6 cps to IGO

• Capital raise	$9.8M @	3.6 cps t	o IGO
JVA Title	Tenement	Area km2	Ownership
Ponton JVA 2019	E28/1716	355	Legend 70% / Creasy 30%
	E28/1617	354
Ponton JVA 2015	E28/1718	353	Legend 70% / Creasy 30%
	E28/1727	353
Rockford JVA 2015	E28/2188	354	Legend 70% / Creasy 30%
	E28/2189	331
	E28/2192	91
NA	E28/2404	58.8	Legend 100%
	E28/2405	179.7
Rockford JVA 2019	E28/2190	355	IGO 60% / Creasy 30% / Legend 10%
	E28/2191	278
Legend/IGO JVA 2019	E28/2675	11.8	IGO 70% / Legend 30%
	E28/2676	5.9
	E28/2677	5.9

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“Transform atio nal D eals w ith Indep endence Group and Creasy Group”

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ROCKFORD PROJECT – TRANSFORMATIONAL AGREEMENTS

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NEW JOINT VENTURE AGREEMENTS

• New JVA with Creasy Group 70/30

• Tenements contiguous with existing

• • 709km[2] - total project now 3088km[2]

• Nickel-copper sulphides at Octagonal

• Increased exposure to Western Stratigraphic Package

• Two new JVAs with Creasy Group & IGO

• IGO technical & financial impetus

• Legend interest now free carried to mining joint venture

Octagonal prospect: Drillhole OCT002: 0.36m @ 0.89% Ni, 0.29% Cu, 0.12% Co from 497.07m. Massive sulphide containing pyrrhotite-pentlandite-chalcopyrite hosted in olivine bearing gabbronorite.

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FRASER ZONE LAND HOLDERS

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• MAIN PLAYERS  Legend Active & Funded

• Creasy Group Active & Private

• Independence (“IGO”) Active & ~$3.5B Mkt Cap

• Galileo Mining 2018 IPO – Creasy backed

• R egional spend p ro ducing results – v alue add

• L ev erage play is L egend

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ROCKFORD PROJECT UPDATE – CURRENT PROGRAMMES

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AREA D

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• LF MLTEM Survey new geophysical modelling

• Remodelled D5 Conductor

• Geology

• Geochemistry

• • Petrology

• Remodelled D1 Conductor

• Very Strong

• • Discrete

• Diamond Drilling Oct 2019

P ro sp ectiv e Area D

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SIR Nov 2011 (Nova discovery July 2012)

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“Pre - discover y Nova / Area D com par ison”

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LEG May 2018
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ROCKFORD PROJECT UPDATE – CURRENT PROGRAMMES

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Octagonal and Magnus Prospects (Ni-Cu-Co)

• Innovative MLTEM surveys

• Diamond drill 2020

• Crean Prospect (Ni-Cu-Co)

• Innovative MLTEM survey 4Q19

• Diamond drill 2020

Worsely Prospect (VMS style) – 100% LEG

• Infill MLTEM survey 4Q19

• • Diamond Drill 2020

• Shackleton Prospect (VMS style)

• RC/Diamond drill 2020

Stro ng D iv erse Newsflow

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CURRENT/FUTURE PROGRAMMES 2019 - SUMMARY

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Aircore Rig, Rockford Project
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• Diamond Drilling at Area D

• Ongoing regional aircore programme – total to date 706 holes – 50,287m

• Continued systematic approach MLTEM, FLTEM, LF EM, IP surveys

• • Follow up RC/DD testing

EM Surveying , Rockford Project

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SUMMARY

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

• Systematic/persistent/committed = going the distance!

• Well Funded

• Experienced Stable Team and JV Partners

• Grow Shareholder Value

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“Highly leveraged to success”
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ASX : LEG

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LEGEND MINING LIMITED - THANK YOU

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