LEGEND MINING LIMITED — Investor Presentation 2019

Jul 14, 2019

ASX:LEG

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Investor Presentation

July 2019

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. Nickel Market Commentary

2. About Legend

• Investment Case

• Rockford Project Location

• Transformational Deals

• Rockford Project Activities

3. Summary

“Fertile Fraser Range”

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NICKEL MARKET COMMENTARY – ABOUT NICKEL

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Nickel Prices and Inventory

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• Balance in deficit since 2016, predicted to continue

• Stockpiles diminishing from peak 900Kt (2015)*

• Price increase from US$3.80/lb (2016) to US$5.85/lb ($7.13 max April 2018)

• Tariff and trade-war - Brexit - uncertainty

• negative sentiment stronger than expected

• Price has been stubbornly low

• Upward movement expected from economic fundamentals

• Promising electric vehicle battery demand outlook

Source: Kitco July 2019

*Glencore Nov 2017

“Nickel deficit - stockpiles diminishing – price rising”

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ABOUT LEGEND

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 ASX listed exploration company (ASX : LEG)

• Market capitalisation ~$79M (2.4B shares @ 3.3cps) *

• Cash and liquids total $15.5M

~$5.7M as at 31 March 2019 (includes $3M receivable from Jindal) ~$9.8M Independence Group NL (IGO) placement July 2019 *

• Fraser Range – Rockford Project

• Top 20 Shareholders (63.1%) *

• Creasy Group (26.8%)

• IGO (14.2%)**  Wilson Group (5.4%)

• Bailey Group (5.2%)

• Remaining top 20 (11.5%)

• Post transactions (ASX 9 July 2019)

** Top up right-subject to ASX waiver

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Chairman Michael Atkins

The Board of Directors

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

INVESTMENT CASE

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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 (several years exploration funds)

• Positive aircore drilling and ground EM results

• Transformational Agreements – July 2019

• Systematic exploration approach ongoing

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Legend share price graph twelve months to July 2019

• “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 (19% 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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ROCKFORD PROJECT – TRANSFORMATIONAL AGREEMENTS – CAP RAISE

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• Capital raise $9.8M @ 3.6 cps to IGO

• New Creasy Group JVA @ 3.6 cps

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“Transformational Deals with Independence Group and Creasy Group”

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ROCKFORD PROJECT – TRANSFORMATIONAL AGREEMENTS – NEW JVA’S

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• New JVA with Creasy Group 70/30

• Tenements contiguous with existing

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

• Nickel-copper sulphides at Octagonal

• Technical detail to follow in IER

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

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FRASER ZONE LAND HOLDERS

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MAIN PLAYERS  Legend Active & Funded  Creasy Group Active & Private  Independence (“IGO”) Active & ~$3B Mkt Cap  Galileo Mining 2018 IPO – Creasy backed

• Regional spend producing results – value add

 Leverage play is Legend

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ROCKFORD PROJECT UPDATE – CURRENT PROGRAMMES

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AREA D

2019 Aircore and Geophysical Modelling

• 60 hole aircore programme targeting modelled top of conductors for geological and geochemical information completed

• Multi-element geochemical analysis

• Geophysical modelling of MLTEM and gravity data to assist diamond drill planning

• Diamond Drilling

Prospective Area D

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ROCKFORD PROJECT UPDATE – CURRENT PROGRAMMES

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SHACKLETON PROSPECT

Same stratigraphic package as Andromeda (IGO)

2018 Programme

• Aircore drilling – 51 holes, 1,621m

• Geochemical indications of VMS potential

• First innovative MLTEM surveys – two conductors identified

2019 Planned Programme

• RC/diamond drilling planned

Shackleton Prospect

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ROCKFORD PROJECT UPDATE – CURRENT PROGRAMMES

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WORSLEY AND CREAN PROSPECTS

2018 Programme

• Worsley – 5 aircore holes over conductor RKAC505 – 9m @ 0.09% Cu, 0.06% Zn and 1.47g/t Au VMS potential

• Crean – Regional line over mag low

2019 Programme

• Worsley – Infill aircore drilling confirmed VMS potential

• Crean – Infill aircore drilling confirmed Ni-Cu potential

• Innovative MLTEM planned at Worsley and Crean

• Diamond drill Worsley/(Crean?) conductors

Worsley and Crean Prospects

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CURRENT/FUTURE PROGRAMMES - SUMMARY

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2019

• Ongoing regional aircore programme – total to date 637 holes – 44,936m

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

• Follow up RC/DD testing

Aircore Rig, Rockford Project

EM Surveying , Rockford Project

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SUMMARY

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

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

“Highly leveraged to success”

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ASX : LEG

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THANK YOU

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