LEGEND MINING LIMITED — Investor Presentation 2019

Feb 18, 2019

ASX:LEG

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RIU Explorers Conference

February 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.

2.

3.

Nickel Market Commentary About Legend

• Investment Case

• Rockford Project Location

• Rockford Project Activities

Summary

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“Prospective Fraser Range”

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$5.60/lb ($7.13 max April 2018)

• Tariff and trade-war - Brexit - uncertainty

• negative sentiment stronger than expected

• • Price has been stubbornly low (upward movement last 60 days)

– defied fundamentals, responding at last!

• Promising electric vehicle battery demand outlook

Source: Kitco Feb 2019

*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 ~$61M (2B shares @ 3cps)  Cash and liquids ~$6.5M as at 31 December 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 (2,379km[2] in Fraser Zone)

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

• Cashed up (several years exploration funds)

• Positive aircore drilling and ground EM results

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Legend share price graph twelve months to Feb 2019
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• 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 (15% 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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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 on margin of central “Hot Spot”

• Nova and Silver Knight on margin of southern “Hot Spot”

“Fraser Zone considered highly prospective”

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FRASER ZONE LAND HOLDERS

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MAIN PLAYERS  Legend Active & Funded  Creasy Group Active & Private  Independence (“IGO”) Active & ~$2.8B Mkt Cap  Galileo Mining New IPO – Creasy backed

• Regional spend producing results – value add

 Leverage play is Legend

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ROCKFORD PROJECT UPDATE – SYSTEMATIC APPROACH

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Summary to Date

• 25 Areas selected from aeromag and gravity

• • 32 conductors identified by innovative MLTEM

• • Drilling: 4 diamond holes for 2,652m 10 RC holes for 2,266m 524 aircore holes for 34,700m

• • Exploration spend Sept 15 to Dec 18 - $11.2M (Tax refund $3.7M)

• • Area D: • aircore drilling success Nov 17 to Jun 18

• • ground EM success Dec 18

• • Still early days

Area covered by MLTEM surveys - 232km[2] /2379km[2] = 9.8% of Project area

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ROCKFORD PROJECT UPDATE – CURRENT PROGRAMMES

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AREA D

2018 Aircore and innovative MLTEM programme

• 9 new (D9-D17) and 2 remodelled (D3 & D5) conductors

• Outstanding aircore geochemistry

eg. RKAC183 – 14m @ 0.37% Ni, 0.43% Cu, 0.03% Co

2019 Programme - March commencement

• New IP survey to assist diamond drill planning

• New aircore programme targeting modelled top of conductors geochem signature to assist diamond drill planning

• Diamond Drilling

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Prospective Area D

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 drilling planned

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Shackleton Prospect

ROCKFORD PROJECT UPDATE – CURRENT PROGRAMMES

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NEW PROSPECTS

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2017 Programme

• Area S – previously modelled S1 conductor

2018 Programme

• Aircore drilling 5 holes 400m spacing VMS potential

• Regional line over mag low 400m spaced holes RKAC 520 – 11m @ 0.42% Ni, 0.01% Cu, 0.03% Co

2019 Programme

• Infill and regional aircore

• Innovative MLTEM planned

• • RC drill S1 conductor

New Prospects

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CURRENT/FUTURE PROGRAMMES - SUMMARY

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2019

• Ongoing regional aircore programme – total to date 524 holes – 34,700m

• 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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• 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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