LEGEND MINING LIMITED — Investor Presentation 2020

Oct 11, 2020

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DIGGERS & DEALERS CONFERENCE 12-14 OCTOBER 2020

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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 report that relates to Exploration Results is based on information compiled by Mr Oliver Kiddie, a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Legend Mining Limited.

Mr Kiddie has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, 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” (JORC Code). Mr Kiddie consents to the inclusion in the report of the matters based on his information 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

Mawson

– A Progressive Developing Story Rockford Project Activities 2020

1. Summary

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“ T h e Fert ile F ras er Ran ge”

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NICKEL MARKET COMMENTARY – ABOUT NICKEL

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Source: Kitco Oct 2020

Nickel Prices and Inventory

• 12 months ago deficits likely – now surplus (Covid-19 damaged near term demand)

• SS > 70% primary Ni demand (recent SS price weakness)

• Role of Indonesia critical to medium term market outlook – ongoing China investment

• Focus 2025 out – sky is the limit for EV use (Ni chemistries remaining key technology)

• Flows into 5 year Discovery to Production

• Positive profile for Legend

Source: Macquarie Commodities Strategy, July 2020

“ Near term n ic kel p ric es d ef y t h e f u n d am entals – rec ent co rrec t io n ”

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ABOUT LEGEND – ASX:LEG

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• Market capitalisation ~$400M (Shares 2.7B@15c)

  • (Options – 75M@4c 3/2021; 149M@7.2c 7-9/2022)

• Cash and receivables ~ $31.5M (includes $2.25M receivable from Jindal) @ 30/09/2020

• Fraser Range – Rockford Project

• Top 20 Shareholders (65.2%)

• Creasy Group (30.7%)

• IGO (13.3%)

• Bailey Group (5.4%)

• Wilson Group (4.8%)

• Remaining top 20 (11.0%)

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Board of Directors
Chairman Managing Director Executive Director Company Secretary
Michael Atkins Mark Wilson Oliver Kiddie Tony Walsh
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INVESTMENT CASE - FUNDAMENTALS

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• Right People

• Experienced corporate and technical team

• JV Partners and major shareholders

  • Creasy Group (regional experience)

  • IGO (regional experience)

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

• Nickel – Future Facing Commodity

• Strong cash position - $31.5M @ 30/9/2020

• Systematic exploration approach ongoing  Mawson Discovery – December 2019 • RKDD023 & 027 – September 2020

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RKDD008
Mawson Footprint
RKAC151 RKAC183 RKDD007
Legend five year graph
Exploration Success : The Value Driver
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• Expenditure budget ~$11M for 2020

“Exploration success / 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

• VMS style Copper-Zinc-Silver

• Tropicana style Gold

• Infrastructure access – transport, power

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“ P ro j e c t p o te ntial fo r No va st yle Nic kel-Co p p er ”

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FRASER ZONE LAND HOLDERS

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Main Players

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• Regio n al s p en d p ro d u c in g res u lt s – valu e ad d

 L everage p lay is L egen d

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ROCKFORD PROSPECT LOCATIONS

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Regional Programmes

• Regional aircore programmes targeting co-incident mag lows/gravity highs/MLTEM conductors

• MLTEM success at Hurley

• Project scale geochem analysis highlights

• prospectivity at Crean & Hurley

• Follow up AC/RC/diamond drilling

• $4M planned expenditure 2020

Rockford Prospect Locations

“ Cu rren t Ro c kf o rd P ro s p ec t s ”

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MAWSON 3D GRAVITY INVERSION MODEL

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“ P ro gre s s iv e De v e lo p in g Maws o n St o ry”

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MAWSON DIAMOND, RC AND AIRCORE DRILLHOLE LOCATIONS

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DD and RC Drilling Locations over Mawson Aircore Geology Interpretation

• Aircore Drilling • Western and eastern geochemical footprint

• RC Drilling • Great tool for geology and DHTEM

• DHTEM • Targeting tool for diamond drilling

• Diamond Drilling

• Massive sulphides in holes 7, 8, 11, 13, 17, 23 & 27

• • Fourth publicly disclosed massive sulphides in Fraser Zone (Thompson Belt analogy)

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DIAMOND DRILLHOLE RKDD021, 023 & 025

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RKDD021, 023 & 025

• Circa 200m from known mineralisation

• 12.95m massive sulphide intercepts (RKDD023)

• • +90m mineralised intercept (RKDD023)

• • Structural observations point to remobilised mineralisation

• • DHTEM plates show strong conductance and aerial extent

Massive Ni-Cu Sulphide from RKDD023 from 233m, NQ2

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DIAMOND DRILLHOLE RKDD017 & 027

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RKDD017

• 19.8m @ 2.71% Ni, 1.79% Cu, 0.13% Co RKDD027

• 15.45m massive sulphide across three zones plus 10.8m semi-massive and matrix sulphide

• Outside Legend’s modelled mineralisation

• +20m separation from RKDD017

• Open East, West and South

Massive Ni-Cu Sulphide from RKDD027 from 168.5m, NQ2

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2020 WORK PROGRAMMES AT ROCKFORD

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Jul Aug Sept Oct Nov Dec
MAWSON PROSPECT
Diamond Drilling RKDD021 - ongoing
RC Drilling RKRC011 - ongoing
DHTEM DHTEM
Geophysics
Environmental L1 F&F
REGIONAL
MLTEM/FLTEM
Geophysics
Ongoing
Aircore Drilling
RC Drilling
Diamond Drilling
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“ Re gul a r News Fl ow ”

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“Highly leveraged to success”

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Legend Mining Limited www.legendmining.com.au

ASX : LEG

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