LEGEND MINING LIMITED — Investor Presentation 2020

Sep 14, 2020

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ASX:LEG
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Mawson – A progressive developing story

RIU RESURGENCE CONFERENCE 15-16 SEPTEMBER 2020

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 Sep 2020

Nickel Prices and Inventory

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

• SS useage still ~70% of Ni consumption – (10 x batteries)

• Role of Indonesia critical to medium term market outlook – policy uncertainties

• Investment flow from China to Indonesia (big savings on NPI production costs – translates to SS cost savings)

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

Source: Macquarie Commodities Strategy, July 2020

“ Near term n ic kel p ric es d ef y th e f u n d am entals ”

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ABOUT LEGEND – ASX:LEG

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• Market capitalisation ~$375M (Shares 2.5B@15c)

(Options – 150M@4c 9/2020; 75M@4c 3/2021; 149M@7.2c 7-9/2022)

• Cash and receivables ~ $28.8M (includes $2.25M receivable from Jindal) @ 30/06/2020

• Fraser Range – Rockford Project

• Top 20 Shareholders (63.2%)

• Creasy Group (26.7%)

• IGO (14.1%)

• Bailey Group (5.6%)

• Wilson Group (5.1%)

• Remaining top 20 (11.7%)

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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 - $28.8M @ 30/6/2020

• Systematic exploration approach ongoing  Mawson Discovery – December 2019

• RKDD023 – 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

“ 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
 Legend
Active & Funded
 Creasy Group
Active & Private
 IGO
Active & ~$2.6B Mkt Cap
 Galileo Mining
2018 IPO – Creasy
backed
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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

• Follow up 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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ROCKFORD GREATER MAWSON AREA

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Greater Mawson Prospect EM Plates

Greater Mawson

• 16kmx6km – interpreted as clusters of intrusives

• Untested geochem targets

• Holes RKDD007, 008, 011, 013, 017, 021 & 023 have massively increased prospectivity

• Aircore & gravity to assist in prioritising for RC/diamond drill testing

• RC program commenced June 2020 proving to be an excellent platform for DHEM

• $7M planned expenditure 2020

• “ 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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• Aircore Drilling • Western and eastern geochemical footprint

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

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

• RC Drilling • Great tool for geology and DHEM

Mawson Drilling on Gravity Image

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DIAMOND DRILLHOLE RKDD021

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Net-Textured Ni-Cu Sulphide mineralisation from RKDD021 from 140.5m, NQ2

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RKDD021

• Circa 200m from known mineralisation

• Mineralisation in intrusive rocks (closer to source??) 9m & 15m intercepts

• Net-texture intercept is material in global context – think Voiseys Bay and Nova

• Conductance readings of core do not reconcile with off hole readings – possibly not in sweet spot

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DIAMOND DRILLHOLE RKDD023

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RKDD023

• 12.95m massive sulphide

intercepts

• +90m mineralised intercept

• 200m from previous massive

intercepts

• DHTEM followed by next

diamond drillhole

Massive Ni-Cu Sulphide from RKDD023 from 233m, NQ2Drill Section 6,598,580N - RKDD011 and RKDD014

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NEXT PROGRAMMES – REGULAR NEWSFLOW

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Mawson

• Ongoing aircore, RC & diamond drilling

• Down hole EM surveys to identify targets for follow up holes

• Regional

• Innovative Moving Loop EM surveys

• Aircore drilling for depth of cover and geochemistry

• Follow up RC/diamond drilling

Aircore drilling at Rockford Project

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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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