LEGEND MINING LIMITED — Investor Presentation 2020

Jun 1, 2020

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ASX : LEG

“Mawson Exploration Success – The Value Driver”

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Company Presentation – June 2020

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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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ABOUT LEGEND – ASX:LEG

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• Market capitalisation ~$370M (Shares 2.4B@15.5c)

• (Options – 150M@4c 9/2020; 78M@4c 3/2021; 149M@7.2c 7-9/2022)

• Cash and receivables ~ $11.9M (includes $2.25M receivable from Jindal) @ 31/3/20

• Fraser Range – Rockford Project

The Board of Directors

• Top 20 Shareholders (63.1%)

• Creasy Group (27%)

• IGO (14.2%)

• Bailey Group (5.9%)

• Wilson Group (5.4%)

• Remaining top 20 (10.6%)

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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 3

INVESTMENT CASE - FUNDAMENTALS

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 Right People

• Experienced corporate and technical team

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Mawson Footprint RKDD008
RKAC151 [RKAC183]
RKDD007
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• JV Partners and major shareholders

  • Creasy Group (regional experience)

  • IGO (regional experience)

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

• Nickel – Future Facing Commodity

• Transformational Agreements – July 2019

• Systematic exploration approach ongoing

• Mawson Discovery – December 2019

Legend five year graph Exploration Success : The Value Driver

• Expenditure budget doubled to $8M for 2020

• “Exploration success / regional recognition – price appreciation”

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FRASER ZONE LAND HOLDERS

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MAIN PLAYERS  Legend Active & Funded  Creasy Group Active & Private  IGO Active & ~$2.9B Mkt Cap  Galileo Mining 2018 IPO – Creasy backed

• R e giona l s pe nd pr oduc ing r e s ult s – va lue a dd

 Le ve ra ge pla y is Le ge nd

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ROCKFORD PROSPECT LOCATIONS

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Regional Programmes

• MLTEM programmes at Magnus,

• Octagonal, Crean and Worsley

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

• Follow up diamond drilling

• $4M planned expenditure 2020

Rockford Prospect Locations

“ C ur r e nt R oc k f ord Pr os pe c t s ”

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ROCKFORD GREATER MAWSON AREA

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• 16kmx6km – interpreted as clusters of intrusives

• Untested geochem targets

• More aircore – establish footprints

• Untested EM conductors

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

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

• $4M planned expenditure 2020

Greater Mawson Prospect EM Plates

“ Pr os pe c t ive Maw s on”

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MAWSON DIAMOND DRILLHOLE LOCATIONS

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June 16 RKDD001-002

November 19

RKDD005-007

March 20 RKDD008ongoing

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DRILL SECTION 6,598,560N – RKDD008 AND RKDD010

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RKDD008

• 107.9m significant sulphides incl. 25.3m massive sulphides

• Massive in metaseds

• Mineralisation remobilised Drill Section 6,598,560N - RKDD008 and RKDD010

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DRILL SECTION 6,598,580N – RKDD011 AND RKDD014

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RKDD0011

• 21.6m of material grades • 15m of lower tenor RKDD0014 • 5.5m of material grades • First assays awaited 10 Drill Section 6,598,580N - RKDD011 and RKDD014

DRILL SECTION 6,598,580N - RKDD013 AND RKDD017

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• RKDD0013 • 13.5m massive sulphides

• • First assays received

• RKDD0017 • 30m massive sulphides

• • Best hole to date

• • First assays awaited 11

• Drill Section 6,598,580N - RKDD013 and RKDD017

SUMMARY OF ANOMALOUS NI-CU AIRCORE RESULTS AT MAWSON

Developing geochem to North East

• Co-incident gravity

feature Current programmes

• 50x50 gravity survey

• Complete aircore

Summary of Anomalous Ni-Cu Aircore Results at Mawson

“WATCH THIS SPACE”

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“Highly leveraged to success”

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