LEGEND MINING LIMITED — Investor Presentation 2021

Feb 14, 2021

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~~Legend Mining Positioned for Continued Success~~

RIU Conference 16-18 February 2021

~~ASX: LEG~~

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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 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.

Important Notice

This Presentation does not constitute an offer to acquire or sell or a solicitation of an offer to sell or purchase any securities in any jurisdiction. In particular, this Presentation does not constitute an offer, solicitation or sale to any U.S. person or in the United States or any state or jurisdiction in which such an offer, tender offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and neither such securities nor any interest or participation therein may not be offered, or sold, pledged or otherwise transferred, directly or indirectly, in the United States or to any U.S. person absent registration or an available exemption from, or a transaction not subject to, registration under the United States Securities Act of 1933.

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Right People, Right Commodity, Strong Cash Position

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Top Shareholders
30.7
34.7
13.3
11
4.8 5.5
Creasy Group IGO Bailey Group
Wilson Group Remaining Top 20 Remaining Register
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Capital Structure and Financials

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Cash
Market Capitalisation
~320M (@ $0.12ps) $27.2M
Options
Debt
75M @4c 3/2021
- Nil
149M@7.2c 7 9/2022
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Directors & Executive Management

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Board of Directors

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Key Management
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Michael Atkins (Chairman)

Lyn Anderson (Office Manager and EA) Derek Waterfield (GM Exploration)

Mark Wilson (Managing Director) Oliver Kiddie (Executive Director) Tony Walsh (Company Secretary)

*As at 31 Dec 2020, Includes Jindal receivable of $2M

‘Dedicated Staff, Driven by Success, All with Skin in the Game’

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Environmental, Social, and Corporate Governance

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Legend Mining prides itself on continuing, developing, and maintaining excellent Stakeholder Relationships Reflected in our updated ESG Policies found at: www.legendmining.com.au

‘Walking the Talk on Stakeholder Relationships’

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WHY INVEST IN LEGEND?

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L ocation – circa 3000km² of under-explored nickel terrain, excellent infrastructure & services E xperience – corporate; technical; and support from JV partners G rowth – Mawson discovery & pipeline of highly prospective targets E nabled – right people, strong cash position, going the distance - N ickel future facing commodity D eliver - share price appreciation through exploration success with systematic exploration

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‘Exploration Success and Regional Recognition = Price Appreciation’

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– - NICKEL ‘THE FORWARD FACING COMMODITY’

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Nickel Prices and Inventory

• Nickel – 12 month target *

• Copper – 12 month target *

• Nickel deficit forecast from 2023*

• High-quality sulphide Nickel a premium product

• Focus 2025 outward – sky is the limit with EV thematic

• Indicative 5 year Discovery to Production timeline

*Source: Goldman Sachs Commodity Research, January 2021

‘Legend Perfectly Positioned to Capitalise’

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ROCKFORD PROJECT LOCATION

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• Fraser Range, Western Australia

• 120km NE of Nova / 100km S of Tropicana

• 100% within Fraser Zone

• Primary Exploration Target Magmatic Ni-Cu-Co

• Outstanding Existing Infrastructure

• Transport and Power

• ‘Circa 3000km2 of the most under explored Nickel belt in the world’

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WHY EXPLORE IN THE ALBANY FRASER BELT?

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Mawson (Ni-Cu-Co)
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Note: Mawson details released by Legend (ASX releases 2020) IGO Nova Site Visit Presentation 2 August 2019 ( p.58)

‘The Fraser Range is a compelling, potential world class Nickel Belt’

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– FRASER RANGE MAIN PLAYERS

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Main Players

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– ‘Want Fraser Range Nickel Exposure? Legend is the Play’

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THE MAWSON INTRUSIVE COMPLEX

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’16km x 6km Cluster of Prospective Intrusions’

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MAWSON SO FAR…

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Mawson Intrusion

• 2.4km x 1.1km intrusion open in all directions

• Area of interrogation to date delivered results indicative of a large Ni-Cu-Co system

• Significant thickness of massive Ni-Cu sulphide i.e. RKDD034 31.1m @ 2.80% Ni, 2.04% Cu, 0.15% Co

• Multiple intercepts identifying broad disseminated Ni-Cu sulphide halo

• Geological model developed identifies blue sky potential

• Enormous upside given blinding effects of stratigraphic EM plates

‘Results to date suggest we are just at the tip of the iceberg’

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MAWSON PRIORITY DRILLING TARGETS 2021

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• 3 Priority Target Areas to be assessed with:

Diamond Drilling

• 2x DD Rigs to start March 2021

• Serviced with new water supply agreement

• 10,000m planned

• Chasing the source using:

• Geology, geochemistry, structure, and DHTEM

• Driving an ever-evolving 3D model of Mawson

Mawson DD & RC Target Areas over AMAG with 3D Gravity Model and EM Plates

• ‘High Priority Targets to be Tested with Multiple Rigs’

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METALLURGY

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Flotation Test Work of RKDD034
Massive Sulphide
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Phase 1 Sighter Metallurgy Completed RKDD034 – Massive Ni-Cu-Co Domain

• Recovery and concentration via conventional flotation

• Separate Nickel and Copper concentrates

• High recoveries

• Optimisation to yield further improvement

• Project de-risking

‘Nickel & Copper Concentrates via Conventional Flotation’

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– ROCKFORD REGIONAL TARGET GENERATION

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‘Evolving Pipeline of Quality Targets’
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ROCKFORD REGIONAL TARGETS

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Regional Targets – Testing 2021

• Project scale target analysis identifies

over 30 new targets

• Innovative MLTEM scheduled for

highest ranked targets

• Follow up with infill AC drilling

• Test compelling targets with RC/DD

• $4M planned regional expenditure 2021

Rockford Prospect & Target Locations

‘Over 30 Targets Generated in Addition to Mawson’

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REGIONAL AIRCORE DRILLING SUCCESS

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Rockford Project – Regional Aircore

• ASX release 15 December 2020

• 291 aircore holes for 14,797m

• 4 holes at Hurley returned elevated nickel-copper associated with right rocks

• Results adjacent to MLTEM conductors H1 and H3

• New targets identified in North West Rockford

• Additional aircore and FLTEM required at Crean

• Diamond drilling at Hurley planned following clearances

Aircore Drilling Areas and Anomalous Drillholes

‘Aircore Success Validates Exploration Approach’

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RECOGNISED INDUSTRY PROFESSIONALS

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A & A CRAWFORD Geological Research Consultants

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RN&N ENGLAND
Petrologist

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Geochemical Services Pty Ltd

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• ‘ Ambition is the path to success. Persistence is the vehicle you arrive in’ Bill Bradley

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ROCKFORD 2021 WORK PROGRAMS

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2021 Jan Feb Mar Apr May Jun Mawson Prospect Target Generation Diamond & RC Drilling Geophysics DHTEM Metallurgical Phase 1 Regional Statutory Approvals Geophysics MLTEM Aircore Drilling Diamond Drilling Hurley/Crean

‘Regular News Flow’

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JOIN THE LEGEND JOURNEY….

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 Right Project, Right Commodity, Right Time

 Systematic, Persistent, Committed

 Well Funded to Execute

 Right People

 Continue to Grow Shareholder Value

‘Highly Leveraged to Success’

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The End

Thank you Oliver Kiddie Executive Director ASX:LEG

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@LegendMiningLtd

www.legendmining.com.au

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