LEGEND MINING LIMITED — Investor Presentation 2021

Aug 1, 2021

Evolving Mawson – Rockford Project Fraser Range, WA

DIGGERS & DEALERS MINING FORUM

2-4 August 2021

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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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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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CONTENTS

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1. Nickel Market Commentary 2. About Legend ➢ Investment case ➢ Rockford Project location ➢ Mawson Prospect ➢ Regional Exploration ➢ 2021 Activity Programs

2. Summary

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‘A ‘green metal’ story from a project with enormous growth potential’
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BATTERIES TO BECOME ALMOST 30% OF NICKEL MARKET BY 2030

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"Demand for nickel in batteries is estimated to grow by over 500% over the next decade, in large part to support the world's rising demand for electric vehicles“ Vandita Pant, BHP Nickel West

‘ – Nickel the Future Facing Commodity’

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Green Metals Critical to the EV Evolution

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Nickel - demand is forecast to increase

Copper – demand is forecast to increase

Cobalt – demand is forecast to increase

‘ – EV sales forecast 15 times increase from 2020 to 2030’

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ABOUT LEGEND - - RIGHT PEOPLE RIGHT COMMODITY STRONG CASH POSITION

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Capital Structure and Financials Cash Market Capitalisation ~250M (@ 9c ps) $26.3M* Options Debt - 147M@7.2c 7 9/2022 Nil

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Directors & Senior Management
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Board of Directors
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Key Management

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

Lyn Anderson (OM Corporate) Derek Waterfield (GM Exploration)

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‘Dedicated Staff, Driven by Success, All with Skin in the Game’
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*As at 30 June 2021

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WHY INVEST IN LEGEND?

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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 (~3000km[2] )

✓ Nickel – Future Facing Commodity

✓ Strong cash position - $26.3M @ 30/6/2021 ✓ Systematic exploration approach ongoing ✓ Mawson Discovery – December 2019

➢ RKDD034– December 2020

• ➢ 3x Massive Ni-Cu zones now discovered 2021

✓ Regional pipeline of prospective targets

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ASX:LEG
RKDD034
RKDD008
RKAC151 RKAC183 [Mawson Footprint] RKDD007
Legend five year graph
Exploration Success : The Value Driver
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✓ Expenditure budget ~$15M for 2021

2 - ‘Circa 3000km of the most under explored Nickel belt in the world’

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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 ▪ Communications

– ‘Excellent infrastructure 300km east of Kalgoorlie’

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WHY EXPLORE IN THE ALBANY FRASER BELT?

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Mawson (Ni-Cu-Co)

Note: Mawson details released by Legend (ASX releases 2021) 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 Leverage Play’

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THE MAWSON INTRUSIVE COMPLEX

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Greater Mawson

• 16kmx6km – interpreted as clusters of intrusives

• Largely untested target areas

• Massive nickel-copper sulphide in multiple diamond drill holes in 2020/2021 has increased prospectivity

• Geochemistry, geology and geophysics have assisted in prioritising for diamond drill targets

• 2 rig diamond drill program commenced March 2021

• • +$10M planned expenditure 2021

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‘16km x 6km Cluster of Prospective Intrusions’
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MAWSON INTRUSION 3D MODEL

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‘Mawson Continues to Evolve & Grow’

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MAWSON EVOLVING THROUGH SYSTEMATIC EXPLORATION

February 2021 29 DD holes Chonolith ~400m strike length 1x Massive Ni-Cu-Co Zone 27 DD holes Chonolith +1.4km strike length 3x Massive Ni-Cu-Co Zones

June 2021

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–
‘Mawson An Evolving Story’
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MAWSON SO FAR…

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The Mawson Intrusion

• +3km x 1.2km intrusion open in all directions

• 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, analogous with large deposits worldwide

• 3 massive Ni-Cu occurrences across +1.2km

• Enormous upside given blinding effects of stratigraphic EM plates

▪ Systematic - No shortcuts in the Fraser Range

- ‘Results to date suggest likelihood of multiple massive Ni Cu zones’

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– - - MAWSON PROJECT DE RISKING METALLURGY

Composite Head Assay
		Cu (%)		Ni (%)		Fe (%)			S (%)		MgO (%)
Head assay		1.66		2.61		56.2			35.8		0.16
Preliminary Concentrates Produced
	Bulk Concentrate				Copper Concentrate			Nickel Concentrate
	Nickel Recovery	Copper Recovery	Grade (Cu+Ni )%		Recovery		Grade (Cu%)	Recovery		Grade (Ni%)		Fe:MgO
Rougher	99.2	99.9	4.5		93.1		24.2	91.7		2.68		1884
Cleaner	88.2	99.0	12.0		84.1		31.8	80.0		13.1		380

Phase 1 Sighter Metallurgy Completed RKDD034 – Massive Ni-Cu-Co Domain

• ✓ Recovery and concentration via conventional flotation

• ✓ Separate Nickel and Copper concentrates

• ✓ High recoveries

• ✓ Outstanding Fe:MgO ratio

• ✓ No deleterious elements

• ✓ Optimisation to yield further improvement

‘High Value Nickel & Copper Concentrates via Conventional Flotation’

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– - - MAWSON PROJECT DE RISKING ENVIRONMENTAL

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Phase 1 Environmental Surveying Completed Level 1 Flora & Fauna Survey Completed

• ✓ Large Survey Area >1600ha.

• ✓ No PEC’s or TEC’s identified

• ✓ Focused Future surveys to refine footprint

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‘Level 1 F&F Completed across Mawson’
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ROCKFORD REGIONAL TARGETS

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Regional Target Pipeline – Testing 2021

▪ Project scale target analysis identifies over 30 new highly-ranked targets

▪ Innovative MLTEM scheduled for highest ranked targets

▪ Diamond drilling Octagonal, Magnus, Hurley, and Crean from August 2021 ▪ +$4M planned regional expenditure

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Rockford Prospect & Target Locations

– ‘Regional Targets in Addition to Mawson Targeting the Next Nova’

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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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• ‘ –

• Legend team supported by world class consultants punching above our weight’

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ROCKFORD 2021 WORK PROGRAMS

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2021 Jul Aug Sep Oct Nov Dec
Mawson Prospect
Target Generation
Diamond Drilling
Geophysics			DHTEM
Regional
Statutory Approvals
Geophysics		M	LTEM/FLTEM/DH	TEM
Aircore Drilling
Diamond Drilling		Magnus/Octa	Hu gonal	rley/Crean

‘Exploration Ongoing across the Rockford Project’

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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

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‘Highly Leveraged to Success’
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Thank you

Oliver Kiddie Executive Director ASX:LEG

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@LegendMiningLtd

www.legendmining.com.au

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NOTES

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www.legendmining.com.au

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Legend Mining Limited www.legendmining.com.au

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@LegendMiningLtd

ASX : LEG