LEGEND MINING LIMITED — Regulatory Filings 2021

Jan 17, 2021

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18 January 2021

RC Assays Extend Mawson Mineralised Intrusive System

• Reverse Circulation (‘RC’) assay results from RKRC038 and RKRC039 confirm mineralised intrusive package extends 150m south and 200m east of the Mawson massive Ni-Cu discovery

• Assay results from RKRC041 confirm a new mineralised intrusion 2km south

of Mawson within the Mawson Intrusive Complex

Legend Mining Limited (Legend) is pleased to announce assay results and geological logging from RC drilling at the Mawson prospect within the Rockford project, Fraser Range Western Australia.

Legend Managing Director Mr Mark Wilson said: “It is exciting to see the RC drilling assays pointing to an extension of the Mawson mineralised system and another intrusion with the same geochemistry some 2km away. These results have been generated by our unwavering systematic exploration approach.

“As a consequence, there will be several priority diamond and RC drill targets for the upcoming field season, with details to be released once thorough analysis is completed, later in February.”

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RC Drilling at Mawson

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TECHNICAL DISCUSSION

Assays results for the remaining RC drilling (RKRC028 – RKRC041) completed during the 2020 field season have been received with significant results tabled below (see Table 1).

Table 1: Mawson RC - Assay Results

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Hole From To Interval Ni% Cu% Co%
RKRC037 61 94 33 0.14 0.09 0.03
Incl. 66 70 4 0.22 0.36 0.03
RKRC037 205 208 3 0.10 0.13 0.03
RKRC038 267 275 8 0.88 0.41 0.04
Incl. 271 275 4 1.19 0.44 0.06
RKRC039 100 112 12 0.10 0.08 0.02
RKRC039 140 144 4 0.11 0.12 0.02
159 233 74 0.17 0.11 0.02
Incl. 224 229 5 0.55 0.29 0.05
RKRC041 58 95 37 0.17 0.10 0.01
RKRC041 284 298 EOH 14 0.09 0.02 0.01
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RC drillholes RKRC028 through RKRC036 intersected a thickened package of metasediments and meta-BIF through to a depth of 316m downhole, the effective maximum depth penetration of the RC drill. The current geological model of Mawson suggests this metasedimentary cap thins considerably to the south and east, and this is validated with the limited drilling completed to date. The current model suggests potential for intrusive mafic/ultramafics below this metasedimentary cap, which will be one of the targets of drill testing in 2021.

RC drillhole RKRC037 intersected a highly prospective olivine gabbronorite and pyroxenite intrusive package to 296m downhole, finishing in meta-BIF interpreted to be a basal contact position. Disseminated Ni-Cu sulphide was encountered from 204m downhole (see Figure 1 and Figure 2), confirming the mineralised intrusive package continues south of existing drilling.

RKRC038 intersected an upper metasedimentary assemblage of meta-BIF and felsic granulites before intersecting the highly prospective olivine gabbronorite through to 289m downhole. Highly encouraging heavy disseminated to matrix Ni-Cu sulphide mineralisation was intersected between 267m and 275m downhole, interpreted to be the southern extension of the Mawson chonolith which hosts the main mineralisation at Mawson. Nickel values up to 1.43% and copper values up to 0.60% suggest the mineralised Mawson intrusive has been intersected and is open to the south, west, and down plunge (see Figure 1 and Figure 2).

DHTEM completed on RKRC037 and RKRC038 is subject to geophysical modelling and interpretation before diamond drill targets can be generated.

RKRC039 was drilled due south of the eastern aircore geochemical anomaly (see Figure 1). The drillhole intersected a dominantly olivine gabbronorite intrusive suite with intermittent pegmatite zones to 231m downhole, before finishing in a metasedimentary assemblage of meta-BIF felsic gneiss. A broad interval of disseminated Ni-Cu sulphide from 159m downhole, including a 5-metre

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zone of heavy disseminated and blebby sulphide from 224m downhole confirms that the Ni-Cu fertile intrusion extends south beyond the eastern aircore geochemical anomaly.

These are highly encouraging results given the similarities of the respective geological settings when compared to the massive sulphide mineralisation of the Mawson discovery. Drill planning for the 2021 field season will focus on these areas as a priority.

Importantly, the RC drilling continues to confirm the Mawson Intrusion extends south and east of the known Mawson Ni-Cu sulphide mineralisation, also confirming the prospectivity for mineralised intrusives in areas with no aircore geochemical anomaly. Additionally, the geological information continually evolves the Mawson geological model, enabling focused diamond drill targeting.

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Figure 1: RKRC037, RKRC038, RKRC039, and RKRC041 drillhole locations

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Figure 2: Section 6,598,400mN looking north.

RKRC041 was targeting primary Ni-Cu sulphide mineralisation below anomalous aircore geochemistry (see Figure 1). Transported cover was encountered to 42m downhole before an insitu supergene zone was encountered, including a high Fe ‘gossan’ zone from 55m to 71m downhole. The drillhole then intersected a large series of mafic and ultramafic intrusives ranging from olivine gabbronorite to lherzolite. The supergene and primary elevated Ni-Cu geochemistry (see Table 1) suggest the intrusives intersected are fertile. The 14m intercept of olivine-rich lherzolite encountered at the bottom of hole is highly encouraging as lithogeochemistry suggests it is identical to the ultramafic at the Mawson discovery. Additional drilling is planned across this mineralised intrusion in 2021.

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Mawson Future Programmes

• Completion of DHTEM modelling from completed DD and RC drillholes.

• Integration of DD, RC, aircore geochemical and geophysical datasets to evolve 3D emplacement model of Mawson, with new constrained gravity and magnetic inversions underway.

• Diamond and RC drillhole planning/design for 2021 field season.

• Phase 1 sighter metallurgical test work on massive sulphide from RKDD034.

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Figure 4: Rockford Project – Mawson Location

Authorised by Mark Wilson, Managing Director.

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Appendix 1 – Drillhole Details

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Appendix 1: Mawson DD and RC Drillhole Details
Hole Type East North RL Azimuth Dip Depth
RKRC037 RC 638,611 6,598,396 200 092 -80 316
RKRC038 RC 638,415 6,598,395 197 086 -80 298
RKRC039 RC 639,014 6,598,500 197 095 -80 319
RKRC041 RC 638,958 6,596,801 200 097 -80 298
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GDA94 Zone 51.

Appendix 2 – Field Logging Guidelines

Legend Field Logging Guidelines

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Sulphide Mode Percentage Range
Disseminated & blebby 1-5%
Heavy Disseminated 5-20%
Matrix 20-40%
Net-Textured 20-40%
Semi-Massive >40% to <80%
Massive >80%
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Cautionary Statement: The sulphide percentage is a visual estimate of total sulphide.

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Competent Person Statement

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.

Forward Looking Statements

This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These forwardlooking statements are based upon a number of estimates, assumptions and expectations that, while considered to be reasonable by Legend Mining Limited, are inherently subject to significant uncertainties and contingencies, involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Legend Mining Limited and any of its officers, employees, agents or associates.

Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, to date there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Legend Mining Limited assumes no obligation to update such information made in this announcement, to reflect the circumstances or events after the date of this announcement.

Visit www.legendmining.com.au for further information and announcements.

For more information contact:

Mr Mark Wilson Mr Oliver Kiddie Managing Director Executive Director Ph: +61 8 9212 0600 Ph: +61 8 9212 0600

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Appendix 3: Legend Mining Ltd – RC Drilling Programmes- Mawson Prospect JORC Code Edition 2012: Table 1

Section 1: Sampling Techniques and Data

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Criteria JORC Code Explanation Commentary
Sampling techniques • Nature and quality of sampling RC Drilling
(e.g. cut channels, random  RC drilling was undertaken along E-W
chips, or specific specialised traverses with holes nominally spaced
industry standard measurement 100-150m apart testing geochemical,
tools appropriate to the minerals geological, and gravity targets.
under investigation, such as  Each metre drilled was collected in a
down hole gamma sondes, or green plastic bag (20-30kg) with a 1m
handheld XRF instruments, representative sample (2-3kg) also
etc.). These examples should collected via a rig mounted cone
not be taken as limiting the splitter.
broad meaning of sampling.  The transported cover in each hole
• Include reference to measures was not sampled.
taken to ensure sample  The residual and fresh portion of each
representivity and the drillhole was sampled as 4m
appropriate calibration of any composites to the end of hole. Where
measurement tools or systems significant sulphides were observed,
used. 1m samples were taken.
• Aspects of the determination of
Samples (RC)
mineralisation that are Material
 All samples weighed 2-3kg.
to the Public Report. In cases
 QAQC standards and duplicate
where ‘industry standard’ work
samples were included routinely
has been done this would be
(approximately 1 each every 50
relatively simple (e.g. ‘reverse
samples).
circulation drilling was used to  Au was analysed by fire assay with an
obtain 1 m samples from which ICP-OES finish. A four acid digest
3 kg was pulverised to produce with ICP-MS finish was used for a
a 30 g charge for fire assay’). In multi-element suite including: Ag, Al,
other cases more explanation As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr,
may be required, such as where Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Ge,
Hf, Ho, In, K, La, Li, Lu, Mg, Mn, Mo,
there is coarse gold that has
Na, Nb, Nd, Ni, P, Pb, Pr, Rb, Re, S,
inherent sampling problems.
Sb, Sc, Se, Sm, Sn, Sr, Ta, Tb, Te,
Unusual commodities or
Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn, Zr.
mineralisation types (e.g.
submarine nodules) may
warrant disclosure of detailed
information.
Drilling techniques • Drill type (e.g. core, reverse  RC drilling utilised a face sampling
circulation, open-hole hammer, 5.5 inch bit and was completed by
rotary air blast, auger, Bangka, Orlando Drilling.
sonic, etc.) and details (e.g.
core diameter, triple or standard
tube, depth of diamond tails,
face-sampling bit or other type,
whether core is oriented and if
so, by what method, etc.).
Drill sample recovery • Method of recording and  No relationship has been determined
assessing core and chip sample between sample recoveries and
grade and there is insufficient data to
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Criteria JORC Code Explanation Commentary
recoveries and results determine if there is a sample bias.
assessed.  Sample recoveries are visually
• Measures taken to maximise estimated for each metre by the
supervising rig geologist with poor or
sample recovery and ensure
wet samples recorded in drill and
representative nature of the
sample log sheets.
samples.  The sample cyclone is routinely
• Whether a relationship exists cleaned at the end of each rod and
between sample recovery and when deemed necessary.
grade and whether sample bias
may have occurred due to
preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples  Geological logging of diamond and
have been geologically and RC drillholes included; lithology,
geotechnically logged to a level grainsize, texture, structure,
of detail to support appropriate deformation, mineralisation, alteration,
Mineral Resource estimation, veining, colour, weathering.
mining studies and metallurgical  The drillholes were logged in their
studies. entirety.
• Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc.)
photography.
• The total length and percentage
of the relevant intersections
logged.
Sub-sampling • If core, whether cut or sawn and RC Drilling
techniques and sample whether quarter, half or all core  4m composite samples were collected
preparation taken. using a PVC spear (2-3kg).
 1m samples comprised 1m rig splits
• If non-core, whether riffled, tube
taken directly from the rig mounted
sampled, rotary split, etc. and
cone splitter.
whether sampled wet or dry.
• For all sample types, the nature, Samples (RC)
quality and appropriateness of  Both wet and dry samples were
the sample preparation collected.
technique.  The samples are dried and pulverised
before analysis.
• Quality control procedures
 QAQC reference samples and
adopted for all sub-sampling
duplicates were routinely submitted
stages to maximise
with each sample batch.
representivity of samples.
 The size of the sample is considered
• Measures taken to ensure that
appropriate for the mineralisation style
the sampling is representative of
sought and for the analytical
the in situ material collected,
technique used.
including for instance results for
field duplicate/second-half
sampling.
• Whether sample sizes are
appropriate to the grain size of
the material being sampled.
Quality of assay data • The nature, quality and  All RC drill samples were analysed for
and laboratory tests appropriateness of the assaying Au by 50g fire assay with an ICP-OES
and laboratory procedures used finish, and for a multi-element suite by
ICP-MS following a four acid digest.
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Criteria JORC Code Explanation Commentary
and whether the technique is These assay methods are considered
considered partial or total. appropriate.
• For geophysical tools,  QAQC standards and duplicate
spectrometers, handheld XRF samples were included routinely
instruments, etc., the (approximately 1 each every 50
parameters used in determining samples). In addition reliance is
the analysis including placed on laboratory procedures and
instrument make and model, internal laboratory batch standards
reading times, calibrations and blanks.
factors applied and their  All samples were analysed by Intertek
derivation, etc. Genalysis Laboratory Services Perth
using methods; FA50/OE04 (Au),
• Nature of quality control
4A/MS48 (multi-elements) and
procedures adopted (e.g.
4A/MS48R (REE extended suite).
standards, blanks, duplicates,
external laboratory checks) and
whether acceptable levels of
accuracy (i.e. lack of bias) and
precision have been
established.
Verification of • The verification of significant  Significant intersections were verified
sampling and assaying intersections by either by senior exploration personnel.
independent or alternative  Primary data was collected in the field
company personnel. using a set of standard logging
• The use of twinned holes. templates and entered into a laptop
computer.
• Documentation of primary data,  The data was forwarded to Legend’s
data entry procedures, data
database manager for validation and
verification, data storage loading into the company’s drilling
(physical and electronic) database.
protocols.  No adjustments of assay results have
been undertaken.
• Discuss any adjustment to
 No sampling of the diamond drill core
assay data.
has been undertaken
Location of data points • Accuracy and quality of surveys  The drillhole collar was surveyed with
used to locate drill holes (collar a handheld GPS unit with an accuracy
and down-hole surveys), of ±5m which is considered
trenches, mine workings and sufficiently accurate for the purpose of
other locations used in Mineral the drillhole.
Resource estimation.  All co-ordinates are expressed in
GDA94 datum, Zone 51.
• Specification of the grid system
used.  Regional topographic control has an
accuracy of ±2m based on detailed
• Quality and adequacy of DTM data.
topographic control.
Data spacing and • Data spacing for reporting of RC Drilling
distribution Exploration Results.  RC drilling was at a nominal 100-
150m spacing along E-W traverses.
• Whether the data spacing and
 Drillholes are sampled in the residual
distribution is sufficient to
and fresh portions of the profile only
establish the degree of
as 4m composites, with detailed 1m
geological and grade continuity
sampling of sulphide bearing
appropriate for the Mineral
intervals.
Resource and Ore Reserve
estimation procedure(s) and
classifications applied.
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Criteria JORC Code Explanation Commentary
• Whether sample compositing
has been applied.
Orientation of data in • Whether the orientation of  The relationship between drill
relation to geological sampling achieves unbiased orientation and mineralisation is
structure sampling of possible structures unknown.
and the extent to which this is
known, considering the deposit
type.
• If the relationship between the
drilling orientation and the
orientation of key mineralised
structures is considered to have
introduced a sampling bias, this
should be assessed and
reported if material.
Sample security • The measures taken to ensure  Individual calico sample bags from the
sample security. RC drilling were placed in polyweave
bags and hand delivered directly to
the assay laboratory in Kalgoorlie by
company personnel.
Audits or reviews • The results of any audits or  Internal audits/reviews of procedures
reviews of sampling techniques are ongoing, however no external
reviews have been undertaken.
and data.
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Section 2: Reporting of Exploration Results

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Criteria JORC Code Explanation Commentary
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Criteria JORC Code Explanation Commentary	Criteria JORC Code Explanation Commentary	Criteria JORC Code Explanation Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Rockford Project comprises nine granted exploration licences, covering 2,430km2, (Legend manager). Rockford JV tenements: E28/2188, 2189, 2192 (70% Legend, 30% Rockford Minerals Pty Ltd) E28/1716, 1717, 1718, 1727 (70% Legend, 30% Ponton Minerals Pty Ltd). Legend 100%: E28/2404, 2405. The Project is located 280km east of Kalgoorlie mostly on vacant crown land with the eastern portion on Kanandah Pastoral Station. There are no Native Title Claims over tenements E28/1716, 1717, 2192, 2405. Tenements E28/2188, and E28/2189 are covered 20% and 85% respectively by the Untiri Pulka Native Title Claim. Tenements E28/1718, E28/1727 & E28/2404 are covered 90%, 20% and 100% respectively by the Ngadju Native Title Claim. The tenements are in good standing and there arenoknown impediments.

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Exploration done by other parties	• Acknowledgment and appraisal of exploration by otherparties.	Not applicable, not referred to.
Geology	• Deposit type, geological setting and style of mineralisation.	The primary target is Nova style nickel-copper mineralisation hosted in mafic/ultramafic intrusives within the Fraser Zone of the larger Albany- Fraser Orogen. Secondary targets include VMS style zinc-copper-lead-silver mineralisation and structurally controlled Tropicana style gold.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Refer to Appendix 1 of drillhole collars.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	Weighted averages are presented.

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Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Drillhole intercepts/intervals are measured downhole in metres.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Project and drillhole location maps have been included in the body of the report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Assay results presented are balanced.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Detailed high quality aeromagnetic and gravity datasets along with previous aircore drilling has been used to target drilling. GEM Geophysics completed downhole EM surveying of RKRC038 DHTEM Details Loop Size: 300m x 300m, double turn Station Spacing: 2-10m intervals Sensor: B-field DigiAtlantis Base/frequency: 0.125Hz Stacking: ~32-64 stacks, 2-3 repeatable readings
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step- out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Assessment of geochemical results. Full integration of geological, geophysical, and geochemical data. Plan further diamond drillholes. Continue RC drilling at Mawson testing geochemical and geophysical targets. Ongoing assessment of RC and aircore drilling and geochemical results to assist further RC and diamond drillhole design.

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