Legacy Minerals’ Exploration Push Raises Stakes Amid Resource and Processing Uncertainties

Exploration Breakthroughs at Mt Carrington

Legacy Minerals Holdings Limited has delivered a robust update for the September 2025 quarter, spotlighting significant advances at its flagship Mt Carrington Project in northern New South Wales. A detailed airborne magnetotelluric (MT) survey has delineated multiple high-priority targets, including extensive strike extensions of known mineralised systems and previously unrecognised gold-silver-copper zones. These findings have catalysed the commencement of drilling at two key prospects – Battery and Mascotte.

The airborne MT data, interpreted by seasoned consultants with a track record in similar terrains, has not only confirmed known mineralisation but also exposed deeper and broader conductive structures that could host substantial mineral resources. This geophysical breakthrough underpins Legacy’s strategic focus on expanding the project’s 1.2 million ounce gold-equivalent resource base.

Drilling and Metallurgical Progress

Drilling approvals secured from the NSW Government have enabled Legacy to initiate diamond drilling programs targeting the Battery gold-copper and Mascotte silver-gold prospects. Notably, historical drilling at Mascotte was shallow and limited in scope, leaving a significant strike length untested. The current campaign aims to unlock this potential with modern techniques and deeper drilling.

Complementing exploration, Legacy has engaged Ausenco Pty Ltd to conduct a metallurgical bridging study. This study is critical to evaluating processing pathways for the entire Mt Carrington resource and will feed into a Stage 2 Scoping Study expected by early 2026. The metallurgical insights will be pivotal in defining the project’s economic viability and guiding future development decisions.

Encouraging Assay Results at Thomson

At the Thomson Project, assay results from initial diamond drilling have confirmed promising zones of silver, tungsten, base metals, and elevated gold associated with quartz-sulphide veins. The geological and geochemical signatures support the presence of a large intrusion-related gold and copper system, a style of mineralisation known for its scale and economic significance. These results bolster Legacy’s confidence in the district’s potential and justify further drilling and exploration.

Fontenoy PGE Drill Campaign Advances

In the generative project space, Legacy’s joint venture partner Earth AI has commenced a substantial 10,000-metre diamond drilling program at the Fontenoy Platinum Group Elements (PGE) Project. This campaign targets conductivity anomalies identified in recent airborne geophysical surveys and aims to test extensions of previously intersected PGE and copper-gold mineralisation. The program is fully funded under the farm-in agreement, reflecting strong partner commitment and reducing Legacy’s capital exposure.

Financial Position and Outlook

Legacy Minerals closed the quarter with a healthy cash position of $6.2 million, supporting ongoing exploration and study activities. Exploration expenditure for the quarter was $729,000, reflecting active drilling, geophysical surveys, and metallurgical work. With no production or development activities reported yet, the company remains focused on advancing its resource base and de-risking projects through systematic exploration and technical studies.

CEO Christopher Byrne emphasised the momentum at Mt Carrington and the broader portfolio, highlighting the potential for resource growth and value creation as drilling and studies progress. The company’s multi-pronged approach across gold, silver, copper, and PGEs positions it well to capitalise on emerging opportunities in NSW’s mineral-rich terrains.