Legacy Iron Ore (LCY) H2 2025 earnings summary

Executive summary

• Achieved significant operational progress with steady gold mining at Mount Celia and expanded resource base through 45,000+ metres of drilling, resulting in upgraded Mineral Resource Estimates and first-time reporting of measured category resources.

• Raised A$22.53 million via a pro rata entitlement offer, reflecting strong shareholder support, and maintained healthy cash and term deposits of $10.5 million at year-end.

• Advanced Mount Bevan Iron Ore Project with completion of Pre-Feasibility Study (PFS); Hancock increased its stake to 63.43% and Legacy Iron retained 36.57%.

• Entered a Right to Mine agreement with Bain Global Resources to accelerate Mount Celia development, with Bain funding up to $10 million in mining activities against a profit-sharing arrangement.

Financial highlights

• Revenue surged to $43.34 million (FY25) from $2.08 million (FY24), driven by increased ore sales to Paddington Gold.

• Net loss widened to $27.95 million (FY25) from $9.59 million (FY24), impacted by higher mining and selling expenses, and a $1.22 million loss on disposal of Mount Bevan JV interest.

• Cash on hand at 31 March 2025 was $1.49 million, with $9 million in term deposits.

• No dividends declared or paid.

Outlook and guidance

• Plans to continue gold mining at Mount Celia under the Right to Mine agreement and ongoing mineral exploration across projects.

• Focus remains on advancing Mount Bevan through feasibility studies and further de-risking, with staged investment approach.

• Exploration to continue at South Laverton, East Kimberley, and Mount Bevan for gold, base metals, and lithium.