Legend Mining (LEG) H2 2024 earnings summary

Executive summary

• Extreme weather in 2024 delayed exploration at the Rockford Project until July, impacting survey schedules and engagement with Native Title Landholders.

• Despite setbacks, EM surveys at Octagonal, Magnus, and Area Y were completed in the second half of the year, identifying new conductors and targets.

• Ongoing negative sentiment in the nickel market led to rationalisation of less prospective tenements to conserve capital.

• Cash position at year-end was $11.2M, further strengthened by a $1.77M R&D refund received in January 2025.

Financial highlights

• Net loss after tax for 2024 was $5,247,831, compared to a loss of $5,019,320 in 2023.

• Revenue for 2024 was $649,357, up from $592,145 in 2023, primarily from finance income.

• Impairment of exploration expenditure totaled $4,726,194, reflecting tenement relinquishments and project rationalisation.

• Cash and cash equivalents at 31 December 2024 were $11,100,653.

• No dividends were paid or proposed for the year.

Outlook and guidance

• Updated Land Access Agreements are under negotiation with Native Title Landholders, with further engagement scheduled for 2025.

• Exploration focus will continue on high-priority targets at Octagonal and Magnus, with future drilling subject to regulatory approvals.

• Ongoing tenement rationalisation is expected to further reduce annual expenditure commitments.