Legend Mining (LEG) H2 2025 earnings summary

Executive summary

• Experienced a year of significant change, including leadership transition and project acquisitions, notably the Pinnacle Well Project in the Leonora gold district, expanding the company’s gold exposure.

• Heritage Protection Agreement signed for Pinnacle Well, enabling exploration activities and future drilling plans.

• Continued tenement rationalisation at Rockford Project due to negative nickel sentiment and ongoing native title negotiations; no exploration work conducted at Rockford in 2025.

• Maintained strong shareholder support, with top 20 holding 64% of the register, and ended the year with a cash position of approximately $10.4M.

Financial highlights

• Net loss after tax for 2025 was $11.85M, compared to a loss of $5.25M in 2024.

• Revenue for 2025 was $524,833, down from $649,357 in 2024.

• Deferred exploration costs write-back amounted to $10.12M, reflecting significant tenement relinquishments.

• Cash and cash equivalents at year-end were $10.43M, down from $11.10M at the end of 2024.

• No dividends paid or recommended for the year.

Outlook and guidance

• Focus on advancing Pinnacle Well Project with planned drilling and further geophysical surveys in 2026.

• Continued negotiations for land access at Rockford Project, with future work contingent on agreement.

• Strong cash position supports ongoing exploration and operational activities.