Legend Mining (LEG) Q1 2025 TU earnings summary

Executive summary

• Received $1.77M R&D cash refund in January 2025, boosting cash balance to $12.2M at 31 March 2025.

• Ongoing negotiations for Land Access Agreements with Native Title Landholders, with draft agreements submitted in December 2024.

• No field exploration activities in March 2025 quarter due to bushfire risk and heritage clearance delays.

• Board changes announced: Managing Director resignation effective May 2025 AGM; Executive Chair to assume MD duties; Company Secretary to join Board.

Financial highlights

• Cash balance stood at $12.2M as of 31 March 2025.

• Received $1,775,386 R&D cash refund in January 2025.

• Exploration and evaluation expenditure for the quarter was $257,000.

• Payments to related parties totaled $198,000, covering directors' fees and salaries.

Outlook and guidance

• Diamond drilling at Magnus and Mawson planned, contingent on heritage clearances.

• Ongoing assessment of new project opportunities to complement corporate and technical strengths.