Legend Mining (LEG) Q2 2024 TU earnings summary

Executive summary

• Cash balance of $13.1M at 30 June 2024, with no substantive mining production or development activities during the quarter.

• Field activities were significantly delayed due to unprecedented rainfall and road closures, limiting site access from March to end of June 2024.

• Despite delays, statutory rehabilitation at Mawson was completed and the Octagonal HPFLTEM survey commenced in July 2024.

Financial highlights

• Exploration and evaluation expenditure for the quarter was $447,000.

• $197,000 paid to related parties, covering directors' fees and executive salaries.

• 3,500,000 ordinary shares issued via ESOP exercise during the quarter; 1,500,000 more issued post-quarter.

Outlook and guidance

• Octagonal HPFLTEM survey extension and seismic reprocessing to be completed in July 2024.

• Magnus HPFLTEM survey to commence after Octagonal survey, pending site access.

• Diamond drillhole target generation and heritage clearance at Octagonal and Mawson are planned.

• Ongoing rationalisation of Rockford tenements to reduce expenditure commitments.