Legend Mining (LEG) Q3 2024 TU earnings summary

Executive summary

• Field activities at Rockford resumed in July 2024 after weather-related delays, with key EM surveys completed at Octagonal and Magnus prospects.

• Cash position stood at $12M as of 30 September 2024.

• Ongoing tenement rationalisation reduced managed area and minimum expenditure commitments.

• Native Title Landholders' site visit to Mawson delayed to March 2025, impacting heritage clearance timelines.

Financial highlights

• Cash balance of $12M at quarter end.

• Exploration and evaluation expenditure for the quarter was $975,000.

• $198,000 paid to related parties for directors' fees and salaries.

• No substantive mining production or development activities during the quarter.

Outlook and guidance

• Focus on integrating new HPFLTEM and seismic data at Octagonal for future drilling.

• MLTEM survey at Area Y underway, with data processing and target generation ongoing.

• Heritage clearances for drilling at Mawson and Octagonal pending, with negotiations resuming after March 2025.