Legacy Minerals : Portfolio Exploration Update

For personal use only

Portfolio Exploration Update

Legacy Minerals Holdings Limited (ASX: LGM, "LGM", "the Company" or "Legacy Minerals") is pleased to provide an update of recent exploration in its mineral tenement portfolio.

Rockley

• Detailed airborne magnetics and radiometric flown, totalling 450 line-km at 50m line spacing with processing and targeting report expected within three weeks.

Bauloora

• Assays pending for 7 of 10 reverse circulation percussion (RC) holes expected within three weeks from drilling at the Mt Felstead Prospect.
• Downhole electromagnetics (DHEM) completed on three holes at the Mt Felstead Prospect. The Company is currently interpreting results.

Harden

• Assays from the completed drilling at the Harden Gold Mine in Q1 2022 are anticipated within three weeks with delays due to assay turn arounds.

Cobar

• Soil sample collection programs are nearing completion across three priority areas adjacent to Aurelia Metals' Peak Gold Mines (AMI:ASX) and 15km from the CSA mine recently purchased by Metals Acquisition Corp (MAC) for US$1.1 billion consideration1.
• Ground magnetics is underway across the northern portion of the project area. Results are expected within six weeks.

Fontenoy and Mulholland

• Earth AI will use its machine learning to target zones of potential mineralisation across the projects. Results are expected to lead to geological mapping over the next three months.

Recent Corporate Highlights

• A $4.5M Exploration Alliance signed with Earth AI across battery and critical minerals focused projects - Mulholland (Nickel, Tin, Cobalt, Copper) and Fontenoy (Copper, Gold, Nickel)2

Recent Exploration Highlights

Bauloora - Initial drill results from Mt Felstead Prospect3 including:

• 9m at 9.9% Zn + Pb, 2.0g/t Au, 28.4g/t Ag, and 0.2% Cu from 145m, including o 2m at 29.3% Zn + Pb, 5.4g/t Au, 94.1g/t Ag, and 0.4% Cu from 148m.

Rockley - extensive copper and gold mineralisation identified in rock samples over an area of 8km2, in which Legacy Minerals is targeting Cu-Au porphyry related mineralisation.

Bauloora - A large scale, 80-line km gradient array induced polarisation survey highlighted numerous areas for prospective low sulphidation Au-Ag targets.4

ABN 43 650 398 897 Level 7, 1 Margaret Street Sydney

ASX: LGM

Page 1 of 8 www.legacyminerals.com.au

For personal use only

Bauloora Project Update

Drill Results and Geophysical Work

Assays are pending for seven reverse circulation percussion (RC) drill holes that intersected breccia and vein-hosted zinc and lead mineralisation5. Initial RC drill chip assays have been received for three holes, with DHEM completed on those holes (Figure 1). Preliminary review of the data identified significant noise in the survey that may impact the suitability of the report. Interpretation of the DHEM results is expected over the coming weeks.

5 ASX LGM 11 April 2022: Outstanding High-Grade Drilling Assays Returned at Bauloora

Page 2 of 8 | ABN 43 650 398 897

Level 7, 1 Margaret Street Sydney

www.legacyminerals.com.au

ASX: LGM

For personal use only

Cobar

Geochemistry and Geophysics

Soil programs are nearing completion across the Woggle, Kidman, Yarrawonga, and Hillview Prospect areas (Figure 2). Currently ~3,500 samples have been collated and submitted for assays. Legacy Minerals expects the completion of the program and return of the assays within eight weeks. Completion of the ground magnetic survey, processing, and interpretation is also expected within six weeks.

Page 3 of 8 | ABN 43 650 398 897 Level 7, 1 Margaret Street Sydney www.legacyminerals.com.au

ASX: LGM

For personal use only

Rockley

Geophysical Work

Legacy Minerals engaged Thomson Airborne who has completed a detailed 440-line km aerial magnetic and radiometric survey, on 100m line spacing, across the northern and southern Rockley Project Areas (Figure 3). This provides the Company with a more defined data set than the currently available government data (Figure 4). The Company has engaged GeoDiscovery group to conduct the initial processing of the data with targeting reports and final interpretations expected in coming weeks.

Figure 3: Thomson Airborne's Magnetic and Radiometric Rotary-wing turbine AS350BA Squirrel

Page 4 of 8 | ABN 43 650 398 897 Level 7, 1 Margaret Street Sydney www.legacyminerals.com.au

ASX: LGM

For personal use only

Harden

Drill Results

Diamond drilling at the Harden Gold Mine Prospect was completed early in Quarter 1 2022 (Figure 5). The Company are awaiting final assays from the remaining diamond holes, which are expected within the next three weeks. Delays have been attributed to broad assay delays in the industry, as well as the additional quality control and assurance processes undertaken by the Company to ensure accuracy in reporting gold assays knowing the fine grain gold program identified in the previous RC drill campaign.

Figure 5: Harden Gold Mine Corridor and drilling (LGM and historical)6,7

1. ASX LGM 15 December 2021: Visible Gold Intercepted & Re-assays Upgrade Gold Results
2. ASX LGM 3 November 2021: Assays Returned for Maiden Drill Campaign at Harden

Page 5 of 8 | ABN 43 650 398 897

Level 7, 1 Margaret Street Sydney

www.legacyminerals.com.au

ASX: LGM