Legacy Minerals : Quarterly Activities and Cashflow Reports - June 2022

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ASX ANNOUNCEMENT

29 JULY 2022

June 2022 Quarterly Report

Legacy Minerals Holdings Limited (ASX: LGM, "Legacy Minerals" or "the Company") is pleased to provide shareholders with the following Quarterly Report for the three-month period ended 30 June 2022.

Bauloora Project Highlights

Exceptional gold, silver, lead and zinc metal recoveries reported post-quarter at Mt Felstead Prospect:

• Initial metallurgical test work, using a relatively simple flotation process, has demonstrated exceptionally high recoveries for gold, silver, copper, lead and zinc.
• Indicates mineralisation at the Mt Felstead Prospect is amenable to low-cost industry standard flotation beneficiation and potential for high-quality concentrate product.

Cumulative rougher concentrates 1-3 returned recoveries of:

Cumulative rougher concentrates 1-3 returned grades of:

Outstanding high-grade drilling assays returned at Mt Felstead Prospect.

• Initial reverse circulation percussion (RC) drill hole assays at the Mt Felstead Prospect within the Company's wholly owned Bauloora Project return high-gradezinc, lead, gold and silver assays.
• Highlight drilling intercepts include:
• • Hole BM007 9m at 9.87% Zn + Pb, 2.0g/t Au, 28.4g/t Ag, and 0.16% Cu from 145m, including; 2m at 29.3% Zn + Pb, 5.4g/t Au, 94.1g/t Ag, and 0.43% Cu from 148m.
  • Hole BM008 3m at 1.65g/t Au, 152.8g/t Ag, 0.35% Cu and 6.9% Pb+Zn from 149m,

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Rockley Project Highlights

Extensive gold and copper in rock chips highlight prospectivity of the Rockley Project with the first-pass program identifying significant anomalisms:

• Results returned from rock samples collected during geological mapping at Rockley reported anomalous gold and copper values associated with quartz veined and brecciated Ordovician mafic-ultramafic rocks,
• Significant results from the rock chip assays include:

1. 1.20% Cu, 0.20g/t Au, 21.3g/t Ag, 8ppm Bi,

1. 0.50% Cu, 60ppb Au, 10ppm Mo, 9.7ppm Ag, 394ppm Pb, 479ppm As,

1. 0.24% Cu, 0.25g/t Au, 69.3g/t Ag, 1710ppm Sb, 201ppm As,

• 1. 0.40g/t Au, 801ppm Cu, 4ppm Bi, 40ppm Li.
• These results have defined an area of anomalous copper mineralisation that is ~3km2 in size (Crystal Hill Target Area).

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).
  This allows Legacy Minerals to conduct exploration across multiple tenements in parallel and the planned drilling by Earth AI will afford shareholders discovery exposure in addition the current planned campaigns.

Figure 1: The Legacy Minerals exploration team

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Level 7, 1 Margaret Street SydneyASX: LGM

www.legacyminerals.com.au

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Bauloora

Target mineralisation - low sulphidation epithermal, Au-Ag

Work Completed

Metallurgical test work

Post quarter, Legacy Minerals reported exceptional gold, silver, lead and zinc metal recoveries from metallurgical testwork which commenced during the quarter at the Mt Felstead Prospect, Bauloora. Three metallurgical samples were analysed at ALS Ltd (Perth) which included separate representative samples of massive, semi-massive and veined sulphide mineralisation from the Mt Felstead Prospect. The testing looked to determine the mineral grades (cumulative grade) and recoveries (cumulative recovery) of these samples. The cumulative recovery is the percentage of metals recovered from a concentrate that has gone through stages of flotation. The cumulative concentrate is the total amount of contained metals in a sample that has been recovered through the floatation process.

The flotation process the Company has used is a standard mineral beneficiation process used for processing minerals. It involves circuits of crushing and grinding whereby the minerals of value are concentrated and separated from minerals of no value. This separation is done by taking advantage of mineral hydrophobicity differences. Rougher flotation is usually the first stage of the flotation process where the maximum amount of the valuable mineral is concentrated at a coarse particle size.

Three composite bulk samples consisting of a total of 111.5kg of reverse circulation percussion (RC) material from drill holes BM007 (BKF2938: 149-150m and BKF2939: 152153m) and BM008 (BKF2937: 149-150m) were submitted to ALS Metallurgical Services in Perth for initial bench top flotation test work (Appendix 1). These three samples were collected from the massive sulphide, semi-massive sulphide, and vein-hosted mineralisation present at the Mt Felstead Prospect. The parameters of initial test work included a grind size of 80% passing 75μm and four-stage rougher stage flotation using standard reagents producing a bulk concentrate.

Table 1: Cumulative gold recovery or rougher concentrate 1-3

Table 2: Cumulative silver recovery or rougher concentrate 1-3