Legacy Minerals Advances Mt Carrington with Completed Emu Drilling, Initiates Mascotte Phase 2, and Nears Updated Resource Estimate

Emu Copper-Gold Prospect Sees First Modern Drilling in Five Decades

Legacy Minerals completed the first contemporary diamond drilling program at the Emu Copper-Gold Prospect, a key milestone for exploration at Mt Carrington. The eight-hole program encompassed 1,600 metres over five drill pad locations. Situated roughly 8 kilometres north of Drake, New South Wales, within exploration licence EL6273, Emu lies on a regional caldera-margin trend identified through integration of historic geological mapping, surface sampling, and recent airborne Mobile Magnetotelluric geophysics. The prospect hosts the historical Emu Creek copper mine, which operated as both shaft and open cut from 1966 to 1971, underscoring the district’s mining heritage.

The drilling targeted two features defined by airborne Mobile MT survey results: the Emu Porphyry Core, interpreted as a deep, low-resistivity zone indicative of a potential porphyry-style intrusive body, and the Emu Alteration Halo SE, a shallow elevated resistivity zone interpreted as a silicified alteration halo. Copper remains the primary exploration target at Emu, reflecting its historical mining focus. Core samples have been logged and sent for laboratory analysis, with results expected six to eight weeks after the final hole. The company plans further follow-up drilling, signaling confidence in the geological model and exploration data.

Mascotte Phase 2 Drilling Targets Extensions of Significant Gold and Silver Intercepts

After completing Emu drilling, Legacy Minerals is mobilizing diamond drilling rigs to the Mascotte Silver-Gold Prospect to commence Phase 2 exploration. Located about 3.5 kilometres southeast of Drake village within EL6273, Mascotte features extensive historical mining workings. The main mineralized trend extends approximately 1.3 kilometres, offering multiple drilling targets. Phase 2 includes ten initial diamond core drillholes targeting roughly 2,000 metres, with additional approved drill pads allowing program extension if warranted.

This drilling phase aims to test structural and depth extensions of the open mineralized system, focusing on extensions of Phase 1 intercepts such as 40 metres at 1.0 grams per tonne gold from 151 metres depth (including 9 metres at 2.7 grams per tonne gold from 180 metres, hole MSDD001) and a historic intercept of 18.3 metres at 237 grams per tonne silver from 3 metres depth (including 9.1 metres at 394 grams per tonne silver, hole PDMS005A). These results highlight both gold and silver mineralization, supporting the dual precious metal exploration focus.

Updated Mineral Resource Estimate Incorporates New Data Sets

Legacy Minerals announced the updated Mt Carrington Mineral Resource Estimate is nearing completion and expected shortly. Prepared by global advisory firm WSP, the update will support optimization of the planned 2026 Scoping Study. The current 2025 estimate contains 1.2 million ounces gold equivalent, including 653,000 ounces gold and 24 million ounces silver, at 1.1 grams per tonne gold equivalent. The company did not disclose detailed resource classification or deposit breakdown.

The update aims to improve confidence categories, focusing on upgrading Inferred Resources to Indicated Resources by incorporating previously unincorporated historical data sets. This aligns with advancing Mt Carrington toward scoping study optimization. Progress includes defining a straightforward metallurgical processing pathway and confirming saleability of precious metal concentrate, enhancing development confidence.

Geophysical Survey Supports Future Drilling at Mascotte and Battery Prospects

Legacy Minerals engaged Fender Geophysics to conduct the first ground Dipole-Dipole Induced Polarisation (DDIP) survey over the Battery and Mascotte Prospects. This inaugural ground geophysical coverage has been completed, with results under interpretation and integration alongside surface sampling and mapping. The survey included three priority DDIP lines at Mascotte, designed to detect disseminated sulphide and silicification indicative of buried epithermal gold-silver boiling zones and porphyry copper systems.

At the Battery Prospect, the DDIP survey aims to vector toward higher-grade copper mineralization, highlighting copper as a key exploration target. The survey enhances the technical dataset for future drilling and provides new geological vectors. DDIP interpretation results are expected soon and will inform drilling decisions and target refinement, representing a significant upcoming news catalyst.

Dual-Track Approach Drives Discovery and Development at Mt Carrington

Legacy Minerals CEO and Managing Director Christopher Byrne stated the company is at an inflection point at Mt Carrington, with multiple active operational workstreams. He described the Emu copper-gold porphyry-epithermal target as compelling, noting the absence of modern drilling for nearly 50 years prior to the recent program. This exploration gap highlights the target’s untested nature and potential significance of new data. The CEO expressed confidence in the geological framework and value creation potential.

The company’s dual-track strategy combines discovery-focused drilling with development-stage resource estimation. Assay results from Emu drilling and the updated resource estimate are near-term catalysts for shareholder updates. This approach advances new exploration targets while maturing the resource base, aligning with the company’s value creation plan at Mt Carrington. Management anticipates a sequence of news flow from assays, resource updates, and scoping study optimization.

Mt Carrington Project Licences and Regional Exploration Overview

The Mt Carrington Gold-Silver-Copper Project, Legacy Minerals’ flagship asset, is located in New South Wales and comprises exploration licences EL6273, EL9616, EL9727, and ALA75. Both Emu and Mascotte prospects lie within EL6273, concentrating current drilling within one licence. The district has a documented mining history, with Emu Creek copper mine operating from 1966 to 1971 and historical workings at Mascotte, evidencing precious and base metal mineralization.

The regional geology features a caldera-margin trend, commonly associated with epithermal and porphyry-style mineralization. Integration of historical mapping, surface sampling, and modern airborne geophysics underpins prospect targeting. The company did not disclose total project area, historical production, or acquisition timing. Approved additional drill pads at Mascotte and planned follow-up at Emu reflect positive technical assessments pending assay results.

Upcoming News Flow and Material Announcement Timeline

Legacy Minerals outlined a phased news flow roadmap for coming weeks and months. Assay results from the Emu Copper-Gold drilling are expected six to eight weeks after the final hole. Phase 2 diamond drilling at Mascotte is underway, targeting ten drillholes and approximately 2,000 metres. DDIP geophysical survey interpretations over Mascotte and Battery are progressing, providing further targeting data.

Development milestones include imminent completion and release of the updated 2026 Mt Carrington Mineral Resource Estimate by WSP. Following this, the company plans to initiate optimization of the 2026 Scoping Study, advancing toward pre-feasibility technical assessment. This sequence—Emu assay results, Mascotte Phase 2 progress, DDIP interpretation, resource update, and scoping study start—establishes a robust news pipeline through 2026, offering multiple investor engagement opportunities.

Metallurgical Processing and Precious Metal Concentrate Progress

Legacy Minerals reported progress in defining a clear, simple metallurgical processing pathway for Mt Carrington ore, a key milestone supporting development-stage assessment. The company confirmed the saleability of precious metal concentrate, indicating viable commercial routes for marketing processed products. These advances address critical project viability factors—economic extraction, processing, and concentrate sales. Specific metallurgical results, recoveries, concentrate specs, or marketing agreements were not disclosed.

Incorporating metallurgical and marketing validation into the updated resource estimate and scoping study optimization reflects a maturing project assessment. Management’s emphasis suggests favorable commodity price and concentrate market conditions, though no specific assumptions or terms were provided.

Resource Confidence Upgrades Strengthen Development Prospects

A primary objective of the updated Mineral Resource Estimate is enhancing confidence categories by upgrading Inferred Resources to Indicated Resources, which meet higher geological certainty standards suitable for feasibility studies and development planning. This upgrade will be supported by integrating previously unincorporated historical data, such as drilling, underground sampling, or geological mapping, into the resource model.

The transition from Inferred to Indicated classification typically requires additional drilling and data integration, activities likely conducted since the prior estimate. With WSP’s work substantially advanced, the updated resource release is imminent. This confidence improvement directly supports assumptions and economic modeling in the 2026 Scoping Study optimization. The company did not specify the volume of resources reclassified or detail the additional data incorporated.