Legacy Minerals Maps Fresh Targets at White Rock

Highlights

• New geophysical targets emerge around the White Rock resource

• Fresh drilling approved to test untested chargeable zones

• Mt Carrington Scoping Study progressing alongside exploration

Legacy Minerals has redefined the exploration canvas at White Rock, outlining fresh geophysical targets beyond the existing resource and preparing a new drilling phase that could extend the Mt Carrington silver-gold system.

Legacy Minerals (ASX:LGM) has taken another step forward at the Mt Carrington Project in New South Wales, uncovering a new suite of geophysical targets at the White Rock prospect. These targets, defined through reprocessed induced polarisation data, sit outside the current resource envelope and have yet to be tested by drilling, pointing to fresh growth avenues for this silver-gold system.

By refining historical survey data and integrating it with modern geological interpretation, the company has highlighted zones of elevated chargeability and resistivity that appear to track along and around the existing White Rock resource. This work dovetails with recently granted approval for further drilling at the prospect, providing a clear pipeline of targets designed to test extensions along strike and at depth.

All of this is unfolding against a backdrop of firm precious metal prices and ongoing interest in ASX mining stocks, particularly those with exposure to silver, gold and critical minerals. For Legacy Minerals, the new geophysical interpretation reinforces the view that White Rock may represent only part of a much larger mineralised footprint within the broader Mt Carrington Project area.

What do the new geophysical targets reveal at White Rock?

How were the targets defined?

The latest White Rock targets are the product of reprocessed induced polarisation, or IP, survey data. IP surveys measure how the subsurface responds to an electrical current, producing chargeability and resistivity responses that can be linked to sulphide content, rock type and fluid pathways.

By revisiting and reprocessing earlier data, Legacy Minerals has generated a sharper picture of chargeable zones trending around the known White Rock resource. These zones stand out as coherent anomalies that:

• Sit beyond the current resource shell

• Track along geological contacts and structural trends

• Align with areas that have seen little or no historical drilling

Instead of simply relying on the original IP interpretation, the company has applied updated processing techniques and integrated the results with new geological mapping. This has allowed subtle patterns in the data to emerge, revealing possible extensions to mineralisation and identifying fresh opportunities in parts of the prospect that had not previously stood out.

Why are chargeability and resistivity important here?

At a project like White Rock, silver and associated sulphide minerals can produce distinct geophysical responses. Increased chargeability often reflects higher concentrations of disseminated or vein-hosted sulphide minerals, while resistivity patterns can help distinguish between more conductive and more resistive rock units.

Where chargeable zones coincide with favourable structural positions, prospective host rocks or known mineralisation, they can become high-priority drill targets. The new interpretation at White Rock shows:

• Chargeable bodies clustered around the existing resource

• Anomalies aligned along structural contacts and potential feeder zones

• Zones that remain essentially untested by drilling to date

These untested chargeable regions form the focus of the upcoming drilling program, offering the chance to expand the known mineralised footprint if silver and gold mineralisation is confirmed.

How does this change the outlook for White Rock?

Is the resource still open?

The White Rock resource is already recognised as a shallow silver-dominant body that remains open along strike and at depth. The new targets support the idea that mineralisation may extend well beyond the current modelled outlines, both laterally and vertically.

Legacy Minerals has highlighted that:

• The current resource envelope covers only part of the broader chargeable system

• High-priority chargeability trends flank and underlie the defined resource

• These trends are consistent with possible extensions of the mineralised system

Taken together, this suggests that White Rock could develop from a shallow silver resource into a more extensive, multi-level system if drilling validates the geophysical model. The possibility of step-out discoveries, deeper extensions and new satellite zones around White Rock all form part of this emerging narrative.

What does this mean for Mt Carrington as a whole?

Mt Carrington is already known for a substantial silver equivalent inventory hosted within multiple deposits. White Rock forms one pillar of that broader system, alongside other prospects that contribute gold and silver mineralisation.

The idea that White Rock’s footprint may extend beyond its current boundary carries several implications for the overall project:

• Potential to increase the total silver and gold endowment across the Mt Carrington camp

• Scope to link separate mineralised zones into a larger, more coherent system

• Greater flexibility in future mine planning and development scenarios

As new drilling tests the outer chargeable zones, the outcome will influence not just the White Rock block model but also the way Mt Carrington is viewed as an integrated silver-gold project.

What is planned for the next drilling phase?

Where will the new holes be focused?

Approval has been granted for a further multi-thousand metre drilling campaign at White Rock. While exact collar locations will be guided by ongoing refinement of the geophysical model, the high-level strategy is clear. The drilling is expected to:

• Target chargeable zones that flank the existing White Rock resource

• Step along strike into areas with limited historical drilling

• Probe deeper parts of the system beneath the shallow resource envelope

By testing these new geophysical targets, the company aims to determine whether the chargeability anomalies correspond to sulphide-rich mineralisation carrying silver and gold. Success in even a portion of these targets could open additional lodes, splays or feeders that feed back into the resource model.

How does this interact with the ongoing Scoping Study?

The Mt Carrington Project is currently the subject of a Scoping Study led by an experienced engineering group. That study is examining potential development pathways for the project, encompassing mining options, processing routes, infrastructure requirements and preliminary economic scenarios.

As drilling progresses at White Rock, new results will feed into geological interpretations and may influence aspects of the study, including:

• Resource inventory assumptions

• Potential mine life and production profiles

• Development sequencing between different deposits

Legacy Minerals expects to finalise and release the Scoping Study in early calendar twenty twenty six, overlapping with the timeframe in which new drilling data and assay results from nearby prospects such as Battery and Mascotte begin to emerge. This creates a dynamic environment where exploration and study work inform each other in real time.

How do the Battery and Mascotte prospects fit in?

While White Rock is attracting attention through its new geophysical targets, Legacy Minerals is also active elsewhere within the Mt Carrington Project area. Drilling is continuing at the Battery prospect, with assay results expected around the start of calendar twenty twenty six, and drilling at the Mascotte prospect is set to commence in early first quarter of that year.

These additional prospects broaden the project’s overall metal mix and provide further avenues for resource growth. Together, Battery, Mascotte and White Rock form a cluster of targets that can be evaluated both individually and in combination, with the Scoping Study considering how each might contribute to an integrated development scenario.

On a portfolio level, this multi-prospect approach aligns with how many participants view the ASX stock market, where projects capable of generating multiple deposit options often attract interest for their flexibility and potential scalability.

How does Legacy Minerals’ wider New South Wales portfolio support Mt Carrington?

Legacy Minerals controls a suite of projects across New South Wales covering more than eight thousand square kilometres, prospective for gold, silver, copper and critical minerals. This regional spread allows the company to:

• Pursue Mt Carrington as a near-term advanced exploration and study focus

• Maintain additional discovery exposure through earlier-stage tenements

• Leverage geological insights between projects, particularly in structurally complex terranes

The portfolio includes ground in established mineral provinces where infrastructure, service providers and community familiarity with mining are well developed. This broader footprint also positions the company within key regional trends that have attracted attention from domestic and international groups seeking exposure to Australian base and precious metals.

From an index perspective, Mt Carrington and the wider portfolio exist alongside larger resource and industrial names captured in benchmarks such as the ASX 100 and the ASX ordinaries stocks. Explorers and emerging developers like Legacy Minerals typically sit further along the growth and discovery curve, complementing rather than competing with established producers. For those who focus on income-oriented opportunities such as ASX dividend stocks, companies at Legacy’s stage of development tend to represent thematic and growth-driven exposures rather than near-term yield.

Why are silver and gold themes resonating now?

The combination of silver and gold remains a central theme in global precious metals markets. Silver carries dual demand from both investment channels and industrial applications, including electronics, solar technologies and specialised alloys. Gold, meanwhile, often plays a role as a store of value and a portfolio ballast through cycles of market volatility.

Current pricing conditions for both metals provide an encouraging backdrop for projects like Mt Carrington, particularly where shallow resources can be supplemented by fresh exploration success. At White Rock, the presence of a defined shallow silver resource, combined with indications that mineralisation could extend well beyond the existing envelope, supports the idea that additional drilling may uncover further value within the system.

When geophysical targeting, structural interpretation and drilling come together, they can reveal new shoots, lenses or extensions that previously sat outside historical exploration focus. Mt Carrington now appears to be entering exactly that phase, with White Rock’s new chargeability and resistivity targets standing as tangible exploration catalysts.

What could success at White Rock mean over the longer term?

If upcoming drilling at White Rock successfully converts some of the newly defined chargeable zones into mineralised extensions, the implications for Mt Carrington could be significant. Potential outcomes include:

• Expansion of the shallow silver resource, increasing its footprint along strike

• Discovery of deeper or parallel lodes that add vertical and lateral scale

• Stronger geological evidence for a larger, system-wide mineralisation model

Such results would feed directly into future resource updates, ongoing study work and strategic decisions about how best to stage any future development concept. Even where drilling encounters mixed results, each hole contributes valuable information about the subsurface architecture, guiding subsequent targeting and de-risking the overall geological model.

In the broader context of ASX mining stocks, Mt Carrington and White Rock represent a case study in how targeted re-evaluation of existing data can generate new exploration momentum without necessarily requiring entirely new survey campaigns from the outset.