Legacy Iron Ore Ltd. and Hawthorn Resources Limited provided an update on the progress of works for the Joint Venture with Hancock Magnetite Holdings Pty Ltd. (Hancock) at the Mt Bevan iron ore project (Project) in Western Australia. Following the execution of the Joint Venture agreement in April 2022, the pre-feasibility study (PFS) has progressed, with Hancock subsidiary and experienced iron ore miner, Atlas Iron, acting as project manager. Key achievements to date include: Mobilisation of reverse circulation (RC) drilling rigs to site; Commencement of diamond drilling rig mobilisation; Completion of heritage survey; and The awarding of major packages of works, including hydrogeology and resource modelling and metallurgical testing.

Preliminary discussions have also been held with the Esperance Port Authority regarding infrastructure requirements as part of an assessment of suitable ports for the export of product. All possible transport options are being considered, including trucking and rail or pump and rail. This includes the potential of transporting to the Geraldton Port.

Mt Bevan is considered to hold excellent potential for the definition of major magnetite resources located relatively close to existing road, rail and port facilities. The project also has potential for direct shipping ore (DSO) hematite discoveries. The Mt Bevan project is a large tenement which hosts 1,170 Mt of magnetite resource @ 34.9% Fe as well as a potential for discovery of nickel-copper mineralisation in the northern most part of the tenement.

Successful exploration and resource definition programs carried out to date have underpinned the potential for a large-scale development at Mt Bevan. The tenement covers the northern portions of the Mt Ida Greenstone belt and is situated in close proximity to a number of historic and current gold mines in the Copperfield - Timoni and Bottle Creek area. Geological mapping and sampling, following a tenement wide aeromagnetic survey, confirmed the presence of three substantial banded iron formation (BIF) horizons within the tenement extending in a north-northwest direction for a strike distance of more than 25 km.

Drilling has shown the Western BIF deposit to have the best and thickest magnetite development coupled with a favorable flat 40 degrees eastern dip. Subsequent drilling, both RC and diamond drilling has led to the establishment of a major open pit magnetite deposit. Three substantial BIF horizons have been identified within the tenement that extend in a north- northwest orientation throughout the entire length of the tenement; a strike distance of more than 25 kilometres.

Following the discovery of lithium-tantalum pegmatites in the Mt Ida area (by Red Dirt Metals), the Joint Venture is conducting exploration of the Eastern and Northern areas of the Mt Bevan lease, where pegmatite dykes are known to occur. Attention is being directed at the extensive pegmatite development in the northern lease area, associated with the Mt Alexander granite intrusion. Granite and pegmatite have been intersected in the St George mafic dyke complex, diamond drilling of the Ni Cu Cathedrals zone.

This area adjoins the Mt Bevan lease. It is covered by sheet wash and drilling will be required to test this area. Scattered surface rubble of pegmatite and vein quartz points to shallow buried pegmatite.