Legend Mining : Best Diamond Drillhole to Date at Mawson

ASX:LEG

01 December 2020

ASX Announcement

Best Diamond Drillhole to Date at Mawson

• RKDD034 intersects 43.1m of massive nickel-copper sulphide incl. one zone of 31.1m
• Metallurgy test work to begin on RKDD034
• RKDD033 identifies lower mineralised intrusive with associated off hole DHTEM feature
• 2020 drilling activities now finished with DHTEM to be completed within the next 10 days before demobilisation

Legend Mining Limited (Legend) is pleased to report on observations from diamond drillholes RKDD033 and RKDD034 at the Mawson prospect within the Rockford Project, Fraser Range, Western Australia (See Figure 3). RKDD033 was designed to test the northern extension of the strong 25,000-70,000S off hole conductor identified from RKDD025. RKDD034 was drilled to provide a representative massive nickel-copper sulphide sample for Phase 1 metallurgical test work. The details of the observations are contained in the body of this report.

Legend Managing Director Mr Mark Wilson said: "The 2020 field season has ended in spectacular fashion at Mawson with hole RKDD034 intersecting 43.1m of massive nickel- copper sulphide including one section of 31.1m of continuous massive mineralisation. The scale of the massive mineralisation in this hole talks to the potential of Mawson. The hole was designed to provide samples for phase 1 met testing, the results of which are expected in February next year.

"Diamond hole RKDD033 has also provided a potentially significant pointer for work next year, with nickel copper sulphide intersected within intrusive host rocks at a deeper level than previously drilled at Mawson."

Photo 1 - Massive Ni-Cu Sulphide from RKDD034 from 223m, NQ2

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Registered Office: Level 1 / 8 Kings Park Road, West Perth WA 6005, Australia

TECHNICAL DISCUSSION

RKDD034 - Metallurgical Drillhole

Diamond drillhole RKDD034 was designed as a twin of RKDD008 (see ASX announcement 21 April 2020) for Phase 1 metallurgical test work on a representative massive Ni-Cu sulphide domain of the mineralisation identified at Mawson (see Figure1, Figure 2, and Appendix 1, 2, and 3).

Photo 2 - Massive Ni-Cu Sulphide from the 31.1m intercept in RKDD034 to be sampled for

Metallurgical test work from 220m, HQ

The drillhole intersected an upper zone of mineralised intrusives interleaved with a metasedimentary package to 200.7m downhole. Massive Ni-Cu zones were intersected at 105.1m

• 105.45m, 133.15m - 134.1m, 134.7m - 138.7m, 167.05m - 172.55m downhole. From 200.7m to 231.8m a zone of 31.1m of entirely massive Ni-Cu sulphide was intersected (see Photo 1 & 2). This zone of massive Ni-Cu sulphide was significantly thicker than that intersected in RKDD008 (three zones of 5.6m, 6.9m and 12.8m totalling 25.3m within a 48.3m interval). Two narrow zones of massive Ni-Cu sulphide were identified below this thick intercept at 237.3m - 237.8m and 253.75m - 254.45m downhole. A total of 43.1m of massive Ni-Cu sulphide was intersected in RKDD034, resulting in the thickest massive Ni-Cu sulphide intercept at Mawson to date. This speaks to the potential for more mineralisation to be discovered at Mawson as the drilling footprint expands. This is complicated however, due to the large stratigraphic conductors at Mawson effectively blinding DHTEM visibility when proximal to these conductors. The drillhole will now be sampled for Phase 1 metallurgical test work on the massive sulphide domain.

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Registered Office: Level 1 / 8 Kings Park Road, West Perth WA 6005, Australia

Figure 1: Diamond Drillhole RKDD033 and RKDD034 Locations

Figure 2: Section 6,598,560mN showing diamond drillhole RKDD034

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Registered Office: Level 1 / 8 Kings Park Road, West Perth WA 6005, Australia

RKDD033

Diamond drillhole RKDD033 was designed to test the northern extension of a strong 25,000- 70,000S off hole conductor identified from drillhole RKDD025, and was initially drilled to a depth of 422.4m and subsequently extended to 522.8m (see Figure 1 & Appendix 1). The hole intersected minor gabbronorite followed by a meta-BIF and psammopelitic package, before intersecting prospective gabbronorite to norite intrusive from199.45m - 320.15m. The intrusive package was variably mineralised, including a narrow zone of massive Ni-Cu sulphide between 205.7m - 206.05m and a broad zone of disseminated Ni-Cu sulphide between 254.5m - 315.0m downhole. A metasedimentary package below the intrusive package was cross-cut by the late-stage fault zone identified in previous drillholes, before intersecting further mineralised gabbronorite intrusive from 391.95m - 403.65m downhole. The mineralisation of this lower intrusive unit ranged from heavy disseminated to net-texturedNi-Cu sulphide. This is a highly encouraging development as it is confirmation the mineralised intrusive package is present below the fault.

DHTEM was completed in RKDD033 to a depth of 422.4m and modelling suggested the drillhole missed the main massive sulphide accumulation previously identified in RKDD023 and identified an off hole response associated with the Ni-Cu sulphide zone below the fault. The drillhole was reentered to extend the drillhole to allow for better constraining of the DHTEM feature associated with the lower sulphide zone. Extension of RKDD033 has been completed and additional DHTEM will now be undertaken.

Net-texture and Heavy Disseminated Ni-Cu Sulphide from RKDD033 from 394m, NQ2

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Registered Office: Level 1 / 8 Kings Park Road, West Perth WA 6005, Australia