Legend Mining : Mawson Diamond Drilling Update

ASX Announcement

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18 November 2021

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Mawson Diamond Drilling Update

• Mawson intrusion extended to north east
• Comprehensive geology, geochemistry and EM datasets to assist interpretation of seismic survey
• Diamond rig demobilised to enable seismic survey, aircore rig on last programme for 2021

Legend Mining Limited (Legend) is pleased to report geology, DHTEM and assay results from the latest diamond drillholes at its flagship Mawson nickel-copper-cobalt prospect within the Rockford Project, Fraser Range, Western Australia (see Figure 6). Comprehensive details are contained in the body of this report.

Legend Managing Director Mr Mark Wilson said: "The data we have gathered at Mawson throughout this year has been comprehensive and greatly increased our knowledge of the intrusion. The intrusion has been extended from circa 400m strike this time last year to 1600m where it now stands.

"Our expectation is that this data will greatly assist the interpretation of the current seismic survey especially deeper than 500m below the surface. The current interpretation is there is a "keel" to the intrusion which extends below 500m and the seismic survey has been designed to see plus 1000m. We are looking forward to the results of the seismic with the anticipation that it will be a guide for diamond drilling next field season."

Photo: Diamond drilling at Mawson

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TECHNICAL DISCUSSION

Below is a technical summary of the geology, DHTEM and assays received from the diamond drilling completed at the Mawson Ni-Cu-Co prospect since the ASX Announcement 26 August 2021. A total of nine further diamond drillholes have been completed (RKDD061 and RKDD073- RKDD080) (see Figure 1).

Systematic step-out diamond drilling continues to grow the Mawson intrusion to the north-east, intersecting mineralised intrusion as well as defining the architecture of the Mawson intrusion in relation to the country rock. The evolving understanding of the Mawson structural architecture has resulted in the potential identification of trap sites for massive Ni-Cu sulphide accumulations in this north-east zone. The 3D model driving predictive exploration at Mawson continues to evolve with new data and continues to be very accurate as a predictive tool for targeting interpreted fertile intrusion. The updated 3D constrained gravity model at this stage appears to have a high correlation for mineralised intrusion. To date, the mineralised intrusive footprint at Mawson extends over 1.6km in strike length. The northern most drill section completed suggests intersection of a new intrusion adjacent to the Mawson intrusion. Future diamond drilling planning at Mawson will focus on continued definition of these mineralised intrusive bodies at depths below 500m based on the interpretation of the seismic data, which is currently under acquisition (see ASX Announcement 8 November 2021). Geological, structural, and geochemical datasets will be combined with seismic, gravity, magnetic, and DHTEM datasets to design our 2022 diamond drill programme to test targets for massive Ni-Cu sulphide accumulation.

Figure 1: Diamond drillhole locations, defined chonolith model, and constrained gravity model projected to

surface over aeromagnetics

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Section 6,599,400mN

Diamond drillholes RKDD074-RKDD076 have been completed on this section, continuing to follow the interpreted mineralised chonolith to the west of RKDD062 (see Figure 1 and Figure 2).

RKDD074 intersected thin meta-BIF, sulphidic pelite and semi-pelite package from 51.9m downhole before intersecting a 230m thick intrusion, dominantly olivine gabbronorite and olivine norite, before entering a norite and biotite norite assemblage top at 299.6m. Dominantly disseminated and blebby Ni-Cu sulphide mineralisation was encountered across two zones, an upper zone and a lower zone, above and below the ultramafic core of this thickened intrusive package (see Photo 1). The drillholes then intersected a meta-conglomerate with minor psammite and meta-BIF before finishing in a graphitic pelite, pelite and psammite package at 442.9m.

Photo 1: Ni-Cu sulphide mineralisation from RKDD074 from 276-279m

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RKDD075 is the westernmost drillhole on section 6,599,400m, marking the westernmost mineralised chonolith intersection on this section. The section remains open to the west, east and north.

The drillhole intersected a disseminated and blebby Ni-Cu sulphide bearing biotite norite intrusive to 106.6m downhole before entering a carbonate-rich and meta-BIF dominated metasedimentary package to 134.1m. The drillhole intersected a second sulphide bearing biotite norite intrusive to 151.3m, including a narrow zone of semi-massiveNi-Cu sulphide at 141m (see Photo 2), before finishing in a thick meta-BIF package with minor granitoid dykes to 457.1m bottom of hole.

Photo 2: Semi-massiveNi-Cu sulphide mineralisation from RKDD075 from 141m

RKDD076 drilled 200m east of RKDD074 encountered an increased thickness of chonolith with disseminated and blebby Ni-Cu sulphide mineralisation encountered across multiple zones through this thickened intrusive package (see Photo 3). The intrusion varied from olivine norite through olivine gabbronorite, and lesser biotite norite and gabbronorite to 329.4m downhole. The drillhole finished in a sequence of psammite, meta-conglomerate, and semi-pelite with extensive granitic intrusives to bottom of hole 441.5m.

DHTEM was completed on all three drillholes (see Table 1). DHTEM targets will be ranked for testing post receival of assay and seismic data.

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Photo 3: Ni-Cu sulphide mineralisation from RKDD076 from 310-312m

Section 6,600,000mN

Four diamond drillholes (RKDD077-080) have been completed on section 6,600,000mN, representing a 400m step out from the previous section to the south (see Figure 1 and Figure 4).

All four drillholes intersected thickened recrystallised and primary mafic intrusive assemblages, dominantly norite and biotite norite, with minor anorthosite zones, interleaved with metasedimentary and orthogneisses with a large amount of granitic intrusive. Minor disseminated Ni-Cu sulphide was encountered in RKDD078 in a gabbronorite host at 228m.

Early interpretation of the geology encountered in RKDD077-080 suggests we have encountered a new mafic intrusion, different to the Mawson intrusion. Geochemical and petrological analysis will be required to confirm this interpretation. Assay results and petrology reporting are pending at the time of writing.

DHTEM was completed on all four drillholes (see Table 1). DHTEM targets will be ranked for testing post receival of assay and seismic data.

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