• Expanded Stage 2 Scoping Study underway to evaluate entire 1.2Moz Gold-Eq. resource
• Positive outcomes from Metallurgical Bridging Study, with flotation processing to maximize recoveries
• Significant existing infrastructure at Mt Carrington, with ~$40M in sunk capital

Legacy Minerals Holdings Ltd (ASX: LGM) has completed a positive Metallurgical Bridging Study and is progressing with an expanded, Stage 2 Scoping Study at the Mt Carrington Gold-Silver Project in NSW. The fundamental differences in the expanded Stage 2 Scoping Study will be the evaluation of the entire 1.2Moz AuEq Mineral Resource, compared to the previous Stage 1 Study which only evaluated 0.2Moz Au, as well as the evaluation of flotation processing to maximize recoveries from the polymetallic deposits. The Metallurgical Bridging Study recognized that processing methods that maximize metallurgical recovery of both precious metals with reasonable payability are the key enabler to unlock revenue from the silver-dominant deposits. Utilizing flotation to produce a precious metal concentrate is expected to realize the highest value from both the gold-dominant and silver-dominant deposits. The Stage 1 Scoping Study demonstrated robust financials with an NPV8 of A$404M, an All-in-sustaining cost of A$1,709/oz, and low capital expenditure. Strengthening the development case is the existing infrastructure at Mt Carrington, including stripped open pits, completed haul roads, tailings dam, freshwater dam, grid connection, and other site infrastructure, with Legacy Minerals estimating close to A$40M in sunk capital by previous owners. The Company has a dual-track strategy to unlock value from Mt Carrington, including discovery-focused drilling and project development.

The Stage 1 Scoping Study demonstrated robust financials with an NPV8 of A$404M, an All-in-sustaining cost of A$1,709/oz, and low capital expenditure. The expanded Stage 2 Scoping Study is expected to be completed in early Q1, 2026.

The positive outcomes from the Metallurgical Bridging Study and the updated 2025 Mineral Resource Estimate provide a clear and encouraging forward pathway for the Mt Carrington Project. The study demonstrates the potential for growth and value creation, with a streamlined, precious-metals-focused flowsheet representing the most robust and economically attractive development route for the project while providing flexibility for potential future recovery of copper and zinc.