Mt Carrington Scoping Study

• 19-year mine life producing 373koz Au and 9.91Moz Ag
• Pre-tax NPV7 of A$716M and 38% IRR (Spot Case)
• First-quartile AISC of A$1,061/oz Au (Spot Case)

The Ausenco-led Mt Carrington Scoping Study presents a compelling development case for Legacy Minerals' project, with a 19-year mine life producing 373koz Au and 9.91Moz Ag. Under the Spot Case (Au A$6,500/oz, Ag A$105/oz), the project generates a pre-tax NPV7 of A$716M and an IRR of 38%, with a payback period of 32 months from first production. Even under the more conservative Base Case (Au A$5,950/oz, Ag A$85/oz), the project remains financially robust, delivering a pre-tax NPV7 of A$542M and an IRR of 32%. The project benefits from a low initial capital requirement of A$220.5M, a first-quartile AISC of A$1,061/oz Au (Spot Case), and significant leverage to gold and silver prices. The shallow, open-pit mining operation and conventional, cyanide-free flotation processing flowsheet further support the project's low-cost, low-risk development pathway. Legacy Minerals sees multiple opportunities to enhance the project's value proposition, including near-mine resource growth, improved metallurgical recoveries, increased plant throughput, and the potential inclusion of zinc and copper as saleable by-products.

The Scoping Study indicates a 19-year mine life producing an average of 21,420 oz Au and 568,707 oz Ag per annum, with a peak of 31,934 oz Au and 845,355 oz Ag per annum.

Legacy Minerals plans to advance Mt Carrington towards the Pre-Feasibility Study stage, with a targeted drilling program to convert Inferred Resources to Indicated in key early-mine areas and supporting metallurgical and geotechnical work.