Legacy Iron Ore Limited (Legacy Iron or the Company) is pleased to announce the completion of the PQ size (85mm) diamond drilling programme for metallurgical studies at the Mt Celia project.

A total of 460m was drilled over 5 drillholes. Metallurgical studies are ongoing from 6 composite samples generated from core drilling and one from the RC drilling. It is anticipated that the complete results of these studies will be available in midDecember.

Understanding of the geotechnical parameters is important to assist in any ongoing pit design work. Two HQ size drill holes totaling 150 m were completed at the Blue Peter deposit for this purpose. In addition, a drilling programme for 5 more HQ (64mm) size drillholes (550 m) has commenced. SRK consulting is undertaking geotechnical studies.

In line with the Company's objective to grow the current inferred resource, another 3,324m across 40 holes of RC drilling was completed in the month of September. Assay results are currently being interpreted and it is expected that results will be published to the market by the second week of November.

Next Steps

The company is focusing on increase the overall resource for the Mt Celia project and to convert the JORC current inferred resources into an indicated category. Upon receiving all assay results, additional resource modelling and pit optimization work will be undertaken.

The company aims to complete resource estimation work by December 2020, with metallurgical and geotechnical studies also expected to be completed by this time to support the pre-feasibility study of the project. Consistent with the objective of moving towards feasibility, the Company continues to work through the required regulatory approvals undertaking the necessary environmental and heritage studies.

The first-round of environmental survey work has been completed and plans are underway to complete the second round of surveys by the end of October. Work is also underway to convert the current exploration licence to a mining lease.

A total of 207 drill holes including 24 diamond holes (totaling 15,099 m of drilling) were considered for use in the Kangaroo Bore resource estimate. The majority of the data used for the resource estimation was derived from historical drilling.

The Kangaroo Bore deposit is hosted by the Laverton Tectonic Complex, a strongly faulted and folded greenstone sequence that forms part of the larger Edjudina-Laverton greenstone belt. The mineralisation occurs within the Kangaroo Bore shear zone, which strikes to the northwest, and dips steeply to the northeast. The gold mineralisation occurs predominantly within micro-folded quartz-carbonate veins hosted within silicified quartz-pyrophyllite schists.

The Blue Peter prospect is located approximately 2-3km south of the Kangaroo Bore with in the Mt Celia Project. A total of 122 RC holes (totaling 9,356 m of drilling) were considered for use in the Blue Peter current resource estimates. At Blue Peter, the mineralisation is hosted within a set of narrow, subparallel lodes that strike to the northwest and dip steeply to the northeast. The mineralisation occurs over a strike extent of approximately 2 km, and comprises three main sub-regions: Blue Peter North, Blue Peter/Blue Peter South/ Blue Peter West, and Coronation, which have approximate strike lengths of 130 m, 620 m, and 200 m, respectively.

Within these subregions, the nominal drill spacing is 25 m. The section lines are oriented orthogonal to the general strike of the mineralisation, with most of the holes dipping at 60-degree to the southwest.

Contact:

Rakesh Gupta

Tel: +61 8 9421 2000

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