Legacy Iron Ore : Resource update at Golden Rainbow project

About Legacy Iron Ore

ononlyir n re, base metals, tungsten and g ld development and mineral disc very.

Legacy Iron Ore Limited ("Legacy

Iro " or the "Company") is a Western

Australian based Company, focused

Legacy Iron's mission is to increase sharusehold r wealth through capital

growth, cr ated via the discovery,

development and operation of profitable mining assets.

The Company was listed on the

A stralian Securities Exchange on 8 July 2008. Since then, Legacy Iron has had a number of iron ore, manganese and gold discoveries which are now undergoing drilling and resourcepersonaldefinition.

Bo rd

Mr Sumit Deb, Non-ExecutiveChairman

Mr Rakesh Gupta, Chief Executive Officer and board member

Mr Devanathan Ramachandran,

N n-Executive Director

Mr Amitava Mukherjee, Non- Executive Director

Mr Somnath Nandi, Non-ExecutiveDi ector

B n Donovan, Company Secretary

K y Projects

Mt Bevan Iron Ore Project

South Laverton Gold Project

East Kimberley Gold, Base Metals and

REE Project

EnquiFories

Rakesh Gupta

Chief Executive Officer

Ph ne: [phone]

ASX Codes: LCY

LEVEL 6

200 ADELAIDE TERRACE PERTH WA 6000

PO BOX 5768

ST GEORGES TERRACE WA 6831

Phone: [phone]

Fax: [phone]

Email: [e-mail]

Web: www.legacyiron.com.au

ASX Announcement

9 June 2022

Resource update at the

Golden Rainbow Project

Highlights include:

• Resource estimation work identifies follow up targets.
• Golden Rainbow deposit contains gold resources totalling 225,834t @ 1.40 g/t for 10,136 ounces - inferred.
• Resource upgraded to 2012 JORC confidence
• Increases confidence of overall Yilgangi project area

Legacy Iron Ore Limited (Legacy Iron or the Company) is pleased to advise that the recently completed resource estimation update for the Golden Rainbow deposit located in the Yilgangi gold project area has resulted in confirmation of an inferred resource to JORC,2012 reporting standards.

The resource estimate was caried out by BM Geological Services (BMGS) and shows the potential of the Yilgangi area and increases confidence in the ongoing economics of the project.

The revised resource estimation included a portion of the drilling from June 2021 as outlined in Figure 1 below.

For personal use only

Golden

Rainbow

Figure 1. Yilgangi Gold Project

Mineral Resource Statement

A historical resource estimate was completed in 2005 (under the 2004 JORC code standards) for the Golden Rainbow project, with this Mineral Resource estimate being classified in accordance with the 2012 edition of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).

Since acquiring the area from Jackson Gold Ltd in 2009, Legacy Iron has conducted several drilling programs aimed at increasing the geological confidence and resource quality. The data acquired from these programs has been used in conjunction with the existing data to update the Mineral Resource estimate.

The Mineral Resource Statement for Golden Rainbow is presented in Table 1. The estimate is based on a cut-off grade of 0.5 g/t Au. A grade-tonnage curve for Golden Rainbow is presented in Figure 2.

For personal use only

Classification	Tonnage (t)	Grade (g/t Au)	Metal (oz)
Inferred	225,834	1.40	10,136

Table 1. Golden Rainbow - Mineral Resource estimate as at April. 2022

Note: values are based on a 0.5 g/t Au block cut-off.

Figure 2. Grade tonnage curve for Golden Rainbow

Resource Estimation overview

The database used for the current resource estimation contains over 150 reverse circulation (RC) holes. This update includes a portion of the most recent 1335 meters of drilling from 2021 (ASX announcement: Yilgangi Project Continues to grow Dec 2021). Drilling has been performed on section lines oriented orthogonal to the general strike of the lodes. The nominal drill hole spacing is 20 m between sections, and 15-20 m along sections, with most of the holes dipping at 60° to the southwest (260°). The resource update has been restricted to within the already granted mining leases only.

Geological Modelling

Gold mineralisation in the area has been identified along linear zones of alteration within a variety of host rocks. Within the project area, at the Rainbow, Rainbow South (Snowy) and Golden Rainbow deposits, gold occurs in irregular quartz veins associated with pyrite, chlorite alteration and silver.

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The largest producing mine in the region is the Porphyry Gold mine owned by Northern Star Resources Ltd. Gold mineralisation at the Porphyry deposit occurs within two east-dipping shear zones within the Porphyry Quartz Monzonite intrusion. Gold at that project is localised in a series of en echelon lenses, with the highest grades contained within mylonitic zones about 10cm thick. The alteration mineralogy is quartz-muscovite-pyrite with fine-grained hematite likely associated with a late stage of mineralisation. At Porphyry North, mineralisation occurs within and adjacent to a small granitoid stock. Gold is associated with quartz veins and stockworks with pyrite and tourmaline and within narrow quartz-gold-arsenopyrite veins within a sericite-carbonate altered quartz schist.

The historic gold mines of the Yilgangi Mining Centre (7 km south of the project) occur within a coarse clastic sedimentary sequence and/or intrusive monzodiorite plugs along the Keith-Kilkenny Fault Zones. Mineralisation at the Yilgangi Queen deposit is hosted in quartz reefs associated with carbonate plus pyrite haloes. At the Yilgangi King project, monzodiorites and metaconglomerates are sheared with carbonate-quartz-sericite with pyrite and arsenopyrite alteration close to quartz veins.

At the Golden Rainbow project, mineralisation wireframes were created by BMGS in Surpac on 20- 50m sections. The mineralisation was interpreted to be within four North-North-West striking lodes that plunge to the South and dip to the West at 60°. A nominal cut-off of 0.2 g/t was used in the interpretation. However, lower grades were sometimes included to improve continuity. Figure 3 shows the mineralisation wireframes in plan and section views.

For this resource update, the wireframes were based purely on gold grades as there is still work to be done with regards to understanding the orebody. This, however, can lead to multiple potential interpretations and lowers confidence in the final output. It should be mentioned though, that the interpretation does show reasonable orientation continuity and consistency throughout.

For personal use only

Figure 3. Plan, section and long section of the Golden Rainbow wireframes

Grade Modelling

Resource modelling was conducted by BMGS using Geovia Surpac and Snowden's Supervisor software. Using conventional 3D block modelling and ordinary kriging estimation techniques.

The individual lode wireframes included in the geological models were used as estimation domains. A 1m composite length was chosen as most samples were 1m. The wireframes were used to assign mineralization domain codes to the composites.

Statistical analyses were performed on the composite grades within individual and combined domains. Probability plots and distribution disintegration plots were used to identify outlier values, and top cuts were assessed. As the coefficient of variance (CV) was less than 2 and the maximum gold value of 44g/t, no top cut was applied to the composites.

Variography was conducted to quantify grade continuity and assist with the selection of estimation parameters. It was only possible to generate well-structured variograms for lode 1. The parameters from the lode 1 variogram was applied to all other lodes as their orientation and trends are shared amongst all lodes.