Legend Mining (LEG) H2 2024 earnings summary

Executive summary

• Severe weather in 2024 delayed exploration at the Rockford Project until July, impacting survey schedules and engagement with Native Title Landholders.

• Despite operational setbacks, EM surveys at Octagonal, Magnus, and Area Y were completed in the second half of the year.

• Ongoing rationalisation of tenements to conserve capital and focus on high-prospect areas.

• Cash position at year-end was $11.2M, further strengthened by a $1.77M R&D refund received in January 2025.

Financial highlights

• Net loss after tax for 2024 was $5,247,831, compared to a loss of $5,019,320 in 2023.

• Revenue for 2024 was $649,357, up from $592,145 in 2023, primarily from finance income.

• Deferred exploration costs decreased to $36.1M from $39.9M, reflecting impairment and rationalisation.

• Cash and cash equivalents at 31 December 2024 were $11.1M.

• No dividends were paid or proposed for the year.

Outlook and guidance

• Continued focus on progressing land access agreements with Native Title Landholders into 2025.

• Ongoing tenement rationalisation and search for new projects to conserve capital and enhance portfolio quality.

• Drilling at Octagonal and Magnus to be guided by new EM data and subject to regulatory approvals.