Legacy Iron Ore (LCY) H1 2025 earnings summary

Executive summary

• Achieved first gold ore sales from Mount Celia in Q1 2024, with mining advancing at Blue Peter and Kangaroo Bore pits; 183,367 tonnes mined at 1.17g/t for 6,877 oz gold in H1 FY25.

• Completed Pre-Feasibility Study (PFS) for Mt. Bevan Iron Ore JV; JV partners approved a ~A$20M forward works program to further de-risk and optimize the project.

• Focused exploration across South Laverton, East Kimberley, and Mount Bevan projects, with significant drilling and resource definition activities.

• Reported a net loss of $16.76M for H1 2024 (vs. $1.67M profit in H1 2023), with revenue of $26.79M from ore sales.

Financial highlights

• Revenue: $26.79M from ore sales to Paddington Gold Pty Ltd in H1 2024.

• Net loss: $16.76M for H1 2024, compared to $1.67M profit in H1 2023.

• Cash on hand: $2.12M at 30 Sep 2024, down from $11.38M at 31 Mar 2024.

• Loss of $1.22M recognized on disposal of 12.6% interest in Mt. Bevan Magnetite JV post-PFS.

• Total assets: $34.93M; total liabilities: $16.90M as of 30 Sep 2024.

Outlook and guidance

• Plans to raise capital to fund Mt. Celia operations and Mt. Bevan forward works program.

• Continued mining at Blue Peter and Kangaroo Bore, with further pit optimization and resource model updates expected in Q3.

• Ongoing exploration and drilling at South Laverton, East Kimberley, and Mount Bevan projects, including lithium and base metals targets.