Legacy Iron Ore (LCY) H2 2024 earnings summary

Executive summary

• Commenced gold mining at Mount Celia in Nov 2023, with first ore sale in Mar 2024 (21,000 tonnes at ~1g/t) via an Ore Purchase Agreement with Paddington Gold.

• Raised $19.6 million in Mar 2024 through a pro rata entitlement offer, strengthening cash reserves to $14.3 million.

• Mount Bevan JV with Hancock Magnetite and Hawthorn Resources advanced, with pre-feasibility studies and planned 6,000–8,000m drilling for lithium and iron ore.

• Ongoing exploration at Koongie Park, Ruby Plains, Taylor Lookout, and Sophie Downs for gold, base metals, and critical minerals.

Financial highlights

• Recorded first revenue from operations: $2.08 million from ore sales.

• Net loss of $9.59 million for FY24, compared to a $2.01 million profit in FY23.

• Gain of $2.39 million from partial disposal of Mount Bevan JV interest.

• Cash on hand at 31 Mar 2024: $11.38 million; term deposits: $3.0 million.

• Share capital increased to $86.3 million after rights issue.

Outlook and guidance

• Focus remains on ramping up gold production at Mount Celia and expanding exploration across all projects.

• Planned 72,200m of drilling at South Laverton over several years; 31,300m RC drilling at Mount Celia in 2024/25.

• Mount Bevan JV to complete 6,000–8,000m drilling for lithium and iron ore; pre-feasibility study under review.

• Continued exploration at East Kimberley, Ruby Plains, Taylor Lookout, and Sophie Downs, with significant drilling and sampling planned.