Legacy Iron Ore (LCY) H2 2024 earnings summary

Executive summary

• Commenced gold mining at Mount Celia in Nov 2023, with first ore sale (21,000 tonnes) in Mar 2024 under an Ore Purchase Agreement with Paddington Gold Pty Ltd.

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

• Continued pre-feasibility studies and planned 6,000–8,000m drilling at Mount Bevan JV (iron ore, lithium, and other minerals).

• 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: $2,083,003 from ore sales.

• Net loss of $9,591,740 for FY24 (prior year: $2,007,001 profit).

• Gain of $2,394,790 from partial disposal of 4.5% interest in Mount Bevan (Other Minerals) JV.

• Cash and cash equivalents at year-end: $11,375,491; term deposits: $3,000,000.

• Total assets: $47,215,324; net assets: $34,902,619.

• No dividends declared or paid.

Outlook and guidance

• Focus remains on advancing Mount Celia gold production and resource upgrades.

• Planned extensive drilling at South Laverton, Yilgangi, Yerilla, Patricia North, and Sunrise Bore prospects.

• Mount Bevan JV to complete pre-feasibility and commence major drilling for lithium and iron ore.

• Continued exploration at East Kimberley projects targeting base metals, gold, REE, and tungsten.