Legacy Iron Ore : Quarterly Activities Report

onlyshareh lder wealth through capital growth, created via the discovery, development and operation of profitable mining assets.

About Legacy Iron Ore

Legacy Iron Ore Limited ("Legacy Iron" or the "Company") is a Western Australian based

Compa y, focused on iron ore, base metals,

tu gsten and gold development and mineral discovery.

Legacy Iron's mission is to increase

useare now undergoing drilling and resource definition.

The Company was listed on the Australian

S curiti s Exchange on 8 July 2008. Since

then, Legacy Iron has had a number of iron

ore, manganese and gold discoveries which

Board

Sumit Deb, Non-Executive Chairman Amitava Mukherjee, Non-Executive Director

personalRak sh Gupta

Somn th Nandi, Non-Executive Director

Dev n than Ramachandran, Non-ExecutiveDirector

Rakesh Gupta, Director and Chief Executive Officer

Ben Donovan, Company Secretary

Key Projects

Mt Bevan Iron Ore Project

South Laverton Gold Project

Ea t Kimberley Gold, Base Metals and REE P oject

Enquiries

Chi f Executive Officer

Phone: [phone]

ASX Codes: LCY

LEVEL 6

200 ADELAIDE TERRACE PERTH WA 6000

PO BOX 5768
ST GEORGES TERRACE WA 6831
For	[phone]
Phone:
Fax:	[phone]
Email:	[e-mail]
Web:	www.legacyiron.com.au

Quarterly Report

Period ended 30thJune 2022

29th July 2022

The Company Announcements Office

ASX Limited

Via E Lodgement

REPORT FOR THE QUARTER ENDED

30th June 2022

Please find attached the Company's Quarterly Activities Report for the

quarter ended 30th June 2022.

Yours faithfully

LEGACY IRON ORE LIMITED

Rakesh Gupta

Chief Executive Officer

For personal use only

HIGHLIGHTS

EXPLORATION AND DEVELOPMENT

Mt Celia:

• JT Metallurgical Services continues work on toll treatment options analysis.
• Negotiations for a heritage and mining agreement are underway with Native Title group and the agreement finalisation has reached to an advanced stage.
• The pit optimization and mining studies for the Mt. Celia project are being carried out by AMC Consulting, Perth, using the revised resource model and various mining scenarios. The mining studies are nearing completion and the final report is expected soon.

Mt Bevan:

• The proposed geological mapping and surface sampling planned for lithium and nickel exploration was replaced by a satellite spectral data analysis from RSC. The study has confirmed existing target areas for lithium and nickel as well as suggesting other areas for further investigation.
• The joint venture agreement between Legacy, Hawthorn and Hancock was executed in the first week of April 2022.

Yilgangi:

• The resource estimation works for the Yilgangi Project were completed by BMGS. The updated inferred resource is now 225,834t @ 1.40g/t for 10,136oz (ASX: Resource update at the Golden Rainbow Project 9 June 2022)

Sunrise Bore:

• Follow up RC drilling was completed in 17 holes for 1,440m was completed for the Sunrise Bore project to test strike continuity of the gold intersections received in the RC campaign conducted during June 2021.
• The results for the drilling are expected early next quarter.

Kongie Park:

• RC drilling is awaiting heritage clearance for the Koongie Park project following up targets presented by the MLEM Survey conducted during the last year.
• The talks with Kimberley Land Council (KLC) for the work program clearance for the proposed RC drilling has continued.

Kimberley Tungsten tenements:

• RC drilling is awaiting heritage clearance for the Sophie Downs project following up targets presented by the MLEM Survey conducted during last year.
• Talks with KLC for work program clearance for the proposed RC drilling has continued and the HIA notice has been provided to KLC.
• A drone magnetics survey is planned in the Sophie Downs, Ruby Plains and Taylor Lookout tenements to assist generation of new targets.

DIRECTORS' REPORT (continued)

For personal use only

EXPLORATION

Projects Overview

Legacy Iron Ore (Legacy Iron or the Company) has a committed focus on the company's objective of development of gold, iron ore, and base metal deposits in the Western Australia through exploration. The Company has 10 promising projects encompassing 22 tenements in the Western Australian known mineralised belts (Fig.1). The Company is advancing the projects into higher stages of exploration and development through systematic exploration activities.

Figure 1 Legacy Iron - Project Location

DIRECTORS' REPORT (continued)

South Laverton Gold Hub

For personal use only

Legacy Iron's South Laverton Gold hub includes the projects; Mt Celia, Yerilla, Yilgangi, Sunrise Bore and Patricia North shown in (

Figure2).

Figure 2 Legacy Iron's South Laverton Gold Projects on regional geology

DIRECTORS' REPORT (continued)

For personal use only

Mt Celia:

The Company is working towards the completion of pre-feasibility study and development of the Mt Celia projects including the Kangaroo Bore and Blue Peter deposits.

Sunrise Bore:

Drilling was undertaken at Sunrise Bore to further assess the strike continuity of the Kingsley-2 and RAB-4 anomalies. Drilling was completed in 17 holes for 1,440m with results expected early next quarter (ASX: Exploration update - Drilling completed at Sunrise Bore 14 June 2022).

Yilgangi:

During the quarter, BM Geological Services (BMGS) completed an update of the resource at Golden Rainbow (figure 3). This update brings the inferred resource to 225,834t @ 1.40g/t for 10,136oz (ASX: Resource update at the Golden Rainbow Project 9 June 2022). This result provides a base to commence expanding the resource and increasing confidence.

Next Quarter Agenda

The next quarterly plan for the South Laverton gold hub includes the following main objectives:

• Execution of Heritage and Mining Agreement for the Mt. Celia tenements with the native title claimants.
• Completion of mining studies of the project and work towards the financial model of the project.
• Work on finalization of a mining contractor and toll treatment for the proposed mining activities at the Mt. Celia project.
• The Company continues to work through the required regulatory approvals, including heritage studies, and enter into agreements.

Mt Bevan Project (E29/510-I) Iron and Nickel

During the quarter the joint venture of Mt Bevan has been adjusted with the inclusion of Hancock Magnetite Holdings Pty Ltd (Hancock). Hawthorn Resources Limited (Hawthorn) now holds 28% interest, Legacy holds 42% and Hancock holds 30% interest (ASX: Mt Bevan Joint Venture Update 3 May 2022).

The project is situated 250km north of Kalgoorlie in Western Australia. The project is on a large tenement E29/510 which hosts 1,170 Mt of magnetite resource @ 34.9% Fe

The Company aims to progress the world class magnetite project through joint venture partnership with Hancock. Simultaneously exploring for lithium and nickel-copper mineralisation in the tenement.