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ANNUAL REPORT
2023
Contents
Company Directory
Chairman’s Letter
Directors’ Review of Activities
Directors’ Report
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Financial Statements
Directors’ Declaration
Declaration of Auditor’s Independence
Independent Auditor’s Report
Shareholder Information
Tenement Listing
1
2
3
22
29
30
31
32
33
54
55
56
61
62
Web
legendmining.com.au
ASX Code
LEG – ordinary shares
Email
legend@legendmining.com.au
ACN
060 966 145
Company Directory
DIRECTORS
Mark Wilson (Executive Chair)
Oliver Kiddie (Managing Director)
Hilary Macdonald (Non-Executive Director)
SECRETARY
Tony Walsh
REGISTERED OFFICE
Level 1
8 Kings Park Road
WEST PERTH WA 6005
Telephone:
(08) 9212 0600
BANKERS
Australian and New Zealand Banking Group Ltd
1275 Hay Street
WEST PERTH WA 6005
LAWYERS
Thomson Geer
Level 27, Exchange Tower
2 The Esplanade
PERTH WA 6000
AUDITORS
Hall Chadwick
283 Rokeby Road
SUBIACO WA 6008
HOME EXCHANGE
Australian Securities Exchange
2 The Esplanade
PERTH WA 6000
SHARE REGISTRY
Automic
Level 5, 126 Phillip Street
SYDNEY NSW 2000
Email:
Telephone: 1300 288 664 (within Australia)
hello@automicgroup.com.au
+61 2 96985414 (outside Australia)
Legend Mining Limited | Annual Report 2023
1
Directors’ Review of Activities
Letter from the Chair
Dear Fellow Shareholders
Legend has continued its science driven exploration of the Rockford Project seeking
further nickel-copper resources.
Our field activities during 2023 were mostly conducted
at the Octagonal prospect. Interpretation of the
seismic data identified target areas which were
supported by AMT modelling from historical surveys
conducted by the Creasy Group. The sheer scale
and size of these targets justified the diamond drilling
of deep holes to test the targets. Unfortunately the
AMT responses were found to be magnetite and
pyrrhotite, not the massive nickel-copper sulphide we
were hoping for. Encouragingly there were multiple
intercepts of nickel-copper sulphide in the diamond
drillholes as described in detail in the Activities section
of this report.
Subsequently high power fixed loop EM surveys were
carried out over Octagonal which identified several
prospective conductors. The results also pointed to
the need to extend the survey to the East, which will
be our first field activity this year.
At Mawson, AI processing of assay data identified a
target area for future diamond drilling. Interestingly
this area is consistent with geological and seismic
interpretations. Diamond drill testing of this target
area is planned following heritage clearances from the
native title holders.
The board changes which occurred following the
retirement of Michael Atkins have been managed in a
seamless manner. The new roles for myself as Chair,
Oliver Kiddie as Managing Director and the continuing
role for Hilary Macdonald as Non-Executive Director
have not disrupted the function of the Board.
I would like to repeat my thanks to Michael for his
20 years as Chair and acknowledge his significant
contribution to Legend over that period.
Also I wish to thank Oliver and all our staff for their
efforts throughout the year. Legend continues to show
a disciplined approach to exploration for the next
Fraser Range nickel discovery in a very challenging
marketplace for the nickel industry at the present time.
Last but not least I wish to thank you, our loyal
shareholders for your support through out the year.
Despite the recent downturn in our share price, the
top 20 shareholders maintain a very healthy 63% of
the register demonstrating support and belief in our
strategies.
Legend enters 2024 in a very sound financial position,
having received an R&D cash rebate of $3M in
January to add to our cash balance of $11.6M at
December 31. Your Board will continue to focus their
efforts to maximising the value of all the Company’s
assets to the benefit of all shareholders.
Mark Wilson
Executive Chair
2
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 ROCKFORD PROJECT – Fraser Range District
(Nickel-Copper-Cobalt, Copper-Zinc-Silver, Gold)
The Rockford Project is located within the highly prospective Fraser Range district of
Western Australia, with tenure covering a total area of 2,532km2 (see Figures 1 and 2).
Exploration is primarily focussed on magmatic nickel-copper-cobalt (Nova-Bollinger
style), along with volcanogenic massive sulphide (VMS) style zinc-copper-silver and
Tropicana style structurally controlled gold mineralisation.
The Rockford Project comprises 11 granted
exploration licences with a detailed breakdown of
ownership, area and manager given below:
■ Legend (100%) 109km2;
■ Legend (70%)/Creasy Group (30%) Three JVs
covering 1,771km2 with Legend manager;
■ IGO (60%)/Creasy Group (30%)/Legend (10% free
carry) JV covering 634km2 with IGO manager;
■ IGO (70%)/Legend (30% free carry) JV covering
18km2 with IGO manager.
The Rockford Project covers a strike length of ~100km
over a regional gravity high “ridge” associated with
dense mafic/ultramafic intrusive rocks of the Fraser
Zone, within the larger Albany-Fraser Orogen. The
Nova-Bollinger deposit and the Silver Knight deposit,
both located within the Fraser Zone, are situated on
a similar tenor gravity ridge to that of the Rockford
Project.
Figure 1: Rockford Project Location
Legend Mining Limited | Annual Report 2023
3
Directors’ Review of Activities Throughout 2023, Legend continued to advance its
exploration activities across the Rockford Project.
The Company delivered the maiden Mineral Resource
Estimate (MRE) for the Mawson nickel-copper-cobalt
deposit in February 2023. Mawson is a greenfields
discovery in a previously unexplored part of the Fraser
Range. This MRE provides a foundation on which to
grow at both Mawson and across Rockford. With a
view to growing the MRE, 3D seismic reprocessing
and Artificial Intelligence/Machine Learning (AI/ML)
data interrogation has delivered new mineralisation
targets immediately north of the Mawson deposit.
A large (>24km2) 3D seismic survey was completed at
Octagonal during October 2022, with the final model
received in March 2023. Subsequent exploration
of the seismic model saw the completion of four
diamond drillholes during 2023. These four drillholes
represent the first steps in unlocking the nickel-copper
sulphide potential at Octagonal, with all drillholes
intersecting varying levels of nickel-copper (Ni-Cu)
sulphide in prospective host lithologies. In addition,
downhole EM (DHTEM) delineated multiple conductors
interpreted to be related to sulphide mineralisation.
A new high-power fixed loop EM (HPFLTEM) survey
was subsequently completed, identifying new and
existing conductors interpreted to relate to new and
extensions of sulphide mineralisation.
Regionally, extensive datasets have continued to be
expanded and interrogated during 2023 to generate
a new pipeline of prospective nickel-copper-cobalt
sulphide targets across the Rockford Project.
Figure 2: Rockford Project - prospect locations
4
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 MAWSON PROSPECT
Mawson Mineral Resource Estimate
On 2 February 2023, Legend announced a maiden MRE of 1.45Mt @ 1.14% Ni, 0.74% Cu and 0.07% Co (1.2%
NiEq) at the Mawson Deposit. The details of the MRE are in Table 1 below and shown in Figures 3a, 3b, and 4.
MAWSON MINERAL RESOURCE ESTIMATE (JORC 2012) – February 2023
Classification
Tonnage
NiEq
Indicated
Inferred
Total
Mt
0.86
0.59
1.45
%
1.41
0.90
1.20
Ni
%
1.34
0.85
1.14
Cu
%
0.88
0.52
0.74
Co
%
0.08
0.07
0.07
Ni Metal Cu Metal Co Metal
t
t
11,500
7,600
5,000
3,100
t
700
400
16,500
10,600
1,100
Table 1: Mawson Maiden Mineral Resource Estimate by classification reported above 0.5% NiEq cut-off
(see ASX Announcement 2 February 2023)
Figure 3a: Mawson Intrusion and Mineral Resource Classification Area
Legend Mining Limited | Annual Report 2023
5
Directors’ Review of Activities
Figure 3b: Mawson Mineral Resource Classification projected to surface with drillhole locations and chonolith
projected to surface on AMAG
Figure 4: Mawson Mineral Resource Classification – oblique view facing north-west
6
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 Seismic Reprocessing
Reprocessing of the 3D seismic cube at Mawson
has been completed by Velseis Processing Pty
Ltd post the integration of downhole and handheld
petrophysical property data. The resultant updated 3D
seismic cube has refined and confirmed a target area
north of the Mawson Ni-Cu-Co deposit, interpreted
as the extension of the keel of the Mawson chonolith
below the Mawson fault (see Figures 1, 5, and 6).
In addition, SimClustTM machine learning data
generated by SensOre Ltd has independently
identified the keel target zone first defined by diamond
drilling, structural interpretation, and new seismic
modelling. The SimClustTM generated results identified
a fingerprint geochemical signature in the keel zone
identical to that of the Mawson deposit zone (see
Figure 7). The working exploration model is the
Mawson chonolith has intruded from depth, carrying
and depositing Ni-Cu sulphides in traps proximal to
and within the bounding stratigraphic package defined
by the D9 conductor.
Figure 5: Mawson chonolith showing defined target area on 3D gravity model and AMAG.
Legend Mining Limited | Annual Report 2023
7
Directors’ Review of Activities Figure 6: Section F-F’ showing drillholes RKDD037 and RKDD060 projected onto section with chonolith model
and target area below the Mawson fault on reprocessed seismic section.
8
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 Figure 7: SensOre SimClustTM N-space fingerprint analysis by class subsets of the Mawson geochemical dataset,
depicting the relationship between prospective host lithologies and the Ni-Cu sulphide mineralisation population
of the Mawson Ni-Cu-Co deposit.
Legend Mining Limited | Annual Report 2023
9
Directors’ Review of Activities OCTAGONAL PROSPECT
HiSeis Pty Ltd was engaged by Legend to conduct a
3D seismic survey at the highly prospective Octagonal
prospect within the Rockford Project, Fraser Range,
WA (see Figures 1 and 8). The aim of the survey was
to define the architecture of the Octagonal Intrusive
Complex (OIC) in relation to the stratigraphic package,
to a depth of investigation of a minimum 1,500m
below surface. Interpretation of the seismic data
defined multiple priority target areas for diamond drill
testing (see Figure 8).
Figure 8: Priority target areas and diamond drillholes shown with Octagonal intrusion model projected to surface,
HPFLTEM survey loops and preliminary conductors on channel 32HD imagery, and visual Ni-Cu mineralisation on
AMAG.
10
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 Diamond drilling commenced in May and was
completed by September 2023. Four diamond
drillholes for 5,537.5m were completed during the
drilling campaign.
Below is a summary of the exploration activities
across the defined target areas and the greater OIC
for 2023.
Target Area A
Diamond drillhole OCDD003 targeted interpreted
extensions of the Octagonal intrusion based on
seismic interpretation. Beyond this, the drillhole was
designed to test the extension of a highly chargeable
IP trend before continuing to test the top of a large
AMT conductor (see Figures 8 and 9). Narrow ‘fingers’
of intrusion were encountered where the intrusion
was predicted to extend from seismic interpretation.
Narrow zones of Ni-Cu sulphide mineralisation were
also intersected, including a zone of semi-massive,
brecciated Ni-Cu sulphide (see Photo 1) which has
been remobilised into the metasedimentary country
rocks. This is further evidence of the Octagonal
intrusion cracking into the surrounding country rock,
and an encouraging sign for deposition of Ni-Cu
sulphide given the right structural trap.
Indications are that the moderate level (5-10 ohm-m)
audio-magnetotelluric (AMT) target is derived from
magnetite. The drillhole was ceased at 909.4m due to
a distinct change in geology, specifically a transition to
a mafic gneiss and orthogneiss assemblage, which is
interpreted as the Nova footwall sequence (below the
Nova intrusion).
Photo 1: Semi-massive, brecciated Ni-Cu sulphide from diamond drillhole OCDD003 from 501m.
Legend Mining Limited | Annual Report 2023
11
Directors’ Review of Activities Target Area B
Diamond drillhole OCDD005 targeted a coincidental
seismic and AMT zone of the Octagonal intrusion
(see Figures 8 and 10). The drillhole was completed
at a bottom of hole depth of 1,662m. The seismic
zone and associated AMT feature are now confirmed
as a mixing zone of digested metasediments and
gabbroic intrusions. Indications are the AMT feature
is derived from magnetite and pyrrhotite within this
mixing zone. The drillhole intersected an upper suite
of gabbronorites and leucocratic gabbronorites before
intersecting a varied suite of higher MgO intrusion
consisting of olivine gabbronorites, pyroxenites, and
troctolites, with weakly mineralised zones. Extensive
carbonate digestion in the mixing zone of intrusion
and metasediments towards the basal contact
supports the visual observations in OCDD004 that
the Octagonal intrusion cracks into the underlying
and surrounding metasediments. Reduced sulphide
content in the drillhole suggests the sulphide content
of the OIC decreases towards the west. This is
an important indicator, with strong evidence from
completed drilling suggesting that sulphide content
of the OIC increases towards the eastern margins.
This vectoring will allow for more focused drillhole
targeting. OCDD005 has provided valuable structural
information in an area of the OIC not previously drilled,
allowing the integration of physical structural data with
seismic responses to map folding. This folding is a
primary control of the OIC geometry.
DHTEM has been completed with no significant
conductors identified.
Key takeaways from OCDD005 - Target Area B:
■ Intrusion extends at depth, with increased
carbonate digestion proximal to the basal contact
■ Mixing zone of intrusion and metasediment
supports the working model that the OIC cracks
into the surrounding metasediments
■ Sulphide decreased toward the west of the OIC,
vectoring for mineralisation to targeting towards
the eastern margins of the OIC
■ Critical structural data to further understand the
controls of the OIC
Figure 9: Section A-A’ showing drillhole OCDD003 on seismic section and downhole geology.
12
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 Figure 10: Section B-B’ showing drillholes OCDD002, OCDD004 and OCDD005 on seismic section and DHTEM
conductors, downhole geology and structure, the Octagonal intrusion and interpreted intrusion, and AMT targets.
Target Area C
Diamond drillhole OCDD004 targeted the interpreted
‘keel zone’ of the Octagonal intrusion based on
seismic interpretation (see Figures 8 and 10). The
zone is defined by a junction of structures interpreted
to be the source pathway of the Octagonal intrusion.
The drillhole was extended to a bottom of hole
depth of 1,710.8m to test a seismic zone below
known intrusion. The interpreted zone is now
confirmed as intrusion to 1,682m before intersecting
metasediments, interpreted as the basal contact.
The drillhole intersected a suite of mafic to ultramafic
intrusives, including variably mineralised troctolite,
olivine gabbronorite, and pyroxenite, with extensive
carbonate digestion towards the basal contact. In
a highly encouraging prospectivity indicator, fertile
higher MgO intrusion was intersected at depth, with
portable XRF confirming the presence of higher
tenor nickel sulphide than previously encountered
at Octagonal (see Photo 2). In addition, valuable
structural information has been gathered from logging
of the metasedimentary country rocks, allowing the
integration of physical structural data with seismic
responses to map folding. The OIC appears to have
exploited the thick meta-conglomerate horizon,
interpreted as a primary structural pathway for
the OIC. This is a significant development in the
understanding of the emplacement of the OIC and
subsequent targeting of Ni-Cu accumulations. The
known Ni-Cu-Co deposits of the Fraser Range (Nova-
Bollinger, Silver Knight, and Mawson) are all located
proximal to meta-conglomerate horizons.
Legend Mining Limited | Annual Report 2023
13
Directors’ Review of Activities Key takeaways from Target Area C:
■ Fertile intrusion extends at depth, with increased
Ni-Cu sulphide towards basal contact
■ Compelling evidence of identification of the
primary structure exploited by the OIC
■ High MgO intrusion intersected with highest nickel
tenor to date identified at Octagonal
■ Outstanding geological reconciliation with seismic
interpretation allowing for confidence in drillhole
targeting
■ Evidence of mafic-ultramafic intrusions outside
the main OIC
Photo 2: Blebby and disseminated Ni-Cu sulphide intervals from 1,195m to 1,496m in fertile troctolite, olivine
gabbronorite, and pyroxenite in diamond drillhole OCDD004.
14
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 Conductor
Conductance
Dimensions
Plate Orientation Depth to Plate
Plate Dip
OCDD004_1
(Off-hole)
OCDD004_2
(Off-hole)
OCDD004_3
(Off-hole)
OCDD004_4
(Off-hole)
~1,250-1,750S
50m x >50m
ENE-WSW
~1,250-1,750S
50m x >50m
ENE-WSW
~1,250-1,750S
>300m x >100m
NE-SW
~1,000-1,500S
>300m x >200m
NE-SW
~470m
downhole
~565m
downhole
~800m
downhole
~665m
downhole
55-650 NW
55-650 NW
55-650 NW
65-800 SE
Table 2: DHTEM conductor parameters from OCDD004
DHTEM has been completed on drillhole OCDD004
and the associated models received (see Figure
8 and Table 2). Four off-hole conductors have
been identified, two interpreted to be relating to
mineralisation inside the Octagonal intrusion and
along the eastern hanging wall contact.
High-power fixed loop electro-magnetic
(HPFLTEM) survey
Highpower EM Geophysical Services Pty Ltd
completed the maiden HPFLTEM survey at Octagonal
during the December 2023 Quarter. The HPFLTEM
survey data acquisition was severely hindered by
atmospheric conditions, resulting in unanticipated
delays. The final data has been received and
preliminary modelling conducted.
Four preliminary conductors have been identified,
with three interpreted to relate to extensions of Ni-
Cu sulphide mineralisation encountered in proximal
drillholes (see Figures 8 and 11 and Table 3). Preliminary
modelling suggests the identified conductors are
complex, with final models subject to refinement post
receival and integration of additional data.
Conductor 1 is located down dip along the intrusion
contact, proximal to mineralisation intersected in
OCT0184 and OCT0190 (see Figure 8).
Conductor 2 is intersected at the top edge by
OCT0005, relating to a zone of blebby through semi-
massive Ni-Cu sulphide (see Photo 3).
Conductor 3 is the southern extension of a zone of
remobilised semi-massive Ni-Cu sulphide intersected
in OCDD003 (see Photo 1).
Conductor 4 is a deep, low conductivity feature that
aligns with the seismic feature interpreted to be the
feeder structure at the base of the OIC (see Figure 11).
Photo 3: Diamond drill core tray from OCT0005 with visual Ni-Cu sulphide mineralisation. OCT0005 intersects
the top edge of conductor 2 .
Legend Mining Limited | Annual Report 2023
15
Directors’ Review of Activities The channel 32 data identified a strong conductive
source extending to the east of the completed survey
area (see magenta zone in Figure 8). This area is
of interest as it is the interpreted extension of the
Octagonal intrusion based on completed drilling
coupled with seismic and structural interpretation.
Encouragingly, diamond drillholes OCT0189 and
OCDD004 both intersected Ni-Cu sulphide within
fertile ultramafic sills proximal to the strong conductive
source, confirming mineralised intrusion occurs
outside the main OIC body. This is identical to the
Nova-Bollinger mineralisation setting.
Given the strong response to the initial HPFLTEM
survey and the newly identified zone to the east of the
OIC, the survey will be extended. Survey design and
planning will commence on completion of the final
modelling from the completed HPFLTEM survey. Data
acquisition of the extension survey is anticipated for
April 2024.
Conductor
Conductance
Dimensions
Plate
Orientation
Depth to
Plate Top
Plate Dip
Conductor 1
~2,000-3,000S
<400m x 400m
ENE-WSW
350-400m
60-750 NNW
Conductor 2
~200-400S
~1,000m x 1,000m
Conductor 3
~200-400S
~1,000m x 1,000m
NE-SW
NE-SW
250-300m
65-750 SE
250-300m
80-900 NW
Conductor 4
~75-125S
~5km x 5km
NNE-SSW
850-1,000m
20-300 WNW
Table 3: Preliminary HPFLTEM conductor parameters
Figure 11: Section C-C’ showing drillholes OCT0193, OCT0190, and OCT0184 on seismic section and
HPFLTEM conductors 1 and 4, downhole geology, and the Octagonal intrusion model.
16
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 REGIONAL ROCKFORD
Magnus Prospect HPFLTEM Survey
Following the excellent response to the initial
HPFLTEM survey technique completed across
Octagonal, a maiden HPFLTEM survey has been
designed for the highly ranked Magnus intrusion
(see Figures 2 and 12). Prospectivity of the Magnus
intrusion has been confirmed with the single diamond
drillhole completed by Legend, suggesting a fertile
host intrusion for Nova-Bollinger style Ni-Cu sulphide
deposits (see ASX Announcement 20 September
2021).
Innovative EM and AI/ML
Across the regional Rockford project, new data
delivered though SimClustTM analysis has confirmed
Areas X and Y as priority target areas (see Figure
13). The fingerprint geochemical signature defined
by SimClustTM from completed aircore drilling has
identified these areas prospective for Mawson type
Ni-Cu intrusions. A new extensive innovative MLTEM
survey has been designed to test for conductors.
Figure 12: Magnus Intrusion - plan view showing proposed HPFLTEM survey loops with completed diamond
and RC drilling on AMAG.
Legend Mining Limited | Annual Report 2023
17
Directors’ Review of Activities Figure 13: Regional Rockford Target Areas with proposed MLTEM coverage on AMAG.
18
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 Figure 14: Rockford Project – Tenure Including Joint Ventures
COMPETENT PERSON STATEMENT
The information in this report that relates to Exploration Results is based on information compiled by Mr Oliver Kiddie, a Member
of the Australasian Institute of Mining and Metallurgy and a full-time employee of Legend Mining Limited. Mr Kiddie has sufficient
experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken,
to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (JORC Code). Mr Kiddie consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.
The information in this report that relates to Legend’s Exploration Results is a compilation of previously released to ASX by Legend
Mining (24 January 2023, 2 February 2023, 28 March 2023, 18 April 2023, 20 April 2023, 27 April 2023, 17 May 2023, 5 June 2023, 27
June 2023, 18 July 2023, 31 July 2023, 31 August 2023, 3 October 2023, 17 October 2023, 7 December 2023, and 20 December 2023)
and Mr Oliver Kiddie consent to the inclusion of these Results in this report. Mr Kiddie has advised that this consent remains in place
for subsequent releases by Legend of the same information in the same form and context, until the consent is withdrawn or replaced
by a subsequent report and accompanying consent. Legend confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcements and that all material assumptions and technical parameters in the
market announcements continue to apply and have not materially changed. Legend confirms that the form and context in which the
Competent Person’s findings are presented have not been materially modified from the original market announcements.
The information in this report that relates to Legend’s Mineral Resource for the Mawson Deposit is a compilation of a previously
reported release to ASX by Legend Mining on 2 February 2023 and Mr Shaun Searle’s consent to the inclusion of Legend’s Mineral
Resource for the Mawson Deposit in that report. Mr Searle has advised that this consent remains in place for subsequent releases
by Legend of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report
and accompanying consent. Legend confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcement and that all material assumptions and technical parameters in the market announcement
continue to apply and have not materially changed. Legend confirms that the form and context in which the Competent Persons’
findings are presented have not been materially modified from the original market announcement.
Legend Mining Limited | Annual Report 2023
19
Directors’ Review of Activities CORPORATE
Fund Raising
In May 2023, the Company completed a $6 million
placement to professional and sophisticated investors,
and major shareholders, Creasy Group and IGO
Limited, issuing 146,341,464 new fully paid ordinary
shares in the Company at an issue price of $0.041 per
share. Euroz Hartleys Limited acted as Lead Manager
for the placement.
Annual General Meeting (AGM)
The 2023 AGM was held on 5 May 2023. All
resolutions in the Notice of AGM were passed on a
poll.
The 2024 AGM is planned to be held at 3.00pm on
Friday, 17 May 2024. All AGM resolutions will be
decided on a poll.
Board Changes
As previously announced in March 2023, at the
conclusion of the 2023 AGM, Mr Michael Atkins
retired as a director of the Company. Mr Mark Wilson
was elected as Executive Chair and Mr Oliver Kiddie
was appointed as Managing Director of the Company
effective from the end of the 2023 AGM.
Appointment of Auditor
In July 2023 Quarter, the Company appointed
Hall Chadwick WA Audit Pty Ltd as auditor of the
Company following the resignation of Ernst & Young
and ASIC’s consent to this resignation.
Grant of Unlisted Options to Director
Following shareholder approval at the 2023 AGM
on 5 May 2023, on 8 May 2023, 65,000,000 unlisted
options exercisable at 9.6 cents each and expiring on
8 May 2026 were granted to the directors on the terms
set out in the Notice of AGM.
Exercise of Unlisted Options
In September 2023, 3,000,000 unlisted zero exercise
price options expiring on 10 August 2025 were
exercised by the Company’s Managing Director, Mr
Oliver Kiddie.
Directors interests
As previously advised on 21 September 2023, the
Company’s Managing Director, Mr Oliver Kiddie
acquired 2,000,000 ordinary shares on market.
Combined with the exercise of 3,000,000 unlisted
zero exercise price options (see above), Mr Kiddie has
increased his interest in the Company by 5,000,000
ordinary shares.
In February 2024, the Company’s Executive Chair,
Mark Wilson, increased his interests in the Company
by the acquisition on-market of 7,500,000 ordinary
shares, increasing his relevant interest in the Company
to 184,748,200 ordinary shares, being ~6.4% interest
in the Company.
Grant of ESOP Options to Eligible Participants
In March 2023, the Company granted 18.5 million
ESOP options to eligible participants under its
employee incentive plan.
R&D refund received
Legend lodged its FY2023 tax return including a
Research and Development (R&D) refund claim in
December 2023 and in January 2024 received the
$3.08 million R&D cash refund from the Australian
Taxation Office. Legend received specialist advice
from Deloitte in relation to this claim.
20
Directors’ Review of ActivitiesLegend Mining Limited | Annual Report 2023 SUSTAINABILITY
Legend Mining Limited (Legend or The Company)
is committed to being a leading and sustainable
Australian mining company built on exploration
and corporate success for the benefit of all of its
stakeholders.
The Company periodically reviews and updates
its Sustainability policies in compliance with the
legislation and regulations, and in line with best
practice appropriate to the size and nature of the
Company’s operations. These Sustainability policies
apply to all our people and implementation of
these policies and their supporting standards and
procedures are required across all Legend operations.
Environment
Legend aspires to being effective environmental
stewards and managing our impacts, whilst both
achieving operational excellence and fulfilling our
corporate social responsibilities. The Company is
committed to positive environmental management
outcomes to maintain and enhance performance.
Legend acknowledges the threat posed by climate
change and aspires to decarbonise our business in a
measured, proportionate and sustainable manner.
Work Health and Safety
Through the implementation and maintenance of
an effective health and safety management system,
Legend seeks to minimise the harm caused by
workplace hazards whilst both achieving operational
excellence and fulfilling our corporate social
responsibilities. The Company is committed to
leadership in work health and safety through the use
of responsible and reliable management systems to
maintain and enhance performance.
Community
Legend aspires to create enduring value for our host
communities and limiting our negative impacts, whilst
both achieving operational excellence and fulfilling
our corporate social responsibilities. Legend is
committed to open and transparent communication,
understanding and respecting the local people, acting
in a responsible manner and complying with its legal
and regulatory obligations as a minimum standard.
Governance
Effective corporate governance is essential to
ensuring Legend achieves its stated objectives
and creates value for our shareholders while at
the same time providing positive benefits for our
stakeholders. Legend and the Board are committed
to achieving and demonstrating the highest standards
of corporate governance including compliance with
the ASX Corporate Governance Council’s Corporate
Governance Principles and Recommendations (4th
edition) published by the ASX Corporate Governance
Council (ASX Recommendations). Legend has
reviewed its corporate governance practices against
the ASX Recommendations .
The Company’s latest Corporate Governance
Statement was approved by the Board on 13
March 2024 and is current as at 15 March 2024. A
description of Legend’s current corporate governance
practices is set out in Legend’s Corporate Governance
Statement, policies and charters which can be viewed
at www.legendmining.com.au.
Legend Mining Limited | Annual Report 2023
21
Directors’ Review of Activities Directors’ Report
Directors’ Report
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
The Directors submit their report for the year ended 31 December 2023.
1.
DIRECTORS
The names and details of the Company’s directors in office during the financial year and until the date of this report are as
below. Directors were in office for this entire period unless otherwise stated.
Mark Wilson (Executive Chair)
Oliver Kiddie (Managing Director)
Hilary Macdonald (Non-Executive Director)
Michael Atkins (Chairman, Non-Executive Director) retired as director of the Company on 5 May 2023
On 5 May 2023, at the conclusion of the Annual General Meeting, Mr Michael Atkins retired as Director of the Company, Mr
Mark Wilson was elected as Executive Chair of the Board and Mr Oliver Kiddie was appointed Managing Director of the
Company.
2.
INFORMATION ON DIRECTORS AND COMPANY SECRETARY
Mark Wilson, MIEAust CPEng, is a Member of the Institution of Engineers, Australia and a Chartered Professional Engineer
with an Associateship in Civil Engineering from Curtin University in Western Australia. He has an extensive business
background, mainly in corporate management and project engineering. This has included site management of remote
construction projects and ten years of commercial construction as a founding proprietor of a Perth based company. Since 1995
he has held executive, non-executive, consulting and owner roles in resource focused companies. Mr Wilson has not held any
other former public company directorships in the last three years.
Oliver Kiddie, BSc App Geol, MAusIMM, MAICD, is a geologist with over 20 years’ experience across exploration, resource
definition, project development, and production throughout Australia and internationally. He has extensive experience in base
metal and gold exploration through senior management and executive positions, working for companies including Dominion
Mining, European Goldfields, and most recently as GM Exploration for the Creasy Group. He led the exploration team of the
Fraser Range project for the Creasy Group, including the discovery, resource definition, and mining lease application for the
Silver Knight Ni-Cu-Co deposit. Mr Kiddie possesses a strong corporate background having managed numerous transactions
and joint ventures as key responsibilities of senior management and executive positions. Mr Kiddie is a member of the
Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Company Directors. Mr Kiddie has
not held any other former public company directorships in the last three years.
Hilary Macdonald LLB (HONS), FGIA is a lawyer with 30 years’ experience in private practice and industry in the UK and
Australia, with particular focus on corporate and mining law. A law graduate of Bristol University, England, Ms Macdonald
qualified as a solicitor in London and was admitted to the Supreme Court of England and Wales in 1990, and to the Supreme
Court of Western Australia in 1995. Ms Macdonald was Legend Mining’s external legal adviser from 2005-2016, prior to her
current, continuing role as Northern Star Resources Ltd’s Chief Legal Officer and Company Secretary. Ms Macdonald has been
instrumental in many project and company acquisitions, divestments and capital raisings. Hilary also brings extensive ASX listed
company experience in leadership, safety culture, risk and governance, executive remuneration, people & culture,
sustainability and stakeholder relationships. Ms Macdonald has not held any other former public company directorships in the
last three years.
Tony Walsh, BComm, MBA, FCIS, FCA was appointed Company Secretary effective on 12 December 2016. Mr Walsh has over
35 years experience in dealing with listed companies, ASX, ASIC and corporate transactions including 14 years with the ASX in
Perth where he acted as ASX liaison with the JORC committee, four years as Chairman of an ASX listed mining explorer and as
a director of a London AIM listed explorer. Tony is also currently Company Secretary of Great Western Exploration Limited and
was Company Secretary of Battery Minerals Mining Ltd and a Director of XCD Energy Limited until his resignation in November
2022 and July 2021 respectively. Mr Walsh is a member of the Australian Institute of Company Directors, a Fellow of the
Governance Institute of Australia, the Institute of Chartered Secretaries and the Institute of Chartered Accountants in Australia.
He is currently a non-executive chair of the Board of the Women’s and Infants Research Foundation.
Michael Atkins, BComm FAICD, (a Non-Executive Chairman from 1 January 2023 until he retired as a director of the Company
at the conclusion of the Annual General Meeting held on 5 May 2023) is a Fellow of the Australian Institute of Company
Directors and was previously a Fellow of the Institute of Chartered Accountants in Australia. Since 1987 he has been involved
in the executive management and as a non-executive Chairman of numerous publicly listed resource companies with
operations in Australia, USA, South-East Asia and Africa. Michael has been non-executive Chairman of numerous ASX listed
companies, and until November 2022 he was a Senior Corporate Advisor to Canaccord Genuity (Australia) Ltd. He is currently
a non-executive chairman of Castle Minerals Ltd, and a non-executive director of SRG Global Limited, all ASX listed entities,
and a non-executive director of Warrego Energy Limited (delisted from the ASX on 9 March 2023). Mr Atkins has not held any
other former public company directorships in the last three years.
22
Legend Mining Limited | Annual Report 2023
Directors’ Report
Directors’ Report
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
3.
EARNINGS PER SHARE
Basic loss per share:
Diluted loss per share:
4.
DIVIDENDS
0.1063 cents
0.1063 cents
No dividend has been paid or recommended during the financial year.
5.
CORPORATE INFORMATION
Corporate Structure
Legend Mining Limited is a Company limited by shares that is incorporated and domiciled in Australia. Legend Mining Limited
has prepared a consolidated financial report incorporating the entities that it controlled during the financial year. During the
year Legend Mining Limited had no subsidiaries.
Nature of Operations and Principal Activities
The principal activities during the year of the entities within the consolidated entity were:
(cid:31)
exploration for nickel and copper deposits in Australia.
Employees
The consolidated entity had a staff of eight employees at 31 December 2023 (2022: nine employees).
6. OPERATING AND FINANCIAL REVIEW
Results of Operations
The net loss after income tax of the consolidated entity for the year was $5,019,320 (2022: loss of $1,491,051).
Review of Operations
The Directors’ Review of Activities for the year ended 31 December 2023 is contained on pages 3 to 21 of this Annual Report.
Summarised Operating Results
Deferred Exploration Costs: Total acquisition costs and deferred expenditure on tenements capitalised during the year, net of
amounts reimbursed through the research and development incentive grant and the write back of Surrended Tenements
amounted to ($299,764) (2022: $5,246,355).
7.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes during the year.
8.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The consolidated entity’s operations are subject to various environmental regulations under both Commonwealth and State
legislation in Australia. The Directors have complied with these regulations and are not aware of any breaches of the legislation
during the financial year which are material in nature.
9.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
Likely developments in the operations of the consolidated entity and expected results of those operations in subsequent
financial years have been discussed, where appropriate, in the Chairman’s Report and Review of Activities.
10. SHARE OPTIONS
Unissued shares
As at the date of this report, there were 88,000,000 unissued ordinary shares under options. Refer to note 17 for further
details of the options outstanding on 31 December 2023.
Option holders do not have any right, by virtue of the option, to participate in any share issue of the Company or any related
body corporate.
Shares issued as a result of the exercise of options
There were Nil shares issued as a result of the exercise of options during the financial year. See note 17 for full details.
Legend Mining Limited | Annual Report 2023
23
Directors’ Report
Directors’ Report
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
11. SIGNIFICANT EVENTS AFTER THE BALANCE DATE
On 19 January 2023, the Company received a Research and Development refund of $3.08 million from the Australian Taxation
Office.
No other matters or circumstance has arisen since the end of the financial year which has significantly affected, or may
significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent
financial years.
12.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has not, during or since the financial year, in respect of any person who is or has been an officer of the Company
or a related body corporate:
(i)
(ii)
indemnified or made any relevant agreement for indemnifying against a liability incurred as an officer, including costs
and expenses in successfully defending legal proceedings; or
paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer for the costs
or expenses to defend legal proceedings.
13.
INDEMNIFICATION OF AUDITORS
To the extent permitted by law, the Company has agreed to indemnify its auditors, Hall Chadwick, as part of the terms of its
audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment
has been made to indemnify Hall Chadwick during or since the financial year.
14. REMUNERATION REPORT (AUDITED)
The compensation arrangements in place for key management personnel of Legend are set out below:
Details of key management personnel
Directors
M Wilson
O Kiddie
H Macdonald
M Atkins
Executive Chair
Managing Director
Non- Executive Director
Non-Executive Chairman (retired on 5 May 2023)
Compensation Philosophy
The performance of the Company depends upon the quality of its directors and executives. To prosper, the Company must
attract, motivate and retain highly skilled directors and executives.
The Company embodies the following principle in its compensation framework:
(cid:31)
Provide competitive rewards to attract high-calibre executives.
Group Performance
(cid:31)
The Group’s financial performance for the last five years has been as follows:
Revenue
Net loss after tax
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
Net assets
Share price (at balance date)
December
2023
$592,145
($5,019,320)
(0.1063)
(0.1063)
$53,942,021
$0.014
December
2022
$218,247
($1,491,051)
(0.0526)
(0.0526)
$52,156,821
$0.040
December
2021
$132,577
($66,179)
(0.0023)
(0.0023)
$53,521,982
$0.058
December
2020
$262,488
($1,062,610)
(0.0383)
(0.0383)
$49,863,081
$0.115
December
2019
$231,690
($401,801)
(0.0152)
(0.0152)
$24,795,193
$0.09
As the Group is currently in exploration and evaluation phases, historical earnings are not yet an accurate reflection of Group
performance and cannot be used as a long-term incentive measure. Consideration of the Group’s earnings will be more relevant
as the Group matures.
Remuneration Committee
Due to the size of Legend, remuneration is considered by the full Board. The Board reviews remuneration packages and policies
applicable to the directors and senior executives. Remuneration levels are competitively set to attract the most qualified and
experienced directors and senior executives.
24
Legend Mining Limited | Annual Report 2023
Directors’ Report
Directors’ Report
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
14.
REMUNERATION REPORT (CONTD)
Compensation Structure
In accordance with best practice corporate governance, the structure of non-executive director and other senior manager
remuneration is separate and distinct.
Objective of Non-Executive Director Compensation
The Board seeks to set aggregate compensation at a level that provides the company with the ability to attract and retain
directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.
Structure of Non-Executive Director Compensation
The Constitution and the ASX Listing Rules specify that the aggregate compensation of non-executive directors shall be
determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between
the directors as agreed. The latest determination was at the Annual General Meeting held on 16 May 2012 when shareholders
approved the aggregate remuneration for non-executive directors of $300,000 per year.
The amount of aggregate compensation sought to be approved by shareholders and the manner in which it is apportioned
amongst non-executive directors is reviewed annually. The Board considers the fees paid to non-executive directors of
comparable companies when undertaking the annual review process.
Objective of Executive Director Compensation
The company aims to reward executives with a level and mix of compensation commensurate with their position and
responsibilities within the company and so as to:
(cid:31)
(cid:31)
(cid:31)
reward executives for Company and individual performance against targets set by reference to appropriate benchmarks;
align the interests of executives with those of shareholders; and
ensure total compensation is competitive by market standards.
Structure of Executive Director Compensation
In determining the level and make-up of executive compensation, the Board may engage external consultants to provide
independent advice. No external advice was obtained during the 2023 year.
It is the Board’s policy that an employment contract is entered into with key executives.
Compensation consists of a fixed compensation element and the issue of options from time to time at the directors’ discretion
under the Employee Share Option Plan. Any issue of options to directors under the Employee Share Option Plan requires prior
shareholder approval.
Fixed Compensation
Fixed compensation is reviewed annually by the Board. The process consists of a review of company and individual performance,
relevant comparative compensation in the market and internally and, where appropriate, external advice on policies and
practices. No external advice was obtained during the 2023 year.
Structure
Executive Directors are given the opportunity to receive their fixed (primary) compensation in a variety of forms including cash
and fringe benefits. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue
cost for the Company.
Employment Contracts
Mr Mark Wilson is employed under contract. The current contract commenced on 1 July 2011 and is effective until terminated
in accordance with the contract. The significant terms of the contract are:
(cid:31) Mr Wilson receives remuneration of $360,000 per annum exclusive of superannuation;
(cid:31) Mr Wilson may resign from his position and thus terminate his contract by giving one month written notice;
(cid:31)
(cid:31)
The company may terminate Mr Wilson’s employment contract by providing six months’ written notice if the position has
become redundant, or three months’ written notice in all other circumstances; and
The Company may terminate Mr Wilson’s contract at any time without notice if serious misconduct has occurred.
Legend Mining Limited | Annual Report 2023
25
Directors’ Report
Directors’ Report
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
14.
REMUNERATION REPORT (CONTD)
Mr Oliver Kiddie is employed under contract. The current contract commenced on 10 August 2021 and is effective until
terminated in accordance with the contract. The significant terms of the contract are:
(cid:31) Mr Kiddie receives remuneration of $300,000 per annum exclusive of superannuation;
(cid:31) Mr Kiddie may resign from his position and thus terminate his contract by giving three months’ written notice;
(cid:31)
(cid:31)
The Company may terminate Mr Kiddie’s employment contract by providing three months’ written notice if the position
has become redundant, or one months’ written notice in all other circumstances; and
The Company may terminate Mr Kiddie’s contract at any time without notice if serious misconduct has occurred.
Ms Hilary Macdonald is employed under contract. The contract commenced on 6 September 2022 and is effective until
terminated in accordance with the contract. The significant terms of the contract are:
(cid:31) Ms Macdonald receives remuneration of $50,000 per annum exclusive of superannuation;
(cid:31) Ms Macdonald’s appointment is contingent upon satisfactory performance and successful election and then subsequent
re-election by shareholders of the Company;
(cid:31) Ms Macdonald may resign from her position and thus terminate her engagement by giving written notification of her
resignation as a director; and
(cid:31)
The Company may terminate Ms Macdonald’s engagement by way of resolution of the Company’s shareholders.
Mr Michael Atkins was employed under contract until his retirement on 5 May 2023. This contract commenced on 1 July 2012
and was effective until Mr Atkins retirement on 3 May 2023. The significant terms of the contract were:
(cid:31) Mr Atkins received remuneration of $90,000 per annum exclusive of superannuation;
(cid:31) Mr Atkins’ agreement provides for engagement of consultancy services outside of the scope of the ordinary duties of a
non-executive chairman. In addition to the director’s fees above, Mr Atkins is paid $2,000 per day (inclusive of
superannuation) for the provision of these consultancy services.
(cid:31) Mr Atkins’ appointment was contingent upon satisfactory performance and successful re-election by shareholders of the
Company;
(cid:31) Mr Atkins may resign from his position and thus terminate his engagement by giving written notification of his resignation
as a director; and
(cid:31)
The Company may terminate Mr Atkins’ engagement by way of resolution of the Company’s shareholders.
Employee Share Option Plan
The Board has in place an Employee Share Option Plan (ESOP) allowing share options to be issued to eligible employees in
order to provide them with an incentive to provide growth and value to all shareholders.
At the 2023 Annual General Meeting (AGM) on 5 May 2023, shareholders approved the implementation of the current
Employee Share Option Plan. A summary of the current Employee Share Option Plan was included in the 2023 Notice of AGM.
Award of share options under the ESOP is linked directly to achievement of strategic Company objectives such as share price
growth.
Share-based Payments
During the year the Company granted 18,500,000 zero exercise price incentive options to eligible employees as part of their
remuneration under the Company’s Employee Incentive Plan Rules approved at the Annual General Meeting on 5 May 2023
(2023 AGM) as follows:
(cid:31)
Pursuant to shareholder approval at the 2023 AGM, 65 million three-year options with an exercise price of 9.6 cents were
granted to the Directors for Nil consideration on 8 May 2023. Further details on these options are set out in the Notice of
2023 AGM released to the ASX on 16 March 2023.
18.5 million zero exercise price options were granted to employees for Nil consideration as part of employee remuneration
on 20 March 2023 pursuant to the Company’s ESOP approved at the Annual General Meeting in May 2020.
(cid:31) Milestone A: 5,000,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time
between meeting the vesting condition (12 months of continuous service from the date of grant) and the expiry date.
(cid:31) Milestone B: 5,000,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time
between meeting the vesting condition (24 months of continuous service from the date of grant) and the expiry date.
(cid:31)
26
Legend Mining Limited | Annual Report 2023
Directors’ Report
Directors’ Report
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
14.
REMUNERATION REPORT (CONTD)
(cid:31) Milestone C: 8,500,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time
between meeting the vesting condition (the 20-day volume weighted average price (“VWAP”) of Legend shares being
greater than $0.10) and the expiry date.
Compensation of Key Management Personnel for Years Ended 31 December 2023 and 31 December 2022
Name
Year
Short term
Salary and
Fees(1)
Post-
Employment
Super-
annuation
$
$
Long-term
benefits
Long
Service
Leave
$
Share
based
payments
options
Total
Compen-
sation
granted as
options
Performance
related
remuneration
$
$
%
%
Director
M Atkins
M Wilson
O Kiddie
H Macdonald
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
31,630
90,000
362,893
349,919
317,442
308,923
52,625
16,536
764,590
765,378
3,321
9,225
27,418
27,581
27,318
28,932
2,750
1,253
60,807
66,991
-
-
6,000
6,000
-
-
-
-
6,000
6,000
(1) Short term salary and fees includes net movements in annual leave provisions.
Option holdings of Key Management Personnel
-
-
236,000
-
472,000
9,145
59,000
-
34,951
99,225
632,311
383,501
816,760
346,999
114,375
17,789
767,000 1,598,397
847,514
9,145
Movement of options held in Legend Mining Limited during the year ended 31 December 2023
Name
Balance at
beginning
of year
1 Jan 2023
Granted as
Remuneration
Exercised
during
the year
Net Change
Other
Balance at
end
of year
31 Dec 2023
-
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Not Vested
& Not
Exercisable
Vested &
Exercisable
Directors
M Atkins
M Wilson
O Kiddie
H Macdonald
-
-
7,000,000
-
-
20,000,000
40,000,000
5,000,000
-
-
3,000,000
-
Total
7,000,000
65,000,000
3,000,000
Shareholdings of Key Management Personnel(1)
-
-
-
-
-
-
20,000,000
44,000,000
5,000,000
-
-
4,000,000
-
-
20,000,000
40,000,000
5,000,000
69,000,000
4,000,000
65,000,000
Movement of shares held in Legend Mining Limited during the year ended 31 December 2023
Name
Balance
1 Jan 23
Granted as
remuneration
On exercise
of options
Net change
other(2)
Balance
31 Dec 2023
Directors
M Atkins (Windamurah P/L),
(Alkali Exploration P/L)
M Wilson (Chester Nominees WA P/L)
(Hostyle PL) (SMT Investments WA P/L)
O Kiddie (Caralabek Pty Ltd)
H Macdonald
Total
17,108,334
177,238,735
3,000,000
408,163
197,755,232
Includes shares held directly, indirectly and beneficially by KMP.
(1)
(2) On-market purchases made during the year.
-
-
-
-
-
-
-
-
17,108,334
9,465
177,248,200
3,000,000
-
2,000,000
1,775,000
8,000,000
2,183,163
3,000,000
3,784,465
204,539,697
Note: No other transactions involving Key Management Personnel occurred during the period.
END OF REMUNERATION REPORT
Legend Mining Limited | Annual Report 2023
27
Directors’ Report
Directors’ Report
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
15. DIRECTORS’ MEETINGS
The number of Meetings of Directors held during the year and the number of Meetings attended by each Director was as
follows:
Name
Attended by:
Michael Atkins
Mark Wilson
Oliver Kiddie
Hilary Macdonald
16. DIRECTORS’ INTERESTS
No. of Board
Meetings
Attended
No. of Meetings
Held Whilst A
Director
No of Audit
Committee
Meetings Attended
No of Audit
Committee
Meetings Held
3
9
9
9
3
9
9
9
1
3
3
3
1
3
3
3
The relevant interest of each director in the shares and options issued by the company in accordance with the Corporations
Act 2001, at the date of signing this report is as follows:
Name
Ordinary shares
Options over
ordinary shares
M Wilson
(Chester Nominees WA P/L)
(Hostyle Pty Ltd) (SMT Investments WA P/L)
O Kiddie
(Caralabek Pty Ltd)
H Macdonald
184,748,200
20,000,000
8,000,000
2,183,163
44,000,000
5,000,000
17. AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
Non-audit services
There were no non-audit services provided by the Company’s auditor, Hall Chadwick WA Audit Pty Ltd during the 2023 financial
year.
We have received the Declaration of Auditor Independence from Hall Chadwick WA Audit Pty Ltd, the Company’s Auditor. This
is available for review on page 55 and forms part of this report.
SIGNED in accordance with a Resolution of the Directors on behalf of the Board
__________________
_______________________________
ver Kiddie
Oliver Kiddie
Managing Director
Dated this 15th day of March 2024
28
Legend Mining Limited | Annual Report 2023 Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
Finance revenue
Income on recovery of receivable
Other Income
Employee benefit expenses
Impairment of Exploration Expenditure
Financial expenses
Other expenses
Corporate and administration expenses
Share-based payments expense
Loss before income tax
Income tax benefit/(expense)
Net loss for the year attributable to Members of Legend Mining
Limited
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year attributable to Members of
Legend Mining Limited
Note
4(a)
9
4(b)
4(c)
12
4(d)
4(e)
16
6
2023
$
592,145
-
50,795
(327,375)
(3,497,843)
(4,030)
(76,271)
(1,073,948)
(1,075,154)
(5,411,681)
392,361
2022
$
218,247
500,000
13,074
(285,134)
(1,525)
(2,261)
(79,287)
(1,116,343)
(225,890)
(979,119)
(511,932)
(5,019,320)
(1,491,051)
-
-
(5,019,320)
(1,491,051)
EARNINGS PER SHARE (cents per share)
Basic loss per share
Diluted loss per share
5
5
(0.1063)
(0.1063)
(0.0526)
(0.0526)
The accompanying notes form part of these financial statements
29
Legend Mining Limited | Annual Report 2023
29
Consolidated Statement of Financial Position
Consolidated Statement of Financial Position
As at 31 December 2023
A s a t 3 1 D e c e m b e r 2 0 2 3
ASSETS
Current Assets
Cash and cash equivalents
Receivables
Other financial assets
Total Current Assets
Non-current Assets
Other financial assets
Property, Plant and Equipment
Right of use assets
Deferred exploration costs
Total Non-current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Employee benefit provisions
Lease liability
Total Current Liabilities
Non-current Liabilities
Employee benefit provisions
Lease liability
Deferred tax liability
Total Non-current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Equity attributable to equity holders of the parent
Contributed equity
Share option premium reserve
Accumulated losses
TOTAL EQUITY
Note
2023
$
2022
$
8
9
10
10
11
12
13
14
14
6
15
16
11,525,698
3,174,018
100,000
14,799,716
5,775
434,377
107,948
39,876,147
40,424,247
55,223,963
632,445
181,465
91,637
905,547
160,814
18,459
197,122
376,395
1,281,942
53,942,021
12,710,577
160,772
100,000
12,971,349
5,775
572,204
62,822
40,175,915
40,816,716
53,788,065
710,692
173,671
43,821
928,184
153,302
19,918
529,841
703,061
1,631,245
52,156,820
107,180,870
25,699,481
(78,938,330)
53,942,021
101,451,503
24,624,327
(73,919,010)
52,156,820
The accompanying notes form part of these financial statements
30
30
Legend Mining Limited | Annual Report 2023
Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Proceeds from Jindal Receivable
Interest received
Other income
Payment for financial assets
Note
2023
$
2022
$
(1,342,722)
(1,147,110)
-
558,532
14,084
(5,601)
500,000
165,377
13,074
(3,121)
Net cash flows from/(used) in operating activities
20(ii)
(775,707)
(471,780)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
Payments for deferred exploration costs
Receipt of research and development tax incentive grant
Net cash flows used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Capital Raising
Payment of transaction costs relating to capital raising
Principal elements of lease payments
Net cash flows from financing activities
11
(32,234)
(6,070,493)
-
(6,102,727)
(4,652)
(7,912,201)
2,935,147
(4,981,706)
6,000,000
(210,991)
(95,454)
5,693,555
-
-
(94,404)
(94,404)
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of year
Cash and cash equivalents at end of year
20(i)
(1,184,879)
12,710,577
11,525,698
(5,547,890)
18,258,467
12,710,577
The accompanying notes form part of these financial statement
31
Legend Mining Limited | Annual Report 2023
31
Consolidated Statement of Changes in Equity
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
At 1 January 2023
Loss for the year
Total comprehensive loss for the year
Contributed
Equity
$
Share Option
Premium
Reserve
$
Accumulated
Losses
Total Equity
$
$
101,451,503
24,624,327
(73,919,010)
52,156,820
-
-
-
-
(5,019,320)
(5,019,320)
(5,019,320)
(5,019,320)
Issued capital (note 15)
Capital raising cost (note 15)
Employee and director options (note 16)
6,000,000
(270,633)
-
-
-
1,075,154
-
-
-
6,000,000
(270,633)
1,075,154
At 31 December 2023
107,180,870
25,699,481
(78,938,330)
53,942,021
At 1 January 2022
Loss for the year
Total comprehensive loss for the year
Issued capital
Capital raising cost
Employee and director options
At 31 December 2022
101,451,503
24,398,437
(72,427,959)
53,421,981
-
-
-
-
-
-
-
-
-
225,890
(1,491,051)
(1,491,051)
(1,491,051)
(1,491,051)
-
-
-
-
-
225,890
101,451,503
24,624,327
(73,919,010)
52,156,820
The accompanying notes form part of these financial statements
32
32
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 1:
CORPORATE INFORMATION
The consolidated financial statements of Legend Mining Limited and its subsidiaries (collectively, the Group) for the year ended
31 December 2023 were authorised for issue in accordance with a resolution of the Directors on 13 March 2024.
Legend Mining Limited (the Company or the parent) is a for profit company limited by shares incorporated in Australia whose
shares are publicly traded on the Australian Securities Exchange. The address of the registered office is Level 1, 8 Kings Park
Road, West Perth WA 6005.
The nature of the operations and principal activities of the Group are described in note 3.
NOTE 2:
SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the
Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting
Standards Board. The financial report has also been prepared on a historical cost basis, except for certain financial assets carried
at fair value.
The financial report is presented in Australian dollars and all values are expressed as whole dollars.
The consolidated financial statements have been prepared on a going concern basis which assumes the continuity of normal
business activity and the realisation of assets and settlement of liabilities in the ordinary course of business.
The financial report also complies with International Financial Reporting Standards (‘IFRS’) as issued by the International
Accounting Standards Board.
Changes in accounting policy, disclosures, standards and interpretations
The accounting policies adopted are consistent with those of the previous financial year except for the impact of new and
amended accounting standards and interpretations as discussed below.
New and amended standards and interpretations
The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on
or after 1 January 2023 which did not have a material impact on the consolidated financial statements. The Group has not
early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Accounting Standards and Interpretations issued but not yet effective
Australian Accounting Standards and Interpretations that are issued, but are not yet effective, up to the date of issuance of the
Group’s financial statements are not deemed to have a material impact on the consolidated financial statements of the Group.
The Group intends to adopt these new standards and interpretations, if applicable, when they become effective.
Summary of significant accounting policies
(i)
Basis of consolidation
The consolidated financial statements comprise the financial statements of Legend Mining Limited and its subsidiaries (‘the
Group’) as at 31 December 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the
Group controls an investee if and only if the Group has:
(cid:31)
(cid:31)
(cid:31)
Power over the investee (ie. existing rights that give it the current ability to direct the relevant activities of the investee);
Exposure, or rights, to variable returns from its involvement with the investee; and
The ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts
and circumstances in assessing whether it has power over an investee, including:
(cid:31)
The contractual arrangement with the other vote holders of the investee;
(cid:31) Rights arising from other contractual arrangements; and
(cid:31)
The Group’s voting rights and potential voting rights.
33
Legend Mining Limited | Annual Report 2023
33
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTD)
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one
or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the
subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains
control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of
the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line
with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to
transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the
Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest
and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is
recognised at fair value.
(ii)
Significant accounting judgements, estimates and assumptions
The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future
events. The key estimate and assumptions that have a significant risk of causing a material adjustment to the carrying amounts
of certain assets and liabilities within the next annual reporting period are:
Share-based payment transactions
The Group measures the cost of equity-settled share-based payments at fair value at the grant date using a Black-Scholes
formula taking into account the terms and conditions upon which the instruments were granted.
Impairment of capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including
whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration
and evaluation asset through sale.
Factors which could impact the future recoverability include the level of proved, probable and inferred mineral resources,
future technological changes which could impact the cost of mining, future legal changes (including changes to environmental
restoration obligations) and changes to commodity prices.
The assessment of whether there are any impairment indicators in respect of a mining exploration property involves a number
of judgements. These include whether the Group has the right to explore in the specific area of interest, whether ongoing
expenditure is planned or budgeted and whether there is sufficient information for a decision to be made that the area of
interest is not commercially viable.
To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, this will
reduce profits and net assets in the period in which the determination is made.
In addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not yet reached a stage
which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent that
it is determined in the future that this capitalised expenditure should be written off or impaired, this will reduce profits and net
assets in the period in which this determination is made.
(iii)
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated on a diminishing value basis over the useful life of the asset from the time the asset is held ready for
use.
The depreciation rates used for each class are:
Buildings
10%
Plant and equipment
7.5% - 50%
34
34
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTD)
Impairment
The carrying values of property, plant and equipment are reviewed for impairment as required, with recoverable amount being
estimated when events or changes in circumstances indicate the carrying value may not be recoverable.
For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-
generating unit to which the asset belongs.
If any indication of impairment exists and where the carrying values exceed the estimated recoverable amount, the assets or
cash-generating units are written down to their recoverable amounts.
The recoverable amount of property, plant and equipment is the greater of fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset.
Derecognition and disposal
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the item) is included in the income statement in the period the
item is derecognised.
(iv)
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits with
a maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined
above.
(v)
Financial Assets
Financial assets at amortised cost (debt instruments)
Trade receivables are initially recognised at their transaction price and other receivables at fair value. Receivables that are held
to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest
are classified and subsequently measured at amortised cost. Receivables that do not meet the criteria for amortised cost are
measured at fair value through profit or loss.
The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at
amortised cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since
initial recognition of the respective financial instrument. The Group always recognises the lifetime expected credit loss for trade
receivables carried at amortised cost. The expected credit losses on these financial assets are estimated based on the Group’s
historic credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as forecast conditions at the reporting date.
For all other receivables measured at amortised cost, the Group recognises lifetime expected credit losses when there has been
a significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased
significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to
expected credit losses within the next 12 months.
The Group considers an event of default has occurred when a financial asset is more than 90 days past due or external sources
indicate that the debtor is unlikely to pay its creditors, including the Group. A financial asset is credit impaired when there is
evidence that the counterparty is in significant financial difficulty or a breach of contract, such as a default or past due event has
occurred. The Group writes off a financial asset when there is information indicating the counterparty is in severe financial
difficulty and there is no realistic prospect of recovery.
35
Legend Mining Limited | Annual Report 2023
35
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTD)
Financial assets at fair value through profit or loss (equity investments)
Financial assets at fair value through profit or loss include financial assets held for trading, e.g., financial assets designated upon
initial recognition at fair value through profit or loss, e.g., debt or equity instruments, or financial assets mandatorily required to
be measured at fair value, i.e., where they fail the SPPI test. Financial assets are classified as held for trading if they are acquired
for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that do not pass the SPPI test are
required to be classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding
the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt
instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly
reduces, an accounting mismatch.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes
in fair value recognised in profit or loss.
(vi) Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis
over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset,
amounts are deducted from the cost of the related asset. The Group receives grants in relation to Research and Development
expenditure. These amounts are deducted from the exploration and expenditure on tenements capitalised during the year.
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released
to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying
asset by equal annual instalments.
(vii) Deferred exploration costs
Deferred exploration and evaluation costs
Exploration and evaluation expenditure is stated at cost and is accumulated in respect of each identifiable area of interest.
Such costs are only carried forward to the extent that they are expected to be recouped through the successful development of
the area of interest (or alternatively by its sale), or where activities in the area have not yet reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves, and active operations are continuing.
Farm-outs and carried interest— in the exploration and evaluation phase
The Group does not record any expenditure made by the farm-inee on Legend’s account. The Group also does not recognise any
gain or loss on its exploration and evaluation farm-out arrangements. Any cash consideration received directly from the farm-
inee is credited against costs previously capitalised in relation to the whole interest with any excess accounted for by the Group
as a gain on disposal.
For carried interests Legend recognises the expenditure when they are providing the carry to the other parties. Where the Group
are being carried Legend does not recognise any expenditure paid for on their behalf.
Impairment
The carrying values of exploration and evaluation costs are reviewed for impairment when facts and circumstances indicate the
carrying value may not be recoverable.
The recoverable amount of exploration and evaluation costs is the greater of fair value less costs to sell and value in use. In
assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the fair value of money and the risks specific to the asset.
Accumulated costs in relation to an abandoned area are written off in full against the income statement in the year in which the
decision to abandon the area is made. A regular review is undertaken of each area of interest to determine the appropriateness
of continuing to carry forward costs in relation to that area of interest. Each area of interest is limited to the size related to
known or probable mineral resources capable of supporting a mining operation.
36
36
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTD)
(viii) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at
a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to
the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
(ix)
Interest income
Interest revenue is recognised as it accrues, using the effective interest rate method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net
carrying amount of the financial asset.
(x)
Taxes
Current income tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax law used to compute the amount are those that are enacted or
substantively enacted by the reporting date.
Deferred tax
Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences:
(cid:31)
(cid:31)
Except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss; and
In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and
unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, and the carry-forward of unused tax assets and unused tax losses can be utilised:
(cid:31)
(cid:31)
Except where the deferred income tax asset relating to the deductible temporary differences arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; and
In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse
in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
The carrying amounts of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred income tax assets to be utilised.
Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
37
Legend Mining Limited | Annual Report 2023
37
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTD)
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation
authority.
Goods and services tax (GST)
Revenue, expenses and assets are recognised net of the amount of GST except:
(cid:31) Where the amount of the GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the
GST is recognised as part of the cost of acquisition of the asset or as part of the expense.
(cid:31) Receivables and payables are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the Statement of
Financial Position. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
Cash flows are included in the Consolidated Statement of Cash Flows on a gross basis. The GST components of cash flows arising
from investing or financing activities which are recoverable from, or payable to, the ATO are classed as operating cash flows.
(xi)
Trade and or other payables
Liabilities for trade creditors and other amounts are carried at amortised cost and represent liabilities for goods and services
provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make
future payments in respect of these goods and services. The amounts are unsecured and are usually paid within 30 days.
(xii)
Share based payment transactions
The Group provides benefits to employees (including directors) of the Group and to the providers of services to the Group in the
form of share based payment transactions, whereby employees or service providers render services in exchange for shares or
rights over shares (‘equity-settled transactions’).
There are currently three scenarios in place to provide these services:
(a) ‘Employees Share Option Plan’, which provides benefits to eligible persons;
(b) Capital raising costs, which provide payment to stockbrokers and finance institutions for capital raising services and
commissions; and
(c) Other grants of options to directors on an ad hoc basis.
The cost of the equity-settled transactions with stockbrokers and finance institutions is measured by reference to the fair val ue
of the service received at the date they are granted.
For transactions with employees (including directors), the cost of these equity-settled transactions is measured by reference to
the fair value of the options provided. The fair value is determined by an external valuer using a Black-Scholes or Monte Carlo
valuation model.
The cost of these equity-settled transactions with employees is recognised, together with a corresponding increase in equity,
over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employee becomes
fully entitled to the award (‘vesting date’).
In valuing these equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to
the price of the shares of Legend Mining Limited (market conditions) if applicable.
The cumulative expense recognised for these equity-settled transactions at each reporting date until vesting date reflects (i) the
extent to which the vesting period has expired and (ii) the Group’s best estimate of the number of equity instruments that will
ultimately vest. No adjustment is made for the likelihood of market conditions being met as the effect of these conditions is
included in the determination of fair value at grant date. The income statement charge or credit for a period represents the
movement in cumulative expenses recognised as at the beginning and end of the period.
38
38
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTD)
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a
market condition.
If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the employee, as measured at the date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet
recognised for the award is recognised immediately. However , if a new award is substituted for the cancelled award and
designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a
modification of the original award, as described in the previous paragraph.
For transactions with other service providers, the cost of these equity-settled transactions is measured by reference to the value
of the services provided. The cost of these equity-settled transactions is recognised, together with a corresponding increase in
equity, at the time the services are provided unless they are transaction costs arising on the issue of ordinary shares, in which
case the transaction costs are recognised directly in equity as a reduction of the proceeds received on the issue of shares.
(xiii)
Contributed Equity
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Any transaction costs
net of tax arising on the issue of ordinary shares are recognised directly in equity as a reduction of the proceeds received.
(xiv) Employee Benefits
Provision is made for employee benefits accumulated as a result of employee services up to the reporting date. These employee
benefits include wages, salaries, annual leave and include related on-costs such as superannuation and payroll tax.
The Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting
date. The Group recognises a liability for long service leave and annual leave measured as the present value of expected future
payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit
method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of
service.
Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms
to maturity and currencies that match, as closely as possible, the estimated future cash outflows.
No provision is made for non-vesting sick leave, as the anticipated pattern of future sick leave taken indicates that accumulated
non-vesting sick leave will never be paid.
Contributions to employee superannuation funds of choice are expensed as incurred.
(xv)
Earnings per share
Basic earnings per share (EPS) is calculated as net profit or loss attributable to members, adjusted to exclude costs of servicing
equity (other than dividends), divided by the weighted average number of ordinary shares, adjusted for any bonus element.
Diluted EPS is calculated as net profit or loss attributable to members, adjusted for:
(a) Costs of servicing equity (other than dividends).
(b) The after tax effect of dividends and interest associated with the dilutive potential ordinary shares that have been
recognised as expenses; and
(c) Other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential
ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus
element.
39
Legend Mining Limited | Annual Report 2023
39
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTD)
(xvi) Foreign currency translation
(a) Functional and presentation currency
The Group’s consolidated financial statements are presented in Australian dollars, which is also the Company’s functional
currency. For each entity, the Group determines the functional currency and items included in the financial statements of each
entity are measured using that functional currency.
(b) Transactions and balances
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates
at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rates of
exchange at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchanges rates
at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (ie translation
differences on items whose fair value gain or loss is recognised in other comprehensive income or profit or loss are also
recognised in other comprehensive income or profit or loss respectively).
(xvii)
Leases
Right-of-use asset
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and
associated restoration provisions. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of
the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful
life and the lease term (between one and two years). Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any
lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the
option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the
period on which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed
lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption (i.e., those leases that have a lease term of 12 months or less
from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases that are considered of low value (i.e., below $5,000). Lease payments on short-term leases and leases of
low-value assets are recognised as expense on a straight-line basis over the lease term.
NOTE 3: NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activities during the year of the entities within the consolidated entity were exploration for nickel and copper
deposits in Australia.
40
40
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 4:
REVENUE AND EXPENSES
a)
Finance Revenue
Bank interest received and receivable
Other finance income
b) Other
Other income
c)
Employee Benefits Expense
Salaries, on-costs and other employee benefits
d) Other Expenses
Depreciation
Depreciation – Office Lease
e) Corporate and administration expenses
Fees – Audit/Tax
Fees – ASX
Fees – Share Registry
Consultancy Fees
Legal expenses
Sale of fixed assets
Travel expenses
Other expenses
2023
$
592,145
-
592,145
50,795
50,795
327,375
327,375
5,340
70,931
76,271
473,824
67,562
19,117
90,000
7,406
-
15,441
400,598
1,073,948
2022
$
218,247
-
218,247
13,074
13,074
285,134
285,134
8,280
71,006
79,286
505,811
97,185
23,218
106,380
7,687
-
25,509
350,553
1,116,343
NOTE 5:
EARNINGS PER SHARE
(a) Reconciliation of earnings to net loss:
Net Loss
Loss used in the calculation of basic earnings per share
2023
$
2022
$
(5,019,320)
(1,491,051)
(5,019,320)
(1,491,051)
(b) Weighted average number of shares on issue during the financial year
used in the calculation of basic loss per share
4,720,631,037
2,836,658,180
Weighted average number of ordinary shares on issue used in the
calculation of diluted loss per share
4,720,631,037
2,836,658,180
(c) Information on classification of options
For the year ended 31 December 2023, all options on issue were anti-dilutive as the Group made a loss. This has resulted
in the diluted earnings per share being the same as the basic earnings per share. These options could potentially dilute
basic earnings per share in the future. The number of anti-dilutive potentially issuable ordinary shares at 31 December
2023 is Nil (31 December 2022: Nil)
41
Legend Mining Limited | Annual Report 2023
41
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 6:
INCOME TAX
The major components of income tax expense are:
Income Statement
Current income tax
Current year income tax charge (benefit)
Under/Over provision of prior tax year
Deferred income tax
Relating to origination and reversal of temporary differences
Under/Over provision of prior tax year
Income tax benefit reported in the income statement
A reconciliation between tax expense and the product of accounting profit/(loss)
before income tax multiplied by the Group’s applicable
income tax rate is as follows:
Accounting loss before tax from ordinary activities
Accounting loss before income tax
At the Group’s statutory income tax rate of 30%
Expenditure not allowed for income tax purposes
Utilisation of previously unbooked tax losses
Other deductible expenses
Deductible equity raising costs under s40-880
Income tax expense/(benefit) attributable to entity reported in the consolidated
income statement
Income tax expensed directly to equity
Relating to equity costs
Deferred tax expense/(income) recognised in equity
Current Income Tax Asset/(Liability)
2023
$
2022
$
-
-
(392,361)
-
(392,361)
(5,411,681)
(5,411,681)
(1,623,504)
1,308,089
-
(5,981)
(70,965)
-
-
511,932
-
511,932
(979,119)
(979,119)
(293,736)
1,007,643
(150,000)
-
(51,975)
(392,361)
511,932
(59,642)
(59,642)
-
-
-
-
42
42
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 6: INCOME TAX (CONTD)
Deferred Income Tax
Deferred income tax at 31 December related to the following:
Consolidated
Recognised deferred tax liabilities
Capitalised exploration and evaluation expenditure
Property, Plant and Equipment
Other
Amounts disclosed as deferred tax liability
Set-off of deferred tax assets
Net deferred tax liabilities disclosed
Recognised deferred tax assets
Tax losses available to offset against future taxable income
Other provisions
Share based costs on equity
Other future blackhole deductions
Gross deferred tax assets
Set-off of deferred tax assets
Net deferred tax assets recognised
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the
following as the statutory requirements for recognising those deferred
tax assets have not been met
Deductible temporary differences
Tax revenue losses
Tax capital losses
Net deferred tax assets not recognised
Tax Consolidation
2023
$
30%
2022
$
30%
(10,880,480)
(129,092)
(25,258)
(11,034,830)
10,837,708
(197,122)
10,532,558
232,884
72,075
191
10,837,708
(10,837,708)
-
(10,842,412)
(171,386)
(19,607)
(11,033,405)
10,503,564
(529,841)
10,316,576
106,492
79,742
754
10,503,564
(10,503,564)
-
217,800
-
2,242,325
2,460,125
217,800
-
2,242,325
2,460,125
Legend Mining Limited and its 100% owned Australian resident subsidiary formed a tax consolidated group with effect from 1
July 2004. Legend Mining Limited is the head entity of the tax consolidated group. Members of the group have entered into a
tax sharing agreement in order to allocate the income tax liabilities between the entities within the Group should the head entity
default on its tax payment obligations. At the balance date, the possibility of default is remote.
Tax effect accounting by members of the tax consolidated group
Tax expense / income, deferred tax liabilities and deferred tax assets arising from temporary differences are recognised in the
separate financial statements of the members of the tax consolidated group using the separate taxpayer within a group method.
Current tax liabilities and assets and deferred tax assets arising from unused tax losses and tax credits of the members of the tax
consolidated group are recognised by the Company (as head entity in the tax consolidated group).
Members of the tax consolidated group have not entered into a tax funding agreement. As a result, the aggregate of the current
tax liability or asset and any deferred tax asset arising from unused tax losses and tax credits in respect of that period, assumed
by the Company, are recognised as a contribution from (or distribution to) equity participants. There were no contributions (or
distributions) made during the year ended 31 December 2023.
During the year, Legend Mining Limited had one wholly owned subsidiary, Legend Cameroon Pty Ltd. In July 2022, Legend
Cameroon Pty Ltd was deregistered and thus there is no tax consolidated group as at the date of this report.
2023 Tax Return
On14 November 2023, the Company lodged its tax return for the tax year ended 30 June 2023 and claimed a refundable Research
and Development (R&D) tax offset of $3,081,715. On 19 January 2024, the Company received this refund.
43
Legend Mining Limited | Annual Report 2023
43
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 7:
SEGMENT INFORMATION
Operating Segments
The group has one reportable operating segment, being exploration and evaluation activities in Australia.
NOTE 8: CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Deposits
2023
$
525,698
11,000,000
11,525,698
2022
$
410,577
12,300,000
12,710,577
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Deposits at call earn interest on a 30, 60 and 90 day term basis at bank deposit rates at an average rate of 5.04%.
NOTE 9: RECEIVABLES
Current
Other receivables (a)
2023
$
3,174,018
3,174,018
2022
$
160,772
160,772
Terms and conditions relating to the above financial instruments:
(a) Other receivables are non-interest bearing and have repayment terms of between 30 and 60 days.
NOTE 10: OTHER FINANCIAL ASSETS
Current
Security bond – at amortised cost (a)
Non-current
Rental property bond (b)
Details of the above financial instruments:
2023
$
100,000
100,000
5,775
2022
$
100,000
100,000
5,775
(a) Security bond – bank deposit held as security for credit cards. At 31 December 2023, this deposit is held on a 12 month
term deposit with an interest rate of 5.07% per annum (31 December 2022, at 4% pa).
(b) Rental Property Bond – this bond relates to a rental property in Boulder WA. No interest is received on this bond.
44
44
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 11: PROPERTY, PLANT AND EQUIPMENT
Plant and equipment
At 31 December
Gross carrying amount at cost
Accumulated depreciation
Net carrying amount
At 1 January
Net of accumulated depreciation
Additions
Disposals
Depreciation expense - Admin
Depreciation expense - Exploration
At 31 December
Net of accumulated depreciation
2023
$
2022
$
1,175,465
(741,088)
434,377
572,204
32,234
(25,085)
(5,340)
(139,636)
1,225,045
(652,841)
572,204
762,719
4,652
-
(8,281)
(186,886)
434,377
572,204
NOTE 12: DEFERRED EXPLORATION COSTS
Deferred exploration costs
Deferred exploration and evaluation costs
At 1 January, at cost
Reimbursement of exploration expenditure – R&D Rebate
Expenditure incurred during the year
Impairment of exploration expenditure
At 31 December, at cost
Note
(i)
(ii)
2023
$
39,876,147
2022
$
40,175,911
40,175,911
(3,081,715)
6,252,161
(3,470,210)
39,876,147
34,929,556
(2,935,147)
8,183,027
(1,525)
40,175,911
Note:
(i) The majority of the Group’s impairment of exploration expenditure relates to the relinquishment of tenure during the
period.
(ii) The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors,
including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related
exploration and evaluation asset through sale.
NOTE 13: TRADE AND OTHER PAYABLES
Current – unsecured
Trade payables
2023
$
632,445
632,445
2022
$
710,692
710,692
Terms and conditions relating to the above financial instruments
(i)
Trade payables are non-interest bearing and normally settled on 30 day terms.
(ii) There are no trade payables past due for payment.
45
Legend Mining Limited | Annual Report 2023
45
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
NOTE 14: EMPLOYEE BENEFITS PROVISIONS
Current
Employee benefits
Non-Current
Employee benefits
Number of employees at year end
NOTE 15: CONTRIBUTED EQUITY
Ordinary shares
Issued and fully paid
$3,140,000 raised by exercising of options in March 2021
(cid:31)
76,900,000 ESOP options
Capital raising costs (net of tax)
Movement in ordinary shares on issue 2023
At 1 January 2023
Placement
Conversion of Options
Capital raising costs
At 31 December 2023
Movement in ordinary shares on issue 2022
At 1 January 2022
At 31 December 2022
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
NOTE 16: RESERVES
Movement in reserves
At 1 January 2023
Options issued to employees (refer note 18)
At 31 December 2023
At 1 January 2022
Options issued to employees (refer note 18)
At 31 December 2022
Share option premium reserve
2022
$
173,671
153,302
9
2022
$
101,451,503
-
-
101,451,503
$
101,451,503
6,000,000
-
(270,633)
107,180,870
$
101,451,503
101,451,503
2023
$
181,465
160,814
8
2023
$
101,451,503
6,000,000
-
(270,633)
107,180,870
#
2,755,135,721
146,341,464
3,000,000
-
2,904,477,185
#
2,755,135,721
2,755,135,721
Share option
premium
reserve
$
24,624,327
1,075,154
25,699,481
24,398,437
225,890
24,624,327
The share option premium reserve is used to record the value of share based payments provided to employees, directors and
contractors, as part of their remuneration and contingent share issues as part of the acquisition of tenements.
46
46
Legend Mining Limited | Annual Report 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
NOTE 17: SHARE OPTIONS
2023
Unlisted zero exercise price options – Expiry date 10 August
2025 subject to vesting criteria (see Note 18)
At 1 January 2023
Exercised
ESOP Expired – see note 18
At 31 December 2023
Unlisted options – Expiry date 17 March 2028
At 1 January 2023
ESOP employees issued – See note 18
Expired
At 31 December 2023
Unlisted options – Expiry date 8 May 2028
At 1 January 2023
ESOP Directors issued – See note 18
At 31 December 2023
2022
Unlisted options – Expiry date 11 July 2022
At 1 January 2022
Exercised
At 31 December 2022
Unlisted options – Expiry date 30 September 2022
At 1 January 2022
Exercised
At 31 December 2022
Unlisted zero exercise price options – Expiry date 10 August
2025 subject to vesting criteria (see Note 18)
At 1 January 2022
Exercised
Vested
At 31 December 2022
Number
#
Exercise price
cents per share
Zero cents
Zero Cents
Zero Cents
7.2 cents
7.2 cents
Zero cents
8,250,000
(3,000,000)
(750,000)
4,500,000
-
18,500,000
-
18,500,000
-
65,000,000
65,000,000
102,217,540
(102,217,540)
-
44,743,571
(44,743,571)
-
8,250,000
-
-
8,250,000
47
Legend Mining Limited | Annual Report 2023
47
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 18: SHARE BASED PAYMENT PLANS
During 2023 there were two new share-based payments transactions:
(i)
18.5 million zero exercise price options were granted to employees for Nil consideration as part of employee remuneration
on 20 March 2023 pursuant to the Company's ESOP approved at the Annual General Meeting in May 2020.
Milestone A:
Milestone B:
Milestone C:
5,000,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time
between meeting the vesting condition (12 months of continuous service from the date of grant) and the expiry
date.
5,000,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time
between meeting the vesting condition (24 months of continuous service from the date of grant) and the expiry
date.
8,500,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time
between meeting the vesting condition (The 20-day volume weighted average price (“VWAP”) of Legend shares
being greater than $0.10) and the expiry date.
Employee Unlisted Share ESOP Options
Methodology
Iterations
Grant Date
Expiry Date
Share price at Grant date ($)
VWAP hurdle
Exercise price ($)
Risk free rate (%)
Volatility (%)
Vesting period
Value per ZEPO ($)
Number of options
Total value of options ($)
Value recognised during the period ($)
Milestone A
Black Scholes
Milestone B
Black Scholes
Milestone C
Monte Carlo
17 March 2023
17 March 2023
17 March 2023
17 March 2028
17 March 2028
17 March 2028
100,000
0.040
-
Nil
3.067
75
12 months
0.0400
5,000,000
200,000
173,699
0.040
-
Nil
3.067
75
24 months
0.0400
5,000,000
200,000
86,730
0.040
.100
Nil
3.067
75
60 months
0.0326
8,500,000
277,446
48,132
(ii) Pursuant to shareholder approval at the Annual General Meeting on 5 May 2023(2023 AGM), 65 million three-year options
with an exercise price of 9.6 cents were granted to the Directors for Nil consideration on 8 May 2023. Further details on these
options are set out in the Notice of 2023 AGM released on ASX on 16 March 2023.
Value of Director Options – assumptions used as at date of issue (8 May 2023)
Details
Share price (20 day VWAP)
Exercise Price (100% premium above the 20 day VWAP)
Risk Free Rate (RBA Cash Rate)
Volatility *
Start Date
Expiry Date
Value per Director Option
Input
$0.046
$0.096
3.08%
65.70%
8 May 2023
8 May 2026
$0.0118
Source: Bloomberg historical volatility graph calculation using average from 31/08/2022 to 28/02/2023
48
48
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 18: SHARE BASED PAYMENT PLAN (CONTD)
Other Options: The following table illustrates the number Nil and weighted average exercise prices (WAEP) of, and movements
in, share options issued during the year:
2023
No.
2023
WAEP
$
-
-
-
-
-
-
2022
No.
2022
WAEP
$
136,111,111
0.072
-
-
(136,111,111)
-
-
-
-
-
-
-
-
-
-
-
-
-
Outstanding balance at the beginning of the year
Granted during the year
Exercised during the year (iii), (iv)
Expired/lapsed during the year
Outstanding at the end of the year
Exercisable at the end of the year
NOTE 19: RELATED PARTIES
(i)
Wholly owned group transactions
Loans made by Legend Mining Limited to wholly owned subsidiaries are repayable on demand and are not interest bearing.
(ii)
Other related party transactions
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available
to other parties unless otherwise stated.
(iii)
Ultimate parent
Legend Mining Limited is the ultimate parent company.
(iv)
Compensation of key management personnel of the Group
Short-term employee benefits
Long term benefits
Post-employment benefits
Share-based payments expense
Total compensation paid to Key Management Personnel
2023
$
764,590
6,000
60,807
767,000
1,598,397
2022
$
765,378
6,000
66,991
9,145
847,514
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key
management personnel.
NOTE 20: CASH FLOW INFORMATION
(i) Reconciliation of Cash
For the purposes of the Cash Flow Statement, cash and cash equivalents includes cash on hand and at bank and short term
deposits at call, net of outstanding bank overdrafts. Cash as at the end of the financial year as shown in the Cash Flow Statement
is reconciled to the related items in the Statement of Financial Position as follows:
Cash on hand
Cash at bank
Deposits at call
Note
8
2023
$
500
525,198
11,000,000
11,525,698
2022
$
500
410,077
12,300,000
12,710,577
49
Legend Mining Limited | Annual Report 2023
49
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 20: CASH FLOW INFORMATION (CONTD)
(ii) Reconciliation of net loss after income tax to net cash used in operating activities
Net loss after tax
Net profit on disposal of property, plant & equipment
Depreciation
Depreciation – Lease
Interest expense – lease capitalised to deferred exploration
Share-based payments expense
Fair value (gain)/loss on investments
Deferred exploration expenses
Movement in provisions and other
Income Tax Expense
Change in operating assets and liabilities:
(Increase)/decrease in receivables
Increase/(decrease) in payables
Net cash from/(used) in operating activities
Non-cash financing and investing activities
2023
$
2022
$
(5,019,320)
(36,711)
5,340
70,931
(1,571)
1,075,154
-
3,497,843
15,306
(392,361)
(785,389)
79,272
(69,590)
(775,707)
(1,491,051)
-
8,281
71,006
(860)
225,890
-
1,525
5,928
511,932
(667,349)
(137,668)
333,237
(471,780)
Other than listed above there were no other non-cash financing or investing activities during the 2023 or 2022 years.
NOTE 21: COMMITMENTS
(a) Exploration expenditure commitments
In order to maintain current rights of tenure to exploration tenements, the Group will be required to outlay approximately
$1,777,000 (2022: $2,373,000) in the following twelve months in respect of tenement lease rentals and to meet minimum
expenditure requirements of the Department of Mines, Industry Regulation & Safety (DMIRS). These obligations are expected
to be fulfilled in the normal course of operations and have not been provided for in the financial report.
NOTE 22: INVESTMENTS IN CONTROLLED ENTITIES
Legend Mining Limited does not have any subsidiaries.
50
50
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 23: FINANCIAL INSTRUMENTS DISCLOSURE
The Group’s principal financial instruments comprise cash and short-term deposits, receivables and investments held for trading.
The main purpose of these financial instruments is to finance the Group’s operations. The Group has various other financial
assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The main risks arise
from the Group’s financial instruments are: interest rate risks, liquidity risk, credit risk and equity price risk. The Board reviews
and agrees policies for managing each of these risks and they are summarised below.
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement and the basis on which income and expenses are recognised in respect of each class of financial asset, financial
liability and equity instrument are disclosed in Note 2 to the financial statements.
Fair value interest risk
The Group’s exposure to fair value interest risk is minimal.
Commodity price risk
The Group’s exposure to price risk is minimal as the group is still in an exploration phase and does not receive any revenue from
mining.
Credit risk
The Group trades only with recognised, creditworthy third parties.
With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the
Group’s exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount
of these instruments. The Group trades with investment grade institutions with a credit rating of AA-.
Since the Group only trades with recognised third parties, there is no requirement for collateral.
Liquidity risk
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of a mixture of
long and short term debt.
(a)
Interest Rate Risk
The consolidated entity’s exposure to cash flow interest rate risk is as follows:
2023
Financial assets:
Cash and cash equivalents
Other financial assets
2022
Financial assets:
Cash and cash equivalents
Other financial assets
Weighted
Average
Interest Rate
Floating
Interest
$
Fixed
Interest
$
Non-Interest
Bearing
$
4.89%
1.41%
525,198
-
525,198
11,000,000
105,775
11,105,775
410,077
-
410,077
12,300,000
105,775
12,405,775
500
-
500
500
-
500
Total
$
11,525,698
105,775
11,631,473
12,710,577
105,775
12,816,352
The maturity date for all financial instruments included in the above tables is 1 year or less from balance date.
A change of 100 basis points in interest rates would result in a net gain/loss before taxation of $713,326 (2022: $249,301). This
is based on the interest bearing financial assets as detailed above.
51
Legend Mining Limited | Annual Report 2023
51
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 23: FINANCIAL INSTRUMENTS DISCLOSURE (CONTD)
(b) Credit Risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s maximum exposure
to credit risk at the reporting date was:
Cash and cash equivalents
Trade and other receivables
Rental Bond/Security bond
Note
8
9
10
Carrying Amount
2023
$
11,525,698
3,174,018
105,775
14,805,491
2022
$
12,710,577
160,773
105,775
12,977,125
All trade and other receivables are current, apart from the rental bond $5,775 (2022: $5,775) and have not been impaired.
(c) Liquidity Risk
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the
impact of netting agreements:
31 December 2023
Non-derivative financial liabilities
Trade and other payables
Lease liability
31 December 2022
Non-derivative financial liabilities
Trade and other payables
Lease liability
Carrying
Amount
$
Contractual
cash flows
$
Six months
or less
$
Greater than
six months
$
632,445
110,096
742,541
632,445
110,096
742,541
710,692
91,657
802,349
-
18,459
18,459
Carrying
Amount
$
Contractual
cash flows
$
Six months
or less
$
Greater than
six months
$
710,692
63,740
774,432
710,692
63,740
774,432
710,692
43,821
754,513
-
19,918
19,918
(d) Net Fair Value of Financial Assets and Liabilities
The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position,
are as follows:
31 December 2023
Carrying
Amount
$
Fair
Value
$
11,525,698
105,775
3,174,018
(632,445)
14,173,046
11,525,698
105,775
3,174,018
(632,445)
14,173,046
31 December 2022
Carrying
Amount
$
Fair
Value
$
12,710,577
105,775
160,773
(710,692)
12,266,433
12,710,577
105,775
160,773
(710,692)
12,266,433
Cash and cash equivalents
Security bond
Trade and other receivables
Trade and other payables
NOTE 24: FAIR VALUES
Management assessed that cash and cash equivalents, trade and other receivables, and trade and other payables approximate
their carrying amounts largely due to the short-term maturities of these instruments.
52
52
Legend Mining Limited | Annual Report 2023
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
NOTE 25: INFORMATION RELATING TO LEGEND MINING LIMITED (“THE PARENT ENTITY”)
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Contributed equity
Accumulated losses
Share option premium reserve
2023
$
14,799,716
55,223,963
905,547
1,281,942
53,942,021
107,180,870
(78,938,330)
25,699,481
53,942,021
2022
$
12,971,349
53,788,065
928,184
1,631,245
52,156,820
101,451,503
(73,919,010)
24,624,327
52,156,820
Loss of the Parent entity after tax
Total comprehensive loss of the Parent entity
(5,019,320)
(5,019,320)
(1,491,051)
(1,491,051)
There have been no guarantees entered into by the Parent entity in relation to any debts of its subsidiaries.
The Parent has no contingent liabilities as at date of this report.
The Parent entity has no contractual commitments for the acquisition of property, plant or equipment.
NOTE 26: AUDITOR’S REMUNERATION
The auditor of Legend Mining Limited is Hall Chadwick WA Audit Pty Ltd.
Amounts received or due and receivable by Hall Chadwick WA Audit Pty Ltd for:
- An audit or review of the financial report of the entity and any other entity in the
consolidated group
NOTE 27: CONTINGENT LIABILITIES
There are no contingent liabilities at the date of this report.
Consolidated
2023
$
2022
$
36,314
36,314
38,693
38,693
The consolidated entity’s activities in Australia are subject to the Native Titles Act and the Department of Environment.
Uncertainty associated with Native Title issues may impact on the Group’s future plans.
There are no unresolved Native Title issues and the consolidated entity is not aware of any other matters that may impact upon
its access to the land that comprises its project areas.
NOTE 28:
EVENTS AFTER THE BALANCE SHEET DATE
On 14 November 2023, the Company lodged its tax return for the tax year ended 30 June 2023 and claimed a refundable Research
and Development (R&D) tax offset of $3,081,715. On 19 January 2024, the Company received this refund.
No other matter or circumstance has arisen since the end of the financial year which has significantly affected, or may
significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent
financial years.
NOTE 29: DIVIDENDS PAID AND PROPOSED
No dividends were paid or proposed this financial year. There are no franking credits available for future reporting periods.
53
Legend Mining Limited | Annual Report 2023
53
Directors’ Declaration
Directors’ Declaration
In accordance with a resolution of the Directors of Legend Mining Limited, I state that:
In the opinion of the Directors:
(a) The financial statements and notes on pages 29-53, and the remuneration disclosures that are
contained in the Remuneration Report in the Directors Report pages 22-28, of the consolidated
entity, are in accordance with the Corporations Act 2001, including;
i
ii
iii
Giving a true and fair view of the consolidated entity’s financial position as at 31
December 2023 and of its performance for the year ended on that date; and
Complying with Australian Accounting Standards’ and the Corporations Regulations 2001;
and
The financial statements and notes also comply with International Financial Reporting
Standards as disclosed in note 2.
(b) There are reasonable grounds to believe that the company will be able to pay its debts as and
when they become due and payable.
This declaration has been made after receiving the declarations required to be made to the
directors in accordance with section 295A of the Corporations Act 2001 for the financial year ended
31 December 2023.
n behalf of the Bo
On behalf of the Board.
Oliver Kiddie
Managing Director
Dated this 15th day of March 2024
54
54
Legend Mining Limited | Annual Report 2023 Declaration of Auditor’s Independence
To the Board of Directors,
Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001
As lead audit Director for the audit of the financial statements of Legend Mining Limited for the financial
year ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been
no contraventions of:
•
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
• any applicable code of professional conduct in relation to the audit.
Yours Faithfully
HALL CHADWICK WA AUDIT PTY LTD
MARK DELAURENTIS CA
Director
Dated this 15th day of March 2024
Perth, Western Australia
Legend Mining Limited | Annual Report 2023
55
Independent Auditor’s Report
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEGEND MINING LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Legend Mining Limited (“the Company”) and its subsidiaries
(“the Consolidated Entity”), which comprises the consolidated statement of financial position as at 31
December 2023, the consolidated statement of profit or loss and other comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the year
then ended, and notes to the financial statements, including a summary of significant accounting
policies, and the directors’ declaration.
In our opinion:
a.
the accompanying financial report of the Consolidated Entity is in accordance with the
Corporations Act 2001, including:
(i)
giving a true and fair view of the Consolidated Entity’s financial position as at 31 December
2023 and of its financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
b.
the financial report also complies with International Financial Reporting Standards as disclosed
in Note 2.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Consolidated Entity in accordance with the
auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
56
Legend Mining Limited | Annual Report 2023
Independent Auditor’s Report
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Key Audit Matter
How our audit addressed the Key Audit Matter
As disclosed in note 12 to the financial statements,
Our review procedures included but were not limited
during the year ended 31 December 2023, the
Consolidated Entity’s deferred exploration costs was
carried at $39,876,147.
Deferred exploration costs are a focus area due to:
•
•
•
The significance of the balance to the
Consolidated Entity’s financial position;
The level of judgement required in evaluating
management’s application of the requirements
of AASB 6 Exploration for and Evaluation of
Mineral Resources (“AASB 6”). AASB 6 is an
industry specific accounting standard requiring
the application of significant judgements,
estimates and industry knowledge. This
includes specific requirements for expenditure
to be capitalised as an asset and subsequent
requirements which must be complied with for
capitalised expenditure to continue to be
carried as an asset; and
The assessment of impairment of mineral
exploration expenditure being inherently
difficult.
to:
• Assessing management’s determination of its
areas of interest for consistency with the definition
in AASB 6 Exploration and Evaluation of Mineral
Resources (“AASB 6”);
• Assessing the Consolidated Entity’s rights to
tenure for a sample of tenements;
• By reviewing the status of the Consolidated
Entity’s tenure and planned future activities,
reading board minutes and discussions with
management we assessed each area of interest
for one or more of the following circumstances
that may indicate impairment of the mineral
exploration expenditure:
• The licenses for the rights to explore expiring
in the near future or are not expected to be
renewed;
• Substantive expenditure for further exploration
in the area of interest is not budgeted or
planned;
• Decision or intent by the Consolidated Entity
to discontinue activities in the specific area of
interest due to lack of commercially viable
quantities of resources; and
• Data indicating that, although a development in
the specific area is likely to proceed, the
carrying amount of the exploration asset is
unlikely to be recorded in full from successful
development or sale; and
• We also assessed the appropriateness of the
related disclosures in note 12 to the financial
statements.
Legend Mining Limited | Annual Report 2023
57
Independent Auditor’s Report
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Consolidated Entity’s annual report for the year ended 31 December 2023, but does not
include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial report or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and
for such internal control as the directors determine is necessary to enable the preparation of the financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or
error. In Note 2, the directors also state in accordance with Australian Accounting Standard AASB 101
Presentation of Financial Statements, that the financial report complies with International Financial
Reporting Standards.
In preparing the financial report, the directors are responsible for assessing the Consolidated Entity’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the
Consolidated Entity or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
58
Legend Mining Limited | Annual Report 2023
Independent Auditor’s Report
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Consolidated Entity’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Consolidated Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial report or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Consolidated Entity to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Consolidated Entity to express an opinion on the financial report.
We are responsible for the direction, supervision and performance of the Consolidated Entity
audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit
Legend Mining Limited | Annual Report 2023
59
Independent Auditor’s Report
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 31
December 2023. The directors of the Company are responsible for the preparation and presentation of
the remuneration report in accordance with s 300A of the Corporations Act 2001. Our responsibility is
to express an opinion on the remuneration report, based on our audit conducted in accordance with
Australian Auditing Standards.
Auditor’s Opinion
In our opinion, the Remuneration Report of Legend Mining Limited, for the year ended 31 December
2023, complies with section 300A of the Corporations Act 2001.
HALL CHADWICK WA AUDIT PTY LTD
MARK DELAURENTIS CA
Director
Dated this 15th day of March 2024
Perth, Western Australia
60
Legend Mining Limited | Annual Report 2023
Shareholder Information
Shareholder Information
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
For the year ended 31 December 2023
SHAREHOLDER INFORMATION AT 6 MARCH 2024
The issued capital of the company is 2,904,477,185 ordinary fully paid shares.
Distribution of Shareholders
Fully Paid Shares
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
TOTAL
Number of holdings less than a marketable parcel
Top 20 Shareholders
Rank Name
BAILEY GROUP
NI 28 PTY LTD
ZERO NOMINEES PTY LTD
HSBC GROUP
PHH PTY LIMITED
ATKINS GROUP
CITICORP NOMINEES PTY LIMITED
NINO CONSTRUCTIONS PTY LTD
1
CREASY GROUP
2
IGO LIMITED
3 WILSON GROUP
4
5
6
7
8
9
10
11
12 WATERFIELD GROUP
13 MUSGRAVE MINERALS LIMITED
14 MICHAELMAS ISLAND PTY LTD
15
INKESE PTY LTD
16 MR J & MRS L HUGHES
17 MR C YAZBEK & MISS M OFFICER
18 MR T B WILSON
19 MR R M SCIBERRAS
20 MS D S TUDEHOPE
TOTAL
Substantial shareholders
Name
CREASY GROUP
IGO LIMITED
WILSON GROUP
BAILEY GROUP
Unlisted Option holders
Class of options
10 August 2025 – zero exercise price subject to vesting conditions
17 March 2028 – zero exercise price subject to vesting conditions
17 March 2028 – zero exercise price subject to vesting conditions
17 March 2028 – zero exercise price subject to vesting conditions
8 May 2026 – $0.096 exercise price subject to vesting conditions
Shares
31,136
1,921,764
7,645,248
128,440,106
2,766,438,931
2,904,477,185
38,145,098
Units
866,876,460
375,518,295
184,748,200
155,066,791
42,000,000
31,000,000
18,248,741
17,800,000
17,108,334
14,026,125
13,161,547
12,867,925
12,500,000
11,216,945
10,000,000
10,000,000
10,000,000
9,400,000
9,100,000
9,000,000
1,829,639,363
Shares
866,876,460
375,518,295
184,748,200
155,066,791
Options
4,500,000
5,000,000
5,000,000
8,500,000
65,000,000
Holders
143
490
935
3,021
1,563
6,152
3,028
% of Units
29.85%
12.93%
6.36%
5.34%
1.45%
1.07%
0.63%
0.61%
0.59%
0.48%
0.45%
0.44%
0.43%
0.39%
0.34%
0.34%
0.34%
0.32%
0.31%
0.31%
62.99%
% of Units
29.85
12.93
6.36
5.34
Holders
2
5
5
3
3
61
Legend Mining Limited | Annual Report 2023
61
Tenement Listing
Tenement Listing
For the year ended 31 December 2023
F o r t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 3
AUSTRALIA – FRASER RANGE – ROCKFORD PROJECT
Tenements held at 6 March 2024
Tenement
E28/1716
E28/1717
E28/1727
E28/2188
E28/2189
E28/2190
E28/2191
E28/2192
E28/2675
E28/2676
Status
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Percentage Interest
70%
70%
70%
70%
70%
10%
10%
70%
30%
30%
62
62
Legend Mining Limited | Annual Report 2023
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WWW.LEGENDMINING.COM.AU