Annual Report
2024
Contents
Company Directory
1
Chairman’s Letter
2
Directors’ Review of Activities
4
Directors’ Report
14
Consolidated Statement of Comprehensive Income
21
Consolidated Statement of Financial Position
22
Consolidated Statement of Cash Flows
23
Consolidated Statement of Changes in Equity
24
Notes to the Financial Statements
25
Directors’ Declaration
46
Declaration of Auditor’s Independence
47
Independent Auditor’s Report
48
Shareholder Information
53
Tenement Listing
54
Web
legendmining.com.au
Email
legend@legendmining.com.au
ASX Code
LEG – ordinary shares
ACN
060 966 145
Rehabilitation Hurley 2024
Directors’ Review of Activities
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:
hello@automicgroup.com.au
Telephone: 1300 288 664 (within Australia)
+61 2 96985414 (outside Australia)
Company Directory
Rehabilitation Octagonal 2024
1
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
During a two week period in March 2024
unprecedented rainfall of some 440mm fell
across the project area, cutting off all vehicle
access from Kalgoorlie to the Rockford Project
for several months. The direct impact of this was
that the commencement of planned EM surveys
at Octagonal, Magnus and Area Y was delayed
until July 2024. Subsequently these surveys were
completed in the September 2024 and December
2024 quarters. Details of the results of these
surveys are contained in the following Directors’
Review of Activities.
The access difficulties also caused the
postponement of three scheduled meetings with
the Untiri Pulka Native Title Landholders at the
Mawson Camp. The purpose of these meetings
was to introduce Legend and its activities to the
Untiri Pulka group, and to establish a relationship
between both parties. Once the third scheduled
meeting in October 2024 was cancelled,
the next available date was March 2025. As
a consequence of this time frame, Legend
considered it was in the interest of both parties
to progress the draft of Land Access Agreements
with both Untiri Pulka and Upurli Upurli Nguratja
Native Title Landholders. Accordingly, an updated
draft of both agreements was submitted to
their representative, Central Desert Native Title
Services for their comment and consideration
in early December 2024. Legend will continue
to negotiate these agreements in good faith, a
process which commenced in 2020.
The pervading negative sentiment towards nickel
as a commodity continued throughout the year. As
a result Legend has taken a proactive approach to
relinquishing sterilised tenure thereby conserving
capital. This rationalisation is ongoing. Seeking
new projects has also been an ongoing focus of
the executive team.
I would like to express my thanks to Oliver Kiddie
and all our staff for their efforts throughout what
has been a trying year.
Also I wish to thank our loyal shareholders for their
continued support, as per last year our top 20
holds 63.5% of the register, essentially the same
as last year, demonstrating ongoing support and
belief in our strategies. Our cash position of circa
$11.2M at 31 December 2024, further bolstered by
the R&D refund of $1.77M in January 2025 ensures
Legend is in a very sound financial position for the
foreseeable future.
Mark Wilson
Executive Chair
Dear Fellow Shareholders,
Your Company has experienced an
intensely frustrating 2024 year, with
extreme weather events disrupting
access to the Rockford Project for
exploration activity until July 2024 and
throughout the year for engagement
with Native Title Landholders.
Letter from the Chair
2
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
Flooded Octagonal access road April 2024
3
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
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 1,274km2 (see Figures 1 and 2).
Exploration is primarily focused 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.
FIGURE 1 Rockford Project Location
Directors’ Review of Activities
The Rockford Project comprises six granted
exploration licences with a detailed breakdown of
ownership, area and manager given below:
■Legend (70%)/Creasy Group (30%) two JVs
covering 641km2 with Legend manager
■IGO (60%)/Creasy Group (30%)/Legend (10% free
carry) JV covering 633km2 with IGO manager
The Rockford Project covers a strike length of ~75km
over a regional gravity high ridge associated with
dense mafic/ultramafic intrusive rocks of the Fraser
Zone, within the larger Albany-Fraser Orogen. The
Rockford Project is located within the Frazer Zone
along a gravity ridge which hosts the Nova-Bollinger,
Silver Knight, and Mawson deposits.
4
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
FIGURE 2 Rockford Project - prospect locations 2024
Exploration activities across the Rockford Project
and engagement with native title landholders through
2024 were hampered by weather related access
issues. On field activity resumption during July 2024,
exploration focused on defined intrusion centres of
Octagonal and Magnus.
The Highpower Fixed Loop Electromagnetic survey
(HPFLTEM) was extended at Octagonal after
encouraging results from the maiden HPFLTEM
survey in 2023. The extended EM data suggest Ni-Cu
sulphide mineralisation potentially extends to the
eastern side of the contact, an area which has seen
limited drill testing.
The maiden HPFLTEM survey across the Magnus
intrusion identified 12 conductors across four zones.
Two zones are of interest, with conductors identified
of large spatial size and conductance.
Regionally, EM surveying was completed at Area Y.
Tenement rationalisation has continued across the
Rockford Project throughout 2024, with sterilised
and low prospectivity tenure reduced while retaining
interpreted prospective trends and defined,
mineralised intrusions.
5
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
This eastern area is of increased 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 newly defined conductors, confirming mineralised
intrusion occurs outside the main Octagonal Intrusive
Complex (OIC) body. This is identical to the Nova-
Bollinger mineralisation setting.
Future drilling at Octagonal will be defined by
incorporating the new HPFLTEM data, reprocessed
seismic, and AI/ML data. Proposed drill site location
will be subject to statutory Program of Works (PoW)
and Heritage approvals.
Highpower EM Geophysical Services Pty Ltd
completed the HPFLTEM survey extension data
acquisition at Octagonal, following up the strong
conductive source extending to the east of the
maiden HPFLTEM survey area (see Figure 3). A
total of six new complex conductors have been
identified, interpreted to relate to and extend from the
mineralised eastern contact of the Octagonal Intrusive
contact (see Table 1). Encouragingly, this eastern
contact has delivered the multiple Ni-Cu sulphide
intercepts to date. This latest EM data suggest Ni-Cu
sulphide mineralisation potentially extends to the
eastern side of the contact, which to this point, has
seen limited drill testing.
OCTAGONAL PROSPECT
The HPFLTEM survey extension at the Octagonal prospect commenced
18 July 2024 following significant weather-related access delays (see ASX
Announcement 18 July 2024).
Cutline access track April 2024
6
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
TABLE 1 OCTAGONAL HPFLTEM CONDUCTOR PARAMETERS
Conductor
Conductance
Dimensions
Plate Orientation
Depth to Plate Top
Plate Dip
Conductor 1
~2,000-3,000S
<400m x 400m
ENE-WSW
350-400m
60-75º NNW
Conductor 2*
~200-400S
~1,200m x 300m
NE-SW
~175-250m
-60-80º SE
Conductor 3*
~100-200S
>1,500m x 1,000m+
NE-SW
~225-325m
~50-70º SE
Conductor 4
~75-125S
~5km x 5km
NNE-SSW
850-1,000m
20-30º WNW
Conductor 5
~350-450S
>1,500m x 200m
NE-SW
~125-150m
~40-60º SE
Conductor 6
~350-450S
>1,500m x 200m
NE-SW
~175-200m
~40-60º SE
Conductor 7
~50-75S
>1,000 x 1,000m
NE-SW
~100-150m
~50-70º SE
Conductor 8
~75-125S
>1,500m x 1,000m
NE-SW
~200-275m
~50-70º SE
*Remodelled with additional data from 2024 HPFLTEM survey
FIGURE 3 Octagonal plan view showing completed HPFLTEM survey loops with new and existing conductors on
channel 32HD imagery with the interpreted Octagonal intrusion model projected to surface on AMAG.
7
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
MAGNUS PROSPECT
Following the excellent response to the HPFLTEM survey technique completed
across Octagonal, a maiden HPFLTEM survey was designed for the Magnus
intrusion (see Figure 4). Prospectivity of the Magnus intrusion had previously
been confirmed with a 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).
The survey has been completed, including additional
infill and extension lines to close off identified
conductive zones. Modelling has identified 12
conductors across four zones (see Figure 4 and
Table 2). The three zones on the eastern flank of
the Magnus intrusion report as a series of complex
conductors, resulting in multiple conductive sources
and associated models across each zone.
Zone 3 comprises four conductors of high interest.
The conductors are large in spatial size and up to
5,000 siemens conductance. They are located on
the margin of a gravity feature at 550m depth below
surface, with the gravity feature interpreted to be
intrusion at depth. Encouragingly, these conductors
cross-cut aeromagnetic (AMAG) stratigraphy,
suggesting they are not of a stratigraphic nature.
These conductors are located outside and below
levels of aircore drilling completed to date.
Zone 4 comprises three conductors which are discrete
in nature, up to 1,000 siemens conductance, aligning
with the margin of another gravity feature.
Zone 1 comprises four conductors of large spatial
size and low conductance, aligning with interpreted
stratigraphy from AMAG.
Zone 2 identified a single conductor on the western
flank of the Magnus intrusion, which is interpreted to
relate to a deep paleochannel.
Zones 3 and 4 warrant drill testing to investigate the
source of these conductive features.
HPFLTEM at Magnus 2024
8
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
TABLE 2 MAGNUS HPFLTEM CONDUCTOR PARAMETERS
Zone
Model No.
Conductance
Dimensions
Depth to Plate Top
Orientation
Dip
1
1
100S
3,000m x 1,600m
175-225m
NE-SW
85º SE
2
200S
2,100mx 1,100m
200-300m
NE-SW
55º SE
3
200S
1,400m x 800m
200-250m
NE-SW
55º SE
4
200S
1,750m x 1,050m
250-300m
NE-SW
40º SE
2
1
300-350S
1,300m x 1,250m
300-400m
NW-SE
65º NE
3
1
1,200S
1,000m x 1,000m
550-650m
N-S
85º E
2
2,200S
750m x 750m
600-700m
N-S
85º E
3
3,000S
950m x 500m
600-700m
N-S
85º E
4
5,000S
1,500m x 300m
550-650m
N-S
85-90º E
4
1
550S
400m x 400m
100-150m
NE-SW
75º SE
2
1,000S
300m x 300m
125-175m
NE-SW
75º SE
3
550S
300m x 1,000m
100-150m
NE-SW
80º SE
FIGURE 4 Magnus plan view showing completed HPFLTEM survey loops with identified conductors on channel
30HD imagery, IP anomalies, and the interpreted Magnus intrusion model projected to surface on AMAG.
9
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
REGIONAL ROCKFORD
Area Y
Aircore drilling completed in 2022 originally identified
prospective intrusions at Area Y, located ~10km
directly south-west of Mawson, defined by a
combination of aeromagnetic and gravity features (see
Figure 5).
The drilling intersected extensive ultramafic and
mafic intrusives including olivine websterite and
gabbronorite, visually similar to those which host
Ni-Cu-Co mineralisation at Mawson. Geochemistry
FIGURE 5 Plan view showing completed MLTEM survey lines across Area Y on Gravity Inversion.
supported the visual assessment that these
identified intrusions are prospective for Mawson
style mineralisation.
First pass Moving Loop EM (MLTEM) has been
designed to test for conductive features associated
with the identified intrusions, with the aim to identify
Ni-Cu sulphide targets. The MLTEM survey was
completed, with no significant bedrock features
identified.
10
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
FIGURE 6 Rockford Project – Tenure Including Joint Ventures
TENEMENT
RATIONALISATION
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 (20 September 2021, 2 July 2024, 18 July 2024, 20 August 2024, and 16 October 2024) 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.
Legend has taken steps to
rationalise its tenure across
the Rockford Project as part
of our discipline to conserve
capital and sterilisation of
exploration tenure (see ASX
Announcement 2 July 2024).
This rationalisation has resulted
from a comprehensive assessment
of prospectivity following a review
of all available datasets. The
continued rationalisation now sees
the Rockford Project under Legend
management reduced from
1,087km2 to 641km2 (see Figures
1 and 6) and has significantly
reduced the project minimum
annual expenditure commitment
from $1.78 million to $651,000.
11
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
Directors interests
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 a ~6.4%
interest in the Company.
R&D refund received
Legend lodged its FY2024 tax return including a
Research and Development (R&D) refund claim in
November 2024 and in January 2025 received the
$1.77 million R&D cash refund from the Australian
Taxation Office. Legend received specialist advice
from Deloitte in relation to this claim.
CORPORATE
Annual General Meeting (AGM)
The 2024 AGM was held on 3 May 2024. All
resolutions in the Notice of AGM were passed on
a poll.
The 2025 AGM is planned to be held at 3.00pm
on Friday, 2 May 2025. All AGM resolutions will
be decided on a poll.
Exercise of Unlisted Options
During the year, 5,000,000 unlisted and vested
zero exercise price options issued under the
Company’s Employee Share Option Plan in
March 2023 were exercised and, as a result,
5,000,000 ordinary shares fully paid were issued.
Mawson drillsite before rehab 2020
Mawson drillsite after rehab 2024
12
Legend Mining Limited | Annual Report 2024
Directors’ Review of Activities
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. 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 work 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 12
March 2025 and is current as at 14 March 2025. 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
Mawson sunrise
13
Legend Mining Limited | Annual Report 2024
Directors’ Report
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DŝŶŝŶŐ͕ ƵƌŽƉĞĂŶ'ŽůĚĨŝĞůĚƐ͕ĂŶĚŵŽƐƚƌĞĐĞŶƚůLJĂƐ'D džƉůŽƌĂƚŝŽŶĨŽƌƚŚĞƌĞĂƐLJ'ƌŽƵƉ͘,ĞůĞĚƚŚĞĞdžƉůŽƌĂƚŝŽŶƚĞĂŵŽĨƚŚĞ
&ƌĂƐĞƌZĂŶŐĞƉƌŽũĞĐƚĨŽƌƚŚĞƌĞĂƐLJ'ƌŽƵƉ͕ŝŶĐůƵĚŝŶŐƚŚĞĚŝƐĐŽǀĞƌLJ͕ƌĞƐŽƵƌĐĞĚĞĨŝŶŝƚŝŽŶ͕ĂŶĚŵŝŶŝŶŐůĞĂƐĞĂƉƉůŝĐĂƚŝŽŶĨŽƌƚŚĞ
^ŝůǀĞƌ<ŶŝŐŚƚEŝͲƵͲŽĚĞƉŽƐŝƚ͘Dƌ<ŝĚĚŝĞƉŽƐƐĞƐƐĞƐĂƐƚƌŽŶŐĐŽƌƉŽƌĂƚĞďĂĐŬŐƌŽƵŶĚŚĂǀŝŶŐŵĂŶĂŐĞĚŶƵŵĞƌŽƵƐƚƌĂŶƐĂĐƚŝŽŶƐ
ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂƐ ŬĞLJ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĞdžĞĐƵƚŝǀĞƉŽƐŝƚŝŽŶƐ͘ Dƌ <ŝĚĚŝĞ ŝƐ Ă ŵĞŵďĞƌ ŽĨ ƚŚĞ
ƵƐƚƌĂůĂƐŝĂŶ/ŶƐƚŝƚƵƚĞŽĨDŝŶŝŶŐĂŶĚDĞƚĂůůƵƌŐLJĂŶĚĂŵĞŵďĞƌŽĨƚŚĞƵƐƚƌĂůŝĂŶ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJŝƌĞĐƚŽƌƐ͘Dƌ<ŝĚĚŝĞŚĂƐ
ŶŽƚŚĞůĚĂŶLJŽƚŚĞƌĨŽƌŵĞƌƉƵďůŝĐĐŽŵƉĂŶLJĚŝƌĞĐƚŽƌƐŚŝƉƐŝŶƚŚĞůĂƐƚƚŚƌĞĞLJĞĂƌƐ͘
,ŝůĂƌLJDĂĐĚŽŶĂůĚ>>;,KE^Ϳ͕&'/is a lawyer with 30 years’ experience in private practice and industry in the UK and
ƵƐƚƌĂůŝĂ͕ǁŝƚŚƉĂƌƚŝĐƵůĂƌĨŽĐƵƐŽŶĐŽƌƉŽƌĂƚĞĂŶĚŵŝŶŝŶŐůĂǁ͘ůĂǁŐƌĂĚƵĂƚĞŽĨƌŝƐƚŽůhŶŝǀĞƌƐŝƚLJ͕ ŶŐůĂŶĚ͕DƐDĂĐĚŽŶĂůĚ
ƋƵĂůŝĨŝĞĚĂƐĂƐŽůŝĐŝƚŽƌŝŶ>ŽŶĚŽŶĂŶĚǁĂƐĂĚŵŝƚƚĞĚƚŽƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŽĨ ŶŐůĂŶĚĂŶĚtĂůĞƐŝŶϭϵϵϬ͕ĂŶĚƚŽƚŚĞ^ƵƉƌĞŵĞ
Court of Western Australia in 1995. Ms Macdonald was Legend Mining’s external legal adviser from 2005ͲϮϬϭϲ͕ƉƌŝŽƌƚŽŚĞƌ
ĐƵƌƌĞŶƚ͕ĐŽŶƚŝŶƵŝŶŐƌŽůĞĂƐEŽƌƚŚĞƌŶ^ƚĂƌZĞƐŽƵƌĐĞƐŚŝĞĨ>ĞŐĂůKĨĨŝĐĞƌĂŶĚŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͘DƐDĂĐĚŽŶĂůĚŚĂƐďĞĞŶ
ŝŶƐƚƌƵŵĞŶƚĂůŝŶŵĂŶLJƉƌŽũĞĐƚĂŶĚĐŽŵƉĂŶLJĂĐƋƵŝƐŝƚŝŽŶƐ͕ĚŝǀĞƐƚŵĞŶƚƐĂŶĚĐĂƉŝƚĂůƌĂŝƐŝŶŐƐ͘,ŝůĂƌLJĂůƐŽďƌŝŶŐƐĞdžƚĞŶƐŝǀĞ^yůŝƐƚĞĚ
ĐŽŵƉĂŶLJ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ůĞĂĚĞƌƐŚŝƉ͕ ƐĂĨĞƚLJ ĐƵůƚƵƌĞ͕ ƌŝƐŬ ĂŶĚ ŐŽǀĞƌŶĂŶĐĞ͕ ĞdžĞĐƵƚŝǀĞ ƌĞŵƵŶĞƌĂƚŝŽŶ͕ ƉĞŽƉůĞ Θ ĐƵůƚƵƌĞ͕
ƐƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚƐƚĂŬĞŚŽůĚĞƌƌĞůĂƚŝŽŶƐŚŝƉƐ͘DƐDĂĐĚŽŶĂůĚŚĂƐŶŽƚŚĞůĚĂŶLJŽƚŚĞƌĨŽƌŵĞƌƉƵďůŝĐĐŽŵƉĂŶLJĚŝƌĞĐƚŽƌƐŚŝƉƐŝŶƚŚĞ
ůĂƐƚƚŚƌĞĞLJĞĂƌƐ͘
dŽŶLJtĂůƐŚ͕Žŵŵ͕D͕&/^͕&ǁĂƐĂƉƉŽŝŶƚĞĚŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJĞĨĨĞĐƚŝǀĞŽŶϭϮĞĐĞŵďĞƌϮϬϭϲ͘DƌtĂůƐŚŚĂƐŽǀĞƌ
ϯϱLJĞĂƌƐĞdžƉĞƌŝĞŶĐĞŝŶĚĞĂůŝŶŐǁŝƚŚůŝƐƚĞĚĐŽŵƉĂŶŝĞƐ͕^y͕^/ĂŶĚĐŽƌƉŽƌĂƚĞƚƌĂŶƐĂĐƚŝŽŶƐŝŶĐůƵĚŝŶŐϭϰLJĞĂƌƐǁŝƚŚƚŚĞ^yŝŶ
WĞƌƚŚǁŚĞƌĞŚĞĂĐƚĞĚĂƐ^yůŝĂŝƐŽŶǁŝƚŚƚŚĞ:KZĐŽŵŵŝƚƚĞĞ͕ĨŽƵƌLJĞĂƌƐĂƐŚĂŝƌŵĂŶŽĨĂŶ^yůŝƐƚĞĚŵŝŶŝŶŐĞdžƉůŽƌĞƌĂŶĚĂƐ
ĂĚŝƌĞĐƚŽƌŽĨĂ>ŽŶĚŽŶ/DůŝƐƚĞĚĞdžƉůŽƌĞƌ͘dŽŶLJŝƐĂůƐŽĐƵƌƌĞŶƚůLJŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJŽĨ'ƌĞĂƚtĞƐƚĞƌŶ džƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚĂŶĚ
ǁĂƐŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJŽĨĂƚƚĞƌLJDŝŶĞƌĂůƐDŝŶŝŶŐ>ƚĚĂŶĚĂŝƌĞĐƚŽƌŽĨy ŶĞƌŐLJ>ŝŵŝƚĞĚƵŶƚŝůŚŝƐƌĞƐŝŐŶĂƚŝŽŶŝŶEŽǀĞŵďĞƌ
ϮϬϮϮĂŶĚ:ƵůLJϮϬϮϭƌĞƐƉĞĐƚŝǀĞůLJ͘DƌtĂůƐŚŝƐĂŵĞŵďĞƌŽĨƚŚĞƵƐƚƌĂůŝĂŶ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJŝƌĞĐƚŽƌƐ͕Ă&ĞůůŽǁŽĨƚŚĞ
'ŽǀĞƌŶĂŶĐĞ/ŶƐƚŝƚƵƚĞŽĨƵƐƚƌĂůŝĂ͕ƚŚĞ/ŶƐƚŝƚƵƚĞŽĨŚĂƌƚĞƌĞĚ^ĞĐƌĞƚĂƌŝĞƐĂŶĚƚŚĞ/ŶƐƚŝƚƵƚĞŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŝŶƵƐƚƌĂůŝĂ͘
,ĞŝƐĐƵƌƌĞŶƚůLJĂŶŽŶͲexecutive chair of the Board of the Women’s and Infants Research Foundation.
ϯ͘
ZE/E'^W Z^,Z
ĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ͗
Ϭ͘ϭϴϭϵĐĞŶƚƐ
ŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ͗
Ϭ͘ϭϴϭϵĐĞŶƚƐ
ϰ͘
/s/ E^
EŽĚŝǀŝĚĞŶĚŚĂƐďĞĞŶƉĂŝĚŽƌƌĞĐŽŵŵĞŶĚĞĚĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘
14
Legend Mining Limited | Annual Report 2024
Directors’ Report
For the year ended 31 December 2024
ϱ͘
KZWKZd /E&KZDd/KE
ŽƌƉŽƌĂƚĞ^ƚƌƵĐƚƵƌĞ
>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚŝƐĂŽŵƉĂŶLJůŝŵŝƚĞĚďLJƐŚĂƌĞƐƚŚĂƚŝƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚĚŽŵŝĐŝůĞĚŝŶƵƐƚƌĂůŝĂ͘>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚ
ŚĂƐƉƌĞƉĂƌĞĚĂĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶĐŽƌƉŽƌĂƚŝŶŐƚŚĞĞŶƚŝƚŝĞƐƚŚĂƚŝƚĐŽŶƚƌŽůůĞĚĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘ƵƌŝŶŐƚŚĞ
LJĞĂƌ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚŚĂĚŶŽƐƵďƐŝĚŝĂƌŝĞƐ͘
EĂƚƵƌĞŽĨKƉĞƌĂƚŝŽŶƐĂŶĚWƌŝŶĐŝƉĂůĐƚŝǀŝƚŝĞƐ
dŚĞƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌŽĨƚŚĞĞŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJǁĞƌĞ͗
•
ĞdžƉůŽƌĂƚŝŽŶĨŽƌŶŝĐŬĞůĂŶĚĐŽƉƉĞƌĚĞƉŽƐŝƚƐŝŶƵƐƚƌĂůŝĂ͘
ŵƉůŽLJĞĞƐ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŚĂĚĂƐƚĂĨĨŽĨĞŝŐŚƚĞŵƉůŽLJĞĞƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϰ;ϮϬϮϯ͗ĞŝŐŚƚĞŵƉůŽLJĞĞƐͿ͘
ϲ͘
KW Zd/E'E&/EE/>Z s/ t
ZĞƐƵůƚƐŽĨKƉĞƌĂƚŝŽŶƐ
dŚĞŶĞƚůŽƐƐĂĨƚĞƌŝŶĐŽŵĞƚĂdžŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĨŽƌƚŚĞLJĞĂƌǁĂƐΨϱ͕Ϯϰϳ͕ϴϯϭ;ϮϬϮϯ͗ůŽƐƐŽĨΨϱ͕Ϭϭϵ͕ϯϮϬͿ͘
ZĞǀŝĞǁŽĨKƉĞƌĂƚŝŽŶƐ
The Directors’ Review of Activities for the year ended ϯϭĞĐĞŵďĞƌϮϬϮϰŝƐĐŽŶƚĂŝŶĞĚŽŶƉĂŐĞƐϰƚŽϭϯŽĨƚŚŝƐŶŶƵĂůZĞƉŽƌƚ͘
^ƵŵŵĂƌŝƐĞĚKƉĞƌĂƚŝŶŐZĞƐƵůƚƐ
ĞĨĞƌƌĞĚ džƉůŽƌĂƚŝŽŶŽƐƚƐ͗dŽƚĂůĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐĂŶĚĚĞĨĞƌƌĞĚĞdžƉĞŶĚŝƚƵƌĞŽŶƚĞŶĞŵĞŶƚƐĐĂƉŝƚĂůŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ŶĞƚŽĨ
ĂŵŽƵŶƚƐƌĞŝŵďƵƌƐĞĚƚŚƌŽƵŐŚƚŚĞƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶĐĞŶƚŝǀĞŐƌĂŶƚĂŶĚƚŚĞǁƌŝƚĞďĂĐŬŽĨƐƵƌƌĞŶĚĞƌĞĚƚĞŶĞŵĞŶƚƐ
ĂŵŽƵŶƚĞĚƚŽ;Ψϯ͕ϴϬϭ͕ϳϴϭͿ;ϮϬϮϯ͗ΨϮϵϵ͕ϳϲϰͿ͘
ϳ͘
^/'E/&/Ed,E' ^/Ed, ^dd K&&&/Z^
dŚĞƌĞŚĂǀĞďĞĞŶŶŽƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
ϴ͘
Es/ZKED Ed>Z 'h>d/KEEW Z&KZDE
The consolidated entity’s operations are subject to various environmental regulations under both Commonwealth and State
ůĞŐŝƐůĂƚŝŽŶŝŶƵƐƚƌĂůŝĂ͘dŚĞŝƌĞĐƚŽƌƐŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƐĞƌĞŐƵůĂƚŝŽŶƐĂŶĚĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJďƌĞĂĐŚĞƐŽĨƚŚĞůĞŐŝƐůĂƚŝŽŶ
ĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌǁŚŝĐŚĂƌĞŵĂƚĞƌŝĂůŝŶŶĂƚƵƌĞ͘
ϵ͘
>/< >z s >KWD Ed^E yW d Z ^h>d^
>ŝŬĞůLJĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĂŶĚĞdžƉĞĐƚĞĚƌĞƐƵůƚƐŽĨƚŚŽƐĞŽƉĞƌĂƚŝŽŶƐŝŶƐƵďƐĞƋƵĞŶƚ
financial years have been discussed, where appropriate, in the Chair’s Report and Review of Activities.
ϭϬ͘
^,Z KWd/KE^
hŶŝƐƐƵĞĚƐŚĂƌĞƐ
ƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͕ƚŚĞƌĞǁĞƌĞϴϯ͕ϬϬϬ͕ϬϬϬƵŶŝƐƐƵĞĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐƵŶĚĞƌŽƉƚŝŽŶƐ͘ZĞĨĞƌƚŽŶŽƚĞϭϳĨŽƌĨƵƌƚŚĞƌ
ĚĞƚĂŝůƐŽĨƚŚĞŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐŽŶϯϭĞĐĞŵďĞƌϮϬϮϰ͘
KƉƚŝŽŶŚŽůĚĞƌƐĚŽŶŽƚŚĂǀĞĂŶLJƌŝŐŚƚ͕ďLJǀŝƌƚƵĞŽĨƚŚĞŽƉƚŝŽŶ͕ƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĂŶLJƐŚĂƌĞŝƐƐƵĞŽĨƚŚĞŽŵƉĂŶLJŽƌĂŶLJƌĞůĂƚĞĚ
ďŽĚLJĐŽƌƉŽƌĂƚĞ͘
^ŚĂƌĞƐŝƐƐƵĞĚĂƐĂƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐ
dŚĞƌĞǁĞƌĞϱ͕ϬϬϬ͕ϬϬϬƐŚĂƌĞƐŝƐƐƵĞĚĂƐĂƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘^ĞĞŶŽƚĞϭϳĨŽƌĨƵůůĚĞƚĂŝůƐ͘
15
Legend Mining Limited | Annual Report 2024
Directors’ Report
For the year ended 31 December 2024
ϭϭ͘
^/'E/&/Ed s Ed^&d Zd, >E d
KŶϭϯ:ĂŶƵĂƌLJϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚĂZĞƐĞĂƌĐŚĂŶĚĞǀĞůŽƉŵĞŶƚƌĞĨƵŶĚŽĨΨϭ͕ϳϳϱ͕ϯϴϳĨƌŽŵƚŚĞƵƐƚƌĂůŝĂŶdĂdžĂƚŝŽŶ
KĨĨŝĐĞ͘
EŽŽƚŚĞƌŵĂƚƚĞƌƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞŚĂƐĂƌŝƐĞŶƐŝŶĐĞƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌǁŚŝĐŚŚĂƐƐŝŐŶŝĨŝĐĂŶƚůLJĂĨĨĞĐƚĞĚ͕ŽƌŵĂLJ
ƐŝŐŶŝĨŝĐĂŶƚůLJĂĨĨĞĐƚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͕ƚŚĞƌĞƐƵůƚŽĨƚŚŽƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉŝŶƐƵďƐĞƋƵĞŶƚ
ĨŝŶĂŶĐŝĂůLJĞĂƌƐ͘
ϭϮ͘
/E DE/&/d/KEE/E^hZE K&/Z dKZ^EK&&/ Z^
dŚĞŽŵƉĂŶLJŚĂƐŶŽƚ͕ĚƵƌŝŶŐŽƌƐŝŶĐĞƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͕ŝŶƌĞƐƉĞĐƚŽĨĂŶLJƉĞƌƐŽŶǁŚŽŝƐŽƌŚĂƐďĞĞŶĂŶŽĨĨŝĐĞƌŽĨƚŚĞŽŵƉĂŶLJ
ŽƌĂƌĞůĂƚĞĚďŽĚLJĐŽƌƉŽƌĂƚĞ͗
;ŝͿ
ŝŶĚĞŵŶŝĨŝĞĚŽƌŵĂĚĞĂŶLJƌĞůĞǀĂŶƚĂŐƌĞĞŵĞŶƚĨŽƌŝŶĚĞŵŶŝĨLJŝŶŐĂŐĂŝŶƐƚĂůŝĂďŝůŝƚLJŝŶĐƵƌƌĞĚĂƐĂŶŽĨĨŝĐĞƌ͕ŝŶĐůƵĚŝŶŐĐŽƐƚƐ
ĂŶĚĞdžƉĞŶƐĞƐŝŶƐƵĐĐĞƐƐĨƵůůLJĚĞĨĞŶĚŝŶŐůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐ͖Žƌ
;ŝŝͿ
ƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂLJĂƉƌĞŵŝƵŵŝŶƌĞƐƉĞĐƚŽĨĂĐŽŶƚƌĂĐƚŝŶƐƵƌŝŶŐĂŐĂŝŶƐƚĂůŝĂďŝůŝƚLJŝŶĐƵƌƌĞĚĂƐĂŶŽĨĨŝĐĞƌĨŽƌƚŚĞĐŽƐƚƐ
ŽƌĞdžƉĞŶƐĞƐƚŽĚĞĨĞŶĚůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐ͘
ϭϯ͘
/E DE/&/d/KEK&h/dKZ^
dŽƚŚĞĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂŐƌĞĞĚƚŽŝŶĚĞŵŶŝĨLJŝƚƐĂƵĚŝƚŽƌƐ͕,ĂůůŚĂĚǁŝĐŬ͕ĂƐƉĂƌƚŽĨƚŚĞƚĞƌŵƐŽĨŝƚƐ
ĂƵĚŝƚĞŶŐĂŐĞŵĞŶƚĂŐƌĞĞŵĞŶƚĂŐĂŝŶƐƚĐůĂŝŵƐďLJƚŚŝƌĚƉĂƌƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂƵĚŝƚ;ĨŽƌĂŶƵŶƐƉĞĐŝĨŝĞĚĂŵŽƵŶƚͿ͘EŽƉĂLJŵĞŶƚ
ŚĂƐďĞĞŶŵĂĚĞƚŽŝŶĚĞŵŶŝĨLJ,ĂůůŚĂĚǁŝĐŬĚƵƌŝŶŐŽƌƐŝŶĐĞƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘
ϭϰ͘
Z DhE Zd/KEZ WKZd;h/d Ϳ
dŚĞĐŽŵƉĞŶƐĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐŝŶƉůĂĐĞĨŽƌŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨ>ĞŐĞŶĚĂƌĞƐĞƚŽƵƚďĞůŽǁ͗
ĞƚĂŝůƐŽĨŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů
ŝƌĞĐƚŽƌƐ
DtŝůƐŽŶ
džĞĐƵƚŝǀĞŚĂŝƌ
K<ŝĚĚŝĞ
DĂŶĂŐŝŶŐŝƌĞĐƚŽƌ
,DĂĐĚŽŶĂůĚ
EŽŶͲ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
ŽŵƉĞŶƐĂƚŝŽŶWŚŝůŽƐŽƉŚLJ
dŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŵƉĂŶLJĚĞƉĞŶĚƐƵƉŽŶƚŚĞƋƵĂůŝƚLJŽĨŝƚƐĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞƐ͘dŽƉƌŽƐƉĞƌ͕ƚŚĞŽŵƉĂŶLJŵƵƐƚ
ĂƚƚƌĂĐƚ͕ŵŽƚŝǀĂƚĞĂŶĚƌĞƚĂŝŶŚŝŐŚůLJƐŬŝůůĞĚĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞƐ͘
dŚĞŽŵƉĂŶLJĞŵďŽĚŝĞƐƚŚĞĨŽůůŽǁŝŶŐƉƌŝŶĐŝƉůĞŝŶŝƚƐĐŽŵƉĞŶƐĂƚŝŽŶĨƌĂŵĞǁŽƌŬ͗
•
WƌŽǀŝĚĞĐŽŵƉĞƚŝƚŝǀĞƌĞǁĂƌĚƐƚŽĂƚƚƌĂĐƚŚŝŐŚͲĐĂůŝďƌĞĞdžĞĐƵƚŝǀĞƐ͘
'ƌŽƵƉWĞƌĨŽƌŵĂŶĐĞ
•
The Group’s financial performance for the last five years has been as follows:
ĞĐĞŵďĞƌ
ϮϬϮϰ
ĞĐĞŵďĞƌ
ϮϬϮϯ
ĞĐĞŵďĞƌ
ϮϬϮϮ
ĞĐĞŵďĞƌ
ϮϬϮϭ
ĞĐĞŵďĞƌϮϬϮϬ
ZĞǀĞŶƵĞ
Ψϲϰϵ͕ϯϱϳ
ΨϱϵϮ͕ϭϰϱ
ΨϮϭϴ͕Ϯϰϳ
ΨϭϯϮ͕ϱϳϳ
ΨϮϲϮ͕ϰϴϴ
EĞƚůŽƐƐĂĨƚĞƌƚĂdž
;Ψϱ͕Ϯϰϳ͕ϴϯϭͿ
;Ψϱ͕Ϭϭϵ͕ϯϮϬͿ
;Ψϭ͕ϰϵϭ͕ϬϱϭͿ
;Ψϲϲ͕ϭϳϵͿ
;Ψϭ͕ϬϲϮ͕ϲϭϬͿ
ĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐƉĞƌƐŚĂƌĞͿ
;Ϭ͘ϭϴϭϵͿ
;Ϭ͘ϭϳϲϭͿ
;Ϭ͘ϬϱϮϲͿ
;Ϭ͘ϬϬϮϯͿ
;Ϭ͘ϬϯϴϯͿ
ŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐƉĞƌƐŚĂƌĞͿ
;Ϭ͘ϭϴϭϵͿ
;Ϭ͘ϭϳϲϭͿ
;Ϭ͘ϬϱϮϲͿ
;Ϭ͘ϬϬϮϯͿ
;Ϭ͘ϬϯϴϯͿ
EĞƚĂƐƐĞƚƐ
Ψϰϴ͕ϴϬϰ͕ϭϮϳ
Ψϱϯ͕ϵϰϮ͕ϬϮϭ
ΨϱϮ͕ϭϱϲ͕ϴϮϭ
Ψϱϯ͕ϱϮϭ͕ϵϴϮ
Ψϰϵ͕ϴϲϯ͕Ϭϴϭ
^ŚĂƌĞƉƌŝĐĞ;ĂƚďĂůĂŶĐĞĚĂƚĞͿ
ΨϬ͘ϬϭϮ
ΨϬ͘Ϭϭϰ
ΨϬ͘ϬϰϬ
ΨϬ͘Ϭϱϴ
ΨϬ͘ϭϭϱ
ƐƚŚĞ'ƌŽƵƉŝƐĐƵƌƌĞŶƚůLJŝŶĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶƉŚĂƐĞƐ͕ŚŝƐƚŽƌŝĐĂůĞĂƌŶŝŶŐƐĂƌĞŶŽƚLJĞƚĂŶĂĐĐƵƌĂƚĞƌĞĨůĞĐƚŝŽŶŽĨ'ƌŽƵƉ
ƉĞƌĨŽƌŵĂŶĐĞĂŶĚĐĂŶŶŽƚďĞƵƐĞĚĂƐĂůŽŶŐͲterm incentive measure. Consideration of the Group’s earnings will be more relevant
ĂƐƚŚĞ'ƌŽƵƉŵĂƚƵƌĞƐ͘
16
Legend Mining Limited | Annual Report 2024
Directors’ Report
For the year ended 31 December 2024
ϭϰ͘
Z DhE Zd/KEZ WKZd;KEdͿ
ZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ
ƵĞƚŽƚŚĞƐŝnjĞŽĨ>ĞŐĞŶĚ͕ƌĞŵƵŶĞƌĂƚŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚďLJƚŚĞĨƵůůŽĂƌĚ͘dŚĞŽĂƌĚƌĞǀŝĞǁƐƌĞŵƵŶĞƌĂƚŝŽŶƉĂĐŬĂŐĞƐĂŶĚƉŽůŝĐŝĞƐ
ĂƉƉůŝĐĂďůĞƚŽƚŚĞĚŝƌĞĐƚŽƌƐĂŶĚƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐ͘ZĞŵƵŶĞƌĂƚŝŽŶůĞǀĞůƐĂƌĞĐŽŵƉĞƚŝƚŝǀĞůLJƐĞƚƚŽĂƚƚƌĂĐƚƚŚĞŵŽƐƚƋƵĂůŝĨŝĞĚĂŶĚ
ĞdžƉĞƌŝĞŶĐĞĚĚŝƌĞĐƚŽƌƐĂŶĚƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐ͘
ŽŵƉĞŶƐĂƚŝŽŶ^ƚƌƵĐƚƵƌĞ
/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚďĞƐƚƉƌĂĐƚŝĐĞĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͕ƚŚĞƐƚƌƵĐƚƵƌĞŽĨŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌĂŶĚŽƚŚĞƌƐĞŶŝŽƌŵĂŶĂŐĞƌ
ƌĞŵƵŶĞƌĂƚŝŽŶŝƐƐĞƉĂƌĂƚĞĂŶĚĚŝƐƚŝŶĐƚ͘
KďũĞĐƚŝǀĞŽĨEŽŶͲ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽŵƉĞŶƐĂƚŝŽŶ
dŚĞŽĂƌĚƐĞĞŬƐƚŽƐĞƚĂŐŐƌĞŐĂƚĞĐŽŵƉĞŶƐĂƚŝŽŶĂƚĂůĞǀĞůƚŚĂƚƉƌŽǀŝĚĞƐƚŚĞĐŽŵƉĂŶLJǁŝƚŚƚŚĞĂďŝůŝƚLJƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶ
ĚŝƌĞĐƚŽƌƐŽĨƚŚĞŚŝŐŚĞƐƚĐĂůŝďƌĞ͕ǁŚŝůƐƚŝŶĐƵƌƌŝŶŐĂĐŽƐƚƚŚĂƚŝƐĂĐĐĞƉƚĂďůĞƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘
^ƚƌƵĐƚƵƌĞŽĨEŽŶͲ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽŵƉĞŶƐĂƚŝŽŶ
dŚĞ ŽŶƐƚŝƚƵƚŝŽŶ ĂŶĚ ƚŚĞ ^y >ŝƐƚŝŶŐ ZƵůĞƐ ƐƉĞĐŝĨLJ ƚŚĂƚ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ŽĨ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌƐ ƐŚĂůů ďĞ
ĚĞƚĞƌŵŝŶĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞďLJĂŐĞŶĞƌĂůŵĞĞƚŝŶŐ͘ŶĂŵŽƵŶƚŶŽƚĞdžĐĞĞĚŝŶŐƚŚĞĂŵŽƵŶƚĚĞƚĞƌŵŝŶĞĚŝƐƚŚĞŶĚŝǀŝĚĞĚďĞƚǁĞĞŶ
ƚŚĞĚŝƌĞĐƚŽƌƐĂƐĂŐƌĞĞĚ͘dŚĞůĂƚĞƐƚĚĞƚĞƌŵŝŶĂƚŝŽŶǁĂƐĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŚĞůĚŽŶϭϲDĂLJϮϬϭϮǁŚĞŶƐŚĂƌĞŚŽůĚĞƌƐ
ĂƉƉƌŽǀĞĚƚŚĞĂŐŐƌĞŐĂƚĞƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐŽĨΨϯϬϬ͕ϬϬϬƉĞƌLJĞĂƌ͘
dŚĞĂŵŽƵŶƚŽĨĂŐŐƌĞŐĂƚĞĐŽŵƉĞŶƐĂƚŝŽŶƐŽƵŐŚƚƚŽďĞĂƉƉƌŽǀĞĚďLJƐŚĂƌĞŚŽůĚĞƌƐĂŶĚƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚŝƚŝƐĂƉƉŽƌƚŝŽŶĞĚ
ĂŵŽŶŐƐƚ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌƐ ŝƐ ƌĞǀŝĞǁĞĚ ĂŶŶƵĂůůLJ͘ dŚĞ ŽĂƌĚ ĐŽŶƐŝĚĞƌƐ ƚŚĞ ĨĞĞƐ ƉĂŝĚ ƚŽ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌƐ ŽĨ
ĐŽŵƉĂƌĂďůĞĐŽŵƉĂŶŝĞƐǁŚĞŶƵŶĚĞƌƚĂŬŝŶŐƚŚĞĂŶŶƵĂůƌĞǀŝĞǁƉƌŽĐĞƐƐ͘
KďũĞĐƚŝǀĞŽĨ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽŵƉĞŶƐĂƚŝŽŶ
dŚĞ ĐŽŵƉĂŶLJ ĂŝŵƐ ƚŽ ƌĞǁĂƌĚ ĞdžĞĐƵƚŝǀĞƐ ǁŝƚŚ Ă ůĞǀĞů ĂŶĚ ŵŝdž ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽŵŵĞŶƐƵƌĂƚĞ ǁŝƚŚ ƚŚĞŝƌ ƉŽƐŝƚŝŽŶ ĂŶĚ
ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞĐŽŵƉĂŶLJĂŶĚƐŽĂƐƚŽ͗
•
ƌĞǁĂƌĚĞdžĞĐƵƚŝǀĞƐĨŽƌŽŵƉĂŶLJĂŶĚŝŶĚŝǀŝĚƵĂůƉĞƌĨŽƌŵĂŶĐĞĂŐĂŝŶƐƚƚĂƌŐĞƚƐƐĞƚďLJƌĞĨĞƌĞŶĐĞƚŽĂƉƉƌŽƉƌŝĂƚĞďĞŶĐŚŵĂƌŬƐ͖
•
ĂůŝŐŶƚŚĞŝŶƚĞƌĞƐƚƐŽĨĞdžĞĐƵƚŝǀĞƐǁŝƚŚƚŚŽƐĞŽĨƐŚĂƌĞŚŽůĚĞƌƐ͖ĂŶĚ
•
ĞŶƐƵƌĞƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶŝƐĐŽŵƉĞƚŝƚŝǀĞďLJŵĂƌŬĞƚƐƚĂŶĚĂƌĚƐ͘
^ƚƌƵĐƚƵƌĞŽĨ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽŵƉĞŶƐĂƚŝŽŶ
/ŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞůĞǀĞůĂŶĚŵĂŬĞͲƵƉŽĨĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ƚŚĞŽĂƌĚŵĂLJĞŶŐĂŐĞĞdžƚĞƌŶĂůĐŽŶƐƵůƚĂŶƚƐƚŽƉƌŽǀŝĚĞ
ŝŶĚĞƉĞŶĚĞŶƚĂĚǀŝĐĞ͘EŽĞdžƚĞƌŶĂůĂĚǀŝĐĞǁĂƐŽďƚĂŝŶĞĚĚƵƌŝŶŐƚŚĞϮϬϮϰLJĞĂƌ͘
It is the Board’s policy that an ĞŵƉůŽLJŵĞŶƚĐŽŶƚƌĂĐƚŝƐĞŶƚĞƌĞĚŝŶƚŽǁŝƚŚŬĞLJĞdžĞĐƵƚŝǀĞƐ͘
Compensation consists of a fixed compensation element and the issue of options from time to time at the directors’ discretion
ƵŶĚĞƌƚŚĞ ŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶWůĂŶ͘ŶLJŝƐƐƵĞŽĨŽƉƚŝŽŶƐƚŽĚŝƌĞĐƚŽƌƐƵŶĚĞƌƚŚĞ ŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶWůĂŶƌĞƋƵŝƌĞƐƉƌŝŽƌ
ƐŚĂƌĞŚŽůĚĞƌĂƉƉƌŽǀĂů͘
&ŝdžĞĚŽŵƉĞŶƐĂƚŝŽŶ
&ŝdžĞĚĐŽŵƉĞŶƐĂƚŝŽŶŝƐƌĞǀŝĞǁĞĚĂŶŶƵĂůůLJďLJƚŚĞŽĂƌĚ͘dŚĞƉƌŽĐĞƐƐĐŽŶƐŝƐƚƐŽĨĂƌĞǀŝĞǁŽĨĐŽŵƉĂŶLJĂŶĚŝŶĚŝǀŝĚƵĂůƉĞƌĨŽƌŵĂŶĐĞ͕
ƌĞůĞǀĂŶƚ ĐŽŵƉĂƌĂƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ŝŶ ƚŚĞ ŵĂƌŬĞƚ ĂŶĚ ŝŶƚĞƌŶĂůůLJ ĂŶĚ͕ ǁŚĞƌĞ ĂƉƉƌŽƉƌŝĂƚĞ͕ ĞdžƚĞƌŶĂů ĂĚǀŝĐĞ ŽŶ ƉŽůŝĐŝĞƐ ĂŶĚ
ƉƌĂĐƚŝĐĞƐ͘EŽĞdžƚĞƌŶĂůĂĚǀŝĐĞǁĂƐŽďƚĂŝŶĞĚĚƵƌŝŶŐƚŚĞϮϬϮϰLJĞĂƌ͘
^ƚƌƵĐƚƵƌĞ
džĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐĂƌĞŐŝǀĞŶƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƌĞĐĞŝǀĞƚŚĞŝƌĨŝdžĞĚ;ƉƌŝŵĂƌLJͿĐŽŵƉĞŶƐĂƚŝŽŶŝŶĂǀĂƌŝĞƚLJŽĨĨŽƌŵƐŝŶĐůƵĚŝŶŐĐĂƐŚ
ĂŶĚĨƌŝŶŐĞďĞŶĞĨŝƚƐ͘/ƚŝƐŝŶƚĞŶĚĞĚƚŚĂƚƚŚĞŵĂŶŶĞƌŽĨƉĂLJŵĞŶƚĐŚŽƐĞŶǁŝůůďĞŽƉƚŝŵĂůĨŽƌƚŚĞƌĞĐŝƉŝĞŶƚǁŝƚŚŽƵƚĐƌĞĂƚŝŶŐƵŶĚƵĞ
ĐŽƐƚĨŽƌƚŚĞŽŵƉĂŶLJ͘
17
Legend Mining Limited | Annual Report 2024
Directors’ Report
For the year ended 31 December 2024
ϭϰ͘
Z DhE Zd/KEZ WKZd;KEdͿ
ŵƉůŽLJŵĞŶƚŽŶƚƌĂĐƚƐ
DƌDĂƌŬtŝůƐŽŶŝƐĞŵƉůŽLJĞĚƵŶĚĞƌĐŽŶƚƌĂĐƚ͘dŚĞĐƵƌƌĞŶƚĐŽŶƚƌĂĐƚĐŽŵŵĞŶĐĞĚŽŶϭ:ƵůLJϮϬϭϭĂŶĚŝƐĞĨĨĞĐƚŝǀĞƵŶƚŝůƚĞƌŵŝŶĂƚĞĚ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘dŚĞƐŝŐŶŝĨŝĐĂŶƚƚĞƌŵƐŽĨƚŚĞĐŽŶƚƌĂĐƚĂƌĞ͗
•
DƌtŝůƐŽŶƌĞĐĞŝǀĞƐƌĞŵƵŶĞƌĂƚŝŽŶŽĨΨϯϲϬ͕ϬϬϬƉĞƌĂŶŶƵŵĞdžĐůƵƐŝǀĞŽĨƐƵƉĞƌĂŶŶƵĂƚŝŽŶ͖
•
DƌtŝůƐŽŶŵĂLJƌĞƐŝŐŶĨƌŽŵŚŝƐƉŽƐŝƚŝŽŶĂŶĚƚŚƵƐƚĞƌŵŝŶĂƚĞŚŝƐĐŽŶƚƌĂĐƚďLJŐŝǀŝŶŐŽŶĞŵŽŶƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞ͖
•
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.
DƌKůŝǀĞƌ<ŝĚĚŝĞŝƐĞŵƉůŽLJĞĚƵŶĚĞƌĐŽŶƚƌĂĐƚ͘dŚĞĐƵƌƌĞŶƚĐŽŶƚƌĂĐƚĐŽŵŵĞŶĐĞĚŽŶϭϬƵŐƵƐƚ ϮϬϮϭĂŶĚŝƐĞĨĨĞĐƚŝǀĞƵŶƚŝů
ƚĞƌŵŝŶĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘dŚĞƐŝŐŶŝĨŝĐĂŶƚƚĞƌŵƐŽĨƚŚĞĐŽŶƚƌĂĐƚĂƌĞ͗
•
Dƌ<ŝĚĚŝĞƌĞĐĞŝǀĞƐƌĞŵƵŶĞƌĂƚŝŽŶŽĨΨϯϬϬ͕ϬϬϬƉĞƌĂŶŶƵŵĞdžĐůƵƐŝǀĞŽĨƐƵƉĞƌĂŶŶƵĂƚŝŽŶ͖
•
Dƌ<ŝĚĚŝĞŵĂLJƌĞƐŝŐŶĨƌŽŵŚŝƐƉŽƐŝƚŝŽŶĂŶĚthus terminate his contract by giving three months’ written notice;
•
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.
DƐ ,ŝůĂƌLJ DĂĐĚŽŶĂůĚ ŝƐ ĞŵƉůŽLJĞĚ ƵŶĚĞƌĐŽŶƚƌĂĐƚ͘ dŚĞĐŽŶƚƌĂĐƚĐŽŵŵĞŶĐĞĚ ŽŶ ϲ^ĞƉƚĞŵďĞƌϮϬϮϮ ĂŶĚ ŝƐĞĨĨĞĐƚŝǀĞƵŶƚŝů
ƚĞƌŵŝŶĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘dŚĞƐŝŐŶŝĨŝĐĂŶƚƚĞƌŵƐŽĨƚŚĞĐŽŶƚƌĂĐƚĂƌĞ͗
•
DƐDĂĐĚŽŶĂůĚƌĞĐĞŝǀĞƐƌĞŵƵŶĞƌĂƚŝŽŶŽĨΨϱϬ͕ϬϬϬƉĞƌĂŶŶƵŵĞdžĐůƵƐŝǀĞŽĨƐƵƉĞƌĂŶŶƵĂƚŝŽŶ͖
•
DƐDĂĐĚŽŶĂůĚ’ƐĂƉƉŽŝŶƚŵĞŶƚŝƐĐŽŶƚŝŶŐĞŶƚƵƉŽŶƐĂƚŝƐĨĂĐƚŽƌLJƉĞƌĨŽƌŵĂŶĐĞĂŶĚƐƵĐĐĞƐƐĨƵůĞůĞĐƚŝŽŶĂŶĚƚŚĞŶƐƵďƐĞƋƵĞŶƚ
ƌĞͲĞůĞĐƚŝŽŶďLJƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͖
•
DƐDĂĐĚŽŶĂůĚŵĂLJƌĞƐŝŐŶĨƌŽŵŚĞƌƉŽƐŝƚŝŽŶĂŶĚƚŚƵƐƚĞƌŵŝŶĂƚĞŚĞƌĞŶŐĂŐĞŵĞŶƚďLJŐŝǀŝŶŐǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶŽĨŚĞƌ
ƌĞƐŝŐŶĂƚŝŽŶĂƐĂĚŝƌĞĐƚŽƌ͖ĂŶĚ
•
dŚĞŽŵƉĂŶLJŵĂLJƚĞƌŵŝŶĂƚĞDƐDĂĐĚŽŶĂůĚ’Ɛengagement by way of resolution of the Company’s shareholders.
ŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶWůĂŶ
dŚĞŽĂƌĚŚĂƐŝŶƉůĂĐĞĂŶ ŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶWůĂŶ; ^KWͿĂůůŽǁŝŶŐƐŚĂƌĞŽƉƚŝŽŶƐƚŽďĞŝƐƐƵĞĚƚŽĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐŝŶ
ŽƌĚĞƌƚŽƉƌŽǀŝĚĞƚŚĞŵǁŝƚŚĂŶŝŶĐĞŶƚŝǀĞƚŽƉƌŽǀŝĚĞŐƌŽǁƚŚĂŶĚǀĂůƵĞƚŽĂůůƐŚĂƌĞŚŽůĚĞƌƐ͘
ƚ ƚŚĞ ϮϬϮϯ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƚŝŶŐ ;'DͿ ŽŶ ϱ DĂLJ ϮϬϮϯ͕ ƐŚĂƌĞŚŽůĚĞƌƐ ĂƉƉƌŽǀĞĚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ
ŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶWůĂŶ͘ƐƵŵŵĂƌLJŽĨƚŚĞĐƵƌƌĞŶƚ ŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶWůĂŶǁĂƐŝŶĐůƵĚĞĚŝŶƚŚĞϮϬϮϬEŽƚŝĐĞŽĨ'D͘
ǁĂƌĚŽĨƐŚĂƌĞŽƉƚŝŽŶƐƵŶĚĞƌƚŚĞ ^KWŝƐůŝŶŬĞĚĚŝƌĞĐƚůLJƚŽĂĐŚŝĞǀĞŵĞŶƚŽĨƐƚƌĂƚĞŐŝĐŽŵƉĂŶLJŽďũĞĐƚŝǀĞƐƐƵĐŚĂƐƐŚĂƌĞƉƌŝĐĞ
ŐƌŽǁƚŚ͘
^ŚĂƌĞͲďĂƐĞĚWĂLJŵĞŶƚƐ
ƵƌŝŶŐƚŚĞLJĞĂƌƚŚĞŽŵƉĂŶLJĚŝĚŶŽƚŝƐƐƵĞĂŶLJŽƉƚŝŽŶƐƚŽĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐĂƐƉĂƌƚŽĨƚŚĞŝƌƌĞŵƵŶĞƌĂƚŝŽŶƵŶĚĞƌthe Company’s
ŵƉůŽLJĞĞ/ŶĐĞŶƚŝǀĞWůĂŶZƵůĞƐĂƉƉƌŽǀĞĚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽŶϱDĂLJϮϬϮϯ;ϮϬϮϯ'DͿ
18
Legend Mining Limited | Annual Report 2024
Directors’ Report
For the year ended 31 December 2024
ϭϰ͘
Z DhE Zd/KEZ WKZd;KEdͿ
ŽŵƉĞŶƐĂƚŝŽŶŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůĨŽƌzĞĂƌƐ ŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϰĂŶĚϯϭĞĐĞŵďĞƌϮϬϮϯ
EĂŵĞ
zĞĂƌ
^ŚŽƌƚƚĞƌŵ
^ĂůĂƌLJĂŶĚ
&ĞĞƐ;ϭͿ
Ψ
WŽƐƚͲ
ŵƉůŽLJŵĞŶƚ
^ƵƉĞƌͲ
ĂŶŶƵĂƚŝŽŶ
Ψ
>ŽŶŐͲƚĞƌŵ
ďĞŶĞĨŝƚƐ
>ŽŶŐ
^ĞƌǀŝĐĞ
>ĞĂǀĞ
Ψ
^ŚĂƌĞ
ďĂƐĞĚ
ƉĂLJŵĞŶƚƐ
ŽƉƚŝŽŶƐ
Ψ
dŽƚĂů
Ψ
ŽŵƉĞŶͲ
ƐĂƚŝŽŶ
ŐƌĂŶƚĞĚĂƐ
ŽƉƚŝŽŶƐ
й
WĞƌĨŽƌŵĂŶĐĞ
ƌĞůĂƚĞĚ
ƌĞŵƵŶĞƌĂƚŝŽŶ
й
ŝƌĞĐƚŽƌ
DtŝůƐŽŶ
ϮϬϮϰ
ϯϴϬ͕Ϭϱϴ
Ϯϴ͕ϳϱϬ
ϲ͕ϬϬϬ
Ͳ
ϰϭϰ͕ϴϬϴ
Ͳ
Ͳ
ϮϬϮϯ
ϯϲϮ͕ϴϵϯ
Ϯϳ͕ϰϭϴ
ϲ͕ϬϬϬ
Ϯϯϲ͕ϬϬϬ
ϲϯϮ͕ϯϭϭ
Ͳ
Ͳ
K<ŝĚĚŝĞ
ϮϬϮϰ
ϯϬϳ͕ϴϴϰ
Ϯϴ͕ϳϱϬ
Ͳ
Ͳ
ϯϯϲ͕ϲϯϰ
Ͳ
Ͳ
ϮϬϮϯ
ϯϭϳ͕ϰϰϮ
Ϯϳ͕ϯϭϴ
Ͳ
ϰϳϮ͕ϬϬϬ
ϴϭϲ͕ϳϲϬ
Ͳ
Ͳ
,DĂĐĚŽŶĂůĚ
ϮϬϮϰ
ϮϬϮϯ
ϱϰ͕ϭϴϴ
ϱϮ͕ϲϮϱ
ϭ͕ϰϯϳ
Ϯ͕ϳϱϬ
Ͳ
Ͳ
Ͳ
ϱϵ͕ϬϬϬ
ϱϱ͕ϲϮϱ
ϭϭϰ͕ϯϳϱ
Ͳ
Ͳ
Ͳ
Ͳ
DƚŬŝŶƐ
ϮϬϮϰ
ϮϬϮϯ
Ͳ
ϯϭ͕ϲϯϬ
Ͳ
ϯ͕ϯϮϭ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϯϰ͕ϵϱϭ
Ͳ
Ͳ
Ͳ
Ͳ
dŽƚĂů
ϮϬϮϰ
ϳϰϮ͕ϭϯϬ
ϱϴ͕ϵϯϳ
ϲ͕ϬϬϬ
Ͳ
ϴϬϳ͕Ϭϲϳ
Ͳ
Ͳ
ϮϬϮϯ
ϳϲϰ͕ϱϵϬ
ϲϬ͕ϴϬϳ
ϲ͕ϬϬϬ
ϳϲϳ͕ϬϬϬ
ϭ͕ϱϵϴ͕ϯϵϳ
Ͳ
Ͳ
;ϭͿ
^ŚŽƌƚƚĞƌŵƐĂůĂƌLJĂŶĚĨĞĞƐŝŶĐůƵĚĞƐŶĞƚŵŽǀĞŵĞŶƚƐŝŶĂŶŶƵĂůůĞĂǀĞƉƌŽǀŝƐŝŽŶƐ͘
KƉƚŝŽŶŚŽůĚŝŶŐƐŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů
DŽǀĞŵĞŶƚŽĨŽƉƚŝŽŶƐŚĞůĚŝŶ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϰ
EĂŵĞ
ĂůĂŶĐĞĂƚ
ďĞŐŝŶŶŝŶŐ
ŽĨLJĞĂƌ
ϭ:ĂŶϮϬϮϰ
'ƌĂŶƚĞĚĂƐ
ZĞŵƵŶĞƌĂƚŝŽŶ
džĞƌĐŝƐĞĚ
ĚƵƌŝŶŐ
ƚŚĞLJĞĂƌ
EĞƚŚĂŶŐĞ
KƚŚĞƌ
ĂůĂŶĐĞĂƚ
ĞŶĚ
ŽĨLJĞĂƌ
ϯϭĞĐϮϬϮϰ
EŽƚsĞƐƚĞĚ
ΘEŽƚ
džĞƌĐŝƐĂďůĞ
sĞƐƚĞĚΘ
džĞƌĐŝƐĂďůĞ
ŝƌĞĐƚŽƌƐ
DtŝůƐŽŶ
ϮϬ͕ϬϬϬ͕ϬϬϬ
Ͳ
Ͳ
Ͳ
ϮϬ͕ϬϬϬ͕ϬϬϬ
Ͳ
ϮϬ͕ϬϬϬ͕ϬϬϬ
K<ŝĚĚŝĞ
ϰϰ͕ϬϬϬ͕ϬϬϬ
Ͳ
Ͳ
Ͳ
ϰϰ͕ϬϬϬ͕ϬϬϬ
ϰ͕ϬϬϬ͕ϬϬϬ
ϰϬ͕ϬϬϬ͕ϬϬϬ
,DĂĐĚŽŶĂůĚ
ϱ͕ϬϬϬ͕ϬϬϬ
Ͳ
Ͳ
Ͳ
ϱ͕ϬϬϬ͕ϬϬϬ
Ͳ
ϱ͕ϬϬϬ͕ϬϬϬ
dŽƚĂů
ϲϵ͕ϬϬϬ͕ϬϬϬ
Ͳ
Ͳ
Ͳ
ϲϵ͕ϬϬϬ͕ϬϬϬ
ϰ͕ϬϬϬ͕ϬϬϬ
ϲϱ͕ϬϬϬ͕ϬϬϬ
^ŚĂƌĞŚŽůĚŝŶŐƐŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů(1)
DŽǀĞŵĞŶƚŽĨƐŚĂƌĞƐŚĞůĚŝŶ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϰ
EĂŵĞ
ĂůĂŶĐĞ
ϭ:ĂŶϮϬϮϰ
'ƌĂŶƚĞĚĂƐ
ƌĞŵƵŶĞƌĂƚŝŽŶ
KŶĞdžĞƌĐŝƐĞ
ŽĨŽƉƚŝŽŶƐ
EĞƚĐŚĂŶŐĞ
ŽƚŚĞƌ;ϮͿ
ĂůĂŶĐĞ
ϯϭĞĐϮϬϮϰ
ŝƌĞĐƚŽƌƐ
DtŝůƐŽŶ;ŚĞƐƚĞƌEŽŵŝŶĞĞƐtWͬ>Ϳ
;,ŽƐƚLJůĞW>Ϳ;^Dd/ŶǀĞƐƚŵĞŶƚƐtWͬ>Ϳ
ϭϳϳ͕Ϯϰϴ͕ϮϬϬ
Ͳ
Ͳ
ϳ͕ϱϬϬ͕ϬϬϬ
ϭϴϰ͕ϳϰϴ͕ϮϬϬ
K<ŝĚĚŝĞ;ĂƌĂůĂďĞŬWƚLJ>ƚĚͿ
ϴ͕ϬϬϬ͕ϬϬϬ
Ͳ
Ͳ
Ͳ
ϴ͕ϬϬϬ͕ϬϬϬ
,DĂĐĚŽŶĂůĚ
Ϯ͕ϭϴϯ͕ϭϲϯ
Ͳ
Ͳ
Ͳ
Ϯ͕ϭϴϯ͕ϭϲϯ
dŽƚĂů
ϭϴϳ͕ϰϯϭ͕ϯϲϯ
Ͳ
Ͳ
ϳ͕ϱϬϬ͕ϬϬϬ
ϭϵϰ͕ϵϯϭ͕ϯϲϯ
;ϭͿ
/ŶĐůƵĚĞƐƐŚĂƌĞƐŚĞůĚĚŝƌĞĐƚůLJ͕ŝŶĚŝƌĞĐƚůLJĂŶĚďĞŶĞĨŝĐŝĂůůLJďLJͿ
;,ŽƐƚLJůĞWƚLJ>ƚĚͿ;^Dd/ŶǀĞƐƚŵĞŶƚƐtWͬ>Ϳ
ϭϴϰ͕ϳϰϴ͕ϮϬϬ
ϮϬ͕ϬϬϬ͕ϬϬϬ
K<ŝĚĚŝĞ
;ĂƌĂůĂďĞŬWƚLJ>ƚĚͿ
ϴ͕ϬϬϬ͕ϬϬϬ
ϰϰ͕ϬϬϬ͕ϬϬϬ
,DĂĐĚŽŶĂůĚ
Ϯ͕ϭϴϯ͕ϭϲϯ
ϱ͕ϬϬϬ͕ϬϬϬ
ϭϳ͘
h/dKZ/E W E E EEKEͲh/d^ Zs/ ^
EŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐ
dŚĞƌĞǁĞƌĞŶŽŶŽŶͲaudit services provided by the Company’s auditor, ,ĂůůŚĂĚǁŝĐŬtƵĚŝƚWƚLJ>ƚĚĚƵƌŝŶŐƚŚĞϮϬϮϰĨŝŶĂŶĐŝĂů
LJĞĂƌ͘
tĞŚĂǀĞƌĞĐĞŝǀĞĚƚŚĞĞĐůĂƌĂƚŝŽŶŽĨƵĚŝƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞĨƌŽŵ,ĂůůŚĂĚǁŝĐŬtƵĚŝƚWƚLJ>ƚĚ, the Company’s Auditor. This
ŝƐĂǀĂŝůĂďůĞĨŽƌƌĞǀŝĞǁŽŶƉĂŐĞϰϳĂŶĚĨŽƌŵƐƉĂƌƚŽĨƚŚŝƐƌĞƉŽƌƚ͘
^/'E ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂZĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƌĞĐƚŽƌƐŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
KůŝǀĞƌ<ŝĚĚŝĞ
DĂŶĂŐŝŶŐŝƌĞĐƚŽƌ
ĂƚĞĚƚŚŝƐϭϰƚŚĚĂLJŽĨDĂƌĐŚϮϬϮϱ
20
Legend Mining Limited | Annual Report 2024
Consolidated Statement of Comprehensive Income
EŽƚĞ
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
&ŝŶĂŶĐĞƌĞǀĞŶƵĞ
ϰ;ĂͿ
ϲϰϯ͕ϳϴϰ
ϱϵϮ͕ϭϰϱ
KƚŚĞƌ/ŶĐŽŵĞ
ϰ;ďͿ
ϱ͕ϱϳϯ
ϱϬ͕ϳϵϱ
ŵƉůŽLJĞĞďĞŶĞĨŝƚĞdžƉĞŶƐĞƐ
ϰ;ĐͿ
;ϰϬϳ͕ϯϯϬͿ
;ϯϮϳ͕ϯϳϱͿ
/ŵƉĂŝƌŵĞŶƚŽĨ džƉůŽƌĂƚŝŽŶ džƉĞŶĚŝƚƵƌĞ
ϭϮ
;ϰ͕ϳϮϲ͕ϭϵϰͿ
;ϯ͕ϰϵϳ͕ϴϰϯͿ
&ŝŶĂŶĐŝĂůĞdžƉĞŶƐĞƐ
;Ϯ͕ϰϬϲͿ
;ϰ͕ϬϯϬͿ
KƚŚĞƌĞdžƉĞŶƐĞƐ
ϰ;ĚͿ
;ϳϰ͕ϱϮϮͿ
;ϳϲ͕ϮϳϭͿ
ŽƌƉŽƌĂƚĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶĞdžƉĞŶƐĞƐ
ϰ;ĞͿ
;ϳϳϯ͕ϵϮϯͿ
;ϭ͕Ϭϳϯ͕ϵϰϴͿ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
ϭϲ͕ϭϴ
;ϭϴϮ͕ϬϭϬͿ
;ϭ͕Ϭϳϱ͕ϭϱϰͿ
>ŽƐƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
;ϱ͕ϱϭϳ͕ϬϮϴͿ
;ϱ͕ϰϭϭ͕ϲϴϭͿ
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚͬ;ĞdžƉĞŶƐĞͿ
ϲ
Ϯϲϵ͕ϭϵϳ
ϯϵϮ͕ϯϲϭ
EĞƚůŽƐƐĨŽƌƚŚĞLJĞĂƌĂƚƚƌŝďƵƚĂďůĞƚŽDĞŵďĞƌƐŽĨ>ĞŐĞŶĚDŝŶŝŶŐ
>ŝŵŝƚĞĚ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ͕ŶĞƚŽĨƚĂdž
Ͳ
Ͳ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĨŽƌƚŚĞLJĞĂƌĂƚƚƌŝďƵƚĂďůĞƚŽDĞŵďĞƌƐŽĨ
>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
ZE/E'^W Z^,Z ;ĐĞŶƚƐƉĞƌƐŚĂƌĞͿ
ĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ
ϱ
;Ϭ͘ϭϴϭϵͿ
;Ϭ͘ϭϳϲϭͿ
ŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ
ϱ
;Ϭ͘ϭϴϭϵͿ
;Ϭ͘ϭϳϲϭͿ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
For the year ended 31 December 2024
21
Legend Mining Limited | Annual Report 2024
EŽƚĞ
ϮϬϮϰ
Ψ
ϮϬϮϯ
Ψ
^^ d^
ƵƌƌĞŶƚƐƐĞƚƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϴ
ϭϭ͕ϭϬϬ͕ϲϱϯ
ϭϭ͕ϱϮϱ͕ϲϵϴ
ZĞĐĞŝǀĂďůĞƐ
ϵ
ϭ͕ϴϲϵ͕ϲϮϬ
ϯ͕ϭϳϰ͕Ϭϭϴ
KƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ϭϬ
ϭϬϬ͕ϬϬϬ
ϭϬϬ͕ϬϬϬ
dŽƚĂůƵƌƌĞŶƚƐƐĞƚƐ
ϭϯ͕ϬϳϬ͕Ϯϳϯ
ϭϰ͕ϳϵϵ͕ϳϭϲ
EŽŶͲĐƵƌƌĞŶƚƐƐĞƚƐ
KƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ϭϬ
ϱ͕ϳϳϱ
ϱ͕ϳϳϱ
WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚ ƋƵŝƉŵĞŶƚ
ϭϭ
ϯϮϵ͕ϰϬϮ
ϰϯϰ͕ϯϳϳ
ZŝŐŚƚŽĨƵƐĞĂƐƐĞƚƐ
ϳϮ͕ϳϵϴ
ϭϬϳ͕ϵϰϴ
ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ
ϭϮ
ϯϲ͕Ϭϳϰ͕ϯϲϲ
ϯϵ͕ϴϳϲ͕ϭϰϳ
dŽƚĂůEŽŶͲĐƵƌƌĞŶƚƐƐĞƚƐ
ϯϲ͕ϰϴϮ͕ϯϰϭ
ϰϬ͕ϰϮϰ͕Ϯϰϳ
dKd>^^ d^
ϰϵ͕ϱϱϮ͕ϲϭϰ
ϱϱ͕ϮϮϯ͕ϵϲϯ
>//>/d/ ^
ƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϭϯ
ϯϭϬ͕ϭϱϴ
ϲϯϮ͕ϰϰϱ
ŵƉůŽLJĞĞďĞŶĞĨŝƚƉƌŽǀŝƐŝŽŶƐ
ϭϰ
ϭϵϯ͕ϯϰϵ
ϭϴϭ͕ϰϲϱ
>ĞĂƐĞůŝĂďŝůŝƚLJ
ϰϵ͕ϱϯϵ
ϵϭ͕ϲϯϳ
dŽƚĂůƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
ϱϱϯ͕Ϭϰϲ
ϵϬϱ͕ϱϰϳ
EŽŶͲĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
ŵƉůŽLJĞĞďĞŶĞĨŝƚƉƌŽǀŝƐŝŽŶƐ
ϭϰ
ϭϳϭ͕Ϭϵϲ
ϭϲϬ͕ϴϭϰ
>ĞĂƐĞůŝĂďŝůŝƚLJ
Ϯϰ͕ϯϰϱ
ϭϴ͕ϰϱϵ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJ
ϲ
Ͳ
ϭϵϳ͕ϭϮϮ
dŽƚĂůEŽŶͲĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
ϭϵϱ͕ϰϰϭ
ϯϳϲ͕ϯϵϱ
dKd>>//>/d/ ^
ϳϰϴ͕ϰϴϳ
ϭ͕Ϯϴϭ͕ϵϰϮ
E d^^ d^
ϰϴ͕ϴϬϰ͕ϭϮϳ
ϱϯ͕ϵϰϮ͕ϬϮϭ
Yh/dz
ƋƵŝƚLJĂƚƚƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞƉĂƌĞŶƚ
ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ
ϭϱ
ϭϬϳ͕ϭϬϴ͕ϳϵϳ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
^ŚĂƌĞŽƉƚŝŽŶƉƌĞŵŝƵŵƌĞƐĞƌǀĞ
ϭϲ
Ϯϱ͕ϴϴϭ͕ϰϵϭ
Ϯϱ͕ϲϵϵ͕ϰϴϭ
ĐĐƵŵƵůĂƚĞĚůŽƐƐĞƐ
;ϴϰ͕ϭϴϲ͕ϭϲϭͿ
;ϳϴ͕ϵϯϴ͕ϯϯϬͿ
dKd> Yh/dz
ϰϴ͕ϴϬϰ͕ϭϮϳ
ϱϯ͕ϵϰϮ͕ϬϮϭ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
Consolidated Statement of Financial Position
As at 31 December 2024
22
Legend Mining Limited | Annual Report 2024
^,&>Kt^&ZKDKW Zd/E'd/s/d/ ^
EŽƚĞ
ϮϬϮϰ
Ψ
ϮϬϮϯ
Ψ
WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ
;ϭ͕ϯϰϰ͕ϳϳϵͿ
;ϭ͕ϯϰϮ͕ϳϮϮͿ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ
ϲϰϱ͕ϵϮϰ
ϱϱϴ͕ϱϯϮ
KƚŚĞƌŝŶĐŽŵĞ
ϱ͕ϱϳϯ
ϭϰ͕Ϭϴϰ
WĂLJŵĞŶƚĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
;ϯ͕ϰϳϯͿ
;ϱ͕ϲϬϭͿ
EĞƚĐĂƐŚĨůŽǁƐĨƌŽŵͬ;ƵƐĞĚͿŝŶŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϮϬ;ŝŝͿ
;ϲϵϲ͕ϳϱϱͿ
;ϳϳϱ͕ϳϬϳͿ
^,&>Kt^&ZKD/Es ^d/E'd/s/d/ ^
WƵƌĐŚĂƐĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϭϭ
;Ϯ͕ϮϭϬͿ
;ϯϮ͕ϮϯϰͿ
WĂLJŵĞŶƚƐĨŽƌĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ
;Ϯ͕ϳϬϴ͕ϲϰϮͿ
;ϲ͕ϬϳϬ͕ϰϵϯͿ
ZĞĐĞŝƉƚŽĨƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚƚĂdžŝŶĐĞŶƚŝǀĞŐƌĂŶƚ
ϯ͕Ϭϴϭ͕ϳϭϱ
Ͳ
EĞƚĐĂƐŚĨůŽǁƐƵƐĞĚŝŶŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϯϳϬ͕ϴϲϯ
;ϲ͕ϭϬϮ͕ϳϮϳͿ
^,&>Kt^&ZKD&/EE/E'd/s/d/ ^
WƌŽĐĞĞĚƐĨƌŽŵĂƉŝƚĂůZĂŝƐŝŶŐ
Ͳ
ϲ͕ϬϬϬ͕ϬϬϬ
WĂLJŵĞŶƚŽĨƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƌĞůĂƚŝŶŐƚŽĐĂƉŝƚĂůƌĂŝƐŝŶŐ
Ͳ
;ϮϭϬ͕ϵϵϭͿ
WƌŝŶĐŝƉĂůĞůĞŵĞŶƚƐŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ
;ϵϵ͕ϭϱϯͿ
;ϵϱ͕ϰϱϰͿͿ
EĞƚĐĂƐŚĨůŽǁƐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϵϵ͕ϭϱϯͿ
ϱ͕ϲϵϯ͕ϱϱϱ
EĞƚĚĞĐƌĞĂƐĞŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
;ϰϮϱ͕ϬϰϱͿ
;ϭ͕ϭϴϰ͕ϴϳϵͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ
ϭϭ͕ϱϮϱ͕ϲϵϴ
ϭϮ͕ϳϭϬ͕ϱϳϳ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚĞŶĚŽĨLJĞĂƌ
ϮϬ;ŝͿ
ϭϭ͕ϭϬϬ͕ϲϱϯ
ϭϭ͕ϱϮϱ͕ϲϵϴ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
23
Legend Mining Limited | Annual Report 2024
ŽŶƚƌŝďƵƚĞĚ
ƋƵŝƚLJ
^ŚĂƌĞKƉƚŝŽŶ
WƌĞŵŝƵŵ
ZĞƐĞƌǀĞ
ĐĐƵŵƵůĂƚĞĚ
>ŽƐƐĞƐ
dŽƚĂů ƋƵŝƚLJ
Ψ
Ψ
Ψ
Ψ
ƚϭ:ĂŶƵĂƌLJϮϬϮϰ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
Ϯϱ͕ϲϵϵ͕ϰϴϭ
;ϳϴ͕ϵϯϴ͕ϯϯϬͿ
ϱϯ͕ϵϰϮ͕ϬϮϭ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌ
Ͳ
Ͳ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĨŽƌƚŚĞLJĞĂƌ
Ͳ
Ͳ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
/ƐƐƵĞĚĐĂƉŝƚĂů;ŶŽƚĞϭϱͿ
Ϯ
Ͳ
Ͳ
Ϯ
ĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚ;ŶŽƚĞϭϱͿ
;ϳϮ͕ϬϳϱͿ
Ͳ
Ͳ
;ϳϮ͕ϬϳϱͿ
ŵƉůŽLJĞĞĂŶĚĚŝƌĞĐƚŽƌŽƉƚŝŽŶƐ;ŶŽƚĞϭϲͿ
Ͳ
ϭϴϮ͕ϬϭϬ
Ͳ
ϭϴϮ͕ϬϭϬ
ƚϯϭĞĐĞŵďĞƌϮϬϮϰ
ϭϬϳ͕ϭϬϴ͕ϳϵϳ
Ϯϱ͕ϴϴϭ͕ϰϵϭ
;ϴϰ͕ϭϴϲ͕ϭϲϭͿ
ϰϴ͕ϴϬϰ͕ϭϮϳ
ƚϭ:ĂŶƵĂƌLJϮϬϮϯ
ϭϬϭ͕ϰϱϭ͕ϱϬϯ
Ϯϰ͕ϲϮϰ͕ϯϮϳ
;ϳϯ͕ϵϭϵ͕ϬϭϬͿ
ϱϮ͕ϭϱϲ͕ϴϮϬ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌ
Ͳ
Ͳ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĨŽƌƚŚĞLJĞĂƌ
Ͳ
Ͳ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
/ƐƐƵĞĚĐĂƉŝƚĂů
ϲ͕ϬϬϬ͕ϬϬϬ
Ͳ
Ͳ
ϲ͕ϬϬϬ͕ϬϬϬ
ĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚ
;ϮϳϬ͕ϲϯϯͿ
Ͳ
Ͳ
;ϮϳϬ͕ϲϯϯͿ
ŵƉůŽLJĞĞĂŶĚĚŝƌĞĐƚŽƌŽƉƚŝŽŶƐ
Ͳ
ϭ͕Ϭϳϱ͕ϭϱϰ
Ͳ
ϭ͕Ϭϳϱ͕ϭϱϰ
ƚϯϭĞĐĞŵďĞƌϮϬϮϯ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
Ϯϱ͕ϲϵϵ͕ϰϴϭ
;ϳϴ͕ϵϯϴ͕ϯϯϬͿ
ϱϯ͕ϵϰϮ͕ϬϮϭ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
24
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϭ͗
KZWKZd /E&KZDd/KE
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ĐŽůůĞĐƚŝǀĞůLJ͕ƚŚĞ'ƌŽƵƉͿĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ
ϯϭĞĐĞŵďĞƌϮϬϮϰǁĞƌĞĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƌĞĐƚŽƌƐŽŶϭϮDĂƌĐŚϮϬϮϱ͘
>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚ;ƚŚĞŽŵƉĂŶLJŽƌƚŚĞƉĂƌĞŶƚͿŝƐĂĨŽƌƉƌŽĨŝƚĐŽŵƉĂŶLJůŝŵŝƚĞĚďLJƐŚĂƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶƵƐƚƌĂůŝĂǁŚŽƐĞ
ƐŚĂƌĞƐĂƌĞƉƵďůŝĐůLJƚƌĂĚĞĚŽŶƚŚĞƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐ džĐŚĂŶŐĞ͘dŚĞĂĚĚƌĞƐƐŽĨƚŚĞƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞŝƐ>ĞǀĞůϭ͕ϴ<ŝŶŐƐWĂƌŬ
ZŽĂĚ͕tĞƐƚWĞƌƚŚtϲϬϬϱ͘
dŚĞŶĂƚƵƌĞŽĨƚŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĚĞƐĐƌŝďĞĚŝŶŶŽƚĞϯ͘
EKd Ϯ͗
Dd Z/>KhEd/E'WK>// ^
ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ
dŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝƐĂŐĞŶĞƌĂůͲƉƵƌƉŽƐĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ǁŚŝĐŚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ
ŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚŽƚŚĞƌĂƵƚŚŽƌŝƚĂƚŝǀĞƉƌŽŶŽƵŶĐĞŵĞŶƚƐŽĨƚŚĞƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ
^ƚĂŶĚĂƌĚƐŽĂƌĚ͘dŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŚĂƐĂůƐŽďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐ͕ĞdžĐĞƉƚĨŽƌĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĐĂƌƌŝĞĚ
ĂƚĨĂŝƌǀĂůƵĞ͘
dŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝƐƉƌĞƐĞŶƚĞĚŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐĂŶĚĂůůǀĂůƵĞƐĂƌĞĞdžƉƌĞƐƐĞĚĂƐǁŚŽůĞĚŽůůĂƌƐ͘
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐǁŚŝĐŚĂƐƐƵŵĞƐƚŚĞĐŽŶƚŝŶƵŝƚLJŽĨŶŽƌŵĂů
ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚLJĂŶĚƚŚĞƌĞĂůŝƐĂƚŝŽŶŽĨĂƐƐĞƚƐĂŶĚƐĞƚƚůĞŵĞŶƚŽĨůŝĂďŝůŝƚŝĞƐŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘
The financial report also complies with International Financial Reporting Standards (‘IFRS’) as issued by the International
ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͘
ŚĂŶŐĞƐŝŶĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJ͕ĚŝƐĐůŽƐƵƌĞƐ͕ƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ
dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂĚŽƉƚĞĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞŽĨƚŚĞƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌĞdžĐĞƉƚĨŽƌƚŚĞŝŵƉĂĐƚŽĨŶĞǁĂŶĚ
ĂŵĞŶĚĞĚĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĂƐĚŝƐĐƵƐƐĞĚďĞůŽǁ͘
EĞǁĂŶĚĂŵĞŶĚĞĚƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ
dŚĞ'ƌŽƵƉĂƉƉůŝĞĚĨŽƌƚŚĞĨŝƌƐƚͲƚŝŵĞĐĞƌƚĂŝŶƐƚĂŶĚĂƌĚƐĂŶĚĂŵĞŶĚŵĞŶƚƐ͕ǁŚŝĐŚĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶ
ŽƌĂĨƚĞƌϭ:ĂŶƵĂƌLJϮϬϮϰǁŚŝĐŚĚŝĚŶŽƚŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ'ƌŽƵƉŚĂƐŶŽƚ
ĞĂƌůLJĂĚŽƉƚĞĚĂŶLJŽƚŚĞƌƐƚĂŶĚĂƌĚ͕ŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽƌĂŵĞŶĚŵĞŶƚƚŚĂƚŚĂƐďĞĞŶŝƐƐƵĞĚďƵƚŝƐŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞ͘
ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐŝƐƐƵĞĚďƵƚŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞ
ƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŚĂƚĂƌĞŝƐƐƵĞĚ͕ďƵƚĂƌĞŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞ͕ƵƉƚŽƚŚĞĚĂƚĞŽĨŝƐƐƵĂŶĐĞŽĨƚŚĞ
Group’s financial statements are not deemed to have a material impact on the consolidated financial statements of the Group.
dŚĞ'ƌŽƵƉŝŶƚĞŶĚƐƚŽĂĚŽƉƚƚŚĞƐĞŶĞǁƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͕ŝĨĂƉƉůŝĐĂďůĞ͕ǁŚĞŶƚŚĞLJďĞĐŽŵĞĞĨĨĞĐƚŝǀĞ͘
^ƵŵŵĂƌLJŽĨƐŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ
;ŝͿ
ĂƐŝƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐĞƚŚĞfinancial statements of Legend Mining Limited and its subsidiaries (‘thĞ
Group’) as at 31 December 202ϰ͘ŽŶƚƌŽůŝƐĂĐŚŝĞǀĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐ
ŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞĂŶĚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂĨĨĞĐƚƚŚŽƐĞƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͘^ƉĞĐŝĨŝĐĂůůLJ͕ƚŚĞ
'ƌŽƵƉĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĂŶĚŽŶůLJŝĨƚŚĞ'ƌŽƵƉŚĂƐ͗
•
WŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ;ŝĞ͘ĞdžŝƐƚŝŶŐƌŝŐŚƚƐƚŚĂƚŐŝǀĞŝƚƚŚĞĐƵƌƌĞŶƚĂďŝůŝƚLJƚŽĚŝƌĞĐƚƚŚĞƌĞůĞǀĂŶƚĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝŶǀĞƐƚĞĞͿ͖
•
džƉŽƐƵƌĞ͕ŽƌƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞ͖ĂŶĚ
•
dŚĞĂďŝůŝƚLJƚŽƵƐĞŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞƚŽĂĨĨĞĐƚŝƚƐƌĞƚƵƌŶƐ͘
tŚĞŶƚŚĞ'ƌŽƵƉŚĂƐůĞƐƐƚŚĂŶĂŵĂũŽƌŝƚLJŽĨƚŚĞǀŽƚŝŶŐŽƌƐŝŵŝůĂƌƌŝŐŚƚƐŽĨĂŶŝŶǀĞƐƚĞĞ͕ƚŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐĂůůƌĞůĞǀĂŶƚĨĂĐƚƐ
ĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĂƐƐĞƐƐŝŶŐǁŚĞƚŚĞƌŝƚŚĂƐƉŽǁĞƌŽǀĞƌĂŶŝŶǀĞƐƚĞĞ͕ŝŶĐůƵĚŝŶŐ͗
•
dŚĞĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚƚŚĞŽƚŚĞƌǀŽƚĞŚŽůĚĞƌƐŽĨƚŚĞŝŶǀĞƐƚĞĞ͖
•
ZŝŐŚƚƐĂƌŝƐŝŶŐĨƌŽŵŽƚŚĞƌĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐ͖ĂŶĚ
•
The Group’s voting rights and potential voting rights.
Notes to the Financial Statements
For the year ended 31 December 2024
25
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯ͗Dd Z/>KhEd/E'WK>// ^;KEdͿ
dŚĞ'ƌŽƵƉƌĞͲĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚŝƚĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞĂƌĞĐŚĂŶŐĞƐƚŽŽŶĞ
ŽƌŵŽƌĞŽĨƚŚĞƚŚƌĞĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽů͘ŽŶƐŽůŝĚĂƚŝŽŶŽĨĂƐƵďƐŝĚŝĂƌLJďĞŐŝŶƐǁŚĞŶƚŚĞ'ƌŽƵƉŽďƚĂŝŶƐĐŽŶƚƌŽůŽǀĞƌƚŚĞ
ƐƵďƐŝĚŝĂƌLJĂŶĚĐĞĂƐĞƐǁŚĞŶƚŚĞ'ƌŽƵƉůŽƐĞƐĐŽŶƚƌŽůŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͘ƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐŽĨĂƐƵďƐŝĚŝĂƌLJ
ĂĐƋƵŝƌĞĚŽƌĚŝƐƉŽƐĞĚŽĨĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨƌŽŵƚŚĞĚĂƚĞƚŚĞ'ƌŽƵƉŐĂŝŶƐ
ĐŽŶƚƌŽůƵŶƚŝůƚŚĞĚĂƚĞƚŚĞ'ƌŽƵƉĐĞĂƐĞƐƚŽĐŽŶƚƌŽůƚŚĞƐƵďƐŝĚŝĂƌLJ͘
WƌŽĨŝƚŽƌůŽƐƐĂŶĚĞĂĐŚĐŽŵƉŽŶĞŶƚŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;K/ͿĂƌĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞƉĂƌĞŶƚŽĨ
ƚŚĞ'ƌŽƵƉĂŶĚƚŽƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ͕ĞǀĞŶŝĨƚŚŝƐƌĞƐƵůƚƐŝŶƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐŚĂǀŝŶŐĂĚĞĨŝĐŝƚďĂůĂŶĐĞ͘
tŚĞŶŶĞĐĞƐƐĂƌLJ͕ĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂĚĞƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐƚŽďƌŝŶŐƚŚĞŝƌĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŝŶƚŽůŝŶĞ
with the Group’s accounting policies. All intraͲŐƌŽƵƉĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ĞƋƵŝƚLJ͕ŝŶĐŽŵĞ͕ĞdžƉĞŶƐĞƐĂŶĚĐĂƐŚĨůŽǁƐƌĞůĂƚŝŶŐƚŽ
ƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶŵĞŵďĞƌƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĞůŝŵŝŶĂƚĞĚŝŶĨƵůůŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ͘
ĐŚĂŶŐĞŝŶƚŚĞŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŽĨĂƐƵďƐŝĚŝĂƌLJ͕ǁŝƚŚŽƵƚĂůŽƐƐŽĨĐŽŶƚƌŽů͕ŝƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂŶĞƋƵŝƚLJƚƌĂŶƐĂĐƚŝŽŶ͘/ĨƚŚĞ
'ƌŽƵƉůŽƐĞƐĐŽŶƚƌŽůŽǀĞƌĂƐƵďƐŝĚŝĂƌLJ͕ŝƚĚĞƌĞĐŽŐŶŝƐĞƐƚŚĞƌĞůĂƚĞĚĂƐƐĞƚƐ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůͿ͕ůŝĂďŝůŝƚŝĞƐ͕ŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
ĂŶĚŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨĞƋƵŝƚLJǁŚŝůĞĂŶLJƌĞƐƵůƚĂŶƚŐĂŝŶŽƌůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘ŶLJŝŶǀĞƐƚŵĞŶƚƌĞƚĂŝŶĞĚŝƐ
ƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞ͘
;ŝŝͿ
^ŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐũƵĚŐĞŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐ
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĐĞƌƚĂŝŶĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŽĨƚĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐŽĨĨƵƚƵƌĞ
ĞǀĞŶƚƐ͘dŚĞŬĞLJĞƐƚŝŵĂƚĞĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨĐĂƵƐŝŶŐĂŵĂƚĞƌŝĂůĂĚũƵƐƚŵĞŶƚƚŽƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐ
ŽĨĐĞƌƚĂŝŶĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞŶĞdžƚĂŶŶƵĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƌĞ͗
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ
dŚĞ'ƌŽƵƉŵĞĂƐƵƌĞƐƚŚĞĐŽƐƚŽĨĞƋƵŝƚLJͲƐĞƚƚůĞĚƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĂƚĨĂŝƌǀĂůƵĞĂƚƚŚĞŐƌĂŶƚĚĂƚĞƵƐŝŶŐĂůĂĐŬͲ^ĐŚŽůĞƐ
ĨŽƌŵƵůĂƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƵƉŽŶǁŚŝĐŚƚŚĞŝŶƐƚƌƵŵĞŶƚƐǁĞƌĞŐƌĂŶƚĞĚ͘
/ŵƉĂŝƌŵĞŶƚŽĨĐĂƉŝƚĂůŝƐĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ
dŚĞĨƵƚƵƌĞƌĞĐŽǀĞƌĂďŝůŝƚLJŽĨĐĂƉŝƚĂůŝƐĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝƐĚĞƉĞŶĚĞŶƚŽŶĂŶƵŵďĞƌŽĨĨĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐ
ǁŚĞƚŚĞƌƚŚĞ'ƌŽƵƉĚĞĐŝĚĞƐƚŽĞdžƉůŽŝƚƚŚĞƌĞůĂƚĞĚůĞĂƐĞŝƚƐĞůĨŽƌ͕ŝĨŶŽƚ͕ǁŚĞƚŚĞƌŝƚƐƵĐĐĞƐƐĨƵůůLJƌĞĐŽǀĞƌƐƚŚĞƌĞůĂƚĞĚĞdžƉůŽƌĂƚŝŽŶ
ĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚƚŚƌŽƵŐŚƐĂůĞ͘
&ĂĐƚŽƌƐǁŚŝĐŚĐŽƵůĚŝŵƉĂĐƚƚŚĞĨƵƚƵƌĞƌĞĐŽǀĞƌĂďŝůŝƚLJŝŶĐůƵĚĞƚŚĞůĞǀĞůŽĨƉƌŽǀĞĚ͕ƉƌŽďĂďůĞĂŶĚŝŶĨĞƌƌĞĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͕
ĨƵƚƵƌĞƚĞĐŚŶŽůŽŐŝĐĂůĐŚĂŶŐĞƐǁŚŝĐŚĐŽƵůĚŝŵƉĂĐƚƚŚĞĐŽƐƚŽĨŵŝŶŝŶŐ͕ĨƵƚƵƌĞůĞŐĂůĐŚĂŶŐĞƐ;ŝŶĐůƵĚŝŶŐĐŚĂŶŐĞƐƚŽĞŶǀŝƌŽŶŵĞŶƚĂů
ƌĞƐƚŽƌĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐͿĂŶĚĐŚĂŶŐĞƐƚŽĐŽŵŵŽĚŝƚLJƉƌŝĐĞƐ͘
dŚĞĂƐƐĞƐƐŵĞŶƚŽĨǁŚĞƚŚĞƌƚŚĞƌĞĂƌĞĂŶLJŝŵƉĂŝƌŵĞŶƚŝŶĚŝĐĂƚŽƌƐŝŶƌĞƐƉĞĐƚŽĨĂŵŝŶŝŶŐĞdžƉůŽƌĂƚŝŽŶƉƌŽƉĞƌƚLJŝŶǀŽůǀĞƐĂŶƵŵďĞƌ
ŽĨũƵĚŐĞŵĞŶƚƐ͘dŚĞƐĞŝŶĐůƵĚĞǁŚĞƚŚĞƌƚŚĞ'ƌŽƵƉŚĂƐƚŚĞƌŝŐŚƚƚŽĞdžƉůŽƌĞŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŽĨŝŶƚĞƌĞƐƚ͕ǁŚĞƚŚĞƌŽŶŐŽŝŶŐ
ĞdžƉĞŶĚŝƚƵƌĞŝƐƉůĂŶŶĞĚŽƌďƵĚŐĞƚĞĚĂŶĚǁŚĞƚŚĞƌƚŚĞƌĞŝƐƐƵĨĨŝĐŝĞŶƚŝŶĨŽƌŵĂƚŝŽŶĨŽƌĂĚĞĐŝƐŝŽŶƚŽďĞŵĂĚĞƚŚĂƚƚŚĞĂƌĞĂŽĨ
ŝŶƚĞƌĞƐƚŝƐŶŽƚĐŽŵŵĞƌĐŝĂůůLJǀŝĂďůĞ͘
dŽƚŚĞĞdžƚĞŶƚƚŚĂƚĐĂƉŝƚĂůŝƐĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝƐĚĞƚĞƌŵŝŶĞĚŶŽƚƚŽďĞƌĞĐŽǀĞƌĂďůĞŝŶƚŚĞĨƵƚƵƌĞ͕ƚŚŝƐǁŝůů
ƌĞĚƵĐĞƉƌŽĨŝƚƐĂŶĚŶĞƚĂƐƐĞƚƐŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŝƐŵĂĚĞ͘
/ŶĂĚĚŝƚŝŽŶ͕ĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝƐĐĂƉŝƚĂůŝƐĞĚŝĨĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞĂƌĞĂŽĨŝŶƚĞƌĞƐƚŚĂǀĞŶŽƚLJĞƚƌĞĂĐŚĞĚĂƐƚĂŐĞ
ǁŚŝĐŚƉĞƌŵŝƚƐĂƌĞĂƐŽŶĂďůĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĞdžŝƐƚĞŶĐĞŽƌŽƚŚĞƌǁŝƐĞŽĨĞĐŽŶŽŵŝĐĂůůLJƌĞĐŽǀĞƌĂďůĞƌĞƐĞƌǀĞƐ͘dŽƚŚĞĞdžƚĞŶƚƚŚĂƚ
ŝƚŝƐĚĞƚĞƌŵŝŶĞĚŝŶƚŚĞĨƵƚƵƌĞƚŚĂƚƚŚŝƐĐĂƉŝƚĂůŝƐĞĚĞdžƉĞŶĚŝƚƵƌĞƐŚŽƵůĚďĞǁƌŝƚƚĞŶŽĨĨŽƌŝŵƉĂŝƌĞĚ͕ƚŚŝƐǁŝůůƌĞĚƵĐĞƉƌŽĨŝƚƐĂŶĚŶĞƚ
ĂƐƐĞƚƐŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚŝƐĚĞƚĞƌŵŝŶĂƚŝŽŶŝƐŵĂĚĞ͘
;ŝŝŝͿ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŶLJĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘
ĞƉƌĞĐŝĂƚŝŽŶŝƐĐĂůĐƵůĂƚĞĚŽŶĂĚŝŵŝŶŝƐŚŝŶŐǀĂůƵĞďĂƐŝƐŽǀĞƌƚŚĞƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚĨƌŽŵƚŚĞƚŝŵĞƚŚĞĂƐƐĞƚŝƐŚĞůĚƌĞĂĚLJĨŽƌ
ƵƐĞ͘
dŚĞĚĞƉƌĞĐŝĂƚŝŽŶƌĂƚĞƐƵƐĞĚĨŽƌĞĂĐŚĐůĂƐƐĂƌĞ͗
ƵŝůĚŝŶŐƐ
ϭϬй
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϳ͘ϱйͲϱϬй
26
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯ͗Dd Z/>KhEd/E'WK>// ^;KEdͿ
/ŵƉĂŝƌŵĞŶƚ
dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞƌĞǀŝĞǁĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƐƌĞƋƵŝƌĞĚ͕ǁŝƚŚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚďĞŝŶŐ
ĞƐƚŝŵĂƚĞĚǁŚĞŶĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŵĂLJŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ͘
&ŽƌĂŶĂƐƐĞƚƚŚĂƚĚŽĞƐŶŽƚŐĞŶĞƌĂƚĞůĂƌŐĞůLJŝŶĚĞƉĞŶĚĞŶƚĐĂƐŚŝŶĨůŽǁƐ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐĚĞƚĞƌŵŝŶĞĚĨŽƌƚŚĞĐĂƐŚͲ
ŐĞŶĞƌĂƚŝŶŐƵŶŝƚƚŽǁŚŝĐŚƚŚĞĂƐƐĞƚďĞůŽŶŐƐ͘
/ĨĂŶLJŝŶĚŝĐĂƚŝŽŶŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐĂŶĚǁŚĞƌĞƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐĞdžĐĞĞĚƚŚĞĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕ƚŚĞĂƐƐĞƚƐŽƌ
ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐĂƌĞǁƌŝƚƚĞŶĚŽǁŶƚŽƚŚĞŝƌƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚƐ͘
dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐƚŚĞŐƌĞĂƚĞƌŽĨĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐƚŽƐĞůůĂŶĚǀĂůƵĞŝŶƵƐĞ͘/Ŷ
ĂƐƐĞƐƐŝŶŐǀĂůƵĞŝŶƵƐĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚ
ƌĞĨůĞĐƚƐĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞĂƐƐĞƚ͘
ĞƌĞĐŽŐŶŝƚŝŽŶĂŶĚĚŝƐƉŽƐĂů
ŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽ
ĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚ;ĐĂůĐƵůĂƚĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ
ďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝƚĞŵͿŝƐŝŶĐůƵĚĞĚŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚŝŶƚŚĞƉĞƌŝŽĚƚŚĞ
ŝƚĞŵŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
;ŝǀͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĐŽŵƉƌŝƐĞĐĂƐŚĂƚďĂŶŬĂŶĚŝŶŚĂŶĚĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚ
ĂŵĂƚƵƌŝƚLJŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐ͕ǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽĂŶŝŶƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨĐŚĂŶŐĞƐŝŶǀĂůƵĞ͘
&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ͕ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĐŽŶƐŝƐƚŽĨĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƐĚĞĨŝŶĞĚ
ĂďŽǀĞ͘
;ǀͿ
&ŝŶĂŶĐŝĂůƐƐĞƚƐ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ;ĚĞďƚŝŶƐƚƌƵŵĞŶƚƐͿ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞŝƌƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂƚĨĂŝƌǀĂůƵĞ͘ZĞĐĞŝǀĂďůĞƐƚŚĂƚĂƌĞŚĞůĚ
ƚŽĐŽůůĞĐƚĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁƐĂŶĚĂƌĞĞdžƉĞĐƚĞĚƚŽŐŝǀĞƌŝƐĞƚŽĐĂƐŚĨůŽǁƐƌĞƉƌĞƐĞŶƚŝŶŐƐŽůĞůLJƉĂLJŵĞŶƚƐŽĨƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ
ĂƌĞĐůĂƐƐŝĨŝĞĚĂŶĚƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘ZĞĐĞŝǀĂďůĞƐƚŚĂƚĚŽŶŽƚŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂĨŽƌĂŵŽƌƚŝƐĞĚĐŽƐƚĂƌĞ
ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
dŚĞ ŐƌŽƵƉ ĂƐƐĞƐƐĞƐ ŽŶ Ă ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ďĂƐŝƐ ƚŚĞ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝƚƐ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ĐĂƌƌŝĞĚ Ăƚ
ĂŵŽƌƚŝƐĞĚĐŽƐƚ͘dŚĞĂŵŽƵŶƚŽĨĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŝƐƵƉĚĂƚĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞƚŽƌĞĨůĞĐƚĐŚĂŶŐĞƐŝŶĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞ
ŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘dŚĞ'ƌŽƵƉĂůǁĂLJƐƌĞĐŽŐŶŝƐĞƐƚŚĞůŝĨĞƚŝŵĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĨŽƌƚƌĂĚĞ
receivables carried at amortised cost. The expected credit losses on these financial assets are estimated based on the Group’Ɛ
ŚŝƐƚŽƌŝĐ ĐƌĞĚŝƚ ůŽƐƐ ĞdžƉĞƌŝĞŶĐĞ͕ ĂĚũƵƐƚĞĚ ĨŽƌ ĨĂĐƚŽƌƐ ƚŚĂƚ ĂƌĞ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ĚĞďƚŽƌƐ͕ ŐĞŶĞƌĂů ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ĂŶ
ĂƐƐĞƐƐŵĞŶƚŽĨďŽƚŚƚŚĞĐƵƌƌĞŶƚĂƐǁĞůůĂƐĨŽƌĞĐĂƐƚĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
&ŽƌĂůůŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐůŝĨĞƚŝŵĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐǁŚĞŶƚŚĞƌĞŚĂƐďĞĞŶ
Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘ /ĨƚŚĞĐƌĞĚŝƚ ƌŝƐŬŽŶ ƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ ŚĂƐŶŽƚŝŶĐƌĞĂƐĞĚ
ƐŝŐŶŝĨŝĐĂŶƚůLJƐŝŶĐĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉŵĞĂƐƵƌĞƐƚŚĞůŽƐƐĂůůŽǁĂŶĐĞĨŽƌƚŚĂƚĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚĂƚĂŶĂŵŽƵŶƚĞƋƵĂůƚŽ
ĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐǁŝƚŚŝŶƚŚĞŶĞdžƚϭϮŵŽŶƚŚƐ͘
dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐĂŶĞǀĞŶƚŽĨĚĞĨĂƵůƚŚĂƐŽĐĐƵƌƌĞĚǁŚĞŶĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐŵŽƌĞƚŚĂŶϵϬĚĂLJƐƉĂƐƚĚƵĞŽƌĞdžƚĞƌŶĂůƐŽƵƌĐĞƐ
ŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞĚĞďƚŽƌŝƐƵŶůŝŬĞůLJƚŽƉĂLJŝƚƐĐƌĞĚŝƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ'ƌŽƵƉ͘ĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĐƌĞĚŝƚŝŵƉĂŝƌĞĚǁŚĞŶƚŚĞƌĞŝƐ
ĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJŝƐŝŶƐŝŐŶŝĨŝĐĂŶƚĨŝŶĂŶĐŝĂůĚŝĨĨŝĐƵůƚLJŽƌĂďƌĞĂĐŚŽĨĐŽŶƚƌĂĐƚ͕ƐƵĐŚĂƐĂĚĞĨĂƵůƚŽƌƉĂƐƚĚƵĞĞǀĞŶƚŚĂƐ
ŽĐĐƵƌƌĞĚ͘dŚĞ'ƌŽƵƉǁƌŝƚĞƐŽĨĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚǁŚĞŶƚŚĞƌĞŝƐŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚŝŶŐƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJŝƐŝŶƐĞǀĞƌĞĨŝŶĂŶĐŝĂů
ĚŝĨĨŝĐƵůƚLJĂŶĚƚŚĞƌĞŝƐŶŽƌĞĂůŝƐƚŝĐƉƌŽƐƉĞĐƚŽĨƌĞĐŽǀĞƌLJ͘
27
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯ͗Dd Z/>KhEd/E'WK>// ^;KEdͿ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ;ĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐͿ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐŝŶĐůƵĚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŚĞůĚĨŽƌƚƌĂĚŝŶŐ͕Ğ͘Ő͕͘ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĚĞƐŝŐŶĂƚĞĚƵƉŽŶ
ŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͕Ğ͘Ő͕͘ĚĞďƚŽƌĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ͕ŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĂŶĚĂƚŽƌŝůLJƌĞƋƵŝƌĞĚƚŽ
ďĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ŝ͘Ğ͕͘ǁŚĞƌĞƚŚĞLJĨĂŝůƚŚĞ^WW/ƚĞƐƚ͘&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƚƌĂĚŝŶŐŝĨƚŚĞLJĂƌĞĂĐƋƵŝƌĞĚ
ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĞůůŝŶŐŽƌƌĞƉƵƌĐŚĂƐŝŶŐŝŶƚŚĞŶĞĂƌƚĞƌŵ͘&ŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŝƚŚĐĂƐŚĨůŽǁƐƚŚĂƚĚŽŶŽƚƉĂƐƐƚŚĞ^WW/ƚĞƐƚĂƌĞ
ƌĞƋƵŝƌĞĚƚŽďĞĐůĂƐƐŝĨŝĞĚĂŶĚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͕ŝƌƌĞƐƉĞĐƚŝǀĞŽĨƚŚĞďƵƐŝŶĞƐƐŵŽĚĞů͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐ
ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ƚŽ ďĞ ĐůĂƐƐŝĨŝĞĚ Ăƚ ĂŵŽƌƚŝƐĞĚ ĐŽƐƚ Žƌ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚK/͕ĂƐ ĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ ĚĞďƚ
ŝŶƐƚƌƵŵĞŶƚƐŵĂLJďĞĚĞƐŝŐŶĂƚĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŝĨĚŽŝŶŐƐŽĞůŝŵŝŶĂƚĞƐ͕ŽƌƐŝŐŶŝĨŝĐĂŶƚůLJ
ƌĞĚƵĐĞƐ͕ĂŶĂĐĐŽƵŶƚŝŶŐŵŝƐŵĂƚĐŚ͘
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞĐĂƌƌŝĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƚĨĂŝƌǀĂůƵĞǁŝƚŚŶĞƚĐŚĂŶŐĞƐ
ŝŶĨĂŝƌǀĂůƵĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘
;ǀŝͿ
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐ
'ŽǀĞƌŶŵĞŶƚ ŐƌĂŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞƌĞ ƚŚĞƌĞ ŝƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƚŚĞ ŐƌĂŶƚ ǁŝůů ďĞ ƌĞĐĞŝǀĞĚ ĂŶĚ Ăůů ĂƚƚĂĐŚĞĚ
ĐŽŶĚŝƚŝŽŶƐǁŝůůďĞĐŽŵƉůŝĞĚǁŝƚŚ͘tŚĞŶƚŚĞŐƌĂŶƚƌĞůĂƚĞƐƚŽĂŶĞdžƉĞŶƐĞŝƚĞŵ͕ŝƚŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐŽŵĞŽŶĂƐLJƐƚĞŵĂƚŝĐďĂƐŝƐ
ŽǀĞƌƚŚĞƉĞƌŝŽĚƐƚŚĂƚƚŚĞƌĞůĂƚĞĚĐŽƐƚƐ͕ĨŽƌǁŚŝĐŚŝƚŝƐŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞ͕ĂƌĞĞdžƉĞŶƐĞĚ͘tŚĞŶƚŚĞŐƌĂŶƚƌĞůĂƚĞƐƚŽĂŶĂƐƐĞƚ͕
ĂŵŽƵŶƚƐĂƌĞĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĐŽƐƚŽĨƚŚĞƌĞůĂƚĞĚĂƐƐĞƚ͘dŚĞ'ƌŽƵƉƌĞĐĞŝǀĞƐŐƌĂŶƚƐŝŶƌĞůĂƚŝŽŶƚŽZĞƐĞĂƌĐŚĂŶĚĞǀĞůŽƉŵĞŶƚ
ĞdžƉĞŶĚŝƚƵƌĞ͘dŚĞƐĞĂŵŽƵŶƚƐĂƌĞĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞdžƉĞŶĚŝƚƵƌĞŽŶƚĞŶĞŵĞŶƚƐĐĂƉŝƚĂůŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
tŚĞŶƚŚĞ'ƌŽƵƉƌĞĐĞŝǀĞƐŐƌĂŶƚƐŽĨŶŽŶͲŵŽŶĞƚĂƌLJĂƐƐĞƚƐ͕ƚŚĞĂƐƐĞƚĂŶĚƚŚĞŐƌĂŶƚĂƌĞƌĞĐŽƌĚĞĚĂƚŶŽŵŝŶĂůĂŵŽƵŶƚƐĂŶĚƌĞůĞĂƐĞĚ
ƚŽƉƌŽĨŝƚŽƌůŽƐƐŽǀĞƌƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚ͕ďĂƐĞĚŽŶƚŚĞƉĂƚƚĞƌŶŽĨĐŽŶƐƵŵƉƚŝŽŶŽĨƚŚĞďĞŶĞĨŝƚƐŽĨƚŚĞƵŶĚĞƌůLJŝŶŐ
ĂƐƐĞƚďLJĞƋƵĂůĂŶŶƵĂůŝŶƐƚĂůŵĞŶƚƐ͘
;ǀŝŝͿ
ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ
ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐ
džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝƐƐƚĂƚĞĚĂƚĐŽƐƚĂŶĚŝƐĂĐĐƵŵƵůĂƚĞĚŝŶƌĞƐƉĞĐƚŽĨĞĂĐŚŝĚĞŶƚŝĨŝĂďůĞĂƌĞĂŽĨŝŶƚĞƌĞƐƚ͘
^ƵĐŚĐŽƐƚƐĂƌĞŽŶůLJĐĂƌƌŝĞĚĨŽƌǁĂƌĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞLJĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽƵƉĞĚƚŚƌŽƵŐŚƚŚĞƐƵĐĐĞƐƐĨƵůĚĞǀĞůŽƉŵĞŶƚŽĨ
ƚŚĞĂƌĞĂŽĨŝŶƚĞƌĞƐƚ;ŽƌĂůƚĞƌŶĂƚŝǀĞůLJďLJŝƚƐƐĂůĞͿ͕ŽƌǁŚĞƌĞĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞĂƌĞĂŚĂǀĞŶŽƚLJĞƚƌĞĂĐŚĞĚĂƐƚĂŐĞǁŚŝĐŚƉĞƌŵŝƚƐĂ
ƌĞĂƐŽŶĂďůĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĞdžŝƐƚĞŶĐĞŽƌŽƚŚĞƌǁŝƐĞŽĨĞĐŽŶŽŵŝĐĂůůLJƌĞĐŽǀĞƌĂďůĞƌĞƐĞƌǀĞƐ͕ĂŶĚĂĐƚŝǀĞŽƉĞƌĂƚŝŽŶƐĂƌĞĐŽŶƚŝŶƵŝŶŐ͘
&ĂƌŵͲŽƵƚƐĂŶĚĐĂƌƌŝĞĚŝŶƚĞƌĞƐƚ—ŝŶƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶƉŚĂƐĞ
dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚƌĞĐŽƌĚĂŶLJĞdžƉĞŶĚŝƚƵƌĞŵĂĚĞďLJƚŚĞĨĂƌŵͲŝŶĞĞŽŶLegend’sĂĐĐŽƵŶƚ͘dŚĞ'ƌŽƵƉĂůƐŽĚŽĞƐŶŽƚƌĞĐŽŐŶŝƐĞĂŶLJ
ŐĂŝŶŽƌůŽƐƐŽŶŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĨĂƌŵͲŽƵƚĂƌƌĂŶŐĞŵĞŶƚƐ͘ŶLJĐĂƐŚĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚĚŝƌĞĐƚůLJĨƌŽŵƚŚĞĨĂƌŵͲ
ŝŶĞĞŝƐĐƌĞĚŝƚĞĚĂŐĂŝŶƐƚĐŽƐƚƐƉƌĞǀŝŽƵƐůLJĐĂƉŝƚĂůŝƐĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞǁŚŽůĞŝŶƚĞƌĞƐƚǁŝƚŚĂŶLJĞdžĐĞƐƐĂĐĐŽƵŶƚĞĚĨŽƌďLJƚŚĞ'ƌŽƵƉ
ĂƐĂŐĂŝŶŽŶĚŝƐƉŽƐĂů͘
&ŽƌĐĂƌƌŝĞĚŝŶƚĞƌĞƐƚƐ>ĞŐĞŶĚƌĞĐŽŐŶŝƐĞƐƚŚĞĞdžƉĞŶĚŝƚƵƌĞǁŚĞŶƚŚĞLJĂƌĞƉƌŽǀŝĚŝŶŐƚŚĞĐĂƌƌLJƚŽƚŚĞŽƚŚĞƌƉĂƌƚŝĞƐ͘tŚĞƌĞƚŚĞ'ƌŽƵƉ
ĂƌĞďĞŝŶŐĐĂƌƌŝĞĚ>ĞŐĞŶĚĚŽĞƐŶŽƚƌĞĐŽŐŶŝƐĞĂŶLJĞdžƉĞŶĚŝƚƵƌĞƉĂŝĚĨŽƌŽŶƚŚĞŝƌďĞŚĂůĨ͘
/ŵƉĂŝƌŵĞŶƚ
dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐĂƌĞƌĞǀŝĞǁĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚǁŚĞŶĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĞ
ĐĂƌƌLJŝŶŐǀĂůƵĞŵĂLJŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ͘
dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐŝƐƚŚĞŐƌĞĂƚĞƌŽĨĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐƚŽƐĞůůĂŶĚǀĂůƵĞŝŶƵƐĞ͘/Ŷ
ĂƐƐĞƐƐŝŶŐƚŚĞǀĂůƵĞŝŶƵƐĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞ
ƚŚĂƚƌĞĨůĞĐƚƐĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞĨĂŝƌǀĂůƵĞŽĨŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞĂƐƐĞƚ͘
ĐĐƵŵƵůĂƚĞĚĐŽƐƚƐŝŶƌĞůĂƚŝŽŶƚŽĂŶĂďĂŶĚŽŶĞĚĂƌĞĂĂƌĞǁƌŝƚƚĞŶŽĨĨŝŶĨƵůůĂŐĂŝŶƐƚƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚŝŶƚŚĞLJĞĂƌŝŶǁŚŝĐŚƚŚĞ
ĚĞĐŝƐŝŽŶƚŽĂďĂŶĚŽŶƚŚĞĂƌĞĂŝƐŵĂĚĞ͘ƌĞŐƵůĂƌƌĞǀŝĞǁŝƐƵŶĚĞƌƚĂŬĞŶŽĨĞĂĐŚĂƌĞĂŽĨŝŶƚĞƌĞƐƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ
ŽĨĐŽŶƚŝŶƵŝŶŐƚŽĐĂƌƌLJĨŽƌǁĂƌĚĐŽƐƚƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĂƚĂƌĞĂŽĨŝŶƚĞƌĞƐƚ͘ ĂĐŚĂƌĞĂŽĨŝŶƚĞƌĞƐƚŝƐůŝŵŝƚĞĚƚŽƚŚĞƐŝnjĞƌĞůĂƚĞĚƚŽ
ŬŶŽǁŶŽƌƉƌŽďĂďůĞŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐĐĂƉĂďůĞŽĨƐƵƉƉŽƌƚŝŶŐĂŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶ͘
28
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯ͗Dd Z/>KhEd/E'WK>// ^;KEdͿ
;ǀŝŝŝͿ WƌŽǀŝƐŝŽŶƐ
WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐĂƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶ;ůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞͿĂƐĂƌĞƐƵůƚŽĨĂƉĂƐƚĞǀĞŶƚ͕ŝƚŝƐƉƌŽďĂďůĞ
ƚŚĂƚĂŶŽƵƚĨůŽǁŽĨƌĞƐŽƵƌĐĞƐĞŵďŽĚLJŝŶŐĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞƚŚĞŽďůŝŐĂƚŝŽŶĂŶĚĂƌĞůŝĂďůĞĞƐƚŝŵĂƚĞĐĂŶ
ďĞŵĂĚĞŽĨƚŚĞĂŵŽƵŶƚŽĨƚŚĞŽďůŝŐĂƚŝŽŶ͘
/ĨƚŚĞĞĨĨĞĐƚŽĨƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJŝƐŵĂƚĞƌŝĂů͕ƉƌŽǀŝƐŝŽŶƐĂƌĞĚĞƚĞƌŵŝŶĞĚďLJĚŝƐĐŽƵŶƚŝŶŐƚŚĞĞdžƉĞĐƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂƚ
ĂƉƌĞͲƚĂdžƌĂƚĞƚŚĂƚƌĞĨůĞĐƚƐĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJĂŶĚ͕ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽ
ƚŚĞůŝĂďŝůŝƚLJ͘tŚĞŶĚŝƐĐŽƵŶƚŝŶŐŝƐƵƐĞĚ͕ƚŚĞŝŶĐƌĞĂƐĞŝŶƚŚĞƉƌŽǀŝƐŝŽŶĚƵĞƚŽƚŚĞƉĂƐƐĂŐĞŽĨƚŝŵĞŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂĨŝŶĂŶĐĞĐŽƐƚ͘
;ŝdžͿ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ
/ŶƚĞƌĞƐƚ ƌĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĂƐŝƚĂĐĐƌƵĞƐ͕ƵƐŝŶŐ ƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ dŚŝƐŝƐ ĂŵĞƚŚŽĚŽĨ ĐĂůĐƵůĂƚŝŶŐ ƚŚĞ
ĂŵŽƌƚŝƐĞĚĐŽƐƚŽĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚĂůůŽĐĂƚŝŶŐƚŚĞŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽǀĞƌƚŚĞƌĞůĞǀĂŶƚƉĞƌŝŽĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞ͕
ǁŚŝĐŚŝƐƚŚĞƌĂƚĞƚŚĂƚĞdžĂĐƚůLJĚŝƐĐŽƵŶƚƐĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚƌĞĐĞŝƉƚƐƚŚƌŽƵŐŚƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƚŽƚŚĞŶĞƚ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚ͘
;džͿ
dĂdžĞƐ
ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdž
ƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĨŽƌƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌƉĞƌŝŽĚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĂŵŽƵŶƚĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚĨƌŽŵ
ŽƌƉĂŝĚƚŽƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚŝĞƐ͘dŚĞƚĂdžƌĂƚĞƐĂŶĚƚĂdžůĂǁƵƐĞĚƚŽĐŽŵƉƵƚĞƚŚĞĂŵŽƵŶƚĂƌĞƚŚŽƐĞƚŚĂƚĂƌĞĞŶĂĐƚĞĚŽƌ
ƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚďLJƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
ĞĨĞƌƌĞĚƚĂdž
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžŝƐƉƌŽǀŝĚĞĚŽŶĂůůƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞďĞƚǁĞĞŶƚŚĞƚĂdžďĂƐĞƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ
ĂŶĚƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĨŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͘
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͗
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džĐĞƉƚǁŚĞƌĞƚŚĞĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƚLJĂƌŝƐĞƐĨƌŽŵƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨŐŽŽĚǁŝůůŽƌŽĨĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝŶĂ
ƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚŝƐŶŽƚĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶĂŶĚ͕ĂƚƚŚĞƚŝŵĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͕ĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚŶŽƌ
ƚĂdžĂďůĞƉƌŽĨŝƚŽƌůŽƐƐ͖ĂŶĚ
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/ŶƌĞƐƉĞĐƚŽĨƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƐŝŶũŽŝŶƚ
ǀĞŶƚƵƌĞƐ͕ĞdžĐĞƉƚǁŚĞƌĞƚŚĞƚŝŵŝŶŐŽĨƚŚĞƌĞǀĞƌƐĂůŽĨƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞĐŽŶƚƌŽůůĞĚĂŶĚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞ
ƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐǁŝůůŶŽƚƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ĐĂƌƌLJͲĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĂƐƐĞƚƐĂŶĚ
ƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJ
ĚŝĨĨĞƌĞŶĐĞƐ͕ĂŶĚƚŚĞĐĂƌƌLJͲĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĂƐƐĞƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͗
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džĐĞƉƚ ǁŚĞƌĞ ƚŚĞ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdž ĂƐƐĞƚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĚĞĚƵĐƚŝďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐ ĂƌŝƐĞƐ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů
ƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝŶĂƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚŝƐŶŽƚĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶĂŶĚ͕ĂƚƚŚĞƚŝŵĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͕
ĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚŶŽƌƚĂdžĂďůĞƉƌŽĨŝƚŽƌůŽƐƐ͖ĂŶĚ
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/ŶƌĞƐƉĞĐƚŽĨĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƐŝŶũŽŝŶƚ
ǀĞŶƚƵƌĞƐ͕ĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞŽŶůLJƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐǁŝůůƌĞǀĞƌƐĞ
ŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞĂŶĚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŝƐƌĞǀŝĞǁĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚƌĞĚƵĐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐŶŽůŽŶŐĞƌ
ƉƌŽďĂďůĞƚŚĂƚƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨƚŚĞĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐƚŽďĞƵƚŝůŝƐĞĚ͘
hŶƌĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĂƐƐĞƐƐĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŚĂƐďĞĐŽŵĞ
ƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůĂůůŽǁƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽďĞƌĞĐŽǀĞƌĞĚ͘
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞƚĂdžƌĂƚĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽĂƉƉůLJƚŽƚŚĞLJĞĂƌǁŚĞŶƚŚĞĂƐƐĞƚŝƐ
ƌĞĂůŝƐĞĚŽƌƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƚƚůĞĚ͕ďĂƐĞĚŽŶƚĂdžƌĂƚĞƐ;ĂŶĚƚĂdžůĂǁƐͿƚŚĂƚŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞ
ƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
29
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯ͗Dd Z/>KhEd/E'WK>// ^;KEdͿ
ĞĨĞƌƌĞĚƚĂdžƌĞůĂƚŝŶŐƚŽŝƚĞŵƐƌĞĐŽŐŶŝƐĞĚŽƵƚƐŝĚĞƉƌŽĨŝƚŽƌůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŽƵƚƐŝĚĞƉƌŽĨŝƚŽƌůŽƐƐ͘ĞĨĞƌƌĞĚƚĂdžŝƚĞŵƐĂƌĞ
ƌĞĐŽŐŶŝƐĞĚŝŶĐŽƌƌĞůĂƚŝŽŶƚŽƚŚĞƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƚŝŽŶĞŝƚŚĞƌŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͘
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŽĨĨƐĞƚŽŶůLJŝĨĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚĞdžŝƐƚƐƚŽƐĞƚŽĨĨĐƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐ
ĂŐĂŝŶƐƚĐƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƌĞůĂƚĞƚŽƚŚĞƐĂŵĞƚĂdžĂďůĞĞŶƚŝƚLJĂŶĚƚŚĞƐĂŵĞƚĂdžĂƚŝŽŶ
ĂƵƚŚŽƌŝƚLJ͘
'ŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚĂdž;'^dͿ
ZĞǀĞŶƵĞ͕ĞdžƉĞŶƐĞƐĂŶĚĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŶĞƚŽĨƚŚĞĂŵŽƵŶƚŽĨ'^dĞdžĐĞƉƚ͗
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tŚĞƌĞƚŚĞĂŵŽƵŶƚŽĨƚŚĞ'^dŝŶĐƵƌƌĞĚŝƐŶŽƚƌĞĐŽǀĞƌĂďůĞĨƌŽŵƚŚĞƵƐƚƌĂůŝĂŶdĂdžĂƚŝŽŶKĨĨŝĐĞ͘/ŶƚŚĞƐĞĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĞ
'^dŝƐƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚŽƌĂƐƉĂƌƚŽĨƚŚĞĞdžƉĞŶƐĞ͘
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ZĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐĂƌĞƐƚĂƚĞĚǁŝƚŚƚŚĞĂŵŽƵŶƚŽĨ'^dŝŶĐůƵĚĞĚ͘
dŚĞŶĞƚĂŵŽƵŶƚŽĨ'^dƌĞĐŽǀĞƌĂďůĞĨƌŽŵ͕ŽƌƉĂLJĂďůĞƚŽ͕ƚŚĞdKŝƐŝŶĐůƵĚĞĚĂƐĂĐƵƌƌĞŶƚĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ
&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ͘ŽŵŵŝƚŵĞŶƚƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐĂƌĞĚŝƐĐůŽƐĞĚŶĞƚŽĨƚŚĞĂŵŽƵŶƚŽĨ'^dƌĞĐŽǀĞƌĂďůĞĨƌŽŵ͕ŽƌƉĂLJĂďůĞƚŽ͕ƚŚĞ
ƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͘
ĂƐŚĨůŽǁƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐŽŶĂŐƌŽƐƐďĂƐŝƐ͘dŚĞ'^dĐŽŵƉŽŶĞŶƚƐŽĨĐĂƐŚĨůŽǁƐĂƌŝƐŝŶŐ
ĨƌŽŵŝŶǀĞƐƚŝŶŐŽƌĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐǁŚŝĐŚĂƌĞƌĞĐŽǀĞƌĂďůĞĨƌŽŵ͕ŽƌƉĂLJĂďůĞƚŽ͕ƚŚĞdKĂƌĞĐůĂƐƐĞĚĂƐŽƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƐ͘
;džŝͿ
dƌĂĚĞĂŶĚŽƌŽƚŚĞƌƉĂLJĂďůĞƐ
>ŝĂďŝůŝƚŝĞƐĨŽƌƚƌĂĚĞĐƌĞĚŝƚŽƌƐĂŶĚŽƚŚĞƌĂŵŽƵŶƚƐĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĂŶĚƌĞƉƌĞƐĞŶƚůŝĂďŝůŝƚŝĞƐĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ
ƉƌŽǀŝĚĞĚƚŽƚŚĞ'ƌŽƵƉƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌƚŚĂƚĂƌĞƵŶƉĂŝĚĂŶĚĂƌŝƐĞǁŚĞŶƚŚĞ'ƌŽƵƉďĞĐŽŵĞƐŽďůŝŐĞĚƚŽŵĂŬĞ
ĨƵƚƵƌĞƉĂLJŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞƐĞŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘dŚĞĂŵŽƵŶƚƐĂƌĞƵŶƐĞĐƵƌĞĚĂŶĚĂƌĞƵƐƵĂůůLJƉĂŝĚǁŝƚŚŝŶϯϬĚĂLJƐ͘
;džŝŝͿ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐďĞŶĞĨŝƚƐƚŽĞŵƉůŽLJĞĞƐ;ŝŶĐůƵĚŝŶŐĚŝƌĞĐƚŽƌƐͿŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŽƚŚĞƉƌŽǀŝĚĞƌƐŽĨƐĞƌǀŝĐĞƐƚŽƚŚĞ'ƌŽƵƉŝŶƚŚĞ
ĨŽƌŵŽĨƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ͕ǁŚĞƌĞďLJĞŵƉůŽLJĞĞƐŽƌƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐƌĞŶĚĞƌƐĞƌǀŝĐĞƐŝŶĞdžĐŚĂŶŐĞĨŽƌƐŚĂƌĞƐŽƌ
ƌŝŐŚts over shares (‘equityͲsettled transactions’).
dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůLJƚŚƌĞĞƐĐĞŶĂƌŝŽƐŝŶƉůĂĐĞƚŽƉƌŽǀŝĚĞƚŚĞƐĞƐĞƌǀŝĐĞƐ͗
;ĂͿ ‘Employees Share Option Plan’, which provides benefits to eligible persons;
;ďͿ ĂƉŝƚĂů ƌĂŝƐŝŶŐ ĐŽƐƚƐ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞ ƉĂLJŵĞŶƚ ƚŽ ƐƚŽĐŬďƌŽŬĞƌƐ ĂŶĚ ĨŝŶĂŶĐĞ ŝŶƐƚŝƚƵƚŝŽŶƐ ĨŽƌ ĐĂƉŝƚĂů ƌĂŝƐŝŶŐ ƐĞƌǀŝĐĞƐ ĂŶĚ
ĐŽŵŵŝƐƐŝŽŶƐ͖ĂŶĚ
;ĐͿ KƚŚĞƌŐƌĂŶƚƐŽĨŽƉƚŝŽŶƐƚŽĚŝƌĞĐƚŽƌƐŽŶĂŶĂĚŚŽĐďĂƐŝƐ͘
dŚĞĐŽƐƚŽĨƚŚĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƐƚŽĐŬďƌŽŬĞƌƐĂŶĚĨŝŶĂŶĐĞŝŶƐƚŝƚƵƚŝŽŶƐŝƐŵĞĂƐƵƌĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨĂŝƌǀĂůƵĞ
ŽĨƚŚĞƐĞƌǀŝĐĞƌĞĐĞŝǀĞĚĂƚƚŚĞĚĂƚĞƚŚĞLJĂƌĞŐƌĂŶƚĞĚ͘
&ŽƌƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĞŵƉůŽLJĞĞƐ;ŝŶĐůƵĚŝŶŐĚŝƌĞĐƚŽƌƐͿ͕ƚŚĞĐŽƐƚŽĨƚŚĞƐĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐŝƐŵĞĂƐƵƌĞĚďLJƌĞĨĞƌĞŶĐĞƚŽ
ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŽƉƚŝŽŶƐƉƌŽǀŝĚĞĚ͘dŚĞĨĂŝƌǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚďLJĂŶĞdžƚĞƌŶĂůǀĂůƵĞƌƵƐŝŶŐĂůĂĐŬͲ^ĐŚŽůĞƐŽƌDŽŶƚĞĂƌůŽ
ǀĂůƵĂƚŝŽŶŵŽĚĞů͘
dŚĞĐŽƐƚŽĨƚŚĞƐĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĞŵƉůŽLJĞĞƐŝƐƌĞĐŽŐŶŝƐĞĚ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶĞƋƵŝƚLJ͕
ŽǀĞƌƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐĂƌĞĨƵůĨŝůůĞĚ͕ĞŶĚŝŶŐŽŶƚŚĞĚĂƚĞŽŶǁŚŝĐŚƚŚĞƌĞůĞǀĂŶƚĞŵƉůŽLJĞĞďĞĐŽŵĞƐ
ĨƵůůLJentitled to the award (‘vesting date’).
/ŶǀĂůƵŝŶŐƚŚĞƐĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐ͕ŶŽĂĐĐŽƵŶƚŝƐƚĂŬĞŶŽĨĂŶLJƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ͕ŽƚŚĞƌƚŚĂŶĐŽŶĚŝƚŝŽŶƐůŝŶŬĞĚƚŽ
ƚŚĞƉƌŝĐĞŽĨƚŚĞƐŚĂƌĞƐŽĨ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚ;ŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐͿŝĨĂƉƉůŝĐĂďůĞ͘
dŚĞĐƵŵƵůĂƚŝǀĞĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞƐĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞƵŶƚŝůǀĞƐƚŝŶŐĚĂƚĞƌĞĨůĞĐƚƐ;ŝͿƚŚĞ
extent to which the vesting period has expired and (ii) the Group’s best estimate of the number of equity instruments that wiůů
ƵůƚŝŵĂƚĞůLJǀĞƐƚ͘EŽĂĚũƵƐƚŵĞŶƚŝƐŵĂĚĞĨŽƌƚŚĞůŝŬĞůŝŚŽŽĚŽĨŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐďĞŝŶŐŵĞƚĂƐƚŚĞĞĨĨĞĐƚŽĨƚŚĞƐĞĐŽŶĚŝƚŝŽŶƐŝƐ
ŝŶĐůƵĚĞĚŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĨĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞ͘dŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚĐŚĂƌŐĞŽƌĐƌĞĚŝƚĨŽƌĂƉĞƌŝŽĚƌĞƉƌĞƐĞŶƚƐƚŚĞ
ŵŽǀĞŵĞŶƚŝŶĐƵŵƵůĂƚŝǀĞĞdžƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚĂƐĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨƚŚĞƉĞƌŝŽĚ͘
30
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯ͗Dd Z/>KhEd/E'WK>// ^;KEdͿ
EŽĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝƐĞĚĨŽƌĂǁĂƌĚƐƚŚĂƚĚŽŶŽƚƵůƚŝŵĂƚĞůLJǀĞƐƚ͕ĞdžĐĞƉƚĨŽƌĂǁĂƌĚƐǁŚĞƌĞǀĞƐƚŝŶŐŝƐŽŶůLJĐŽŶĚŝƚŝŽŶĂůƵƉŽŶĂ
ŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶ͘
/ĨƚŚĞƚĞƌŵƐŽĨĂŶĞƋƵŝƚLJͲƐĞƚƚůĞĚĂǁĂƌĚĂƌĞŵŽĚŝĨŝĞĚ͕ĂƐĂŵŝŶŝŵƵŵĂŶĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝĨƚŚĞƚĞƌŵƐŚĂĚŶŽƚďĞĞŶ
ŵŽĚŝĨŝĞĚ͘ /ŶĂĚĚŝƚŝŽŶ͕ ĂŶ ĞdžƉĞŶƐĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌĂŶLJŵŽĚŝĨŝĐĂƚŝŽŶƚŚĂƚ ŝŶĐƌĞĂƐĞƐƚŚĞ ƚŽƚĂůĨĂŝƌǀĂůƵĞ ŽĨ ƚŚĞ ƐŚĂƌĞͲďĂƐĞĚ
ƉĂLJŵĞŶƚĂƌƌĂŶŐĞŵĞŶƚ͕ŽƌŝƐŽƚŚĞƌǁŝƐĞďĞŶĞĨŝĐŝĂůƚŽƚŚĞĞŵƉůŽLJĞĞ͕ĂƐŵĞĂƐƵƌĞĚĂƚƚŚĞĚĂƚĞŽĨŵŽĚŝĨŝĐĂƚŝŽŶ͘
/ĨĂŶĞƋƵŝƚLJͲƐĞƚƚůĞĚĂǁĂƌĚŝƐĐĂŶĐĞůůĞĚ͕ŝƚŝƐƚƌĞĂƚĞĚĂƐŝĨŝƚŚĂĚǀĞƐƚĞĚŽŶƚŚĞĚĂƚĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͕ĂŶĚĂŶLJĞdžƉĞŶƐĞŶŽƚLJĞƚ
ƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞĂǁĂƌĚŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJ͘,ŽǁĞǀĞƌ͕ŝĨĂŶĞǁĂǁĂƌĚŝƐƐƵďƐƚŝƚƵƚĞĚĨŽƌƚŚĞĐĂŶĐĞůůĞĚĂǁĂƌĚĂŶĚ
ĚĞƐŝŐŶĂƚĞĚĂƐĂƌĞƉůĂĐĞŵĞŶƚĂǁĂƌĚŽŶƚŚĞĚĂƚĞƚŚĂƚŝƚŝƐŐƌĂŶƚĞĚ͕ƚŚĞĐĂŶĐĞůůĞĚĂŶĚŶĞǁĂǁĂƌĚĂƌĞƚƌĞĂƚĞĚĂƐŝĨƚŚĞLJǁĞƌĞĂ
ŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŽƌŝŐŝŶĂůĂǁĂƌĚ͕ĂƐĚĞƐĐƌŝďĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƉĂƌĂŐƌĂƉŚ͘
&ŽƌƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽƚŚĞƌƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͕ƚŚĞĐŽƐƚŽĨƚŚĞƐĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐŝƐŵĞĂƐƵƌĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞǀĂůƵĞ
ŽĨƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ͘dŚĞĐŽƐƚŽĨƚŚĞƐĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐŝƐƌĞĐŽŐŶŝƐĞĚ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶ
ĞƋƵŝƚLJ͕ĂƚƚŚĞƚŝŵĞƚŚĞƐĞƌǀŝĐĞƐĂƌĞƉƌŽǀŝĚĞĚƵŶůĞƐƐƚŚĞLJĂƌĞƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĂƌŝƐŝŶŐŽŶƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ŝŶǁŚŝĐŚ
ĐĂƐĞƚŚĞƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJĂƐĂƌĞĚƵĐƚŝŽŶŽĨƚŚĞƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚŽŶƚŚĞŝƐƐƵĞŽĨƐŚĂƌĞƐ͘
;džŝŝŝͿ ŽŶƚƌŝďƵƚĞĚ ƋƵŝƚLJ
/ƐƐƵĞĚĂŶĚƉĂŝĚƵƉĐĂƉŝƚĂůŝƐƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚďLJƚŚĞŽŵƉĂŶLJ͘ŶLJƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ
ŶĞƚŽĨƚĂdžĂƌŝƐŝŶŐŽŶƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJĂƐĂƌĞĚƵĐƚŝŽŶŽĨƚŚĞƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͘
;džŝǀͿ ŵƉůŽLJĞĞĞŶĞĨŝƚƐ
WƌŽǀŝƐŝŽŶŝƐŵĂĚĞĨŽƌĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐĂĐĐƵŵƵůĂƚĞĚĂƐĂƌĞƐƵůƚŽĨĞŵƉůŽLJĞĞƐĞƌǀŝĐĞƐƵƉƚŽƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘dŚĞƐĞĞŵƉůŽLJĞĞ
ďĞŶĞĨŝƚƐŝŶĐůƵĚĞǁĂŐĞƐ͕ƐĂůĂƌŝĞƐ͕ĂŶŶƵĂůůĞĂǀĞĂŶĚŝŶĐůƵĚĞƌĞůĂƚĞĚŽŶͲĐŽƐƚƐƐƵĐŚĂƐƐƵƉĞƌĂŶŶƵĂƚŝŽŶĂŶĚƉĂLJƌŽůůƚĂdž͘
dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚĞdžƉĞĐƚŝƚƐůŽŶŐƐĞƌǀŝĐĞůĞĂǀĞŽƌĂŶŶƵĂůůĞĂǀĞďĞŶĞĨŝƚƐƚŽďĞƐĞƚƚůĞĚǁŚŽůůLJǁŝƚŚŝŶϭϮŵŽŶƚŚƐŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐ
ĚĂƚĞ͘dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂůŝĂďŝůŝƚLJĨŽƌůŽŶŐƐĞƌǀŝĐĞůĞĂǀĞĂŶĚĂŶŶƵĂůůĞĂǀĞŵĞĂƐƵƌĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨĞdžƉĞĐƚĞĚĨƵƚƵƌĞ
ƉĂLJŵĞŶƚƐƚŽďĞŵĂĚĞŝŶƌĞƐƉĞĐƚŽĨƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJĞŵƉůŽLJĞĞƐƵƉƚŽƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚ
ŵĞƚŚŽĚ͘ŽŶƐŝĚĞƌĂƚŝŽŶŝƐŐŝǀĞŶƚŽĞdžƉĞĐƚĞĚĨƵƚƵƌĞǁĂŐĞĂŶĚƐĂůĂƌLJůĞǀĞůƐ͕ĞdžƉĞƌŝĞŶĐĞŽĨĞŵƉůŽLJĞĞĚĞƉĂƌƚƵƌĞƐ͕ĂŶĚƉĞƌŝŽĚƐŽĨ
ƐĞƌǀŝĐĞ͘
džƉĞĐƚĞĚĨƵƚƵƌĞƉĂLJŵĞŶƚƐĂƌĞĚŝƐĐŽƵŶƚĞĚƵƐŝŶŐŵĂƌŬĞƚLJŝĞůĚƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞŽŶŚŝŐŚƋƵĂůŝƚLJĐŽƌƉŽƌĂƚĞďŽŶĚƐǁŝƚŚƚĞƌŵƐ
ƚŽŵĂƚƵƌŝƚLJĂŶĚĐƵƌƌĞŶĐŝĞƐƚŚĂƚŵĂƚĐŚ͕ĂƐĐůŽƐĞůLJĂƐƉŽƐƐŝďůĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŽƵƚĨůŽǁƐ͘
EŽƉƌŽǀŝƐŝŽŶŝƐŵĂĚĞĨŽƌŶŽŶͲǀĞƐƚŝŶŐƐŝĐŬůĞĂǀĞ͕ĂƐƚŚĞĂŶƚŝĐŝƉĂƚĞĚƉĂƚƚĞƌŶŽĨĨƵƚƵƌĞƐŝĐŬůĞĂǀĞƚĂŬĞŶŝŶĚŝĐĂƚĞƐƚŚĂƚĂĐĐƵŵƵůĂƚĞĚ
ŶŽŶͲǀĞƐƚŝŶŐƐŝĐŬůĞĂǀĞǁŝůůŶĞǀĞƌďĞƉĂŝĚ͘
ŽŶƚƌŝďƵƚŝŽŶƐƚŽĞŵƉůŽLJĞĞƐƵƉĞƌĂŶŶƵĂƚŝŽŶĨƵŶĚƐŽĨĐŚŽŝĐĞĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘
;džǀͿ
ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
ĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ; W^ͿŝƐĐĂůĐƵůĂƚĞĚĂƐŶĞƚƉƌŽĨŝƚŽƌůŽƐƐĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐ͕ĂĚũƵƐƚĞĚƚŽĞdžĐůƵĚĞĐŽƐƚƐŽĨƐĞƌǀŝĐŝŶŐ
ĞƋƵŝƚLJ;ŽƚŚĞƌƚŚĂŶĚŝǀŝĚĞŶĚƐͿ͕ĚŝǀŝĚĞĚďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĂĚũƵƐƚĞĚĨŽƌĂŶLJďŽŶƵƐĞůĞŵĞŶƚ͘
ŝůƵƚĞĚ W^ŝƐĐĂůĐƵůĂƚĞĚĂƐŶĞƚƉƌŽĨŝƚŽƌůŽƐƐĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐ͕ĂĚũƵƐƚĞĚĨŽƌ͗
;ĂͿ ŽƐƚƐŽĨƐĞƌǀŝĐŝŶŐĞƋƵŝƚLJ;ŽƚŚĞƌƚŚĂŶĚŝǀŝĚĞŶĚƐͿ͘
;ďͿ dŚĞ ĂĨƚĞƌ ƚĂdž ĞĨĨĞĐƚ ŽĨ ĚŝǀŝĚĞŶĚƐ ĂŶĚ ŝŶƚĞƌĞƐƚ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĚŝůƵƚŝǀĞ ƉŽƚĞŶƚŝĂů ŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ
ƌĞĐŽŐŶŝƐĞĚĂƐĞdžƉĞŶƐĞƐ͖ĂŶĚ
;ĐͿ KƚŚĞƌŶŽŶͲĚŝƐĐƌĞƚŝŽŶĂƌLJĐŚĂŶŐĞƐŝŶƌĞǀĞŶƵĞƐŽƌĞdžƉĞŶƐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŚĂƚǁŽƵůĚƌĞƐƵůƚĨƌŽŵƚŚĞĚŝůƵƚŝŽŶŽĨƉŽƚĞŶƚŝĂů
ŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͖
ĚŝǀŝĚĞĚďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĂĚũƵƐƚĞĚĨŽƌĂŶLJďŽŶƵƐ
ĞůĞŵĞŶƚ͘
31
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯ͗Dd Z/>KhEd/E'WK>// ^;KEdͿ
;džǀŝͿ &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶ
;ĂͿ &ƵŶĐƚŝŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ
The Group’s consolidated financial statements are presented in Australian dollars, which is also the Company’s functional
ĐƵƌƌĞŶĐLJ͘&ŽƌĞĂĐŚĞŶƚŝƚLJ͕ƚŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJĂŶĚŝƚĞŵƐŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĞĂĐŚ
ĞŶƚŝƚLJĂƌĞŵĞĂƐƵƌĞĚƵƐŝŶŐƚŚĂƚĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJ͘
;ďͿ dƌĂŶƐĂĐƚŝŽŶƐĂŶĚďĂůĂŶĐĞƐ
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spoƚƌĂƚĞƐ
ĂƚƚŚĞĚĂƚĞƚŚĞƚƌĂŶƐĂĐƚŝŽŶĨŝƌƐƚƋƵĂůŝĨŝĞƐĨŽƌƌĞĐŽŐŶŝƚŝŽŶ͘
DŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJƐƉŽƚƌĂƚĞƐŽĨ
ĞdžĐŚĂŶŐĞĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
EŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐƚŚĂƚĂƌĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚŝƐƚŽƌŝĐĂůĐŽƐƚŝŶĂĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂƌĞƚƌĂŶƐůĂƚĞĚƵƐŝŶŐƚŚĞĞdžĐŚĂŶŐĞƐƌĂƚĞƐ
ĂƚƚŚĞĚĂƚĞƐŽĨƚŚĞŝŶŝƚŝĂůƚƌĂŶƐĂĐƚŝŽŶƐ͘EŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŝŶĂĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂƌĞƚƌĂŶƐůĂƚĞĚƵƐŝŶŐƚŚĞ
ĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĚĂƚĞǁŚĞŶƚŚĞĨĂŝƌǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚ͘dŚĞŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶƚƌĂŶƐůĂƚŝŽŶŽĨŶŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐ
ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŝƐƚƌĞĂƚĞĚŝŶůŝŶĞǁŝƚŚƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨŐĂŝŶŽƌůŽƐƐŽŶĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨƚŚĞŝƚĞŵ;ŝĞƚƌĂŶƐůĂƚŝŽŶ
ĚŝĨĨĞƌĞŶĐĞƐ ŽŶ ŝƚĞŵƐ ǁŚŽƐĞ ĨĂŝƌ ǀĂůƵĞ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ Žƌ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂƌĞ ĂůƐŽ
ƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌƉƌŽĨŝƚŽƌůŽƐƐƌĞƐƉĞĐƚŝǀĞůLJͿ͘
;džǀŝŝͿ
>ĞĂƐĞƐ
ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚ
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƚƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞŽĨƚŚĞůĞĂƐĞ;ŝ͘Ğ͕͘ƚŚĞĚĂƚĞƚŚĞƵŶĚĞƌůLJŝŶŐĂƐƐĞƚŝƐĂǀĂŝůĂďůĞ
ĨŽƌƵƐĞͿ͘ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĐŽƐƚ͕ůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ĂŶĚĂĚũƵƐƚĞĚĨŽƌ
ĂŶLJƌĞŵĞĂƐƵƌĞŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ͘dŚĞĐŽƐƚŽĨƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐŝŶĐůƵĚĞƐƚŚĞĂŵŽƵŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐƌĞĐŽŐŶŝƐĞĚ͕ŝŶŝƚŝĂů
ĚŝƌĞĐƚĐŽƐƚƐŝŶĐƵƌƌĞĚ͕ĂŶĚůĞĂƐĞƉĂLJŵĞŶƚƐŵĂĚĞĂƚŽƌďĞĨŽƌĞƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞůĞƐƐĂŶLJůĞĂƐĞŝŶĐĞŶƚŝǀĞƐƌĞĐĞŝǀĞĚĂŶĚ
ĂƐƐŽĐŝĂƚĞĚƌĞƐƚŽƌĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐ͘hŶůĞƐƐƚŚĞ'ƌŽƵƉŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŽŽďƚĂŝŶŽǁŶĞƌƐŚŝƉŽĨƚŚĞůĞĂƐĞĚĂƐƐĞƚĂƚƚŚĞĞŶĚŽĨ
ƚŚĞůĞĂƐĞƚĞƌŵ͕ƚŚĞƌĞĐŽŐŶŝƐĞĚƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƐŚŽƌƚĞƌŽĨŝƚƐĞƐƚŝŵĂƚĞĚƵƐĞĨƵů
ůŝĨĞĂŶĚƚŚĞůĞĂƐĞƚĞƌŵ;ďĞƚǁĞĞŶŽŶĞĂŶĚƚǁŽLJĞĂƌƐͿ͘ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƌĞƐƵďũĞĐƚƚŽŝŵƉĂŝƌŵĞŶƚ͘
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ƚƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞŽĨƚŚĞůĞĂƐĞ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐůĞĂƐĞůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ
ƚŽďĞŵĂĚĞŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵ͘dŚĞůĞĂƐĞƉĂLJŵĞŶƚƐŝŶĐůƵĚĞĨŝdžĞĚƉĂLJŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐŝŶͲƐƵďƐƚĂŶĐĞĨŝdžĞĚƉĂLJŵĞŶƚƐͿůĞƐƐĂŶLJ
ůĞĂƐĞŝŶĐĞŶƚŝǀĞƐƌĞĐĞŝǀĂďůĞ͕ǀĂƌŝĂďůĞůĞĂƐĞƉĂLJŵĞŶƚƐƚŚĂƚĚĞƉĞŶĚŽŶĂŶŝŶĚĞdžŽƌĂƌĂƚĞ͕ĂŶĚĂŵŽƵŶƚƐĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚƵŶĚĞƌ
ƌĞƐŝĚƵĂůǀĂůƵĞŐƵĂƌĂŶƚĞĞƐ͘dŚĞůĞĂƐĞƉĂLJŵĞŶƚƐĂůƐŽŝŶĐůƵĚĞƚŚĞĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨĂƉƵƌĐŚĂƐĞŽƉƚŝŽŶƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŽďĞ
ĞdžĞƌĐŝƐĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚƉĂLJŵĞŶƚƐŽĨƉĞŶĂůƚŝĞƐĨŽƌƚĞƌŵŝŶĂƚŝŶŐĂůĞĂƐĞ͕ŝĨƚŚĞůĞĂƐĞƚĞƌŵƌĞĨůĞĐƚƐƚŚĞ'ƌŽƵƉĞdžĞƌĐŝƐŝŶŐƚŚĞ
ŽƉƚŝŽŶƚŽƚĞƌŵŝŶĂƚĞ͘dŚĞǀĂƌŝĂďůĞůĞĂƐĞƉĂLJŵĞŶƚƐƚŚĂƚĚŽŶŽƚĚĞƉĞŶĚŽŶĂŶŝŶĚĞdžŽƌĂƌĂƚĞĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐĞdžƉĞŶƐĞŝŶƚŚĞ
ƉĞƌŝŽĚŽŶǁŚŝĐŚƚŚĞĞǀĞŶƚŽƌĐŽŶĚŝƚŝŽŶƚŚĂƚƚƌŝŐŐĞƌƐƚŚĞƉĂLJŵĞŶƚŽĐĐƵƌƐ͘
/ŶĐĂůĐƵůĂƚŝŶŐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ͕ƚŚĞ'ƌŽƵƉƵƐĞƐƚŚĞŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞĂƚƚŚĞůĞĂƐĞĐŽŵŵĞŶĐĞŵĞŶƚ
ĚĂƚĞŝĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŝŵƉůŝĐŝƚŝŶƚŚĞůĞĂƐĞŝƐŶŽƚƌĞĂĚŝůLJĚĞƚĞƌŵŝŶĂďůĞ͘ĨƚĞƌƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ͕ƚŚĞĂŵŽƵŶƚŽĨůĞĂƐĞ
ůŝĂďŝůŝƚŝĞƐŝƐŝŶĐƌĞĂƐĞĚƚŽƌĞĨůĞĐƚƚŚĞĂĐĐƌĞƚŝŽŶŽĨŝŶƚĞƌĞƐƚĂŶĚƌĞĚƵĐĞĚĨŽƌƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐŵĂĚĞ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĐĂƌƌLJŝŶŐ
ĂŵŽƵŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐŝƐƌĞŵĞĂƐƵƌĞĚŝĨƚŚĞƌĞŝƐĂŵŽĚŝĨŝĐĂƚŝŽŶ͕ĂĐŚĂŶŐĞŝŶƚŚĞůĞĂƐĞƚĞƌŵ͕ĂĐŚĂŶŐĞŝŶƚŚĞŝŶͲƐƵďƐƚĂŶĐĞĨŝdžĞĚ
ůĞĂƐĞƉĂLJŵĞŶƚƐŽƌĂĐŚĂŶŐĞŝŶƚŚĞĂƐƐĞƐƐŵĞŶƚƚŽƉƵƌĐŚĂƐĞƚŚĞƵŶĚĞƌůLJŝŶŐĂƐƐĞƚ͘
^ŚŽƌƚͲƚĞƌŵůĞĂƐĞƐĂŶĚůĞĂƐĞƐŽĨůŽǁͲǀĂůƵĞĂƐƐĞƚƐ
dŚĞ'ƌŽƵƉĂƉƉůŝĞƐƚŚĞƐŚŽƌƚͲƚĞƌŵůĞĂƐĞƌĞĐŽŐŶŝƚŝŽŶĞdžĞŵƉƚŝŽŶ;ŝ͘Ğ͕͘ƚŚŽƐĞůĞĂƐĞƐƚŚĂƚŚĂǀĞĂůĞĂƐĞƚĞƌŵŽĨϭϮŵŽŶƚŚƐŽƌůĞƐƐ
ĨƌŽŵƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞĂŶĚĚŽŶŽƚĐŽŶƚĂŝŶĂƉƵƌĐŚĂƐĞŽƉƚŝŽŶͿ͘/ƚĂůƐŽĂƉƉůŝĞƐƚŚĞůĞĂƐĞŽĨůŽǁͲǀĂůƵĞĂƐƐĞƚƐƌĞĐŽŐŶŝƚŝŽŶ
ĞdžĞŵƉƚŝŽŶƚŽůĞĂƐĞƐƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚŽĨůŽǁǀĂůƵĞ;ŝ͘Ğ͕͘ďĞůŽǁΨϱ͕ϬϬϬͿ͘>ĞĂƐĞƉĂLJŵĞŶƚƐŽŶƐŚŽƌƚͲƚĞƌŵůĞĂƐĞƐĂŶĚůĞĂƐĞƐŽĨ
ůŽǁͲǀĂůƵĞĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐĞdžƉĞŶƐĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵ͘
EKd ϯ͗
EdhZ K&KW Zd/KE^EWZ/E/W>d/s/d/ ^
dŚĞƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌŽĨƚŚĞĞŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJǁĞƌĞĞdžƉůŽƌĂƚŝŽŶĨŽƌŶŝĐŬĞůĂŶĚĐŽƉƉĞƌ
ĚĞƉŽƐŝƚƐŝŶƵƐƚƌĂůŝĂ͘
32
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϰ͗
Z s Eh E yW E^ ^
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
ĂͿ
&ŝŶĂŶĐĞZĞǀĞŶƵĞ
ĂŶŬŝŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚĂŶĚƌĞĐĞŝǀĂďůĞ
ϲϰϯ͕ϳϴϰ
ϱϵϮ͕ϭϰϱ
ϲϰϯ͕ϳϴϰ
ϱϵϮ͕ϭϰϱ
ďͿ
KƚŚĞƌ
KƚŚĞƌŝŶĐŽŵĞ
ϱ͕ϱϳϯ
ϱϬ͕ϳϵϱ
ϱ͕ϱϳϯ
ϱϬ͕ϳϵϱ
ĐͿ
ŵƉůŽLJĞĞĞŶĞĨŝƚƐ džƉĞŶƐĞ
^ĂůĂƌŝĞƐ͕ŽŶͲĐŽƐƚƐĂŶĚŽƚŚĞƌĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ
ϰϬϳ͕ϯϯϬ
ϯϮϳ͕ϯϳϱ
ϰϬϳ͕ϯϯϬ
ϯϮϳ͕ϯϳϱ
ĚͿ
KƚŚĞƌ džƉĞŶƐĞƐ
ĞƉƌĞĐŝĂƚŝŽŶ
ϯ͕ϲϭϲ
ϱ͕ϯϰϬ
ĞƉƌĞĐŝĂƚŝŽŶ–KĨĨŝĐĞ>ĞĂƐĞ
ϳϬ͕ϵϬϲ
ϳϬ͕ϵϯϭ
ϳϰ͕ϱϮϮ
ϳϲ͕Ϯϳϭ
ĞͿ ŽƌƉŽƌĂƚĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶĞdžƉĞŶƐĞƐ
&ĞĞƐ–ƵĚŝƚͬdĂdž
Ϯϲϵ͕ϰϳϯ
ϰϳϯ͕ϴϮϰ
&ĞĞƐ–^y
ϱϲ͕ϰϰϲ
ϲϳ͕ϱϲϮ
&ĞĞƐ–^ŚĂƌĞZĞŐŝƐƚƌLJ
Ϯϰ͕Ϯϰϳ
ϭϵ͕ϭϭϳ
ŽŶƐƵůƚĂŶĐLJ&ĞĞƐ
ϵϰ͕ϱϬϬ
ϵϬ͕ϬϬϬ
>ĞŐĂůĞdžƉĞŶƐĞƐ
ϰϱϮ
ϳ͕ϰϬϲ
^ĂůĞŽĨĨŝdžĞĚĂƐƐĞƚƐ
Ͳ
Ͳ
dƌĂǀĞůĞdžƉĞŶƐĞƐ
ϯϮ͕ϯϲϯ
ϭϱ͕ϰϰϭ
KƚŚĞƌĞdžƉĞŶƐĞƐ
Ϯϵϲ͕ϰϰϮ
ϰϬϬ͕ϱϵϴ
ϳϳϯ͕ϵϮϯ
ϭ͕Ϭϳϯ͕ϵϰϴ
EKd ϱ͗
ZE/E'^W Z^,Z
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
;ĂͿ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨĞĂƌŶŝŶŐƐƚŽŶĞƚůŽƐƐ͗
EĞƚ>ŽƐƐ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
>ŽƐƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
;ďͿ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽŶŝƐƐƵĞĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ
ƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨďĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ
Ϯ͕ϵϬϳ͕ϲϰϳ͕Ϭϰϴ
Ϯ͕ϴϱϬ͕ϭϱϳ͕ϰϯϵ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽŶŝƐƐƵĞƵƐĞĚŝŶƚŚĞ
ĐĂůĐƵůĂƚŝŽŶŽĨĚŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ
Ϯ͕ϵϬϳ͕ϲϰϳ͕Ϭϰϴ
Ϯ͕ϴϱϬ͕ϭϱϳ͕ϰϯϵ
;ĐͿ /ŶĨŽƌŵĂƚŝŽŶŽŶĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨŽƉƚŝŽŶƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϰ͕ĂůůŽƉƚŝŽŶƐŽŶŝƐƐƵĞǁĞƌĞĂŶƚŝͲĚŝůƵƚŝǀĞĂƐƚŚĞ'ƌŽƵƉŵĂĚĞĂůŽƐƐ͘dŚŝƐŚĂƐƌĞƐƵůƚĞĚ
ŝŶƚŚĞĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞďĞŝŶŐƚŚĞƐĂŵĞĂƐƚŚĞďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘dŚĞƐĞŽƉƚŝŽŶƐĐŽƵůĚƉŽƚĞŶƚŝĂůůLJĚŝůƵƚĞ
ďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŝŶƚŚĞĨƵƚƵƌĞ͘dŚĞŶƵŵďĞƌŽĨĂŶƚŝͲĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůůLJŝƐƐƵĂďůĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚϯϭĞĐĞŵďĞƌ
ϮϬϮϰŝƐEŝů;ϯϭĞĐĞŵďĞƌϮϬϮϯ͗EŝůͿ
33
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϲ͗
/EKD dy
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
dŚĞŵĂũŽƌĐŽŵƉŽŶĞŶƚƐŽĨŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĂƌĞ͗
/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ
ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdž
ƵƌƌĞŶƚLJĞĂƌŝŶĐŽŵĞƚĂdžĐŚĂƌŐĞ;ďĞŶĞĨŝƚͿ
Ͳ
Ͳ
hŶĚĞƌͬKǀĞƌƉƌŽǀŝƐŝŽŶŽĨƉƌŝŽƌƚĂdžLJĞĂƌ
Ͳ
Ͳ
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdž
ZĞůĂƚŝŶŐƚŽŽƌŝŐŝŶĂƚŝŽŶĂŶĚƌĞǀĞƌƐĂůŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ
hŶĚĞƌͬKǀĞƌƉƌŽǀŝƐŝŽŶŽĨƉƌŝŽƌƚĂdžLJĞĂƌ
;Ϯϲϵ͕ϭϵϳͿ
Ͳ
;ϯϵϮ͕ϯϲϭͿ
Ͳ
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚƌĞƉŽƌƚĞĚŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ
;Ϯϲϵ͕ϭϵϳͿ
;ϯϵϮ͕ϯϲϭͿ
ƌĞĐŽŶĐŝůŝĂƚŝŽŶďĞƚǁĞĞŶƚĂdžĞdžƉĞŶƐĞĂŶĚƚŚĞƉƌŽĚƵĐƚŽĨĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚͬ;ůŽƐƐͿ
before income tax multiplied by the Group’s applicable
ŝŶĐŽŵĞƚĂdžƌĂƚĞŝƐĂƐĨŽůůŽǁƐ͗
ĐĐŽƵŶƚŝŶŐůŽƐƐďĞĨŽƌĞƚĂdžĨƌŽŵŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐ
;ϱ͕ϱϭϳ͕ϬϮϴͿ
;ϱ͕ϰϭϭ͕ϲϴϭͿ
ĐĐŽƵŶƚŝŶŐůŽƐƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
;ϱ͕ϱϭϳ͕ϬϮϴͿ
;ϱ͕ϰϭϭ͕ϲϴϭͿ
At the Group’s statutory income tax rate of 30%
;ϭ͕ϲϱϱ͕ϭϬϴͿ
;ϭ͕ϲϮϯ͕ϱϬϰͿ
džƉĞŶĚŝƚƵƌĞŶŽƚĂůůŽǁĞĚĨŽƌŝŶĐŽŵĞƚĂdžƉƵƌƉŽƐĞƐ
ϲϮϵ͕ϳϵϴ
ϭ͕ϯϬϴ͕Ϭϴϵ
ƵƌƌĞŶƚLJĞĂƌƚĂdžůŽƐƐĞƐŶŽƚƌĞĐŽŐŶŝƐĞĚ
ϭϮϵ͕ϭϲϬ
Ͳ
ĞƌĞĐŽŐŶŝƚŝŽŶŽĨƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝƐĞĚƚĂdžůŽƐƐĞƐ
ϲϲϲ͕ϲϬϴ
Ͳ
ĞĐƌĞĂƐĞŝŶŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƐĚƵĞƚŽ͗
KƚŚĞƌĚĞĚƵĐƚŝďůĞĞdžƉĞŶƐĞƐ
;ϭϭϴͿ
;ϱ͕ϵϴϭͿ
ĞĚƵĐƚŝďůĞĞƋƵŝƚLJƌĂŝƐŝŶŐĐŽƐƚƐ
;ϯϵ͕ϱϯϳͿ
;ϳϬ͕ϵϲϱͿ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĂƚƚƌŝďƵƚĂďůĞƚŽĞŶƚŝƚLJƌĞƉŽƌƚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŝŶĐŽŵĞ
ƐƚĂƚĞŵĞŶƚ
;Ϯϲϵ͕ϭϵϳͿ
;ϯϵϮ͕ϯϲϭͿ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĚĚŝƌĞĐƚůLJƚŽĞƋƵŝƚLJ
ZĞůĂƚŝŶŐƚŽĞƋƵŝƚLJƌĂŝƐŝŶŐĐŽƐƚƐ
;ϳϮ͕ϬϳϱͿ
;ϱϵ͕ϲϰϮͿ
ĞĨĞƌƌĞĚƚĂdž;ĞdžƉĞŶƐĞͿĂƚƚƌŝďƵƚĂďůĞƚŽĞŶƚŝƚLJƌĞĐŽŐŶŝƐĞĚŝŶĞƋƵŝƚLJ
;ϳϮ͕ϬϳϱͿ
;ϱϵ͕ϲϰϮͿ
ƵƌƌĞŶƚ/ŶĐŽŵĞdĂdžƐƐĞƚͬ;>ŝĂďŝůŝƚLJͿ
Ͳ
Ͳ
34
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϲ͗/EKD dy;KEdͿ
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
ϯϬй
ϯϬй
ĞĨĞƌƌĞĚ/ŶĐŽŵĞdĂdž
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƚϯϭĞĐĞŵďĞƌƌĞůĂƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗
ŽŶƐŽůŝĚĂƚĞĚ
ZĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ
ĂƉŝƚĂůŝƐĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ
;ϵ͕ϴϲϳ͕ϵϰϯͿ
;ϭϬ͕ϴϴϬ͕ϰϴϬͿ
WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚ ƋƵŝƉŵĞŶƚ
;ϵϴ͕ϬϭϳͿ
;ϭϮϵ͕ϬϵϮͿ
ZKhƐƐĞƚƐ
;Ϯϭ͕ϴϯϵͿ
Ͳ
KƚŚĞƌ
;Ϯϳ͕ϬϰϵͿ
;Ϯϱ͕ϮϱϴͿ
ŵŽƵŶƚƐĚŝƐĐůŽƐĞĚĂƐĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJ
;ϭϬ͕Ϭϭϰ͕ϴϰϴͿ
;ϭϭ͕Ϭϯϰ͕ϴϯϬͿ
^ĞƚͲŽĨĨŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ϭϬ͕Ϭϭϰ͕ϴϰϴ
ϭϬ͕ϴϯϳ͕ϳϬϴ
EĞƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĚŝƐĐůŽƐĞĚ
Ͳ
;ϭϵϳ͕ϭϮϮͿ
ZĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ZKh>ŝĂďŝůŝƚLJ
ϮϮ͕ϭϲϱ
Ͳ
dĂdžůŽƐƐĞƐĂǀĂŝůĂďůĞƚŽŽĨĨƐĞƚĂŐĂŝŶƐƚĨƵƚƵƌĞƚĂdžĂďůĞŝŶĐŽŵĞ
ϵ͕ϴϲϱ͕ϵϱϬ
ϭϬ͕ϱϯϮ͕ϱϱϴ
KƚŚĞƌƉƌŽǀŝƐŝŽŶƐ
ϭϮϲ͕ϳϯϯ
ϮϯϮ͕ϴϴϰ
^ŚĂƌĞďĂƐĞĚĐŽƐƚƐŽŶĞƋƵŝƚLJ
Ͳ
ϳϮ͕Ϭϳϱ
KƚŚĞƌĨƵƚƵƌĞďůĂĐŬŚŽůĞĚĞĚƵĐƚŝŽŶƐ
Ͳ
ϭϵϭ
'ƌŽƐƐĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ϭϬ͕Ϭϭϰ͕ϴϰϴ
ϭϬ͕ϴϯϳ͕ϳϬϴ
^ĞƚͲŽĨĨŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
;ϭϬ͕Ϭϭϰ͕ϴϰϴͿ
;ϭϬ͕ϴϯϳ͕ϳϬϴͿ
EĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƌĞĐŽŐŶŝƐĞĚ
Ͳ
Ͳ
hŶƌĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŚĂǀĞŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞ
ĨŽůůŽǁŝŶŐĂƐƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƌĞĐŽŐŶŝƐŝŶŐƚŚŽƐĞĚĞĨĞƌƌĞĚ
ƚĂdžĂƐƐĞƚƐŚĂǀĞŶŽƚďĞĞŶŵĞƚ
ĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ
ϮϱϬ͕ϯϯϵ
Ϯϭϳ͕ϴϬϬ
dĂdžƌĞǀĞŶƵĞůŽƐƐĞƐ
ϳϵϱ͕ϳϲϴ
Ͳ
dĂdžĐĂƉŝƚĂůůŽƐƐĞƐ
Ϯ͕ϮϰϮ͕ϯϮϱ
Ϯ͕ϮϰϮ͕ϯϮϱ
EĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŶŽƚƌĞĐŽŐŶŝƐĞĚ
ϯ͕Ϯϴϴ͕ϰϯϮ
Ϯ͕ϰϲϬ͕ϭϮϱ
dĂdžŽŶƐŽůŝĚĂƚŝŽŶ
>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚĂŶĚŝƚƐϭϬϬйŽǁŶĞĚƵƐƚƌĂůŝĂŶƌĞƐŝĚĞŶƚƐƵďƐŝĚŝĂƌLJĨŽƌŵĞĚĂƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉǁŝƚŚĞĨĨĞĐƚĨƌŽŵϭ
:ƵůLJϮϬϬϰ͘>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚŝƐƚŚĞŚĞĂĚĞŶƚŝƚLJŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ͘DĞŵďĞƌƐŽĨƚŚĞŐƌŽƵƉŚĂǀĞĞŶƚĞƌĞĚŝŶƚŽĂ
ƚĂdžƐŚĂƌŝŶŐĂŐƌĞĞŵĞŶƚŝŶŽƌĚĞƌƚŽĂůůŽĐĂƚĞƚŚĞŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƚŝĞƐďĞƚǁĞĞŶƚŚĞĞŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉƐŚŽƵůĚƚŚĞŚĞĂĚĞŶƚŝƚLJ
ĚĞĨĂƵůƚŽŶŝƚƐƚĂdžƉĂLJŵĞŶƚŽďůŝŐĂƚŝŽŶƐ͘ƚƚŚĞďĂůĂŶĐĞĚĂƚĞ͕ƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨĚĞĨĂƵůƚŝƐƌĞŵŽƚĞ͘
dĂdžĞĨĨĞĐƚĂĐĐŽƵŶƚŝŶŐďLJŵĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ
dĂdžĞdžƉĞŶƐĞͬŝŶĐŽŵĞ͕ĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌŝƐŝŶŐĨƌŽŵƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ
ƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŵĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉƵƐŝŶŐƚŚĞƐĞƉĂƌĂƚĞƚĂdžƉĂLJĞƌǁŝƚŚŝŶĂŐƌŽƵƉŵĞƚŚŽĚ͘
ƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌŝƐŝŶŐĨƌŽŵƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚƚĂdžĐƌĞĚŝƚƐŽĨƚŚĞŵĞŵďĞƌƐŽĨƚŚĞƚĂdž
ĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉĂƌĞƌĞĐŽŐŶŝƐĞĚďLJƚŚĞŽŵƉĂŶLJ;ĂƐŚĞĂĚĞŶƚŝƚLJŝŶƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉͿ͘
DĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉŚĂǀĞŶŽƚĞŶƚĞƌĞĚŝŶƚŽĂƚĂdžĨƵŶĚŝŶŐĂŐƌĞĞŵĞŶƚ͘ƐĂƌĞƐƵůƚ͕ƚŚĞĂŐŐƌĞŐĂƚĞŽĨƚŚĞĐƵƌƌĞŶƚ
ƚĂdžůŝĂďŝůŝƚLJŽƌĂƐƐĞƚĂŶĚĂŶLJĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚĂƌŝƐŝŶŐĨƌŽŵƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚƚĂdžĐƌĞĚŝƚƐŝŶƌĞƐƉĞĐƚŽĨƚŚĂƚƉĞƌŝŽĚ͕ĂƐƐƵŵĞĚ
ďLJƚŚĞŽŵƉĂŶLJ͕ĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐĂĐŽŶƚƌŝďƵƚŝŽŶĨƌŽŵ;ŽƌĚŝƐƚƌŝďƵƚŝŽŶƚŽͿĞƋƵŝƚLJƉĂƌƚŝĐŝƉĂŶƚƐ͘dŚĞƌĞǁĞƌĞŶŽĐŽŶƚƌŝďƵƚŝŽŶƐ;Žƌ
ĚŝƐƚƌŝďƵƚŝŽŶƐͿŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϰ͘
ϮϬϮϰdĂdžZĞƚƵƌŶ
KŶϮϲEŽǀĞŵďĞƌϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJůŽĚŐĞĚŝƚƐƚĂdžƌĞƚƵƌŶĨŽƌƚŚĞƚĂdžLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮϰĂŶĚĐůĂŝŵĞĚĂƌĞĨƵŶĚĂďůĞZĞƐĞĂƌĐŚ
ĂŶĚĞǀĞůŽƉŵĞŶƚ;ZΘͿƚĂdžŽĨĨƐĞƚŽĨΨϭ͕ϳϳϱ͕ϯϴϳ͘KŶϭϯ:ĂŶƵĂƌLJϮϬϮϱƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚƚŚŝƐƌĞĨƵŶĚ͘
35
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϳ͗
^ 'D Ed/E&KZDd/KE
KƉĞƌĂƚŝŶŐ^ĞŐŵĞŶƚƐ
dŚĞŐƌŽƵƉŚĂƐŽŶĞƌĞƉŽƌƚĂďůĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚ͕ďĞŝŶŐĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐŝŶƵƐƚƌĂůŝĂ͘
EKd ϴ͗
^,E^, Yh/s> Ed^
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
ĂƐŚĂƚďĂŶŬĂŶĚŝŶŚĂŶĚ
ϭϬϬ͕ϲϱϯ
ϱϮϱ͕ϲϵϴ
ĞƉŽƐŝƚƐ
ϭϭ͕ϬϬϬ͕ϬϬϬ
ϭϭ͕ϬϬϬ͕ϬϬϬ
ϭϭ͕ϭϬϬ͕ϲϱϯ
ϭϭ͕ϱϮϱ͕ϲϵϴ
ĂƐŚĂƚďĂŶŬĞĂƌŶƐŝŶƚĞƌĞƐƚĂƚĨůŽĂƚŝŶŐƌĂƚĞƐďĂƐĞĚŽŶĚĂŝůLJďĂŶŬĚĞƉŽƐŝƚƌĂƚĞƐ͘
ĞƉŽƐŝƚƐĂƚĐĂůůĞĂƌŶŝŶƚĞƌĞƐƚŽŶĂϯϬ͕ϲϬĂŶĚϵϬĚĂLJƚĞƌŵďĂƐŝƐĂƚďĂŶŬĚĞƉŽƐŝƚƌĂƚĞƐĂƚĂŶĂǀĞƌĂŐĞƌĂƚĞŽĨϱ͘Ϭϰй͘
EKd ϵ͗
Z /s> ^
ϮϬϮϰ
ϮϬϮϯ
ƵƌƌĞŶƚ
Ψ
Ψ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ;ĂͿ
ϭ͕ϴϲϵ͕ϲϮϬ
ϯ͕ϭϳϰ͕Ϭϭϴ
ϭ͕ϴϲϵ͕ϲϮϬ
ϯ͕ϭϳϰ͕Ϭϭϴ
dĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƌĞůĂƚŝŶŐƚŽƚŚĞĂďŽǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͗
;ĂͿ KƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚŚĂǀĞƌĞƉĂLJŵĞŶƚƚĞƌŵƐŽĨďĞƚǁĞĞŶϯϬĂŶĚϲϬĚĂLJƐ͘
EKd ϭϬ͗ Kd, Z&/EE/>^^ d^
ϮϬϮϰ
ϮϬϮϯ
ƵƌƌĞŶƚ
Ψ
Ψ
^ĞĐƵƌŝƚLJďŽŶĚ–ĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ;ĂͿ
ϭϬϬ͕ϬϬϬ
ϭϬϬ͕ϬϬϬ
ϭϬϬ͕ϬϬϬ
ϭϬϬ͕ϬϬϬ
EŽŶͲĐƵƌƌĞŶƚ
ZĞŶƚĂůƉƌŽƉĞƌƚLJďŽŶĚ;ďͿ
ϱ͕ϳϳϱ
ϱ͕ϳϳϱ
ĞƚĂŝůƐŽĨƚŚĞĂďŽǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͗
;ĂͿ ^ĞĐƵƌŝƚLJďŽŶĚ–ďĂŶŬĚĞƉŽƐŝƚŚĞůĚĂƐƐĞĐƵƌŝƚLJĨŽƌĐƌĞĚŝƚĐĂƌĚƐ͘ƚϯϭĞĐĞŵďĞƌϮϬϮϰ͕ƚŚŝƐĚĞƉŽƐŝƚŝƐŚĞůĚŽŶĂϲŵŽŶƚŚƚĞƌŵ
ĚĞƉŽƐŝƚǁŝƚŚĂŶŝŶƚĞƌĞƐƚƌĂƚĞŽĨϱ͘ϬϬйƉĞƌĂŶŶƵŵ;ϯϭĞĐĞŵďĞƌϮϬϮϯ͕Ăƚϱ͘ϬϳйƉĂͿ͘
;ďͿ ZĞŶƚĂůWƌŽƉĞƌƚLJŽŶĚ–ƚŚŝƐďŽŶĚƌĞůĂƚĞƐƚŽĂƌĞŶƚĂůƉƌŽƉĞƌƚLJŝŶŽƵůĚĞƌt͘EŽŝŶƚĞƌĞƐƚŝƐƌĞĐĞŝǀĞĚŽŶƚŚŝƐďŽŶĚ͘
36
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϭϭ͗ WZKW Zdz͕W>EdE Yh/WD Ed
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ƚϯϭĞĐĞŵďĞƌ
'ƌŽƐƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂƚĐŽƐƚ
ϭ͕ϭϳϳ͕ϲϳϲ
ϭ͕ϭϳϱ͕ϰϲϱ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
;ϴϰϴ͕ϮϳϰͿ
;ϳϰϭ͕ϬϴϴͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ϯϮϵ͕ϰϬϮ
ϰϯϰ͕ϯϳϳ
ƚϭ:ĂŶƵĂƌLJ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
ϰϯϰ͕ϯϳϳ
ϱϳϮ͕ϮϬϰ
ĚĚŝƚŝŽŶƐ
Ϯ͕ϮϭϬ
ϯϮ͕Ϯϯϰ
ŝƐƉŽƐĂůƐ
Ͳ
;Ϯϱ͕ϬϴϱͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞͲĚŵŝŶ
;ϯ͕ϲϭϲͿ
;ϱ͕ϯϰϬͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞͲ džƉůŽƌĂƚŝŽŶ
;ϭϬϯ͕ϱϲϵͿ
;ϭϯϵ͕ϲϯϲͿ
ƚϯϭĞĐĞŵďĞƌ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
ϯϮϵ͕ϰϬϮ
ϰϯϰ͕ϯϳϳ
EKd ϭϮ͗ & ZZ yW>KZd/KEK^d^
EŽƚĞ
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ
ϯϲ͕Ϭϳϰ͕ϯϲϲ
ϯϵ͕ϴϳϲ͕ϭϰϳ
ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐ
ƚϭ:ĂŶƵĂƌLJ͕ĂƚĐŽƐƚ
ϯϵ͕ϴϳϲ͕ϭϰϳ
ϰϬ͕ϭϳϱ͕ϵϭϭ
ZĞŝŵďƵƌƐĞŵĞŶƚŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ–ZΘZĞďĂƚĞ
;ϭ͕ϳϳϱ͕ϯϴϳͿ
;ϯ͕Ϭϴϭ͕ϳϭϱͿ
džƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
Ϯ͕ϲϵϭ͕ϳϰϳ
ϲ͕ϮϱϮ͕ϭϲϭ
/ŵƉĂŝƌŵĞŶƚŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ
;ŝͿ
;ϰ͕ϳϭϴ͕ϭϰϭͿ
;ϯ͕ϰϳϬ͕ϮϭϬͿ
ƚϯϭĞĐĞŵďĞƌ͕ĂƚĐŽƐƚ
;ŝŝͿ
ϯϲ͕Ϭϳϰ͕ϯϲϲ
ϯϵ͕ϴϳϲ͕ϭϰϳ
EŽƚĞ͗
(i) The majority of the Group’s impairment of exploration expenditure relates to the relinquishment of tenure during the
ƉĞƌŝŽĚ͘
(ii) dŚĞ ĨƵƚƵƌĞ ƌĞĐŽǀĞƌĂďŝůŝƚLJ ŽĨ ĐĂƉŝƚĂůŝƐĞĚ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ŝƐ ĚĞƉĞŶĚĞŶƚ ŽŶ Ă ŶƵŵďĞƌ ŽĨ ĨĂĐƚŽƌƐ͕
ŝŶĐůƵĚŝŶŐǁŚĞƚŚĞƌƚŚĞ'ƌŽƵƉĚĞĐŝĚĞƐƚŽĞdžƉůŽŝƚƚŚĞƌĞůĂƚĞĚůĞĂƐĞŝƚƐĞůĨŽƌ͕ŝĨŶŽƚ͕ǁŚĞƚŚĞƌŝƚƐƵĐĐĞƐƐĨƵůůLJƌĞĐŽǀĞƌƐƚŚĞƌĞůĂƚĞĚ
ĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚƚŚƌŽƵŐŚƐĂůĞ͘
EKd ϭϯ͗ dZ EKd, ZWz> ^
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
ƵƌƌĞŶƚ–ƵŶƐĞĐƵƌĞĚ
dƌĂĚĞƉĂLJĂďůĞƐ
ϯϭϬ͕ϭϱϴ
ϲϯϮ͕ϰϰϱ
ϯϭϬ͕ϭϱϴ
ϲϯϮ͕ϰϰϱ
dĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƌĞůĂƚŝŶŐƚŽƚŚĞĂďŽǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
;ŝͿ
dƌĂĚĞƉĂLJĂďůĞƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚŶŽƌŵĂůůLJƐĞƚƚůĞĚŽŶϯϬĚĂLJƚĞƌŵƐ͘
;ŝŝͿ dŚĞƌĞĂƌĞŶŽƚƌĂĚĞƉĂLJĂďůĞƐƉĂƐƚĚƵĞĨŽƌƉĂLJŵĞŶƚ͘
37
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϭϰ͗ DW>Kz E &/d^WZKs/^/KE^
ϮϬϮϰ
ϮϬϮϯ
ƵƌƌĞŶƚ
Ψ
Ψ
ŵƉůŽLJĞĞďĞŶĞĨŝƚƐ
ϭϵϯ͕ϯϰϵ
ϭϴϭ͕ϰϲϱ
EŽŶͲƵƌƌĞŶƚ
ŵƉůŽLJĞĞďĞŶĞĨŝƚƐ
ϭϳϭ͕Ϭϵϲ
ϭϲϬ͕ϴϭϰ
EƵŵďĞƌŽĨĞŵƉůŽLJĞĞƐĂƚLJĞĂƌĞŶĚ
ϴ
ϴ
EKd ϭϱ͗ KEdZ/hd Yh/dz
ϮϬϮϰ
ϮϬϮϯ
KƌĚŝŶĂƌLJƐŚĂƌĞƐ
Ψ
Ψ
/ƐƐƵĞĚĂŶĚĨƵůůLJƉĂŝĚ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
ϭϬϭ͕ϰϱϭ͕ϱϬϯ
Ψϯ͕ϭϰϬ͕ϬϬϬƌĂŝƐĞĚďLJĞdžĞƌĐŝƐŝŶŐŽĨŽƉƚŝŽŶƐŝŶDĂƌĐŚϮϬϮϭ
Ϯ
ϲ͕ϬϬϬ͕ϬϬϬ
•
ϳϲ͕ϵϬϬ͕ϬϬϬ ^KWŽƉƚŝŽŶƐ
Ͳ
Ͳ
ĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚƐ;ŶĞƚŽĨƚĂdžͿ
;ϳϮ͕ϬϳϱͿ
;ϮϳϬ͕ϲϯϯͿ
ϭϬϳ͕ϭϬϴ͕ϳϵϳ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
DŽǀĞŵĞŶƚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽŶŝƐƐƵĞϮϬϮϰ
η
Ψ
ƚϭ:ĂŶƵĂƌLJϮϬϮϰ
Ϯ͕ϵϬϰ͕ϰϳϳ͕ϭϴϱ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
WůĂĐĞŵĞŶƚ
Ͳ
Ϯ
ŽŶǀĞƌƐŝŽŶŽĨKƉƚŝŽŶƐ
ϱ͕ϬϬϬ͕ϬϬϬ
Ͳ
ĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚƐ
;ϳϮ͕ϬϳϱͿ
ƚϯϭĞĐĞŵďĞƌϮϬϮϰ
Ϯ͕ϵϬϵ͕ϰϳϳ͕ϭϴϱ
ϭϬϳ͕ϭϬϴ͕ϳϵϳ
DŽǀĞŵĞŶƚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽŶŝƐƐƵĞϮϬϮϯ
η
Ψ
ƚϭ:ĂŶƵĂƌLJϮϬϮϯ
Ϯ͕ϳϱϱ͕ϭϯϱ͕ϳϮϭ
ϭϬϭ͕ϰϱϭ͕ϱϬϯ
WůĂĐĞŵĞŶƚ
ϭϰϲ͕ϯϰϭ͕ϰϲϰ
ϲ͕ϬϬϬ͕ϬϬϬ
ŽŶǀĞƌƐŝŽŶŽĨKƉƚŝŽŶƐ
ϯ͕ϬϬϬ͕ϬϬϬ
Ͳ
ĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚƐ
Ͳ
;ϮϳϬ͕ϲϯϯͿ
ƚϯϭĞĐĞŵďĞƌϮϬϮϯ
Ϯ͕ϵϬϰ͕ϰϳϳ͕ϭϴϱ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
&ƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĐĂƌƌLJŽŶĞǀŽƚĞƉĞƌƐŚĂƌĞĂŶĚĐĂƌƌLJƚŚĞƌŝŐŚƚƚŽĚŝǀŝĚĞŶĚƐ͘
EKd ϭϲ͗ Z ^ Zs ^
^ŚĂƌĞŽƉƚŝŽŶ
ƉƌĞŵŝƵŵƌĞƐĞƌǀĞ
DŽǀĞŵĞŶƚŝŶƌĞƐĞƌǀĞƐ
Ψ
ƚϭ:ĂŶƵĂƌLJϮϬϮϰ
Ϯϱ͕ϲϵϵ͕ϰϴϭ
KƉƚŝŽŶƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐ;ƌĞĨĞƌŶŽƚĞϭϴͿ
ϭϴϮ͕ϬϭϬ
ƚϯϭĞĐĞŵďĞƌϮϬϮϰ
Ϯϱ͕ϴϴϭ͕ϰϵϭ
ƚϭ:ĂŶƵĂƌLJϮϬϮϯ
Ϯϰ͕ϲϮϰ͕ϯϮϳ
KƉƚŝŽŶƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐ;ƌĞĨĞƌŶŽƚĞϭϴͿ
ϭ͕Ϭϳϱ͕ϭϱϰ
ƚϯϭĞĐĞŵďĞƌϮϬϮϯ
Ϯϱ͕ϲϵϵ͕ϰϴϭ
^ŚĂƌĞŽƉƚŝŽŶƉƌĞŵŝƵŵƌĞƐĞƌǀĞ
dŚĞƐŚĂƌĞŽƉƚŝŽŶƉƌĞŵŝƵŵƌĞƐĞƌǀĞŝƐƵƐĞĚƚŽƌĞĐŽƌĚƚŚĞǀĂůƵĞŽĨƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐƉƌŽǀŝĚĞĚƚŽĞŵƉůŽLJĞĞƐ͕ĚŝƌĞĐƚŽƌƐĂŶĚ
ĐŽŶƚƌĂĐƚŽƌƐ͕ĂƐƉĂƌƚŽĨƚŚĞŝƌƌĞŵƵŶĞƌĂƚŝŽŶĂŶĚĐŽŶƚŝŶŐĞŶƚƐŚĂƌĞŝƐƐƵĞƐĂƐƉĂƌƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚĞŶĞŵĞŶƚƐ͘
38
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϭϳ͗ ^,Z KWd/KE^
EƵŵďĞƌ
η
džĞƌĐŝƐĞƉƌŝĐĞ
ĐĞŶƚƐƉĞƌƐŚĂƌĞ
ϮϬϮϰ
hŶůŝƐƚĞĚnjĞƌŽĞdžĞƌĐŝƐĞƉƌŝĐĞŽƉƚŝŽŶƐ– džƉŝƌLJĚĂƚĞϭϬƵŐƵƐƚ
ϮϬϮϱƐƵďũĞĐƚƚŽǀĞƐƚŝŶŐĐƌŝƚĞƌŝĂ
ƚϭ:ĂŶƵĂƌLJϮϬϮϰ
ϰ͕ϱϬϬ͕ϬϬϬ
ĞƌŽĐĞŶƚƐ
džĞƌĐŝƐĞĚ
^KW džƉŝƌĞĚ
Ͳ
Ͳ
ƚϯϭĞĐĞŵďĞƌϮϬϮϰ
ϰ͕ϱϬϬ͕ϬϬϬ
hŶůŝƐƚĞĚŽƉƚŝŽŶƐ– džƉŝƌLJĚĂƚĞϭϳDĂƌĐŚϮϬϮϴ
ƚϭ:ĂŶƵĂƌLJϮϬϮϰ
ϭϴ͕ϱϬϬ͕ϬϬϬ
ĞƌŽĞŶƚƐ
^KWĞŵƉůŽLJĞĞƐŝƐƐƵĞĚ
Ͳ
džĞƌĐŝƐĞĚͲ;ƐĞĞŶŽƚĞϭϴͿ
;ϱ͕ϬϬϬ͕ϬϬϬͿ
džƉŝƌĞĚ
Ͳ
ƚϯϭĞĐĞŵďĞƌϮϬϮϰ
ϭϯ͕ϱϬϬ͕ϬϬϬ
hŶůŝƐƚĞĚŽƉƚŝŽŶƐ– džƉŝƌLJĚĂƚĞϴDĂLJϮϬϮϴ
ƚϭ:ĂŶƵĂƌLJϮϬϮϰ
ϲϱ͕ϬϬϬ͕ϬϬϬ
ĞƌŽĞŶƚƐ
^KWŝƌĞĐƚŽƌƐŝƐƐƵĞĚ
Ͳ
džĞƌĐŝƐĞĚ
Ͳ
džƉŝƌĞĚ
Ͳ
ƚϯϭĞĐĞŵďĞƌϮϬϮϰ
ϲϱ͕ϬϬϬ͕ϬϬϬ
ϮϬϮϯ
hŶůŝƐƚĞĚnjĞƌŽĞdžĞƌĐŝƐĞƉƌŝĐĞŽƉƚŝŽŶƐ– džƉŝƌLJĚĂƚĞϭϬƵŐƵƐƚ
ϮϬϮϱƐƵďũĞĐƚƚŽǀĞƐƚŝŶŐĐƌŝƚĞƌŝĂ
ƚϭ:ĂŶƵĂƌLJϮϬϮϯ
ϴ͕ϮϱϬ͕ϬϬϬ
ĞƌŽĐĞŶƚƐ
džĞƌĐŝƐĞĚ
^KW džƉŝƌĞĚ
;ϯ͕ϬϬϬ͕ϬϬϬͿ
;ϳϱϬ͕ϬϬϬͿ
ƚϯϭĞĐĞŵďĞƌϮϬϮϯ
ϰ͕ϱϬϬ͕ϬϬϬ
hŶůŝƐƚĞĚŽƉƚŝŽŶƐ– džƉŝƌLJĚĂƚĞϭϳDĂƌĐŚϮϬϮϴ
ƚϭ:ĂŶƵĂƌLJϮϬϮϯ
Ͳ
ĞƌŽĞŶƚƐ
^KWĞŵƉůŽLJĞĞƐŝƐƐƵĞĚ
ϭϴ͕ϱϬϬ͕ϬϬϬ
džƉŝƌĞĚ
Ͳ
ƚϯϭĞĐĞŵďĞƌϮϬϮϯ
ϭϴ͕ϱϬϬ͕ϬϬϬ
hŶůŝƐƚĞĚŽƉƚŝŽŶƐ– džƉŝƌLJĚĂƚĞϴDĂLJϮϬϮϴ
ƚϭ:ĂŶƵĂƌLJϮϬϮϯ
Ͳ
ĞƌŽĞŶƚƐ
^KWŝƌĞĐƚŽƌƐŝƐƐƵĞĚ
ϲϱ͕ϬϬϬ͕ϬϬϬ
ƚϯϭĞĐĞŵďĞƌϮϬϮϯ
ϲϱ͕ϬϬϬ͕ϬϬϬ
39
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϭϴ͗ ^,Z ^ WzD EdW>E^
ƵƌŝŶŐϮϬϮϰƚŚĞƌĞǁĞƌĞŶŽŶĞǁƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƚƌĂŶƐĂĐƚŝŽŶƐ͘
ƵƌŝŶŐƚŚĞϮϬϮϰLJĞĂƌ
;ŝͿ
ϱ͕ϬϬϬ͕ϬϬϬnjĞƌŽĞdžĞƌĐŝƐĞƉƌŝĐĞŽƉƚŝŽŶƐǀĞƐƚĞĚƚŽĞŵƉůŽLJĞĞƐŽŶϮϬDĂƌĐŚϮϬϮϰƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶLJΖƐ ^KW
ĂƉƉƌŽǀĞĚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŝŶDĂLJϮϬϮϬ͕ǀĞƐƚĞĚŽŶƚŚĞŝƌƚĞƌŵƐ͖ĂŶĚ
;ŝŝͿ
ϱ͕ϬϬϬ͕ϬϬϬŽĨƚŚĞƐĞǀĞƐƚĞĚnjĞƌŽĞdžĞƌĐŝƐĞƉƌŝĐĞŽƉƚŝŽŶƐǁĞƌĞĞdžĞƌĐŝƐĞĚ͕ĂŶĚϱ͕ϬϬϬ͕ϬϬϬŽƌĚŝŶĂƌLJƐŚĂƌĞƐĨƵůůLJƉĂŝĚǁĞƌĞ
ŝƐƐƵĞĚ͘
ƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͕ƚŚĞŽŵƉĂŶLJŚĂƐƌĞĐŽŐŶŝƐĞĚĂ^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞŽĨΨϭϴϮ͕ϬϭϬ;ϮϬϮϯΨϭ͕Ϭϳϱ͕ϭϱϰͿ͘
EKd ϭϵ͗ Z >d WZd/ ^
;ŝͿ
tŚŽůůLJŽǁŶĞĚŐƌŽƵƉƚƌĂŶƐĂĐƚŝŽŶƐ
>ŽĂŶƐŵĂĚĞďLJ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚƚŽǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐĂƌĞƌĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚĂŶĚĂƌĞŶŽƚŝŶƚĞƌĞƐƚďĞĂƌŝŶŐ͘
;ŝŝͿ
KƚŚĞƌƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐ
dƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶƌĞůĂƚĞĚƉĂƌƚŝĞƐĂƌĞŽŶŶŽƌŵĂůĐŽŵŵĞƌĐŝĂůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŶŽŵŽƌĞĨĂǀŽƵƌĂďůĞƚŚĂŶƚŚŽƐĞĂǀĂŝůĂďůĞ
ƚŽŽƚŚĞƌƉĂƌƚŝĞƐƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘
;ŝŝŝͿ
hůƚŝŵĂƚĞƉĂƌĞŶƚ
>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚŝƐƚŚĞƵůƚŝŵĂƚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ͘
;ŝǀͿ
ŽŵƉĞŶƐĂƚŝŽŶŽĨŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨƚŚĞ'ƌŽƵƉ
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
^ŚŽƌƚͲƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ
ϳϰϮ͕ϭϯϬ
ϳϲϰ͕ϱϵϬ
>ŽŶŐƚĞƌŵďĞŶĞĨŝƚƐ
ϲ͕ϬϬϬ
ϲ͕ϬϬϬ
WŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ
ϱϴ͕ϵϯϳ
ϲϬ͕ϴϬϳ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
Ͳ
ϳϲϳ͕ϬϬϬ
dŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶƉĂŝĚƚŽ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů
ϴϬϳ͕Ϭϲϳ
ϭ͕ϱϵϴ͕ϯϵϳ
dŚĞĂŵŽƵŶƚƐĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞƚĂďůĞĂƌĞ ƚŚĞĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝƐĞĚĂƐĂŶ ĞdžƉĞŶƐĞĚƵƌŝŶŐƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƌĞůĂƚĞĚƚŽŬĞLJ
ŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͘
EKd ϮϬ͗ ^,&>Kt/E&KZDd/KE
;ŝͿ
ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨĂƐŚ
&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚ͕ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶĐůƵĚĞƐĐĂƐŚŽŶŚĂŶĚĂŶĚĂƚďĂŶŬĂŶĚƐŚŽƌƚƚĞƌŵ
ĚĞƉŽƐŝƚƐĂƚĐĂůů͕ŶĞƚŽĨŽƵƚƐƚĂŶĚŝŶŐďĂŶŬŽǀĞƌĚƌĂĨƚƐ͘ĂƐŚĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĂƐƐŚŽǁŶŝŶƚŚĞĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚ
ŝƐƌĞĐŽŶĐŝůĞĚƚŽƚŚĞƌĞůĂƚĞĚŝƚĞŵƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶĂƐĨŽůůŽǁƐ͗
EŽƚĞ
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
ĂƐŚŽŶŚĂŶĚ
ϱϬϬ
ϱϬϬ
ĂƐŚĂƚďĂŶŬ
ϭϬϬ͕ϭϱϯ
ϱϮϱ͕ϭϵϴ
ĞƉŽƐŝƚƐĂƚĐĂůů
ϭϭ͕ϬϬϬ͕ϬϬϬ
ϭϭ͕ϬϬϬ͕ϬϬϬ
ϴ
ϭϭ͕ϭϬϬ͕ϲϱϯ
ϭϭ͕ϱϮϱ͕ϲϵϴ
40
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd ϮϬ͗^,&>Kt/E&KZDd/KE;KEdͿ
;ŝŝͿ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŶĞƚůŽƐƐĂĨƚĞƌŝŶĐŽŵĞƚĂdžƚŽŶĞƚĐĂƐŚƵƐĞĚŝŶŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
EĞƚůŽƐƐĂĨƚĞƌƚĂdž
ϮϬϮϰ
Ψ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
ϮϬϮϯ
Ψ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
EĞƚƉƌŽĨŝƚŽŶĚŝƐƉŽƐĂůŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚ
Ͳ
;ϯϲ͕ϳϭϭͿ
ĞƉƌĞĐŝĂƚŝŽŶ
ϯ͕ϲϭϲ
ϱ͕ϯϰϬ
ĞƉƌĞĐŝĂƚŝŽŶ–>ĞĂƐĞ
ϳϬ͕ϵϬϲ
ϳϬ͕ϵϯϭ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ–ůĞĂƐĞĐĂƉŝƚĂůŝƐĞĚƚŽĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶ
;ϭ͕ϬϲϳͿ
;ϭ͕ϱϳϭͿ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
ϭϴϮ͕ϬϭϬ
ϭ͕Ϭϳϱ͕ϭϱϰ
&ĂŝƌǀĂůƵĞ;ŐĂŝŶͿͬůŽƐƐŽŶŝŶǀĞƐƚŵĞŶƚƐ
Ͳ
Ͳ
/ŵƉĂŝƌŵĞŶƚŽĨ džƉůŽƌĂƚŝŽŶ džƉĞŶĚŝƚƵƌĞ
ϰ͕ϳϮϲ͕ϭϵϰ
ϯ͕ϰϵϳ͕ϴϰϯ
DŽǀĞŵĞŶƚŝŶƉƌŽǀŝƐŝŽŶƐĂŶĚŽƚŚĞƌ
ϮϮ͕ϭϲϲ
ϭϱ͕ϯϬϲ
/ŶĐŽŵĞdĂdž džƉĞŶƐĞ
;Ϯϲϵ͕ϭϵϳͿ
;ϯϵϮ͕ϯϲϭͿ
;ϱϭϯ͕ϮϬϯͿ
;ϳϴϱ͕ϯϴϵͿ
ŚĂŶŐĞŝŶŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͗
;/ŶĐƌĞĂƐĞͿͬĚĞĐƌĞĂƐĞŝŶƌĞĐĞŝǀĂďůĞƐ
Ϯ͕ϭϰϬ
ϳϵ͕ϮϳϮ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƉĂLJĂďůĞƐ
;ϭϴϱ͕ϲϵϮͿ
;ϲϵ͕ϱϵϬͿ
EĞƚĐĂƐŚĨƌŽŵͬ;ƵƐĞĚͿŝŶŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϲϵϲ͕ϳϱϱͿ
;ϳϳϱ͕ϳϬϳͿ
EŽŶͲĐĂƐŚĨŝŶĂŶĐŝŶŐĂŶĚŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
KƚŚĞƌƚŚĂŶůŝƐƚĞĚĂďŽǀĞƚŚĞƌĞǁĞƌĞŶŽŽƚŚĞƌŶŽŶͲĐĂƐŚĨŝŶĂŶĐŝŶŐŽƌŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐƚŚĞϮϬϮϰŽƌϮϬϮϯLJĞĂƌƐ͘
EKd Ϯϭ͗ KDD/dD Ed^
;ĂͿ džƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĐŽŵŵŝƚŵĞŶƚƐ
/ŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶĐƵƌƌĞŶƚƌŝŐŚƚƐŽĨƚĞŶƵƌĞƚŽĞdžƉůŽƌĂƚŝŽŶƚĞŶĞŵĞŶƚƐ͕ƚŚĞ'ƌŽƵƉǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŽƵƚůĂLJĂƉƉƌŽdžŝŵĂƚĞůLJ
Ψϭ͕Ϯϵϯ͕ϬϬϬ;ϮϬϮϯ͗Ψϭ͕ϳϳϳ͕ϬϬϬͿŝŶƚŚĞĨŽůůŽǁŝŶŐƚǁĞůǀĞŵŽŶƚŚƐŝŶƌĞƐƉĞĐƚŽĨƚĞŶĞŵĞŶƚůĞĂƐĞƌĞŶƚĂůƐĂŶĚƚŽŵĞĞƚŵŝŶŝŵƵŵ
ĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨ ŶĞƌŐLJ͕DŝŶĞƐ͕/ŶĚƵƐƚƌLJZĞŐƵůĂƚŝŽŶΘ^ĂĨĞƚLJ; D/Z^Ϳ͘dŚĞƐĞŽďůŝŐĂƚŝŽŶƐĂƌĞ
ĞdžƉĞĐƚĞĚƚŽďĞĨƵůĨŝůůĞĚŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŽƉĞƌĂƚŝŽŶƐĂŶĚŚĂǀĞŶŽƚďĞĞŶƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
EKd ϮϮ͗ /Es ^dD Ed^/EKEdZK>> Ed/d/ ^
>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚĚŽĞƐŶŽƚŚĂǀĞĂŶLJƐƵďƐŝĚŝĂƌŝĞƐ͘
41
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯϯ͗ &/EE/>/E^dZhD Ed^/^>K^hZ
The Group’s principal financiaůŝŶƐƚƌƵŵĞŶƚƐĐŽŵƉƌŝƐĞĐĂƐŚĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐ͕ƌĞĐĞŝǀĂďůĞƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĨŽƌƚƌĂĚŝŶŐ͘
dŚĞŵĂŝŶƉƵƌƉŽƐĞŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐƚŽĨŝŶĂŶĐĞthe Group’s operations. The Group has various other financial
ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚƚƌĂĚĞƉĂLJĂďůĞƐ͕ǁŚŝĐŚĂƌŝƐĞĚŝƌĞĐƚůLJĨƌŽŵŝƚƐŽƉĞƌĂƚŝŽŶƐ͘dŚĞŵĂŝŶƌŝƐŬƐĂƌŝƐĞ
from the Group’s ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞ͗ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬƐ͕ůŝƋƵŝĚŝƚLJƌŝƐŬ͕ĐƌĞĚŝƚƌŝƐŬĂŶĚĞƋƵŝƚLJƉƌŝĐĞƌŝƐŬ͘dŚĞŽĂƌĚƌĞǀŝĞǁƐ
ĂŶĚĂŐƌĞĞƐƉŽůŝĐŝĞƐĨŽƌŵĂŶĂŐŝŶŐĞĂĐŚŽĨƚŚĞƐĞƌŝƐŬƐĂŶĚƚŚĞLJĂƌĞƐƵŵŵĂƌŝƐĞĚďĞůŽǁ͘
ĞƚĂŝůƐ ŽĨ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ŵĞƚŚŽĚƐ ĂĚŽƉƚĞĚ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ƌĞĐŽŐŶŝƚŝŽŶ͕ ƚŚĞ ďĂƐŝƐ ŽĨ
ŵĞĂƐƵƌĞŵĞŶƚĂŶĚƚŚĞďĂƐŝƐŽŶǁŚŝĐŚŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƌĞƐƉĞĐƚŽĨĞĂĐŚĐůĂƐƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚ͕ĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚLJĂŶĚĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϮƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
&ĂŝƌǀĂůƵĞŝŶƚĞƌĞƐƚƌŝƐŬ
The Group’s exposure to fair value interest risk is minimal.
ŽŵŵŽĚŝƚLJƉƌŝĐĞƌŝƐŬ
The Group’s exposure to price risk is minimal as the group is still in an exploration phase and ĚŽĞƐŶŽƚƌĞĐĞŝǀĞĂŶLJƌĞǀĞŶƵĞĨƌŽŵ
ŵŝŶŝŶŐ͘
ƌĞĚŝƚƌŝƐŬ
dŚĞ'ƌŽƵƉƚƌĂĚĞƐŽŶůLJǁŝƚŚƌĞĐŽŐŶŝƐĞĚ͕ĐƌĞĚŝƚǁŽƌƚŚLJƚŚŝƌĚƉĂƌƚŝĞƐ͘
tŝƚŚƌĞƐƉĞĐƚƚŽĐƌĞĚŝƚƌŝƐŬĂƌŝƐŝŶŐĨƌŽŵƚŚĞŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨƚŚĞ'ƌŽƵƉ͕ǁŚŝĐŚĐŽŵƉƌŝƐĞĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ƚŚĞ
Group’s exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amounƚ
ŽĨƚŚĞƐĞŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞ'ƌŽƵƉƚƌĂĚĞƐǁŝƚŚŝŶǀĞƐƚŵĞŶƚŐƌĂĚĞŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚĂĐƌĞĚŝƚƌĂƚŝŶŐŽĨͲ͘
^ŝŶĐĞƚŚĞ'ƌŽƵƉŽŶůLJƚƌĂĚĞƐǁŝƚŚƌĞĐŽŐŶŝƐĞĚƚŚŝƌĚƉĂƌƚŝĞƐ͕ƚŚĞƌĞŝƐŶŽƌĞƋƵŝƌĞŵĞŶƚĨŽƌĐŽůůĂƚĞƌĂů͘
>ŝƋƵŝĚŝƚLJƌŝƐŬ
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of a mixture of
ůŽŶŐĂŶĚƐŚŽƌƚƚĞƌŵĚĞďƚ͘
;ĂͿ /ŶƚĞƌĞƐƚZĂƚĞZŝƐŬ
The consolidated entity’s exposure to ĐĂƐŚĨůŽǁŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬŝƐĂƐĨŽůůŽǁƐ͗
ϮϬϮϰ
tĞŝŐŚƚĞĚ
ǀĞƌĂŐĞ
/ŶƚĞƌĞƐƚZĂƚĞ
&ůŽĂƚŝŶŐ
/ŶƚĞƌĞƐƚ
Ψ
&ŝdžĞĚ
/ŶƚĞƌĞƐƚ
Ψ
EŽŶͲ/ŶƚĞƌĞƐƚ
ĞĂƌŝŶŐ
Ψ
dŽƚĂů
Ψ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϱ͘ϲϵй
ϭϬϬ͕ϭϱϯ
ϭϭ͕ϬϬϬ͕ϬϬϬ
ϱϬϬ
ϭϭ͕ϭϬϬ͕ϲϱϯ
KƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
Ͳ
ϭϬϱ͕ϳϳϱ
Ͳ
ϭϬϱ͕ϳϳϱ
ϭϬϬ͕ϭϱϯ
ϭϭ͕ϭϬϱ͕ϳϳϱ
ϱϬϬ
ϭϭ͕ϮϬϲ͕ϰϮϴ
ϮϬϮϯ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϰ͘ϴϵй
ϱϮϱ͕ϭϵϴ
ϭϭ͕ϬϬϬ͕ϬϬϬ
ϱϬϬ
ϭϭ͕ϱϮϱ͕ϲϵϴ
KƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
Ͳ
ϭϬϱ͕ϳϳϱ
Ͳ
ϭϬϱ͕ϳϳϱ
ϱϮϱ͕ϭϵϴ
ϭϭ͕ϭϬϱ͕ϳϳϱ
ϱϬϬ
ϭϭ͕ϲϯϭ͕ϰϳϯ
dŚĞŵĂƚƵƌŝƚLJĚĂƚĞĨŽƌĂůůĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞĚŝŶƚŚĞĂďŽǀĞƚĂďůĞƐŝƐϭLJĞĂƌŽƌůĞƐƐĨƌŽŵďĂůĂŶĐĞĚĂƚĞ͘
ĐŚĂŶŐĞŽĨϭϬϬďĂƐŝƐƉŽŝŶƚƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŽƵůĚƌĞƐƵůƚŝŶĂŶĞƚŐĂŝŶͬůŽƐƐďĞĨŽƌĞƚĂdžĂƚŝŽŶŽĨΨϳϱϲ͕ϵϭϲ;ϮϬϮϯ͗Ψϳϭϯ͕ϯϮϲͿ͘dŚŝƐ
ŝƐďĂƐĞĚŽŶƚŚĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐĚĞƚĂŝůĞĚĂďŽǀĞ͘
42
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯϯ͗&/EE/>/E^dZhD Ed^/^>K^hZ ;KEdͿ
;ďͿ ƌĞĚŝƚZŝƐŬ
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s ŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞ
ƚŽĐƌĞĚŝƚƌŝƐŬĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐ͗
ĂƌƌLJŝŶŐŵŽƵŶƚ
EŽƚĞ
ϮϬϮϰ
Ψ
ϮϬϮϯ
Ψ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϴ
ϭϭ͕ϭϬϬ͕ϲϱϯ
ϭϭ͕ϱϮϱ͕ϲϵϴ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ϵ
ϭ͕ϴϲϵ͕ϲϮϬ
ϯ͕ϭϳϰ͕Ϭϭϴ
ZĞŶƚĂůŽŶĚͬ^ĞĐƵƌŝƚLJďŽŶĚ
ϭϬ
ϭϬϱ͕ϳϳϱ
ϭϬϱ͕ϳϳϱ
ϭϯ͕Ϭϳϲ͕Ϭϰϴ
ϭϰ͕ϴϬϱ͕ϰϵϭ
ůůƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂƌĞĐƵƌƌĞŶƚ͕ĂƉĂƌƚĨƌŽŵƚŚĞƌĞŶƚĂůďŽŶĚΨϱ͕ϳϳϱ;ϮϬϮϯ͗Ψϱ͕ϳϳϱͿĂŶĚŚĂǀĞŶŽƚďĞĞŶŝŵƉĂŝƌĞĚ͘
;ĐͿ
>ŝƋƵŝĚŝƚLJZŝƐŬ
dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞĐŽŶƚƌĂĐƚƵĂůŵĂƚƵƌŝƚŝĞƐŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĞƐƚŝŵĂƚĞĚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐĂŶĚĞdžĐůƵĚŝŶŐƚŚĞ
ŝŵƉĂĐƚŽĨŶĞƚƚŝŶŐĂŐƌĞĞŵĞŶƚƐ͗
ϯϭĞĐĞŵďĞƌϮϬϮϰ
ĂƌƌLJŝŶŐ
ŵŽƵŶƚ
Ψ
ŽŶƚƌĂĐƚƵĂů
ĐĂƐŚĨůŽǁƐ
Ψ
^ŝdžŵŽŶƚŚƐ
ŽƌůĞƐƐ
Ψ
'ƌĞĂƚĞƌƚŚĂŶ
ƐŝdžŵŽŶƚŚƐ
Ψ
EŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϯϭϬ͕ϭϱϴ
ϯϭϬ͕ϭϱϴ
ϯϭϬ͕ϭϱϴ
Ͳ
>ĞĂƐĞůŝĂďŝůŝƚLJ
ϳϯ͕ϴϴϰ
ϳϯ͕ϴϴϰ
ϯϯ͕ϴϬϲ
ϰϬ͕Ϭϳϴ
ϯϴϰ͕ϬϰϮ
ϯϴϰ͕ϬϰϮ
ϯϰϯ͘ϵϲϰ
ϰϬ͕Ϭϳϴ
ϯϭĞĐĞŵďĞƌϮϬϮϯ
ĂƌƌLJŝŶŐ
ŵŽƵŶƚ
Ψ
ŽŶƚƌĂĐƚƵĂů
ĐĂƐŚĨůŽǁƐ
Ψ
^ŝdžŵŽŶƚŚƐ
ŽƌůĞƐƐ
Ψ
'ƌĞĂƚĞƌƚŚĂŶ
ƐŝdžŵŽŶƚŚƐ
Ψ
EŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϲϯϮ͕ϰϰϱ
ϲϯϮ͕ϰϰϱ
ϳϭϬ͕ϲϵϮ
Ͳ
>ĞĂƐĞůŝĂďŝůŝƚLJ
ϭϭϬ͕Ϭϵϲ
ϭϭϬ͕Ϭϵϲ
ϵϭ͕ϲϱϳ
ϭϴ͕ϰϱϵ
ϳϰϮ͕ϱϰϭ
ϳϰϮ͕ϱϰϭ
ϴϬϮ͕ϯϰϵ
ϭϴ͕ϰϱϵ
;ĚͿ EĞƚ&ĂŝƌsĂůƵĞŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂŶĚ>ŝĂďŝůŝƚŝĞƐ
dŚĞĨĂŝƌǀĂůƵĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐƐŚŽǁŶŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕
ĂƌĞĂƐĨŽůůŽǁƐ͗
ϯϭĞĐĞŵďĞƌϮϬϮϰ
ϯϭĞĐĞŵďĞƌϮϬϮϯ
ĂƌƌLJŝŶŐ
ŵŽƵŶƚ
Ψ
&Ăŝƌ
sĂůƵĞ
Ψ
ĂƌƌLJŝŶŐ
ŵŽƵŶƚ
Ψ
&Ăŝƌ
sĂůƵĞ
Ψ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϭϭ͕ϭϬϬ͕ϲϱϯ
ϭϭ͕ϭϬϬ͕ϲϱϯ
ϭϭ͕ϱϮϱ͕ϲϵϴ
ϭϭ͕ϱϮϱ͕ϲϵϴ
^ĞĐƵƌŝƚLJďŽŶĚ
ϭϬϱ͕ϳϳϱ
ϭϬϱ͕ϳϳϱ
ϭϬϱ͕ϳϳϱ
ϭϬϱ͕ϳϳϱ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ϭ͕ϴϲϵ͕ϲϮϬ
ϭ͕ϴϲϵ͕ϲϮϬ
ϯ͕ϭϳϰ͕Ϭϭϴ
ϯ͕ϭϳϰ͕Ϭϭϴ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
;ϯϭϬ͕ϭϱϴͿ
;ϯϭϬ͕ϭϱϴͿ
;ϲϯϮ͕ϰϰϱͿ
;ϲϯϮ͕ϰϰϱͿ
ϭϮ͕ϳϲϱ͕ϴϵϬ
ϭϮ͕ϳϲϱ͕ϴϵϬ
ϭϰ͕ϭϳϯ͕Ϭϰϲ
ϭϰ͕ϭϳϯ͕Ϭϰϲ
43
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯϰ͗ &/Zs>h ^
DĂŶĂŐĞŵĞŶƚĂƐƐĞƐƐĞĚƚŚĂƚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͕ĂŶĚƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĂƉƉƌŽdžŝŵĂƚĞ
ƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐůĂƌŐĞůLJĚƵĞƚŽƚŚĞƐŚŽƌƚͲƚĞƌŵŵĂƚƵƌŝƚŝĞƐŽĨƚŚĞƐĞŝŶƐƚƌƵŵĞŶƚƐ͘
EKd Ϯϱ͗ INFORMATION RELATING TO LEGEND MINING LIMITED (“THE PAREEdENTITY”)
ϮϬϮϰ
ϮϬϮϯ
Ψ
Ψ
ƵƌƌĞŶƚĂƐƐĞƚƐ
ϭϯ͕ϬϳϬ͕Ϯϳϯ
ϭϰ͕ϳϵϵ͕ϳϭϲ
dŽƚĂůĂƐƐĞƚƐ
ϰϵ͕ϱϱϮ͕ϲϭϰ
ϱϱ͕ϮϮϯ͕ϵϲϯ
ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ϱϱϯ͕Ϭϰϲ
ϵϬϱ͕ϱϰϳ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ
ϳϰϴ͕ϰϴϳ
ϭ͕Ϯϴϭ͕ϵϰϮ
EĞƚĂƐƐĞƚƐ
ϰϴ͕ϴϬϰ͕ϭϮϳ
ϱϯ͕ϵϰϮ͕ϬϮϭ
ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ
ϭϬϳ͕ϭϬϴ͕ϳϵϳ
ϭϬϳ͕ϭϴϬ͕ϴϳϬ
ĐĐƵŵƵůĂƚĞĚůŽƐƐĞƐ
;ϴϰ͕ϭϴϲ͕ϭϲϭͿ
;ϳϴ͕ϵϯϴ͕ϯϯϬͿ
^ŚĂƌĞŽƉƚŝŽŶƉƌĞŵŝƵŵƌĞƐĞƌǀĞ
Ϯϱ͕ϴϴϭ͕ϰϵϭ
Ϯϱ͕ϲϵϵ͕ϰϴϭ
ϰϴ͕ϴϬϰ͕ϭϮϳ
ϱϯ͕ϵϰϮ͕ϬϮϭ
>ŽƐƐŽĨƚŚĞWĂƌĞŶƚĞŶƚŝƚLJĂĨƚĞƌƚĂdž
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐŽĨƚŚĞWĂƌĞŶƚĞŶƚŝƚLJ
;ϱ͕Ϯϰϳ͕ϴϯϭͿ
;ϱ͕Ϭϭϵ͕ϯϮϬͿ
dŚĞƌĞŚĂǀĞďĞĞŶŶŽŐƵĂƌĂŶƚĞĞƐĞŶƚĞƌĞĚŝŶƚŽďLJƚŚĞWĂƌĞŶƚĞŶƚŝƚLJŝŶƌĞůĂƚŝŽŶƚŽĂŶLJĚĞďƚƐŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘
dŚĞWĂƌĞŶƚŚĂƐŶŽĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐĂƐĂƚĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘
dŚĞWĂƌĞŶƚĞŶƚŝƚLJŚĂƐŶŽĐŽŶƚƌĂĐƚƵĂůĐŽŵŵŝƚŵĞŶƚƐĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚŽƌĞƋƵŝƉŵĞŶƚ͘
EKd Ϯϲ͗ AUDITOR’S REMUNERATION
dŚĞĂƵĚŝƚŽƌŽĨ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚŝƐ,ĂůůŚĂĚǁŝĐŬtƵĚŝƚWƚLJ>ƚĚ͘
ŽŶƐŽůŝĚĂƚĞĚ
ϮϬϮϰ
ϮϬϮϯ
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJ,ĂůůŚĂĚǁŝĐŬtƵĚŝƚWƚLJ>ƚĚĨŽƌ͗
Ψ
Ψ
ͲŶĂƵĚŝƚŽƌƌĞǀŝĞǁŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞĞŶƚŝƚLJĂŶĚĂŶLJŽƚŚĞƌĞŶƚŝƚLJŝŶƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ
ϯϲ͕ϯϭϰ
ϯϲ͕ϯϭϰ
ϯϲ͕ϯϭϰ
ϯϲ͕ϯϭϰ
EKd Ϯϳ͗ KEd/E' Ed>//>/d/ ^
dŚĞƌĞĂƌĞŶŽĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘
The consolidated entity’s activities in Australia are subject to the Native Titles Act ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ŶǀŝƌŽŶŵĞŶƚ͘
Uncertainty associated with Native Title issues may impact on the Group’s future plans.
dŚĞŽŵƉĂŶLJŝƐĐƵƌƌĞŶƚůLJƉƌŽŐƌĞƐƐŝŶŐŶĞŐŽƚŝĂƚŝŽŶƐŽŶĚƌĂĨƚ>ĂŶĚĐĐĞƐƐŐƌĞĞŵĞŶƚƐǁŝƚŚďŽƚŚWŝůĂEŐƵƌƵĂŶĚhƉƵƌůŝhƉƵƌůŝ
EŐƵƌĂƚũĂEĂƚŝǀĞdŝƚůĞ>ĂŶĚŚŽůĚĞƌƐ͘
EKd Ϯϴ͗ s Ed^&d Zd, >E ^, dd
KŶϮϲEŽǀĞŵďĞƌϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJůŽĚŐĞĚŝƚƐƚĂdžƌĞƚƵƌŶĨŽƌƚŚĞƚĂdžLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮϰĂŶĚĐůĂŝŵĞĚĂƌĞĨƵŶĚĂďůĞZĞƐĞĂƌĐŚ
ĂŶĚĞǀĞůŽƉŵĞŶƚ;ZΘͿƚĂdžŽĨĨƐĞƚŽĨΨϭ͕ϳϳϱ͕ϯϴϳ͘KŶϭϯ:ĂŶƵĂƌLJϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚƚŚŝƐƌĞĨƵŶĚ͘
EŽ ŽƚŚĞƌ ŵĂƚƚĞƌ Žƌ ĐŝƌĐƵŵƐƚĂŶĐĞ ŚĂƐ ĂƌŝƐĞŶ ƐŝŶĐĞ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ǁŚŝĐŚ ŚĂƐ ƐŝŐŶŝĨŝĐĂŶƚůLJ ĂĨĨĞĐƚĞĚ͕ Žƌ ŵĂLJ
ƐŝŐŶŝĨŝĐĂŶƚůLJĂĨĨĞĐƚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͕ƚŚĞƌĞƐƵůƚŽĨƚŚŽƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉŝŶƐƵďƐĞƋƵĞŶƚ
ĨŝŶĂŶĐŝĂůLJĞĂƌƐ͘
44
Legend Mining Limited | Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
EKd Ϯϵ͗ /s/ E^W/EWZKWK^
EŽĚŝǀŝĚĞŶĚƐǁĞƌĞƉĂŝĚŽƌƉƌŽƉŽƐĞĚƚŚŝƐĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚĞƌĞĂƌĞŶŽĨƌĂŶŬŝŶŐĐƌĞĚŝƚƐĂǀĂŝůĂďůĞĨŽƌĨƵƚƵƌĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐ͘
EKd ϯϬ͗ KE^K>/d Ed/dz/^>K^hZ ^dd D Ed
ƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϰ
ŶƚŝƚLJEĂŵĞ
ŶƚŝƚLJƚLJƉĞ
dƌƵƐƚĞĞ
ƉĂƌƚŶĞƌŽƌ
ƉĂƌƚŝĐŝƉĂŶƚ
ŝŶ:s
^ŚĂƌĞĂƉŝƚĂů
WůĂĐĞŽĨ
ŝŶĐŽƌƉŽƌĂƚŝŽŶ
ƵƐƚƌĂůŝĂŶ
ƌĞƐŝĚĞŶƚŽƌ
ĨŽƌĞŝŐŶ
ƌĞƐŝĚĞŶƚ
&ŽƌĞŝŐŶ
ũƵƌŝƐĚŝĐƚŝŽŶ
ŽĨĨŽƌĞŝŐŶ
ƌĞƐŝĚĞŶƚƐ
>ĞŐĞŶĚDŝŶŝŶŐ>ƚĚ
ŽĚLJŽƌƉŽƌĂƚĞ
Ͳ
ϭϬϬй
ƵƐƚƌĂůŝĂ
ƵƐƚƌĂůŝĂŶ
Ͳ
ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ
>ĞŐĞŶĚDŝŶŝŶŐ>ƚĚŚĂƐŶŽĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐĂŶĚ͕ƚŚĞƌĞĨŽƌĞ͕ŝƐŶŽƚƌĞƋƵŝƌĞĚďLJƚŚĞƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐƚŽƉƌĞƉĂƌĞ
ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ƐĂƌĞƐƵůƚ͕ƐĞĐƚŝŽŶϮϵϱ;ϯϬ;ĂͿŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĚŽĞƐŶŽƚĂƉƉůLJƚŽƚŚĞĞŶƚŝƚLJ͘
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚĂdžƌĞƐŝĚĞŶĐLJ
^ĞĐƚŝŽŶϮϵϱ;ϯͿ;ǀŝͿŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶĐƚϮϬϬϭĚĞĨŝŶĞƐƚĂdžƌĞƐŝĚĞŶĐLJĂƐŚĂǀŝŶŐƚŚĞŵĞĂŶŝŶŐŝŶƚŚĞ/ŶĐŽŵĞdĂdžƐƐĞƐƐŵĞŶƚĐƚ
ϭϵϵϳ͘dŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚĂdžƌĞƐŝĚĞŶĐLJŝŶǀŽůǀĞƐũƵĚŐĞŵĞŶƚĂƐƚŚĞƌĞĂƌĞĚŝĨĨĞƌĞŶƚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŚĂƚĐŽƵůĚďĞĂĚŽƉƚĞĚ͕ĂŶĚ
ǁŚŝĐŚĐŽƵůĚŐŝǀĞƌŝƐĞƚŽĂĚŝĨĨĞƌĞŶƚĐŽŶĐůƵƐŝŽŶŽŶƌĞƐŝĚĞŶĐLJ͘
/ŶĚĞƚĞƌŵŝŶŝŶŐƚĂdžƌĞƐŝĚĞŶĐLJ͕ƚŚĞĞŶƚŝƚLJŚĂƐĂƉƉůŝĞĚƚŚĞĨŽůůŽǁŝŶŐŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͗
•
ƵƐƚƌĂůŝĂŶƚĂdžƌĞƐŝĚĞŶĐLJ
The entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner’s
ƉƵďůŝĐŐƵŝĚĂŶĐĞŝŶdĂdžZƵůŝŶŐdZϮϬϭϱͬϱ
•
&ŽƌĞŝŐŶƚĂdžƌĞƐŝĚĞŶĐLJ
tŚĞƌĞŶĞĐĞƐƐĂƌLJ͕ƚŚĞĞŶƚŝƚLJŚĂƐƵƐĞĚŝŶĚĞƉĞŶĚĞŶƚƚĂdžĂĚǀŝƐĞƌƐŝŶĨŽƌĞŝŐŶũƵƌŝƐĚŝĐƚŝŽŶƐƚŽĂƐƐŝƐƚŝŶŝƚƐĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨ
ƚĂdž ƌĞƐŝĚĞŶĐLJ ƚŽ ĞŶƐƵƌĞ ĂƉƉůŝĐĂďůĞ ĨŽƌĞŝŐŶ ƚĂdž ůĞŐŝƐůĂƚŝŽŶ ŚĂƐ ďĞĞŶ ĐŽŵƉůŝĞĚ ǁŝƚŚ ;ƐĞĞ ƐĞĐƚŝŽŶ Ϯϵϱ;ϯͿ;ǀŝŝͿ ŽĨ ƚŚĞ
ŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭͿ͘
WĂƌƚŶĞƌƐŚŝƉƐĂŶĚƚƌƵƐƚƐ
ƵƐƚƌĂůŝĂŶƚĂdžůĂǁŐĞŶĞƌĂůůLJĚŽĞƐŶŽƚĐŽŶƚĂŝŶĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞƐŝĚĞŶĐLJƚĞƐƚƐĨŽƌƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚƚƌƵƐƚƐĂŶĚƚŚĞƐĞĞŶƚŝƚŝĞƐĂƌĞ
ƚLJƉŝĐĂůůLJƚĂdžĞĚŽŶĂĨůŽǁͲƚŚƌŽƵŐŚďĂƐŝƐ͘
ĚĚŝƚŝŽŶĂůĚŝƐĐůŽƐƵƌĞƐŽŶƚŚĞƚĂdžƐƚĂƚƵƐŽĨƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚƚƌƵƐƚƐŚĂǀĞďĞĞŶƉƌŽǀŝĚĞĚǁŚĞƌĞƌĞůĞǀĂŶƚ͘
45
Legend Mining Limited | Annual Report 2024
/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƌĞĐƚŽƌƐŽĨ>ĞŐĞŶĚDŝŶŝŶŐ>ŝŵŝƚĞĚ͕/ƐƚĂƚĞƚŚĂƚ͗
/ŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞŝƌĞĐƚŽƌƐ͗
;ĂͿ dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŶŽƚĞƐŽŶƉĂŐĞƐϮϭͲϰϱ͕ĂŶĚƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶĚŝƐĐůŽƐƵƌĞƐƚŚĂƚĂƌĞ
ĐŽŶƚĂŝŶĞĚŝŶƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŝŶƚŚĞŝƌĞĐƚŽƌƐZĞƉŽƌƚƉĂŐĞƐϭϰͲϮϬ͕ŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ
ĞŶƚŝƚLJ͕ĂƌĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐ͖
ŝ
Giving a true and fair view of the consolidated entity’s financial position as at 31
ĞĐĞŵďĞƌϮϬϮϰĂŶĚŽĨŝƚƐƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͖ĂŶĚ
ŝŝ
Complying with Australian Accounting Standards’ and the Corporations Regulations 2001;
ĂŶĚ
ŝŝŝ dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŶŽƚĞƐĂůƐŽĐŽŵƉůLJǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ
^ƚĂŶĚĂƌĚƐĂƐĚŝƐĐůŽƐĞĚŝŶŶŽƚĞϮ͘
ŝǀ dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĚŝƐĐůŽƐƵƌĞƐƚĂƚĞŵĞŶƚŝƐƚƌƵĞĂŶĚĐŽƌƌĞĐƚĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϰ͘
;ďͿ dŚĞƌĞĂƌĞƌĞĂƐŽŶĂďůĞŐƌŽƵŶĚƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞĐŽŵƉĂŶLJǁŝůůďĞĂďůĞƚŽƉĂLJŝƚƐĚĞďƚƐĂƐĂŶĚ
ǁŚĞŶƚŚĞLJďĞĐŽŵĞĚƵĞĂŶĚƉĂLJĂďůĞ͘
dŚŝƐ ĚĞĐůĂƌĂƚŝŽŶ ŚĂƐ ďĞĞŶ ŵĂĚĞ ĂĨƚĞƌ ƌĞĐĞŝǀŝŶŐ ƚŚĞ ĚĞĐůĂƌĂƚŝŽŶƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŵĂĚĞ ƚŽ ƚŚĞ
ĚŝƌĞĐƚŽƌƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐĞĐƚŝŽŶϮϵϱŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚ
ϯϭĞĐĞŵďĞƌϮϬϮϰ͘
KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ͘
KůŝǀĞƌ<ŝĚĚŝĞ
DĂŶĂŐŝŶŐŝƌĞĐƚŽƌ
ĂƚĞĚƚŚŝƐϭϰƚŚĚĂLJŽĨDĂƌĐŚϮϬϮϱ
Directors’ Declaration
46
Legend Mining Limited | Annual Report 2024
Directors’ Report
For the year ended 31 December 2024
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 and its controlled
entities for the year ended 31 December 2024, 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 14th day of March 2025
Perth, Western Australia
47
Legend Mining Limited | Annual Report 2024
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
2024, 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 material accounting policy information, the consolidated entity
disclosure statement and the director’s 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 2024
and of its financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
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 (including Independence
Standards) (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.
48
Legend Mining Limited | Annual Report 2024
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,
during the year ended 31 December 2024, the
Consolidated Entity’s deferred exploration costs
was carried at $36,074,366 with an impairment of
exploration expenditure of $4,726,194.
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.
The following procedures were performed:
•
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.
49
Legend Mining Limited | Annual Report 2024
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 2024, 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, with the exception of the remuneration report and our related
assurance opinion.
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, and the
consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to
fraud or error.
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.
50
Legend Mining Limited | Annual Report 2024
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 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.
51
Legend Mining Limited | Annual Report 2024
Independent Auditor’s Report
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 31 December
2024.
In our opinion, the Remuneration Report of Company, for the year ended 31 December 2024, complies with
section 300A of the Corporations Act 2001.
Responsibilities
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.
HALL CHADWICK WA AUDIT PTY LTD
MARK DELAURENTIS CA
Director
Dated this 14th day of March 2025
Perth, Western Australia
52
Legend Mining Limited | Annual Report 2024
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857
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EƵŵďĞƌŽĨŚŽůĚŝŶŐƐůĞƐƐƚŚĂŶĂŵĂƌŬĞƚĂďůĞƉĂƌĐĞů
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dŽƉϮϬ^ŚĂƌĞŚŽůĚĞƌƐ
Rank
Name
Units
% of Units
1
CREASY GROUP
866,876,460
29.79
2
IGO LIMITED
375,518,295
12.91
3
WILSON GROUP
184,748,200
6.35
4
BAILEY GROUP
156,608,791
5.38
5
NI 28 PTY LTD
42,000,000
1.44
6
ZERO NOMINEES PTY LTD
31,000,000
1.07
7
INKESE PTY LTD
23,250,000
0.80
8
HSBC GROUP
18,283,715
0.63
9
PHH PTY LIMITED
17,800,000
0.61
10
ATKINS GROUP
17,108,334
0.59
11
CITICORP NOMINEES PTY LIMITED
14,039,371
0.48
12
NINO CONSTRUCTIONS PTY LTD
13,161,547
0.45
13
WATERFIELD GROUP
12,867,925
0.44
14
MUSGRAVE MINERALS LIMITED
12,500,000
0.43
15
MR FRANJO BOROS
11,314,704
0.39
16
MICHAELMAS ISLAND PTY LTD
11,216,945
0.39
17
ESM LIMITED
10,000,000
0.34
18
MR J & MRS L HUGHES
10,000,000
0.34
19
MR C YAZBEK & MISS M OFFICER
10,000,000
0.34
20
MR T B WILSON
9,400,000
0.32
TOTAL
1,847,694,287
63.49
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CREASY GROUP
866,876,460
29.79
IGO LIMITED
375,518,295
12.91
WILSON GROUP
184,748,200
6.35
BAILEY GROUP
156,608,791
5.38
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Shareholder Information
For the year ended 31 December 2024
53
Legend Mining Limited | Annual Report 2024
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Tenement Listing
For the year ended 31 December 2024
54
Legend Mining Limited | Annual Report 2024
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