Closed up 23% on a generally down day.
Not Held
Not Buying
Quote excerpt:
“Flagship Polymetallic MRE Resource and Tier-1 Discovery Potential Across Multiple Exploration Fronts
The Drake Project is Legacy’s most advanced asset, highlighted by a JORC 1.2Moz AuEq resource that includes 792koz AuEq and 35Moz AgEq. It benefits from A$80m in existing infrastructure, including a water supply and tailing facilities, reducing development risk and increasing ROI. With an updated pre-feasibility study (PFS) planned, Drake offers compelling near-term development potential, well-positioned to capitalise on rising gold, silver, and copper prices. Beyond Drake, Legacy’s diversified exploration portfolio unlocks district-scale discovery potential. The Thomson Project—a 5,500km² greenfield opportunity—is prospective for large-scale intrusion-related copper-gold systems, comparable in scale to major provinces like the Paterson. A discovery here would be company-making. Legacy also offers multiple strategic partnerships, including the Bauloora Joint venture (JV) with Newmont, targeting a A$15 million drill spend on one of Australia’s largest low-sulphidation epithermal systems. Additional JVs at Fontenoy (Earth AI) and Glenlogan (S2 Resources) further enhance Legacy’s exposure to potential tier-1 discoveries, all while preserving shareholder capital.
Attractive Valuation with Material Upside
We value LGM at A$0.57 per share in a base-case scenario and A$0.72 pershare in a bullcase scenario”
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