Legacy Iron Ore Ltd. announced the signing of a binding Heads of Agreement (HOA) with Eastern Lithium Pty Ltd, a wholly owned subsidiary of the Eastern Resources Ltd. exclusively for rights of lithium group of minerals (lithium, beryllium, caesium, niobium, rubidium, tantalum, and tin) at the Taylor Lookout project. The Company owns the Taylor Lookout project (E80/5066) located in the Kimberley region of WA, 80km SW of Halls Creek, which is prospective for lithium, tungsten, base metals, and other metals. The key points of the HOA are: Eastern Resources will carry out due diligence within 30 days after entering HOA with usual withdraw rights - After satisfactory due diligence results Eastern Resources will run exploration and project development for lithium group of minerals.

Legacy Iron will receive $50,000 as Earn-in Fee within five business days of the Earn-in Commencement Date. Eastern Resources can earn up to 85% of the lithium group of minerals rights in the Taylor Lookout Project in the three stages. Eastern Resources has the right to earn-in to the project by spending not less than AUD 400,000 in the first 24 months to earn a 51% interest in lithium group of minerals (Stage 1).

Eastern Resources can earn a further 19% by committing a further AUD 400,000 within a further 24 months (Stage 2); and Eastern Resources can earn a further 15% by completing a Pre-Feasibility Study within 24 months of Stage 2 being completed. Eastern Resources has the right to withdraw at any time after AUD 200,000 expenditure in the first 12 months condition is met. The parties will form an unincorporated joint venture ("Joint Venture") after stage 1 Earn-in and Eastern Lithium will become the Manager of the Joint Venture.

Legacy Iron will participate in the lithium project development after completion of a PFS by contribute funding to the Joint Venture on a pro-rata basis of lithium rights (15% rights) or earlier if Eastern Resources elects not to earn the Stage 2 Interest or Stage 3 Interest. Where a party is unable to meet its required proportionate expenditure for the Joint Venture, industry standard dilution clauses will apply. LCY will remain the registered holder of the tenement and retain all rights pertaining to Other Minerals.