Legacy Iron Ore Limited advised dthat the recently completed resource estimation update for the Golden Rainbow deposit located in the Yilgangi gold project area has resulted in confirmation of an inferred resource to JORC,2012 reporting standards. The resource estimate was caried out by BM Geological Services (BMGS) and shows the potential of the Yilgangi area and increases confidence in the ongoing economics of the project. The revised resource estimation included a portion of the drilling from June 2021.

Mineral Resource Statement: A historical resource estimate was completed in 2005 (under the 2004 JORC code standards) for the Golden Rainbow project, with this Mineral Resource estimate being classified in accordance with the 2012 edition of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Since acquiring the area from Jackson Gold Ltd. in 2009, Legacy Iron has conducted several drilling programs aimed at increasing the geological confidence and resource quality. The data acquired from these programs has been used in conjunction with the existing data to update the Mineral Resource estimate.

The estimate is based on a cut-off grade of 0.5 g/t Au. Resource Estimation overview: The database used for the current resource estimation contains over 150 reverse circulation (RC) holes. This update includes a portion of the most recent 1335 meters of drilling from 2021.

Drilling has been performed on section lines oriented orthogonal to the general strike of the lodes. The nominal drill hole spacing is 20 m between sections, and 15­20 m along sections, with most of the holes dipping at 60° to the southwest (260°). The resource update has been restricted to within the already granted mining leases only.

Geological Modelling: Gold mineralisation in the area has been identified along linear zones of alteration within a variety of host rocks. Within the project area, at the Rainbow, Rainbow South (Snowy) and Golden Rainbow deposits, gold occurs in irregular quartz veins associated with pyrite, chlorite alteration and silver. The larger producing mine in the region is the Porphyry Gold mine owned by Northern Star Resources Ltd. Gold mineralisation at the Porphyry deposit occurs within two east-dipping shear zones within the Porphyry Quartz Monzonite intrusion.

Gold at that project is localised in a series of en echelon lenses, with the higher grades contained within mylonitic zones about 10cm thick. The alteration mineralogy is quartz-muscovite-pyrite with fine-grained hematite likely associated with a late stage of mineralisation. At Porphyry North, mineralisation occurs within and adjacent to a small granitoid stock.

Gold is associated with quartz veins and stockworks with pyrite and tourmaline and within narrow quartz-gold-arsenopyrite veins within a sericite-carbonate altered quartz schist. The historic gold mines of the Yilgangi Mining Centre (7 km south of the project) occur within a coarse clastic sedimentary sequence and/or intrusive monzodiorite plugs along the Keith-Kilkenny Fault Zones. Mineralisation at the Yilgangi Queen deposit is hosted in quartz reefs associated with carbonate plus pyrite haloes.

At the Yilgangi King project, monzodiorites and metaconglomerates are sheared with carbonate-quartz-sericite with pyrite and arsenopyrite alteration close to quartz veins. At the Golden Rainbow project, mineralisation wireframes were created by BMGS in Surpac on 20- 50m sections. The mineralisation was interpreted to be within four North-North-West striking lodes that plunge to the South and dip to the West at 60°.

A nominal cut-off of 0.2 g/t was used in the interpretation. However, lower grades were sometimes included to improve continuity. The mineralisation wireframes in plan and section views.

For this resource update, the wireframes were based purely on gold grades as there is still work to be done with regards to understanding the orebody. This, however, can lead to multiple potential interpretations and lowers confidence in the final output. It should be mentioned though, that the interpretation does show reasonable orientation continuity and consistency throughout.