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Legacy Minerals Holdings Limited (ASX:LGM)

ALERT: Price-sensitive ASX Announcement for LGM
Current share price for LGM : $0.120 -0.155 (-56.36%)+
Announcement
Release
13 Oct 2025 8:22AM
Price at Release
$0.275
Full Release
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Summary
Legacy Minerals Holdings Limited, an Australian exploration company, has entered into a farm-in and joint venture option agreement with Rio Tinto Exploration Pty Limited, a subsidiary of Rio Tinto. This agreement gives Rio Tinto the option to earn up to an 80% joint venture interest in Legacy's Thomson Project by investing up to $25 million in staged exploration. The Thomson Project, located in New South Wales, is one of the largest and potentially unexplored areas favorable for intrusion-related copper and gold systems. Legacy Minerals will initially operate the exploration activities, with Rio Tinto potentially taking on the operator role during farm-in stages. The agreement underscores the strategic growth of Legacy Minerals and leverages Rio Tinto's expertise in discovering similar systems.
Key Points
  • Agreement between Legacy Minerals and Rio Tinto Exploration for the Thomson Project.
  • Rio Tinto can earn up to an 80% interest by funding up to $25 million in exploration.
  • The Thomson Project covers 5,500 km² in New South Wales.
  • Rio Tinto must initially fund $400k in exploration within six months.
  • Agreement involves a staged approach with potential for Rio Tinto to become the operator.
  • Legacy Minerals sees this as a strategic alignment with its growth objectives.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.