Legend Mining Limited (ASX:LEG), a company focused on mineral exploration, has announced the purchase of 100% of the Pinnacle Well Project in the Leonora District, Western Australia. The transaction, initially announced on June 25, 2025, was completed on July 2, 2025. Legend Mining is known for its exploration efforts in the Fraser Range, targeting nickel-copper, copper-zinc-silver, and gold deposits.
The Pinnacle Well Project includes two granted exploration licences, covering an area of 110 square kilometres, located approximately 25km NNE of Leonora. The company considers the project prospective for intrusive related and structurally controlled vein hosted gold mineralisation and VMS zinc-copper-lead-silver mineralisation. The acquisition expands Legend’s portfolio beyond the Fraser Range and provides the company with exposure to gold.
The terms of the acquisition involved a cash payment of $50,000 for a 100% interest in exploration licences E37/1246 and E37/1548. The vendors will retain a 1.5% gross royalty on the production of any minerals from both tenements. No encumbrances or additional payments are associated with the deal. At the Rockford project, statutory rehabilitation activity continued, and negotiations for Land Access Agreements progressed.
Legend Mining reported a cash balance of $11.8 million as of June 30, 2025. Exploration and evaluation expenditure for the June 2025 quarter amounted to $173,000. Payments to related parties, including non-executive directors’ fees and executive directors’ salaries and entitlements, totalled $177,000 for the quarter.
