Legacy Iron Ore Limited
Legacy Iron Ore Limited is a Perth-headquartered explorer/developer with two materially different assets: the Mt Bevan magnetite project in the South Yilgarn, Western Australia (36.57% Legacy / 63.43% Hancock Magnetite Holdings; Hawthorn Resources converted its former 19.6% equity to a 1% net-FOB-revenue royalty in Sep 2024), and the 100%-owned Mt Celia gold project in the South Laverton district. Mt Bevan is the more advanced and sets the company's stage: a Pre-Feasibility Study was completed and announced 16 July 2024 over a 1,291 Mt magnetite resource, and the joint venture is now progressing Feasibility Studies Stage 1 under a Forward Works Program, with no Ore Reserve and no final investment decision. The PFS's published economics (NPV mid-point A$1,674M, capex A$5,031M) have been withdrawn: on 22 August 2024, after ASX discussions, Legacy retracted the 25-year mine plan, the years 11-25 production targets and the associated financial forecasts, and warned investors not to rely on the 16 July 2024 announcement; no revised NPV has been published, and IRR and payback were never disclosed. Mt Celia has produced -- Phase I contract mining sold ore to Paddington Gold and drove FY2026 (year ended 31 Mar 2026) revenue of A$88.6 million, with gold representing A$92.5M of A$93.0M total income and iron ore contributing nil -- but that phase has ended: mining ceased 18 December 2025 and haulage fully concluded 27 February 2026, and the June 2026 quarter recorded no mining, no ore dispatch and negative operating cash flow. Mt Celia's resource was upgraded 53% in April 2026 to 390,150 oz (160,434 oz Measured+Indicated) and a heap-leach pre-feasibility study plus maiden Ore Reserve work are underway toward a possible owner-operated restart. The company is therefore a two-project developer, not a current producer.
Notable vs. Peers
- Trading within 0% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Not in place: mill, tailings facility, grid power. Not yet determined: road access.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Perth-headquartered iron ore developer/explorer with its flagship Mt Bevan magnetite JV in the South Yilgarn region, Western Australia -- Tier-1 mining jurisdiction.
Infrastructure (40%)1.4/10
No confirmed mill, no confirmed grid power, and no confirmed tailings facility at Mt Bevan Magnetite Project, South Yilgarn, Western Australia; road access not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
NMDC Limited holds 92.84% (reported 13 Apr 2026) See holders
Already majority-controlled, so a sale is its controlling holder's decision; the toehold-then-takeout pattern this input measures doesn't apply.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Trend data collecting — check back after a few more refreshes.
Your Rankings
Management Team
CEO of Legacy Iron Ore Limited from 1 July 2025, succeeding Rakesh Gupta.
Chairs the Legacy Iron Ore board.
Board member of Legacy Iron Ore Limited.
Board member of Legacy Iron Ore Limited.
Board member of Legacy Iron Ore Limited.
Board member and Company Secretary of Legacy Iron Ore Limited (ASX: LCY), and Company Secretary of Basin Energy Limited, Vantage Metals Limited and Gwardar Resources Limited. Principal director of Argus Corporate Partners Pty Ltd, which provides company-secretarial, finance, IPO and governance services; member of the Governance Institute of Australia (AGIA, ACIS). Extensive listing-rules compliance and corporate-governance experience, having served nearly three years as a Senior Adviser at ASX Perth -- including as a member of the ASX JORC Committee -- where he managed the listing of nearly 100 companies. Experience spans resources, agritech, biotech, media and technology.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The Government of India, through its state-owned mining company NMDC, owns over 91% of Legacy Iron Ore and describes itself as a cornerstone investor providing technical capability, funding, and market access. That is an overwhelming, long-standing controlling position from a genuine major producer rather than a fresh conviction bet, so it is scored accordingly. Hancock Prospecting is also named as a project partner.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Legacy Iron Ore has two different assets in Western Australia: a 36.57% interest in the Mt Bevan magnetite joint venture in the South Yilgarn, alongside Hancock Magnetite Holdings with 63.43%, and the 100%-owned Mt Celia gold project in the South Laverton district. A pre-feasibility study on Mt Bevan was completed on 16 July 2024 over a 1,291 Mt magnetite resource, but on 22 August 2024, after discussions with the ASX, Legacy retracted the references to a mine plan of 25 years, the production targets for years 11 to 25 and the related financial forecasts; the joint venture is now in feasibility studies stage 1, with no ore reserve and no final investment decision. At Mt Celia, contract mining with ore sold to Paddington Gold drove revenue of A$88.6M in the year to 31 March 2026, but mining stopped on 18 December 2025 and haulage ended on 27 February 2026. Mt Celia now holds 160,434 oz of gold in measured and indicated resources (3.67 Mt at 1.36 g/t) within a total resource of 390,150 oz upgraded in April 2026, and a heap-leach pre-feasibility study and maiden ore reserve work are under way toward a possible owner-operated restart.