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) are NOT live: 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 genuinely 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
- Jurisdiction risk score of 9/10 is meaningfully safer than the peer average of 7.3/10.
Lifecycle Milestones
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
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.
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
Current governing studies (reviewed Task #106, 2026-08-14). MT BEVAN MAGNETITE (Hancock Magnetite Holdings 63.43% / Legacy 36.57%; Hawthorn Resources converted its former 19.6% equity to a 1% net-FOB-revenue royalty in Sep 2024): Pre-Feasibility Study COMPLETED and announced 16 Jul 2024 ("Mt Bevan Magnetite Joint Venture Completion of Prefeasibility Study"). As published: NPV mid-point A$1,674M (range A$740M-A$3,634M, 8% real post-tax), capex A$5,031M plus ~A$1.4B sustaining, C1 opex A$99/dmt, 12 Mtpa concentrate, >70% Fe product, over an MRE of 1,291 Mt (Indicated 380 Mt @ 33.94% Fe, DTR 43.15%; Inferred 910 Mt @ 33.35% Fe, DTR 44.23%). CRITICAL -- THESE ECONOMICS ARE NOT LIVE AND MUST NOT BE WRITTEN TO dcfNpvUsd/irrPct/mineLifeYears: on 22 Aug 2024, following ASX discussions, Legacy concluded it "does not have a reasonable basis for the production target disclosures in relation to years 11 to 25 of the mine plan" and retracted, verbatim, "references to the 25 year mine plan; production target disclosures related to years 11-25 inclusive of the mine plan; and any associated financial forecast information related to years 11-25 of the mine plan", warning that investors "should not rely on the 16 July 2024 announcement as a basis for investment decisions." The NPV was computed over the full 25-year model, so it has no surviving disclosed basis; no revised NPV has ever been published. IRR and payback were NEVER published at all, and NO Ore Reserve has ever been declared -- the PFS itself explains why, stating that discounted cash flows from the Indicated Mineral Resource could not offset the capital expenditure. What survives the retraction: the study's completion, the Mineral Resource, the metallurgy, and years 1-10. Legacy still stands behind the study as an event -- the FY2026 Annual Report (18 May 2026) carries a "PFS Highlights" section (listing only the DRI metallurgy and the 10% MRE increase to 1,291 Mt -- no NPV/capex/opex/mine life), and the JV is "progressing its Feasibility studies - Stage 1 work plan" under the Forward Works Program. No FID. NOTE for future reviewers: the Forward Works Program runs ~2 years from Sep 2024, so a Feasibility Study could only START around Sep 2026 at the earliest -- any legacy text saying "targeting a Feasibility Study by Q3 2025" is wrong and superseded. MT CELIA GOLD (100% Legacy, South Laverton, WA): JORC MRE updated 14 Apr 2026 -- 8,805,100 t @ 1.38 g/t Au for 390,150 oz total (+53% on Mar 2025), of which Measured+Indicated 3.67 Mt @ 1.36 g/t for 160,434 oz (+77%): Measured 1,529,785 t / 63,557 oz, Indicated 2,139,264 t / 96,877 oz, Inferred 5,136,051 t / 229,716 oz. By deposit: Kangaroo Bore 6,993,090 t / 290,687 oz; Blue Peter 1,812,009 t / 99,462 oz. Cutoffs 0.3/0.4/0.5 g/t by oxidation horizon and 1.0 g/t below 200 m; gold price ~A$6,500/oz; independently reviewed by Andrew Hawker (HGS Australia). Phase I contract mining (ore sold to Paddington Gold under an Ore Purchase Agreement) CEASED 18 Dec 2025 and haulage fully concluded 27 Feb 2026; a heap-leach PFS (Mincore) and Ore Reserve sign-off (Techtonic, commenced Jun 2026) are UNDERWAY, not delivered, and DWER permitting has an outstanding RFI. Do not read Mt Celia as a producing operation.