Legacy Minerals (ASX:LGM) has entered a binding agreement with privately held Agricultural Equity Investments to divest its Glenlogan Project in the Lachlan Ford Belt in New South Wales.
The company will divest its wholly owned project for a total consideration of $150,000 cash, including $50,000 payable within three days of the binding heads of agreement.
The remaining $100,000 will be payable following consent from the relevant state minister to transfer the licence.
Legacy will retain exposure to the Glenlogan Project through a contingent performance payment of $5 per ounce of gold equivalent. This performance payment will be capped at a maximum of $10 million.
The performance payment is payable within 30 days of receiving a JORC-compliant resource estimate of at least 1 million ounces of gold equivalent.
The JORC Code is a mineral reporting standard used on the Australian Securities Exchange, maintained by the Joint Ore Reserves Committee to set reporting standards for exploration results, mineral resources, and ore reserves, as reported by Mining.com.au.
Legacy’s performance payment will be topped up with additional cash following an increased resource estimate or once the project reaches production until a total resource of 2 million ounces of gold equivalent or production of 2 million ounces of gold.
Mt Carrington focus
Legacy CEO Christopher Byrne says the sale of the Glenlogan Project represents the company’s “strength and depth” of the New South Wales project portfolio.
“Our asset base gives us the flexibility to realise value from non-core projects where appropriate, while retaining leverage to future success,” Byrne says.
“In this case, the transaction secures an upfront cash consideration and preserves meaningful exposure to exploration upside through the contingent payment structure, which we believe is an attractive outcome for all shareholders.
“This transaction also reinforces our strategy of focusing capital and management attention on the opportunities we believe will deliver the best shareholder value.
“Mt Carrington remains the clear centrepiece of the portfolio, with its substantial existing resource base and strategic importance to the company’s growth plans.”
As reported by Mining.com.au, Legacy is focused on advancing its Mt Carrington Project with strengthened permitting and development pathways to come to fruition this year.
Speaking to Mining.com.au at the Gold Coast Gold Conference in March 2026, CEO Byrne explained that Mt Carrington has potential to be one of the largest mineralised systems in New South Wales, and the company is focused on advancing that possibility with a strengthened resource base and additional discoveries.
Legacy Minerals is a gold, silver, copper, and base metals explorer focused on discoveries in New South Wales.
Agricultural Equity Investments is described as a ‘significant’ holder of assets in New South Wales. The investment firm is the recent vendor of the Spur Project for Waratah Minerals (ASX:WTM).
Write to Maddison Elliott at Mining.com.au
Images: Legacy Minerals
