Legacy Minerals Signs Thompson Project Earn-in Deal with Rio Tinto and NiCo Young MoU with Cobalt Blue

Legacy Minerals (ASX: LGM) has struck a major partnership with Rio Tinto Exploration, a subsidiary of Rio Tinto (ASX: RIO), under an option and farm-in agreement that could see the mining giant invest up to $25 million in exploration at Legacy’s Thomson copper-gold project in New South Wales.

The deal enables Rio Tinto to earn up to an 80% interest by sole-funding exploration over two stages, positioning the project for accelerated discovery within one of Australia’s least-explored geological regions.

Managing director Christopher Byrne said the agreement validated the company’s belief that the Thomson province could host a world-class intrusion-related copper-gold system.

Rio Tinto to Fund Exploration

Under the terms of the agreement, Rio Tinto will have the option to farm-in by funding a minimum of $400,000 of exploration within six months and making a $50,000 cash payment to Legacy.

Rio can earn an initial 75% joint venture interest by funding $5m of exploration within five years, including at least 3,000 metres of drilling, then potentially increase its stake to 80% by funding a further $20m and completing either 7,000m of additional drilling or defining a JORC-compliant resource of at least 0.5 million tonnes of contained copper.

Legacy will remain the operator during the initial option stage, before Rio Tinto assumes management in the farm-in phase.

Mr Byrne said securing one of the world’s largest and most experienced copper-gold explorers as a partner marked “a transformative milestone” for the company and a strong endorsement of the Thomson district’s potential.

Expanding Strategic Partnerships

The Rio Tinto agreement follows Legacy’s recent memorandum of understanding with Cobalt Blue Holdings (ASX: COB), focused on assessing development pathways for the company’s 100%-owned NiCo Young nickel-cobalt-scandium project in central NSW.

The MoU establishes a three-year framework to evaluate potential options aligned with Cobalt Blue’s planned Kwinana Cobalt Refinery in Western Australia.

Mr Byrne said the collaboration underscores Legacy’s strategy of aligning its projects with established partners capable of commercialising critical mineral assets.

“Both partnerships advance our vision of building a diversified portfolio of high-value critical and battery-metal projects while maintaining leverage to discovery success,” he said.

Project Portfolio Momentum

Legacy now holds one of the largest exploration footprints in NSW, with a portfolio spanning gold, copper, and critical minerals.

Alongside the Rio Tinto earn-in at Thomson, the company continues to advance work across its Bauloora, Mt Carrington, and Rockley projects—each located within proven mineral belts of the Lachlan Fold.

The addition of NiCo Young and its newly recognised scandium potential further enhances Legacy’s exposure to critical metals aligned with national supply chain priorities.

Mr Byrne said 2025 is shaping as a pivotal year for the company, which expects its major global partners, significant exploration programs, and near-term catalysts across multiple projects to drive long-term shareholder value.