Legacy Minerals Pegs Major Nickel-Cobalt Resource at Zero Cost

Legacy Minerals

Nico Young acquisition adds critical minerals upside amid market downturn

Legacy Minerals, an ASX-listed junior explorer, has secured exploration rights over the Nico Young nickel-cobalt deposit in New South Wales, acquiring one of Australia’s largest undeveloped critical mineral resources at zero cost.

The ELA6901 licence application covers a JORC 2012-compliant deposit estimated to contain 1 million tonnes of nickel and 100,000 tonnes of cobalt. The asset was previously held by Jervois Global, which recently entered Chapter 11 bankruptcy, allowing Legacy to claim the deposit without liabilities, encumbrances, or royalties.

Counter-Cyclical Strategy Aimed at Long-Term Gain

CEO Christopher Byrne called it a “free-peg” and a strategic counter-cyclical acquisition, emphasizing Legacy’s intent to preserve the resource until market conditions for nickel and cobalt improve.

Current oversupply pressures, particularly from Indonesia's Chinese-backed refining output, have depressed prices. Legacy will keep holding costs low and fund them through existing cash reserves.

Partnership Potential and Strategic Diversification

Legacy is in discussions with potential partners and sees Nico Young as an attractive critical minerals play for domestic and global investors, citing its location near other major projects such as Sunrise Energy Metals.

The deposit also shows potential for scandium and platinum group metals, which will be assessed in future exploration phases.

Legacy continues to prioritize its gold, copper, and silver projects—including Drake, Thomson, and Black Range—and active joint ventures with Newmont, S2 Resources, Helix, and EarthAi.