Ann: Quarterly Activities Report - December 2015, page-31

Johnny,

Close to 99% of the funds raised in the last cap raise came from NMDC so perhaps a little difficult to blame them for doing nothing and sitting on these funds in the current iron ore environment.

However over the past 5 years there is close to a 99% non correlation between what this company has announced to the ASX its going to do and what it has actually achieved.

Exhibit A: Announced to ASX 18 October 2011. (To date NONE of the below has occurred)

""Discussions between Legacy and NMDC on the future acquisition and funding of resource projects in Australia, using Legacy as the vehicle, have been for:

* The enlarged Legacy/NMDC company to acquire a minimum of 50% and up to 100% of a project,
using Legacy as the vehicle to hold that interest;
* NMDC to sole have responsibility for arranging project finance for the full development of the
project, via debt financing; and
* The enlarged Legacy/NMDC company agreeing to repay the vendors of the projects certain
development costs incurred to date.

The proposed acquisition model will see Legacy used to acquire a significant interest in resource
projects, via the reimbursement of development costs incurred by project vendors to date, typically in the range of $20-$40m to begin, and NMDC charged with arranging 100% project financing through debt funding.""

0.003 cents a share for a reason sadly..........