Legacy Minerals Adds Scandium to 167Mt NiCo Young Resource Ahead of October 2026 Update
Key Takeaways
- Legacy Minerals has engaged WSP Australia to complete an updated MRE for NiCo Young by October 2026, incorporating scandium into the resource for the first time despite it being known at the project since 2011.
- The existing NiCo Young Inferred Mineral Resource stands at 167.8Mt at 0.59% Ni, containing 996.7kt of nickel and 96.6kt of cobalt — placing it among the two largest identified nickel-cobalt deposits in NSW.
- The project is 100% owned by Legacy Minerals, free of royalties and encumbrances, and is amenable to low-cost open-cut mining with mineralisation extending to a maximum depth of 98m.
- Scandium is a scarce critical mineral with no primary mines of its own — it is recovered as a co-product — and the Lachlan Fold Belt hosts Australia's most significant reported scandium resources, with peer deposits at Fifield reporting up to 22,000t of contained scandium.
- A non-binding MoU with Cobalt Blue Holdings (ASX: COB), entered in October 2025, remains in place as the parties assess strategic options for cobalt and other products from NiCo Young.
Scandium added to NiCo Young’s already substantial nickel-cobalt resource base
Legacy Minerals Holdings Limited (ASX: LGM) has engaged WSP Australia Pty Limited (WSP) to complete an updated Mineral Resource Estimate (MRE) for its NiCo Young Nickel-Cobalt-Scandium Project in central New South Wales, with results expected in October 2026. For the first time, the updated MRE will assess the potential to estimate and report scandium alongside the project’s existing nickel and cobalt resource.
The NiCo Young Project is 100%-owned by Legacy Minerals, free of royalties, liabilities and encumbrances. The current Inferred Mineral Resource stands at 167.8Mt at 0.59% Ni for 996.7kt of contained nickel and 96.6kt of contained cobalt (at a 0.6% NiEq cut-off).
Within that, a higher-grade subset of 42.5Mt at 0.80% Ni and 0.09% Co (at a 1.0% NiEq cut-off) contains 338.8kt of nickel and 38.0kt of cobalt. Scandium has been recognised at NiCo Young since 2011 but has never been incorporated into the MRE — the updated estimate is the first attempt to capture it alongside the nickel and cobalt resource.
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CEO comment — putting the full value of the deposit in front of shareholders
Legacy Minerals CEO and Managing Director Christopher Byrne provided the following context on why the company has moved to assess scandium now.
Christopher Byrne, CEO & Managing Director
“NiCo Young already hosts one of Australia’s largest contained nickel and cobalt Resources, 100% owned by Legacy Minerals and free of royalties and encumbrances. What was never captured in that Resource is scandium, despite scandium having been known at the Project since 2011. Engaging WSP to assess a combined nickel-cobalt-scandium Mineral Resource is about putting the full value of the deposit in front of shareholders. Scandium is a scarce, critical mineral with a very small global supply base, and the Lachlan Fold Belt is one of the few places in the world where it occurs at scale in nickel-cobalt laterite systems. WSP delivered our Mt Carrington Mineral Resource earlier this year and we have confidence in their technical rigour. We expect to report the updated Resource in October 2026.”
WSP’s earlier Mt Carrington MRE work for Legacy, which targeted silver and copper resource growth, is the basis for the confidence Byrne cited in the firm’s technical rigour ahead of the NiCo Young mandate.
What is scandium and why does it matter for investors?
Scandium is a critical mineral with a very small global production base. Unlike many commodities, it does not have its own primary mines — it is almost always recovered as a co-product from other mineralised systems. At NiCo Young, scandium occurs within the same weathered profile as the nickel and cobalt mineralisation, which is a characteristic of nickel-cobalt laterite systems across the Lachlan Fold Belt. The Lachlan Fold Belt hosts Australia’s most significant reported scandium resources, making its geology relevant here.
Mineralisation at the NiCo Young Project extends from near surface to a maximum vertical depth of 56m at Ardnaree and 98m at Thuddungra, and is described in the announcement as amenable to low-cost, open-cut mining with little or no blasting required. That near-surface geometry is a meaningful characteristic when thinking about the eventual economics of extraction.
One important caveat: the announcement explicitly notes that the presence of scandium at neighbouring projects in the Lachlan Fold Belt is not an indication that a scandium Mineral Resource will be reported at NiCo Young. WSP will assess whether one can be reported under the JORC Code 2012 — the outcome is not predetermined.
NiCo Young in context — one of NSW’s largest Ni-Co deposits
The announcement describes NiCo Young as among the two largest identified nickel-cobalt deposits in NSW. The Lachlan Fold Belt hosts several peer deposits that have already reported scandium resources, included here for context only — they are not necessarily analogous to NiCo Young:
- Sunrise at Fifield (Sunrise Energy Metals, ASX: SRL): 180Mt @ 0.53% Ni, 0.10% Co, 92ppm Sc for 16,000t contained scandium
- Syerston scandium at Fifield (Sunrise Energy Metals, ASX: SRL): 51.7Mt @ 408ppm Sc for 21,090t contained scandium
- Burra / Platina Scandium at Fifield (Rio Tinto; previously Platina Resources Limited, ASX: PGM): 35.6Mt @ 405ppm Sc, 0.10% Ni, 0.06% Co for 22,000t contained Sc₂O₃
The table below summarises reported Mineral Resources across major NSW nickel-cobalt-scandium deposits.
| Deposit (Owner) | Location | Tonnes (Mt) | Grade (key metals) | Contained Scandium (where reported) |
|---|---|---|---|---|
| NiCo Young (Legacy Minerals Holdings, ASX: LGM) | Wallendbeen | 167.8 | 0.59% Ni, 0.06% Co (0.6% NiEq cut-off) | Not yet reported |
| Sunrise (Sunrise Energy Metals, ASX: SRL) | Fifield | 180 | 0.53% Ni, 0.10% Co, 92ppm Sc (0.35% NiEq cut-off) | 16,000t |
| Syerston scandium (Sunrise Energy Metals, ASX: SRL) | Fifield | 51.7 | 408ppm Sc (300ppm Sc cut-off) | 21,090t |
| Flemington (Australian Mines, ASX: AUZ) | Fifield | 6.3 | 446ppm Sc, 1,350ppm Ni, 601ppm Co (300ppm Sc cut-off) | Not separately stated |
| Burra / Platina Scandium (Rio Tinto; prev. Platina Resources, ASX: PGM) | Fifield | 35.6 | 405ppm Sc, 0.10% Ni, 0.06% Co (300ppm Sc cut-off) | 22,000t Sc₂O₃ |
| Nyngan (Scandium International Mining Corp., TSXV: SCY) | Nyngan | 16.9 | 235ppm Sc (100ppm Sc cut-off) | Not disclosed |
| Broken Hill Cobalt Project (Cobalt Blue Holdings, ASX: COB) | Broken Hill | 126.5 | 690ppm Co, 7.5% S (275ppm CoEq cut-off) | Not reported |
Peer figures are drawn from public disclosures of the respective owners and are provided for context only. Peer deposits are not necessarily analogous to the NiCo Young deposit. The Nyngan estimate is reported under Canadian National Instrument 43-101 and not under the JORC Code. The Burra / Platina figure reflects the estimate last reported by Platina Resources Limited; Rio Tinto has not published an updated estimate since acquiring the project in April 2023.
Also worth noting: Legacy Minerals has a non-binding, three-year Memorandum of Understanding (MoU) with Cobalt Blue Holdings Limited (ASX: COB), entered into in October 2025, under which the parties are assessing strategic options for cobalt and other products from the NiCo Young Project. The announcement confirms the MoU remains in place and is unaffected by the updated MRE.
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What’s next — October 2026 resource update on the horizon
WSP’s work programme for the updated MRE covers four key stages:
- Compilation and validation of historical scandium assay data and the drillhole database
- Geological, weathering and scandium domaining
- Grade estimation and classification
- Derivation of updated cut-off grades and reasonable prospects for eventual economic extraction parameters
The combined Ni-Co-Sc Mineral Resource Estimate is expected to be delivered in October 2026, accompanied by supporting JORC Code 2012 Table 1 disclosure. NiCo Young sits alongside Legacy Minerals’ Mt Carrington Gold-Silver Project, which holds a current Mineral Resource of 1.6Moz AuEq, giving the company a multi-project pipeline across NSW as it advances both assets.
The Mt Carrington resource upgrade, completed earlier in 2026, established the 1.6Moz AuEq figure that now anchors Legacy’s gold-silver pipeline alongside the NiCo Young nickel-cobalt asset.
Ready to Explore the Full Investment Case for Legacy Minerals’ NiCo Young Project?
Legacy Minerals’ NiCo Young Project already hosts one of NSW’s largest nickel-cobalt deposits at 167.8Mt, and the upcoming October 2026 resource update could add scandium — a scarce critical mineral — to that resource base for the very first time. With the deposit 100% owned, royalty-free, and amenable to low-cost open-cut mining, the potential value on offer is substantial.
Discover the complete details behind the NiCo Young Nickel-Cobalt-Scandium Project and Legacy Minerals’ broader multi-asset pipeline by visiting the Legacy Minerals Holdings investor profile on Discovery Alert.