LEFROY EXPLORATION LIMITED — AGM Information 2022

Dec 5, 2022

6 December 2022

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2022 ANNUAL GENERAL MEETING PRESENTATION - AMENDED

Lefroy Exploration Limited (“Lefroy” or “the Company”) attaches an amended ‘2022 Annual General Meeting Presentation’ which corrects typographical errors on slides 13 and 17.

• END -

This ASX announcement has been approved for released by the Managing Director of Lefroy Exploration Limited.

For Further Information please contact:

Wade Johnson Managing Director Telephone: +61 8 9321 0984 Email: wjohnson@lefroyex.com

Lefroy Exploration Limited ARBN 71 052 123 930 Phone +61 08 9321 0984 Email info@lefroyex.com

Australian Registered Office: Level 3 7 Rheola Street West Perth WA 6005 Australia

www.lefroyex.com

ANNUAL GENERAL MEETING PRESENTATION

SYDNEY l 2022

Wade Johnson | Managing Director | 6 December 2022

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Disclaimer

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This presentation contains summary information about Lefroy Exploration Limited (LEX) and is current as of December 6 2022. It does not represent an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. The information contained in this presentation is of a general nature and does not purport to be complete and does not contain all information necessary for investment decisions. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain independent professional advice from an accountant, lawyer or other professional advisor before making any investment decisions in relation to LEX. Any figures, valuations, forecasts, estimates, opinions and projections contained in this presentation involve elements of subjective judgment and analysis and assumption. Any opinions expressed in this material are subject to change without notice, including as a result of using different assumptions and criteria.

This presentation contains “forward-looking statements”. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “expect”, “predict”, “forecast”, “estimate”, “target” and “intend” and statements that an event or result “should”, “could”, “may”, “will” or “might” occur or be achieved and other similar expressions. Indications of, and guidance on, future earnings and financial position performance are always forward-looking statements. Forward-looking statements are subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies at the date the statements are made and are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and may or may not occur. The statements involve known and unknown risks, uncertainties and other factors associated with LEX and the mining exploration industry such as resource risk, environmental and regulatory risks, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates and operational risks. Many of risks these are beyond the control of LEX. It is believed that expectations reflected in the statements are reasonable but they may be affected by market conditions and a range of other variables which could cause actual results or trends to differ materially from those stated.

LEX does not undertake to update any forward-looking statements for events or circumstances that occur subsequently or to update or keep current any of the information contained in this presentation.. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past or future. Undue reliance should not be placed upon forward-looking statements. LEX has prepared this document in good faith based on information available to it at the time of preparation that was believed to have a reasonable basis. Neither LEX nor any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Accordingly, to the fullest extent permitted by law, none of LEX, its directors, employees or agents, advisors or any other person accepts any responsibility or liability whatsoever, whether direct or indirect, express or implied, contractual tortuous statutory or otherwise and expressly disclaim any and all liability, in respect of, the accuracy or completeness of the information or any opinions expressed in this presentation or for any errors, omissions or misstatements or for any loss howsoever arising, from the use of all or any part of this presentation or any of the information contained in it.

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Actively exploring for high-value gold & copper-gold deposits in Western Australia

Diamond drilling at flagship Cu-Au Project ‘Burns’ – August 2022

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2022 Investment Take-aways

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Targeting high-value gold & gold-copper deposits

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Projects in Tier 1 exploration & mining jurisdiction of Western Australia

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Focused on gold & ‘green’ sustainable metals with future demand growth

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Advanced exploration at flagship first-of-a-kind in Australia ‘Burns’ copper-gold discovery

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Exploration complemented by the $25M Farm-in & JV with Gold Fields Ltd at the Lefroy Gold Project

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Highly experienced board with >20% significant share holding

Dedicated nickel explorer, Johnston Lakes Nickel Ltd formed by LEX to realise value of nickel assets portfolio.

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Company Snapshot

Lefroy Exploration Limited is a Western Australian focused mineral resources exploration company with the flagship Lefroy located near The also holds a Project Kalgoorlie. Company portfolio of nickel projects held by its wholly owned subsidiary, Johnston Lakes Nickel Ltd, which it aims to demerge by way of . an in-specie distribution and IPO in 2023[1]

Shareholder Information – as at 5 December 2022

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15%
14%
48%
16%
2% 5%
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Gold Fields Ltd 14.8%

Noontide Investments Ltd 14.3% LEX Board 15.6%

LEX Share Plan 5.3% Lowell Fund Resources 2.2% Other Shareholders 47.8%

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Key Metrics
ASX Code LEX
Issued Capital 145.87M

Market Capitalisation $40.8M
Top 20 Shareholders 71.68%
Total Board Ownership 15.6%
Cash (As Per Q1 FY23) $2.85M
Debt No debt
Current as of 5 December 2022
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1 LEX ASX release 13 October 2022

Highly Experienced Lefroy Board

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Gordon Galt

Wade Johnson

Michael Davies

Tara French

Non-Executive Chairman

Managing Director

Non-Executive Director

Non-Executive Director

Mining Engineer 25+ years of experience in project development, management, directorship, banking.

Geologist 25+ years’ experience in mineral exploration, development, management, directorship.

Mining Finance Specialist

20+ years’ experience in resource financing, investment banking, directorship.

Geologist 20+ years’ experience in exploration, management, development, mining, directorship & Current MD Cazaly Resources Ltd.

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Skilled Exploration Team

- Lefroy is proud to champion women in the workplace

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Full-time
Staff
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Talitha Golding Exploration Geologist

Camilla Golding Corporate Geologist

Chris Hesford Senior Exploration Geologist

Cameron Schoonakker Graduate Geologist

Kristel Sarak Exploration Assistant

Cameron launched his geology career with LEX in July 2022 after Graduating from UWA with a Bsc (Geology and Chemistry) and 1 year’s experience with the Company as a Student Geologist.

Camilla has 9 years’ experience in the resources sector across various mining-exploration geology roles in predominantly gold, iron-ore & base metals, & more recently mining finance. She holds a Bsc (Geology) from Curtin University.

Talitha is a leading field geologist with 4 years’ experience, who joined LEX full-time in 2020 after 2 years’ with the Company as a Student Geologist while she completed a Bsc (Geology) from UWA.

Kristel is a full-time field assistant of 2 years with LEX. She also manages the corporate front of house in her role, along with general accounts and office admin.

Chris is a highly-skilled geologist with over 12 years of exploration experience in the WA Goldfields. PreLEX he held senior positions at KCGM (7 years) & was a Listings Compliance Geologist at the ASX (3 years). Chris has a Bsc (Geology & Resource Economics) from UWA.

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Part-time
Staff
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Emily Birrell Exploration Geologist

Ashleigh Archer Exploration Assistant

Emily Soomre Casual Exploration Assistant

Val Preedy GIS Specialist

Val has worked with LEX since its inception. She has over 35 years’ experience in mining and, extensive experience in cartographic and ESRI ArcGIS in Mineral Exploration, Mine Geology, Land Tenure, Environmental and Native Title departments.

Ashleigh is a BSc (Environmental Science) graduate, who has been with LEX for one year where she has been field-based at the Burns Cu-Au Project in an entry-level field assistant role.

Emily is an enthusiastic geologist who recently joined LEX at the Burns Cu-Au project. She has 3+ years’ of prior experience in gold and iron ore in resource development and exploration roles at Rio Tinto and Northern Star Resources.

Emily recently entered the mining industry with LEX as a field assistant in training where she has been working hands-on at the Burns Au-Cu project.

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2022 Project Portfolio

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Exploration Objective

• Undertake early-stage greenfields exploration to discover gold and copper-gold deposits in premier and emerging areas of WA.

Lefroy Project

• Eastern Lefroy: 100% LEX-owned 302km[2] land package with flagship Burns Cu-Au Project, within 50 km of Kalgoorlie. Western Lefroy: JV & Farm-In with Gold Fields & adjacent to the St -

• Ives Gold Camp GFL can earn up to 70% over 6 years by spending $25M.

Nickel Projects (Carnilya South, Glenayle, Lake Johnston)

• 3065 km[2] significant combined land holding at nickel potential ‘hot spots’ in WA. The Carnilya South & Lake Johnston (nickel rights) and Glenayle (100%) are held by the Company’s wholly owned subsidiary, Johnston Lakes Nickel Ltd.

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The Lefroy Gold Project

Strategic Commodity & District Focus

• Multiple operating mines & mills in region with access to world-class infrastructure

• Large 530km[2] contiguous holding, 60km SE of Kalgoorlie

Western Lefroy JV & Farm-In Project

• $25m Gold Fields Farm-In to earn 70% over 6 years

• Ongoing 46,000m Full Field Aircore Program (FFAC)

Eastern Lefroy Project (100% owned)

• 32km of strike along a major regional structure to explore

• Numerous highly prospective gold, copper, nickel targets

• Emerging ‘Burns’ Gold-Copper (+Mo, Ag, Co) Discovery

• Burns resource drilling is underway

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Burns

A Growing Gold-Copper Discovery

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Burns – Path to Discovery

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1985

BHP

• BHP identified annular magnetic feature typical of a carbonatite anomaly Drilled 2 diamond holes that intersected magnetite-bearing dolerite and porphyry

2008-2010

Newmont Australia

• Newmont drilled 157 aircore holes west and south of Burns

• intersected 1m @1.76g/t Au

2010-2019

Octa onal Resources Ltd g

• Burns discovery & diamond hole OBUDD001[*]

• intersected 55m @ 0.5g/t Au & 0.2% Cu from 230m in porphyry and basalt

2019-2021

Lefro Ex loration Ltd y p

• November 2019

• → LEX awarded E15/1715 in WA Mines Department competitive ballot* → Tenement granted

• August 2020

• January 2021

• → LEX commences RC drilling of Burns target

• → LEX ASX announcement of Burns discovery hole which intersected: - 38m @7.63g/t Au & 0.56% Cu from 134m[1]

• February 2021

• Hosted in a gold-copper intrusion-related system

*LEX ASX release 16 September 2020,[1] LEX ASX release 27 April 2021

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2022 – Advancing Exploration at Burns

• Multiple step-out & infill drill programs continue to increase the scale of copper-gold mineralisation at Burns, hosted in altered diorite porphyry and basalt.

• Ongoing research indicates Burns may be ‘first of a kind’ Archaean aged copper-gold porphyry system Australia.

• The system may extend for 2.5km along strike between Millhouse in the south and at the Lovejoy prospect in the North (Burns Corridor).

• Multiple magnetic anomalies outside of Lovejoy and Burns Central remain largely untested (e.g. Ralph, Flanders, Skinner, Millhouse[)1.]

• The lithological & geochemical similarities of each of these magnetic features indicate they may form one large contiguous mineral system.

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1 LEX ASX release 29 November 2022

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Burns Central | Resource Drill Out

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80-hole RC resource drill-out program:

• Targeting shallow open pitable gold-copper resource to deliver resource estimate in Q1 CY23.

• 61 holes drilled and 9 priority holes remaining to be completed by late December 2022.

• Recent gold-only assay results returned for lake holes LRR001-LRR007 & on-land hole LEFR353[*] .

• Best mineralised intercepts of broad downhole gold to date in:

LEFR353:

• 48m @ 1.11 g/t Au from 204m to EOH, including 4.0m @ 38m @ 7.06 g/t Au from 217m

LRR004:

• 138m of gold mineralisation including:

• • 38m @ 2.04 g/t Au from 27m, including 17m @ 3.9 g/t Au from 38m

• 100m @ 0.47 g/t Au from 93m, including 8m @ 2.02 g/t Au from 100m

LEFR003:

• 103m @ 1.65 g/t Au from 25m, incl 38m @ 3.83 g/t Au from 26m

*LEX ASX release 5 December 2022

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Burns Central | Resource Drill Out

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RC resource drill-out program underway and on track for completion in December 2022:

• Evaluating 700m of Burns strike length to a vertical depth of ~200m from surface

• Targeting shallow open pitable gold-copper resource

• Land (onshore) and lake (offshore) based drilling

• Recent broad gold intersections returned from northern end

• 2022 – Jan 2023

• To deliver maiden Mineral Resource Estimate in Q1 CY23.

*LEX ASX release 5 December 2022

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Burns Central | Resource Drill Out

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160N Drill Section

• Significant gold results returned from RC drill holes on Lake Randall

LRR003

103m @ 1.65g/t Au from 25m including 38m @ 3.83g/t Au from 26m

• Multiple diorite porphyry host rocks and steep dipping north trending structure

• Multi element results incl. copper pending

*LEX ASX release 5 December 2022

Burns | Burns Central Prospect

In CY22, Lefroy completed 2 deep diamond holes (LEFD006007a) totaling 1952m:

• EIS co-funded hole, LEFD006, drilled to 1245.8m is the deepest drillhole at Burns to date.

• LEFD006 established four key geological domains (including the Central Porphyry) which when combined indicate a width of 600m to the intrusive system and vertical depth of 1000m.

• A new zone of mineralisation has been confirmed from limited assay results for LEFD006, which has increased the lateral extent of copper in the Western Basalt zone by 250m west.

• A new diorite porphyry was intersected within this new Western Basalt zone over 40m, including:

• 19.6m at 0.33g/t Au, 0.75% Cu from 428m , including;

• 3.5m at 0.86g/t Au, 0.72% Cu, 0.09% Co from 430m

• Gold & multi-element (Cu, Ag, Mo etc.) remain pending.

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*LEX ASX release 5 October 2022

Burns | Lovejoy Prospect

Neighbouring target increases corridor potential:

• The Lovejoy magnetic anomaly was first tested on its western margin by RC hole LEFR297 in 2021.

• LEFFR297 intersected similar geology & alteration to Burns Central and significant Cu-Au mineralisation hosted in siliceous breccia zones, including:

• 10m @ 0.21g/t Au & 0.60% Cu from 218m and

• 8m @ 0.22g/t Au & 0.51% Cu from 250m to end-of hole

• Two diamond holes drilled in September 2022 to test the depth extension of the mineralisation in LEFR297.

• LEFD008 successfully extended mineralisation by 70m downhole, & intersected 42m visual native Cu & Cu-sulphides in breccia, including:

• 15m @ 0.4% Cu from 223m, 19m @ 0.57% Cu from 255m[*]

• LEFD009 intersected 96m of Cu-Au including:

• 11m @ 0.68 % Cu & 0.4g/t Au from 50m , and 40m @ 0.20% Cu from 208m and 45m @ 0.33% Cu & 0.3 g / t Au from 258m[*]

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*LEX ASX release 29 November 2022

Lake Johnston Ltd Nickel Demerger

Proposed ASX Listing CY23

Johnston Lakes Nickel Ltd Proposed Nickel Assets Demerger / IPO*

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Nickel-Cu-PGE Mineral Potential Map, WA
Dulfer, H. 2016 (Geoscience Australia)
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Johnston Lakes Nickel Ltd (JLN) is a wholly-owned subsidiary of the LEX, which aims to list on the ASX in the first half CY23.

Focused nickel explorer

Strategic move to unlock value of highly prospective nickel assets for LEX shareholders.

Highly credentialed Board & Management ,

Proven track record of exploration success & developing projects at companies including Western Areas, Newmont, Gold Road, St Barbara, Resolute Mining.

Multiple projects at ready-to-drill status

Including Lake Johnston (Bullseye), Carnilya South (testing 7km of Kambalda komatiitie just 1km south of Mincor Resources’ Carnilya Nick mine).

Early-mover Glenayle Greenfields opportunity

Within interpreted Large Igneous Province (LIP) considered highly prospective for Norilsk-style nickel systems with 2872km² of exploration tenure in application.

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*LEX ASX release 13 October 2022

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Activities & Newsflow | Next 6 Months

CY2022 CY2023	CY2022 CY2023	CY2022 CY2023
Q4	Q1	Q2

Burns Diamond Drill holes Results: LEFD006-LEFD007a & RC Resource Burns Central RC Resource Drill out Western Lefroy JV Full Field Aircore Drill Program (400x400m) Burns Maiden Mineral Resource Estimate

JLN IPO/Demerger of LEX nickel assets, & ASX listing

NB: LEX activities are subject to any changes and are subject to results, field conditions and going review

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LEX 2022 Company Summary

• LEX controls a major tenement portfolio over 3 key project areas in WA, with 530km[2] of tenure in the .

• flagship Lefroy Gold Project alone and only 60km from Kalgoorlie

• Led by a highly-experienced board with a significant >20% share ownership,

• Targeting high-value gold and copper-gold deposits that can be developed through systematic generative exploration.

• At Eastern Lefroy, the Burns Copper-Gold Project remains the key focus since the Burns discovery hole in 2021. The Burns Central resource RC drill out is (LEFR260) February program currently

• underway to deliver a maiden Mineral Resource Estimate in CY23 .

• Multiple additional prospects and targets defined along the 2.5km Burns corridor

• Exploration is underpinned by the $25 million Farm-in and JV with Gold Fields Ltd in Western Lefroy, neighboring Gold Fields’ St Ives mining operation.

• At Western Lefroy, JV partner Gold Fields continuing with the massive FFAC drill-program ,

• LEX has a small tight capital structure meaning that is leveraged to exploration success .

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Lefroy Exploration Field Work CY 2022

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• 1030 holes drilled

• 63,541 metres logged, chipped, analysed 33,660 samples assayed for Au or Au-Cu

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THANK YOU

Level 3, 7 Rheola St West Perth WA 6005 Australia +61 08 9321 0984

ASX: LEX

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Competent Person Statement

Notes Specific-ASX Announcements Investor Presentation

Burns 1200m Diamond Drill hole Update: 1 August 2022

The following announcements were lodged with the ASX (including supporting JORC Reporting Tables) and details for each of the sections noted in this Presentation and can be found in the announcements. Note that these announcements are not the only announcements released to the ASX since the last presentation dated 19 October 2022 but specific to exploration reporting. The Company confirms that it is not aware of any new information or data that materially affects the information previously reported.

Drilling Continues to Define Larger Scale to Burns Au Cu System: 1 September 2022

Burns Update: Significant Copper Mineralisation Intersected at Lovejoy: 20 September 2022

Resource RC Drilling Program Underway at Burns: 6 October 2022

RC Drill Results Outline New Gold Zone at Burns: 25 January 2022

High-Grade results expand the Burns Cu Au System: 21 February 2022

Impressive Au-Cu intersection in New RC Hole at Burns: 19 April 2022

AC Drill Results Continue to Expand the Burns Gold-Copper System Beneath Lake Randall: 4 July 2022

High-grade Gold Result Confirms New Discovery at Havelock: 7 July 2022

Exploration Update 1200m Deep Diamond Hole Underway at Burns: 12 July 2022

The information in this announcement that relates to exploration targets and exploration results is based on information compiled by Wade Johnson a competent person who is a member of the Australian Institute of Geoscientists (AIG). Wade Johnson is employed by Lefroy Exploration Limited. Wade Johnson has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Wade Johnson consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.

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