LEFROY EXPLORATION LIMITED — AGM Information 2024

Nov 13, 2024

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2024 AGM Presentation

Positioned For Growth

14 November 2024

ASX: LEX

Disclaimer

This presentation contains summary information about Lefroy Exploration Limited (LEX) and is current as of the date of release. 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. Forwardlooking 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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Positioned for Growth

Advanced KalgoorlieKambalda based with a focus on gold and copper over 635km[2 ] land package

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Pipeline of activity provides pathway to development and commercialisation

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Commanding land position in Tier 1 location

Premier mining jurisdiction provides low capital development options

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Immediate Strategic Objectives at Lefroy

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Underexplored 40km corridor

Pathway to development and commercialisation with Strong Cash Position

Grow resource base

Advance known and emerging targets

Near mine extensional drilling targets to build on +1 million ounces

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Commanding Land Holding

Prime Real Estate in Kalgoorlie - Kambalda

• Large 635km[2] contiguous tenement package

• Close to existing transport infrastructure, towns and highly active workforces

• Nearby processing facilities

for cost-effective, low-capex, fast-tracked development

• Historic exploration has identified multiple, highly prospective targets fuelling immediate exploration activity

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Lefroy Project and surrounding Key Infrastructure

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Total Indicated & Inferred Resources

GOLD

COPPER

+1Moz 58kt

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Orogenic Gold Style

Deposit Indicated Mt Au (g/t) Oz Red Dale⁷ 0.64 1.21 24,660 Lucky Strike¹ 0.70 1.93 43,400 Mt Martin⁶ 5.60 1.4 247,500	Inferred Mt Au (g/t) Oz 0.03 0.60 570 0.57 1.97 36,200 3.69 1.61 191,500	Total Resource Mt Au (g/t) Oz 0.67 1.18 25,230 1.27 1.95 79,600 9.29 1.47 439,000
TOTAL 6.94 1.41 315,560	4.29 1.66 228,270	11.23 1.51 543,830

Porphyry Gold-Copper Style	Porphyry Gold-Copper Style	Porphyry Gold-Copper Style	Porphyry Gold-Copper Style	Porphyry Gold-Copper Style
Deposit Indicated Mt Au (g/t) Cu (%) Oz Cu (t)	Inferred Mt Au (g/t) Cu (%) Oz Cu (t)			Total Resource Mt Au (g/t) Oz Cu (t)
Burns Central² TOTAL 32.31 0.38 0.16 394,308 50,253	10.65 0.30 0.08 103,165 8,047			42.96 0.36 497,472 58,300
Nickel
Deposit Indicated tonnes Ni (%) Ni metal Goodyear³ - - -		Inferred tonnes Ni (%) Ni metal 392,000 3.78 14,780	Total Resource tonnes Ni (%) Ni metal 392,000 3.78 14,780
TOTAL - - -		392,000 3.78 14,780	392,000 3.78 14,780

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Pathway to Growth and Commercialisation

Gold Commercialisation (July – Nov 2024)

• Confidentiality Agreements with multiple parties

 Advanced strategic Partnership Conversations

Burns Central (Au, Cu)

Location 45 – Mt Martin (Au)

Lucky Strike (Au)

• Updated Resource October 2024

• Maiden MRE released May 2023

  • Resource In May 2020

• 43Mt for 497,000oz Au²;

• 9.29Mt @ 1.47g/t Au for 439,000oz)⁶

  • 1.27Mt @ 1.95 g/t

  • for 79,600oz Au¹

• High grade MRE zone released Oct 2024

• Near-surface resource close to existing infrastructure.

• Contains 4.22Mt @ 1.18 g/t Au for 159,285oz⁵

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$3.3 Million Placement (Nov 2024)

• 47.14M Shares @ $0.07 issue price.

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Next
Steps
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Mt Martin (Au)

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• Grow Resource Base (200m of surface)

• Metallurgical drilling

• Oversubscribed

• Strong Cash Position into 2025

Lucky Strike (Au)

Burns Central (Au – Cu)

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  - Shallow resource definition drilling

• Grow Resource base

• Confirmatory metallurgical and Geotech drilling

• Shallow extensional drilling of highgrade corridor north and south.

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Diverse Exploration Target Pipeline
Resource growth, Advancing pre resource Early-stage exploration
extension and discovery exploration targets with targeting frontiers across the
within the Mt Martin, significant upside and discovery entire Location 45 area,
Burns Central High Grade potential including Lucky Strike Western Lefroy JV and Lake
and Lucky Strike project corridor, Burns Regional and Johnston project areas.
areas. Coogee.
Resouce
Conceptual Early Stage Pre-Resource Def-ext Development Production
Location 45 Regional
Neon
Lovejoy
Talcums Fault
Red Dale (Dolerite)
Wren Burns (High Grade)
Kents Dam Erinmore Carnilya South Coogee Lucky Strike
Mt Martin South Lucky Strike Havelock Mt Martin
South Red Dale (Paleochannel)
Target Maturity
New Target
Target Size Potential (Au)
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Strategy & Pathway to Growth

Clear Company Goals

Growing the resource base with an ongoing view towards near-term commercialisation

Generate targeted, systematic exploration programs with measurable success hurdles

Maintain a balanced, diverse exploration pipeline of targets leading to new discoveries

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Opportunities Abound

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Prolific Gold District – Surrounded by Major Gold Deposits

Mt Martin

• Shallow MRE of 9.29Mt @ 1.47g/t Au for 439,000 oz⁶

• Limited drilling along strike and east of the Mt Martin resource

• Burns Central (Au) and Regional

• Untapped potential extending 4km north of Burns Central resource containing 4.22Mt @ 1.18 g/t Au for 159,285 oz⁵

Lucky Strike Corridor

• Emerging corridor extending greater than 750m strike length including resource of 1.27Mt @ 1.95 g/t for 79,600 oz¹

• Numerous regional exploration targets including at Havelock, Erinmore and Neon

Location 45

• Negligible on ground exploration undertaken for gold in almost 20 years; very limited regional exploration

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Lefroy Project Location Map

Mt Martin – Near Surface Gold Resource

Focus on near-surface (200m depth) gold resource base

• Shallow MRE of 9.29Mt @ 1.47g/t Au for 439,000 contained ounces⁶

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• Incorporates 29-hole RC program from December 2023 targeting Main and East Shear

• Thick high-grade intersections including:

• 21.24m @ 4.32 g/t Au from 29.76m* (Main Shear) in MUG49

• 33.15m @ 3.82 g/t Au from 0m* (underground in Main Shear) in MUG33

• 8m @ 3.98 g/t Au from 38m** (East Shear) in LEFR395

• Positioned on Location 45 freehold land which offers a more streamlined path to production.

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Mt Martin Cross Section: geology and mineral resource (refer LEX ASX Announcement 10 October 2024)

• Ongoing engagement with stakeholders regarding development and commercialisation

• Refer LEX ASX Announcement 5 September 2023

• ** Refer LEX ASX Announcement 18 January 2024

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Mt Martin – Significant Exploration Upside

Numerous shallow targets to drive resource growth

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• Targeting shallow high-grade shear hosted mineralisation along strike and east of existing resource

• Main corridors for growth along East and Adelaide Shears.

• East Shear testing northern corridor along strike from

• MMADD034: 5m @ 3.60g/t Au from 128m*

• MMAGC067: 6m @ 4.24g/t Au from 35m*

• Adelaide Shear testing corridors along strike from:

• ME324: 2m @ 9.82g/t Au*

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Mt Martin Plan View. (refer LEX ASX Announcement 10 October 2024

• Refer LEX ASX Announcement 10 October 2024

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Burns Central – High Grade Shallow Resource

Significant shallow high-grade Au zone delineated

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• The Burns high grade zone totals 4.22Mt @ 1.18 g/t Au for 159,285 contained ounces⁵ (0.5g/t Au cut-off) which includes:

• 46,538 oz of gold (Au) in oxide,

• 8,154 oz gold (Au) in transitional; and

• 104,593 oz gold (Au) in fresh rock

• Consistent high-grade corridor extending over 650m strike length, open to the northeast and southwest

• The MRE is drilled to 98% Indicated status and 2% Inferred for gold, with 34% of the gold resource contained within oxide and transitional material.

• Ongoing engagement with stakeholders regarding development and commercialisation

Burns Central Location map depicting resource cut to 0.5g/t Au (refer LEX ASX Announcement 3 October 2024)

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Burns Central– High Grade Shallow Resource	Burns Central– High Grade Shallow Resource	Burns Central– High Grade Shallow Resource	Burns Central– High Grade Shallow Resource	Burns Central– High Grade Shallow Resource	Burns Central– High Grade Shallow Resource	Burns Central– High Grade Shallow Resource
Significant shallow high-grade		Au zone
delineated
•	Consistent high-grade corridor, extending over 650m
	strike length
•	Significant thick intersections, including:
•	61m@ 2.96 g/t Au* (from 120m),including37m @
	4.23 g/t Au (from 126m) (LEFR320)
•	39m @ 3.87 g/t Au* (from 26m) in(LRR003); and
•	30m @ 2.43 g/t Au* (from 27m),including 17m @ 3.9
	g/t Au(from 38m) in(LRR004)
*	Refer LEX ASX Announcement 3 October 2024
			Burns Central Cross Section		here (refer LEX ASX	Announcement 3 October 2024)
	Burns Central High Grade(0.5 g.t Au cut-off)
	Deposit Mt	Indicated Au (g/t)	Oz	Mt	Inferred Au (g/t)	Oz	Mt	Total Resource Au (g/t)	Oz
	Burns CentralTOTAL⁵ 4.11	1.19	157,215	0.10	0.63	2,070	4.22	1.18	159,285
	(refer LEX ASX Announcement 3 October 2024)

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Burns Regional – Over 4km of unlocked Potential

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Multiple zones for potential to host additional high-grade zones

• Quimby Fault corridor interpreted to control position of high-grade Au corridor at Burns Central

• 4km Northwest striking magnetic trend extending north of Burns

• Multiple faulted / structural breaks with similar orientation to Burns high-grade

• Targets: Neon, Lovejoy, Skinner, Flanders, Smithers

• LEFD009: 7m @ 1.06g/t Au from 54m;

including 1.3m @ 2.92 g/t Au from 55m

• Target generation and advancement in Dec FY25 quarter.

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Burns Regional Targets - Location Map (refer LEX ASX Announcement 23 October 2024)

• Refer LEX ASX Announcement 29 November 2022

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Lucky Strike – By Name and Nature

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Testing Along an Established High Grade Au Trend

• Gold mineralisation trend defined by wide spaced air core (AC) drilling with 3km strike length

• Numerous high-grade drill intercepts including:

• 8m @ 18.66 g/t Au from 145m

• 22m@ 2.49 g/t Au from 63m

• Over 15km of significantly undertested BIF host rocks prospective for high-grade gold mineralisation

• Existing resource discovered in 2020 by LEX

• MRE of 1.27Mt @ 1.95 Au g/t for 79,600 ounces

• Located approx. 35km northeast of Gold Fields’ St Ives processing plant and 5km southwest of Randalls' Processing Plant

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Lucky Strike Prospect (Plan View).

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Location 45

Major Gold Potential - Minimal Exploration

• Located on freehold land with no grant of a mining lease required under the Mining Act of 1978

• Mineral rights secured from Franco Nevada Australia Pty Ltd in May 2023 for a 21-year term.

• Strategically well placed adjacent to 2 major haul roads and containing Mt Martin Mine (Au) and Goodyear deposit (Ni).

• Minimal gold exploration attention for over 20 years

• Multiple targets identified

• Mt Martin South, Kents Dam, Talcum Fault, Wren

• Regional aircore drilling program completed with results pending

• Major ongoing focus for the Company into 2025

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Location 45 Plan view

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Exploration Activity Timeline

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2024 2025
OCT NOV DEC JAN FEB MAR APR MAY JUN
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RESOURCE GROWTH

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Mt Martin Burns Central High Grade

PRE-RESOURCE PROJECTS

Burns Regional (Neon/Lovejoy) Coogee

GENERATIVE PROJECTS

Location 45 Regional Western Lefroy JV Eastern Lefroy Regional

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Corporate Profile

Corporate Details

Options

Shares on issue

243.7M 11.3M

Share price[1] Market capitalisation[1] A$0.071 A$17.3M

Cash (30 Sept 2024) Debt

A$0.85M*

Nil

*$3.3 Million Placement (before costs) Refer ASX release 28 October 2024

LEX Substantial Shareholders as of 13 Nov 2024

16.9%

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Noontide
Investments Ltd
3.14%
7.2% LEX Share Plan
LEX Board
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LEX Share Plan
8.9%
Gold Fields Ltd
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63.9% Other Shareholders

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1 As at 13 November 2024

Experienced and Skilled Team

Skill & Experience – Exploration Team

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Honor Wilson Project Geologist

Graeme Gribbin Chris Hesford Chief Executive Officer Exploration Manager

Excellence & Integrity – Board Of Directors

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David Kelly Non-Executive Chairman

Michael Davies Non-Executive Director

Tara French Non-Executive Director

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Braden Strawbridge-Hill Field Logistics Supervisor

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Kristel Sarak Project Administrator

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Investment Highlights

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Ongoing upgrades to existing deposits to unlock value of landholding

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Tier-1 location with 635km[2] contiguous land package in Kalgoorlie-Kambalda premier mining jurisdiction

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Expanding portfolio of precious and critical minerals, including over + 1 million oz of gold, 58kt of copper and 15kt of nickel

Harnessing knowledge base of experienced board and management with exploration, development and production success

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Readily mineable shallow assets near existing infrastructure provides streamlined pathway to future development

Driving commercial outcomes to realise value for shareholder across multi-commodity assets

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Thank You

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

lefroyex.com

Competent Persons Statement

The following announcements were lodged with the ASX and further details (including supporting JORC Tables) that have been used in part to inform this presentation. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements. In the case of all Mineral Resource Estimates (MRE), the Company confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

• Outstanding Results Reinforce Lucky Strike Potential – 26 February 2020

• Maiden Gold Resource at Lucky Strike – 20 May 2020¹

• Red Dale Resource Increase by 28% to 25,230oz – 3 June 2020⁷

• Multiple Gold Trends Confirmed from Eastern Lefroy Baseline Exploration – 1 September 2020

• Drilling Outlines New Gold System along Havelock BIF Trend – 9 February 2021

• Multiple Broad Cu Au Drill Intersections at Lefroy Expand the Scale of the Burns System – 29 November 2022

• Half a Million Ounces of Gold in Burns Central maiden Resource – 4 May 2023²

• Lefroy Increases Gold Resources to 602,000oz – 15 May 2023

• Acquisition of Mineral Rights Transforms Lefroy – 23 May 2023

• Lefroy Confirms High-Grade 15KT Resource at Goodyear – 23 August 2023³

• Growth Potential for Mt Martin Gold Mine Confirmed – 5 September 2023⁴

• Lefroy Exploration Investor Update Presentation – 6 September 2023

• $6.2M Raised to Advance Nickel and Gold Projects at Location 45 – 22 September 2023

• LEX 2023 Annual Report – 2 October 2023

• Resource Extension Drilling Underway at Mt Martin – 24 November 2023

• Drilling Commences at High-Grade Goodyear Nickel Deposit – 30 November 2023

• First Drillhole hits massive nickel sulphides at Goodyear – 12 December 2023

• Assay Results confirm High Grade Nickel Sulphides at Goodyear – 10 January 2024

• Drilling Extends Gold Mineralisation at Mt Martin Gold Mine – 18 January 2024

• Executive Update – Leadership Changes – 6 February 2024

• Strategy to Focus on Gold Development and Exploration – 23 February 2024

• Lefroy to Recommence Exploration of High-Grade Gold Targets – 27 March 2024

• Positive Exploration Results at Havelock and Lucky Strike – 23 May 2024

• High Grade Shallow Resource to unlock value at Burns Central – 3 October 2024⁵

• Lefroy builds near-surface gold resources at Mt Martin – 10 October 2024⁶

• Commercialising resources to advance exploration targets – 23 October 2024

• $3.3M raised in oversubscribed placement to commercialise resources and target new discoveries – 28 October 2024

The information in this announcement that relates to exploration targets and exploration results is based on information compiled by Graeme Gribbin, a competent person who is a member of the Australian Institute of Geoscientists (AIG). Mr Gribbin is employed by Lefroy Exploration Limited. Mr Gribbin 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. Mr Gribbin 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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