LEFROY EXPLORATION LIMITED — AGM Information 2025

Nov 27, 2025

A New Gold Producer Targeting Operations in CY 2025

2025 AGM Presentation

28 November 2025

ASX: LEX

Disclaimer

This presentation contains summary information about Lefroy Exploration Limited (LEX) and is current as of the cover date. 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.

Competent Persons Statement

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.

The Company confirms that 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.

==> picture [70 x 540] intentionally omitted <==

==> picture [19 x 81] intentionally omitted <==

2

Lefroy’s Strategy for Growth

==> picture [70 x 540] intentionally omitted <==

==> picture [19 x 81] intentionally omitted <==

3

==> picture [56 x 540] intentionally omitted <==

----- Start of picture text -----

Volume (m)
----- End of picture text -----

Corporate Snapshot

Share Price (27 Nov 25): Shares on issue: Market Cap: $0.18c 248M $44.7M Enterprise Value: Cash (30 Sep 25): $42.7M $2.0M

PLUS $1.25 Million FY26 Cash Advance

**(Profit Share Cash Advance Agreement)

Shareholders:

==> picture [331 x 103] intentionally omitted <==

----- Start of picture text -----

Balance of Goldfields 8.8%
Register 36%
HNW 17%
Management
Noontide
Mgmt Goldfields
10%
Institutions
Noontide 18.2%
Institutions HNW
10% Balance of Register
----- End of picture text -----

Share Price Performance:

==> picture [345 x 99] intentionally omitted <==

----- Start of picture text -----

$0.250 3.0
$0.200 2.5
2.0
$0.150
1.5
$0.100
1.0
$0.050 0.5
$- -
Volume (m)
Price (A$/share)
----- End of picture text -----

Excellence & Integrity – Board Of Directors

==> picture [63 x 63] intentionally omitted <==

==> picture [64 x 63] intentionally omitted <==

==> picture [64 x 63] intentionally omitted <==

Tara French Michael Davies Non-Executive Director Non-Executive Director

David Kelly Non-Executive Chairman

Skill & Experience – Exploration Team

==> picture [61 x 62] intentionally omitted <==

Honor Wilson

Chris Hesford Exploration Manager

Project Geologist

Graeme Gribbin Chief Executive Officer

Kristel Sarak

Braden Hill Field Logistics Supervisor

Office Administration Manager

==> picture [19 x 81] intentionally omitted <==

4

**Refer LEX ASX Announcement 16 July 2025, 30 September 2025.

==> picture [570 x 519] intentionally omitted <==

----- Start of picture text -----

Lefroy Project and surrounding Key Infrastructure
----- End of picture text -----

Surrounded by Giants

Big Companies, Big Assets, Big Producers

• Large 635km[2] contiguous

• tenement package in world-class Kalgoorlie mining district

• Close to established and well

serviced mining centres, with existing transport infrastructure, and nearby processing facilities

• Strong gold price facilitates commercial outcomes on well-located gold deposits

==> picture [19 x 81] intentionally omitted <==

5

Developing Deposits for Immediate Cashflow

==> picture [477 x 398] intentionally omitted <==

==> picture [177 x 39] intentionally omitted <==

----- Start of picture text -----

One million ounces
in 40km corridor
----- End of picture text -----

==> picture [161 x 41] intentionally omitted <==

----- Start of picture text -----

Development
----- End of picture text -----

• Development of Lucky Strike

• Evaluation of additional deposits (Mt Martin, Burns)

• Cashflow

==> picture [72 x 137] intentionally omitted <==

• No upfront expenditure required by Lefroy

• • 50% Profit share Growth

• Accelerated regional development upside

==> picture [19 x 81] intentionally omitted <==

6

Production Growth Lucky Strike

Lefroy positioned for self-funded growth

• Private mining contractor BML Ventures is responsible for all capital, operating costs, permits and approvals

• No up-front expenditure contribution

• required of Lefroy , with Net surplus cash (after expenses) distributed 50/50 LEX/BML

• Profit Share cash advance facility with

• BML of up to $2.5 million, offset against 50% profit share entitlement

• All permits received with Stage 1 Development and Mobilisation UNDERWAY

• Cash distribution 1H 2026 to progress growth strategy

==> picture [76 x 540] intentionally omitted <==

----- Start of picture text -----

F U L LY F U N D E D TO D E V E LO P M E N T
----- End of picture text -----

==> picture [70 x 540] intentionally omitted <==

CY Q1: RC Drilling

CY Q1: RC Results

CY Q2: Grade Control Drilling

CY Q2: Toll milling partner

CY Q3: Funding Secured (Profit Share Cash Advance Agreement)

CY Q3: Approvals and permitting

CY Q4: Operations to commence

==> picture [19 x 81] intentionally omitted <==

7

Refer LEX ASX Announcements 12 February 2025, 20 May 2020, 16 July 2025, 05 November 2025

Lucky Strike Drilling Stage 1

Shallow High-Grades Confirmed plus Exploration Upside

==> picture [420 x 349] intentionally omitted <==

Grade Control RC Drilling Program (Plan View) – Summary of Significant Results

==> picture [340 x 220] intentionally omitted <==

Resource drilling results validate geology and resource models within 50m of surface.

Significant intersections outside the MRE highlight growth potential.

Grade control drilling results confirm high grades exceeding expectations in the top 40-50m of the northern pit.

19m @ 4.10 g/t Au from 31m (LEFR563), incl. 7m @ 9.58 g/t Au (from 41m).

22m @ 2.91 g/t Au from 24m (LEFR602), incl. 1m @ 12.0 g/t Au (from 40m)

• 8m @ 8.14 g/t Au from 23m (LEFR910), incl. 4m @ 15.3 g/t Au (from 24m)

All costs fully funded by BML

==> picture [19 x 81] intentionally omitted <==

8

Refer LEX ASX Announcements 26 February 2025, 26 March 2025, 06 May 2025, 03 June 2025

9

Mining Proposal Approved Mobilisation Underway

Heritage Approvals

• All work areas approved covering mining and haul road corridors

Clearing Permits

• Granted, covering mining lease M25/366

Mine Planning

• Mine Development and Closure Plan (MDCP) approved.

• Site works underway ahead of mining early works progressing throughout November.

==> picture [70 x 540] intentionally omitted <==

==> picture [19 x 81] intentionally omitted <==

Our Next Gold Mines

Resource Growth Beyond 1 Million Ounces

Lucky Strike – Expanded Pit Stage 2

• Drilling completed to assess a potential deeper Stage 2 development

Mt Martin

• Shallow MRE of 9.29Mt @ 1.47g/t Au

for 439,000 oz

• 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 oz

==> picture [384 x 385] intentionally omitted <==

==> picture [19 x 81] intentionally omitted <==

Lefroy Project Location Map

10

Refer LEX ASX Announcements 03 October 2024 & 10 October 2024. *Full MRE table refer to Appendix.

Lucky Strike – Expansion

Stage 2

==> picture [478 x 334] intentionally omitted <==

==> picture [218 x 175] intentionally omitted <==

• Diamond and RC drilling targeting a deeper Stage 2 expanded pit at Lucky Strike complete.

• Program fully pre-funded by mine profit-share partner BML

• Following up high-grade historical intersections including

• 8m @ 18.66 g/t Au from 145m (LEFR487), including 5m @ 28.1 g/t Au ( from 145m ) in LEFR217.

• The Diamond drill program will also provide geotechnical data to assist assessing a possible Stage 2.

==> picture [19 x 81] intentionally omitted <==

Stage 2 Lucky Strike Diamond and RC Drill Targets with Lucky Strike Resource (Cut at >1g/t) – Oblique Long Section view (Looking Northeast)

11

Refer LEX ASX Announcement 26 February 2020 Refer LEX ASX Announcement 9 September 2025

Lucky Strike – Expansion

Stage 2

==> picture [335 x 391] intentionally omitted <==

==> picture [218 x 175] intentionally omitted <==

• Diamond and RC drilling targeting a deeper Stage 2 expanded pit at Lucky Strike complete.

• Outstanding results highlight exceptional upside for a potential expanded Lucky Strike, including:

• 24m @ 5.24 g/t Au from 134m (LEFR915),

  • incl 2m @ 29.85 g/t Au from 153m

• 9m @ 8.59 g/t Au from 155m (LEFR917),

  • incl 1m @ 39.7 g/t Au from 155m

• Program fully pre-funded by mine profit-share partner BML

Stage 2 Lucky Strike Diamond and RC Significant gold intersections

Refer LEX ASX Announcement 26 February 2020 Refer LEX ASX Announcement 9 September 2025 Refer LEX ASX Announcement 25 September 2025

==> picture [19 x 81] intentionally omitted <==

12

==> picture [218 x 174] intentionally omitted <==

Mt Martin – Near Surface Gold Resource

Proven deposit with 200,000 oz already produced

==> picture [498 x 276] intentionally omitted <==

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

• Thick high-grade intersections including:

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

• 10m @ 3.80 g/t Au from 20m (East Shear) in MMAGC022

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

• Freehold land = no mining licence required

==> picture [19 x 81] intentionally omitted <==

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

13

Refer LEX ASX Announcement 5 September 2023

Refer LEX ASX Announcement 10 October 2024, 18 January 2024. *Full MRE table refer to Appendix.

==> picture [218 x 174] intentionally omitted <==

Mt Martin – Significant Resource Upside

Numerous shallow targets to drive resource growth

==> picture [427 x 353] intentionally omitted <==

• 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

• MMAGC022: 10m @ 3.80g/t Au from 20m

• MMAGC067: 6m @ 4.24g/t Au from 35m

• Adelaide Shear testing corridors along strike from:

• ADLRC005: 7m @ 2.18 g/t Au from 49m

==> picture [19 x 81] intentionally omitted <==

14

Mt Martin Plan View

Refer LEX ASX Announcement 10 October 2024

==> picture [218 x 175] intentionally omitted <==

Burns Central – High Grade Shallow Resource

Significant shallow high-grade Au zone delineated

==> picture [390 x 374] intentionally omitted <==

• The Burns high grade zone totals 4.22Mt @ 1.18 g/t Au for 159,285 contained ounces (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.

• DRILL TARGETING AT BURNS UNDERWAY

Refer LEX ASX Announcement 3 October 2024. *Full MRE table refer to Appendix. Refer LEX ASX Announcement 9 September 2025 Refer LEX ASX Announcement 11 November 2025

==> picture [19 x 81] intentionally omitted <==

15

Burns Central Location map depicting resource cut to 0.5g/t Au

==> picture [218 x 175] intentionally omitted <==

Burns Central – High Grade Shallow Resource

Significant shallow high-grade Au zone delineated

==> picture [447 x 339] intentionally omitted <==

• Consistent high-grade corridor, extending over 650m strike length

• Significant, thick intersections, including:

• 61m@ 2.96 g/t Au (from 120m), including 37m @ 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

DRILL TARGETING AT BURNS designed to:

• Target high-grade shallow resource extensions north of existing Burns Resource; and

• To perform confirmatory metallurgical test work within the high-grade corridor

==> picture [19 x 81] intentionally omitted <==

16

Burns Central Cross Section

Refer LEX ASX Announcement 23 October 2025

==> picture [218 x 175] intentionally omitted <==

Burns Central – High Grade Shallow Resource

Drill Program Targeting High-Grade Zone Underway

==> picture [543 x 321] intentionally omitted <==

• Diamond drilling program commences DRILL TARGETING AT BURNS designed to:  Target high-grade shallow resource extensions north of existing Burns Resource; and  To perform confirmatory metallurgical test work within the high-grade corridor Refer LEX ASX Announcement 23 October 2025 Refer LEX ASX Announcement 11 November 2025

==> picture [19 x 81] intentionally omitted <==

Burns Central High-Grade (Long Section View)

17

Greater Burns Area Upside

Multiple shallow targets over 4km 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 throughout FY26

==> picture [218 x 175] intentionally omitted <==

==> picture [375 x 311] intentionally omitted <==

==> picture [19 x 81] intentionally omitted <==

Burns Regional Targets - Location Map

18

Refer LEX ASX Announcements 03 October 2024 & 29 November 2022

Luck Striking Twice - Havelock

==> picture [471 x 390] intentionally omitted <==

==> picture [218 x 175] intentionally omitted <==

Multiple Banded Iron Formation hosted targets

• Limited Drilling at Havelock

• Multiple kilometers of significantly undertested Banded Iron Formation host units

• Shallow, high-grade targets benefiting from new mine infrastructure development at Lucky Strike

Refer LEX ASX Announcement 23 May 2024

==> picture [19 x 81] intentionally omitted <==

19

Significant Assay results: Havelock – Lucky Strike

Activities Timeline FY26

Lucky Strike Mine Lucky Strike Mine UNDERWAY Dec 2025 Lucky Strike Mine UNDERWAY Site mobilisation and Exploration Targets infrastructure INSIDE 1H 2026 Pre-Strip and First Ore for Lucky Strike stockpiles 50-50 Profit share 1H 2026 distribution for Geophysics, Geochem and drill Lucky Strike testing at Coogee, Havelock and Location 45 targets Burns Deposit Lucky Strike Mine Nov - Dec FEB 2026 Burns Region 2025 First ore 1H 2026 Resource Extensional (RC) scheduled for toll and Metallurgical diamond treating at FMR’s Multiple targets in greater drilling at high-grade core of Greenfields mill Burns area to be drill tested, Burns deposit including Neon, Lovejoy, Skinner, Flanders & Smithers

==> picture [99 x 7] intentionally omitted <==

----- Start of picture text -----

ONGOING 1H 2026
----- End of picture text -----

Advancing mining partnership agreements for Mt Martin & Burns deposits

==> picture [19 x 81] intentionally omitted <==

20

Investment Highlights

==> picture [19 x 81] intentionally omitted <==

==> picture [887 x 339] intentionally omitted <==

----- Start of picture text -----

Commanding tenure of 635km [2] Zero cost Securely funded with
in WA Goldfields hosts shallow, commercialisation meaningful near-term cashflow
high-grade deposits near toll pathway via profit-sharing generation to enable self-
milling infrastructure mine agreement funded growth strategy
----- End of picture text -----

21

Thank You

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

==> picture [699 x 540] intentionally omitted <==

Appendices

Total Indicated & Inferred Resources

Gold	Gold	Gold
Deposit Indicated Mt Au (g/t) Oz Red Dale1 0.64 1.21 24,660 Lucky Strike1 0.70 1.93 43,400 Mt Martin2 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

==> picture [19 x 81] intentionally omitted <==

Gold-Copper	Gold-Copper	Gold-Copper	Gold-Copper	Gold-Copper
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 Central3 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 Goodyear4 - - -		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

24

1 Lucky Strike & Red Dale MRE Refer LEX ASX Announcement 20 May 2020

3 Burns Central MRE – Refer LEX ASX Announcement 3 October 2024 4 Goodyear MRE - Refer LEX ASX Announcement 23 May 2023

2 Mt Martin MRE Refer LEX ASX Announcement 10 October 2024