LEFROY EXPLORATION LIMITED — Capital/Financing Update 2019

May 12, 2019

ASX Announcement 13 May 2019

Strong Gold Intersection Extends Lucky Strike

LEFROY EXPLORATION LIMITED

A Western Australian Focused Gold Explorer

ASX Code: LEX

Shares on Issue: 81.0m

Current Share Price: 9 18.5c Lefroy

Market Capitalisation: $15m

Board of Directors Chairman Gordon Galt

Non-Executive Directors Michael Davies Geoffrey Pigott

Managing Director Wade Johnson

Flagship Exploration Project Lefroy Gold Project

Growth Exploration Project Lake Johnston Project

Australian Registered Office Level 2, 11 Ventnor Avenue West Perth, 6005

Highlights

A dual focussed RC and Diamond drill program completed at Lucky Strike has intersected a strong BIF hosted gold intersection and a new sulphide rich alteration horizon in the footwall basalt.

• The drilling was designed to test for strike and down dip continuity of the gold-mineralised BIF units discovered in the drilling to date and to evaluate the prospectivity of the contact with the footwall basalt

• A strongly mineralised intersection was obtained in RC hole LEFR132 on the easternmost section of :

• 17.0m @ 3.58 g/t Au from 129m, including 2.0m @ 11.8 g/t Au from 132m

• The intersection in LEFR132 is one of the highest gram meter intersections at Lucky Strike and supports a south east plunge to the BIF hosted mineralisation, which is open

• In addition, a new, strongly sulphidic alteration zone was intersected in three diamond core holes at the basalt contact in the footwall to the BIF style mineralisation

• The sulphide forms as both massive and disseminated in the altered and brecciated basalt over a 10m interval, intersected in three of the 4 diamond holes, results are pending

• The potential of this sulphide zone to be gold mineralised will be determined once the assay results for the core are received and assessed

E: info@lefroyex.com T: +61 8 9321 0984 ARBN: 052 123 930

www.lefroyex.com

Managing Director, Wade Johnson, commented

“ These intersections are an exciting new development at Lucky Strike and a credit to the persistence of the LEX team. The strong intersection in LEFR132 and the sulphide altered basalt in the footwall, both occurring beneath a very deep weathering profile, with no surface expression, confirms confidence in our geological model and approach to targeting. We await the results from the diamond drilling but in the interim planning for further RC and diamond drilling is underway”

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ASX Announcement, 13 May 2019

ASX Announcement 13 May 2019

The Board of Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to announce results from a recent program of reverse circulation (RC) and diamond drilling at Lucky Strike, within the Eastern Lefroy tenement package (Figure 1). Eastern Lefroy is part of the greater Lefroy Gold Project (LGP) located 50km to the south east of Kalgoorlie. Lucky Strike and its strike extensions are wholly within the recently granted (12 April 2019) Mining Lease M25/366 (Figure 1).

Lucky Strike is located approximately 35km north east of Gold Fields St Ives processing plant and 5km south west of the Randalls Processing Plant operated by Silver Lake Resources (ASX: SLR). Gold mineralisation at Lucky Strike is hosted within multiple north west trending Banded Iron Formation (BIF) units. Lucky Strike is approximately 5km along strike to the northwest of the high-grade Lucky Bay open pit, mined by Silver Lake Resources (ASX: SLR) during 2015. The gold mineralisation at Lucky Bay is also hosted within BIF.

The Lucky Strike Trend was identified as a prospective structural corridor, adjacent to the regional scale Mt Monger Fault (Figure 1), after integration of previous exploration with detailed ground gravity data. Gold mineralisation at Lucky Strike was discovered by the Company in 2017. The area near Lucky Strike is a continued high priority exploration focus for the Company, with gold anomalies identified at Havelock, Neon and Erinmore (Figure 2) highlighting district scale gold prospectivity.

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Figure 1 Lefroy Gold Project showing the Eastern and Western Lefroy and the location of Lucky Strike relative to the Hang Glider Hill gold prospect. Mining Lease M25/366 is also highlighted. Refer to Figure 2 for detailed map of the Lucky Strike area.

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ASX Announcement, 13 May 2019

ASX Announcement 13 May 2019

The Company completed a dual drilling program comprising ten (10) reverse circulation (RC) drill holes and four (4) RC pre-collared diamond holes (Extensions or tails to RC holes) at Lucky Strike in April (Figure 2). The holes were designed to evaluate the continuity of the mineralised BIF units at depth and along strike to specifically evaluate three key target areas:

• a) Strike and down dip extensions to the shallow oxide hanging wall BIF west of the Pipe Fault;

• b) Strike extent of the BIF and gold mineralisation ( 9m @4.45g/t Au from 110m) in LEFR120; c) Wide spaced angled diamond drill holes to evaluate the down dip extent of the Lucky Strike system to a vertical depth of 200m from surface and over a 300m strike length.

The results from the RC drilling program have been received (Table 1). The diamond drill core samples are in process with results expected in late May.

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Figure 2 Lucky Strike geology and drill hole plan view highlighting key recent and earlier drill intersections. Note position of hole LEFR132 to right side of Figure.

The dual-purpose drilling program has intersected two new discoveries near to and along strike of prior hole LEFR120.

To evaluate the strike extent of the mineralisation in LEFR120, a single 80m step out section comprising three (3) 40m spaced holes (LEFR130,131,132) was completed (Figures 3 &4). The drilling intersected a deeply oxidised sequence of shale, black shale and strongly oxidised BIF beneath approximately 10m of transported cover.

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ASX Announcement, 13 May 2019

13 May 2019

ASX Announcement

The final RC hole of the program LEFR132 intersected an exceptional gold mineralised zone of:

17m at 3.58g/t Au from 129m including 2m at 11.8g/t Au from 132m

This interval is considered to be hosted within highly oxidised and quartz veined BIF. The intersection is interpreted as being the 100m down plunge extension of the high grade mineralisation in LEFR120 (Figure 3). This south easterly trend and plunge direction is supported by the considerable deepening of the Top of Fresh Rock (TOFR) interpreted to be caused by increased alteration and deformation of the rock sequence.

Importantly the intersection in LEFR132 is one of the strongest gold intercepts (+60gram metres) at Lucky Strike and potentially demonstrates a strengthening of the gold tenor to the south east and down plunge. The along strike position is only tested by wide spaced (80m) air core drilling, with the nearest drill traverse located approximately 200m to the south east of LEFR132. This are is considered a high priority target zone for the next phase of RC drilling.

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Figure 3 Lucky Strike Schematic Long Section highlighting pierce points of drill holes, key gold intersections and interpreted plunge of gold system and the increasing depth of oxide rock to the south east.

Post completion of the RC drilling, a campaign of diamond drilling was commenced with four (4) holes completed on 2[nd] May totaling 624m. These holes are part funded with a $100,000 grant through the Western Australian State Government’s Exploration Incentive Scheme (EIS) (refer LEX:ASX release 2 June 2018).

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ASX Announcement, 13 May 2019

ASX Announcement 13 May 2019

Two RC pre-collared diamond holes (LSRD010 and LSRD012) were drilled to evaluate the down dip projection of the BIF hosted gold system in the central part of Lucky Strike (Figures 2&3) and to penetrate the footwall basalt. Diamond tails (extensions) were completed on LEFR120 and LEFR132 to test the lower BIF position and also penetrate the footwall basalt contact. Results are pending for all the diamond holes.

Three of the holes (LSRD012, LEFR120 and LEFR132) intersected the lower BIF unit and the footwall basalt contact on or about the expected positions. Each of these holes discovered a new strongly sulphidic alteration zone (Figure 4) over a downhole length of approximately 10m within the basalt at the contact with the black shale (very fine grained metasediment).

The sulphides are pyrrhotite and lesser pyrite which are both manifested as either massive, stringer or disseminated forms ( Figure 5). These sulphides, are commonly associated with the BIF hosted mineralisation at Lucky Strike. The Company interprets that these two systems are related, and suggests the sulphidic basalt is potentially gold mineralised. This is also supported by the host basalt adjacent to the contact which is both brecciated and strongly carbonate-sericite altered that grades downhole into a chlorite carbonate pyrrhotite alteration zone.

The footwall sulphidic basalt hosted horizon at the contact with the Black Shale has geological attributes that could represent a gold mineralised system and is potentially a new discovery at Lucky Strike. The footwall basalt contact at Lucky Strike has, until this recent drilling, not been a focus of the previous drilling campaigns and hence is an untested position.

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Figure 4 Schematic presentation of geology and gold intersection in RC drill sections 16 and 11 highlighting recent drill holes LEFR130-132, LEFR120 and LSRD012.

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ASX Announcement, 13 May 2019

ASX Announcement 13 May 2019

The gold intersection in LEFR132 and the sulphidic basalt zone intersected in the diamond holes are considered by the Company as an important new development at Lucky Strike. Gold mineralisation has now been delineated in the BIF package over a 400m strike length (Figure 3), and remains open along strike and at depth.

The increasing strength of the gold mineralisation in the BIF host, the proximity of the sulphidic basalt alteration zone, and the common sulphide assemblage suggests an improving and developing system to the south east. This area to the south east has only been evaluated by wide spaced reconnaissance air core drilling. The nearest drill traverse located approximately 200m along strike with 80m spaced holes have only tested the regolith (oxide rock) beneath up to 20m of transported cover. This area a priority exploration target for further deeper RC and diamond drilling.

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B
A
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Figure 5 Examples of sulphide altered basalt drill core from hole LEFR132. The drill core in the tray in 5B is from 216.3m221.8m

Next Steps

The design of the next phase of drilling will be determined after the receipt, compilation and interpretation of the results from the diamond drilling. The results are expected to be received in late May.

It is expected follow up drilling could be commenced in June.

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ASX Announcement, 13 May 2019

ASX Announcement 13 May 2019

Table 1: 2019 RC Drilling-Eastern Lefroy Gold Project-Lucky Strike Prospect

RC drill hole intersections tabulated below are calculated with a 0.25g/t Au lower cut for the entire drill program. These represent the intersections from individual 1m composite sample results and include 2m of internal dilution.

Hole ID	Collar N (MGA)	Collar E (MGA)	Collar RL	Hole Depth	Dip	Azimuth	Depth From (m)	Depth To (m)	Downhole Intersection (m)	Au Value (g/t)
LEFR123	6555677	403795	292	93	-60	30	24	26	2	1.27
LEFR123	6555677	403795	292	93	-60	30	78	81	3	2.88
LEFR126	6555716	403769	291	101	-60	30	11	12	1	1.66
LEFR126	6555716	403769	291	101	-60	30	16	17	1	0.37
LEFR126	6555716	403769	291	101	-60	30	66	67	1	1.1
LEFR129	6555709	403792	292	87	-60	30	38	41	3	1.15
LEFR131	6555563	404029	291	156	-60	30	35	36	1	0.44
LEFR132	6555526	404009	291	253	-60	30	108	112	4	0.66
LEFR132	6555526	404009	291	253	-60	30	129	146	17	3.58
Including							132	134	2	11.8

Note- Hole LEFR 132 was drilled to 156m by the RC drill technique and then extended to 252.8m (rounded to 253m) using a diamond drill tail. Results are pending for the diamond drill core.

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ASX Announcement, 13 May 2019

ASX Announcement 13 May 2019

About Lefroy Exploration Limited and the Lefroy Gold Project

Lefroy Exploration Limited is a WA based and focused explorer taking a disciplined methodical and conceptual approach searching for high value gold deposits in the Yilgarn Block of Western Australia. Key projects include the Lefroy Gold Project to the south east of Kalgoorlie and the Lake Johnston Project 120km to the west of Norseman.

The 100% owned Lefroy Gold Project contains mainly granted tenure and covers 598km[2] in the heart of the world class gold production area between Kalgoorlie and Norseman. The Project is in close proximity to Gold Fields’ St Ives gold camp, which contains the Invincible gold mine located in Lake Lefroy and is also immediately south of Silver Lake Resources’ (ASX:SLR) Daisy Milano gold mining operation. The Project is divided into the Western Lefroy package, subject to a Farm-In Agreement with Gold Fields and the Eastern Lefroy package (100% Lefroy owned). The Farm-In Agreement with Gold Fields over the Western Lefroy tenement package commenced on 7 June 2018. Gold Fields can earn up to a 70% interest in the package by spending up to a total of $25million on exploration activities within 6 years of the commencement date.

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Location of the Lefroy Gold Project relative to Kalgoorlie, major gold deposits in the district and land holdings of Gold Fields, Northern Star Resources Ltd and Silver Lake Resources Limited.

For Further Information please contact:

Wade Johnson Managing Director Telephone: +61 8 93210984

Email: wjohnson@lefroyex.com

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ASX Announcement, 13 May 2019

ASX Announcement

13 May 2019

Notes Specific-ASX Announcements

The following announcements were lodged with the ASX and further details (including supporting JORC Reporting Tables) for each of the sections noted in this Announcement can be found in the following releases. Note that these announcements are not the only announcements released to the ASX but specific to exploration reporting on Lucky Strike and the Lucky Strike Trend at the Lefroy Gold Project.

• Lefroy Commences Exploration: 24 October 2016

• Lefroy Commences Drilling at Lucky Strike: 17 November 2016

• Managing Directors AGM Presentation: 5 December 2016

• Drilling at Lucky Strike Supports and Extends Gold Trend: 23 December 2016

• Exploration Update: Aircore Drilling to Recommence at Lucky Strike: 29 March 2016

• Significant Intersections at Lucky Strike Prospect: 18 April 2017

• Aircore Drill results enhance the Lucky Strike Trend: 7 July 2017

• Exploration Update: Diamond Drilling Commences at the Lucky Strike Trend: 31 August 2017

• • High Grade Gold Mineralisation Intersected at Lucky Strike: 21 September 2017

• September 2017 Quarterly Activities Report: 25 October 2017

• RC Drilling Commenced at Lucky Strike: 23 November 2017

• RC Drill Results Enhance Lucky Strike Gold Discovery: 12 December 2017

• Exploration Update: RC Drilling Underway at Lucky Strike: 25 January 2018

• Drill Results Extend Gold Mineralisation at Lucky Strike: 14 February 2018

• March 2018 Quarterly Activities Report: 27 April 2018

• High Grade Gold Intersected at Lucky Strike:16 May 2018

• Lucky Strike Update Successful EIS grant: 2 June 2018

• High Grade Gold Mineralisation at Lucky Strike:15 June 2018

• Lucky Strike Drilling Update: 3 October 2018

• Exploration Update: RC drilling commenced at Lucky Strike: 19 November 2018

• Drilling at Lucky Strike enhances Oxide Gold Zone: 3 December 2018

• High Grade Results Continue to Enhance Lucky Strike: 7 January 2019

• High Grade Results Expand Lucky Strike Footprint: 6 March 2019

• High Priority Drilling Program Underway at Lucky Strike: 2 April 2019

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 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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ASX Announcement, 13 May 2019

JORC CODE, 2012 Edition-Table 1 Report –Lefroy Project –Lucky Strike Prospect April/May 2019 RC Drilling-1m split samples SECTION 1: SAMPLING TECHNIQUES AND DATA

SECTION1:	SAMPLING TECHNIQUES AND DATA
Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• The sampling noted in this release has been carried out using Reverse Circulation (RC) drilling at the Lucky Strike Prospect. The RC program comprised 10 angled holes for 1191m, plus 3 RC pre-collar holes for 299m. Holes varying in depth from 62-156m with an average depth of 120m. All holes were drilled -600(dip) and toward 0300(Azimuth) spaced along 20-80m centres. • Sampling and QAQC protocols as per industry best practice with further details below. • RC samples were collected from the cyclone at 1m intervals in plastic buckets and arranged in rows of 10 or 20 samples. 1m split samples were collected from 0m to end of hole (EOH). 1m split samples directly off the drill rig cone splitter attached to the cyclone were collected to produce a 2-3kg sample. 4m composite samples were collected using a scoop to produce a 2-3kg sample from 0m to end of hole collected from the bulk samples. Upon receival of the 4m composite results 1m samples were then taken (already collected at time of drilling) from anomalous gold intervals outlined from the 4m composite samples. The 1m samples were sent to the Laboratory in Kalgoorlie for analysis. The samples were dried, pulverised, split to produce a 40g charge for analysis by fire assay with Au determination by Atomic Absorption Spectrometry (AAS).
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• The Reverse Circulation (RC) drilling was completed by aKWL350RC rig from Challenge Drilling (Kalgoorlie). Low air face sampling hammer drilling proved satisfactory to penetrate the regolith and reduce contamination risk.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• The majority (>75%) of samples remained dry with good recovery obtained. Where samples were wet/moist or experienced less than desired recovery this was instantly evident in size of the bulk sample laid on the ground and was carefully recorded by a Lefroy representative on hard copy sample sheets. • Drilling with care (eg. clearing hole at start of rod, regular cyclone cleaning) if water encountered, to reduce incidence of wet – sticky sample and cross contamination, the cyclone was cleaned out again at the end of each drill rod. • Below 100m down-hole depth, water ingress into the hole could be problematic, this was anticipated and measures such as increasing the collar casing depth at the start of the hole greatly improved the sample quality and helped keep the samples dry. If the sample was wet this was recorded by Lefroy field personnel. Insufficient sample population to determine whether relationship exists between sample recovery and grade. The quality of the sample (wet, dry, low recovery) was recorded during logging.

Criteria	JORC Code Explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Detailed logging of, regolith, lithology, structure, veining, alteration, mineralisation and recoveries recorded in each hole by qualified geologist. • Logging carried out by sieving individual 1m sample cuttings, washing in water and the entire hole collected in plastic chip trays for future reference. • Everyhole was logged for the entire length.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Diamond drilling was completed on some of the RC pre-collar holes and will be reported as part of a separate release once assays are received. • Sampling of 1m intervals directly off a rig- mounted cone splitter into calico bags. Sample weight 2 - 3 kg. 4m composite samples were collected, from 0m to EOH. 4m composite samples were collected by using a scoop to collect a representative “split” from each bulk sample that made up a 4m composite interval, this was placed into a pre- numbered calico bag. Pre-numbered calico bags containing the samples were despatched to the laboratory for assay. Upon receival of results for 4m composite samples, selected 1m resplit samples were collected in the field for submission by the same fire assay technique. • The sample preparation of the RC samples follows industry best practice, involving oven drying, pulverising, to produce a homogenous sub sample for analysis. • Along with submitted samples, standards and blanks were inserted on a regular basis where the pre-numbered calico bag ended with the numbers 20, 40, 60, 80 and 100. Standards were certified reference material prepared by Geostats Pty Ltd.Duplicate samples were collected at zones of interest and at irregular intervals of about 2per hole.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision have been established.	• Samples routinely analysed for gold using the 40gram Fire Assay digest method with an AAS finish at Bureau Veritas’s Kalgoorlie Laboratory. • Quality control process and internal laboratory checks demonstrate acceptable levels of accuracy. At the laboratory regular assay repeats, lab standards, checks and blanks were analysed.

Criteria	JORC Code Explanation	Commentary
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• The results have been reviewed and verified by alternative company personnel. • No holes were twinned. • Capture of field logging is electronic using Toughbook hardware and Logchief software. Logged data is then exported as an excel spreadsheet to the Company’s external database managers which is then loaded to the Company’s DATASHED database and validation checks completed to ensure data accuracy. Assay files are received electronically from the laboratory and filed to the Company’s server, and provided to the external database manager. • There has been no adjustment to the assay data. The primary gold (Au) field reported by the laboratory is the priority value used for plotting, interrogating and reporting.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill hole positions were surveyed using a DGPS operated by a third-party contracting surveyor. The same contractor was used once drilling was completed to pick-up collar positions using a DGPS. Down holes surveys were completed by Challenge drill crew using a gyro and recording a survey every <30m down the hole. • Grid System – MGA94 Zone 51. Topographic elevation captured by using the differential GPS.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Hole spacing at nominal 20m centres on 0300 orientated drill lines with line spacing 20m to the NW and SE of previous Lefroy drilling. • Mineralisation at Lucky Strike is constrained to a particular iron rich geological unit logged as a BIF (banded iron formation). Holes were sampled using 4m composite samples for the entire length of the hole. Where SIF was logged by the geologist and/or >0.1g/t Au in collected 4m composite samples was intercepted, 1m samples were collected and sent to the laboratory for analysis by fire assay.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The North-East orientated drill traverses considered effective to evaluate the roughly North-West trending banded iron formation (BIF) stratigraphic unit which is interpreted to be the prospective host rock. The RC drill holes were intended as follow-up work to assess previous Lefroy AC and DD drill holes which were orientated on East-West drill lines which intercepted high gold grades and favourable geology. • The new orientation is considered to be a more effective test of “true” width of the host rock due to the fact the host rock unit is strikingroughlyNorth-West/South-East.
Sample security	• The measures taken to ensure sample security.	• Samples were bagged in labelled and numbered polyweave or plastic bags, collected and personally delivered to the Bureau Veritas Laboratory (Kalgoorlie) by Company field personnel. Samples were then sorted and checked for inconsistencies against lodged Submission sheet by Bureau Veritas staff. • Bureau Veritas checked the samples received against the Lefroy Exploration Limited (LEX) submission sheet to notifyof anymissingor

Criteria	JORC Code Explanation	Commentary
		extra samples. Following analysis, the sample, pulps and residues are retained by the laboratoryin a secure storageyard.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All sampling and analytical results of the drill program were reviewed by the Senior Exploration Geologist and Managing Director. Anomalous gold intersections were checked against library chip trays to correlate with geology. No specific audits or reviews have been conducted.

Section 2: REPORTING OF EXPLORATION RESULTS – LEFROY PROJECT- Lucky Strike Prospect-April/May 2019 RC Drilling -1m split samples

Section2:REPO Drilling -1m split	RTING OF EXPLORATION RESULTS – LEFROY PROJE samples	CT- Lucky Strike Prospect-April/May 2019 RC
Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Lefroy Project is located approximately 50 km in south east from Kalgoorlie, Western Australia and consists of a contiguous package of wholly owned tenements held under title by LEX or its wholly owned subsidiary’s Hogans Resources Pty Ltd. The work described in this report was completed on mining licence. • M 25/366 held 100% by Monger Exploration Pty Ltd a wholly owned subsidiary of Lefroy Exploration Limited • The tenement is current and in good standing with the Department of Mines and Petroleum(DMP)of Western Australia.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Some previous exploration work was completed on the Lucky Strike trend by Integra Mining Limited, Western Mining and Octagonal Resources. The bulk of this work included phases of Aircore (AC). This work identified mineralisation along the trend, however no previous explorer had produced thegoldgrades Lefroyhas identified.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Lefroy Project is located in the southern part of the Norseman Wiluna Greenstone Belt and straddles the triple junction of three crustal units, the Parker, Boorara and Bulong Domain. The Lefroy project tenements are mostly covered by alluvial, colluvial and lacustrine material with very little outcrop. Lucky Strike is hosted in banded iron formation within a thin (<300m approx.) package of metamorphosed sediments, sandwiched between basalt and high Mg basalt stratigraphy. It lies proximal to the GSWA’s interpreted position for the domain bounding north-west trending Mount Monger Fault. It is unknown what the relationship is between these sediments and the surrounding mafic stratigraphy and how that fits in with the well-studied stratigraphy of the Kalgoorlie Terrane.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole •down hole length and interception depth	• Table containing drill hole collar, survey and intersection data for material (gold intersections >0.25gpt Au with a max of 2m internal dilution) drill holes are included in the Table in the body of the announcement. • No Information has been excluded.

Criteria	JORC Code Explanation	Commentary
	• hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• All report grades have been length weighted. High grades have not been cut. A lower cut off of 0.25gpt Au has been used to identify significant results (intersections). • Where present, higher grade values are included in the intercepts table and assay values equal to or > 1.0 g/t Au have been stated on a separate line below the intercept assigned with the text ‘includes’. • Reported RC results have been calculated using 1m split samples. No metal equivalent values or formulas used.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• All results are based on down-hole metres. • Previous drill coverage has provided guidance for the presence of steeply dipping stratigraphy comprising a sedimentary package of rocks containing banded iron formations (BIF) which provide a good host rock for gold mineralisation. A ground magnetic survey completed in 2018 over the area of interest confirms a NW strike of the magnetic sediments within the stratigraphy and hence has guided the orientation of drilling for this program. Structural measurements on orientated diamond drill core from a previous Lefroy Exploration drill program also assisted in decided which orientation to drill these follow up RC holes. Results from this drill program do not represent ‘true widths’ however holes are designed to intercept the host sequence perpendicular to its strike.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate summary diagrams (section & plan) are included in the accompanying announcement.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Significant assay results are provided in Table 1 for the recent LEX RC drill program. • Drill holes with no significant results are not reported. • Significant assay results from historical drillingare noted in the bodyof the report.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• All relevant data has been included within this report.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• The appropriate next stage of exploration planning is currently underway and noted in the body of the report.