LEFROY EXPLORATION LIMITED — Capital/Financing Update 2020

Feb 25, 2020

ASX Announcement 26 February 2020

Outstanding Results Reinforce Lucky Strike Potential

LEFROY EXPLORATION LIMITED

A Western Australian Focused Gold Explorer ASX Code: LEX

Shares on Issue: 100.5m

Current Share Price: 9 19c Lefroy

Market Capitalisation: $19.1m

Board of Directors Chairman Gordon Galt

Non-Executive Directors Michael Davies Geoffrey Pigott

Managing Director Wade Johnson

Highlights

A thirty-seven-hole RC drill program at Lucky Strike has delivered multiple high-grade gold intersections and advanced understanding of the geometry of the two plunging mineralised structures

• Significant new shallow oxide gold intersections include :

• 8m @ 18.6g/t Au from 145m in LEFR217 incl. 5m @ 28.1/t Au from 145m

• 4m at @14.3g/t Au from 70m in LEFR199 incl. 2m @ 24.1g/t Au from 70m

• 3m at 7.79g/t Au from 130m in LEFR190

• 11m at 3.48g/t Au from 170m in LEFR216

• 5m at 2.41g/t Au from 98m in LEFR200

• 11m at 2.29g/t Au from 95m in LEFR205

• o 11m at 1.29g/t Au from118m in LEFR220

Flagship Exploration Project Lefroy Gold Project

Growth Exploration Project Lake Johnston Project

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

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

www.lefroyex.com

• These results are from drilling that evaluated and infilled 480m of strike of the main BIF unit to a vertical depth of 150m

• The intersection in LEFR217 is now the highest gram meter intersection at Lucky Strike to date and further supports an interpreted south east plunging main lode, which is open

• The intersections in LEFR199 and LEFR220 support previous hole LEFR140 (18m @6.57g/t Au) and further support the existence of a second south east plunging lode which is also open

• RC drilling at Lucky Strike to date is confined to a 740m corridor within the 3000m long Lucky Strike trend defined by wide spaced air core drilling

• This drill information will be incorporated in the preparation of a maiden resource estimate at Lucky Strike which is due to be completed in the June 2020 Quarter

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ASX Announcement, 26 February 2020

ASX Announcement 26 February 2020

The Board of Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to announce further outstanding results from a recent program of reverse circulation (RC) 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 granted (12 April 2019) Mining Lease M25/366 (Figure 2).

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Figure 1 Lefroy Gold Project showing 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 exploration area.

This release covers the results from a recent campaign of 37 holes (LEFR183-LEFR220) that were aimed at the definition of the shallow oxide mineralisation within the Banded Iron Formation host rock to underpin a maiden Resource Estimate.

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) (Figure 2).

The Lucky Strike Trend was identified as a prospective structural corridor, adjacent to the regional scale Mt Monger Fault (Figures 1 & 2), after integration of previous exploration with detailed ground gravity data. The area near Lucky Strike is a continued high priority exploration focus for the Company, with gold anomalies identified at Red Dale, Havelock, Neon, Capstan and more recently Mulga3 and Burns highlighting the district scale gold prospectivity (Figures 1 & 2)

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ASX Announcement, 26 February 2020

ASX Announcement 26 February 2020

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Figure 2 Location of the Lucky Strike prospect and trend relative to other gold prospects and the Randalls Processing Plant. Refer to Figure 3 for inset drill hole and geology plan.

Drill Program

The RC drill program was designed to infill and evaluate 480m of strike of shallow oxide gold mineralisation hosted by a Banded Iron Formation (BIF) which was identified from multiple phases of step out (80m) RC and diamond drilling during 2019.

The results of that step out drilling confirmed the continuity of the BIF under transported cover to the south east and highlighted a deeply weathered (oxidised) metasedimentary sequence of rocks, including BIF, wedged between a hanging wall andesite and a footwall basalt. The BIF in this location is preferentially oxidised to approximately 200m from surface and interpreted to be due the effects of weathering of alteration minerals such as pyrite.

The most recent phases of RC drilling (LEX:ASX release 20 November 2019) intersected impressive shallow oxide gold intersections within the BIF that confirm and reinforce the interpretation of a new BIF hosted plunging lode centered on the impressive intersection in hole LEFR140 (18m @6.57g/t Au from 68m) that is open down plunge. This lode and the plunge geometry are further supported by the intersection in LEFR146, also in oxide BIF, and which is open. The plunge orientation of this new lode is consistent with that observed from drilling in the main drilled area of Lucky Strike (Figure 4).

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ASX Announcement, 26 February 2020

ASX Announcement 26 February 2020

An RC drilling program was commenced in January 2020 to infill and better constrain the oxide gold mineralisation that had been defined by prior wide spaced sections (80m spaced) and holes and to a vertical depth of 150m.

The program consisted of 37 holes for 5401m of drilling on ten drill sections to evaluate approximately 480m of strike immediately to the south-east of the Lucky Strike discovery zone (Figure 3). The angled holes were spaced at nominal 20 or 40m centres on each of the ten drill sections completed, the majority of the holes ranging in depth from130m to 160m.

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Figure 3 Lucky Strike geology and drill hole plan. The new RC holes highlighted and prefixed LEFR. Refer to Figure 5 for drill section A-A[’]

The results from the RC drilling program (Table 1) confirm two robust zones of oxide gold mineralisation that are interpreted to form the shallow expression of shallowly plunging ore shoots that remain open at depth. The gold mineralisation is hosted within a main BIF unit that has been defined over a 740m strike length and is open to the south east and under cover.

Lesser gold mineralisation has also been intersected in a lower or footwall BIF unit. This unit is better mineralised where the two BIF units converge at the north west end of the system (refer Long section Figure 4).

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ASX Announcement, 26 February 2020

26 February 2020

ASX Announcement

Outstanding gold intersections were recorded from the recent drilling in each of these ore shoots as follows: -

• 8m @ 18.6g/t Au from 145m in LEFR217

• incl. 5m @ 28.1g/t Au from 145m

• 4m at @14.3g/t Au from 70m in LEFR199

• incl. 2m @ 24.1g/t Au from 70m

Other significant results returned (Table1) from the program include: -

• 3m at 7.79g/t Au from 130m in LEFR190

• 11m at 3.48g/t Au from 170m in LEFR216

• 5m at 2.41g/t Au from 98m in LEFR200

• 11m at 2.29g/t Au from 95m in LEFR205

• 13m at 1.41g/t Au from 92m in LEFR218

• 11m at 1.29g/t Au from 118m in LEFR220

The exceptional very high-grade gold intersection in LEFR217 is hosted within a partly oxidised sulphide altered BIF unit. The BIF unit is thickening or widening with depth, and this broader zone may represent a structural thickening due to folding of the BIF. The high-grade intersection in LEFR217 is confined within a shallowly south east plunging zone of gold mineralisation (ore shoot) that is open both down dip and down plunge. This ore shoot has a down plunge extent of approximately 500m and is open.

The shallow high-grade intersection in LEFR199 is within an interpreted strongly oxidised BIF unit (Figures 3 & 4) that represents the near surface position of a new plunging lode centered on the discovery hole LEFR140(18m @6.57g/t Au). This lode and the plunge geometry are further supported by the intersection in LEFR220, which is also in oxide BIF (Figure 4) and is open. The plunge orientation of this new lode is consistent with that observed from drilling in the main area of Lucky Strike (refer long section Figure 4). The mineralisation in LEFR220 is open along strike to the south east and down plunge and offers a new exploration opportunity at Lucky Strike

It is important to note that the high grade mineralisation intersected in holes LEFR140, 146 and 199 is masked beneath approximately 12m of transported cover which remained unrecognised in previous (2017) wide spaced (80m by 160m) aircore drilling by the Company. The discovery of this new mineralisation was guided by the coincidence of the deepening level of oxidation to the south east of Lucky Strike and the linear gravity anomaly.

Gold mineralisation in the BIF-metasediment package at Lucky Strike now has a strike length of 740m and remains open to the south east (Figure 2 & 3). This area has only been evaluated by wide spaced air core drilling beneath the transported cover.

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ASX Announcement, 26 February 2020

ASX Announcement 26 February 2020

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Figure 4 Lucky Strike Schematic Long Section highlighting pierce points of drill holes intersecting the main BIF unit. Key gold intersections and interpreted plunge of gold system with depth to top of fresh rock (TOFR) increasing to the south east are also shown. The extent of the mineralisation in the lower BIF is shown superimposed on the main BIF.

Discussion and Next Steps

The results from the recent phase of infill RC drilling provide further support for the interpretation that Lucky Strike is part of a larger mineralised structural trend.

The ten infill drill sections that evaluated 480m of strike at the south east part of Lucky Strike intersected a very deep oxidation trough within BIF with associated gold mineralisation that is dissimilar to the main part of Lucky Strike. The earlier drilled part of Lucky Strike contains multiple BIF units and relatively shallow depth to fresh rock (refer long section Figure 4).

The increased drill density focusing on the shallow oxide mineralisation has both improved the confidence in the dimensions of this to a vertical depth of approximately 150m but also provided a stronger input to the geometry of the primary control on the mineralisation, recognised as the two ore shoots. The grade within and the continuity of these shoots provides confidence in the down plunge potential but also the opportunity to discover additional blind or hidden ore shoots along strike.

The new drill data continues to reinforce the Company’s view that Lucky Strike is part of a larger gold mineralised structure that has limited deeper effective RC drilling along its strike length.

Planning of the next stage of RC drilling is underway and will include step out drilling down plunge from LEFR217 and 220. Concurrent with the drilling the Company aims to commence resource modelling to deliver a maiden resource estimate in the June 2020 Quarter.

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ASX Announcement, 26 February 2020

ASX Announcement 26 February 2020

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Figure 5 Lucky Strike Drill Section A-A’ highlighting intersection in LEFR187-190 and LEFR217, geology and deep preferential oxidation profile.

This announcement has been authorised for release by the Board

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Wade Johnson

Managing Director

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ASX Announcement, 26 February 2020

ASX Announcement 26 February 2020

Table 1: 2020 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 for holes LEFR183 to LEFR220.

Hole ID	Collar E (MGA)	Collar N (MGA)	**Collar RL **	Depth (m)	**Dip **	Azimuth	Depth From (m)	Depth To (m)	Downhole Intersection (m)	Au Value (g/t)
LEFR184	404028	6555642	290	139	-60	30	60	64	4	0.92
Also							53	54	1	0.71
LEFR186	403988	6555572	290	167	-60	30	108	111	3	0.69
Also							127	138	11	1.59
LEFR187	404092	6555593	291	152	-60	30	64	68	4	0.55
LEFR189	404051	6555524	291	160	-60	30	103	106	3	1.84
LEFR190	404032	6555488	291	178	-60	30	130	133	3	7.79
Also							156	158	2	0.61
LEFR192	404099	6555523	291	86	-60	30	28	32	4	0.5
LEFR198	404141	6555517	291	146	-60	30	42	52	10	0.36
LEFR199	404132	6555502	291	134	-60	30	70	74	4	14.3
Including							70	72	2	24.2
LEFR200	404120	6555483	291	116	-60	30	98	103	5	2.41
LEFR201	404110	6555466	291	190	-60	30	133	135	2	0.82
LEFR202	404100	6555449	291	176	-60	30	139	144	5	0.42
Also							155	158	3	0.37
LEFR204	403970	6555621	290	130	-60	30	84	89	5	2.08
LEFR205	403933	6555648	291	128	-60	30	95	106	11	2.29
Including							99	103	4	5.03
LEFR206	403951	6555630	290	120	-60	30	24	28	4	0.4
Also							87	89	2	0.5
Also							93	101	8	1.46
LEFR207	403959	6555648	290	120	-60	30	66	67	1	2.04
Also							73	74	1	1.81
LEFR208	403942	6555615	290	156	-60	30	32	34	2	0.93
Also							111	112	1	0.73
LEFR209	403949	6555586	290	178	-60	30	20	24	4	0.73
Also							132	137	5	0.53
LEFR211	404197	6555452	291	134	-60	30	40	44	4	0.85
LEFR216	404089	6555431	291	214	-60	30	170	181	11	3.48
Including							173	177	4	5.11
LEFR217	404034	6555486	291	190	-62	30	135	139	4	0.52
Also							145	153	8	18.66
Including							145	150	5	28.14
LEFR217	404034	6555486	291	190	-62	30	166	170	4	0.36
LEFR218	403998	6555589	290	158	-60	30	22	28	6	0.41
Also							92	105	13	1.41
Including							95	100	5	2.97
Also							112	113	1	9.24
Also							156	158	2	1.46
LEFR219	403977	6555556	290	166	-60	30	20	24	4	0.46
LEFR220	404178	6555339	291	160	-60	30	118	129	11	1.29

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ASX Announcement, 26 February 2020

ASX Announcement 26 February 2020

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 621km[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, 26 February 2020

ASX Announcement

26 February 2020

Notes Specific-ASX Announcements

The following announcements were lodged with the ASX and further details (including supporting JORC Reporting Tables) for the drill results 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 RC and diamond drilling results at Lucky Strike at the Lefroy Gold Project.

• 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

• Strong Gold Intersection Extends Lucky Strike: 13 May 2019

• Drilling Supports large Mineralised Trend at Lucky Strike: 3 July 2019

• Step Out Drilling Delivers Impressive Results at Lucky Strike: 27 September 2019

• Further Strong Drill Results Confirm New Lode at Lucky Strike: 20 November 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, 26 February 2020

JORC CODE, 2012 Edition-Table 1 Report –Lefroy Project –Lucky Strike Prospect February 2020 RC Drilling

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) at the Lucky Strike prospect. The RC program comprised 37 angled holes for 5401m. Holes varying in depth from 72m to 220m with an average depth of 145m. All holes were drilled -600(dip) toward 0300(Azimuth) with the exception of LEFR217 which started at -620. Holes were generally spaced along 20m centres on lines 20m to 40m apart. • Sampling and QAQC protocols as per industry best practice with further details below. • RC bulk 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 were collected directly off the drill rig cone splitter into calico bags attached to the cyclone. The sample collected generally weighed 2-3kg. 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 except where the geologist logs BIF (Banded Iron Formation) which is generally the host lithology to gold mineralisation at Lucky Strike and as such the 1m split sample direct off the cyclone was sent to the laboratory for analysis. Upon receival of the 4m composite results outside of the BIF, 1m split samples were then collected from anomalous gold intervals (>0.1g/t Au). 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 a KWL350RC 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.	• Most of the 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 (e.g. 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 RC 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.
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	• 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 chiptrays for future reference for RC drilling.

Criteria	JORC Code Explanation	Commentary
	quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Every hole 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.	• Sampling of 1m intervals directly off a rig-mounted cone splitter into separate calico bags. Sample weight 2 - 3 kg. A 4m composite sample was collected, from 0m to EOH for each hole. The 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 (collected at cyclone) 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 2 per 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) and precision 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.
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 planned to twin prior drill holes. • 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 and Raglan 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.

Criteria	JORC Code Explanation	Commentary
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 to 40m centres on 0300 orientated drill lines with line spacing 20m around 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 BIF 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 are 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 drill orientation is a more effective test of “true” width of the host rock due to the fact the host rock unit is striking roughly North-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 notify of any missing or 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 ProspectFebruary 2020 RC Drilling

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 Monger Exploration Pty Ltd. The work described in this report was completed on a Mining lease M 25/366. • M25/366 is held 100% by Monger Exploration Pty Ltd a wholly owned subsidiary of Lefroy Exploration Limited • The tenements are 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 identified mineralisation at Lucky Strike and as such this is a new discovery by Lefroy Exploration.
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 • 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.	• 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
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 sequenceperpendicular 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 (>2m and >0.50g/t Au) are not reported. • Significant assay results from historical drilling are 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.