LEFROY EXPLORATION LIMITED — Capital/Financing Update 2021

Sep 23, 2021

ASX RELEASE-24 September 2021

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-Ag
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Burns Update +200m of Cu-Au from near surface in Western Basalt

The

• Assay results have been received from four holes from a 9-hole RC drill program totalling 2328m drilled at the Burns Au-Cu prospect in July. Three holes were sited on 160S section (southernmost section) to evaluate the Au-Cu mineralisation first recognised in the western basalt in hole LEFR273 in March 2021.

• Significant new results, both starting at shallow depth, include:

• LEFR289 - 244m @ 0.14% Cu & 0.10g/t Au from 20m and 24m @ 0.12% Cu & 0.46g/t Au from 306m to EOH (total 268m of mineralisation)

• LEFR288 - 68m @ 0.15% Cu & 0.05g/t Au from 24m and 27m @ 0.16% Cu & 0.18g/t Au from 110m (total 95m of mineralisation)

• Reappraisal of results from earlier RC and diamond holes has now also been done. This shows that a mineralisation envelope, with similar significant Cu-Au intercepts and again starting at shallow depths, exists throughout the western basalt. The mineralisation is currently demonstrated over a 250m strike length that is open. Relevant intercepts include:

• LEFR273 - 282m @ 0.12% Cu & 0.43g/t Au from 24m

• LEFR271 - 110m @ 0.53% Cu & 0.31g/t Au from 20m

• LEFR272 - 69m @ 0.32% Cu & 0.13g/t Au from 20m and 203m @0.19% Cu & 0.23g/t Au from100.2m (total 272m of mineralisation)

• LEFR270 - 36m @ 0.53% Cu & 0.49g/t Au from 34m

• The mineralisation is hosted by both oxide and fresh rock. The oxide zone forms a 25-50m thick layer commencing immediately beneath the barren transported shallow cover 22m from surface. Initial investigations suspect the fresh basalt to contain chalcocite with further analysis underway to confirm the mineral assemblage

• The wide basalt hosted Cu-Au mineralisation is additional to the Au-Cu-Ag mineralisation in the Eastern Porphyry, which is approximately 120m east of the western basalt. The multiple mineral styles further support the contention that Burns is part of a much larger Au-Cu-Ag intrusion related mineral system.

Managing Director, Wade Johnson, commented “The large copper intersection in LEFR289 is

• outstanding by any measure. With oxide mineralising commencing immediately beneath the shallow cover and over at least 250m of strike this provides an easily accessible style of mineralisation for future

• development options. The new copper and gold mineralisation in the Western Basalt is wide open and

• when combined with the recent results from the Eastern Porphyry demonstrates the emerging larger scale of this unique mineral system. LEX will commence follow up RC drilling soon to further expand Burns and test the limits of this intrusion related system both on land and out on Lake Randall”.

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

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

ASX Code: LEX Shares on Issue: 120M Market Capitalisation: $46.2m

www.lefroyex.com

ASX Announcement 24 September 2021

Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to report assay results from 4 of the nine-reverse circulation (RC) holes that were completed in July 2021 evaluating the Burns copper (Cu) gold (Au) prospect. Burns is within the Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km southeast of Kalgoorlie (Figure 1).

The Burns copper gold prospect is situated outboard of a large interpreted felsic intrusion, termed the Burns Intrusion. The intrusion does not outcrop but features a distinctive annular aeromagnetic and gravity geophysical signature. The Company has not yet established the association between the larger Burns intrusion and the diorite porphyry intrusions intersected at Burns but consider there is a genetic relationship between them.

Broad high-grade gold mineralisation is hosted within a newly discovered hematite-pyritechalcopyrite-magnetite altered diorite porphyry (refer LEX ASX release 23 February 2021) that intrudes high Mg basalt at Burns. This porphyry, termed the Eastern Porphyry, is open to the north and south. The eastern extent of the Eastern Porphyry is now defined, on multiple drill sections, by foliated basalt (footwall basalt). The copper and gold mineralisation hosted by both the diorite porphyry, basalt and massive magnetite veins is considered by the Company to be a new style of Au-Cu-Ag mineralisation in the area, a land position dominated by Lefroy (Figure 1). The existence of additional mineralisation under Lake Randall is not discounted by the current drilling campaign and additional programs are being planned for CY2021 to expand the system.

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Figure 1 Lefroy Gold Project, highlighting Eastern and Western Lefroy, the location of the Burns prospect and proximity to Lucky Strike. Refer to Figure 2 for Burns drill hole plan.

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24 September 2021

Nine Hole RC program-background

A nine-hole RC drill program (Table 1) was commenced and completed in July 2021 (refer LEX ASX release 20 July 2021) to evaluate both strike extensions to the Eastern Porphyry but also strike and down dip extensions to the Cu-Au mineralisation in the western basalt. A total of 2328m of drilling was completed testing 4 targets, including a single hole testing the Smithers aeromagnetic anomaly. The Burns system is characterised by copper gold mineralisation hosted by both diorite porphyry and high Mg basalt over a 320m strike length and approximately 250m wide with its limits yet to be determined.

The drilling targeted both strike extensions to the Eastern Porphyry (Figure 2) but also strike and down dip extensions to the Cu-Au mineralisation in the western basalt. The key areas of focus were as follows:

• Testing the northern strike extensions of the Eastern Porphyry,

• Evaluating the northern strike extent and down dip continuity of shallow oxide mineralisation in LEFR270 that intersected 22m @ 0.77g/t Au & 0.71% Cu from 34m (refer LEX ASX release 27 April 2021)

• Extending the multiple broad Cu Au intersections hosted in the western basalt down dip from holes such as OBUDD001 and LEFR272

• The southern strike extension of the mineralisation in LEFR273 that intersected 29.1m @ 2.64g/t Au & 0.18% Cu from 277.4m (refer LEX ASX release 29 April 2021)

Four holes (LEFR290, 291, 292, 293) evaluated the northern extension of the Burns system (Figure 2). Hole LEFR290, a 40m step out to the north intersected a 101m downhole interval of altered porphyry including a 10m interval containing intense magnetite-pyrite alteration. The porphyry is open to the north. Results are pending.

Hole LEFR 292, an 80m step out from LEFR285 intersected a thick 30m down hole interval of massive magnetite containing up to 20% pyrite alteration in basalt in hole LEFR292. This is one of the largest intersections of magnetite containing coarse pyrite (refer Figure 10 LEX ASX release 2 August 2021) at Burns and is open to the north. This also continues to demonstrate that the basalt can also be a host to the magnetite sulphide (pyrite, chalcopyrite) mineralisation at Burns and outlined as magnetic anomalies for drill testing.

A fence of three 80m spaced holes (LEFR287, 288, 289) were drilled on the 160S section line to evaluate the southern strike extension of the Au-Cu mineralisation in the LEFR273 (Figure 2) and the broad downhole intervals of dominantly copper mineralisation in the western basalt intersected in holes LEFR271, and LEFR272 located 80m to the north.

Extensive copper mineralisation in the western basalt was first reported by the Company in early 2021. On 2 February 2021 the Company announced the intersection of native copper in fresh basalt in diamond core and on 9 March 2021 announced broad downhole intersections of Cu-

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ASX Announcement 24 September 2021

Au from multiple RC holes drilled as precollars for later diamond tails. Hole LEFR271 was reported (LEX ASX 9 March 2021) intersecting an impressive broad gold (Au), copper (Cu) and silver (Ag) intersection of

• 62m at 0.47g/t Au and 0.45% Cu from 68m down-hole to end of hole, including:30m at 0.57g/t Au, 0.63% Cu and 3.9g/t Ag from 100m

The mineralisation is hosted within an epidote-magnetite-pyrite altered High Mg Basalt. The basalt is a separate host but considered by the Company to be component of the gold-coppersilver mineralisation at Burns and is approximately 120m to the west of the high-grade gold copper mineralisation intersected in the eastern porphyry in LEFR260. Both host rocks where mineralised are magnetite altered.

A single RC hole was also drilled at Smithers as another attempt to evaluate this aeromagnetic anomaly approximately 250m to the north of Burns. The hole (LEFR294) was successful in penetrating the 70m downhole interval of palaeochannel cover to intersect diorite porphyry, similar to that at Burns and containing two narrow (3-5m) intervals of pyritic magnetite veining. This hole demonstrates the scale of the Burns system extends to Smithers, a distance of at least 500m, and will be a high priority target for the next phase of RC drilling.

Drill Results

Results for four of the 9 RC holes have been received (Table 2) with the final 5 holes expected by the end of September.

The westernmost hole (LEFR289) on the 160S drill section intersected an impressive 244m downhole interval of copper mineralisation from 20m, hosted by high Mg basalt (Table 2). This was followed by a further 24m interval of copper mineralised basalt to the end of hole (EOH) at 330m, a combined downhole total of 268m of mineralisation. The mineralisation is open along strike to the south and at depth.

Significant results from the 4 RC holes include: -

• 244m @ 0.14% Cu & 0.10g/t Au from 20m in LEFR289 Incl. 7m @ 0.57% Cu & 0.03g/t Au from 24m Also incl. 7m @ 0.58% Cu & 0.14g/t Au from 216m

• 24m @ 0.12% Cu & 0.46g/t Au from 306m to EOH in LEFR289 Incl. 4m @ 0.12% Cu & 0.46g/t Au from 307m

• 68m @ 0.15% Cu & 0.05g/t Au from 24m in LEFR288

• 27m @ 0.16% Cu & 0.18g/t Au from 110m in LEFR288

The copper mineralisation in LEFR289 is associated with more extensive and elevated magnetite alteration in the high Mg basalt. The mineralisation is masked by post mineral surficial clays and sands that varies from 20m to 25m in thickness from surface.

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ASX Announcement 24 September 2021

The elevated copper values commence in both LEFR288 and LEFR289 immediately beneath the transported cover within the oxidised basalt host rock (refer Table 3). The last 1m interval of hole LEFR289 ended in 0.06% Cu and 0.13g/t Au (Table 3) with lessor grade in the prior intervals suggesting the mineralisation is increasing again at depth. LEFR289 includes a 4m interval from 307m that is strongly elevated (up to 1060ppm) in tungsten (W) with associated gold copper and silver.

A consistent key feature of the Burns system recognised from assay results from these recent and other drill holes at Burns is the Au-Cu-Ag-Mo mineral signature. This is recognised in both the eastern porphyry and the western basalt components of the system. This metal signature and the magnetite association are valuable indicators to guide exploration along the Burns corridor and key ingredients for further discoveries of this style of mineralisation

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Figure 2 Drill hole plan at the Burns prospect highlighting the Jan-Jul 2021 drill program (LEFR259 to LEFR295) relative to LEFR260 and the interpreted extent of the Eastern Porphyry and Western Basalt (refer Figure 3 for the 160S drill section).

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24 September 2021

ASX Announcement

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.

Figure 3 160 south drill section geology and key RC drill intersections.

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ASX Announcement 24 September 2021

The copper and gold mineralisation in the western basalt was first recognised and reported by the Company on 2 February 2021 from the maiden 21-hole RC and diamond drill program at Burns. Multiple holes on 40m spaced consecutive drill sections intersected intervals of fresh basalt containing native copper. The copper was present as either fine disseminations or up to 1cm sized pieces usually in fracture or vein fill associated with gypsum and calcite (refer Figure 4 LEX ASX release 2 February 2021).

RC pre-collared diamond hole LEFR273 had two zones of native copper, the deepest being at 190m down hole. The observation of native copper at Burns was not previously noted in the historical RC or diamond drilling and was considered by the Company to be an important development at the time. Holes LEFR 266, 268, 271, 273 and 275 also intersected native copper. Results from this program were reported to the ASX on 9 March 2021. Hole LEFR271 intersected 62m @ 0.47g/t Au & 0.45% Cu from 68m downhole to end of hole hosted within fresh epidote-magnetite-pyrite altered basalt.

There is a general absence of readily identifiable copper sulphide mineral species in the fresh basalt in LEFR289. The Company suspects that chalcocite maybe responsible for the broad copper values and further test work is underway to evaluate this

The recent impressive copper intersection and results from LEFR289 prompted a review and re assessment of RC and diamond drill holes completed by the company along the western basalt zone. These holes also had broad intervals of Cu Au mineralisation re calculated using the same parameters as that used for LEFR287-289. Significant intercepts from this reappraisal (Table 4) include: -

• 282m @ 0.12% Cu & 0.43g/t Au from 24m in LEFR273

• 110m @ 0.53% Cu & 0.31g/t Au from 20m in LEFR271 Incl. 29m @ 0.67% Cu & 0.58g/t Au from 101m

• 69m @ 0.32% Cu & 0.13g/t Au from 20m in LEFR272

• 203m @0.19% Cu & 0.23g/t Au from100.2m in LEFR272

• 36m @ 0.53% Cu & 0.49g/t Au from 34m in LEFR270

The combined drill intercepts demonstrate a zone of Cu Au mineralisation in the western basalt having a strike length of 250m. This zone is open along a strike and at depth. This basalt hosted Cu-Au mineralisation is a component of the Burns mineral system and additional to the thick high-grade gold porphyry hosted intersection previously reported in hole LEFR260 located approximately 120m to the east.

The varying alteration styles in contrasting host rocks, combined with previously reported native copper hosted in fresh basalt, and the broad magnetite alteration system continue to provide support for a large primary intrusion related Au-Cu-Ag system at Burns.

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ASX Announcement

24 September 2021

Summary and Ongoing Burns Program

The recent assay results, those from the 40N section diamond drill holes and combined with those from the zero north section continue to highlight and support the growing scale and multistage style of mineralisation at Burns.

The general association of the Au-Cu-Ag mineralisation with magnetite provides a strong first order exploration focus on magnetic anomalies. Interpretation of the results from the recently completed detailed magnetic survey will provide the backdrop to evaluation of the multiple magnetic anomalies to the north and south of Burns (refer LEX ASX release 18 August 2021).

Assay results for the remaining 5 RC holes are expected by the end of September.

The integration of the geological model with the new processed aeromagnetic data is complete and has provided additional early-stage targets to the north along the developing Burns corridor.

Planning of the next phase of RC drilling to evaluate Burns, Smithers and north of Smithers is in progress. RC drilling is scheduled to commence in late September and planning for drilling of geophysical targets on lake Randall in CY2021 has commenced. These programs aim to build scale to the system and demonstrate the Burns prospect is part of a much larger mineralised intrusive system.

This announcement has been authorised for release by the Board

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Wade Johnson Managing Director

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Table 1

Burns drill hole collar details July 2021 RC Drill Program

Hole ID	**Collar E(MGA) **	Collar N(MGA)	**Collar RL **	Depth(m)	Azimuth	Dip	Target
LEFR287	407396.4	6549599.1	290.1	264	90	-60	Burns
LEFR288	407318.0	6549598.1	289.8	276	90	-60	Burns
LEFR289	407238.7	6549599.5	288.9	330	90	-60	Burns
LEFR290	407278.5	6549916.6	291.2	270	90	-60	Burns
LEFR291	407197.5	6549919.1	290.7	300	90	-60	Burns
LEFR292	407217.8	6549879.5	290.9	258	90	-60	Burns
LEFR293	407140.3	6549879.6	291.0	222	90	-60	Burns
LEFR294	406993.8	6550084.7	290.9	156	90	-60	Smithers
LEFR295	407144.3	6549847.9	290.7	252	90	-60	Burns

Table 2

Tabulation of RC drill Results (LEFR287,288,289,292)

Hole Id LEFR287 LEFR288 Incl LEFR288 Incl LEFR288 LEFR289 Incl Incl Incl Incl LEFR289 Incl LEFR292 LEFR292 LEFR292 LEFR292 Incl LEFR292	From (m)	To (m)	Interval (m)*	Cu (%)	Au (g/t)	Ag (g/t)	Mo (ppm)	Geology
	61	73	12.00	0.07	0.00	0.00	3.00	Basalt
	24	92	68.00	0.15	0.05	0.35	2.00	Basalt & Porphyry
	30	32	2.00	1.09	0.04	2.00	2.50	Basalt
	110	137	27.00	0.16	0.18	0.06	3.00	Basalt
	127	128	1.00	1.74	1.87	1.50	8.00	Basalt
	206	213	7.00	0.12	0.12	0.43	5.00	Basalt
	20	264	244.00	0.14	0.10	0.09	3.00	Basalt & Porphyry
	24	31	7.00	0.57	0.03	0.57	3.00	Oxide - Basalt
	69	74	5.00	0.42	0.13	0.00	3.00	Oxide - Basalt
	216	223	7.00	0.58	0.14	0.00	11.00	Basalt
	253	262	9.00	0.26	0.09	0.80	14.00	Basalt & Porphyry
	306	330	24.00	0.12	0.46	0.19	7.00	Basalt
	307	311	4.00	0.41	1.90	1.10	23.00	Basalt
	39	48	9.00	0.13	0.02	0.11	1.00	Basalt & Porphyry
	123	126	3.00	0.04	0.27	0.00	1.70	Basalt
	196	198	2.00	0.27	0.60	0.75	16.00	Basalt
	201	207	6.00	0.07	0.92	0.00	13.00	Basalt with magnetite &pyrite
	204	206	2.00	0.08	2.09	0.00	11.00	Basalt with intense magnetite
	254	257	3.00	0.00	0.33	0.00	6.00	Porphyry

calculations: LEFR287, 288, 289 used 0.05% Cu, 0.1g/t Au, 15m internal dilution. LEFR292 is part of the Eastern Porphyry zone, and intercept calculation parameters used (0.25g/t Au, 0.1% Cu, 2m internal dilution) being consistent with other holes reported from that zone. Au-Gold, Cu-Copper, Ag-Silver, Mo-Molybdenum

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ASX Announcement 24 September 2021

Table 3 LEFR289 Drill Results

Hole ID	From (m)	To (m)	Interval (m)*	Cu (%)	Au (g/t)	W (ppm)	Mo (ppm)	Ag (g/t)	Geology
LEFR289	1	4	3	0.00	-0.01	1.50	1.50	-0.5	Transported cover
LEFR289	4	8	4	0.01	-0.01	1.50	2.00	-0.5
LEFR289	8	12	4	0.00	-0.01	1.00	2.00	-0.5
LEFR289	12	16	4	0.00	-0.01	1.50	2.50	-0.5
LEFR289	16	20	4	0.00	-0.01	1.50	4.00	-0.5
LEFR289	20	24	4	0.08	0.08	1.00	5.50	-0.5	Basalt - oxidised
LEFR289	24	28	4	0.59	0.03	1	4	-0.5
LEFR289	28	29	1	1.02	0.02	2.5	1.5	2
LEFR289	29	30	1	0.40	-0.01	1	1	1
LEFR289	30	31	1	0.27	0.07	1	1.5	1
LEFR289	31	32	1	0.16	-0.01	1	1	-0.5
LEFR289	32	33	1	0.14	-0.01	1.5	1	-0.5
LEFR289	33	34	1	0.16	-0.01	1.5	1	-0.5
LEFR289	34	35	1	0.15	-0.01	2	1.5	-0.5
LEFR289	35	36	1	0.17	-0.01	1.5	1.5	-0.5
LEFR289	36	37	1	0.16	-0.01	2	2	-0.5
LEFR289	37	38	1	0.20	0.17	2	3	-0.5
LEFR289	38	39	1	0.17	0.02	2	2	-0.5
LEFR289	39	40	1	0.37	0.13	1.5	2.5	-0.5
LEFR289	40	41	1	0.30	0.12	2	3	-0.5
LEFR289	41	42	1	0.21	0.05	2.5	2	-0.5
LEFR289	42	43	1	0.17	-0.01	1.5	1	-0.5
LEFR289	43	44	1	0.29	-0.01	1.5	8	-0.5
LEFR289	44	45	1	0.25	0.07	1.5	1.5	-0.5
LEFR289	45	46	1	0.21	0.1	1	1	-0.5
LEFR289	46	47	1	0.19	0.04	2	1	-0.5
LEFR289	47	48	1	0.24	0.17	2.5	3	-0.5
LEFR289	48	49	1	0.14	0.05	1	1	-0.5
LEFR289	49	50	1	0.14	0.04	2	3	-0.5
LEFR289	50	51	1	0.16	0.1	1	1	-0.5
LEFR289	51	52	1	0.08	0.02	1	1	-0.5
LEFR289	52	53	1	0.07	0.02	1	0.5	-0.5
LEFR289	53	54	1	0.12	0.18	1	2	-0.5
LEFR289	54	55	1	0.21	0.18	1.5	1.5	-0.5
LEFR289	55	56	1	0.24	0.25	3.5	2.5	-0.5
LEFR289	56	57	1	0.32	0.31	4.5	7	0.5
LEFR289	57	58	1	0.18	0.18	2	1	-0.5
LEFR289	58	59	1	0.20	0.3	2	2	-0.5
LEFR289	59	60	1	0.28	0.24	2.5	3	-0.5
LEFR289	60	61	1	0.21	0.43	3.5	7	-0.5
LEFR289	61	62	1	0.19	0.34	3.5	2	-0.5
LEFR289	62	63	1	0.26	0.66	2	1.5	0.5
LEFR289	63	64	1	0.15	0.17	0.5	0.5	-0.5
LEFR289	64	65	1	0.10	0.05	0.5	0.5	-0.5
LEFR289	65	66	1	0.10	0.06	0.5	0.5	-0.5
LEFR289	66	67	1	0.08	0.05	0.5	0	-0.5
LEFR289	67	68	1	0.13	0.09	0.5	0	-0.5
LEFR289	68	69	1	0.18	0.07	1	1	-0.5
LEFR289	69	70	1	0.36	0.11	1.5	1	-0.5

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Table 3 cont. LEFR289 Drill Results

	Hole ID	From (m)	To (m)	Interval (m)*	Cu (%)	Au (g/t)	W (ppm)	Mo (ppm)	Ag (g/t)	Geology
	LEFR289	70	71	1	0.52	0.08	3	2.5	-0.5	Basalt-oxidised
	LEFR289	71	72	1	0.56	0.1	4.5	4.5	-0.5
	LEFR289	72	73	1	0.39	0.18	6	3	0.5
	LEFR289	73	74	1	0.29	0.17	6	5	-0.5
	LEFR289	74	75	1	0.17	0.06	2	3	-0.5
	LEFR289	75	76	1	0.07	0.03	1.5	0.5	-0.5
	LEFR289	76	77	1	0.07	0.06	2	1	-0.5
	LEFR289	77	78	1	0.07	0.02	2	1	-0.5
	LEFR289	78	79	1	0.08	0.03	1.5	0.5	-0.5
	LEFR289	79	80	1	0.11	0.04	2.5	1.5	-0.5
	LEFR289	80	81	1	0.12	0.06	2.5	1.5	-0.5
	LEFR289	81	82	1	0.20	0.07	3	1	-0.5
	LEFR289	82	83	1	0.20	0.05	2.5	1	-0.5
	LEFR289	83	84	1	0.19	0.06	2	1	-0.5	Epitode altered basalt
	LEFR289	84	85	1	0.22	0.08	3	2.5	-0.5
	LEFR289	85	86	1	0.40	0.28	4	5	-0.5
	LEFR289	86	87	1	0.14	0.16	2	1.5	-0.5
	LEFR289	87	88	1	0.14	0.06	2	1	-0.5
	LEFR289	88	89	1	0.16	0.09	3	1	-0.5
	LEFR289	89	90	1	0.09	0.14	3	1	-0.5
	LEFR289	90	91	1	0.09	0.08	3.5	1	-0.5
	LEFR289	91	92	1	0.05	0.11	1	0.5	-0.5
	LEFR289	92	93	1	0.06	0.06	1.5	1.5	-0.5
	LEFR289	93	94	1	0.03	0.04	1	1	-0.5
	LEFR289	94	95	1	0.03	-0.01	0.5	0	-0.5
	LEFR289	95	96	1	0.06	0.05	2	1	-0.5
	LEFR289	96	97	1	0.09	0.08	4	2	-0.5
	LEFR289	97	98	1	0.11	0.18	7.5	3	-0.5
	LEFR289	98	99	1	0.04	0.06	2.5	1.5	-0.5
	LEFR289	99	100	1	0.06	0.06	3	2	-0.5
	LEFR289	100	101	1	0.13	0.11	7	2	-0.5
	LEFR289	101	102	1	0.09	0.06	3	1.5	-0.5
	LEFR289	102	103	1	0.14	0.11	5	1	-0.5
	LEFR289	103	104	1	0.09	0.08	4	1.5	-0.5
	LEFR289	104	105	1	0.09	0.12	3.5	1.5	-0.5
	LEFR289	105	106	1	0.10	0.05	2.5	0.5	-0.5
	LEFR289	106	107	1	0.05	0.03	2.5	1.5	-0.5
	LEFR289	107	108	1	0.05	0.06	1.5	0.5	-0.5	Chlorite altered basalt
	LEFR289	108	109	1	0.03	0.03	1	1	-0.5
	LEFR289	109	110	1	0.05	0.06	1.5	1	-0.5
	LEFR289	110	111	1	0.02	-0.01	0.5	1	-0.5
	LEFR289	111	112	1	0.03	0.04	1.5	1	-0.5
	LEFR289	112	113	1	0.02	0.02	1.5	1	-0.5
	LEFR289	113	114	1	0.06	0.07	2.5	3	0.5
	LEFR289	114	115	1	0.03	0.02	1	0.5	-0.5
	LEFR289	115	116	1	0.09	0.26	2.5	1.5	-0.5
	LEFR289	116	117	1	0.07	0.07	2	1	-0.5
	LEFR289	117	118	1	0.07	0.15	2.5	3	-0.5
	LEFR289	118	119	1	0.11	0.19	1.5	1.5	-0.5
	LEFR289	119	120	1	0.05	0.06	0.5	1	-0.5
	LEFR289	120	121	1	0.05	0.04	0.5	0.5	-0.5
	LEFR289	121	122	1	0.06	0.22	2	1.5	0.5
	LEFR289	122	123	1	0.05	0.17	2	2	-0.5
	LEFR289	123	124	1	0.10	0.71	3.5	4	-0.5
	LEFR289	124	125	1	0.09	0.18	3.5	12	-0.5
	LEFR289	125	126	1	0.12	0.08	2.5	3.5	-0.5
	LEFR289	126	127	1	0.09	0.06	2	1	-0.5
	LEFR289	127	128	1	0.06	0.02	1.5	1	-0.5
	LEFR289	128	129	1	0.09	0.03	2	1.5	-0.5
	LEFR289	129	130	1	0.03	-0.01	1.5	1	-0.5
	LEFR289	130	131	1	0.05	0.06	1.5	1	0.5
	LEFR289	131	132	1	0.04	0.02	2	1.5	-0.5
	LEFR289	132	133	1	0.44	0.15	34.5	31	-0.5
	LEFR289	133	134	1	0.07	0.02	5	3.5	-0.5
	LEFR289	134	135	1	0.03	-0.01	1.5	1	-0.5
	LEFR289	135	136	1	0.02	-0.01	1	1.5	-0.5
	LEFR289	136	137	1	0.06	0.02	2.5	2	-0.5
	LEFR289	137	138	1	0.10	0.05	2	2	-0.5
	LEFR289	138	139	1	0.09	0.06	2	1	-0.5
	LEFR289	139	140	1	0.04	-0.01	2.5	1.5	-0.5

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24 September 2021

ASX Announcement

Table 3 cont. LEFR289 Drill Results

Hole ID	From (m)	To (m)	Interval (m)*	Cu (%)	Au (g/t)	W (ppm)	Mo (ppm)	Ag (g/t)	Geology
LEFR289	140	141	1	0.07	-0.01	2.5	1.5	-0.5	Chlorite altered basalt
LEFR289	141	142	1	0.05	-0.01	2	1.5	-0.5
LEFR289	142	143	1	0.05	-0.01	1.5	1	-0.5
LEFR289	143	144	1	0.07	0.04	1.5	1	-0.5
LEFR289	144	145	1	0.08	0.11	7	7.5	-0.5
LEFR289	145	146	1	0.05	0.23	5	4.5	-0.5	Epidote/magnetite altered basalt
LEFR289	146	147	1	0.08	0.06	3.5	3	-0.5
LEFR289	147	148	1	0.04	0.03	3.5	3.5	-0.5
LEFR289	148	149	1	0.06	0.1	3.5	3	-0.5
LEFR289	149	150	1	0.10	0.06	4	2.5	-0.5
LEFR289	150	151	1	0.08	0.09	5	2.5	-0.5
LEFR289	151	152	1	0.06	0.03	2.5	1.5	-0.5
LEFR289	152	153	1	0.12	0.05	6	4	-0.5
LEFR289	153	154	1	0.09	0.05	4.5	2	-0.5
LEFR289	154	155	1	0.08	0.03	3	1.5	-0.5
LEFR289	155	156	1	0.02	-0.01	2	1.5	-0.5
LEFR289	156	157	1	0.19	0.1	9	5	-0.5	Porphyry
LEFR289	157	158	1	0.11	0.09	3.5	4	-0.5
LEFR289	158	159	1	0.05	0.04	3	3.5	-0.5
LEFR289	159	160	1	0.05	0.03	2.5	3	-0.5
LEFR289	160	161	1	0.09	0.1	2	1.5	-0.5	Epidote/chlorite altered basalt with gypsum, magnesite and native copper
LEFR289	161	162	1	0.28	0.54	12.5	20.5	-0.5
LEFR289	162	163	1	0.02	0.02	1.5	2	-0.5
LEFR289	163	164	1	0.05	0.04	3	2.5	-0.5
LEFR289	164	165	1	0.05	0.02	2.5	2.5	-0.5
LEFR289	165	166	1	0.05	0.02	2.5	2	-0.5
LEFR289	166	167	1	0.03	-0.01	3	2	-0.5
LEFR289	167	168	1	0.09	0.02	2.5	2	-0.5
LEFR289	168	169	1	0.03	0.05	2.5	2.5	-0.5
LEFR289	169	170	1	0.02	-0.01	2.5	2	-0.5
LEFR289	170	171	1	0.03	0.02	2.5	2	-0.5	Epidote/chlorite altered basalt with gypsum, magnesite and native copper
LEFR289	171	172	1	0.05	0.04	5	9.5	-0.5
LEFR289	172	173	1	0.02	0.05	4	2	-0.5
LEFR289	173	174	1	0.02	0.02	2.5	2.5	-0.5
LEFR289	174	175	1	0.04	0.06	5	2.5	-0.5
LEFR289	175	176	1	0.03	0.06	5	2.5	-0.5
LEFR289	176	177	1	0.03	0.05	3	1.5	-0.5
LEFR289	177	178	1	0.04	0.06	3	1.5	-0.5
LEFR289	178	179	1	0.06	0.06	3	1.5	-0.5
LEFR289	179	180	1	0.09	0.03	3.5	1.5	-0.5
LEFR289	180	181	1	0.05	0.02	2	1	-0.5
LEFR289	181	182	1	0.41	0.13	8.5	4	2.5
LEFR289	182	183	1	0.27	0.14	3	1.5	-0.5
LEFR289	183	184	1	0.04	0.13	2	1	-0.5
LEFR289	184	185	1	0.04	0.22	3.5	1.5	-0.5
LEFR289	185	186	1	0.05	0.56	7.5	3	-0.5
LEFR289	186	187	1	0.06	0.08	2.5	1.5	-0.5
LEFR289	187	188	1	0.13	0.35	5	7	-0.5
LEFR289	188	189	1	0.05	0.05	2.5	1.5	-0.5
LEFR289	189	190	1	0.04	0.04	3	1.5	-0.5
LEFR289	190	191	1	0.03	0.02	1.5	1	-0.5
LEFR289	191	192	1	0.03	0.06	3	1.5	-0.5
LEFR289	192	193	1	0.01	-0.01	3.5	3	-0.5
LEFR289	193	194	1	0.02	0.03	3	2	-0.5
LEFR289	194	195	1	0.03	0.15	5	4.5	-0.5
LEFR289	195	196	1	0.02	0.06	3.5	2.5	-0.5
LEFR289	196	197	1	0.02	0.1	4	2	-0.5
LEFR289	197	198	1	0.02	0.04	5	2	-0.5
LEFR289	198	199	1	0.03	0.09	2.5	1	-0.5
LEFR289	199	200	1	0.03	0.38	7	2	-0.5
LEFR289	200	201	1	0.05	0.15	4	2	-0.5
LEFR289	201	202	1	0.07	0.5	5	2.5	-0.5
LEFR289	202	203	1	0.08	0.49	4.5	3	-0.5
LEFR289	203	204	1	0.09	0.42	8	3	-0.5

12 | P a g e

24 September 2021

ASX Announcement

Table 3 cont. LEFR289 Drill Results

Hole ID	From (m)	To (m)	Interval (m)*	Cu (%)	Au (g/t)	W (ppm)	Mo (ppm)	Ag (g/t)	Geology
LEFR289	204	205	1	0.02	0.04	2.5	1.5	0.5	Porphyry
LEFR289	205	206	1	0.07	0.03	1.5	1.5	-0.5
LEFR289	206	207	1	0.41	0.1	1.5	2	-0.5
LEFR289	207	208	1	0.19	0.06	3.5	2.5	-0.5	Basalt with native copper and magnesite
LEFR289	208	209	1	0.11	0.09	4	2	-0.5
LEFR289	209	210	1	0.03	0.05	1.5	1.5	-0.5
LEFR289	210	211	1	0.05	0.06	3	1.5	-0.5
LEFR289	211	212	1	0.12	0.07	2.5	1.5	0.5
LEFR289	212	213	1	0.19	0.58	13	4.5	-0.5
LEFR289	213	214	1	0.13	0.47	4.5	2	-0.5
LEFR289	214	215	1	0.07	0.1	3.5	1.5	-0.5
LEFR289	215	216	1	0.05	0.14	2.5	2	-0.5
LEFR289	216	217	1	0.81	0.21	2	28.5	-0.5
LEFR289	217	218	1	1.13	0.34	2	18.5	0.5
LEFR289	218	219	1	0.52	0.1	4.5	8	-0.5
LEFR289	219	220	1	0.63	0.08	3	6.5	-0.5
LEFR289	220	221	1	0.28	0.07	3	5.5	-0.5
LEFR289	221	222	1	0.40	0.08	3.5	4.5	-0.5
LEFR289	222	223	1	0.30	0.09	3.5	2.5	-0.5	Porphyry
LEFR289	223	224	1	0.09	0.03	5	3	-0.5
LEFR289	224	225	1	0.03	-0.01	2.5	2.5	-0.5
LEFR289	225	226	1	0.02	-0.01	1	2.5	-0.5	Basalt with disseminated pyrite
LEFR289	226	227	1	0.04	-0.01	1.5	2.5	-0.5
LEFR289	227	228	1	0.05	0.3	1.5	2	-0.5
LEFR289	228	229	1	0.02	-0.01	1	2.5	-0.5
LEFR289	229	230	1	0.03	0.02	2.5	3	-0.5
LEFR289	230	231	1	0.03	0.03	2.5	2.5	-0.5
LEFR289	231	232	1	0.09	0.08	1	6.5	-0.5
LEFR289	232	233	1	0.04	0.07	1	5.5	-0.5
LEFR289	233	234	1	0.07	0.13	1.5	5	-0.5
LEFR289	234	235	1	0.14	0.1	1	3	-0.5
LEFR289	235	236	1	0.04	0.05	1	3	-0.5
LEFR289	236	237	1	0.12	0.04	1	4	-0.5
LEFR289	237	238	1	0.05	0.07	0.5	3	-0.5
LEFR289	238	239	1	0.05	0.12	1.5	1.5	-0.5
LEFR289	239	240	1	0.05	0.03	1	0.5	-0.5
LEFR289	240	241	1	0.31	0.24	3	2	1	Basalt with disseminated pyrite
LEFR289	241	242	1	0.26	0.27	9.5	5	1
LEFR289	242	243	1	0.04	0.08	1.5	1	-0.5
LEFR289	243	244	1	0.28	0.14	2	5.5	1	Porphyry with disseminated pyrite
LEFR289	244	245	1	0.17	0.11	3	4	-0.5
LEFR289	245	246	1	0.12	0.09	3.5	4	-0.5
LEFR289	246	247	1	0.03	0.02	2.5	1.5	-0.5
LEFR289	247	248	1	0.04	0.04	4	3	-0.5
LEFR289	248	249	1	0.04	0.06	3.5	4.5	-0.5
LEFR289	249	250	1	0.04	0.03	6	3.5	-0.5
LEFR289	250	251	1	0.02	0.03	4	3	-0.5
LEFR289	251	252	1	0.02	-0.01	5	2.5	-0.5
LEFR289	252	253	1	0.05	0.05	6.5	4	-0.5
LEFR289	253	254	1	0.26	0.16	3.5	65	-0.5
LEFR289	254	255	1	0.17	0.12	3.5	25	-0.5
LEFR289	255	256	1	0.05	0.03	4.5	4.5	-0.5
LEFR289	256	257	1	0.01	-0.01	5	4	-0.5
LEFR289	257	258	1	0.02	-0.01	6.5	7	-0.5
LEFR289	258	259	1	0.81	0.19	1.5	3	3	Basalt with magnetite, magnesite, and calcite
LEFR289	259	260	1	0.46	0.14	1	3	2
LEFR289	260	261	1	0.33	0.08	2	2.5	1.5
LEFR289	261	262	1	0.22	0.11	2.5	8	1
LEFR289	262	263	1	0.10	0.1	11.5	4	0.5
LEFR289	263	264	1	0.08	0.05	6	5.5	-0.5
LEFR289	264	265	1	0.03	0.06	4.5	2.5	-0.5
LEFR289	265	266	1	0.01	-0.01	5	3	-0.5

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ASX Announcement 24 September 2021

Table 3 cont. LEFR289 Drill Results

	Hole ID	From (m)	To (m)	Interval (m)*	Cu (%)	Au (g/t)	W (ppm)	Mo (ppm)	Ag (g/t)	Geology
	LEFR289	266	267	1	0.01	-0.01	4	3	-0.5	Foliated basalt with chlorite and pyrite
	LEFR289	267	268	1	0.01	-0.01	4	3.5	-0.5
	LEFR289	268	269	1	0.02	0.02	3	3	-0.5
	LEFR289	269	270	1	0.01	0.02	3.5	3	-0.5
	LEFR289	270	271	1	0.01	-0.01	2.5	3	-0.5
	LEFR289	271	272	1	0.01	0.02	2	3	-0.5
	LEFR289	272	273	1	0.03	0.02	2	2.5	-0.5
	LEFR289	273	274	1	0.02	-0.01	2.5	2.5	-0.5
	LEFR289	274	275	1	0.01	0.02	3.5	2.5	-0.5
	LEFR289	275	276	1	0.01	-0.01	2	2	-0.5
	LEFR289	276	277	1	0.01	0.02	5	2.5	-0.5
	LEFR289	277	278	1	0.02	0.02	6.5	2.5	-0.5
	LEFR289	278	279	1	0.02	0.04	4.5	3	-0.5
	LEFR289	279	280	1	0.02	0.03	3.5	2.5	-0.5
	LEFR289	280	281	1	0.02	0.08	6	2.5	-0.5
	LEFR289	281	282	1	0.01	0.02	3	2	-0.5
	LEFR289	282	283	1	0.00	-0.01	1	3	-0.5
	LEFR289	283	284	1	0.01	-0.01	1	3	-0.5
	LEFR289	284	285	1	0.00	-0.01	2	4	-0.5
	LEFR289	285	286	1	0.00	-0.01	3	2.5	-0.5
	LEFR289	286	287	1	0.01	0.03	4.5	2.5	-0.5
	LEFR289	287	288	1	0.04	0.09	23.5	2	-0.5
	LEFR289	288	289	1	0.02	0.02	11	3	-0.5
	LEFR289	289	290	1	0.01	-0.01	6.5	3.5	-0.5
	LEFR289	290	291	1	0.01	0.02	3.5	3.5	-0.5
	LEFR289	291	292	1	0.01	0.02	2.5	2.5	-0.5
	LEFR289	292	293	1	0.01	-0.01	6.5	3.5	-0.5
	LEFR289	293	294	1	0.01	0.04	3.5	3	-0.5
	LEFR289	294	295	1	0.01	-0.01	2	3	-0.5
	LEFR289	295	296	1	0.01	-0.01	3.5	3.5	-0.5
	LEFR289	296	297	1	0.04	0.07	4	3.5	-0.5
	LEFR289	297	298	1	0.01	0.02	6	3.5	-0.5
	LEFR289	298	299	1	0.01	-0.01	1	3.5	-0.5
	LEFR289	299	300	1	0.01	-0.01	1.5	2.5	-0.5
	LEFR289	300	301	1	0.01	-0.01	1	3	-0.5
	LEFR289	301	302	1	0.01	-0.01	1	2.5	-0.5
	LEFR289	302	303	1	0.01	0.04	2	3	-0.5
	LEFR289	303	304	1	0.01	-0.01	2.5	2.5	-0.5
	LEFR289	304	305	1	0.01	-0.01	1	3	-0.5
	LEFR289	305	306	1	0.02	0.03	6.5	7	-0.5
	LEFR289	306	307	1	0.16	0.45	188	4.5	-0.5	Foliated basalt with magnetite, chalcopyrite, and epidote
	LEFR289	307	308	1	0.30	0.82	396	7.5	1
	LEFR289	308	309	1	0.73	4.69	1060	39.5	1
	LEFR289	309	310	1	0.41	1.53	1020	31.5	2
	LEFR289	310	311	1	0.21	0.62	359	13	0.5
	LEFR289	311	312	1	0.15	0.21	165	7.5	-0.5
	LEFR289	312	313	1	0.09	0.22	16.5	4	-0.5
	LEFR289	313	314	1	0.09	0.11	22.5	4	-0.5
	LEFR289	314	315	1	0.16	0.37	100	6.5	-0.5
	LEFR289	315	316	1	0.13	0.22	52.5	8	-0.5
	LEFR289	316	317	1	0.08	0.25	34	5.5	-0.5
	LEFR289	317	318	1	0.04	0.27	53.5	8	-0.5
	LEFR289	318	319	1	0.08	0.42	53	2.5	-0.5
	LEFR289	319	320	1	0.11	0.34	31.5	3	-0.5
	LEFR289	320	321	1	0.02	0.06	8	3	-0.5
	LEFR289	321	322	1	0.01	0.02	5	3.5	-0.5
	LEFR289	322	323	1	0.02	0.02	7.5	3	-0.5
	LEFR289	323	324	1	0.01	0.03	4	3	-0.5
	LEFR289	324	325	1	0.02	0.04	6.5	2.5	-0.5
	LEFR289	325	326	1	0.02	0.03	7.5	3	-0.5
	LEFR289	326	327	1	0.04	0.1	7.5	3.5	-0.5
	LEFR289	327	328	1	0.01	-0.01	2.5	2.5	-0.5
	LEFR289	328	329	1	0.02	0.03	4.5	2	-0.5
	LEFR289	329	330	1	0.06	0.13	5	2.5	-0.5

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ASX Announcement 24 September 2021

Table 4 LEFR270-LEFR273 Drill Results

Hole Id	From (m)	To (m)	Interval (m)*	Au (g/t)	Cu (%)	Ag (g/t)	Mo (ppm)	Geology	Comments
LEFR273	24	306	282.00	0.43	0.12	0.34	7.00	Basalt & Porphyry	Mo not assayed 0-28m & 32-116m
Incl	24	32	8.00	0.12	0.57	0.94	2.00	Oxide - Basalt
Incl	125	131	6.00	0.41	0.70	1.75	151.00	Porphyry
Incl	185.8	188	2.20	2.64	1.00	5.55	91.00	Basalt
Incl	272.6	297.3	24.70	3.40	0.25	0.73	11.00	Basalt & Porphyry
LEFR273	320	325	5.00	0.44	0.01	0.00	2.00	Porphyry
LEFR271	20	130	110.00	0.31	0.53	1.52	23.00	Basalt & Porphyry	Mo not assayed for 56-68m and 88-96m
Incl	24	52	28.00	0.13	0.93	1.05	3.00	Oxide - Basalt
Incl	68	86	18.00	0.47	0.48	0.39	3.00	Basalt & Porphyry
Incl	101	130	29.00	0.58	0.67	3.98	80.00	Basalt & Porphyry
LEFR272	20	89	69.00	0.13	0.32	0.42	3.00	Oxide - Basalt
Incl	24	56	32.00	0.17	0.40	0.78	4.00	Oxide - Basalt
Incl	64	78	14.00	0.13	0.41	0.04	2.00	Oxide - Basalt
LEFR272	89	96	7.00	-	-	-	-		Core Loss
LEFR272	96	99	3.00	0.18	0.28	0.33	3.00	Oxide - Basalt
LEFR272	99	100.2	1.20	-	-	-	-		Core Loss
LEFR272	100.2	303.15	202.95	0.23	0.19	0.51	12.00	Basalt & Porphyry
Incl	135.9	173.2	37.30	0.50	0.44	1.55	22.00	Basalt & Porphyry
Incl	178.64	194	15.36	0.25	0.37	1.17	15.00	Basalt
Incl	215.07	218.34	3.27	0.95	0.49	0.96	1.00	Basalt
Incl	224	232	8.00	0.47	0.46	1.16	21.00	Basalt
LEFR270	34	70	36.00	0.49	0.53	0.7	15	Oxide - Basalt & Porphyry
Incl	35	66	31.00	0.55	0.6	0.78	17	Oxide - Basalt & Porphyry
LEFR270	200	206	6.00	0.03	0.12	0.23	1.00	Porphyry

Intersections reported using 0.05% Cu lower cut off, 15m internal dilution, Including intersections: calculated with 0.2% Cu cut off, only report intersections above 0.25% Cu and >2m, 5m internal dilution within grade

15 | P a g e

ASX Announcement 24 September 2021

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 in the search for high value gold deposits in the Yilgarn Block of Western Australia. Key projects include the Lefroy Gold Project to the southeast 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 637.6km[2] in the heart of the world class gold production area between Kalgoorlie and Norseman. The Project is near 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 FarmIn 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. The Western Lefroy tenement package subject to the Gold Fields Farm In and Joint Venture, and Gold Fields tenure are also highlighted

For Further Information please contact: Wade Johnson Managing Director Telephone: +61 8 93210984

Email: wjohnson@lefroyex.com

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24 September 2021

ASX Announcement

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 by the Company of previous exploration at Burns at the Lefroy Gold Project. Exploration results by the previous explorer that refers to the Burns prospect are prepared and disclosed by the Company in accordance with the JORC 2004 code. The Company confirms that is it not aware of any new information or data that materially affects the information included in this market announcement.

• Lefroy Expands Tenement Holding & Secures Au-Cu Prospect: 10 December 2019

• Multiple Gold Trends Confirmed from Eastern Lefroy: 1 September 2020

• Tenement Granted over Burns Au-Cu Prospect: 16 September 2020

• September 2020 Quarterly Activities Report: 29 October 2020

• Drilling Underway at Burns Au-Cu Prospect: 12 January 2021

• Drilling Update-Native copper Intersected at Burns Prospect: 2 February 2021

• Outstanding High-Grade Gold and Copper Mineralisation Intersected at Burns: 23 February 2020

• New Basalt Hosted Gold-Copper Zone Supports Large Burns Mineral System: 9 March 2021

• Exploration Update-Drilling Extends Porphyry at Burns: 26 March 2021

• Diamond Drilling Underway at the Burns Cu-Au Prospect: 21 April 2021

• Resampling of RC holes at Burns confirms and better defines recent Copper Gold intersections: 27 April 2021

• Drill Results Extend Copper Gold Zones at Burns: 29 April 2021

• Multiple Intervals of Altered Porphyry Intersected at Burns: 3 May 2021

• Burns Success Continues-55m vertical depth extension and more strong mineralisation established: 13 May 2021

• Burns Continues to Grow-deeper-wider and a new zone: 25 May 2021

• Burns Drilling Update-first hole on 40N section confirms significant mineralisation extends to the north: 18 June 2021

• Exploration Update-RC drilling commences at the Burns Cu Au prospect: 20 July 2021

• Burns Update-Cu-Au mineralisation confirmed on 0N section, step out drilling extends system: 2 August 2021

• June 2021 Quarterly Activities Report: 28 July 2021

• Exploration Update-Advancing the Burns and Coogee South Prospects: 18 August 2021

• Results from 40N section Further Enhance Burns Cu-Au System: 21 September 2021

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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JORC CODE, 2012 Edition-Table 1 Report – Lefroy Project – Burns Cu-Au Prospect April July 2021 Diamond drilling program-40N section results SECTION 1: 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) and Diamond drilling (DD) at the Burns Copper (Cu) – Gold (Au) prospect. The drill program comprises 36 RC holes of which 10 of these holes have a DD tail. 2 holes were drilled with a diamond rig from surface. Holes varying in depth from 150m to 585m with an average depth of 200m. All holes were drilled at 600dip toward 0900(East). • 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 30 samples. Four metre composite samples were collected from 0m to the base of transported regolith using a scoop to produce a 2-3kg sample. 1m split samples were collected from the base of transported regolith 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. The samples were sent to the Laboratory in Kalgoorlie then sent to Perth 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). Additional elements will be derived using a mixed acid digest with ICP finish for Cu, Ag, As, Mo, Fe, Pb, S, Te, W and Zn. • DD was conducted utilising NQ sized core as the RC pre- collar drilled into fresh competent rock. This was left to drillers’ discretion. Core was collected in core trays where it was marked up and logged by the supervising geologist. It was noted the there was excellent core recovery and only minor zones of core loss which were recorded by the geologist. Samples are awaiting cutting and sampling but will be first cut in half using an Almonte automatic core saw and collected in calico bags with a minimum sample width of 0.2m and a maximum 1.2m to produce a 2-4kg sample through the interpreted mineralised zone. Once at the lab samples were dried, crushed and prepared to produce a 40g charge for fire assay analysis for gold (Au) by Atomic Absorption Spectrometry (AAS). Selected samples will be analysed for an additional 61 elements using a mixed acid digest and sodiumperoxide fusion with ICP finish.
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 diamond drilling (DD) and Reverse Circulation (RC) was completed by Raglan Drilling (Kalgoorlie). • DD was commenced using HQ sized core. NQ sized core was primarily used when the drill core recovery became more competent. Accurate bottom of hole orientation marks were captured using an Ace tool. • RC Holes LEFR287-295 were completed by completed by an RC rig from Raglan 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.	• Diamond core was measured by a field assistant and compared to drilled interval indicated by the drillers. From this, a percentage of recovery can be calculated. Where core loss occurred, this has been diligently noted by the drill crew and geologist. • The use of professional and competent core drilling contractors minimised the issues with sample recoveries. An honest and open line of communication between the drill crew and the geologist allowed for a comprehensive understanding of where core loss may have occurred.

Criteria	JORC Code Explanation	Commentary
		• Sample recovery visually inspected and recorded by the rig geologist and sampler. • Some poor sample return in the overlying transported material(0-10m)duringRC drilling
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. • Diamond core underwent detailed logging through the entire hole with data to be transferred to the Lefroy drilling database after capture. • Analysis of rock type, colour, structure, alteration, mineralisation, veining and geotechnical data were all routinely collected. • Geological logging is qualitative in nature and relies on the geologist logging the hole to make assumptions of the core character based on their experience and knowledge. • Recovery, RQD (rock quality designation) and magnetic susceptibility measurements were recorded and are considered to be quantitative in nature. • Core within the core trays for each hole was photographed using a purpose made camera stand and a quality digital SLR camera and stored in the database. • All drill holes are logged in their entirety (100%).
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.	DD • Drill core has been cut using an automated diamond saw and half sampled with the other half retained. RC • A 4m composite sample was collected, from 0m to the base of transported regolith for each hole. Sample weight 2 - 3 kg. 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. • The remainder of each hole was sampled at 1m intervals directly off a rig-mounted cone splitter into separate pre- numbered calico bags. Pre-numbered calico bags containing the samples were despatched to the laboratory for assay. • 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 of 1 in 20 for standards and 1 in 100 for blanks. Standards were certified reference material prepared byGeostats PtyLtd.
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.	• RC and DD Samples routinely analysed for gold using the 40gram Fire Assay digest method with an AAS finish at Bureau Veritas’s Kalgoorlie Laboratory. Additional elements, will be derived using a mixed acid digest with ICP finish for Cu, Ag, As, Mo, Fe, Pb, S, Te, W and Zn. • Selected samples will be analysed for an additional 61 elements using a mixed acid digest and sodium peroxide fusion with ICP finish. • 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. • Selected 1m samples in hole LEFR260 were re-assayed by screen fire assay as a second measure of quality control. Samples are sieved through nominated (75μm) mesh size using Nylon sieve cloth. The whole of the coarse fraction (including the cloth) is fire assayed to determine the portion of Gold contained in the coarse fraction. The fines are analysed by fire assay in duplicate. following are reported: o Total Sample weight (g) o Wt + fraction o Au in coarse fraction o Duplicate Au in fines

Criteria	JORC Code Explanation	Commentary
		o Weighted Average of Au for whole sample
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.	• Capture of field logging is electronic using Toughbook hardware and Logchief software. Logged data is then exported as an xml document 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) plus additional elements field reported by the laboratory is the priority value used for plotting, interrogatingand 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 handheld GPS operated by the rig geologist/field assistant. The final RC and DD hole collar was later surveyed by a DGPS by a third- party contractor. • Down holes surveys were completed by Raglan drill crew using a multi-shot gyro which records a survey every <5m down the hole. • Grid System – MGA94 Zone 51. Topographic elevation captured byusingthe differential GPS.
Data spacing and distribution 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 approximately 40m spaced intervals • Mineralisation at the Burns prospect is primarily hosted by a magnetite-biotite altered High Mg basalt which has been intruded by a later felsic to intermediate porphyry intrusion. The contacts of which are not uniform however the intrusion appears to be sub-vertical. Mineralisation is predominantly Cu plus Au. There is an association between Cu and Au mineralisation but they can occur independently of one another. There is a strong upgrade of Cu and Au in the supergene environment approximately 50-100m down- hole and this is typically flat in its orientation. A primary system (hypogene) occurs in the fresh rock below 100m depth and at this stage the orientation and main controls on mineralisation is not known. It is thought that the mineralisation may dip toward the west-south-west and plunge toward the south-east, hence the drill orientation toward the east. • Drill data spacing is not yet sufficient for mineral resource estimation. • No compositinghas been applied to assayresults.
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 east-west orientated drill traverses are considered effective to evaluate the roughly North-West to South-East trending stratigraphy and sub-vertical mineralised structures. • The drill orientation is an effective test of “true” width of the host rock due to the fact the host rock unit is striking roughly North-South and dipping 700to the West. • At this stage the primary controls on the hypogene copper- gold (Cu-Au) system are not completely understood, however analysis of previous drilling in conjunction with this drilling have determined the drill hole orientation is optimum to determine the true width of mineralisation and improvegeological knowledge of the system.
Sample security	• The measures taken to ensure sample security.	• Samples were bagged in labelled and numbered calico bags, collected and personally delivered to the Bureau Veritas Laboratory (Kalgoorlie) by Company field personnel. Samples were then on sent to the BV lab in Perth. 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 laboratory in a secure storage yard.

Criteria	JORC Code Explanation	Commentary
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 and copper intersections were checked against library core photos and logging to correlate with geology. QAQC reports are auto generated by the database managers and reviewed by staff.

Section 2: REPORTING OF EXPLORATION RESULTS – LEFROY PROJECT- Burns Cu-Au Prospect April July 2021 Diamond drilling program-40N section results

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 Exploration lease E 15/1715. • E 15/1715 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.	• 1968-1973 BHP: The earliest recognition of the magnetic anomaly was by BHP. The area fell within TR 3697, which had been taken up for nickel. The anomaly stood out on the BMR aeromagnetic contoured plans and BHP was testing aeromagnetic anomalies that could have an ultramafic source. The anomaly was confirmed by ground magnetics but an attempt to drill test with two percussion holes failed to identify any bedrock and no further work was attempted. • 1984 Coopers Resources/Enterprise Gold Mines: The ground encompassing Burns was taken up as three Els, E15/19-21. • 1985 BHP: BHP farmed into E15/21 having re-interpreted the magnetic feature as a potential carbonatite. BHP’s E15/57 covered the western one third of the anomaly. Following ground magnetic traverses, BHP drilled two diamond core holes, LR 1 and 2. LR 1 falls within Goldfields E15/1638 and LR 2 falls within P15/6397. The results, which are covered in the next section, did not indicate a carbonatite and so BHP withdrew their interest in the area. • 1985-1989 CRAE: Meanwhile CRAE was conducting exploration for gold on adjacent tenements and had engaged Jack Hallberg to carry out geological mapping. He mapped suites of intermediate dykes (plagioclase-quartz-hornblende porphyry) intruding basalt in outcrops to the north west of Burns. • 1992: M. Della Costa took up E15/304 over aeromagnetic anomalies including Burns. The EL was vended into Kanowna Consolidated Gold Mines as part of the St Alvano project. • 1996-2001 WMC: WMC joint-ventured into the St Alvano project, which comprised a total of 12 ELs. They flew 50m line-spaced aeromagnetics and engaged EHW to interpret. Burns was not highlighted as such but the magnetic anomalies forming portions of the annular ring were tested with air core, leading to the discovery of the Neon prospect. Subsequent to the EHW study a gravity survey was conducted which did identify the Burns intrusive as a gravity low. • 2001-2003 Goldfields: Goldfields took over exploration and conducted further air core drilling at Neon. They identified S11 as a target to the south of Burns. The target was secondary gold dispersion in weathered bedrock associated with magnetite enrichment. A series of north-south air core traverses were drilled on 640 X 160m. Results were regarded as disappointing and the project was dropped.

Criteria	JORC Code Explanation	Commentary
		• 2005-2008 Gladiator Resources: The area was taken up by Sovereign following their assessment of previous work. They identified Homer’s Inlet and the S11 area as priority targets. In 2007 a JV was established with Newmont/Sipa covering the gold rights. In 2008 the southern and eastern sectors of W15/774 was surrendered and taken up as E15/1030. The northern sector including Burns was surrendered. • 2008 Gold Attire: The ground surrendered by Sovereign over Burns was taken up as E15/1097. • 2008-2010 Newmont: Newmont joint ventured into the Sovereign and Gold Attire ELs. It conducted an 800 X 400m gravity survey to trace a north-south “Salt Creek-Lucky Bay” corridor through the tenements. This was tested by four lines of aircore on 640 X 160m spacing. Two aircore traverses on a 1200 X 320m spacing were also and conducted across the interpreted intrusion and the surrounding magnetic halo. Infill drilling was conducted following up on the 2.0m @ 5.0 g/t Au intercept in a Goldfields hole, SAL 1089. The hole was re- entered and a diamond core tail drilled. This hole falls just inside E15/1638 close to the boundary with P15/6397. • 2010-2019 Octagonal Resources: Three phases of AC to define a gold in regolith anomaly east of the main intrusive body. Two phases of RC identified Ag-Cu-Au mineralisation on four sections spaced approx. 40m apart. The drilling recognised Cu mineralisation which due to the host rock association, Octagonal believed there was potential for a much larger intrusion related system so the emphasis was switched from orogenic gold style exploration to predominately copper focussed intrusion related hosted mineralisation. In 2013 surface geophysical techniques were applied looking for conductors that might represent massive sulphides. Ground EM failed to identify any bedrock conductors, but the magnetic surveys did identify anomalies. In 2014, a diamond core hole, OBUDD001, was drilled at -60 degrees to 090 east to 401.5m in order to test the source of the magnetic anomalism, which occurred within the area tested by the RC drilling. It intersected a 3.6m wide zone of mafic-dominant breccia including 0.9m of massive magnetite-chalcopyrite which returned 4.5 g/t Au, 2.6% Cu from 256.4m, within a low-grade zone of 55.95m @ 0.5 g/t Au and 0.2% Cu from 229.85m It was interpreted to be a west-dipping structure and the feeder conduit for the mineralization. A second zone of low-grade mineralization of 38.5m @ 0.5 g/t Au and 0.2% Cu was intersected from 184.5m. An EIS grant in 2015 and a loan from a third-party company allowed for two more DD holes to be completed, however by 2016 the Company was acquired by the third-party loan company and subsequently delisted from the ASX.
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. Burns is proximal to the Lake margin and is subsequently under >20-25m of lake sediment and surface sand dune cover. A stripped profile below this cover means that there is no significant dispersion or oxide component to the Burns prospect. Mineralisation is hosted with a High Mg Basalt and in an intermediate composition porphyry which intrudes the basalt. Mineralisation is primarily gold associated with magnetite alteration and copper occurring as native copper and chalcopyrite in veins and veinlets throughout the basalt andporphyry.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following informationfor all Material drill	• Tables containing drill hole collar, survey and intersection data for material drill holes (gold intersections >0.25gpt Au with a max of 2m internal dilution) are included in the Table in the bodyof the announcement.

Criteria	JORC Code Explanation	Commentary
	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 1 of drill hole collars completed by Lefroy is noted in this announcement. • No Information has been excluded.
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 grades have been length weighted and reported as down- hole metres. 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 results have been calculated using 1m and 4m samples and is noted in the body of the report. • No metal equivalent values or formulas are 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 material results are based on down-hole metres. • Previous drill coverage and structural measurements from oriented core has provided guidance for the presence of steeply dipping geology comprising a package of rocks containing basalt intruded by diorite porphyry. This data and modelling of prior ground magnetic data provides support for orientation of the drilling. 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 (plan) and cross sections 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 and DD drill program. • Drill holes with no significant results (<2m and <0.50g/t Au) are not reported. • Reference to 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.