LEFROY EXPLORATION LIMITED — Capital/Financing Update 2021

Apr 28, 2021

ASX RELEASE-29 April 2021

Drill Results Extend Copper Gold Zones at Burns

• Final results have been compiled for the 28-hole RC and diamond tails program completed during the March 2021 quarter at the Burns copper-gold prospect at the Eastern Lefroy project, near Kalgoorlie. The results have

  • expanded the footprint of the Burns mineral system in all directions

  • identified three new open zones of Cu-Au mineralisation, including a high-grade interval in LEFR273 (see Fig 2 OPEN arrows on western side of Burns prospect).

  • extended the mineralised Eastern Porphyry 120m north from the baseline section that contains LEFR260. This trend also remains open

• Significant results from the diamond drilling include: -

  • 48m @ 0.39g/t Au & 0.41% Cu from 146m in LEFR272

  • 29.1m @ 2.64g/t Au & 0.18% Cu from 277.4m in LEFR273 Incl. 0.5m @ 81.7g/t Au & 1.44% Cu from 279m

• The six RC pre collars have each intersected broad zones of Au Cu mineralisation within the Eastern Porphyry which are interpreted to be an outer alteration zone to the mineralised interval in LEFR260. Significant results include: -

  • 39m @ 0.55g/t Au & 0.28% Cu from 96m in LEFR283

  • 48m @ 0.59g/t Au & 0.31% Cu from 84m in LEFR284

  • 20m @ 0.69g/t Au & 0.21% Cu from 44m in LEFR285

• A new program of diamond drilling is now underway at Burns with the first hole designed to twin LEFR260 then extend beyond the depth attained in that hole.

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: $150M

www.lefroyex.com

ASX Announcement 29 April 2021

Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to announce results from a combined reverse circulation (RC) and diamond tails program that evaluated the Burns copper (Cu) gold (Au) prospect during the March 2021 quarter. Burns is within the Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km south east of Kalgoorlie (Figure 1).

The Burns prospect is situated on the eastern margin of a large interpreted felsic intrusion, termed the Burns Intrusion. The intrusion does not outcrop and has been identified from its distinctive annular aeromagnetic and gravity geophysical signature (Burns anomaly).

On the eastern side of the Burns anomaly broad high-grade mineralisation has been discovered (refer LEX ASX release 23 February 2021) hosted within a hematite-pyrite-chalcopyrite-magnetite altered porphyry. This porphyry, termed the Eastern Porphyry, is open to the north and south and its eastern extent is unknown (Figure 2). The mineralisation is also open at depth.

In March 2021 six angled RC holes, designed as pre collars for later diamond tails, were completed at Burns. These holes were drilled on five 40m spaced, east west sections along strike from the discovery section that hosts LEFR260 (Figure 2). The holes are named LEFR281 to LEFR286 and have hole depths from 60m to 204m (refer LEX ASX release 26 March 2021).

Final assay results from the four diamond tail holes, twenty-two RC holes and 6 RC pre-collar holes (totalling 4955m) have now been received, validated, and compiled and incorporated into the geological model. Interpretation and assessment of the results has delivered the outcomes noted below for each part of the program.

For ease of reference the east-west cross section containing hole LEFR 260 is now titled 0N (zero north). Other sections are titled north and south of this section, e.g., the section which is 40m north of section 0N is now titled 40N, and the section which is 80m south of section 0N is titled - 80N.

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ASX Announcement 29 April 2021

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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.

Diamond Tails Program

Four diamond tails were completed at Burns in February 2021. The holes were designed to follow up an historical (2014) hole OBUDD001 (refer-Lefroy Exploration Limited-Prospectus: 8 September 2016) which intersected Cu Au mineralisation in a strongly fractured highmagnesium basalt intruded by multiple feldspar porphyritic rocks.

The hole location is shown on Figure 2 highlighted in a grey box. Significant intersections from that hole included 38.5m @ 0.5g/t Au & 0.2% Cu from 184.5m and 55m @ 0.5g/t Au & 0.2% Cu from 229.85m.

The four recent diamond tails (LEFR266, 268, 272 and 273) were drilled on 40m spaced sections along strike to the north and south of OBUDD001. The final diamond tails terminated at depths ranging from 303.7m to 330.8m. The results from two of the four holes have defined two new, separate, and significant intervals of Cu-Au mineralisation that remain open.

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ASX Announcement 29 April 2021

Hole LEFR 272 (section -80N) intersected multiple broad zones of Cu-Au mineralisation within a magnetite pyrite altered basalt. Significant new intersections from that hole include: -

65m @ 0.13g/t Au & 0.33% Cu from 24m

48m @ 0.39g/t Au & 0.41% Cu from 146m

This mineralisation is interpreted to be the down dip position of the very wide interval of mineralisation intersected in RC hole LEFR271 located 20m to the east (refer Figure 3) and to be related to the mineralisation in OBUDD001. This new system is open at depth and along strike.

Hole LEFR273 (Figure 2) on cross section -120N, intersected a new and unexpected Cu-Au mineralised zone within basalt that contains a narrow very high-grade interval: -

29.1m @ 2.64g/t Au & 0.18% Cu from 277.4m in LEFR273 Incl. 0.5m @ 81.7g/t Au & 1.44% Cu from 279m

The interval is interpreted to be from a near vertical structure that has continuity up dip to previous shallow RC holes on this drill section. This new interval is open to the south and may represent a new style of mineralisation at Burns.

Six Hole RC Pre-collar Program

A six-hole RC pre-collar program was completed in March 2021. The holes were drilled on five consecutive 40m spaced east west sections along strike from section 0N. The holes are LEFR281 to LEFR286 with depths ranging from 60m to 204m. Four of the drill sections were pre-existing, and hole LEFR285 was drilled on a new 40m step out to the north (section 120N). Each of the holes terminated just within the Eastern Porphyry.

Hole LEFR283 was drilled 40m north of hole LEFR260 and intersected two zones of magnetite, sulphide (pyrite, chalcopyrite) altered porphyry separated by magnetite altered basalt. The lower interval, from 120m to 138m (EOH) intersected an alteration zone which is visually similar to the high-grade interval in LEFR260 (refer LEX ASX announcement 26 March 2021).

Significant results from the program include: -

• 39m @ 0.55g/t Au & 0.28% Cu from 96m in LEFR283 (section 40N)

• 23m @ 0.19g/t Au & 0.80% Cu from 68m in LEFR283 Inc. 7m @2.68g/t Au &1.41% Cu from 81m

• 48m @ 0.59g/t Au & 0.31% Cu from 84m in LEFR284 (section 80N)

• 8m @0.79g/t Au & 0.06% Cu from 192m in LEFR284

• 20m @ 0.69g/t Au & 0.21% Cu from 44m in LEFR285 (section 120N)

• 15m @ 0.67g/t Au & 0.58% Cu from 144m in LEFR286 (section 40N)

• o 16m @ 0.58g/t Au & 0.11% Cu from 164m in LEFR286

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29 April 2021

ASX Announcement

Each of holes LEFR283 to LEFR286 intersected broad zones of Cu and Au mineralisation. Hole LEFR285, a single hole on the northern most section (120N), has intersected multiple zones of Cu Au mineralised altered basalt and porphyry and is open to the north.

The Company interprets that the mineralisation intersected in each hole noted above is an outer halo which is peripheral to a higher-grade component of the Eastern Porphyry further down hole.

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Figure 2 Drill hole plan at the Burns prospect highlighting the Jan-Mar 2021 drill program (LEFR 259 to LEFR 286) planned diamond drill tails (blue open circles) relative to LEFR260 and the interpreted extent of the Eastern Porphyry (refer Figure 4 & LEX ASX release 9 March 2021 for drill section 0N).

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ASX Announcement

29 April 2021

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Figure 3 Drill hole cross sections 40N and -80N depicting completed and proposed Lefroy drill holes

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29 April 2021

ASX Announcement

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Figure 4 Baseline drill cross section 0N, highlighting discovery RC drill hole LEFR260 and twin hole LEFD004 that is in progress

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ASX Announcement 29 April 2021

Interpretation and Next Steps

The compilation and assessment of the results from the Jan-Mar 2021 drilling program at Burns support, reinforce and significantly extend the Cu Au mineralisation at Burns. The drilling has discovered the Eastern Porphyry zone which now has a strike length of approximately 200m and which is open, plus three new zones of Cu Au mineralisation in the western basalt zone. These new zones are based on single drill holes and provide additional target areas to be followed up.

The recent drilling demonstrates Cu Au mineralisation with a current footprint of 200m east west by 300m north south which is open in all directions. The mineralisation is hosted in multiple rock types with varying geological, alteration and geochemical characteristics that the Company interprets as being derived from a large, multistage, intrusive mineral system or systems.

A new phase of diamond drilling has now commenced (LEX ASX release 20 April 2021) focussing on the Eastern Porphyry where 14 RC pre collars are available for diamond tails.

Additional work to support further evaluation includes: -

• a) Development of a 3D geological and gold and copper model

• b) Detailed gravity survey scheduled for May to assist in mapping rock density contrasts

• c) 3D modelling of prior ground magnetic data and newly acquired gravity data to produce an integrated geophysical model to guide drilling

• d) Submission of selected drill samples for full suite multi element analyses to assist in development of a 3D geochemical model to guide drilling and characterise rock types

• e) A heritage survey on Lake Randall is scheduled for June 2021

This announcement has been authorised for release by the Board

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Wade Johnson Managing Director

END

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ASX Announcement 29 April 2021

Table 1

Burns drill hole collar details

Hole ID	Collar E (MGA)	Collar N (MGA)	Collar RL	Depth (m)	Dip	Azimuth	Drill type	Target
LEFR259	407358.1	6549769.5	290	154	-59	93	RC	Burns
LEFR260	407336.1	6549769.2	290	172	-59	89	RC	Burns
LEFR261	407299.4	6549808.8	291	154	-59	88	RC	Burns
LEFR262	407257.4	6549807.4	291	202	-59	91	RC	Burns
LEFR263	407305.8	6549847.1	293	166	-60	93	RC	Burns
LEFR264	407257.1	6549849.1	291	154	-56	93	RC	Burns
LEFR265	407219.8	6549849.8	291	202	-60	87	RC	Burns
LEFR266	407227.7	6549728.7	290	306.6	-60	90	RC/DD	Burns
LEFR267	407263.0	6549768.4	290	244	-60	87	RC	Burns
LEFR268	407223.9	6549766.8	290	330.85	-60	88	RC/DD	Burns
LEFR269	407219.6	6549804.8	290	250	-59	87	RC	Burns
LEFR270	407180.6	6549847.8	291	280	-59	92	RC	Burns
LEFR271	407256.9	6549688.4	290	130.3	-60	90	RC Precollar	Burns
LEFR272	407238.0	6549687.7	290	303.7	-60	90	RC/DD	Burns
LEFR273	407255.1	6549647.6	289	336.4	-60	91	RC/DD	Burns
LEFR274	407358.6	6549626.4	290	154	-59	91	RC	Burns
LEFR275	407320.1	6549629.8	290	112	-60	88	RC Precollar	Burns
LEFR276	407071.7	6550090.9	291	112	-60	90	RC Precollar	Smithers
LEFR277	407029.1	6550088.2	290	52	-60	90	RC Precollar	Smithers
LEFR278	406989.4	6550086.8	291	52	-60	90	RC Precollar	Smithers
LEFR279	406114.7	6549713.8	291	58	-60	130	RC Precollar	Intrusion
LEFR280	405914.7	6549676.3	294	100	-80	90	RC Precollar	Intrusion
LEFR281	407399.4	6549725.8	287.859	60	-61	92	RC Precollar	Burns
LEFR282	407395.5	6549767.9	289.085	150	-60	93	RC Precollar	Burns
LEFR283	407339.0	6549811.7	291.19	138	-61	93	RC Precollar	Burns
LEFR284	407328.7	6549847.0	293.306	204	-60	91	RC Precollar	Burns
LEFR285	407303.1	6549883.9	292.438	180	-61	93	RC Precollar	Burns
LEFR286	407315.8	6549807.1	291.722	198	-59	93	RC Precollar	Burns

Drill Type

RC-reverse circulation

DD-diamond drill tail

RC pre-collar-initial part of hole drilled with RC and then to be completed with a diamond tail

RC Pre-collar holes are yet to be completed with diamond drill tails

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ASX Announcement 29 April 2021

Table 2: 2021 RC & Diamond Drilling-Eastern Lefroy Gold Project-Burns Prospect

Drill results

Drill hole intersections tabulated below are calculated with a 0.25g/t Au lower cut for the drill program. These represent the intersections from both 4m composite and 1m rotary split sample results and include 2m of internal dilution.

Hole Id	From (m)	To(m)	Interval (m)*	Au(g/t)	Cu(%)	Ag (g/t)	Geology
LEFR266	244	247.36	3.36	0.27	0.11	0.80	Porphyry
LEFR266	277	281.9	4.90	0.32	0.26	0.95	Porphyry
LEFR266	285	290	5.00	1.13	0.14	0.24	Basalt
LEFR266	294	303	9.00	0.65	0.18	0.21	Basalt
LEFR268	173.74	174.85	1.11	2.43	2.43	11.00	Basalt
LEFR272	100.2	106.7	6.50	0.07	0.20	0.00	Basalt
LEFR272	135.9	143	7.10	0.57	0.42	1.16	Porphyry& Basalt
LEFR272	146	194	48.00	0.39	0.41	1.39	Porphyry& Basalt
Incl	149	150	1.00	2.88	1.02	3.00	Basalt
LEFR272	198	202	4.00	0.46	0.09	0.00	Basalt
LEFR272	213	219	6.00	0.62	0.32	0.69	Basalt
Incl	217	218	1.00	2.31	0.30	2.50	Basalt
LEFR272	223	232.54	9.54	0.46	0.4	0.97	Basalt
LEFR272	258.52	264	5.48	0.43	0.46	1.29	Porphyry& Basalt
Incl	261.56	262.9	1.34	1.24	1.16	3.64	Basalt
LEFR272	282	284	2.00	0.50	0.09	0.00	Basalt
LEFR272	302.1	303.15	1.05	3.27	0.58	3.00	Porphyry
LEFR273	185	199	14.00	0.65	0.26	1.06	Fault zone & Basalt
Incl	185.8	186.6	0.80	3.74	1.97	2.50	Fault zone
LEFR273	247	250.5	3.50	0.22	0.39	1.31	Basalt
LEFR273	266	268	2.00	0.73	0.01	0.00	Porphyry& Basalt
LEFR273	272	275	3.00	5.68	0.42	0.93	Porphyry& Basalt
Incl	272	273	1.00	14.65	0.50	0.80	Basalt
LEFR273	277.4	306.5	29.10	2.64	0.18	0.52	Basalt
Incl	279	279.5	0.50	81.68	1.44	4.40	Basalt
LEFR281	24	52	28	0.22	0.17	0.60	Oxide - Basalt & Porphyry
LEFR282	32	36	4.00	0.56	0.08	0.15	Transported clay
LEFR282	48	52	4.00	0.06	0.26	0.85	Oxide - Porphyry
LEFR282	68	80	12.00	0.39	0.00	0.03	Porphyry
LEFR283	36	60	24.00	0.19	0.33	0.40	Oxide - Basalt
LEFR283	68	91	23.00	0.19	0.80	3.53	Porphyry& Basalt
Incl	77	79	2.00	0.28	1.85	5.00	Porphyry
and	81	88	7.00	2.68	1.41	6.10	Porphyry
LEFR283	96	135	39.00	0.55	0.28	0.70	Porphyry& Basalt
and	127	130	3.00	3.25	0.64	2.83	Porphyry

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ASX Announcement

29 April 2021

Table 2: 2021 RC & Diamond Drilling-Eastern Lefroy Gold Project-Burns Prospect Drill results continued.

Hole Id	From (m)	To(m)	Interval (m)*	Au(g/t)	Cu(%)	Ag (g/t)	Geology
LEFR284	32	44	12.00	0.05	0.35	0.13	Oxide - Basalt
LEFR284	64	68	4.00	0.31	0.34	1.30	Basalt
LEFR284	84	132	48.00	0.59	0.31	0.84	Porphyry& Basalt
Incl	120	124	4.00	2.27	0.42	1.75	Porphyry
and	128	132	4.00	2.50	0.06	0.30	Porphyry
LEFR284	156	164	8.00	1.96	0.10	0.23	Porphyry
Incl	156	160	4.00	3.39	0.04	0.20	Porphyry
LEFR284	192	200	8.00	0.79	0.06	0.00	Porphyry
LEFR285	44	64	20.00	0.69	0.21	0.69	Oxide - Porphyry
Incl	56	60	4.00	2.66	0.19	0.80	Oxide - Porphyry
LEFR285	100	104	4.00	0.14	0.21	0.60	Basalt
LEFR285	120	126	6.00	3.83	0.48	1.58	Porphyry
Incl	120	124	4.00	5.38	0.49	1.75	Porphyry
LEFR285	133	136	3.00	0.50	0.09	0.00	Porphyry
LEFR285	164	168	4.00	1.96	0.17	0.80	Porphyry
LEFR285	176	180	4.00	0.73	0.07	0.10	Porphyry
LEFR286	32	44	12.00	0.02	0.36	1.00	Oxide - Porphyry
LEFR286	136	140	4.00	0.29	0.12	0.25	Basalt
LEFR286	144	159	15.00	0.67	0.58	2.08	Porphyry
LEFR286	164	180	16.00	0.58	0.11	0.34	Porphyry
Incl	168	169	1.00	2.46	0.58	2.50	Porphyry

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ASX Announcement 29 April 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 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. The Western Lefroy tenement package subject to the Gold Fields 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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ASX Announcement 29 April 2021

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 refer 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 Exploration Limited-Prospectus: 8 September 2016

• Managing Directors AGM Presentation: 5 December 2016

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

• June 2020 Quarterly Activities Report: 31 July 2020

• 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

• • Resampling at Burns Better Defines Copper Gold Intersections: 27 April 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 2021 RC DD 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 comprise 28 RC holes of which 4 of these holes would have a DD tail. Holes varying in depth from 150m to 330.85m with an average depth of 200m. All holes were drilled at 600toward 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 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. Four metre 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 log significant sulphides and as such the 1m split sample direct off the cyclone was sent to the laboratory for analysis (LEFR260). Upon receival of the 4m composite results, 1m split samples were then collected from anomalous gold intervals (>0.1g/t Au) and/or >500ppm (0.05%) Cu. The 1m samples were sent to the Laboratory in 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 derived using a mixed acid digest with ICP finish for Cu, Ag, As, Mo, Fe, Pb, S, Te, W and Zn. The 4m composite samples were sent to the Laboratory in Kalgoorlie, then Perth for analysis. The samples were dried, pulverised, split to produce a sample for Au analysis Aqua Regia and determination by ICPMS. Additional elements, will derived using a mixed acid digest with ICPMS finish for Cu and Ag, • 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 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). Additional elements, will derived using a mixed acid digest with ICP finish for Cu, Ag, As,Mo,Fe,Pb,S,Te,W and Zn.
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) for holes LEFR259-280. Holes LEFR281-286 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. • The diamond drilling (DD) was completed by Raglan Drilling (Kalgoorlie). NQ sized core was primarily used as core was generally competent. Accurate bottom of hole orientation marks were captured usingan Ace tool.
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.	• Diamond core was measured 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.

Criteria	JORC Code Explanation	Commentary
	• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• The 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. • Sample recovery visually inspected and recorded by the rig geologist and sampler. • Some poor sample return in the overlying transported material (0-10m) during RC 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. • Logging carried out by sieving individual 1m sample cuttings, washing in water and the entire hole collected in plastic chip trays for future reference for RC drilling. • Every hole was logged for the entire length. • Diamond core underwent detailed logging through the entire hole with data being transferred to the Lefroy drilling database after capture • Analysis of rock type, colour, structure, alteration, 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 were 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 • Half drill core has been sampled RC • 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 and mixed acid 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 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.	• 1m 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 derived using a mixed acid digest with ICP finish for Cu, Ag, As, Mo, Fe, Pb, S, Te, W and Zn. • Quality control process and internal laboratory checks demonstrate acceptable levels of accuracy. At the laboratory regular assay repeats, lab standards, checks and blanks were analysed.

Criteria	JORC Code Explanation	Commentary
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision have been established.	• The pulps from the 1m samples in hole LEFR260 were re- assayed by fire assay as a second measure of quality control.
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 geology of the significant intersection in hole LEFR260 was viewed in the field by the managing director and also in chip tray. • No holes were planned to twin prior drill holes, however new holes are proximal (<40m) to historic drill holes which contained high grade Cu-Au to confirm and validate historic work. • 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) plus additional elements 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 GPS operated by the rig geologist/field assistant. In the future post drilling, drill hole collars were surveyed using a DGPS by a third- party contractor. Down holes surveys were completed by Raglan and Challenge 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 roughly 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. • Initial 4m composite samples will be used as a guide to re- sample parts of the drill hole which are likely to contain the best Cu and Au grades.

Criteria	JORC Code Explanation	Commentary
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 roughly east-west orientated drill traverses considered effective to evaluate the roughly north-south to north-west south-east trending stratigraphy. • 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. • 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 improve geological knowledge of the system.
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 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 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 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. • The Managing Director sampled and assisted with logging of the drill holes and was on site for the drilling-sampling of LEFR281-LEFR286

Section 2: REPORTING OF EXPLORATION RESULTS – LEFROY PROJECT- Burns Cu-Au Prospect April 2021 RC DD

• Criteria JORC Code Explanation Commentary

• Mineral tenement • Type, reference name/number, location • The Lefroy Project is located approximately 50 km in south and land tenure and ownership including agreements or east from Kalgoorlie, Western Australia and consists of a status material issues with third parties such as contiguous package of wholly owned tenements held under joint ventures, partnerships, overriding title by LEX or its wholly owned subsidiary Monger royalties, native title interests, historical Exploration Pty Ltd. The work described in this report was sites, wilderness or national park and completed on Exploration lease E 15/1715. environmental settings. • E 15/1715 is held 100% by Monger Exploration Pty Ltd a

• • The security of the tenure held at the wholly owned subsidiary of Lefroy Exploration Limited time of reporting along with any known • The tenements are current and in good standing with the impediments to obtaining a licence to Department of Mines and Petroleum (DMP) of Western

• operate in the area. Australia.

• Exploration done by • Acknowledgment and appraisal of • 1968-1973 BHP: The earliest recognition of the magnetic other parties exploration by other parties. 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-quartzhornblende 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.

• • 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.

Criteria	JORC Code Explanation	Commentary
		• 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 and porphyry.
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 _	• 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. • Table 1 of drill hole collars completed by Lefroy is noted in this announcement.

Criteria	JORC Code Explanation	Commentary
	• 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.
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 and samples and is noted in the body of the report • 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 historical results are based on down-hole metres. • All new results are based on down-hole metres. • Previous drill coverage has provided guidance for the presence of steeply dipping geology comprising a package of rocks containing basalt intruded by diorite porphyry. The data from this 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) 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.