LEFROY EXPLORATION LIMITED — Capital/Financing Update 2025

Dec 17, 2025

ASX Announcement

ASX: LEX

Lefroy receives second cash advance instalment of $0.75 Million from BML

18 December 2025

HIGHLIGHTS

• Lefroy has further consolidated its cash position by receiving a second cash advance instalment of $0.75 million from BML Ventures Pty Ltd (BML) under the July 2025 Profit Cash Advance Facility Agreement (Facility Agreement).

• Lucky Strike Gold Project in the first half of 2026, allowing the Company to significantly escalate exploration activity, commencing throughout the first half of 2026.

• This cash advance represents the second instalment to be received by Lefroy from BML across FY26, with the full funding commitment under the Facility Agreement totalling $2.5 million.

• BML and Lefroy have agreed to increase the amount of this second cash advance by bringing forward an additional advance of $250,000 from $0.5 million to $0.75 million.

• Funding provided to date under The Facility Agreement now totals $2.0 million, with $0.5 million remaining to be drawn down.

• With pre-strip and mining operations now underway at the Lucky Strike Gold Project, the Company remains on target to commence ore haulage in January 2026 and process its first toll treatment ore parcel in February 2026.

Lefroy Exploration Limited (“ Lefroy ” or “the Company ”) (ASX: LEX ) is pleased to announce that it has received a second cash instalment in relation to its Profit Cash Advance Facility Agreement executed with BML Ventures Pty Ltd with regards to the Lucky Strike Gold Deposit (“ Lucky Strike ”).[1]

The Lucky Strike Gold Deposit contains an MRE of 1.27Mt @ 1.95 g/t Au for 79,600 ounces (Indicated 0.70Mt @ 1.93 g/t Au for 43,400 oz. Inferred 0.57Mt @ 1.97 g/t Au for 36,200 oz).

1 Refer ASX Announcement released on 16 July 2025.

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LEFROY CEO, GRAEME GRIBBIN, COMMENTED:

relation to the commencement of mining operations at our high-grade Lucky Strike Gold Project earlier this month, but in collaborating with BML to ensure that Lefroy remains fully funded right through until first profit share cash is received inside the first half of 2026.

The receival of this second cash instalment ensures Lefroy ends 2025 well-funded and strongly placed to quickly build momentum in early 2026, with a full calendar of exploration targets planned, funded from the profits of Lucky Strike”

Strike Gold Project (refer ASX announcement 12 February 2025).

Agreement with BML, with a total draw down loan facility of $2.5 million (at a fixed interest rate of 8%) to be made available across four (4) quarterly instalments in FY26 (refer ASX Announcement 16 July 2025).

- ENDS -

This announcement has been authorised for release by the Board of Directors.

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Graeme Gribbin CEO

For further information please contact:

INVESTORS

MEDIA

Graeme Gribbin – CEO Lefroy Exploration E. ggribbin@lefroyex.com P. +61 8 9321 0984 More details: www.lefroyex.com

Fiona Marshall White Noise Communications E. fona@whitenoisecomms.com P: +61 400 512 109

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ABOUT LEFROY EXPLORATION LIMITED

Lefroy Exploration Limited (ASX:LEX) is an active West Australian exploration company focused on developing its flagship Lefroy Project ( Figure 1 ), a contiguous land package of 635km² located in the heart of the world-class Kalgoorlie and Kambalda gold and nickel mining districts and the Lake Johnston Project 120km west of Norseman.

its shallow, high-grade gold deposits. The company’s Lucky Strike Deposit with 79,600oz is subject to the first of such agreements, with key milestones completed on the way to production targeted for early 2026. Additional deposits Mt Martin (439,000oz at 1.47g/t Au) and Burns Central (159,285oz at 1.18g/t Au) offer additional potential for similar agreements and show significant resource growth potential through ongoing exploration.

With over one million ounces in resources and a zero-cost development pathway, LEX is wellpositioned to generate cash flow and advance its broader portfolio.

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Figure 1: Regional location map of the Lefroy Project

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SUPPORTING ASX ANNOUNCEMENTS

The following announcements were lodged with the ASX and further details (including supporting JORC Tables) for each of the sections noted in this announcement can be found in the following releases. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. In the case of all Mineral Resource Estimate’s (MRE), the Company confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

• Outstanding Results Reinforce Lucky Strike Potential: 26 February 2020

• Maiden Lucky Strike Resource Estimate: 20 May 2020

• Half a million ounces of gold in Burns Central maiden resource: 4 May 2023

• Strategy to focus on Gold Development and Exploration: 23 February 2024

• High Grade Shallow Resource to Unlock Value at Burns Central: 3 October 2024

• Lefroy builds near-surface gold resources at Mt Martin: 10 October 2024

• Lefroy signs Agreement with BML Ventures to advance development of the Lucky Strike gold deposit: 18 December 2024

• Lefroy executes Agreement with BML Ventures to mine the Lucky Strike gold deposit: 12 February 2025

• Drilling Underway at Lucky Strike Gold Project: 26 February 2025

• Major Grade Control drilling campaign commences at Luck Strike: 06 May 2025

• Exceptional grade control results as Diamond drilling commences at Lucky Strike: 03 June 2025

• More High-Grade Results at Lucky Strike Gold Deposit: 24 June 2025

• • Lucky Strike Gold Deposit advances towards operations: 9 September 2025

• Burns drilling targets near surface high-grade gold potential: 23 October 2025

• Lucky Strike Mine Approved clearing pathway for Operations to Commence: 5 November 2025

• Burns High-Grade Gold Deposit drilling underway: 11 November 2025

• Mining Commences at Lucky Strike Gold Deposit: 4 December 2025

• Resource extension drilling underway at Burns Gold Deposit: 9 December 2025

COMPETENT PERSON STATEMENT

The information in this announcement that relates to exploration targets and exploration results is based on information compiled by Graeme Gribbin, a competent person who is a member of the Australian Institute of Geoscientists (AIG). Mr Gribbin is employed by Lefroy Exploration Limited. Mr Gribbin has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr Gribbin consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.

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FORWARD LOOKING STATEMENTS

This announcement contains “forward-looking statements”. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “expect”, “predict”, “forecast”, “estimate”, “target” and “intend” and statements that an event or result “should”, “could”, “may”, “will” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Forward-looking statements including estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and may or may not occur. The statements involve known and unknown risks, uncertainties and other factors associated with LEX and the mining exploration industry such as resource risk, environmental and regulatory risks, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates and operational risks. Many of risks these are beyond the control of LEX. It is believed that expectations reflected in the statements are reasonable but they may be affected by market conditions and a range of other variables which could cause actual results or trends to differ materially from those stated.

Table 1: Total Indicated and Inferred Mineral Resources (small discrepancies may occur due to the effect of rounding)

Orogenic Gold Style	Orogenic Gold Style	Orogenic Gold Style	Orogenic Gold Style	Orogenic Gold Style
					Indicated									Inferred						Total Resource
Deposit			Mt		Au (g/t)		Oz					Mt		Au (g/t)		Oz		Mt			Au (g/t)		Oz
Red Dale			0.64		1.21		24,660					0.03		0.60		570		0.67			1.18		25,230
Lucky Strike			0.70		1.93		43,400					0.57		1.97		36,200		1.27			1.95		79,600
Mt Martin			5.60		1.40		2.47,500					3.69		1.61		191,500		9.29			1.47		439,000
TOTAL			6.94		1.41		315,560					4.29		1.66		228,270		11.23			1.51		543,830
Porphyry Gold-Copper S					tyle
					Indicated										Inferred						Total	Resource
Deposit		Mt		Au (g/t)	Cu (%)	Au (Oz)			Cu (t)			Mt		Au (g/t)	Cu (%)	Au (Oz)		Cu (t)	Mt		Au (g/t)	Au (Oz)		Cu (t)
Burns Central		32.31		0.38	0.16	394,308			50,253			10.65		0.3	0.08	103,165		8,047	42.96		0.36	497,472		58,300
Total		32.31		0.38	0.16	394,308			50,253			10.65		0.3	0.08	103,165		8,047	42.96		0.36	497,472		58,300
Inclusive of
Burns High Grade		4.11		1.19	0.22	157,215			9,119			0.1		0.63	0.18	2,070		184	4.22		1.18	159,285		9,303
Nickel
					Indicated									Inferred						Total Resource
Deposit		ton		nes	Ni (%)			Ni metal				tonnes		Ni (%)		Ni metal		ton	nes	Ni (%)			Ni metal
Goodyear		-			-			-				392,000		3.78		14,780		392,000		3.78			14,780
TOTAL		-			-			-				392,000		3.78		14,780		392,000		3.78			14,780

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