Slide 1: A New Gold Producer Targeting Operations in CY 2025
A New Gold Producer Targeting Operations in CY 2025 Investor Presentation Noosa Mining Conference November 2025 ASX:LEX
Slide 2: Disclaimer
Disclaimer This presentation contains summary information about Lefroy Exploration Limited (LEX) and is current as of the cover date. It does not represent an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. The information contained in this presentat
Slide 3: Lefroy's Strategy for Growth
Lefroy’s Strategy for Growth Discover Exploration and Discovery LEFROY EXPLORATION Convert Expand Gold Resource Produce Gold Production and Cash Base 3
Slide 4: Corporate Snapshot
Corporate Snapshot Excellence & Integrity – Board Of Directors Share Price (11 Nov 25): Shares on issue: Market Cap: $0.185c 248M $45.9M Enterprise Value: Cash (30 Sep 25): $43.9M $2.0M PLUS $1.25 Million FY26 Cash Advance David Kelly Tara French Michael Davies Shareholders: **(Profit Share Cash Adv
Slide 5: Surrounded by Giants
Surrounded by Giants Big Companies, Big Assets, Big Producers • Large 635km2 contiguous tenement package in world-class Kalgoorlie mining district LEFROY EXPLORATION • Close to established and well serviced mining centres, with existing transport infrastructure, and nearby processing facilities • St
Slide 6: Developing Deposits for Immediate Cashflow
Developing Deposits for Immediate Cashflow One million ounces in 40km corridor Development • Development of Lucky Strike • Evaluation of additional deposits (Mt Martin, Burns) LEFROY EXPLORATION Cashflow • No upfront expenditure required by Lefroy • 50% Profit share Growth • Accelerated regional dev
Slide 7: Production Growth: Lucky Strike
Production Growth Lucky Strike Lefroy positioned for self-funded growth F U L LY F U N D E D T O D E V E L O P M E N T CY Q1: RC Drilling • Private mining contractor BML Ventures is responsible for all capital, operating CY Q1: RC Results costs, permits and approvals • No up-front expenditure contri
Slide 8: Lucky Strike Drilling
Lucky Strike Drilling Stage 1 Shallow High-Grades Confirmed plus Exploration Upside • Resource drilling results validate geology and resource models within 50m of surface. • Significant intersections outside the MRE highlight growth potential. LEFROY EXPLORATION • Grade control drilling results conf
Slide 9: Lucky Strike: Mining Proposal Approved, Mobilisation Underway
Lucky Strike: Stage 1 Mining Proposal Approved Mobilisation Underway Heritage Approvals • All work areas approved covering mining and haul road corridors LEFROY EXPLORATION Clearing Permits • Granted, covering mining lease M25/366 Mine Planning • Mine Development and Closure Plan (MDCP) approved. •
Slide 10: Our Next Gold Mines
Our Next Gold Mines Resource Growth Beyond 1 Million Ounces Lucky Strike – Expanded Pit Stage 2 • Drilling completed to assess a potential deeper Stage 2 development Mt Martin • Shallow MRE of 9.29Mt @ 1.47g/t Au for 439,000 oz LEFROY EXPLORATION • Limited drilling along strike and east of the Mt Ma
Slide 11: Lucky Strike – Expansion
Lucky Strike – Expansion Stage 2 • Diamond and RC drilling targeting a deeper Stage 2 expanded pit at Lucky Strike complete. • Program fully pre-funded by mine profit-share partner BML • Following up high-grade historical LEFROY EXPLORATION intersections including • 8m @ 18.66 g/t Au from 145m (LEFR
Slide 12: Lucky Strike – Expansion
Lucky Strike – Expansion Stage 2 • Diamond and RC drilling targeting a deeper Stage 2 expanded pit at Lucky Strike complete. • Outstanding results highlight exceptional upside for a potential expanded Lucky Strike, including: • 24m @ 5.24 g/t Au from 134m (LEFR915), LEFROY EXPLORATION • incl 2m @ 29
Slide 13: Mt Martin – Near Surface Gold Resource
Mt Martin – Near Surface Gold Resource Proven deposit with 200,000 oz already produced • Shallow MRE of 9.29Mt @ 1.47g/t Au for 439,000 contained ounces* • Thick high-grade intersections including: • 21.24m @ 4.32 g/t Au from 29.76m (Main Shear) in MUG49 LEFROY EXPLORATION • 10m @ 3.80 g/t Au from 2
Slide 14: Mt Martin – Significant Resource Upside
Mt Martin – Significant Resource Upside Numerous shallow targets to drive resource growth • Targeting shallow high-grade shear hosted mineralisation along strike and east of existing resource • Main corridors for growth along East and Adelaide Shears. LEFROY EXPLORATION • East Shear testing northern
Slide 15: Burns Central – High Grade Shallow Resource
Burns Central – High Grade Shallow Resource Significant shallow high-grade Au zone delineated • The Burns high grade zone totals 4.22Mt @ 1.18 g/t Au for 159,285 contained ounces (0.5g/t Au cut-off) which includes: • 46,538 oz of gold (Au) in oxide • 8,154 oz gold (Au) in transitional; and LEFROY EX
Slide 16: Burns Central – High Grade Shallow Resource
Burns Central – High Grade Shallow Resource Significant shallow high-grade Au zone delineated • Consistent high-grade corridor, extending over 650m strike length • Significant, thick intersections, including: • 61m@ 2.96 g/t Au (from 120m), including 37m @ 4.23 g/t Au (from 126m) (LEFR320) LEFROY EX
Slide 17: Burns Central – High Grade Shallow Resource
Burns Central – High Grade Shallow Resource Drill Program Targeting High-Grade Zone Underway • Diamond drilling program commences DRILL TARGETING AT BURNS designed to: Target high-grade shallow resource extensions north of existing Burns LEFROY EXPLORATION Resource; and To perform confirmatory m
Slide 18: Greater Burns Area Upside
Greater Burns Area Upside Multiple shallow targets over 4km potential to host additional high-grade zones • Quimby Fault corridor interpreted to control position of high-grade Au corridor at Burns Central • 4km Northwest striking magnetic trend extending north of Burns LEFROY EXPLORATION • Multiple
Slide 19: Luck Striking Twice - Havelock
Luck Striking Twice - Havelock Multiple Banded Iron Formation hosted targets • Limited Drilling at Havelock • Multiple kilometers of significantly under- LEFROY EXPLORATION tested Banded Iron Formation host units • Shallow, high-grade targets benefiting from new mine infrastructure development at Lu
Slide 20: Activities Timeline FY26
Activities Timeline FY26 Lucky Strike Mine Lucky Strike Mine UND E R WAY D ec 2025 Lucky Strike U N DERWAY Mine Site mobilisation and Exploration Targets infrastructure INS ID E 1H 2026 Pre-Strip and First Ore for Lucky Strike stockpiles 50-50 Profit share 1H 2026 distribution for Geophysics, Geoche
Slide 21: Investment Highlights
Investment Highlights LEFROY EXPLORATION Commanding tenure of 635km2 Zero cost Securely funded with in WA Goldfields hosts shallow, commercialisation meaningful near-term cashflow high-grade deposits near toll pathway via profit-sharing generation to enable self- milling infrastructure mine agreemen
Slide 22: Thank You
Thank You Level 3, 7 Rheola St, West Perth WA 6005 Australia +61 08 9321 0984 lefroyex.com
Slide 23: Appendices
Appendices
Slide 24: Total Indicated & Inferred Resources
Total Indicated & Inferred Resources Gold Indicated Inferred Total Resource Deposit Mt Au (g/t) Oz Mt Au (g/t) Oz Mt Au (g/t) Oz Red Dale1 0.64 1.21 24,660 0.03 0.60 570 0.67 1.18 25,230 Lucky Strike1 0.70 1.93 43,400 0.57 1.97 36,200 1.27 1.95 79,600 Mt Martin2 5.60 1.4 247,500 3.69 1.61 191,500 9.