Lefroy Exploration Limited - Lucky Strike update reveals positive mining, processing and exploration results

About this update from Lefroy Exploration Ltd.

Lefroy Exploration Limited ('Lefroy' or 'the Company') (ASX: LEX) is pleased to provide an update on production, operations and drilling activities at the Company's Lucky Strike Gold Mine near Kalgoorlie in Western Australia . 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). LEFROY MANAGING DIRECTOR, GRAEME GRIBBIN , COMMENTED: 'We are encouraged that first gold has been produced from the Lucky Strike Gold Mine , with a total of 1392 ounces of gold recovered from our first toll milling parcel in February. 'We are especially pleased that the mine resource grade and mine claim grades strongly reconcile with the mill, which is a strong endorsement not only of the Company's mineral resource estimate but of the grade control practices undertaken by BML. 'With ore stockpiles growing on site in support of subsequent toll milling parcels, and with the Company securing an additional $0.5 million in funding from our profit cash advance facility agreement with BML, we are well placed to recover more gold ounces from Lucky Strike , and grow our cash balance through future profit share distributions at Lucky Strike, and through our ongoing exploration and resource expansion activities, particularly at Mt Martin and Burns'. SOUTH PIT GRADE CONTROL DRILLING RESULTS The Company announced in February that a second phase of grade control drilling was underway by BML, targeting a potential for a Stage 2 South Pit (refer ASX release 12 February 2026 ). Grade control and exploration drilling to the south was designed to confirm and refine the known mineralisation resource envelopes while also to understand the potential for additional mineralisation corridors along the north and eastern flanks of the proposed South Pit , predominantly within the top 50-70m from surface. Drilling broadly confirmed the existing Lucky Strike resource model, while additionally further validating the geological and mineralisation interpretation of the southern Lucky Strike deposit. MINING OPERATIONS PROGRESS Mining profit share partner BML Ventures continues to advance mining activities at the Lucky Strike Gold Mine , with ore stockpiles growing in support of subsequent toll milling allotments being secured and scheduled. In total, an additional 13,069 ore tonnes have been stockpiled on surface at the Lucky Strike ROM pad, accumulated from the North Pit . Currently activities are centered around completing waste cutbacks to enable mining of higher grading ore panels (>2 g/t Au) over the coming months. Since mining commenced in December 2025 , a total of 1,136,265 Bank Cubic Metres (BCM's) has been extracted, allowing access to greater volumes of ore in the coming months. Additionally, a revised mine schedule and budget for the Lucky Strike project, has now been completed by BML, with the Company still in advanced negotiations to secure toll milling slots for a further 250,000 ore tonnes (additional to the toll milling tonnes already processed at the Greenfields Mill in Coolgardie in February 2026 ). BML Ventures continues to fund all upfront costs and expenses related to mining and operating the Lucky Strike Gold Mine , with all revenue from the first toll milling parcel used to repay a substantial portion of these incurred costs. Future toll milling parcels from Lucky Strike will allow surplus cash from the project to be shared equally 50:50 between BML and Lefroy. ADDITIONAL CASH ADVANCE FROM BML In July 2025 , the Company announced it had entered into a Profit Cash Advance Facility 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 ). As part of this agreement, Lefroy has now strengthened its cash position by requesting and receiving a third cash advance instalment of $0.5 million from BML Ventures Pty Ltd (BML) under the terms of the July 2025 Profit Cash Advance Facility Agreement (Facility Agreement). Contact: Graeme Gribbin Email: [email protected] Tel: +61 8 9321 0984 Web: www.lefroyex.com (C) 2026 Electronic News Publishing, source ENP Newswire

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