Lefroy Exploration Limited - Mining Commences at Lucky Strike Gold Deposit

About this update from Lefroy Exploration Ltd.

Lefroy Exploration Limited ('Lefroy' or 'the Company') (ASX: LEX) is pleased to announce the commencement of mining at the Lucky Strike Gold Deposit 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 CEO, GRAEME GRIBBIN , COMMENTED: 'We are very excited to announce formal commencement of mining at Lucky Strike, and I would like to acknowledge all the key stakeholders associated with the project who have made this possible, from our mine profit share partners BML Ventures , supportive station owners at Mount Monger Station , Native Title Holders (Kakarra - Part A and Marlinyu Ghoorlie), supportive shareholders and of course the employees and contractors of Lefroy Exploration ' 'With an historically high gold price, there is no better time to be commencing a new gold mine. We are excited to be on track for production of first gold in February 2026'. Lefroy entered into a Profit-Sharing Agreement with BML mining contractors in February 2025 in relation to the Lucky Strike Gold Project (refer ASX announcement 12 February 2025 ). Additionally, in July, 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). LUCKY STRIKE PROJECT UPDATE December marks a significant milestone for Lefroy Exploration , with official commencement of Stage 1 mining at Lucky Strike. Additionally, the Company is pleased to confirm that all mining and environmental approvals, including the Mine Development Closure Plan (MDCP) and Clearing Permit approvals relating to the Stage 1 pit at Lucky Strike on tenement M25/366 have now been granted, paving the way for pre-strip waste mining activities to commence on time this month. In total, 21,560 BCMs of waste have been mined to date from the Lucky Strike Stage 1 pit. UPCOMING MILESTONES FOR LUCKY STRIKE With mining underway, Lefroy's mine profit share partner BML is anticipating accessing and mining the first ore panels at Lucky Strike in late December 2025 . Additional site works will advance including full implementation of the accommodation village, site offices and associated workshop and maintenance facilities. MAINTAINING OUR ACCELERATED PATHWAY FOR LUCKY STRIKE, FROM MINING TO MILLING With pre-strip activities underway and first ore mining anticipated towards the end of December, Lefroy, in partnership with BML, is rapidly advancing towards its inaugural toll milling campaign of Lucky Strike ore in February 2026 . With first ore for toll milling scheduled for February 2026 to the FMR Greenfields Mill in Coolgardie, (refer ASX announcement 10 June 2025 ) the Company remains on target to complete f irst gold production from Lucky Strike in March 2026 . Lefroy remains in a strong cash position, with a second cash instalment of $0.5 million to be delivered to the Company in December 2025 , by way of Lefroy's Profit Cash Advance Facility Agreement with BML. This, coupled with the receival of first profit distributions from the Lucky Strike Gold Project well inside the first half of 2026, places the Company in a strong position for growth, exposed to a historically high gold price. Contact: Graeme Gribbin Tel: +61 8 9321 0984 (C) 2025 Electronic News Publishing, source ENP Newswire

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