Lefroy Exploration Limited ('Lefroy' or 'the Company') (ASX: LEX) is pleased to announce that it is actively assessing the opportunity to expand the Scoping Study for its 100%-owned Mt Martin Gold Project to incorporate the high-grade portion of the nearby Burns gold deposit, located within the Company's Lefroy Gold Project in the Eastern Goldfields of Western Australia.
LEFROY MANAGING DIRECTOR, GRAEME GRIBBIN, COMMENTED: 'Evaluating the integration of the high-grade portion of Burns into an expanded Scoping Study scope alongside Mt Martin is a logical adjustment to the Study. Aligning both the reviewed resource model and the scoping study delivery for early December quarter 2026 will provide our shareholders with a clear, comprehensive development framework. 'The past month has also delivered major steps forward in de-risking our operations at Lucky Strike. Securing dewatering corridor for Lucky Strike and working closely with our partners BML Ventures to advance environmental approvals, discharge amendments, and the revised Mining Development and Closure Proposal.
ADVANCING LEFROY'S GROWTH STRATEGY
Lefroy is focused on unlocking value across its high-grade gold resource base through systematic exploration, resource optimisation, and disciplined technical evaluation. The Mt Martin Scoping Study, alongside near-term mining pathways at the Lucky Strike Gold Mine and the high-grade resource optimisation at the Burns gold-copper deposit, represents a multi pronged approach to progressing this strategy. This systematic evaluation has been made possible via the Company's recent $3.6 million placement (refer to ASX release 22 May 2026), strengthening Lefroy's balance sheet and providing funding to accelerate these critical commercial milestones. The funds raised from this placement will support the completion of the study, ongoing technical evaluation activities, and continued advancement of Lefroy's broader exploration portfolio. The Company's total Mineral Resource base comprises more than 1 million ounces of contained gold across its project portfolio, providing a significant foundation for future regional production and growth opportunities.
MT MARTIN SCOPING STUDY PROGRESS AND TIMELINE
The Mt Martin Gold Deposit is located in the Location 45 freehold property within the Eastern Goldfields of Western Australia and contains a high-grade Mineral Resource Estimate (MRE) of 9.1Mt @ 1.6 g/t Au for 460,000 ounces (comprising an Indicated resource of 3.9 Mt @ 1.60 g/t Au for 200,500 oz and an Inferred resource of 5.2 Mt @ 1.6 g/t Au for 259,500 oz). The Mt Martin Scoping Study is being undertaken at a preliminary technical and economic assessment level. Independent global consultancy Measured Group, currently leading and coordinating the evaluation framework, is managing this technical assessment to determine the viability of a centralised regional processing model. Lefroy is assessing the opportunity to incorporate the high-grade portion of the Burns gold deposit directly into an expanded Scoping Study alongside Mt Martin. This updated approach evaluates combined regional asset metrics, centralised infrastructure, and optimised production profiles. To ensure the technical work programs managed by Measured Group seamlessly integrate these possible expanded operational parameters, the final estimated completion and delivery of the Scoping Study is now scheduled for early in the December quarter 2026. This updates the previous timeline outlined (refer to ASX release 30 June 2026 - 'Mt Martin Scoping Study Commences'). The Measured Group continues to coordinate the evaluation, assessing open-pit mining configurations, baseline infrastructure requirements, environmental footprints, and processing optimisation pathways. Lefroy sees significant resource growth potential demonstrated at Mt Martin. Encouraging gold assay results from a recently completed 37-hole (5,046m) RC drilling program successfully validated down-plunge continuity and a >1km open strike on the East Shear zone (refer to ASX release 5 August 2026).
LUCKY STRIKE GOLD MINE
The Lucky Strike Gold Mine is operating under a 50:50 profit-sharing mining agreement with private mining contractor BML Ventures Pty Ltd. The Lucky Strike Gold Deposit hosts an established MRE of 1.27Mt @ 1.95 g/t Au for 79,600 ounces of gold, comprising an Indicated resource of 0.70Mt @ 1.93 g/t Au (for 43,400 oz) and an Inferred resource of 0.57Mt @ 1.97 g/t Au (for 36,200 oz) (refer to ASX April 2026). In June (refer ASX release 30 June 2026), the Company announced that ground water inflows into the Lucky Strike Pit had significantly affected mining activities, with BML receiving approvals in early June to construct a dewatering pipeline. To support future open-pit waste mining and unlock deeper, higher-grade ore zones, the joint operation is seeking necessary regulatory approvals for an additional dewatering corridor to be located on miscellaneous licence L25/71. This corridor will establish a second water management solution, significantly increasing the total dewatering capacities for the Lucky Strike Project. BML Ventures will await the formal receipt of these key approvals prior to commencing ground-disturbing earthworks and commencing elevated dewatering activities. Miscellaneous Licence L25/71 has transitioned to fully granted status in September. This follows the recent execution of a Heritage Agreement with the Kakarra Part A traditional owners. Additionally, a comprehensive heritage survey has been confirmed with the Kakarra Native Title Claim Group for mid-October 2026. Revisions to the Mining Development Compliance Plan (MDCP) are underway to integrate the newly granted L25/71 tenement boundary, while water discharge licence amendments progress through relevant government departments to enable elevated dewatering activities and full operations to recommence scheduled for early 2027.
Contact:
Graeme Gribbin
Email: ggribbin@lefroyex.com
Tel: +61 8 9321 0984
Web: www.lefroyex.com
Fiona Marshall
Email: fiona@whitenoisecomms.com
Tel: +61 400 512 109
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