Lefroy Exploration Limited - Strong start to mining at high-grade Lucky Strike Gold Mine

About this update from Lefroy Exploration Ltd.

Lefroy Exploration Limited ('Lefroy' or 'the Company') (ASX: LEX) is pleased to provide a progress report in relation to 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: 'Momentum at Lucky Strike is building, with a strong first three weeks of pre-strip-mining activities completed. With first ore intersections anticipated by years end, we are excited at the realisation of the commencement of ore haulage in January 2026 , as the Company completes the next steps towards being the district's newest gold producer. 'With the Company fully funded, first toll-milling scheduled to commence in February 2026 and all of this set within the backdrop of a robust gold price, we are excited for a strong year of growth for the Company into 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 Mining operations have commenced strongly through December at the Lucky Strike Gold Mine , undertaken by mine profit share partners BML Ventures . To date, a total of 253,400 Bank Cubic Metres (BCM) of pre-strip material have been moved from the Stage 1 pit. To support the timely mining of the pre-strip waste material, apart from the establishment of an initial waste dump in early December, a second smaller northwestern waste dump was cleared in the second week of December. The Lucky Strike Gold Project remains on target to intersect first ore panels from the Stage 1 pit by the end of December. Additional to the mining activities, onsite support infrastructure has also advanced significantly throughout December, with the office and administration facilities now complete. LEFROY FULLY FUNDED INTO 2026 As Lefroy rapidly advances towards extracting first ore from the Lucky Strike Gold Project towards the end of December, the Company remains focused on maintaining a strong cash position into 2026, ensuring the Company builds on the momentum fostered in 2025. The Company's cash position was recently bolstered by the receipt of a second cash advance instalment of $0.75 million from BML Ventures Pty Ltd (BML) under the July 2025 Profit Cash Advance Facility Agreement (refer ASX announcement 18 December 2025). Contact: Graeme Gribbin CEO Lefroy Exploration Email: [email protected] Tel: +61 8 9321 0984 ABOUT LEFROY EXPLORATION LIMITED Lefroy Exploration Limited (ASX:LEX) is an active West Australian exploration company focused on developing its flagship Lefroy Project , a contiguous land package of 635km-2 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. Lefroy is pursuing a low-cost gold production strategy through profit share mining agreements on its shallow, high-grade gold deposits. The company's Lucky Strike Deposit with 79,600oz is subject to the first of such agreements, with mining underway and production on track 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 well positioned to generate cash flow and advance its broader portfolio. (C) 2025 Electronic News Publishing, source ENP Newswire

View stock analysis, news, and events for Lefroy Exploration Ltd.