Lefroy Exploration : Annual General Meeting Presentation

Annualonly General

Meetinguse Presentation

December 2021

ersonal2 December 2021 WJohnson

ManagingDirector

Disclaimer

This presentation contains summary information about Lefroy Exploration Limited (LEX) and is current as at 1 December 2021. The information contained in this presentation is of a general nature and does not purport to be complete.

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This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the
basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the
objectives, financial situation or needs of individuals. Investors should obtain independent financial advice before making any investment
decisions.
This presentation contains certain "forward-looking statements". Forward-looking statements can generally be identified by the use of
forward-looking words such as, "expect", "should", "could", "may", "predict", "plan", "will", "believe", "forecast", "estimate", "target" and other
similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking
statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies
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which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of
current market conditions.
Forward-looking statements including projections, guidance on future earnings and estimates, are provided as a general guide only and
should not be relied upon as an indication or guarantee of future performance and may or may not occur. These statements involve known
and unknown risks, uncertainties and other factors associated with LEX and the mining exploration industry, many of which are beyond the
control of LEX. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by market
conditions and a range of other variables which could cause actual results or trends to differ materially.
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LEX disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future
events or results or otherwise except as required by law or regulation (including the ASX Listing rules).
LEX has prepared this presentation in good faith based on information available to it at the time of preparation. Neither LEX or any of its
directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy,
completeness or correctness of the information, opinions and conclusions contained in this presentation.
Accordingly, to the maximum extent permitted by law, none of LEX, its directors, employees or agents, advisers, nor any other person
accepts any responsibility or liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of,
the accuracy or completeness of the information or for any opinions contained in this presentation or for any errors, omissions or
misstatements or for any loss, howsoever arising, from the use of this presentation.	2

	2021 Company Summary
	Lefroy Exploration Limited (LEX or Lefroy) controls a major tenement portfolio in three project areas in
	Western Australia, with more than 637km2 in the flagship Lefroy Gold Project (LGP) near Kalgoorlie
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	alone.
 Lefroy is targeting high-value gold and copper-gold deposits at the LGP capable of being rapidly
	developed through systematic generative exploration.
	The Lefroy exploration effort is underpinned by the $25 million Farm-in and JV with Gold Fields over
	the western part of the LGP adjoining the Gold Fields St Ives mining operation.
use	38m at
	In early 2021 drilling by Lefroy at Burns intersected an outstanding gold copper interval of
	7.63g/t Au and 0.56% Cu from 134m down-hole, including: 27m at 10.1g/t Au and 0.74% Cu from
	141m in the Eastern Porphyry. The Burns system is open, with further drilling underway to expand
	the footprint of the intrusion related system.
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	At Eastern Lefroy, early stage aircore drilling at Coogee South prospect outlined the Catalina and
	Bronte gold anomalies that are open, and with further drilling planned to extend both.
 At Western Lefroy, JV partner Gold Fields elected to progress to Stage 2 of the Farm In and have
	commenced massive land based Full Field Air Core drill program.
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	LEX has a small tightly capital structure means that is leveraged to exploration success.

2021 Project Portfolio

Targeting high-value gold and nickel deposits capable of being rapidly developed

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• Focus: undertake early stage Greenfields exploration for gold and nickel deposits in premier and emerging areas of Western Australia
• Lefroy Project: flagship gold project in excess of 638km2 of contiguous wholly owned tenements, within 50km of Kalgoorlie
• Lake Johnston Project: 198km2 of granted tenure prospective for nickel and gold located immediately north of the Emily Anne nickel mine held by Poseidon Nickel Limited (ASX: POS)
• Glenayle Project: commanding 2738km2 first mover recent land acquisition in the

Proterozoic Salvation Basin considered	4
prospective for Ni sulphide mineralisation

Systematic,generativeexplorationtargetinghigh-valuegoldandcopper-golddepositsand deliveringdiscoveries

The flagship Lefroy Gold Project, 50km south-east of Kalgoorlie, comprises two primary packages:

 Eastern Lefroy (266km²): Burns, Red Dale and greenfield discoveries at Lucky Strike, Hang Glider Hill and Havelock

		 Recent exploration success at Burns following the Au-Cu discovery
		 Discovery and definition of the 80koz Lucky Strike gold deposit*
	 Western Lefroy (372km²): underpinned by $25 million Farm-in and JV with Gold Fields
only	 Adjacent to Gold Fields' +10 million ounce St Ives gold operation
use	 Multiple greenfield targets generated through foundation aircore drilling in 2019 on Lake Lefroy
 Gold Fields recently elected to Stage 2 commitment of $15million to earn additional 19%
	BOARD OF DIRECTORS				CORPORATE STRUCTURE
	Gordon Galt	Non-Executive Chairman	Issued capital	137.3m shares
	Wade Johnson			Managing Director
ersonal			Non-Executive Director	Options on issue	0
	Michael Davies
	Geoff Pigott		Non-Executive Director	Cash (Post November	~$6.5m (no debt)
							placement)
	MAJOR SHAREHOLDERS	SHARES	%	Market capitalisation	36c/share: ~$49.4M
	Gold Fields			21.6m	15.7	Top 20
	Michael Davies			14.8m	10.8	~69%
			Board ownership	~18.6%
	Other Directors			10.7m	7.8	5
	*Refer-LEX ASX release 20 May 2020