Company update from the Managing Director

FROM THE MANAGING DIRECTOR'S DESK

As Christmas approaches the Lefroy team has been powering ahead with dual drilling programs at Location 45. Fantastic progress has been made to date, with the first phase of drilling at both Mt Martin and Goodyear now complete and assay results expected to be returned shortly.

At Mt Martin the expansion program was designed to increase the existing 501,175 ounce gold resource, and focused on both the western and eastern sides of the existing pit. Drilling conditions were excellent, with all planned holes completed on time and on budget. RC drilling is scheduled to resume in the New Year.

Infill and resource expansion drilling at the Goodyear Nickel Deposit commenced in late November, to test the margins of Contact 1 located relatively near surface (less than 300m) to the east of the inferred resource envelope and to follow up on historical high-grade intersections.

The team was delighted to intersect massive nickel bearing sulphides in our first diamond hole of the two-hole campaign, which marks not only the first time diamond drilling has been conducted at Goodyear but also the first drilling activity at the deposit in 15 years.

Early interpretation suggests that the Goodyear resource has the potential to expand, given that it is open, both down-plunge and along strike to the west. Geological logging and sampling of GYD040 are already underway and we anticipate assay results will be available in January 2024.

Drilling activity comes after raising $6.2m in September from sophisticated and institutional investors, existing and new, who are keen to be part of Lefroy’s journey.

This week Lefroy welcomed the appointment of Mr David Kelly to the board as Non-Executive Director, with his role commencing 1 January 2024, having already served as a non executive director on our subsidiary Hampton Metals. Mr Kelly is a highly qualified geologist and mining executive with extensive gold and nickel experience in various senior roles including as an investment banker and corporate advisor.

We’ve had a tremendous year and it’s a great time to be aboard the Lefroy Express. We wish everyone a safe and enjoyable festive season and look forward to providing further updates in 2024.