From the CEO's desk

FROM THE CEO's DESK

Reflecting on the 2024 financial year, I think about the major progress we have made as a company, from both a strategic and operational perspective.

Since the Company restructure and launch of our renewed focus on gold exploration in February, we have prioritised target identification and drilling activity across the expansive Lefroy Project area.

We have made significant exploration headway at the Lucky Strike and Havelock targets, following the completion of a RC drill program in May. Results were extremely encouraging and confirmed our predictions that these corridors have the potential to host extensive gold mineralisation.

This preceded a major regional air core (AC) drilling program targeting the Mt Monger and Talcum Fault corridors, which is currently underway and will likely continue through to the end of August.

Importantly, it is covering a significantly underexplored prospective strike potential of approximately 40km extending from the south-east of our Lefroy Project up to Location 45 in the north-west.

We believe this campaign – which will drill approximate 350 holes for between 10,000m to 15,000m, could be a turning point for Lefroy as we systematically explore a region that has not been subject to this level of activity for two decades.

It is designed to home in on the potential for new gold discoveries and collect valuable data that will inform the Company’s evolving mineralisation model, as well as enable further progression of the most prospective areas along these key structural corridors.

Coinciding with the start of the regional AC drill program was the Diggers and Dealers conference in Kalgoorlie, which I attended alongside our Chairman David Kelly and other members of the team.

General sentiment at the conference was fairly upbeat considering some market turmoil in the days leading up to it, and it was particularly encouraging to see positive interest around our drill program rolling out, and gold as a commodity more broadly.

When I was appointed CEO in February this year, I knew I was joining a company with significant growth potential, and I firmly believe the outlook for Lefroy remains positive – we have a compelling investment story, a clear exploration strategy and a reinvigorated focus on gold at a time it continues to reach record values.

Looking ahead, I am reassured that our renewed focus on gold will deliver value to our shareholders longer term.

While our shift away from nickel exploration wasn’t taken lightly, we felt it was in the best interests of the Company given the challenging market conditions and depressed nickel outlook.

That said, we know there is significant nickel endowment on parts of the Lefroy property and as such, should we encounter nickel during drilling exploration it will be used to build our growing repository of data in readiness for an uptick in future nickel prices.

Our strategy of advancing towards generating cash flow from development and monetisation of our gold resources is now our priority. I thank those shareholders who continue to back the Company and am confident we will share further positive newsflow with you in the near term.