Mt Martin Gold Mine 

Mt Martin Gold Project

The Mt Martin Gold Project is located within Lefroy Exploration's 635 km² Greater Lefroy Gold Project (LGP), approximately 30 km south of Kalgoorlie in Western Australia. Strategically positioned within the highly prospective Kalgoorlie Terrane, the project benefits from its proximity to established mining infrastructure, processing facilities and haul roads servicing several operating gold mines throughout the prolific Kalgoorlie–Kambalda mining district.

Lefroy Exploration, through its wholly owned subsidiaries, acquired the mineral rights to the Mt Martin deposit and the broader Location 45 freehold land in May 2023 under a Mineral Rights Agreement with Franco-Nevada Pty Ltd. The acquisition significantly strengthened the Company's development pipeline and expanded its high-quality gold asset portfolio.

Advancing Towards Development

Following the recent update to the Mt Martin Mineral Resource Estimate (MRE), Lefroy has commenced a Scoping Study in 2026 for the 100%-owned Mt Martin Gold Project, with Measured Group appointed to lead and coordinate the study.

The Scoping Study follows the updated high-grade Mineral Resource Estimate of:

9.1 Mt @ 1.6 g/t Au for 460,000 ounces of gold.

The revised resource further strengthens Mt Martin as one of Lefroy's key development assets and represents an important milestone in progressing the project towards future mining studies.

Revised Mineral Resource Estimate

During April 2026, Lefroy engaged Measured Group to undertake a review and update of the Mt Martin Mineral Resource Estimate, building on the previous resource update completed in October 2024.

As part of the review, revised Reasonable Prospects for Eventual Economic Extraction (RPEEE) assumptions were applied. The updated Mineral Resource is constrained within an A$7,000 per ounce optimised pit shell and reported above a 0.5 g/t gold cut-off grade, providing a robust foundation for ongoing technical and economic evaluation.

The commencement of the Scoping Study marks the next stage in advancing Mt Martin, with the study assessing the technical and economic potential of developing the project as a standalone mining operation or as part of a broader regional development strategy.

Since acquiring the mineral rights in 2023 and continuing to grow its resource base across the Greater Lefroy Gold Project, Lefroy has increased its total gold resources to more than one million ounces, reinforcing its position as an emerging Western Australian gold developer.

Interpreted bedrock geology map of Location 45 hosting Mt Martin Gold Mine and the Goodyear Nickel Deposit

Significant potential for resource growth exists at Mt Martin based on historical drilling below the existing open pit, which returned multiple high-grade gold intercepts that have not been followed up for a decade, including:

• 12m @ 6.6 g/t Au from 318.6m (AUZD003)
• 33.15m @ 3.82 Au from 0m (MUG 33), including
  • 10.35m @ 5.12g/t Au from 0m, and
    
  • 3.95m @ 6.48 g/t Au from 28.4m
• 52.9m @ 2.4 g/t Au from 78.2m (MUG 33(, including
  • 7.66m @ 5.16g/t Au from 79.18m

• 5.49m @ 4.44 g/t Au from 129.88m (MM85)

Immediately outside the Mt Martin open pit, limited modern exploration has been completed, presenting significant near-surface opportunities for additional discoveries and further resource growth at Mt Martin. The shallow resources of the Adelaide pit and Swift deposit highlight the potential for additional mineralised structures proximal to the Mt Martin resource.

The Company has also identified that existing resource wireframes exclude any assays below 0.5 g/t Au, and that there is an opportunity for significant upside potential by re-optimising the estimate to account for mineralisation outside existing interpretations, aided by infill drilling.

The remainder of Location 45 is largely unexplored, presenting significant potential for additional Greenfields gold discoveries.

Mt Martin cross-section looking north, showing resource blocks, drilling and significant intersections