Lefroy Exploration Ltd (ASX:LEX) Confirms High-Grade Gold Drilling at Burns Gold Deposit

8 January 2026

Price Sensitive Announcement $

Highlights:

• Diamond drilling results confirm the high-grade core of the Burns Gold Deposit with significant intersections within LEFD010 including:

  o 20.87m @ 2.69 g/t Au from 131.13m, incl 3.87m @ 7.09 g/t Au from 132.54m

  o 6.4m @ 2.59 g/t Au from 191m, incl 0.93m @ 10.60 g/t Au from 196.07m

• An additional metallurgical reverse circulation (RC) drill hole (LRR026) targeting the high-grade oxide gold zone returned exceptional intersections including:

  o 30m @ 5.76 g/t Au from 24m, incl 5m @ 17.3 g/t Au from 44m, and
  o 7m @ 1.15 g/t Au from 71m, incl 2m @ 2.9 g/t Au from 76m

• RC drilling along strike of the defined Burns gold resource has intersected additional shallow zones of significant mineralisation to the north, including:

  o 5m @ 1.60 g/t Au from 79m, incl 1m @ 5.31 g/t Au from 83m in LRR029, and

  o 7m @ 0.66 g/t Au from 30m, incl 2m @ 1.16 g/t Au from 32m in LRR027

• Metallurgical results are expected to be received by the end of January.

Overview:

Lefroy Exploration Limited has reported drilling results targeting the high-grade core of the Burns Gold Deposit. Burns lies within the Company’s Lefroy Gold Project located in the Kambalda-Kalgoorlie gold district of Western Australia.

The Burns Gold Deposit contains an MRE of 42.96 Mt @ 0.36 g/t Au for 497,472 ounces (Indicated 32.31 Mt @ 0.38 g/t Au for 394,308 oz. Inferred 10.65 Mt @ 0.30 g/t Au for 103,165 oz).

Inclusive within this resource is Burns High-Grade which contains 4.22 Mt @ 1.18 g/t Au for 159,285 ounces (Indicated 4.11 Mt @ 1.19 g/t Au for 157,215 oz. Inferred 0.1 Mt @ 0.63 g/t Au for 2,070 oz).

Burns Deposit Background
The Burns Deposit lies within the broader Lefroy Gold Project located 70km southeast of Kalgoorlie (Figure 4), proximal to the St Ives gold camp (Gold Fields Ltd JSE: GFI) and the Daisy Milano and Mt Monger gold operations (Vault Minerals Ltd ASX: VAU).

In October 2024 (refer ASX release 03 October 2024) the Company reported that a significant, structurally controlled high-grade gold zone had been reported within the existing Burns Central Mineral Resource Estimate (MRE), including 4.22Mt @ 1.18 g/t Au for 159,285 contained ounces (Table 1), reported within 200m of surface.

Metallurgical Diamond Drilling Results
A diamond drilling program was completed in December 2025, designed to target the high-grade gold core of Burns for the purpose of capturing material for metallurgical test work.

This drill hole will provide material for definitive metallurgical test work aimed at confirming conventional gravity and cyanide leachable gold recovery and guiding further studies on potential development pathways at Burns.

The program consisted of a single 270m hole, (Figures 1 and 2) drilled along strike within the Burns resource, with drilling completed in early December (refer ASX release 9 December 2025).

The diamond drill hole location for LEFD010 is depicted in the Long Section view shown in Figure 2.

Drilling successfully intersected the high-grade gold zone of Burns, with several significant highgrade gold intersections returned, with notable intersections including:

• 20.87m @ 2.69 g/t Au from 131.13m, incl 3.87m @ 7.09 g/t Au from 132.54m
• 6.4m @ 2.59 g/t Au from 191m, incl 0.93m @ 10.60 g/t Au from 196.07m
• 0.38m @ 15.3 g/t Au from 245m

  A full list of all significant intersections is compiled in Table 2. The significant gold intersections encountered within LEFD010 have confirmed and validated the existing resource model at Burns.

High-grade gold intersections are dominantly hosted within strongly biotite altered mafic rocks (pillow basalts), with mineralisation characterised by a network of pink K-feldspar veins with associated actinolite, chalcopyrite, magnetite and minor bornite.

Metallurgical RC Drilling Results

Following the completion of LEFD010, it was noted that a localised section of the oxide zone was stripped by a paleochannel sand sequence.

To ensure oxide material was available as part of this metallurgical test work program at Burns, an additional reverse circulation drill hole (LRR026) was designed and drilled through a portion of oxide mineralisation (Figures 1 and 2).

Exceptional results were returned from this drill hole, also confirming and validating the Burns resource model within the oxide zone. High-grade results were returned (Table 3), with significant results within LRR026 of:

• 30m @ 5.76 g/t Au from 24m, incl 5m @ 17.30 g/t Au from 44m, and
• 7m @ 1.15 g/t Au from 71m, incl 2m @ 2.90 g/t Au from 76m

Oxide mineralisation composite samples from LRR026 along with fresh mineralisation intervals from LEFD010 were submitted for definitive metallurgical test work, with results anticipated to be received by the end of January.

RC shallow oxide Resource extension results targeting Burns HighGrade Gold

The Company undertook a drilling program in early December 2025 targeting the potential extension to the Burns resource under shallow lake cover sediments, along strike to the north
(refer ASX release 9 December 2025).

Drilling was performed across three drill sections, with a specialist RC lake rig, stepping out on 50m spaced sections immediately north of the existing Burns mineral resource. In total, 10 holes were completed, for 1681 metres. Drilling locations for these holes are shown in Figures 1 and 2.

All significant assay results are summarised in Table 4 with highlights including:

• 5m @ 1.60 g/t Au from 79m, incl 1m @ 5.31 g/t Au from 83m in LRR029, and
• 7m @ 0.66 g/t Au from 30m, incl 2m @ 1.16 g/t Au from 32m in LRR027

  Drilling has confirmed the existing Burns geological and mineralisation model, with the main mineral system continuing to extend and shallow towards the north. A cross-section interpretation of these significant results north of the Burns mineral resource are shown in Figure 3.

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