Lefroy Exploration Limited provide an update on its strategy in relation to its portfolio of nickel projects in Western Australia. The projects are now held by LEX's wholly owned nickel focussed subsidiary, Johnston Lakes Nickel Ltd. ("JLN"). JLN owns 100% of a number of nickel projects in Western Australia, which are considered highly prospective for magmatic nickel sulphide mineralisation.

Two of these projects are proximal to existing nickel processing facilities at Kambalda and Kalgoorlie. Lake Johnston Project: Four exploration licences located approximately 200km southeast of Kalgoorlie and 120km west of Norseman, WA. The project covers the northern part of the Lake Johnston greenstone belt, with significant exploration potential for nickel sulphide mineralisation, located immediately north of and adjoining Poseidon Nickel Limited's Emily Anne-Maggie Hayes nickel mine and processing facility.

Carnilya South Project: Nickel rights over one exploration licence and four prospecting licences located approximately 50km south-east of Kalgoorlie, WA that are part of LEX's Eastern Lefroy Gold Project. The project covers a 10km strike of the Kambalda Komatiite and is located approximately 1km south of the Carnilya nickel mine held by Mincor Resources NL and is proximal to the Kambalda Nickel Concentrator owned by BHP Nickel West. Glenayle Project: Six exploration licence applications covering 2,700km2 located approximately 240km northeast of Wiluna in central WA.

The tenement applications are considered prospective for Large Igneous Province (LIP)-associated magmatic nickel-copper mineralisation on the north- eastern margin of the Yilgarn Craton. The Glenayle Project was previously explored by Vale from 2014 until 2019, at which time Vale withdrew from all exploration activities in Australia.