Lefroy Exploration Limited reported the first batch of assay results for the RC resource drill program currently underway at the Burns Copper (Cu)/Gold (Au) Project, which is within the Company's wholly owned Eastern Lefroy Gold Project located 70km southeast of Kalgoorlie. Burns is an intrusion-related Au-Cu-molybdenum (Mo) and silver (Ag) mineral system, hosted by multiple diorite-porphyry intrusives and high-magnesium basalt Archaean-age rocks. The Company considers this Au-Cu-Mo-Ag intrusion-related style of mineralisation to be entirely new and unique to the Eastern Goldfields Province (EGP) of Western Australia.

A maiden 22-hole Reverse Circulation (RC) drill program completed in Jan-Feb 2021 intersected a spectacular gold and copper interval in hole LEFR260 containing 38m @ 7.63g/t Au & 0.56% Cu from 134m in diorite porphyry. The results from that RC program provided the geological and geochemical data that highlighted the unique geological characteristics of Burns and are a key guide to subsequent and ongoing exploration activity. Further targeted aircore, RC and diamond drilling at Burns since January 2021 has established a broad footprint to the system that extends beneath Lake Randall, with the limits of mineralisation still to be fully defined.

The system may extend for 2000 metres or more along strike, based on drilling between Lovejoy in the north and the main Burns Central in the south. Reverse Circulation (RC) Resource Drill Program In October 2022, the Company commenced an RC resource drill program of 15,000 planned metres to evaluate the Burns Central system to 200 metres vertical from surface and over 700 metres of strike. The data from this program, when combined with previous drilling data, will support the compilation of a mineral resource estimate to be finalised in Q1/2023.

To date, 46 holes for 11,417 metres have been completed, both onshore (land-based) and offshore on Lake Randall (salt-lake based). Drill spacing is a nominal 40 metre by 40 metre grid pattern, with angled holes planned to a nominal final hole depth of 250 metres. The drill program is designed to evaluate the three key geological domains at Burns Central being the Central Porphyry, Western basalt, and Eastern deformation zone.

Significant anomalous copper, gold and silver assay results have been returned for three drill holes, LEFR333-335, collared to follow up previous mineralised intersections in the Western Basalt. Copper and gold mineralisation in the Western Basalt was first identified by the Company, in February 2021, from a maiden RC and diamond drill program at Burns. Multiple holes on 40 metre spaced consecutive drill sections in that program intersected intervals of fresh basalt containing native copper, chalcopyrite, and chalcocite.

The best downhole copper intercept in that program was 110m @ 0.53% Cu & 0.31g/t Au from 20m to end-of-hole in LEFR271 that included 29m @0.67% Cu & 0.58g/t Au from 101m. A subsequent 9-hole RC drill program, in September 2021, evaluated the down-dip extension of mineralisation within the Western Basalt (in addition to the strike extension of the Eastern Porphyry). The western-most hole in that program, LEFR289, intersected a combined 330 metres of copper mineralisation across two main zones, including 244 metres @ 0.14% Cu & 0.10g/t Au from 20m and 24m @ 0.12% Cu & 0.46g/t Au from 306m to end of hole, and was open to the south along strike and at depth.

Angled RC drill holes LEFR333-335 were designed to infill between earlier drill sections to further evaluate Cu-Au mineralisation in the Western basalt intersected in prior drilling (e.g. LEFR289). The 3 holes reported in this release ranged from 250m to 264m final downhole depth and returned multiple consistent, broad zones of Cu-Au mineralisation hosted by altered basalt. Significantly the entire downhole length of hole LEFR335 from below transported cover (Base of Alluvium at 24m depth) to the end of hole intersected strongly elevated copper values that ranged from 146ppm Cu to 7.8% Cu and averaged 0.24% Cu over the interval 24m to 252m.

The strongest Cu, Au and Ag intersections within that 214m interval are shown below: LEFR 333 - total mineralisation of 29m, including · 17 metres @ 0.26% Cu from 24 metres in · 12 metres @ 0.32% Cu & 0.22 g/t Au from 227 metres LEFR 334 - total mineralisation of 73m, including · 64 metres @ 0.17% Cu & 0.25% Au from 173 metres; including o 2 m @ 1.74% Cu & 1.05g/t Au from 173 metres · 9 metres @ 0.57% Cu & 0.83 g/t Au from 250 metres LEFR 335 - total mineralisation of 137m including · 35 metres @ 0.26% Cu from 24 metres · 12 metres @ 0.21% Cu & 0.56 g/t Au from 81 metres · 56 metres @ 0.19% Cu & 0.25 g/t Au from 101 metres · 34 metres @ 0.69% Cu, 0.47 g/t Au & 1.76g/t Ag from 214 metres; including o 1 m @ 7.8% Cu, 3.5 g/t Au & 14 g/t Ag from 220 metres The intersections quoted above are hosted within epidote-magnetite altered basalt (the Western Basalt), immediately west of the suite of diorite porphyries that make up the Burns Central Porphyry. As such, this mineralised portion of the Western Basalt is considered by the Company to be part of the outer alteration halo of the Central porphyry, which supports an intrusive related model. The Company considers that due to the absence or rare occurrence of chalcopyrite within in the mineralised intervals noted above that copper mineral in the basalt is chalcocite (CuS2).

Chalcocite, with a 79.8%Cu content is a rich and valuable sulphide of copper compared to chalcopyrite (CuFeS2), which has a 34.5% Cu content. The Company geologists interpret that the chalcocite occurs as fine disseminations and fine fracture fill in the basalt host resulting in the broad downhole intervals. These intervals, when combined over multiple drill traverses (sections) can form a large, copper mineralised domain within the Western basalt that will complement the mineralisation in the Central porphyry.

In addition, the intersections in drill holes LEFR333-335 are located on the southern-most drill sections (200S and 240S sections) completed at Burns Central to date. The mineralised system remains completely untested and open to the south in both the Western basalt and Central Porphyry and is considered a key target for follow up drilling. Resource RC Program Status: The drill program is ahead of schedule, with 34 holes remaining to be drilled.

Drilling is expected to be completed by mid-December 2022. Final assay results will be received between December 2022 and January 2023, however, the Company acknowledges the current constraints on laboratories being used, which is affecting the prompt return of assay results. The Company aims to deliver a maiden gold-copper resource estimate for the shallow part of the Burns system in the March 2023 Quarter.