Lefroy Exploration Raises $6 million to Advance Exploration

ASX RELEASE-10 November 2021

Lefroy Exploration Raises $6 million to

Advance Exploration

Highlights

• LEX has received firm commitments to raise $6 million (before costs) in a heavily oversubscribed share placement to institutional and sophisticated investors.
• The placement was well supported by key existing shareholders as well as new domestic and overseas institutional investors.
• The Directors have committed to participate in the Placement for a total of $0.3 million, subject to shareholder approval.
• LEX is now well funded to advance exploration at the priority Burns prospect, where drilling in 2021 has outlined an emerging and unique style of Cu Au mineralisation located 70km southeast of Kalgoorlie. A substantial drilling program about to recommence to extend the limits of the system beneath Lake Randall.
• The Company is now also funded for additional exploration programs to be undertaken at its Coogee South, Hang Glider Hill and Havelock prospects within the Eastern Lefroy Gold Project.

Lefroy Exploration Limited (ASX: LEX) ("LEX" or "the Company") is pleased to advise that it has received firm commitments to raise $6 million (before issue costs) through a heavily oversubscribed placement to institutional and sophisticated investors ("Placement"), as part of the Company's total equity raising of up to $6.3 million.

The Company's Equity Raising of up to $6.3 million comprises:

• the completed Placement that raised $6 million; and
• Directors Participation of $0.3 million

ASX Code: LEX	Australian Registered Office	E: [e-mail]
T: [phone]
Shares on Issue: 120M	Level 2, 11 Ventnor Avenue	ARBN: 052 123 930
Market Capitalisation: $49.2m	West Perth, 6005

www.lefroyex.com

ASX Announcement

10 November 2021

Placement

The Placement will result in the issue of a total of 18 million fully paid ordinary shares ("Shares") at an issue price of $0.35 per Share. New Shares issued under the Placement will rank equally with the Company's existing fully paid ordinary Shares.

The Placement issue price was at a 14.6% discount to the last closing Share price of LEX (on 5 November 2021) and a 11.4% discount to the 5-day VWAP of LEX shares. The Placement was taken up by new domestic and overseas institutions and sophisticated investors as well as existing Shareholders. The Company advises that Directors of the Company have committed to participate in the Placement for a total of $300,000. This will be subject to Shareholder approval at the Company's next General Meeting of Shareholders

The proceeds of the Placement will be used to accelerate exploration at the Company's 100% owned Eastern Lefroy Gold Project and for general working capital purposes. The principal and immediate focus of the Company is at the exciting and unique Burns copper gold system where recent exploration involving drilling and geophysics has expanded the mineralised footprint to 3000m in length. The next stage of exploration at Burns is about to get underway to test the limits of the system beneath the large area of Lake Randall. A specialised lake drilling rig has been secured to evaluate multiple target areas, including the priority Lovejoy area, located 2000m north of Burns.

LEX Chairman, Mr Gordon Galt stated, "We acknowledge the ongoing support of existing shareholders and are pleased to welcome new shareholders. We are now funded to undertake extensive exploration activities in the Eastern Lefroy Gold Project and in particular around the Burns Project. Together with the committed exploration program in the western portion of the Lefroy Gold Project through our JV with Gold Fields, we anticipate significant ongoing news flow on the Company's projects."

The Placement of 18 million Shares is being undertaken under the Company's existing ASX Listing Rule 7.1. placement capacity. Settlement of the Placement is expected to take place on or around Tuesday, 16th November 2021, with quotation of the new Shares expected to occur on Wednesday, 17th November 2021. Director's subscriptions to the Placement are subject to shareholder approval at the next General Meeting of the Company.

Bridge Street Capital Partners and Arlington Group Asset Management were Joint Lead Managers and Bookrunners for the Placement.

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ASX Announcement

10 November 2021

This announcement has been authorised for release by the Board

Wade Johnson

Managing Director

About Lefroy Exploration Limited and the Lefroy Gold Project

Lefroy Exploration Limited is a WA based and focused explorer taking a disciplined and conceptual approach in the search for high value gold deposits in the Yilgarn Block of Western Australia. Key projects include the Lefroy Gold Project to the southeast of Kalgoorlie, Lake Johnston Project 120km to the west of Norseman and the recently acquired Glenayle Project 210km northeast of Wiluna. The 100% owned Lefroy Gold Project contains mainly granted tenure and covers 621km2 in the heart of the world class gold production area between Kalgoorlie and Norseman. The Project is near Gold Fields' St Ives gold camp, which contains the Invincible gold mine located in Lake Lefroy and is also immediately south of Silver Lake Resources' (ASX:SLR) Daisy Milano gold mining operation.

Location of the Lefroy Gold Project relative to Kalgoorlie. The Western Lefroy tenement package subject to the Gold Fields joint venture, and Gold Fields tenure are also highlighted

For Further Information please contact:

Wade Johnson

Managing Director

Telephone: [phone]

Email: [e-mail]

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