Lefroy Exploration Limited reported assay results from the two diamond drill holes completed at the Lovejoy prospect located approximately 1.5km north of Burns Central where RC drilling is currently underway. Lovejoy and Burns Central form part of the Burns gold (Au)-copper (Cu) intrusion-related mineral system, located in the Company's wholly owned Eastern Lefroy Gold Project, 70km southeast of Kalgoorlie. The Lovejoy prospect is the northernmost magnetic anomaly of a linear trend of discrete magnetic features, including Burns Central.

The anomalies extend over a 2500m trend known as the Burns Corridor. Outside of Burns Central, multiple aeromagnetic anomalies remain largely untested (e.g. Ralph & Skinner) and the Company considers that they all form part of one large Burns Cu Au mineral system. Each of the magnetic anomalies north of Burns Central was evaluated by RC drill holes in 2021 with each hole intersecting similar geology and alteration to that observed at Burns Central.

The strongest alteration was associated with siliceous breccia zones, with disseminated sulphides and magnetite, intersected in holes at Lovejoy and the adjacent Skinner and Flanders anomalies. RC Hole LEFR297 is located on the western margin of the Lovejoy magnetic anomaly and intersected significant intervals of altered porphyry and associated Cu Au mineralisation. Significant results from LEFR297 included 10m at 0.21g/t Au & 0.60% Cu from 218m and 8m at 0.22g/t Au & 0.51% Cu from 250m to end of hole.

Highly encouraging gold and copper results have been received for the two diamond drill holes, LEFD008 and LEFD009, that were completed at Lovejoy in September 2022. The holes were drilled on a single drill traverse (section), which includes RC drill hole LEFR297. This single traverse is the only evaluation of Lovejoy at depth to date.

Importantly, these holes are to the west of and adjacent to the Lovejoy magnetic anomaly which lies beneath Lake Randall and has only been tested by shallow AC drilling. Hole LEFD008 was collared 5m west of hole LEFR297 to an end-of-hole depth of 364.3m aimed to extend at depth the strong bottom-of-hole copper mineralisation intersected in that hole. LEFD008 successfully extended the mineral system a further 70m downhole and beyond the depth that LEFR297 was abandoned.

This interval included 42m of visual native copper and copper-sulphide mineralisation in hydrothermal breccia (breccia) from 233m ­ 275m. A second hole, LEFD009, was completed to 467.4m and the hole collar positioned 10m to the west of LEFD008. This hole successfully intersected the same breccia observed up-dip in LEFD008 which provided the basis for an interpreted shallow-dipping geometry to the breccia structure.

The assay results for LEFD008-009 confirm the discovery of an additional style of Cu Au mineralisation hosted by a hydrothermal breccia 1.5km north of Burns Central. The Company interprets the breccia to be an additional component of the larger Burns mineral system. The mineralisation is open along strike and depth with better results from the two holes being: LEFD008 ­ 34m of Cu-Au, comprising; 15m at 0.40% Cu from 223.1 m, 19m at 0.57% Cu & 0.11 g/t Au from 255.5m, including 2m at 2.12% Cu & 0.18 g/t Au from 272m; LEFD009 ­ 96m of Cu-Au, comprising 11m at 0.68% Cu & 0.4 g/t Au from 50m, 40m at 0.20% Cu from 208m and 45m at 0.33% Cu & 0.3 g/t Au from 258m.

The Cu-Au mineralisation in these two holes is hosted by the breccia and the adjacent altered basalt. The Company considers the breccia to be magmatic in origin and close to the carapace zone (top) of a porphyry copper system as it contains distinct unidirectional solidification textures (UST's). The breccia itself is crosscut by undeformed diorite porphyry.

This porphyry (BP2) is also mineralised at Burns Central which indicates that there are multiple overprinting mineralising events at Burns. The Company interprets the overall Cu Au grade and downhole width of mineralisation to be increasing with depth and provides an immediate target for follow up drilling. In addition, there is essentially no deep drilling immediately along strike to the north in Lake Randall or to the south on land and these are therefore are key areas for follow up RC drilling.

Approximately 300m to the south east, the Skinner magnetic anomaly has only been evaluated by two angled RC holes, both of which had elevated (+0.1%) Cu intercepts and similar rock types to those observed in LEFR297. The Company considers that the Cu Au mineralised breccia at Lovejoy has a far greater extent than initially interpreted and is an area for further broad RC and diamond drilling. The Lovejoy discovery is an important development for the Burns system which now confirms that significant Cu Au mineralisation extends beyond Burns Central, which is 1.5km to the south.

Based on the significant results at Lovejoy, the Company is prioritising the planning of step out drilling to test the other magnetic anomalies as a priority. This will include an initial RC hole at Ralph upon completion of the Burn Central resource drilling program. RC drilling is currently underway, and nearing completion for the land-based component of the resource drill out at Burns Central.

On completion of that program the RC rig will drill one angled hole as an initial test of the Ralph aeromagnetic anomaly south of Burns Central. The Lake RC drill rig continues to progress drilling of the planned RC holes in Lake Randall and is expected to be finished on or about 10 December 2022. Compilation and data preparation for the Burns Central Mineral Resource Estimate has commenced.

Planning for follow up RC drilling at Lovejoy is underway. A major part of that program will involve drilling on Lake Randall to the north of LEFD008 and LEFD009. In addition, initial RC drilling will aim to provide a deeper drill test of the Lovejoy magnetic anomaly.

The opportunity for commencement of the Lake RC drilling at Lovejoy is scheduled for January 2022 subject to rig availability.