Board of Lefroy Exploration Limited (ASX:LEX) intent to spin-off Johnston Lakes Nickel Ltd on October 13, 2022. Lefroy Exploration targeting the listing of JLN in the first half of CY23 . JLN's nickel assets consist of Carnilya South, within the Lefroy Project, and Lake Johnston, both in areas of high nickel endowment near Kalgoorlie, and the extensive Glenayle Project.

A highly credentialed Board and Management team has been recruited for JLN. The NonExecutive Chair is David Kelly, with Tim Netscher, Michael Davies and Wade Johnson as NonExecutive Directors. Former Western Areas NL Group Exploration Manager, Graeme Gribbin, has been appointed as Managing Director.

The Board and Management team have been selected and will all be in place at the start of November. Due diligence, prospectus preparation for the demerger and the submission to the ATO for demerger relief are also nearing completion. Transaction is subject to subject to Shareholder and ASX approvals.

Over the coming months LEX will conduct a General Meeting to approve the demerger by way of in-specie distribution of JLN shares to LEX shareholders, the record date for LEX shareholder entitlement to the in-specie distribution, the entitlement ratio and the priority entitlement of LEX shareholders in the IPO.