Lefroy Exploration (ASX:LEX) raises $3.6m to accelerate Mt Martin evaluation

Lefroy Exploration has received firm commitments to raise approximately $3.6m before issue costs through a Placement to institutional and sophisticated investors.

This funding allows Lefroy to expedite the scoping studies and associated activities at Mt Martin and the high-grade gold core at Burns, while the additional equity allows the company to sustain momentum whilst awaiting cash flow from the Lucky Strike Profit Share.

Highlights

• Lefroy has received firm commitments to raise $3.6m before costs in a share Placement to institutional and sophisticated investors
• Directors of Lefroy have committed to participate in the Placement for a total of $317,570, subject to Shareholder approval
• This funding allows Lefroy to expedite the scoping studies and associated activities at Mt Martin and the high-grade gold core at Burns
• The additional equity allows the company to sustain momentum whilst awaiting cash flow from the Lucky Strike Profit Share
• On ground activities, including drilling and study work to support these ventures will be scheduled throughout the remainder of 2026

The Placement will result in the issue of a total of 28.8 million fully paid ordinary Shares at an issue price of $0.125 per New Share.

The Placement issue price was 12.5c, the last closing price of Lefroy on 19 May 2026 and a 12.0% discount to the 15-day VWAP, with New Shares issued under the Placement to rank equally with the company’s existing Shares.

The proceeds of the Placement will be used to accelerate the growth and evaluation of the company’s key Mt Martin gold deposit.

Lefroy acquired 100% of the mineral rights to Location 45 from its title holder, Franco-Nevada Pty Ltd, in May 2023. Location 45 contains the Mt Martin Gold Mine, which includes a mineral resource estimate of 9.1Mt grading 1.6g/t Au for 460,000oz of gold.

Proceeds from the capital raise will initially be directed to Scoping Study activities on the company’s major advanced gold project at Mt Martin, including targeted shallow resource definition and extensional drilling.

In addition, the company will undertake resource extension drilling and resource estimation work at Burns, with the aim of upgrading the existing high-grade core, while on ground activities, including drilling and study work to support these ventures, will be scheduled throughout the remainder of 2026.

Lefroy Chairman David Kelly commented:

“Securing this additional equity funding allows Lefroy to continue to advance the exploration and evaluation of its key 460koz Mt Martin Gold Deposit.”

The Placement of 28,800,000 Shares comprises 26,259,440 Shares, representing $3,282,430, to be issued pursuant to the company’s existing placement capacity under ASX Listing Rule 7.1, with settlement to take place on or about Friday, 29 May 2026.

A further 2,540,560 Shares, representing $317,570, are to be issued to Directors of the company, or their nominees, subject to Shareholder approval to be sought at the company’s next General Meeting of Shareholders.

Bridge Street Capital Partners Pty Ltd acted as Sole Lead Manager for the Placement.

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