LEX: Annual Report
Original announcement by asx on
- Company
- LEFROY EXPLORATION LIMITED
- Ticker
- LEX
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Copper, Nickel
- Document categories
- Resource update, Production, Drill results
- Extracted
- 2026-09-23 23:09:59 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Lefroy Exploration Limited's Annual Report for FY2026 highlights its transition to a gold producer with first gold poured from the Lucky Strike Gold Mine in February 2026. The company also updated its Mt Martin Mineral Resource Estimate, increasing it by 5% to 460,000 ounces of gold, and reported encouraging metallurgical recoveries of up to 97% gold from Burns Central. Extensive drilling programs at Lucky Strike, Burns Central, and Mt Martin returned high-grade gold intercepts, supporting resource growth and future development studies.
Reasoning: Lefroy Exploration has successfully transitioned to a gold producer with first gold from Lucky Strike, supported by positive resource growth at Mt Martin and strong metallurgical results at Burns Central. Extensive high-grade drilling results across multiple projects further de-risk and advance the company's gold portfolio, despite some resource estimates being based on older data.
Positive factors
- Company achieved first gold production, marking a significant transition from explorer to producer.
- Updated Mt Martin MRE shows a 5% increase in contained gold ounces, indicating resource growth.
- Metallurgical test work at Burns Central achieved high gold recoveries (up to 97%), confirming amenability to conventional processing.
- Multiple high-grade gold intercepts from drilling programs at Lucky Strike and Mt Martin, including extensions outside current resources.
Negative factors
- Some resource estimates are historical (May 2020, May 2023) and have not been updated in this report, potentially reducing their current relevance.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 27
Classification and evidence
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Competent Person Statement explicitly names Graeme Gribbin, a member of the AIG, as responsible for exploration results, and other QPs for resource estimates.
Evidence · text
“The information in this announcement that relates to exploration targets and exploration results is based on information compiled by Graeme Gribbin, a competent person who is a member of the Australian Institute of Geoscientists (AIG).”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: All resource estimates are reported in accordance with the JORC Code (2012 Edition).
Evidence · text
“The revised MRE reported in accordance with the JORC Code (2012 Edition)”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cut-off grades for all resource estimates (0.5 g/t Au, 0.1 g/t Au, 0.1% Cu, 1% Ni) are explicitly stated.
Evidence · text
“The Mt Martin Mineral Resource Estimate is reported using a 0.5g/t Au cut off”
High Recoverypositive · Story-specific tag
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Metallurgical test work at Burns Central achieved approximately 97% gold recovery from oxide and fresh rock domains using conventional cyanide leaching, which is exceptional for this processing route.
Evidence · text
“Subsequent metallurgical test work achieved approximately 97% gold recovery from oxide and fresh rock domains using conventional cyanide leaching”
Pilot Scale Completepositive · Story-specific tag
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The document mentions 'Pilot/demo plant' as an exceptional test scale, and the metallurgical test work is described as 'detailed' and 'Key findings', implying a high level of maturity.
Evidence · text
“Lefroy engaged the services of Independent Metallurgical Operations Pty Ltd (IMO) to conduct metallurgical test work on representative material”
Free Millingpositive · Story-specific tag
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The metallurgical test work results indicated that the samples tested were 'free-milling and amenable to recovery through conventional Carbon-in-Leach (CIL) processing circuits'.
Evidence · text
“suggesting that the samples tested were free-milling and amenable to recovery through conventional Carbon-in-Leach (CIL) processing circuits.”
Multi-Domain Testedpositive · Story-specific tag
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Metallurgical test work was conducted on 'oxide and fresh rock domains' and also included 'Transitional Ore', indicating variability across ore domains was addressed.
Evidence · text
“approximately 97% gold recovery from oxide and fresh rock domains”
Recovery Improvingpositive · Story-specific tag
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: Composite 1 (Fresh Ore) reported a 30% increase in gold recovery (from 67.4% to 96.9%) with an increased sodium cyanide concentration.
Evidence · text
“Composite samples 1 (Fresh Ore) reported a 30% increase in gold recovery (from 67.4% to 96.9%) with an increased sodium cyanide (NaCN) concentration”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The updated Mt Martin Mineral Resource Estimate increased the combined Indicated and Inferred resource by 5%, or 21,000oz, to 9.1Mt at 1.6 g/t gold for 460,000oz.
Evidence · text
“An updated Mineral Resource Estimate increased the combined Indicated and Inferred resource by 5%, or 21,000oz, to 9.1Mt at 1.6 g/t gold for 460,000oz.”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Red Dale and Lucky Strike MREs have not changed since May 2020, making them over 2 years old.
Evidence · text
“The Lucky Strike and Red Dale Mineral Resource Estimates are reported using a 0.5g/t Au cut off and have not changed since the May 2020 resource statement (ASX Announcement 20 May 2020).”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Burns Central and Goodyear MREs have not changed since May 2023, making them over 2 years old.
Evidence · text
“The Burns Central Mineral Resource Estimate is reported using a 0.1g/t Au and 0.1% Cu cut offs and has not changed since the May 2023 resource statement (ASX Announcement 4 May 2023).”
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: Composite 4 (Transitional Ore) contained the highest CN soluble copper content (0.36%), which can be a penalty element.
Evidence · text
“Composite 4 (Transitional Ore) contained the highest CN soluble copper content (0.36%)”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the reported resources (e.g., Mt Martin, Burns Central, Goodyear) are in the Inferred category, which has lower geological confidence.
Evidence · table
“Inferred”
Context: 5,209,000
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The Mt Martin MRE was updated, indicating a revised estimate for an existing resource.
Evidence · text
“An updated Mineral Resource Estimate increased the combined Indicated and Inferred resource by 5%”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: A Scoping Study was commenced at Mt Martin, which is an early-stage study often supported by resource estimates.
Evidence · text
“In June 2026, Lefroy commenced a Scoping Study at Mt Martin, designed to assess potential development scenarios”
Extracted facts
Stored fact records: 26. Some facts used in scoring do not have a stored record.
Drill Results (1)
LEFR1174Lefroy · goldGrade: 4.91Grade Unit: g/tIntercept: 2 mView all detailsHide details
Identity
- Hole ID
- LEFR1174
- Project
- Lefroy
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- LEX
Geometry
- Grade
- 4.91
- Grade Unit
- g/t
- Intercept
- 2 m
- From
- 83 m
- To
- 85 m
- Intercept Depth
- 83 m
Classification
- Deposit Type
- orogenic
- Program
- resource
- Sample Type
- drill
- Group ID
- LEFR1174:83-85
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: This high-grade sub-interval outside the current MRE highlights strong gold mineralization and resource growth potential.
Positive factors
- High grade of 4.91 g/t Au is strong for an orogenic deposit.
- Confirms a higher-grade zone within the broader intercept.
- Located outside of the existing MRE, indicating potential for resource growth.
Evidence · text
“incl 2m @ 4.91 g/t Au”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
Resource Estimates (25)
indicatedLefroy Project · goldTonnes: 640000Grade: 1.21Grade Unit: g/tContained Metal: 24660Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:07f753906b650c8d42cb
- Deposit or zone
- Red Dale
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 640000
- Grade
- 1.21
- Grade Unit
- g/t
- Contained Metal
- 24660
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Red Dale Indicated resource provides a baseline, but its historical nature limits its current impact.
Positive factors
- Indicated resource category provides a reasonable level of geological confidence.
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
Evidence · table
“1.21”
Context: 0.64
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
inferredLefroy Project · goldTonnes: 30000Grade: 0.6Grade Unit: g/tContained Metal: 570Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:4fc32dd0d4e7d16bee55
- Deposit or zone
- Red Dale
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 30000
- Grade
- 0.6
- Grade Unit
- g/t
- Contained Metal
- 570
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Red Dale Inferred resource is small and historical, offering limited current impact.
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“0.6”
Context: 0.03
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
indicatedLefroy Project · goldTonnes: 670000Grade: 1.18Grade Unit: g/tContained Metal: 25230Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:5cc9fcf842e41880db93
- Deposit or zone
- Red Dale
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 670000
- Grade
- 1.18
- Grade Unit
- g/t
- Contained Metal
- 25230
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total Red Dale resource is small and historical, providing limited current impact.
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
Evidence · table
“1.18”
Context: 0.67
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
indicatedLefroy Project · goldTonnes: 700000Grade: 1.93Grade Unit: g/tContained Metal: 43400Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:16c03c5168a12a34b19d
- Deposit or zone
- Lucky Strike
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 700000
- Grade
- 1.93
- Grade Unit
- g/t
- Contained Metal
- 43400
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Lucky Strike Indicated resource is moderate grade and provides a good base, but its historical nature limits its current impact.
Positive factors
- Indicated resource category provides a reasonable level of geological confidence.
- Grade of 1.93 g/t Au is moderate for an orogenic deposit.
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
Evidence · table
“1.93”
Context: 0.70
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
inferredLefroy Project · goldTonnes: 570000Grade: 1.97Grade Unit: g/tContained Metal: 36200Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:269e1edb03f14d6e279f
- Deposit or zone
- Lucky Strike
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 570000
- Grade
- 1.97
- Grade Unit
- g/t
- Contained Metal
- 36200
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Lucky Strike Inferred resource is moderate grade but historical, limiting its current impact.
Positive factors
- Grade of 1.97 g/t Au is moderate for an orogenic deposit.
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“1.97”
Context: 0.57
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
indicatedLefroy Project · goldTonnes: 1270000Grade: 1.95Grade Unit: g/tContained Metal: 79600Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:4d9c53d6d4ec407b5bf7
- Deposit or zone
- Lucky Strike
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1270000
- Grade
- 1.95
- Grade Unit
- g/t
- Contained Metal
- 79600
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total Lucky Strike resource is moderate grade and forms the basis for current production, but the estimate is historical.
Positive factors
- Total resource of 79,600 oz Au provides a solid base for the recently commenced production.
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
Evidence · table
“1.95”
Context: 1.27
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
indicatedLefroy Project · goldTonnes: 3890000Grade: 1.6Grade Unit: g/tContained Metal: 200500Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Graeme Gribbin
- Resource group id
- resource:d4c2591d360377bb456e
- Deposit or zone
- Mt Martin
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 3890000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 200500
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Mt Martin Indicated resource is a significant and recently updated component of the project, supporting future development studies.
Positive factors
- Indicated resource category provides a good level of geological confidence.
- Grade of 1.6 g/t Au is moderate for an orogenic deposit.
- Part of an updated MRE, indicating recent work and relevance.
Evidence · table
“1.6”
Context: 3.89
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredLefroy Project · goldTonnes: 5200000Grade: 1.6Grade Unit: g/tContained Metal: 259500Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Graeme Gribbin
- Resource group id
- resource:ca52d5cb2022f6275269
- Deposit or zone
- Mt Martin
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 5200000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 259500
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Mt Martin Inferred resource is a substantial and recently updated component, providing significant exploration upside.
Positive factors
- Grade of 1.6 g/t Au is moderate for an orogenic deposit.
- Part of an updated MRE, indicating recent work and relevance.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.6”
Context: 5.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedLefroy Project · goldTonnes: 9100000Grade: 1.6Grade Unit: g/tContained Metal: 460000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Graeme Gribbin
- Resource group id
- resource:556e3f8a7e4349806ade
- Deposit or zone
- Mt Martin
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9100000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 460000
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The updated Mt Martin resource demonstrates significant growth and forms a key advanced gold asset for Lefroy.
Positive factors
- Total resource of 460,000 oz Au is a strong asset for the company.
- Updated MRE shows a 5% increase in contained ounces, indicating growth.
- Grade of 1.6 g/t Au is moderate for an orogenic deposit.
Evidence · table
“1.6”
Context: 9.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedLefroy Project · goldTonnes: 32310000Grade: 0.38Grade Unit: g/tContained Metal: 394308Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:40a396c0186eeaebdb21
- Deposit or zone
- Burns Central
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32310000
- Grade
- 0.38
- Grade Unit
- g/t
- Contained Metal
- 394308
- Contained Unit
- oz
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns Central Indicated gold resource is substantial in tonnage but low grade and historical, limiting its immediate impact.
Positive factors
- Large tonnage indicated resource provides a significant base.
- Indicated category provides a good level of geological confidence.
Negative factors
- Grade of 0.38 g/t Au is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“0.38”
Context: 32.31
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · copperTonnes: 32310000Grade: 0.16Grade Unit: %Contained Metal: 50253Contained Unit: tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:40a396c0186eeaebdb21
- Deposit or zone
- Burns Central
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32310000
- Grade
- 0.16
- Grade Unit
- %
- Contained Metal
- 50253
- Contained Unit
- t
- Cutoff Grade
- 0.1
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns Central Indicated copper resource is low grade and historical, limiting its immediate impact.
Positive factors
- Indicated category provides a good level of geological confidence.
Negative factors
- Grade of 0.16% Cu is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“0.16”
Context: 32.31
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredLefroy Project · goldTonnes: 10650000Grade: 0.3Grade Unit: g/tContained Metal: 103165Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:0188a92e2dc631a2d2d0
- Deposit or zone
- Burns Central
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 10650000
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 103165
- Contained Unit
- oz
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns Central Inferred gold resource is low grade and historical, offering limited current impact.
Negative factors
- Grade of 0.3 g/t Au is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“0.3”
Context: 10.65
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredLefroy Project · copperTonnes: 10650000Grade: 0.08Grade Unit: %Contained Metal: 8047Contained Unit: tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:0188a92e2dc631a2d2d0
- Deposit or zone
- Burns Central
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 10650000
- Grade
- 0.08
- Grade Unit
- %
- Contained Metal
- 8047
- Contained Unit
- t
- Cutoff Grade
- 0.1
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns Central Inferred copper resource is very low grade and historical, offering limited current impact.
Negative factors
- Grade of 0.08% Cu is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“0.08”
Context: 10.65
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · goldTonnes: 42960000Grade: 0.36Grade Unit: g/tContained Metal: 497472Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:3aef90a8c15e6dfb43c3
- Deposit or zone
- Burns Central
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 42960000
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 497472
- Contained Unit
- oz
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total Burns Central gold resource is large but low grade and historical, requiring further work to demonstrate economic viability.
Positive factors
- Total resource of nearly 500,000 oz Au is a significant scale.
Negative factors
- Grade of 0.36 g/t Au is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“0.36”
Context: 42.96
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · copperTonnes: 42960000Grade: 0.16Grade Unit: %Contained Metal: 58300Contained Unit: tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:3aef90a8c15e6dfb43c3
- Deposit or zone
- Burns Central
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 42960000
- Grade
- 0.16
- Grade Unit
- %
- Contained Metal
- 58300
- Contained Unit
- t
- Cutoff Grade
- 0.1
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total Burns Central copper resource is low grade and historical, requiring further work to demonstrate economic viability.
Negative factors
- Grade of 0.16% Cu is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“58,300”
Context: 42.96
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · goldTonnes: 4110000Grade: 1.19Grade Unit: g/tContained Metal: 157215Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:6cb059f63470d3f43f36
- Deposit or zone
- Burns High Grade
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 4110000
- Grade
- 1.19
- Grade Unit
- g/t
- Contained Metal
- 157215
- Contained Unit
- oz
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns High Grade Indicated gold resource offers a higher-grade component, but its historical nature limits its immediate impact.
Positive factors
- Grade of 1.19 g/t Au is moderate for a porphyry deposit.
- Indicated category provides a good level of geological confidence.
Negative factors
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“1.19”
Context: 4.11
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · copperTonnes: 4110000Grade: 0.22Grade Unit: %Contained Metal: 9119Contained Unit: tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:6cb059f63470d3f43f36
- Deposit or zone
- Burns High Grade
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 4110000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 9119
- Contained Unit
- t
- Cutoff Grade
- 0.1
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns High Grade Indicated copper resource is low grade and historical, limiting its immediate impact.
Positive factors
- Indicated category provides a good level of geological confidence.
Negative factors
- Grade of 0.22% Cu is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“0.22”
Context: 4.11
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredLefroy Project · goldTonnes: 100000Grade: 0.63Grade Unit: g/tContained Metal: 2070Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:54321f876e4b63dd1ffa
- Deposit or zone
- Burns High Grade
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.63
- Grade Unit
- g/t
- Contained Metal
- 2070
- Contained Unit
- oz
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns High Grade Inferred gold resource is very small and historical, offering limited current impact.
Negative factors
- Grade of 0.63 g/t Au is moderate for a porphyry deposit, but the tonnage is very small.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“0.63”
Context: 0.1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredLefroy Project · copperTonnes: 100000Grade: 0.18Grade Unit: %Contained Metal: 184Contained Unit: tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:54321f876e4b63dd1ffa
- Deposit or zone
- Burns High Grade
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.18
- Grade Unit
- %
- Contained Metal
- 184
- Contained Unit
- t
- Cutoff Grade
- 0.1
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Burns High Grade Inferred copper resource is very small and historical, offering limited current impact.
Negative factors
- Grade of 0.18% Cu is weak for a porphyry deposit, and the tonnage is very small.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“0.18”
Context: 0.1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · goldTonnes: 4220000Grade: 1.18Grade Unit: g/tContained Metal: 159285Contained Unit: ozView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:0d0866e8a9ada6e4afbe
- Deposit or zone
- Burns High Grade
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 4220000
- Grade
- 1.18
- Grade Unit
- g/t
- Contained Metal
- 159285
- Contained Unit
- oz
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total Burns High Grade gold resource provides a good higher-grade component, but its historical nature limits its immediate impact.
Positive factors
- Total resource of 159,285 oz Au is a significant high-grade component.
- Grade of 1.18 g/t Au is moderate for a porphyry deposit.
Negative factors
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“1.18”
Context: 4.22
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · copperTonnes: 4220000Grade: 0.22Grade Unit: %Contained Metal: 9303Contained Unit: tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Grove
- Resource group id
- resource:0d0866e8a9ada6e4afbe
- Deposit or zone
- Burns High Grade
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 4220000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 9303
- Contained Unit
- t
- Cutoff Grade
- 0.1
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total Burns High Grade copper resource is low grade and historical, limiting its immediate impact.
Negative factors
- Grade of 0.22% Cu is weak for a porphyry deposit.
- Estimate is historical (May 2023), reducing its current relevance and novelty.
Evidence · table
“9,303”
Context: 4.22
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredLefroy Project · nickelTonnes: 392000Grade: 3.78Grade Unit: %Contained Metal: 14780Contained Unit: tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lindsay Farley
- Resource group id
- resource:d243abc5ce0a7259a2df
- Deposit or zone
- Goodyear
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 392000
- Grade
- 3.78
- Grade Unit
- %
- Contained Metal
- 14780
- Contained Unit
- t
- Cutoff Grade
- 1
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2023-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total Goodyear nickel resource is high-grade but small and historical, requiring further work to upgrade confidence.
Positive factors
- High grade of 3.78% Ni is exceptional for nickel.
Negative factors
- Estimate is historical (May 2023), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“3.78”
Context: 392,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedLefroy Project · goldTonnes: 3885000Grade: 1.6Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:29d79995c88a5b5a0229
- Deposit or zone
- Red Dale
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 3885000
- Grade
- 1.6
- Grade Unit
- g/t
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Red Dale Indicated resource provides a baseline, but its historical nature limits its current impact. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated resource category provides a reasonable level of geological confidence.
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
Evidence · table
“1.6”
Context: 3,885,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
inferredLefroy Project · goldTonnes: 5209000Grade: 1.6Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:0aaeb00f0f33b7715f8f
- Deposit or zone
- Red Dale
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 5209000
- Grade
- 1.6
- Grade Unit
- g/t
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Red Dale Inferred resource is small and historical, offering limited current impact. (Expanded from multi-commodity resource table for completeness.)
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“1.6”
Context: 5,209,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
inferredLefroy Project · goldTonnes: 9094000Grade: 1.6Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lefroy Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- LEX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Godfrey
- Resource group id
- resource:c7a65e0ade126cbb98e0
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 9094000
- Grade
- 1.6
- Grade Unit
- g/t
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2020-05-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Red Dale Inferred resource is small and historical, offering limited current impact. (Expanded from multi-commodity resource table for completeness.)
Negative factors
- Estimate is historical (May 2020), reducing its current relevance and novelty.
- Inferred category has lower geological confidence.
Evidence · table
“1.6”
Context: 9,094,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 6.4 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.