# LEX: Annual Report

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143123

Publisher: asx

Original announcement: 2026-09-23T22:27:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-23T23:09:59.244Z

Atlas analysis updated: 2026-09-23T23:09:59.244Z

- 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

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas 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 factor: Company achieved first gold production, marking a significant transition from explorer to producer.

- Positive factor: Updated Mt Martin MRE shows a 5% increase in contained gold ounces, indicating resource growth.

- Positive factor: Metallurgical test work at Burns Central achieved high gold recoveries \(up to 97%\), confirming amenability to conventional processing.

- Positive factor: Multiple high-grade gold intercepts from drilling programs at Lucky Strike and Mt Martin, including extensions outside current resources.

- Negative factor: 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 Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: 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 Disclosed**

Polarity: positive

Definition: 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 Recovery**

Polarity: positive

Story-specific tag

Definition: 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 Complete**

Polarity: positive

Story-specific tag

Definition: 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 Milling**

Polarity: positive

Story-specific tag

Definition: 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 Tested**

Polarity: positive

Story-specific tag

Definition: 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 Improving**

Polarity: positive

Story-specific tag

Definition: 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 Growth**

Polarity: positive

Definition: 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 Estimate**

Polarity: negative

Definition: 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 Estimate**

Polarity: negative

Definition: 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 Present**

Polarity: negative

Definition: 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 Resource**

Polarity: negative

Definition: 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 Update**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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)

### LEFR1174

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-drill-facts-0)

Lefroy · gold

#### 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 factor: High grade of 4.91 g/t Au is strong for an orogenic deposit.

- Positive factor: Confirms a higher-grade zone within the broader intercept.

- Positive factor: 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 Disclosure**

Polarity: negative

Definition: 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 Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "resource"

## Resource Estimates (25)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-1)

Lefroy Project · gold

#### 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 factor: Indicated resource category provides a reasonable level of geological confidence.

- Negative factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

Evidence · table

> 1.21

Context: 0.64

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-2)

Lefroy Project · gold

#### 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 factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 0.6

Context: 0.03

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-3)

Lefroy Project · gold

#### 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 factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

Evidence · table

> 1.18

Context: 0.67

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-4)

Lefroy Project · gold

#### 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 factor: Indicated resource category provides a reasonable level of geological confidence.

- Positive factor: Grade of 1.93 g/t Au is moderate for an orogenic deposit.

- Negative factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

Evidence · table

> 1.93

Context: 0.70

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-5)

Lefroy Project · gold

#### 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 factor: Grade of 1.97 g/t Au is moderate for an orogenic deposit.

- Negative factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 1.97

Context: 0.57

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-6)

Lefroy Project · gold

#### 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 factor: Total resource of 79,600 oz Au provides a solid base for the recently commenced production.

- Negative factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

Evidence · table

> 1.95

Context: 1.27

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-7)

Lefroy Project · gold

#### 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 factor: Indicated resource category provides a good level of geological confidence.

- Positive factor: Grade of 1.6 g/t Au is moderate for an orogenic deposit.

- Positive factor: Part of an updated MRE, indicating recent work and relevance.

Evidence · table

> 1.6

Context: 3.89

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-8)

Lefroy Project · gold

#### 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 factor: Grade of 1.6 g/t Au is moderate for an orogenic deposit.

- Positive factor: Part of an updated MRE, indicating recent work and relevance.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 1.6

Context: 5.2

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-9)

Lefroy Project · gold

#### 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 factor: Total resource of 460,000 oz Au is a strong asset for the company.

- Positive factor: Updated MRE shows a 5% increase in contained ounces, indicating growth.

- Positive factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-10)

Lefroy Project · gold

#### 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 factor: Large tonnage indicated resource provides a significant base.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Grade of 0.38 g/t Au is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 0.38

Context: 32.31

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-11)

Lefroy Project · copper

#### 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 factor: Indicated category provides a good level of geological confidence.

- Negative factor: Grade of 0.16% Cu is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 0.16

Context: 32.31

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-12)

Lefroy Project · gold

#### 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 factor: Grade of 0.3 g/t Au is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 0.3

Context: 10.65

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-13)

Lefroy Project · copper

#### 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 factor: Grade of 0.08% Cu is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 0.08

Context: 10.65

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-14)

Lefroy Project · gold

#### 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 factor: Total resource of nearly 500,000 oz Au is a significant scale.

- Negative factor: Grade of 0.36 g/t Au is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 0.36

Context: 42.96

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-15)

Lefroy Project · copper

#### 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 factor: Grade of 0.16% Cu is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 58,300

Context: 42.96

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-16)

Lefroy Project · gold

#### 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 factor: Grade of 1.19 g/t Au is moderate for a porphyry deposit.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 1.19

Context: 4.11

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-17)

Lefroy Project · copper

#### 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 factor: Indicated category provides a good level of geological confidence.

- Negative factor: Grade of 0.22% Cu is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 0.22

Context: 4.11

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-18)

Lefroy Project · gold

#### 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 factor: Grade of 0.63 g/t Au is moderate for a porphyry deposit, but the tonnage is very small.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 0.63

Context: 0.1

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-19)

Lefroy Project · copper

#### 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 factor: Grade of 0.18% Cu is weak for a porphyry deposit, and the tonnage is very small.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 0.18

Context: 0.1

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-20)

Lefroy Project · gold

#### 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 factor: Total resource of 159,285 oz Au is a significant high-grade component.

- Positive factor: Grade of 1.18 g/t Au is moderate for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 1.18

Context: 4.22

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-21)

Lefroy Project · copper

#### 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 factor: Grade of 0.22% Cu is weak for a porphyry deposit.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

Evidence · table

> 9,303

Context: 4.22

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-22)

Lefroy Project · nickel

#### 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 factor: High grade of 3.78% Ni is exceptional for nickel.

- Negative factor: Estimate is historical \(May 2023\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 3.78

Context: 392,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-24)

Lefroy Project · gold

#### 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 factor: Indicated resource category provides a reasonable level of geological confidence.

- Negative factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

Evidence · table

> 1.6

Context: 3,885,000

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-25)

Lefroy Project · gold

#### 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 factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 1.6

Context: 5,209,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lex-annual-report--4e4600c2-012e-4599-9421-ce908059b8d8#fact-resource-facts-26)

Lefroy Project · gold

#### 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 factor: Estimate is historical \(May 2020\), reducing its current relevance and novelty.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 1.6

Context: 9,094,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: 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.