Highlights

  • Lefroy Exploration (ASX:LEX) is advancing the Mt Martin gold project near Kalgoorlie in Western Australia.
  • Recent drilling has identified high-grade gold mineralisation across key Mt Martin target areas.
  • The company is progressing a scoping study to evaluate potential open-pit development scenarios.
  • Future milestones include study outcomes, resource updates and further exploration success.

Lefroy Exploration (ASX:LEX) continues progressing its gold development strategy through advancement of the Mt Martin project in Western Australia’s Eastern Goldfields. The company is focused on expanding its resource base, evaluating development Options and unlocking further value from its gold assets.

The company’s recent exploration results have strengthened interest in Mt Martin, with drilling identifying high-grade mineralisation and providing additional information for ongoing technical studies.

As on 4 September 2026, Lefroy Exploration (ASX:LEX) was trading at AUD 0.16, down 2.94% on the day. The movement comes as investors continue assessing the company’s exploration progress, development pathway and upcoming project milestones.

Mt Martin Gold Project

Mt Martin remains the cornerstone of Lefroy Exploration’s growth strategy, with the project located near Kalgoorlie in Western Australia’s established Eastern Goldfields region.

The company has continued evaluating the deposit through drilling programs designed to improve geological understanding and assess further resource growth opportunities.

A drilling program completed during 2026 included 37 reverse-circulation holes covering approximately 5,046 metres across the Main, East and Adelaide Shear corridors.

Results highlighted further high-grade gold mineralisation, including:

  • 8 metres at 3.93 grams per tonne gold from 141 metres, including 3 metres at 9.44 grams per tonne.
  • 6 metres at 5.48 grams per tonne gold from 69 metres, including 2 metres at 12.8 grams per tonne.

The company noted that the East Shear area remains open down plunge, with further exploration potential across under-tested sections of the mineralised trend.

Resource and Study Progress

The Mt Martin project currently hosts a mineral resource of 9.1 million tonnes at 1.6 grams per tonne gold for approximately 460,000 ounces of contained gold.

The resource includes:

  • An indicated component of 3.9 million tonnes containing approximately 200,500 ounces.
  • An inferred component of 5.2 million tonnes containing approximately 259,500 ounces.

On 30 June 2026, Lefroy commenced a scoping study for Mt Martin, with consultant Measured Group assessing potential open-pit Mining scenarios, processing options and infrastructure requirements.

The study is designed to provide an initial assessment of the project’s development potential and is an important step in determining whether Mt Martin can support a future mining operation.

Exploration Strategy

Beyond Mt Martin, Lefroy Exploration holds a broader portfolio of gold Assets across Western Australia’s Eastern Goldfields.

The company has positioned its portfolio around identifying additional mineralisation opportunities while advancing its existing resource base.

Management has highlighted a broader inventory of gold ounces across its projects, with Mt Martin forming the central focus due to its defined resource and ongoing development evaluation.

Further exploration success could improve project scale and potentially enhance future development economics.

Investor Considerations

Lefroy Exploration remains a pre-development gold company, meaning its valuation is primarily linked to exploration outcomes, resource quality and future development potential.

The recent drilling results provide support for continued evaluation of Mt Martin, particularly through the potential expansion of higher-grade zones.

However, several risks remain typical of emerging gold developers. These include the outcomes of technical studies, Capital requirements, permitting processes and the ability to progress from exploration towards production.

The resource also contains a significant inferred component, meaning additional drilling and confidence upgrades remain important for future project evaluation.

A supportive gold price environment may provide additional leverage, but successful project development will ultimately depend on technical and economic viability.

Upcoming Catalysts

The Mt Martin scoping study remains a key milestone for Lefroy Exploration (ASX:LEX), with the assessment expected to provide greater clarity on potential development scenarios.

Investors will also monitor future resource updates incorporating recent drilling results, additional exploration across the East Shear corridor and further project advancement activities.

Progress towards defining a larger and higher-confidence resource base could represent an important value driver for the company.

Funding requirements and capital management will also remain important considerations as Lefroy continues advancing its exploration and development programs.

Conclusion

Lefroy Exploration (ASX:LEX) is progressing through an important stage of its gold development journey, supported by a defined resource base, encouraging drilling results and ongoing technical studies at Mt Martin.

While the company remains in the pre-development phase, the combination of exploration upside and a near-term scoping study provides a clearer pathway for evaluating the project’s potential.

The next phase will depend on study outcomes, resource growth and Lefroy’s ability to demonstrate that Mt Martin can support a commercially viable gold development opportunity.